1

Audited Results for the year ended 31 December 2008

Presentation to the Investment Analysts Society

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Introduction

Sustainable Business

2

Premium quality shopping centres since 1987

Market capitalisation of R7 billion

Property assets of R9.3 billion

6 shopping centres: ― 79% of revenue ― 77% of portfolio value

263 000m² of retail space 43 000m² of office space

37% interest in Sycom

Highlights

3

Financial

3

Distribution 308 cents 14.1%

Property assets R9.3 billion 8%

NAV excl. deferred taxation R 49.51 pu 2%

Continued low gearing 8.9%

Expansion programme (2009) R662 million

Highlights

4

Operational

4

Like-for-like net income growth

Rental growth on letting

Maintained high occupancy levels

Maintained good rental escalation rate

Continued demand for retail space

13.1%

14%

96.7%

9.5%

5

Financial Results

Financial strength

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Income Statement - extracts

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2008Investment Property Income R658.67m Contractual rental increase - 12.1% Other income increase - 8.7% Includes 3 months from Stoneridge Recovery of utility increases

Listed Property Securities Income R106.9m Full year income from Sycom

Property Expenses R205.2m Property tax increases Electrical cost increases Includes 3 months from Stoneridge

Net Interest Paid (R17.08m) Re-investment of cash surpluses in new developments Net of capitalised interest to new developments

13.5%

311%

15.5%

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Net income growth - Investment Property

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Distributable income 2008R'0002007

R'000Canal Walk (80%) 206 913 179 294

The Glen (75.15%) 65 487 59 176

Hyde Park 71 206 66 731

The Mall of Rosebank 61 206 52 782

Southcoast Mall (50%) 12 567 10 953

Stoneridge (90%) 6 135

Shopping Centres 423 514 368 936

Offices 29 950 33 870

Investment Property 453 464 402 806

15%

11%

7%

16%

15%

15%

13%

8

Net income growth - Portfolio

8

Distributable income2008

R'0002007

R'000Listed property securities 106 900 26 008Fund management expenses (41 353) (39 651)Net interest (17 080) 3 664Interest received 39 408 85 362Interest paid (56 488) (81 698)Enhancement fees - VPIF 1 871 2 196Share of income from VPIF 8 449 9 070Distributable income 512 251 404 093

Total/weighted units in issue 166 113 169 149 805 183

Total distribution for the year 308.0 270.0 Distribution for 6 months to 31 Dec 158.0 140.0 Distribution for 6 months to 30 June 150.0 130.0

14%13%15%

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Changes to assets

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Investment Property2008

R'0002007

R'000

Opening balance 6 979 219 5 559 558

Developments & refurbishments 516 257 249 451

Depreciation (7 147) (6 632)

TI's & building appurtenances 6 134 10 314

Disposals (4 084) (43)

Held-for-sale (net of cost) (188 390)

Valuation gains 225 563 1 354 961

Closing balance 7 715 942 6 979 219

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Balance Sheet - extracts

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2008R'000

2007R'000

Investment Property 7 715 942 6 979 219Listed Property Securities 1 421 447 1 288 939

Investment in VPIF 178 983 198 186

Investment Property held-for-sale 188 390

Property assets 9 316 372 8 654 734

Combined unitholders funds 6 802 366 6 653 412

Long-term loans 900 000 900 000

Short-term investments (500 000)

Cash (66 090) (83 362)

Net borrowings 833 910 316 638

11%10%

8%

-10%

2%

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Valuations

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Property Size(m²)

Hyprop share(Rm)

Total value per rentable area (R/m²)

Canal Walk (80%) 135 402 3 368 31 093 The Glen (75.15%) 55 729 1 084 25 875 Hyde Park 36 894 1 217 32 986 The Mall of Rosebank 33 774 880 26 056 Southcoast Mall (50%) 29 361 165 11 239 Stoneridge (90%) 50 241 464 10 251

The Grace & The Mall offices 25 078 282 11 229

Average yield 7.2% - up from 6.8% in 2007Yield range 6.9% to 9.9%

1%5%7%7%9%

14%

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Net borrowings

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Gearing 2008R'0002007

R'000

Net borrowings 833 910 316 638

Average interest rate 9.54% 9.54%

Gearing 8.9% 3.60%

Interest Rate Profile

R600m 2012 9.27%

R450m 2013 9.40%

R300m 2015 9.57%

Average interest rate 2009 9.37%

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Debt repayment profile

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31 Dec 2009 R450m

31 Dec 2010 R450m

30 Nov 2013 R500m

R1 400m

R450m drawn down in Feb 2009 Fixed until 2013 at 9.40%

Total debt

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Operational performance

Consistent delivery

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Investments

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By Value By Income

37%

12%13%

10%

5%

16%35%

12%13%

11%

5%

19%Canal Walk Canal Walk

The GlenThe Glen Hyde ParkHyde Park

The Mall of Rosebank

Southcoast Mall 2%

Stoneridge 1%Offices

SycomVPIF 1%

The Mall of Rosebank

Southcoast Mall 2%

StoneridgeOffices 3%

SycomVPIF 2%

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Revenue spread

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Office income 2% Turnover rentCustomer parking

2% Monthly parking1% Storerooms & other

Operating cost recovery

Municipal costrecovery

Retail income

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Vacancies

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% Area

Vacancy at 31 December 2007 0.75% 2 500m²

Vacancy at 31 December 2008 3.30% 12 000m²

Vacancy excl. Stoneridge 1.5% 4 400m²

Canal Walk (3 196m²)

1% The Glen (66m²)

Hyde Park & The Grace offices have no vacancies

The Mall of Rosebank (569m²)

Southcoast Mall (753m²)

Stoneridge (7 577m²)

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Lease expiries

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2009m²

2010m²

2011m²

Canal Walk* 9 817 51 903 18 789 The Glen 4 021 6 043 8 386 Hyde Park* 8 734 4 056 4 748 The Mall of Rosebank 5 738 6 486 5 911 Southcoast Mall 1 360 9 435 2 721 Stoneridge 7 039 Offices # 4 492 4 486 3 777

Total 34 162 82 409 51 371

9% 22% 14%

* Includes offices# The Grace & The Mall offices

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Rent and escalation

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Property Gross retail rent (R/m²)Canal Walk 180

The Glen 153

Hyde Park 214

The Mall of Rosebank 168

Southcoast Mall 88

Office rent 82

12.5%

10.0%

10.0%

12.8%

13.0%

7.0%

Lease activityRenewals and new tenants 49 000m² (14% of portfolio)Average contractual escalation 9.50%Average growth in rental 14.00%

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Trading performance

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Influencing factors: Construction work - The Glen & Hyde Park Slower trade in December save at The Mall & Southcoast Mall Increase in time spend per visitor at centres Improved performance from cash retailers

4%

-3%

8%

3%

Retail spend

Visitors to the centres

Spend per customer - R120

Trading density - R22 500 / m² / year

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Developments

Building on solid foundations

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Expansions - under development

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Additional retail HotelTotalCanal

WalkThe Glen

Hyde Park

Rm Rm Rm Rm

Capital cost (Hyprop share) 206 278 179 663

Spent to Dec 08 (115) (100) (42) (257)

Remaining commitment 91 178 137 406

Additional area added to the portfolio 42 500m²

Additional net income R62 million

12%

11%

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Canal Walk

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Size 15 541m²

Cost R206m (Hyprop share)

Completion date May 2009

Major tenants @ home, Cape Union Mart, Golfers Club

Budget yield 8.9%

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The Glen

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Size 19 400m²

Cost R278m (Hyprop share)

Completion date November 2009

Major tenants Game, Dis-Chem, @home, Mr Price Home

Budget yield 10.90%

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Hyde Park

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Size 132 rooms

Cost R178m

Completion date August 2009

Budget yield 11.4%

Four star Southern Sun hotel

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Investment performance

Proven track record

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Average growth p.a over 21 years 10.5%

Average growth p.a since 2004 17.1%

15 years of consecutive growth

Distribution growth

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Cents per combined unit

Distributions

’88 ’89 ’90 ’91 ’92 ’93 ’94 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08

Unit price growth

5.0 6.5 6.16.8 6.9 6.3 6.5 7.0 5.7 5.7 5.3

7.810.0 10.0 11.5

13.8

19.8

29.9

38.5

45.0

05

101520253035404550

88 89 90 91 92 93 94 95 96 97 98 99 0 1 2 3 4 5 6 7

42.0

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Combined Unit Price

Combined Unit Price over 21 years

Average growth p.a over 21 years 13%

Average growth p.a since 2004 27%

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2828

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Unit price performance against indices

Outperformed peer group

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ALSI

Hyprop

PLS

2003 2004 2005 2006 2007 2008

-7%

-10%

-26%

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Unitholder profile

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Redefine

Stanlib Funds

Coronation

Old Mutual Funds

Investec

Standard Bank

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Prospects

Long-term sustainability

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Market

Decline in consumer spend

National retailers shown resilience

Construction costs declining

Interest rates reducing

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Hyprop strengths

Defensive qualities in poor economy:

Strong balance sheet and low gearing

Superior retail offering with sustainable lease profile

Expansions will enhance dominance and market differentiation

Quality management with specialist knowledge

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Business strategy

Successfully complete expansion programme in 2009

Let balance of vacancies in Stoneridge and expansions

Begin refurbishment at Hyde Park &The Mall of Rosebank

Savings on utility costs

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Madison contracts

Expire end 2009

Principle decision - internal or external asset management?

New asset management contract requires unitholder approval

Cost savings in 2010

3535

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Future opportunities

Future developments at Canal Walk and The Glen

International expansion

Expansion through acquisition and development

Interest in Sycom

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Benefits of expansions – H2 2009 and 2010 Positive impact of lower fixed interest rates

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Distribution for 2009

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Cautious outlook on income growth Impact of construction work at Hyde

Park & The Glen Vacancies at Stoneridge

Distribution for 2009: 328c - 332c

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Questions & Answers

Slide Number 1IntroductionHighlightsHighlightsSlide Number 5Income Statement - extractsNet income growth - Investment PropertyNet income growth - PortfolioChanges to assetsBalance Sheet - extractsValuationsNet borrowingsDebt repayment profileSlide Number 14InvestmentsRevenue spreadVacanciesLease expiriesRent and escalationTrading performanceSlide Number 21Expansions - under developmentCanal WalkThe GlenHyde ParkSlide Number 26Distribution growthUnit price growthUnit price performance against indicesUnitholder profileSlide Number 31MarketHyprop strengthsBusiness strategyMadison contractsFuture opportunitiesDistribution for 2009Slide Number 38