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2005 INTERIM RESULTS for the six months ended 30 September 2005

Highlights. Distribution up 8.3% on strong property performanceOverall portfolio vacancy rate reduced to 3.8% of gross rentalsR80m expansion and upgrading project launchedSecuritisation will impact positively on full-year and future results. Salient features of results. Net profit before tax, deb

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2005 INTERIM RESULTS for the six months ended 30 September 2005

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    1. 2005 INTERIM RESULTS for the six months ended 30 September 2005

    2. Highlights Distribution up 8.3% on strong property performance Overall portfolio vacancy rate reduced to 3.8% of gross rentals R80m expansion and upgrading project launched Securitisation will impact positively on full-year and future results

    3. Salient features of results Net profit before tax, debenture interest and fair value adjustment of R115m (2004: R75m) - includes R33.9m from MICC Net asset value per linked unit up to 654c from 494c at September 04 (+32.6%) Distribution up to 32.5c from 30c (+8.3%)

    4. Group income statement

    5. Group income statement contd

    6. Reconciliation

    7. Group balance sheet

    8. The property portfolio Vukile: 52 properties with GLA of 676 961m² MICC: 40 properties with GLA of 395 322m² (MICC to sell Sandton Sanlam Park for R60.25m cash, subject to conditions precedent) Vukile portfolio valued at R2.27 billion (up 6.4%) MICC valued at R1.051 billion (up 4.9%)

    9. The Vukile portfolio

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