COMMERCIAL PROPERTY REPORT May 2014

This report highlights property transactions with a value of more than R5million that have occurred since January 2012 and should be viewed in conjunction with the Property section in www.co.za which carries all the transactions in a spatial environment.

SA Revealed has taken every care in compiling information and material for this report, but will not be held responsible for any loss, damage or inconvenience caused as a result of any inaccuracy or error contained in this report

Tel: +27 11 463 6327Fax: +27 11 706 1804www.co.za Moraine House, The Braes,193 Bryanston Drive Bryanston, Johannesburg, South Africa SA Revealed (Pty) Ltd Registration Number 2011/112308/07 OVERVIEW OF REPORT AND WEBSITE

This COMMERCIAL PROPERTY REPORT and the PROPERTY section of the SA Revealed website www.co.za should be used in conjunction, and provides a comprehensive view of the Commercial Property environment in South Africa

EVERYTHING IN THE REPORT CAN BE EXAMINED IN DETAIL ON THE WEBSITE

The website is updated by the fifth of every month and the report is published by the tenth of the month. The updates are governed by the feed date of the transactions from the Deeds Office

The segmentation of location ³Node´ and buyer ³Owner´ are reflected in the Report and can be viewed by selection on the Website

Large Transactions and Large Bonds ±These sections of the website focus on data from January 2013, where the property owner is a non-person, and the purchase or bond value is greater than R5million. The detail of the individual transactions can be seen on the map on the, whilst aggregation allows for the information to be reflected in the report. Filters can be used to view the data on the website. We have not removed related transactions (eg. portfolio consolidation within related companies) and this could have an impact on overall number

Listed Property ±This section covers all properties owned by listed property companies

Cadastral ±This layer shows the property boundaries of properties in the country, described by the property description. By searching for a property in this section, the property can be identified and Google aerial photography, and Street View can be used to view the property. We will shortly link ownership information to this section

Investment Heat Map ±There are three levels of information shown as hexagon layers. The layers open at different zoom levels. The full view of South Africa shows the large hexagons of around 288km2 in area, the medium hexagons show an area of around 6.5km2, and the small hexagon layer an area of 1.6km2. Each hexagon carries a ranking in accordance with the relative level of investment in that hexagon (1 being the highest level)

2 1 May 2014 Summary

The data reflects transactions over R5million that were processed through the Deeds Office from January 2012, showing transactions for the month of May 2014, the cumulative position for the current year, and the full view for 2012.

1.1 Executive Summary

The following are the highlights for May 2014:

.A low month of Deeds Office transactions which is due to previous months being high due to related transactions

Total lending is also lower than previous months with Nedbank significantly higher and FNB much lower, which included a significant loan for a retail devlopment in Mthatha

Large shopping development in Mthatha

Top areas over past 14 months (based on small hexagon layer - the Hexagon ID is shown below and can be Searched on the map):

Description ID Investment

Johannesburg - Central Sandton 633121 6,469,877 Port Elizabeth - Bay West area in Port Elizabeth 16133 2,260,000 Pretoria - Central Pretoria CBD 656149 2,209,995 Johannesburg - Fourways 638807 2,106,214 Johannesburg - North Western Sandton 633119 1,819,162 Mthatha 175616 1,210,713 Cape Town - East Cape Town CBD and Woodstock 16169 1,202,909 Johannesburg - Parktown 630265 1,133,761 Johannesburg - CBD/Braamfontein 625980 1,117,189 Pretoria - Eastern Pretoria CBD 656151 1,098,343

3 1.2 Owner Segment

The transactional activity is broken into the following Owner segments (Rand Mill):

Owner Segment 2012 2013 2014 May 2014

COMMERCIAL 39,837 54.9% 49,840 53.5% 20,034 45.2% 4,025 61.5% LISTED PROP COMP 11,749 16.2% 18,841 20.2% 11,511 26.0% 478 7.3% TRUST 9,742 13.4% 11,519 12.4% 5,107 11.5% 997 15.2% EMERGING PORTFOLIO 536 0.7% 2,536 2.7% 4,369 9.8% 358 5.5% GOVERNMENT 4,308 5.9% 5,702 6.1% 1,407 3.2% 419 6.4% RESIDENTIAL DEVELOPMENT 1,103 1.5% 1,614 1.7% 793 1.8% 164 2.5% BANK 3,665 5.0% 1,961 2.1% 446 1.0% 8 0.1% MINES 1,257 1.7% 784 0.8% 363 0.8% 76 1.2% INVESTMENT 154 0.2% 134 0.1% 155 0.4% 0 0.0% CHURCH/EDUCATION 201 0.3% 97 0.1% 142 0.3% 10 0.1% STUDENT ACCOMMODATION 24 0.0% 65 0.1% 32 0.1% 11 0.2% Total 72,575 93,093 44,358 6,545

Table 1: 2014 Transactions by Owner Segment

Over time, as the companies are being researched and classified into the appropriate owner segments, the Commercial Segment will reduce and the Second Tier and Residential Development segments will increase.

4 1.3 Market Share

The bonds taken out for the period, in terms of values (Rand Mill) and volumes:

1.3.1 Value

2012 2013 2014 May 2014

ABSA 6,116 7,871 3,606 747 BIDVEST 56 44 89 21 FIRSTRAND 15,086 13,025 4,758 599 GRINDROD 131 752 346 41 INVESTEC 15,788 15,566 10,889 1,588 NEDBANK 18,700 33,616 12,310 3,050 STANDARD 14,330 13,243 5,145 1,545 TUHF 179 398 147 8 Total 70,386 84,515 37,290 7,599

5 1.3.1 Value (Continued)

The following table shows the bond values (Rand Mill) for the different bond sizes:

Bond Year ABSA BIDVEST FIRSTRAND GRINDROD INVESTEC NEDBANK STANDARD TUHF

A: R5 mill - R10 mill 2012 1,590 18 2,116 32 1,131 1,808 1,336 23 2013 2,122 14 2,541 40 1,325 2,269 1,346 53 2014 909 11 966 13 543 1,047 603 44 May 2014 196 6 223 8 110 287 108 8 B: R10 mill - R50 mill 2012 2,496 38 4,064 40 4,831 6,117 2,951 156 2013 2,844 30 4,426 430 6,113 8,171 3,300 345 2014 1,518 78 1,413 73 2,575 3,555 1,384 48 May 2014 257 15 256 33 553 990 160 0 C: R50 mill - R100 mill 2012 392 0 1,839 59 2,654 3,002 1,585 0 2013 1,285 0 1,433 282 3,364 5,654 2,017 0 2014 165 0 390 0 1,341 2,596 1,300 55 May 2014 100 0 120 0 195 1,177 437 0 D: Above R100 mill 2012 1,638 0 7,067 0 7,172 7,773 8,458 0 2013 1,620 0 4,625 0 4,764 17,522 6,580 0 2014 1,014 0 1,989 260 6,430 5,112 1,858 0 May 2014 194 0 0 0 730 596 840 0

6 1.3.2 Volume

2012 2013 2014 May 2014

ABSA 372 487 213 43 BIDVEST 3 3 5 2 FIRSTRAND 545 625 218 44 GRINDROD 9 25 7 3 INVESTEC 429 526 236 49 NEDBANK 600 802 356 94 STANDARD 374 403 174 34 TUHF 12 26 10 1 Total 2,344 2,897 1,219 270

7 1.3.1 Value (Continued)

Bond Year ABSA BIDVEST FIRSTRAND GRINDROD INVESTEC NEDBANK STANDARD TUHF

A: R5 mill - R10 mill 2012 225 2 303 5 156 256 193 3 2013 303 2 360 5 186 318 194 8 2014 128 2 134 2 81 142 86 7 May 2014 28 1 30 1 17 37 16 1 B: R10 mill - R50 mill 2012 134 1 191 3 203 271 138 9 2013 159 1 232 16 266 356 154 18 2014 78 3 74 4 113 155 60 2 May 2014 13 1 12 2 24 39 9 0 C: R50 mill - R100 mill 2012 6 0 26 1 37 41 21 0 2013 18 0 19 4 49 74 27 0 2014 2 0 6 0 18 33 18 1 May 2014 1 0 2 0 3 15 6 0 D: Above R100 mill 2012 7 0 25 0 33 32 22 0 2013 7 0 14 0 25 54 28 0 2014 5 0 4 1 24 26 10 0 May 2014 1 0 0 0 5 3 3 0

8 1.4 Highest Transactions and Bonds

Nationally, the top 10 transactions were:

Rank Purchase Price Buyer Seller Erf Key Suburb Node

1 390,750,000 K2012150042 SOUTH AFRICA PTY LTD OLD MUTUAL LIFE ASSURANCE MILNERTON~27306~00000 MARCONI BEAM CAPE TOWN - TABLE CO SOUTH AFRICA LTD INDUSTRIAL VIEW MILNERTON~30355~00000 MARCONI BEAM CAPE TOWN - TABLE INDUSTRIAL VIEW 2 205,325,528 REIT INVESTMENTS LTD HBW GROUP PTY LTD WELKOM BLOEM~165~00000 WELKOM CENTRAL WELKOM BLOEM~165~00004 WELKOM CENTRAL 3 200,000,000 MOLTENO BROTHERS PTY LTD MOLTENO BROTHERS TRUST CALEDON RD~286~00004 CAPE TOWN - SOMERSET WEST CALEDON RD~286~00012 CAPE TOWN - SOMERSET WEST CALEDON RD~287~00007 CAPE TOWN - SOMERSET WEST CALEDON RD~319~00024 CAPE TOWN - SOMERSET WEST CALEDON RD~319~00035 CAPE TOWN - SOMERSET WEST CALEDON RD~319~00038 CAPE TOWN - SOMERSET WEST CALEDON RD~319~00066 CAPE TOWN - SOMERSET WEST CALEDON RD~319~00067 CAPE TOWN - SOMERSET WEST CALEDON RD~319~00088 CAPE TOWN - SOMERSET WEST CALEDON RD~319~00092 CAPE TOWN - SOMERSET WEST MORE PROPERTIES ON TITLE DEED 4 162,507,369 HBW GROUP PTY LTD FEROX INVESTMENTS PTY LTD WELKOM BLOEM~165~00000 WELKOM CENTRAL WELKOM BLOEM~165~00004 WELKOM CENTRAL 5 118,000,000 DELTA PROPERTY FUND LIMITED SWISH PROPERTY EIGHT PTY DURBAN~11355~00000 SOUTH BEACH DURBAN - CENTRAL LTD 6 115,350,000 INVESTEC PROP FUND LTD SAMURAI SUN PROP PTY LTD WATERKLOOF GLEN~853~00000 WATERKLOOF GLEN PRETORIA - EAST 7 110,253,639 REIT INV LTD H B W GROUP PTY LTD IR~63~00353 MEADOWBROOK EKURHULENI - BOKSBURG IR~63~00467 MEADOWBROOK EKURHULENI - BOKSBURG IR~63~00575 MEADOWBROOK EKURHULENI - BOKSBURG 8 108,000,000 REFLECT-ALL 1025 CC SABLE PLACE PROP 106 PTY LTD NOORDHEUWEL~3562~00000 NOORDHEUWEL 9 102,600,000 NCT FORESTRY CO-OPERATIVE LIMITED MONDI LIMITED RICHARDS BAY~5333~00063 10 92,832,000 REDEFINE PROP LTD ROBOR PTY LTD ISANDO~504~00000 ISANDO EKURHULENI - BOKSBURG ISANDO~505~00000 ISANDO EKURHULENI - BOKSBURG ISANDO~509~00000 ISANDO EKURHULENI - BOKSBURG

1. Phumela Park Industrial Park being transferred into a related company (directors work for Old Mutual) 2. Commercial/retail buildings in Welkom CBD 3. Various agricultural assets in Elgin area , Western Cape,being trasnferred in a related transaction 4. Commercial/retail buildings in Welkom CBD 5. Commercial building on cnr of Bram Fischer and Brickhill Place Roads, Durban CBD 6. Commercial building on cnr Garstfontein and Gnrl Louis Botha, Waterkloof Glen, Pretoria 7. Industrial property on Lascelles Road, Meadowdale, Ekurhuleni in related party transaction 8. Shopping centre in Robert Broom Road, Noordheuwl 9. Industrial property in Richards Bay industrial area 10. Industrial property in Quality Street, Isando

9 The top 10 bonds were:

Rank Bond Amount Buyer Bank Erf Key Suburb Node

1 500,000,000 M R X 92 INV HOLDINGS PTY LTD STANDARD SANDOWN~16~00000 SANDOWN JOHANNESBURG - SANDTON 2 300,000,000 QUINTADO 126 PTY LTD NEDBANK STELLENBOSCH RD~794~00081 SOMERSET WEST RETAIL CAPE TOWN - SOMERSET WEST PARK 3 194,000,000 RESILIENT PROP PTY LTD ABSA PIET POTGIETERSRUST~618~00004 POTGIETERSRUS CENTRAL 4 190,000,000 HBW GROUP PTY LTD INVESTEC WELKOM BLOEM~165~00000 WELKOM CENTRAL WELKOM BLOEM~165~00004 WELKOM CENTRAL 190,000,000 REIT INVESTMENTS LTD INVESTEC WELKOM BLOEM~165~00000 WELKOM CENTRAL WELKOM BLOEM~165~00004 WELKOM CENTRAL 5 180,000,000 ZOOMEO TRADE PTY LTD NEDBANK PAROW~23492~00000 PANORAMA CAPE TOWN - SOUTHERN SUBURBS 6 180,000,000 DE VILLE SHOPPING CENTRE PTY LTD STANDARD DURBANVILLE~2011~00000 DURBANVILLE CENTRAL CAPE TOWN - SOUTHERN SUBURBS 7 160,000,000 J T ROSS PROP PTY LTD STANDARD WITFONTEIN~1835~00000 EKURHULENI - KEMPTON PARK WITFONTEIN~1836~00000 EKURHULENI - KEMPTON PARK WITFONTEIN~1837~00000 EKURHULENI - KEMPTON PARK WITFONTEIN~1838~00000 EKURHULENI - KEMPTON PARK WITFONTEIN~1839~00000 EKURHULENI - KEMPTON PARK 8 160,000,000 WILCOPROP 202 PTY LTD INVESTEC HOMES HAVEN~813~00000 HOMES HAVEN 9 150,000,000 BALWIN PROP PTY LTD INVESTEC GREENSTONE HILL~1834~00000 GREENSTONE HILL JOHANNESBURG - LINBRO PARK/GREENSTONE GREENSTONE HILL~1835~00000 GREENSTONE HILL JOHANNESBURG - LINBRO PARK/GREENSTONE 10 120,000,000 IKWEZI INV TRUST INVESTEC VOSLOORUS~21721~00000 EASTFIELD EKURHULENI - ALBERTON VOSLOORUS~21722~00000 EASTFIELD EKURHULENI - ALBERTON

1. Sectional unit in Katherine and West Office block, Sandton 2. Vacant land cnr Broadway Boulevard and de Beers Ave, Somerset West/Strand 3. The Crossing Shopping Centre Mokpane (Potgietesrus) 4. Commercial buildings in Welkom CBD 5. Del Mar Business Centre in Panorama, Cape Town 6. De Ville Shopping Centre in Durbanville CBD 7. Industrial stands in Twenty One Industrial Estate on R21, near Tembisa 8. Residential development in Homes Haven, Mogale City 9. Residential development in Stoneridge Drive, Greenstone Hill 10. Vacant land adjacent to Chris Hani Crossing Shopping Centre, Vosloorus

10 2 Geographic Spread

2.1 Municipal Spread

2.1.1 Transactions

The geographic spread (R Million) is:

Municipality Principal Town 2012 2013 2014 May 2014

CITY OF JOHANNESBURG JOHANNESBURG 14,409 19.9% 18,597 20.0% 13,096 29.5% 1,186 18.1% 0 0.0% 0 0.0% 287 0.6% 0 0.0% CITY OF CAPE TOWN CAPE TOWN 11,524 15.9% 11,946 12.8% 7,184 16.2% 1,267 19.3% EKURHULENI GERMISTON 6,490 8.9% 7,280 7.8% 3,423 7.7% 669 10.2% ETHEKWINI DURBAN 7,851 10.8% 8,779 9.4% 3,016 6.8% 482 7.4% CITY OF TSHWANE PRETORIA 7,434 10.2% 12,277 13.2% 2,828 6.4% 422 6.5% THE MSUNDUZI PIETERMARITZBURG 544 0.8% 1,122 1.2% 843 1.9% 8 0.1% MBOMBELA NELSPRUIT 796 1.1% 1,777 1.9% 758 1.7% 11 0.2% EMFULENI VANDERBIJL PARK 166 0.2% 339 0.4% 665 1.5% 11 0.2% NELSON MANDELA BAY PORT ELIZABETH 856 1.2% 1,397 1.5% 549 1.2% 118 1.8% STEVE TSHWETE MIDDELBURG 279 0.4% 219 0.2% 525 1.2% 78 1.2% MATJHABENG WELKOM 246 0.3% 349 0.4% 455 1.0% 392 6.0% THEEWATERSKLOOF CALEDON 196 0.3% 177 0.2% 413 0.9% 205 3.1% CITY OF MATLOSANA KLERKSDORP 84 0.1% 211 0.2% 356 0.8% 7 0.1% UMVOTI GREYTOWN 0 0.0% 72 0.1% 355 0.8% 0 0.0% UMHLATHUZE RICHARDS BAY 333 0.5% 216 0.2% 351 0.8% 117 1.8% EMALAHLENI WITBANK 794 1.1% 262 0.3% 320 0.7% 61 0.9% STELLENBOSCH STELLENBOSCH 1,342 1.8% 877 0.9% 291 0.7% 17 0.3% GREATER TZANEEN TZANEEN 189 0.3% 249 0.3% 265 0.6% 0 0.0% BUFFALO CITY EAST LONDON 822 1.1% 539 0.6% 259 0.6% 58 0.9% MOGALE CITY KRUGERSDORP 218 0.3% 346 0.4% 259 0.6% 144 2.2% OTHER 18,001 24.8% 26,062 28.0% 7,859 17.7% 1,294 19.8% 72,575 93,093 44,358 6,545

The main points of interest are:

11 2.1.2 Bonds

The bond activity (R Million) is:

Municipality 2012 2013 2014 May 2014

CITY OF JOHANNESBURG 17,538 25.2% 17,427 21.0% 9,266 25.2% 1,611 21.7% CITY OF CAPE TOWN 11,004 15.8% 10,663 12.8% 6,092 16.6% 1,368 18.5% EKURHULENI 6,136 8.8% 6,364 7.7% 4,596 12.5% 972 13.1% CITY OF TSHWANE 6,448 9.3% 8,644 10.4% 2,804 7.6% 508 6.9% ETHEKWINI 4,958 7.1% 7,257 8.7% 2,358 6.4% 668 9.0% NELSON MANDELA BAY 798 1.1% 3,873 4.7% 1,042 2.8% 200 2.7% KWADUKUZA 256 0.4% 380 0.5% 756 2.1% 39 0.5% THE MSUNDUZI 328 0.5% 839 1.0% 669 1.8% 5 0.1% STELLENBOSCH 703 1.0% 1,640 2.0% 622 1.7% 235 3.2% STEVE TSHWETE 345 0.5% 421 0.5% 573 1.6% 55 0.7% EMFULENI 555 0.8% 1,753 2.1% 415 1.1% 30 0.4% MOGALE CITY 152 0.2% 308 0.4% 412 1.1% 197 2.7% MBOMBELA 876 1.3% 1,094 1.3% 396 1.1% 59 0.8% BUFFALO CITY 715 1.0% 854 1.0% 287 0.8% 23 0.3% MATJHABENG 168 0.2% 572 0.7% 273 0.7% 229 3.1% TLOKWE CITY COUNCIL 48 0.1% 309 0.4% 245 0.7% 23 0.3% GOVAN MBEKI 215 0.3% 161 0.2% 239 0.7% 20 0.3% LOCAL MUNICIPALITY OF 108 0.2% 400 0.5% 232 0.6% 15 0.2% MADIBENG MOGALAKWENA 106 0.2% 31 0.0% 217 0.6% 199 2.7% OTHER 18,014 25.9% 20,187 24.3% 5,214 14.2% 952 12.9% 69,471 83,177 36,708 7,408

12 The Market Share for the top municipalities are:

Municipality ABSA BIDVEST FIRSTRAND GRINDROD INVESTEC NEDBANK STANDARD TUHF

CITY OF CAPE TOWN 2012 4.2% 0.1% 14.0% 0.0% 32.4% 41.4% 7.8% 0.0% 2013 4.4% 0.0% 10.7% 0.0% 21.7% 49.4% 13.8% 0.0% 2014 6.8% 0.3% 5.1% 0.1% 33.7% 40.4% 13.7% 0.0% May 2014 6.2% 1.1% 3.4% 0.0% 14.2% 61.9% 13.2% 0.0% CITY OF 2012 4.3% 0.3% 28.0% 0.1% 16.8% 28.5% 21.1% 0.9% JOHANNESBURG 2013 5.4% 0.1% 15.5% 1.8% 10.8% 39.7% 25.0% 1.7% 2014 5.3% 0.2% 5.5% 0.0% 41.3% 30.0% 16.4% 1.2% May 2014 5.6% 0.0% 7.1% 0.0% 15.7% 31.7% 39.4% 0.5% CITY OF TSHWANE 2012 14.5% 0.0% 27.0% 0.9% 14.3% 18.3% 25.0% 0.0% 2013 2.8% 0.0% 5.5% 1.1% 16.7% 52.7% 20.8% 0.4% 2014 18.9% 0.0% 3.6% 0.0% 48.0% 25.6% 3.8% 0.0% May 2014 2.0% 0.0% 4.5% 0.0% 32.0% 54.0% 7.5% 0.0% EKURHULENI 2012 3.7% 0.0% 30.8% 0.0% 25.3% 22.9% 17.3% 0.0% 2013 7.3% 0.5% 9.2% 1.1% 21.7% 48.8% 11.2% 0.2% 2014 9.5% 0.0% 32.8% 5.7% 10.0% 24.8% 17.2% 0.0% May 2014 2.5% 0.0% 1.5% 0.0% 29.1% 38.4% 28.6% 0.0% ETHEKWINI 2012 4.3% 0.0% 16.9% 0.7% 30.1% 30.0% 17.9% 0.1% 2013 2.8% 0.0% 18.9% 1.1% 33.8% 34.1% 9.3% 0.0% 2014 1.4% 2.2% 6.2% 2.1% 27.4% 50.1% 9.2% 1.4% May 2014 0.8% 0.9% 7.1% 5.0% 12.8% 50.5% 23.0% 0.0%

13 2.2 Nodes within Municipalities

A breakdown of the nodes within the major cities highlights the areas of strong activity:

2.2.1 City of Cape Town

The transactional activity (R Million) is as follows:

Node 2012 2013 2014 May 2014

CAPE TOWN - CENTRAL 2,856 24.8% 2,266 19.0% 2,544 35.4% 83 6.5% CAPE TOWN - TABLE VIEW 1,017 8.8% 2,438 20.4% 1,139 15.9% 657 51.9% CAPE TOWN - SOUTHERN SUBURBS 2,896 25.1% 2,895 24.2% 961 13.4% 160 12.7% CAPE TOWN - ATLANTIC SEABOARD 1,515 13.2% 1,507 12.6% 887 12.4% 155 12.2% CAPE TOWN - VOORTREKKER ROAD 1,387 12.0% 1,414 11.8% 731 10.2% 87 6.8% CAPE TOWN - SOMERSET WEST 521 4.5% 574 4.8% 447 6.2% 49 3.9% CAPE TOWN - EAST 461 4.0% 517 4.3% 324 4.5% 44 3.5% CAPE TOWN - CAPE FLATS 869 7.5% 335 2.8% 151 2.1% 32 2.6% Total 11,524 11,946 7,184 1,267

14 The bond activity (R Million) is as follows:

Node 2012 2013 2014 May 2014

CAPE TOWN - SOUTHERN SUBURBS 3,252 27.4% 2,690 25.3% 1,727 28.4% 461 31.4% CAPE TOWN - CENTRAL 3,271 27.6% 1,774 16.7% 1,222 20.1% 83 5.7% CAPE TOWN - ATLANTIC SEABOARD 1,087 9.2% 992 9.3% 880 14.5% 113 7.7% CAPE TOWN - TABLE VIEW 1,384 11.7% 2,173 20.5% 718 11.8% 238 16.2% CAPE TOWN - SOMERSET WEST 269 2.3% 541 5.1% 505 8.3% 312 21.3% CAPE TOWN - VOORTREKKER ROAD 1,136 9.6% 1,484 14.0% 488 8.0% 178 12.1% CAPE TOWN - EAST 527 4.4% 356 3.4% 465 7.6% 66 4.5% CAPE TOWN - CAPE FLATS 927 7.8% 610 5.7% 83 1.4% 15 1.0% Total 11,853 10,620 6,088 1,466

The Market Share is as follows:

15 16 The top 10 transactions which occurred in May 2014 are:

Rank Purchase Price Buyer Seller Erf Key Suburb Node

1 390,750,000 K2012150042 SOUTH AFRICA PTY LTD OLD MUTUAL LIFE ASSURANCE CO MILNERTON~27306~00000 MARCONI BEAM INDUSTRIAL CAPE TOWN - TABLE VIEW SOUTH AFRICA LTD MILNERTON~30355~00000 MARCONI BEAM INDUSTRIAL CAPE TOWN - TABLE VIEW 2 85,900,000 CENTURY CITY BUSINESS CENTRE RABIE PROP GROUP PTY LTD MONTAGUE GARDENS~6961~00000 CENTURY CITY CAPE TOWN - TABLE VIEW PROP TRUST CENTURY CITY PROP INV TRUST RABIE PROP GROUP PTY LTD MONTAGUE GARDENS~6961~00000 CENTURY CITY CAPE TOWN - TABLE VIEW 3 79,950,000 CENTURY CITY PROP INV TRUST RABIE PROP GROUP PTY LTD MONTAGUE GARDENS~6962~00000 CENTURY CITY CAPE TOWN - TABLE VIEW 4 50,000,000 RICHARD BARROW FAMILY TRUST SEITZ HEINZ WOLFGANG CLIFTON~266~00000 CLIFTON CAPE TOWN - ATLANTIC SEABOARD 5 36,500,000 UNIT 8 SCHOEMAN STREET PTY LTD DIV PROP 6 PTY LTD FISH HOEK~12014~00000 FISH HOEK CAPE TOWN - SOUTHERN SUBURBS 6 34,000,000 SUPERFINE DEVELOPMENTS PTY LTD RAIDEN INV PTY LTD ROGGEBAAI~129~00000 CAPE TOWN CENTRE CAPE TOWN - CENTRAL 7 32,230,000 K2013154188 PTY LTD ORION PROP 25 PTY LTD CAPE TOWN~103610~00000 EPPING INDUSTRIAL CAPE TOWN - VOORTREKKER ROAD 8 30,800,000 URBAN SPACE SPECIAL BUILDING MADDEN PATRICK LINDSAY CONSTANTIA~567~00000 BEL OMBRE CAPE TOWN - SOUTHERN SUBURBS PROJECTS C C 9 29,412,000 PROVINCIAL GOVERNMENT-WESTERN OLD MUTUAL LIFE ASSURANCE CO MILNERTON~37360~00000 MARCONI BEAM INDUSTRIAL CAPE TOWN - TABLE VIEW CAPE SOUTH AFRICA LTD 10 28,500,000 ESKOM HOLDINGS S O C LTD WEENING & BARGE WINERY PTY LTD STELLENBOSCH RD~664~00119 CAPE TOWN - SOMERSET WEST

1. Phumulelo Industrial Park in Montague Gardens Cape Town - related transaction between Old Mutual and subsidiary company 2. Commercial property in Century City 3. Commercial property in Century City 4. Residential property in Nettleton Road, Clifton 5. Fish Hoek Town Square Shopping Centre 6. Office block in Roggebaai, Cape Town CBD 7. Industrial property in Losack Street, Epping 8. Residential development in Frederick Selous St, Constantia 9. Vacant land on cnr Freedom Ave and Omuramba Rd, Montague Gardens 10. Vacant land near Macassar/Croydon

The top 10 mortgages registered in May 2014 are:

Rank Bond Amount Buyer Bank Erf Key Suburb Node

1 300,000,000 QUINTADO 126 PTY LTD NEDBANK STELLENBOSCH RD~794~00081 SOMERSET WEST RETAIL PARK CAPE TOWN - SOMERSET WEST 2 180,000,000 ZOOMEO TRADE PTY LTD NEDBANK PAROW~23492~00000 PANORAMA CAPE TOWN - SOUTHERN SUBURBS 3 180,000,000 DE VILLE SHOPPING CENTRE PTY LTD STANDARD DURBANVILLE~2011~00000 DURBANVILLE CENTRAL CAPE TOWN - SOUTHERN SUBURBS 4 100,000,000 FOODPROP EPPING PTY LTD NEDBANK CAPE TOWN~103368~00000 EPPING INDUSTRIAL CAPE TOWN - VOORTREKKER ROAD CAPE TOWN~173079~00000 EPPING INDUSTRIAL CAPE TOWN - VOORTREKKER ROAD CAPE TOWN~174080~00000 EPPING INDUSTRIAL CAPE TOWN - VOORTREKKER ROAD 100,000,000 FOODPROP PROP HOLDINGS PTY LTD NEDBANK CAPE TOWN~172794~00000 CLAREMONT CAPE TOWN - SOUTHERN SUBURBS GOODWOOD~33262~00000 CONNAUGHT CAPE TOWN - VOORTREKKER ROAD GOODWOOD~35547~00000 N1 CITY CAPE TOWN - VOORTREKKER ROAD GOODWOOD~39236~00000 N1 CITY CAPE TOWN - VOORTREKKER ROAD 100,000,000 NEW LINE INV 7 PTY LTD NEDBANK CAPE RD~943~00081 SUNNYDALE CAPE TOWN - SOUTHERN SUBURBS 5 85,000,000 CENTURY CITY PROP INV TRUST NEDBANK MONTAGUE GARDENS~6962~00000 CENTURY CITY CAPE TOWN - TABLE VIEW 6 50,000,000 INTAPROP PTY LTD NEDBANK HAGLEY~4146~00000 CAPE TOWN - EAST 7 50,000,000 K2013154188 PTY LTD INVESTEC CAPE TOWN~103610~00000 EPPING INDUSTRIAL CAPE TOWN - VOORTREKKER ROAD 8 40,000,000 CENTURY CITY BUSINESS CENTRE PROP NEDBANK MONTAGUE GARDENS~6961~00000 CENTURY CITY CAPE TOWN - TABLE VIEW TRUST 40,000,000 CENTURY CITY PROP INV TRUST NEDBANK MONTAGUE GARDENS~6961~00000 CENTURY CITY CAPE TOWN - TABLE VIEW 9 40,000,000 CENTURY CITY BUSINESS CENTRE PROP NEDBANK MONTAGUE GARDENS~6961~00000 CENTURY CITY CAPE TOWN - TABLE VIEW TRUST 40,000,000 CENTURY CITY PROP INV TRUST NEDBANK MONTAGUE GARDENS~6961~00000 CENTURY CITY CAPE TOWN - TABLE VIEW 10 40,000,000 ARISTONAS PTY LTD INVESTEC GREEN POINT~232~00000 GREEN POINT CAPE TOWN - ATLANTIC SEABOARD

1. Vacant land cnr Broadway Boulevard and de Beers Ave, Somerset West/Strand 2. Del Mar Business Centre in Panorama, Cape Town 3. De Ville Shopping Centre in Durbanville CBD 4. Industrial properties in Epping, Claremont and N1 City 5. Service station site opposite Long Beach Mall, Fish Hoek 6. Commercial properties in Century City 7. Industrial property in Losack Street, Epping 8. Commercial property in Century City 9. Commercial property in Century City 10. Large residential/commercial property in High Level Road, Green Point

17 2.1.2 City of Johannesburg

The transactional activity (R Million) is as follows:

Node 2012 2013 2014 May 2014

JOHANNESBURG - FOURWAYS/NORTHGATE 741 5.1% 1,349 7.3% 2,851 21.3% 60 5.1% JOHANNESBURG - SANDTON 996 6.9% 2,706 14.6% 1,920 14.3% 476 40.2% JOHANNESBURG - WEST 609 4.2% 906 4.9% 1,142 8.5% 10 0.9% JOHANNESBURG - PARKTOWN 693 4.8% 370 2.0% 1,140 8.5% 14 1.2% JOHANNESBURG - CBD/BRAAMFONTEIN 1,139 7.9% 1,592 8.6% 994 7.4% 22 1.9% JOHANNESBURG - BRYANSTON 872 6.1% 662 3.6% 854 6.4% 9 0.8% JOHANNESBURG - WYNBERG 439 3.0% 306 1.6% 852 6.4% 13 1.1% JOHANNESBURG - MIDRAND/KYALAMI 1,033 7.2% 2,014 10.8% 664 5.0% 26 2.2% JOHANNESBURG - ROSEBANK/MELROSE 2,463 17.1% 1,899 10.2% 544 4.1% 108 9.1% JOHANNESBURG - SUNNINGHILL/RIVONIA 1,097 7.6% 526 2.8% 485 3.6% 137 11.6% NOT ALLOCATED 76 0.5% 475 2.6% 432 3.2% 10 0.8% JOHANNESBURG - DENVER/KENSINGTON/BRUMA 195 1.4% 208 1.1% 363 2.7% 75 6.3% JOHANNESBURG - LINBRO PARK/GREENSTONE 968 6.7% 672 3.6% 342 2.6% 125 10.5% JOHANNESBURG - HOUGHTON ESTATE 458 3.2% 425 2.3% 226 1.7% 63 5.3% JOHANNESBURG - RANDBURG 646 4.5% 2,180 11.7% 225 1.7% 8 0.6% JOHANNESBURG - SOUTH 1,438 10.0% 1,761 9.5% 219 1.6% 11 0.9% JOHANNESBURG - SOWETO/ORANGE FARM 286 2.0% 265 1.4% 101 0.8% 6 0.5% JOHANNESBURG - CRESTA/FAIRLAND 262 1.8% 279 1.5% 29 0.2% 14 1.1% EKURHULENI - BEDFORDVIEW 0 0.0% 1 0.0% 0 0.0% 0 0.0% Total 14,409 18,597 13,383 1,186

18 The bond activity (R Million) is as follows:

Node 2012 2013 2014 May 2014

JOHANNESBURG - SANDTON 2,137 12.2% 2,405 13.8% 4,013 43.4% 713 44.4% JOHANNESBURG - LINBRO PARK/GREENSTONE 3,162 18.1% 1,646 9.5% 928 10.0% 233 14.5% JOHANNESBURG - FOURWAYS/NORTHGATE 1,099 6.3% 1,726 9.9% 709 7.7% 24 1.5% JOHANNESBURG - ROSEBANK/MELROSE 1,458 8.3% 1,708 9.8% 613 6.6% 68 4.2% JOHANNESBURG - SUNNINGHILL/RIVONIA 691 3.9% 2,227 12.8% 517 5.6% 101 6.3% JOHANNESBURG - CBD/BRAAMFONTEIN 729 4.2% 1,874 10.8% 397 4.3% 26 1.6% JOHANNESBURG - BRYANSTON 3,432 19.6% 933 5.4% 391 4.2% 56 3.5% JOHANNESBURG - WYNBERG 266 1.5% 179 1.0% 275 3.0% 0 0.0% JOHANNESBURG - WEST 704 4.0% 527 3.0% 209 2.3% 100 6.2% JOHANNESBURG - HOUGHTON ESTATE 145 0.8% 575 3.3% 185 2.0% 0 0.0% JOHANNESBURG - SOUTH 842 4.8% 803 4.6% 181 2.0% 116 7.2% JOHANNESBURG - RANDBURG 329 1.9% 279 1.6% 181 2.0% 43 2.7% JOHANNESBURG - MIDRAND/KYALAMI 801 4.6% 1,092 6.3% 178 1.9% 0 0.0% NOT ALLOCATED 415 2.4% 40 0.2% 143 1.5% 23 1.4% JOHANNESBURG - PARKTOWN 317 1.8% 353 2.0% 117 1.3% 27 1.7% JOHANNESBURG - SOWETO/ORANGE FARM 437 2.5% 641 3.7% 78 0.8% 60 3.7% JOHANNESBURG - DENVER/KENSINGTON/BRUMA 313 1.8% 158 0.9% 66 0.7% 10 0.6% JOHANNESBURG - CRESTA/FAIRLAND 229 1.3% 216 1.2% 60 0.6% 5 0.3% EKURHULENI - KEMPTON PARK 8 0.0% 0 0.0% 0 0.0% 0 0.0% Total 17,514 17,382 9,241 1,605

The Market Share is as follows:

19 20 The top 10 transaction in May 2014 are:

Rank Purchase Price Buyer Seller Erf Key Suburb Node

1 85,000,000 REAL TREE TRADING 2 PTY LTD ROWMOOR INV 567 PTY LTD SUNNINGHILL~1222~00001 SUNNINGHILL JOHANNESBURG - SUNNINGHILL/RIVONIA 2 84,049,370 MACAELER PROP PTY LTD M R X 92 INV HOLDINGS PTY LTD SANDOWN~16~00000 SANDOWN JOHANNESBURG - SANDTON 3 58,140,000 VUKILE PROP FUND LTD BARROW PROP PTY LTD HOUGHTON ESTATE~1973~00000 HOUGHTON ESTATE JOHANNESBURG - HOUGHTON ESTATE 4 54,075,000 BALWIN PROP PTY LTD MICAWBER 533 PTY LTD GREENSTONE HILL~1834~00000 GREENSTONE HILL JOHANNESBURG - LINBRO PARK/GREENSTONE GREENSTONE HILL~1835~00000 GREENSTONE HILL JOHANNESBURG - LINBRO PARK/GREENSTONE 5 52,440,000 NATIONAL HOME BUILDERS GRAYSTON PROP NUMBER 001 PTY LTD SUNNINGHILL~1085~00000 SUNNINGHILL JOHANNESBURG - REGISTRATION COUNCIL SUNNINGHILL/RIVONIA SUNNINGHILL~1086~00000 SUNNINGHILL JOHANNESBURG - SUNNINGHILL/RIVONIA 6 49,400,000 COMGRO PTY LTD BEAUX LANE S A PROP PTY LTD DUNKELD WEST~158~00004 DUNKELD WEST JOHANNESBURG - ROSEBANK/MELROSE HYDE PARK~85~00001 DUNKELD WEST JOHANNESBURG - ROSEBANK/MELROSE 7 39,900,000 BENGAVISTA PTY LTD LES ROSHERS DEVELOPMENTS PTY LTD HYDE PARK~537~00000 HYDE PARK JOHANNESBURG - ROSEBANK/MELROSE HYDE PARK~538~00000 HYDE PARK JOHANNESBURG - ROSEBANK/MELROSE HYDE PARK~539~00000 HYDE PARK JOHANNESBURG - ROSEBANK/MELROSE HYDE PARK~541~00000 HYDE PARK JOHANNESBURG - ROSEBANK/MELROSE HYDE PARK~542~00000 HYDE PARK JOHANNESBURG - ROSEBANK/MELROSE HYDE PARK~543~00000 HYDE PARK JOHANNESBURG - ROSEBANK/MELROSE HYDE PARK~544~00000 HYDE PARK JOHANNESBURG - ROSEBANK/MELROSE HYDE PARK~547~00000 HYDE PARK JOHANNESBURG - ROSEBANK/MELROSE HYDE PARK~548~00000 HYDE PARK JOHANNESBURG - ROSEBANK/MELROSE HYDE PARK~549~00000 HYDE PARK JOHANNESBURG - ROSEBANK/MELROSE MORE PROPERTIES ON TITLE DEED 8 38,000,000 TODWIL CO S A PTY LTD HOOT BRANDING PTY LTD LONGMEADOW BUSINESS ESTATE~86~00000 LONGMEADOW BUSINESS ESTATE JOHANNESBURG - LINBRO PARK/GREENSTONE 9 33,303,230 BERET PROP PTY LTD M R X 92 INV HOLDINGS PTY LTD SANDOWN~16~00000 SANDOWN JOHANNESBURG - SANDTON 10 32,984,349 C S A-PETROLEUM & GAS RELATED M R X 92 INV HOLDINGS PTY LTD SANDOWN~16~00000 SANDOWN JOHANNESBURG - SANDTON CC

1. Office block on cnr Nivasha and Leeukop Road, Sunninghill 2. Sectional unit in Katherine & West, Office block, Sandton 3. Commercial building on Oxford Street, Houghton 4. Residential development on Stoneridge Drive, Greenstone Hill 5. Vacant land in Leeukop Road, Sunninghill 6. Office block on William Nicol Drive, Hyde Park/Dunkeld 7. Residential development in Hyde Park 8. Commercial property in Longmeadow Business Park 9. Sectional Title unit in Katherine & West Office block, Sandton 10. Sectional Title unit in Katherine & West Office block, Sandton

The top 10 bonds registered in May 2014 are:

Rank Bond Amount Buyer Bank Erf Key Suburb Node

1 500,000,000 M R X 92 INV HOLDINGS PTY LTD STANDARD SANDOWN~16~00000 SANDOWN JOHANNESBURG - SANDTON 2 150,000,000 BALWIN PROP PTY LTD INVESTEC GREENSTONE HILL~1834~00000 GREENSTONE HILL JOHANNESBURG - LINBRO PARK/GREENSTONE GREENSTONE HILL~1835~00000 GREENSTONE HILL JOHANNESBURG - LINBRO PARK/GREENSTONE 3 116,500,000 MOTIFPROPS 77 PTY LTD NEDBANK CITY DEEP~79~00000 CITY DEEP JOHANNESBURG - SOUTH 4 67,500,000 REAL TREE TRADING 2 PTY LTD NEDBANK SUNNINGHILL~1222~00001 SUNNINGHILL JOHANNESBURG - SUNNINGHILL/RIVONIA 5 60,000,000 AQUARELLA INV 265 PTY LTD STANDARD JABULANI~2332~00003 JABULANI JOHANNESBURG - SOWETO/ORANGE FARM 6 55,000,000 MAYER PROJECTS CC NEDBANK IQ~265~00253 RUIMSIG JOHANNESBURG - WEST 7 52,000,000 FALCON FOREST TRADING 85 PTY LTD NEDBANK LONGMEADOW BUSINESS ESTATE~58~00000 LONGMEADOW BUSINESS ESTATE JOHANNESBURG - LINBRO PARK/GREENSTONE 8 50,000,000 COMGRO PTY LTD NEDBANK DUNKELD WEST~158~00004 DUNKELD WEST JOHANNESBURG - ROSEBANK/MELROSE HYDE PARK~85~00001 DUNKELD WEST JOHANNESBURG - ROSEBANK/MELROSE 9 40,000,000 ASHBOW PROP INV PTY LTD INVESTEC BRYANSTON~5655~00000 BRYANSTON JOHANNESBURG - BRYANSTON ATTIC INV PTY LTD INVESTEC BRYANSTON~5655~00000 BRYANSTON JOHANNESBURG - BRYANSTON CURRIE GROUP PTY LTD INVESTEC BRYANSTON~5655~00000 BRYANSTON JOHANNESBURG - BRYANSTON LUANGWA INV PTY LTD INVESTEC BRYANSTON~5655~00000 BRYANSTON JOHANNESBURG - BRYANSTON 10 40,000,000 GREGWILL INV HOLDING CO PTY LTD ABSA INANDA~85~00009 INANDA JOHANNESBURG - SANDTON

21 1. Sectional Unit in Katherine & West Office block 2. Residential devlopment in Stoneridge Drive, Greenstone Hill 3. Warehouse complex in Heidelberg Road, City Deep 4. Office block on cnr Nivasha and Leeukop Road, Sunninghill 5. Property in Jabulani, Soweto 6. Large residential preoperty in Ruimsig, Mogale City 7. Commercial property in Longmeadow Business Estate 8. Office block on William Nicol Drive just below Hyde Park Shopping Centre 9. Sectional Title 44 on Bantry, Bantry Road, Bryanston 10. Large property for development in Elm Place, Inanda

22 2.1.3 City of Tshwane

The transactional activity (R Million) is as follows:

Node 2012 2013 2014 May 2014

PRETORIA - EAST 3,440 46.3% 1,803 14.7% 901 31.9% 215 50.9% PRETORIA - CENTURION 1,820 24.5% 2,442 19.9% 760 26.9% 95 22.5% PRETORIA - NORTH 559 7.5% 1,426 11.6% 736 26.0% 0 0.0% PRETORIA - BROOKLYN 402 5.4% 2,005 16.3% 178 6.3% 14 3.3% PRETORIA - CBD 875 11.8% 4,023 32.8% 142 5.0% 11 2.7% NOT ALLOCATED 337 4.5% 577 4.7% 111 3.9% 87 20.6% Total 7,434 12,277 2,828 422

The bond activity (R Million) is as follows:

Node 2012 2013 2014 May 2014

PRETORIA - CENTURION 2,157 33.6% 3,365 36.9% 1,096 39.2% 157 31.0% PRETORIA - EAST 1,170 18.2% 2,018 22.1% 763 27.3% 133 26.3% PRETORIA - CBD 596 9.3% 1,654 18.1% 438 15.7% 101 20.0% PRETORIA - NORTH 757 11.8% 934 10.2% 296 10.6% 50 9.9% NOT ALLOCATED 1,194 18.6% 709 7.8% 97 3.5% 36 7.1% PRETORIA - BROOKLYN 555 8.6% 423 4.6% 97 3.5% 19 3.8% EKURHULENI - KEMPTON PARK 0 0.0% 11 0.1% 10 0.4% 10 2.0% Total 6,429 9,114 2,797 506

23 The Market Share is as follows:

24 25 The top 10 transactions in May 2014:

Rank Purchase Price Buyer Seller Erf Key Suburb Node

1 115,350,000 INVESTEC PROP FUND LTD SAMURAI SUN PROP PTY LTD WATERKLOOF GLEN~853~00000 WATERKLOOF GLEN PRETORIA - EAST 2 40,000,000 COSMOPOLITAN PROJECTS TSHWANE PTY LTD KIRON HOUSING MANAGEMENT PTY LTD MAHUBE VALLEY~6768~00000 MAHUBE VALLEY EXT 12 MAHUBE VALLEY~6769~00000 MAHUBE VALLEY EXT 12 MAHUBE VALLEY~6770~00000 MAHUBE VALLEY EXT 12 MAHUBE VALLEY~6771~00000 MAHUBE VALLEY EXT 12 MAHUBE VALLEY~6772~00000 MAHUBE VALLEY EXT 12 MAHUBE VALLEY~6773~00000 MAHUBE VALLEY EXT 12 MAHUBE VALLEY~6774~00000 MAHUBE VALLEY EXT 12 MAHUBE VALLEY~6775~00000 MAHUBE VALLEY EXT 12 MAHUBE VALLEY~6776~00000 MAHUBE VALLEY EXT 12 MAHUBE VALLEY~6777~00000 MAHUBE VALLEY EXT 12 MORE PROPERTIES ON TITLE DEED 3 35,500,000 CITY OF TSHWANE METROPOLITAN CORPORATE AONE TRADE & INV 9 PTY LTD JR~389~00322 KOSMOSDAL PRETORIA - CENTURION MUNICIPALITY 4 35,000,000 CITY OF TSHWANE METROPOLITAN HONDSRIVIER PROP DEVELOPMENT CC JR~508~00026 MUNICIPALITY 5 16,000,000 HECTOWARE INV PTY LTD O & T DEVELOPMENT PTY LTD LYNNWOOD PARK~101~00000 LYNNWOOD PARK PRETORIA - EAST 6 15,412,800 SLIP KNOT INV 74 PTY LTD ALENTI 150 PTY LTD DIE WILGERS~1366~00000 BRONBERG PRETORIA - EAST 7 14,934,000 LANDRIC TRADING PTY LTD ALENTI 150 PTY LTD DIE WILGERS~1366~00000 BRONBERG PRETORIA - EAST 8 14,000,000 CALIBER 293 PTY LTD LONELY RIDGE CC LYTTELTON AH~157~00001 DIE HOEWES PRETORIA - CENTURION 9 13,500,000 NEW HEIGHTS VEHICLE REPAIR CC HENNOPSMEER SENTRUM CC HENNOPSPARK~621~00000 HENNOPS PARK PRETORIA - CENTURION INDUSTRIAL HENNOPSPARK~622~00000 HENNOPS PARK PRETORIA - CENTURION INDUSTRIAL 10 12,151,631 DANNY GUNN PROP PTY LTD SOSHANGUVE COMMERCIAL PROP CC SOSHANGUVE-F~2304~00000 SOSHANGUVE M SOSHANGUVE-F~2321~00000 SOSHANGUVE F

1. Commercial propert on cnr Garstfontein and Gnrl Louis Botha, Waterkloof Glen 2. Housing devlopment in Mahube Valley 3. Vacant land occupied by informal dwellings to east of Olievenhoutsbos 4. Vacant land to the east of Zithobeni, Bronkhorstspruit 5. Commercial building in Glenwood Road, Lynnwood Park 6. Sectional units in Alenti Office Park, Lynnwood Road, Die Wilgers 7. Sectional units in Alenti Office Park, Lynnwood Road, Die Wilgers 8. @ease, a small retail property on corner of Jean and Gerhard, Centurion 9. Commercial property on Hendrik Verwoerd Road, Hennopspark, Centurion 10. Service station site on M39, in Soshanguve-F

The top 10 bonds registered in May 2014 were:

Rank Bond Amount Buyer Bank Erf Key Suburb Node

1 90,000,000 RILAMAX PTY LTD NEDBANK DIE HOEWES~858~00000 PRETORIA - CENTURION 2 90,000,000 C B D RESIDENCY PTY LTD NEDBANK PRETORIA~3572~00000 PRETORIA - CBD 3 80,000,000 CENTURY PROP DEVELOPMENTS PTY LTD INVESTEC THE HILLS~104~00000 THE HILLS PRETORIA - EAST THE HILLS~116~00000 THE HILLS PRETORIA - EAST THE HILLS~117~00000 THE HILLS PRETORIA - EAST THE HILLS~14~00000 THE HILLS PRETORIA - EAST THE HILLS~146~00000 THE HILLS PRETORIA - EAST THE HILLS~15~00000 THE HILLS PRETORIA - EAST THE HILLS~152~00000 THE HILLS PRETORIA - EAST THE HILLS~153~00000 THE HILLS PRETORIA - EAST THE HILLS~16~00000 THE HILLS PRETORIA - EAST THE HILLS~162~00000 THE HILLS PRETORIA - EAST MORE PROPERTIES ON TITLE DEED 4 36,000,000 LUVON INV PTY LTD NEDBANK DORANDIA~1191~00000 DORANDIA PRETORIA - NORTH 5 30,000,000 COSMOPOLITAN PROJECTS TSHWANE PTY LTD STANDARD MAHUBE VALLEY~6768~00000 MAHUBE VALLEY EXT 12 MAHUBE VALLEY~6769~00000 MAHUBE VALLEY EXT 12 MAHUBE VALLEY~6770~00000 MAHUBE VALLEY EXT 12 MAHUBE VALLEY~6771~00000 MAHUBE VALLEY EXT 12 MAHUBE VALLEY~6772~00000 MAHUBE VALLEY EXT 12 MAHUBE VALLEY~6773~00000 MAHUBE VALLEY EXT 12 MAHUBE VALLEY~6774~00000 MAHUBE VALLEY EXT 12 MAHUBE VALLEY~6775~00000 MAHUBE VALLEY EXT 12 MAHUBE VALLEY~6776~00000 MAHUBE VALLEY EXT 12 MAHUBE VALLEY~6777~00000 MAHUBE VALLEY EXT 12 MORE PROPERTIES ON TITLE DEED 6 24,000,000 NORTHERN LIGHTS TRADING 172 PTY LTD INVESTEC ZWARTKOP PTA~1903~00003 ZWARTKOP PRETORIA - CENTURION 7 16,000,000 NORTHERN LIGHTS TRADING 172 PTY LTD INVESTEC JR~381~00093 DIE HOEWES PRETORIA - CENTURION 8 15,000,000 ALENTI 150 PTY LTD INVESTEC DIE WILGERS~1366~00000 BRONBERG PRETORIA - EAST WETZIAR INV HOLDINGS PTY LTD INVESTEC DIE WILGERS~1366~00000 BRONBERG PRETORIA - EAST 9 14,400,000 CAPE GANNET PROP 267 PTY LTD NEDBANK THERESAPARK~2092~00000 AKASIA GOLF COURSE PRETORIA - NORTH 10 13,580,000 AQUATICO INV PTY LTD NEDBANK IRENE~3293~00000 ROUTE 21 CORPORATE PARK PRETORIA - CENTURION

26 1. Residential development in Basden Road, Centurion 2. Student accommodation between Visagie and Minnaar Str, in Pretoria CBD 3. Various properties in The Hills Estate in eastern Pretoria 4. Madelief Shopping Centre Daan de Wet Nel Street, Dorandia, northen pretoria 5. Residential development in Mahube Valley, easter Pretoria 6. Block in Centurion Gate complex, Centurion 7. Sectional unit in Arena Office Park, West Ave, Centurion 8. Sectional units in Alenti Office Park, Lynnwood Road, Die Wilgers 9. Vacant land in Willem Cruywagen Ave, Theresapark 10. Commercial property in Route 21 Corporate Park, Irene

27 2.1.4 Ekurhuleni Municipality

The transactional activity (R Million) is as follows:

Node 2012 2013 2014 May 2014

EKURHULENI - BOKSBURG 1,996 30.8% 2,432 33.4% 1,840 53.8% 396 59.2% EKURHULENI - KEMPTON PARK 914 14.1% 913 12.5% 410 12.0% 98 14.6% EKURHULENI - GERMISTON 549 8.5% 917 12.6% 314 9.2% 59 8.8% EKURHULENI - BEDFORDVIEW 535 8.2% 475 6.5% 257 7.5% 6 0.9% EKURHULENI - BENONI 527 8.1% 399 5.5% 206 6.0% 19 2.9% EKURHULENI - SPRINGS/BRAKPAN 1,128 17.4% 521 7.2% 181 5.3% 46 6.9% EKURHULENI - EDENVALE 9 0.1% 143 2.0% 106 3.1% 8 1.2% EKURHULENI - ALBERTON 665 10.2% 1,284 17.6% 95 2.8% 23 3.4% NOT ALLOCATED 168 2.6% 196 2.7% 14 0.4% 14 2.2% Total 6,490 7,280 3,423 669

The bond activity (R Million) is as follows:

Node 2012 2013 2014 May 2014

EKURHULENI - BOKSBURG 2,537 42.1% 1,792 28.2% 2,598 56.8% 444 45.8% EKURHULENI - KEMPTON PARK 968 16.1% 1,013 16.0% 914 20.0% 191 19.7% EKURHULENI - BENONI 661 11.0% 885 13.9% 451 9.9% 64 6.6% EKURHULENI - GERMISTON 529 8.8% 697 11.0% 241 5.3% 60 6.2% EKURHULENI - ALBERTON 205 3.4% 735 11.6% 200 4.4% 146 15.1% EKURHULENI - SPRINGS/BRAKPAN 156 2.6% 330 5.2% 101 2.2% 45 4.6% EKURHULENI - BEDFORDVIEW 809 13.4% 618 9.7% 49 1.1% 19 2.0% EKURHULENI - EDENVALE 135 2.2% 40 0.6% 11 0.2% 0 0.0% NOT ALLOCATED 22 0.4% 239 3.8% 10 0.2% 0 0.0% Total 6,022 6,349 4,575 969

28 The Market Share is as follows:

29 30 The top 10 transactions in May 2014 were:

Rank Purchase Price Buyer Seller Erf Key Suburb Node Title Deed No

1 110,253,639 REIT INV LTD H B W GROUP PTY LTD IR~63~00353 MEADOWBROOK EKURHULENI - BOKSBURG T29279/2014 IR~63~00467 MEADOWBROOK EKURHULENI - BOKSBURG T29279/2014 IR~63~00575 MEADOWBROOK EKURHULENI - BOKSBURG T29279/2014 2 92,832,000 REDEFINE PROP LTD ROBOR PTY LTD ISANDO~504~00000 ISANDO EKURHULENI - BOKSBURG T14912/2014 ISANDO~505~00000 ISANDO EKURHULENI - BOKSBURG T14912/2014 ISANDO~509~00000 ISANDO EKURHULENI - BOKSBURG T14912/2014 3 80,735,543 H B W GROUP PTY LTD F D C PROPERTIES EAST PTY LTD IR~63~00353 MEADOWBROOK EKURHULENI - BOKSBURG T29278/2014 IR~63~00467 MEADOWBROOK EKURHULENI - BOKSBURG T29278/2014 IR~63~00575 MEADOWBROOK EKURHULENI - BOKSBURG T29278/2014 4 62,100,000 RED TRAIN INV PTY LTD Z F AUTO INDUSTRIAL PTY LTD SPARTAN~207~00000 SPARTAN EKURHULENI - KEMPTON PARK T30907/2014 SPARTAN~208~00000 SPARTAN EKURHULENI - KEMPTON PARK T30907/2014 5 60,675,918 STI CONSULTING SERVICES CC EKULENI DEVELOPMENTS PTY LTD IR~125~00001 EKURHULENI - SPRINGS/BRAKPAN T29024/2014 IR~125~00115 DAGGAFONTEIN MINES EKURHULENI - SPRINGS/BRAKPAN T29024/2014 IR~125~00126 DAGGAFONTEIN MINES EKURHULENI - SPRINGS/BRAKPAN T29024/2014 MORE PROPERTIES ON TITLE DEED 6 55,000,000 PREMIER FOODS PTY LTD KRAFT FOODS S A PTY LTD TUNNEY INDUSTRIAL~9~00000 TUNNEY EKURHULENI - BOKSBURG T11312/2014 7 27,900,000 RED TRAIN INV PTY LTD Z F AUTO IND PTY LTD KLIPPOORTJE AL~75~00011 KLIPPOORTJE EKURHULENI - GERMISTON T15302/2014 8 25,000,000 RED TRAIN INV PTY LTD ZF HUBCO FORGINGS PTY LTD WADEVILLE~257~00000 WADEVILLE EKURHULENI - GERMISTON T15301/2014 9 18,000,000 LAZY HAZE STONE PROPS PTY LTD WHITEHEAD NEIL ERIC IR~138~00043 EKURHULENI - ALBERTON T30237/2014 IR~138~00052 T30237/2014 10 16,500,000 DUNROSE INV 24 PTY LTD LIBERTY MOON INV 56 PTY LTD IR~84~00170 EKURHULENI - BOKSBURG T34123/2014

1. Industrial property on Lascelles Road, Meadowdale, Ekurhuleni 2. Industrial property in Quality Road, Isando 3. Same property as 1 above in related transaction 4. Industrial properties in Rigger Road, Spartan 5. Vacant land adjacent to the N17, Springs 6. Industrial property of Gross Street, Tunney Industrial 7. Industrial property in Hayward Street, Klippoorjie, Germiston 8. Industrial property on Berrange Street, Wadeville 9. Vacant land near new Oliver Tambo Logistics Centre in N3 south of Johannesburg 10. Vacant land just south of Boksburg CBD

31 The top 10 bonds registered in May 2014 were:

Rank Bond Amount Buyer Bank Erf Key Suburb Node

1 160,000,000 J T ROSS PROP PTY LTD STANDARD WITFONTEIN~1835~00000 EKURHULENI - KEMPTON PARK WITFONTEIN~1836~00000 EKURHULENI - KEMPTON PARK WITFONTEIN~1837~00000 EKURHULENI - KEMPTON PARK WITFONTEIN~1838~00000 EKURHULENI - KEMPTON PARK WITFONTEIN~1839~00000 EKURHULENI - KEMPTON PARK 2 120,000,000 IKWEZI INV TRUST INVESTEC VOSLOORUS~21721~00000 EASTFIELD EKURHULENI - ALBERTON VOSLOORUS~21722~00000 EASTFIELD EKURHULENI - ALBERTON 3 110,000,000 H B W GROUP PTY LTD INVESTEC IR~63~00353 MEADOWBROOK EKURHULENI - BOKSBURG IR~63~00467 MEADOWBROOK EKURHULENI - BOKSBURG IR~63~00575 MEADOWBROOK EKURHULENI - BOKSBURG REIT INV LTD INVESTEC IR~63~00353 MEADOWBROOK EKURHULENI - BOKSBURG IR~63~00467 MEADOWBROOK EKURHULENI - BOKSBURG IR~63~00575 MEADOWBROOK EKURHULENI - BOKSBURG 4 100,000,000 ERF 1330 VORNA VALLEY PTY LTD NEDBANK ANDERBOLT~479~00000 ANDERBOLT EKURHULENI - BOKSBURG TRUZEN 77 TRUST NEDBANK ANDERBOLT~479~00000 ANDERBOLT EKURHULENI - BOKSBURG 5 80,000,000 DUNROSE INV 24 PTY LTD NEDBANK IR~84~00170 EKURHULENI - BOKSBURG 6 70,560,000 SAWHF SA RENTAL 3 TRUST STANDARD JANSEN PARK~380~00000 EKURHULENI - BOKSBURG 7 60,000,000 RED TRAIN INV PTY LTD INVESTEC KLIPPOORTJE AL~75~00011 KLIPPOORTJE EKURHULENI - GERMISTON WADEVILLE~257~00000 WADEVILLE EKURHULENI - GERMISTON 8 50,000,000 VAE AFRICA PTY LTD NEDBANK ISANDO~427~00001 ISANDO EKURHULENI - BOKSBURG ISANDO~662~00000 ISANDO EKURHULENI - BOKSBURG 9 35,000,000 J S KOTZE TRUST NEDBANK POMONA~3617~00000 EKURHULENI - BENONI 10 30,000,000 REATILE GAZ PTY LTD STANDARD GERMISTON~1349~00000 KNIGHTS EKURHULENI - BEDFORDVIEW GERMISTON~1350~00000 KNIGHTS EKURHULENI - BEDFORDVIEW

1. Industrial stands in Twenty One Industrial Estate on R21, near Tembisa 2. Vacant land adjacent to Chris Hani Crossing Shopping Centre, Vosloorus 3. Industrial property on Lascelles Road, Meadowdale, Ekurhuleni 4. Bateman Office Park in Bartlett Road, Anderbolt 5. Vacant land just south of Boksburg CBD 6. Residential properties in Ravensmead Street, Jansen Park 7. Industrial property in Hayward Street, Klippoorjie, Germiston and Industrial property on Berrange Street, Wadeville 8. Industrial property in Brewery Street, Isando 9. Industrial property bordering R21, Pomona 10. Industrial property in Shaft Rd, Knights

32 2.1.5 Ethekwini Municipality

The transactional activity (R Million) is as follows:

Node 2012 2013 2014 May 2014

DURBAN - NORTH 2,463 31.4% 3,491 39.8% 1,500 49.7% 190 39.5% DURBAN - CENTRAL 2,224 28.3% 2,697 30.7% 692 22.9% 201 41.7% DURBAN - WEST 1,507 19.2% 1,636 18.6% 462 15.3% 79 16.4% DURBAN - SOUTH 1,650 21.0% 914 10.4% 361 12.0% 12 2.5% NOT ALLOCATED 6 0.1% 41 0.5% 0 0.0% 0 0.0% Total 7,851 8,779 3,016 482

The bond activity (R Million) is as follows:

Node 2012 2013 2014 May 2014

DURBAN - NORTH 1,755 34.0% 3,118 43.3% 1,149 48.9% 267 40.2% DURBAN - WEST 1,271 24.6% 1,537 21.3% 611 26.0% 170 25.6% DURBAN - CENTRAL 1,136 22.0% 1,259 17.5% 321 13.7% 218 32.8% DURBAN - SOUTH 1,000 19.4% 1,291 17.9% 270 11.5% 9 1.4% Total 5,162 7,205 2,351 664

33 The Market Share is as follows:

34 35 The top 10 transfers in May 2014 were:

Rank Purchase Price Buyer Seller Erf Key Suburb Node Title Deed No

1 118,000,000 DELTA PROPERTY FUND LIMITED SWISH PROPERTY EIGHT PTY LTD DURBAN~11355~00000 SOUTH BEACH DURBAN - CENTRAL T13286/2014 2 89,003,790 REAL TREE TRADING 7 PROPRIETARY LIMITED THE CENTENARY DEVELOPMENT COMPANY UMHLANGA ROCKS~2516~00000 SOMERSET PARK DURBAN - NORTH ST11384/2014 PROPRIETARY LIMITED 3 40,000,000 PERSONIFY INVESTMENTS PROPRIETARY THE DOCKLANDS HOTEL PROPRIETARY DURBAN~12524~00073 DURBAN POINT DURBAN - CENTRAL T15321/2014 LIMITED LIMITED WATERFRONT 4 37,500,000 PURPLE MOSS 1267 CC REDEFINE PROPERTIES LTD DURBAN~10652~00005 DURBAN CENTRAL DURBAN - CENTRAL T12606/2014 DURBAN~10653~00008 DURBAN CENTRAL DURBAN - CENTRAL T12606/2014 DURBAN~10662~00000 DURBAN CENTRAL DURBAN - CENTRAL T12606/2014 5 20,000,000 ALCARA INVESTMENTS (PTY) LTD COPPERMINE INVESTMENTS CC PHOENIX INDUSTRIAL DURBAN - NORTH T14041/2014 PARK~375~00000 6 14,203,500 ZEN FAMILY TRUST-TRUSTEES ONELOGIX PROPRIETARY LIMITED PINETOWN~7465~00000 WESTMEAD DURBAN - WEST T15758/2014 7 14,000,000 HOLPARK PROPERTIES PROPRIETARY LIMITED R R C O INV CC RIVERHORSE VALLEY~1~00001 RIVERHORSE VALLEY DURBAN - NORTH ST12303/2014 8 12,000,000 NIEUCO PROPERTIES 1059 PROPRIETARY GOLDEN FALLS TRADING 446 PTY LTD KINGSBURGH~685~00000 WARNER BEACH DURBAN - SOUTH T12953/2014 LIMITED KINGSBURGH~686~00000 WARNER BEACH DURBAN - SOUTH T12953/2014 KINGSBURGH~687~00000 WARNER BEACH DURBAN - SOUTH T12953/2014 KINGSBURGH~688~00000 WARNER BEACH DURBAN - SOUTH T12953/2014 9 11,573,793 TRAPEZOID INVESTMENTS PROPRIETARY TONGAAT HULETT DEVELOPMENTS UMHLANGA ROCKS~2426~00275 SOMERSET PARK DURBAN - NORTH T14538/2014 LIMITED PROPRIETARY LIMITED 10 10,545,000 BILLAVA FAMILY TRUST-TRUSTEES NEW SAVERA SILK N SAREES CC DURBAN NORTH~1793~00000 DURBAN NORTH DURBAN - NORTH T14529/2014

1. Commercial building on cnr of Bram Fischer and Brickhill Place Roads, Durban CBD 2. Mixed use property in Umhlanga Rocks, New Town Centre 3. Property in Mahatma Gandhi Street, The Point 4. Office block in Durban Place, Durban CBD 5. Industrial property on Premier Place, Phoenix 6. Industrial property on Trafford Road, Westmead 7. Commercial property on Island Circle, Riverhorse Valley 8. Small retail centre in Kingsburg, south Durban 9. Vacant land in Umhlanga New Town Centre 10. Small commercial block in Broadway St, Durban North

The top 10 bonds in May 2014 were:

Rank Bond Amount Buyer Bank Erf Key Suburb Node

1 85,000,000 LANGDON TRADING PROPRIETARY LIMITED NEDBANK FT~957~01317 HILLCREST DURBAN - WEST 2 81,000,000 LION MATCH PROPERTIES PROPRIETARY LIMITED NEDBANK DURBAN~12524~00063 DURBAN POINT WATERFRONT DURBAN - CENTRAL 3 77,000,000 DUBE TRADEPORT CORPORATION NEDBANK LA MERCY~622~00000 KING SHAKA INTERNATIONAL AIRPORT DURBAN - NORTH LA MERCY~623~00000 KING SHAKA INTERNATIONAL AIRPORT DURBAN - NORTH LA MERCY~643~00000 KING SHAKA INTERNATIONAL AIRPORT DURBAN - NORTH LA MERCY~644~00000 KING SHAKA INTERNATIONAL AIRPORT DURBAN - NORTH LA MERCY~645~00000 KING SHAKA INTERNATIONAL AIRPORT DURBAN - NORTH 4 70,000,000 N I B 69 SHARE BLOCK PTY LTD STANDARD DURBAN~2242~00049 MUSGRAVE DURBAN - CENTRAL 5 62,000,000 REAL TREE TRADING 7 PROPRIETARY LIMITED STANDARD UMHLANGA ROCKS~2516~00000 UMHLANGA RIDGE NEW TOWN DURBAN - NORTH CENTRE THE CENTENARY DEVELOPMENT COMPANY PROPRIETARY STANDARD UMHLANGA ROCKS~2516~00000 UMHLANGA RIDGE NEW TOWN DURBAN - NORTH LIMITED CENTRE 6 42,800,000 TRAPEZOID INVESTMENTS PROPRIETARY LIMITED FIRSTRAND UMHLANGA ROCKS~2426~00275 DURBAN - NORTH 7 40,000,000 PERSONIFY INVESTMENTS PROPRIETARY LIMITED INVESTEC DURBAN~12524~00073 DURBAN POINT WATERFRONT DURBAN - CENTRAL 8 35,000,000 RIDGE INV PTY LTD NEDBANK UMHLANGA ROCKS~2406~00019 DURBAN - NORTH 9 22,500,000 PURPLE MOSS 1267 CC NEDBANK DURBAN~10652~00005 DURBAN CENTRAL DURBAN - CENTRAL DURBAN~10653~00008 DURBAN CENTRAL DURBAN - CENTRAL DURBAN~10662~00000 DURBAN CENTRAL DURBAN - CENTRAL 10 22,000,000 R AND B LOVEMORE PROPERTIES PROPRIETARY LIMITED GRINDROD NEW GERMANY~1744~00000 PINESIDE DURBAN - WEST NEW GERMANY~1744~00001 DURBAN - WEST

1. The Colony Shopping Centre in Hillcrest 2. New head office property for Lion Match Company, Point Waterfront 3. Vacant land at Dube Tradeport, Shaka Airport 4. Commercial building in Hurst Close, Musgrave 5. Mixed use property in Umhlanga Rocks, New Town Centre 6. Vacant land in Umhlanga New Town Centre 7. Property in Mahatma Gandhi Street, The Point 8. Property in the Triangle, Umhlanga Rocks 9. Office block in Durban Place, Durban CBD 10. Industrial site on Shepstone Street, New Germany

36 3 OWNER SEGMENT ANALYSIS

3.1 Listed Companies

Listed Company 2012 2013 2014 May 2014

ACCELERATE 270 2.3% 0 0.0% 5,064 44.0% 0 0.0% GROWTHPOINT PROPERTY 494 4.2% 727 3.9% 1,475 12.8% 27 5.7% DELTA PROPERTY FUND 1,340 11.4% 3,075 16.3% 1,105 9.6% 118 24.7% FORTRESS INCOME FUND 0 0.0% 819 4.3% 894 7.8% 0 0.0% INVESTEC PROPERTY FUND 841 7.2% 1,608 8.5% 691 6.0% 151 31.7% ARROWHEAD PROPERTIES 721 6.1% 590 3.1% 511 4.4% 0 0.0% VUNANI PROPERTY FUND 452 3.8% 0 0.0% 451 3.9% 0 0.0% FAIRVEST PROPERTY 0 0.0% 0 0.0% 232 2.0% 0 0.0% HOLDINGS REDEFINE PROPERTIES 1,631 13.9% 1,418 7.5% 202 1.8% 93 19.4% DIPULA INCOME FUND 0 0.0% 1,096 5.8% 165 1.4% 13 2.7% FOUNTAINHEAD PROPERTY 0 0.0% 0 0.0% 159 1.4% 0 0.0% TRUST ANNUITY PROPERTIES 445 3.8% 1,048 5.6% 135 1.2% 0 0.0% VUKILE PROPERTY FUND 1,227 10.4% 1,204 6.4% 135 1.2% 58 12.2% RESILIENT PROPERTY INCOME 0 0.0% 0 0.0% 107 0.9% 0 0.0% FUND SA CORPORATE REAL ESTATE 0 0.0% 0 0.0% 67 0.6% 0 0.0% FUND SYNERGY INCOME FUND 968 8.2% 0 0.0% 0 0.0% 0 0.0% VIVIDEND INCOME FUND 774 6.6% 483 2.6% 0 0.0% 0 0.0% REBOSIS PROPERTY FUND 519 4.4% 1,611 8.5% 0 0.0% 0 0.0% CAPITAL PROPERTY FUND 506 4.3% 892 4.7% 0 0.0% 0 0.0% ASCENSION PROP 273 2.3% 690 3.7% 0 0.0% 0 0.0% SYCOM PROPERTY FUND 271 2.3% 0 0.0% 0 0.0% 0 0.0% INGENUITY PROPERTY 0 0.0% 920 4.9% 0 0.0% 0 0.0% INVESTMENT TOWER 0 0.0% 498 2.6% 0 0.0% 0 0.0% ORION REAL ESTATE 0 0.0% 0 0.0% 0 0.0% 10 2.0% ACUCAP PROPERTIES 0 0.0% 0 0.0% 0 0.0% 8 1.7% OTHER 1,020 8.7% 2,162 11.5% 117 1.0% 0 0.0% Total 11,749 18,841 11,511 478

37 The top 10 transactions were as follows:

Rank Purchase Price Buyer Seller Erf Key Suburb Node

1 118,000,000 DELTA PROPERTY FUND LIMITED SWISH PROPERTY EIGHT PTY LTD DURBAN~11355~00000 SOUTH BEACH DURBAN - CENTRAL 2 115,350,000 INVESTEC PROP FUND LTD SAMURAI SUN PROP PTY LTD WATERKLOOF GLEN~853~00000 WATERKLOOF GLEN PRETORIA - EAST 3 92,832,000 REDEFINE PROP LTD ROBOR PTY LTD ISANDO~504~00000 ISANDO EKURHULENI - BOKSBURG ISANDO~505~00000 ISANDO EKURHULENI - BOKSBURG ISANDO~509~00000 ISANDO EKURHULENI - BOKSBURG 4 58,140,000 VUKILE PROP FUND LTD BARROW PROP PTY LTD HOUGHTON ESTATE~1973~00000 HOUGHTON ESTATE JOHANNESBURG - HOUGHTON ESTATE 5 27,000,000 INVESTEC PROPERTY FUND LTD C S STREET INV PTY LTD KIMBERLEY~6912~00000 CECIL SUSSMAN KIMBERLEY~6913~00000 CECIL SUSSMAN KIMBERLEY~7361~00000 CECIL SUSSMAN 6 20,500,000 GROWTHPOINT PTY LTD H M N W PROP PTY LTD STELLENBOSCH RD~454~00647 CAPE TOWN - EAST 7 16,000,000 ACUCAP INV PTY LTD LIBERTY GROUP LTD MOUNT ROAD~3238~00000 GREENACRES 8 12,750,000 DIPULA PROP INV TRUST LEPHALALE CONFERENCE CENTRE ELLISRAS~2631~00009 ONVERWACHT PTY LTD 9 9,500,000 ORION REAL ESTATE LTD INTRAX INV 253 PTY LTD LYDENBURG~63~00000 LYDENBURG LYDENBURG~64~00002 LYDENBURG 10 9,000,000 INVESTEC PROP FUND LTD MORNING TIDE INV 95 PTY LTD BRYANSTON~31~00002 BRYANSTON JOHANNESBURG - BRYANSTON

1. Commercial building on cnr of Bram Fischer and Brickhill Place Roads, Durban CBD 2. Commercial propert on cnr Garstfontein and Gnrl Louis Botha, Waterkloof Glen 3. Industrial property in Quality Road, Isando 4. Commercial building on Oxford Street, Houghton 5. Retail warehouse in Cecil Sussman Street, Kimberley 6. Industrial property in Blackheath, Cape Town 7. Greenacres Shopping Centre in Mount Road, Port Elizabeth 8. Property in Laphalale, Limpopo 9. Property in Breytenbach Street, Lydenburg 10. Office block in The Braes, Bryanston

38 3.2 Emerging Portfolio Companies

Company Name 2012 2013 2014 May 2014

ORTHOTOUCH 269 50.3% 578 22.8% 1,402 32.1% 0 0.0% LEAF PROPERTY FUND 0 0.0% 337 13.3% 1,376 31.5% 0 0.0% IMBALI PROPS 21 0 0.0% 0 0.0% 477 10.9% 0 0.0% ZENDAI DEVELOPMENT (SOUTH 0 0.0% 0 0.0% 454 10.4% 0 0.0% AFRICA) REIT INVESTMENTS 0 0.0% 26 1.0% 416 9.5% 331 92.7% FPG HOLDINGS 102 19.0% 0 0.0% 94 2.2% 0 0.0% NVEST PROPERTIES 36 6.7% 39 1.5% 57 1.3% 21 5.7% MILE INVESTMENTS 225 0 0.0% 78 3.1% 34 0.8% 0 0.0% ROELAND STREET 43 8.0% 599 23.6% 30 0.7% 0 0.0% INVESTMENTS J POST INVESTMENTS 22 4.0% 135 5.3% 13 0.3% 0 0.0% ROBS INVESTMENT HOLDINGS 0 0.0% 25 1.0% 10 0.2% 0 0.0% AMCO PROPERTIES 0 0.0% 0 0.0% 6 0.1% 6 1.6% SILVER LEAF PROPERTY FUND 0 0.0% 407 16.0% 0 0.0% 0 0.0% XTRASPACE PROPERTIES 17 3.2% 73 2.9% 0 0.0% 0 0.0% STONEBRIDGE PROPERTIES 0 0.0% 44 1.7% 0 0.0% 0 0.0% LAW'S STORES 8 1.4% 31 1.2% 0 0.0% 0 0.0% EFSTRATIOU PROPERTIES 0 0.0% 30 1.2% 0 0.0% 0 0.0% ZEPHAN PROPERTIES 0 0.0% 23 0.9% 0 0.0% 0 0.0% JAY REDDY PROPERTY 7 1.4% 21 0.8% 0 0.0% 0 0.0% INVESTMENTS AMRICHPROP 2 PROPERTIES 32 6.0% 0 0.0% 0 0.0% 0 0.0% OTHER 0 0.0% 92 3.6% 0 0.0% 0 0.0% Total 536 2,536 4,369 358

The top transactions were as follows:

Rank Purchase Price Buyer Seller Erf Key Suburb Node

1 205,325,528 REIT INVESTMENTS HBW GROUP PTY LTD WELKOM BLOEM~165~00000 WELKOM CENTRAL

WELKOM BLOEM~165~00004 WELKOM CENTRAL

2 110,253,639 REIT INVESTMENTS H B W GROUP PTY LTD IR~63~00353 MEADOWBROOK EKURHULENI - BOKSBURG

IR~63~00467 MEADOWBROOK EKURHULENI - BOKSBURG

IR~63~00575 MEADOWBROOK EKURHULENI - BOKSBURG

3 20,500,000 NVEST PROPERTIES U V P PROP PTY LTD CAPE TOWN~169827~00000 EPPING INDUSTRIAL CAPE TOWN - VOORTREKKER ROAD

4 15,854,984 REIT INVESTMENTS HBW GROUP PTY LTD CLEVELAND~173~00000 CLEVELAND JOHANNESBURG - DENVER/KENSINGTON/BRUMA 5 11,400,000 AMCO PROPERTIES HORNDEAN PROPS PTY LTD MILNERTON~13895~00000 KILLARNEY INDUSTRIA CAPE TOWN - TABLE VIEW

1. Related transactions building REITS Investments book 2. Industrial property in Benbow Ave, Epping 3. Related transactions building REITS Investments book 4. Industrial property in Silverstone Road, Killarney Industrial

39 3.3 Residential Development Companies

Company Name 2012 2013 2014 May 2014

INTERNATIONAL HOUSING SOLUTIONS 0 0.0% 0 0.0% 266 33.6% 0 0.0% RESIDENTIAL PARTNERS 1 (RF) COSMOPOLITAN PROJECTS JOHANNESBURG 164 14.9% 59 3.6% 100 12.5% 7 4.4% S A W H F S A RENTAL 3 TRUST 0 0.0% 150 9.3% 66 8.3% 17 10.5% BALWIN PROPERTIES 102 9.2% 30 1.9% 54 6.8% 54 33.1% ZOTEC DEVELOPMENTS 20 1.8% 132 8.2% 53 6.7% 0 0.0% COSMOPOLITAN PROJECTS TSHWANE 71 6.4% 0 0.0% 40 5.0% 40 24.4% BENGAVISTA 0 0.0% 0 0.0% 38 4.8% 38 23.1% JOZI HOUSING 0 0.0% 0 0.0% 33 4.1% 0 0.0% WINDMILL PARK ESTATES 0 0.0% 0 0.0% 30 3.8% 0 0.0% PULSE URBAN PROPERTIES 0 0.0% 161 10.0% 27 3.4% 0 0.0% DOTCOM TRADING 849 0 0.0% 0 0.0% 22 2.8% 0 0.0% JIKA PROPERTIES 165 15.0% 98 6.1% 18 2.3% 0 0.0% NATION HOUSING 14 1.3% 0 0.0% 14 1.8% 0 0.0% CENTRAL PROPERTY DEVELOPMENT 35 3.2% 0 0.0% 14 1.8% 0 0.0% JOHANNESBURG CHESTNUT HILL INVESTMENTS 125 0 0.0% 0 0.0% 9 1.2% 0 0.0% S A W H F S A RENTAL 4 TRUST 158 14.3% 0 0.0% 0 0.0% 0 0.0% CENTURY PROPERTY DEVELOPMENTS 127 11.5% 78 4.8% 0 0.0% 0 0.0% SAWHF S A RENTAL 3 TRUST 113 10.3% 0 0.0% 0 0.0% 0 0.0% SPACE SECURITISATION 52 4.8% 0 0.0% 0 0.0% 0 0.0% MELTOWN INVESTMENTS 19 1.7% 0 0.0% 0 0.0% 0 0.0% MNANDI PROPERTY DEVELOPMENT 18 1.6% 0 0.0% 0 0.0% 0 0.0% SERVCON HOUSING SOLUTIONS 13 1.2% 0 0.0% 0 0.0% 0 0.0% FIRST METRO HOUSING COMPANY 11 1.0% 317 19.6% 0 0.0% 0 0.0% EVERGREEN PROPERTY INVESTMENTS 0 0.0% 92 5.7% 0 0.0% 0 0.0% CULVERWELL CONSERVATION COMPANY 0 0.0% 87 5.4% 0 0.0% 0 0.0% SUMMERCON HOLDCO 0 0.0% 63 3.9% 0 0.0% 0 0.0% STREET SPIRIT TRADING 175 0 0.0% 53 3.3% 0 0.0% 0 0.0% JORDI PROPERTIES 0 0.0% 30 1.8% 0 0.0% 0 0.0% VESTISAT 0 0.0% 28 1.7% 0 0.0% 0 0.0% CENTURY WESTERN CAPE 0 0.0% 23 1.4% 0 0.0% 0 0.0% STAND 410 PARKMORE 0 0.0% 0 0.0% 0 0.0% 7 4.5% OTHER 21 1.9% 214 13.2% 9 1.2% 0 0.0% Total 1,103 1,614 793 164

The top transactions were as follows:

Rank Purchase Price Buyer Seller Erf Key Suburb Node

1 54,075,000 BALWIN PROPERTIES MICAWBER 533 PTY LTD GREENSTONE HILL~1834~00000 GREENSTONE HILL JOHANNESBURG - LINBRO PARK/GREENSTONE GREENSTONE HILL~1835~00000 GREENSTONE HILL JOHANNESBURG - LINBRO PARK/GREENSTONE 2 40,000,000 COSMOPOLITAN PROJECTS TSHWANE KIRON HOUSING MANAGEMENT PTY LTD MAHUBE VALLEY~6768~00000 MAHUBE VALLEY EXT 12

MAHUBE VALLEY~6769~00000 MAHUBE VALLEY EXT 12

MAHUBE VALLEY~6770~00000 MAHUBE VALLEY EXT 12

MAHUBE VALLEY~6771~00000 MAHUBE VALLEY EXT 12

MAHUBE VALLEY~6772~00000 MAHUBE VALLEY EXT 12

MAHUBE VALLEY~6773~00000 MAHUBE VALLEY EXT 12

MAHUBE VALLEY~6774~00000 MAHUBE VALLEY EXT 12

MAHUBE VALLEY~6775~00000 MAHUBE VALLEY EXT 12

MAHUBE VALLEY~6776~00000 MAHUBE VALLEY EXT 12

MAHUBE VALLEY~6777~00000 MAHUBE VALLEY EXT 12

MORE PROPERTIES ON TITLE DEED

3 39,900,000 BENGAVISTA LES ROSHERS DEVELOPMENTS PTY LTD HYDE PARK~537~00000 HYDE PARK JOHANNESBURG - ROSEBANK/MELROSE

HYDE PARK~538~00000 HYDE PARK JOHANNESBURG - ROSEBANK/MELROSE

HYDE PARK~539~00000 HYDE PARK JOHANNESBURG - ROSEBANK/MELROSE

HYDE PARK~541~00000 HYDE PARK JOHANNESBURG - ROSEBANK/MELROSE

HYDE PARK~542~00000 HYDE PARK JOHANNESBURG - ROSEBANK/MELROSE

40 3 39,900,000 BENGAVISTA LES ROSHERS DEVELOPMENTS PTY LTD HYDE PARK~543~00000 HYDE PARK JOHANNESBURG - ROSEBANK/MELROSE

HYDE PARK~544~00000 HYDE PARK JOHANNESBURG - ROSEBANK/MELROSE

HYDE PARK~547~00000 HYDE PARK JOHANNESBURG - ROSEBANK/MELROSE

HYDE PARK~548~00000 HYDE PARK JOHANNESBURG - ROSEBANK/MELROSE

HYDE PARK~549~00000 HYDE PARK JOHANNESBURG - ROSEBANK/MELROSE

MORE PROPERTIES ON TITLE DEED

4 12,096,027 S A W H F S A RENTAL 3 TRUST STEENBERG STATION DEVELOPMENT CO PTY CAPE TOWN~174484~00000 CAPE TOWN - SOUTHERN SUBURBS LTD 5 7,981,833 STAND 410 PARKMORE JORDEV INV CC DOUGLASDALE~764~00000 DOUGLASDALE JOHANNESBURG - FOURWAYS/NORTHGATE

DOUGLASDALE~765~00000 DOUGLASDALE JOHANNESBURG - FOURWAYS/NORTHGATE

DOUGLASDALE~766~00000 DOUGLASDALE JOHANNESBURG - FOURWAYS/NORTHGATE

DOUGLASDALE~767~00000 DOUGLASDALE JOHANNESBURG - FOURWAYS/NORTHGATE

DOUGLASDALE~768~00000 DOUGLASDALE JOHANNESBURG - FOURWAYS/NORTHGATE

DOUGLASDALE~769~00000 DOUGLASDALE JOHANNESBURG - FOURWAYS/NORTHGATE

DOUGLASDALE~771~00000 DOUGLASDALE JOHANNESBURG - FOURWAYS/NORTHGATE

DOUGLASDALE~772~00000 DOUGLASDALE JOHANNESBURG - FOURWAYS/NORTHGATE

DOUGLASDALE~775~00000 DOUGLASDALE JOHANNESBURG - FOURWAYS/NORTHGATE

DOUGLASDALE~776~00000 DOUGLASDALE JOHANNESBURG - FOURWAYS/NORTHGATE

MORE PROPERTIES ON TITLE DEED

6 7,261,800 COSMOPOLITAN PROJECTS NEW HOUSING CO ALVEDA~396~00000 ALVEDA JOHANNESBURG - SOUTH JOHANNESBURG 7 5,108,295 S A W H F S A RENTAL 3 TRUST STEENBERG STATION DEVELOPMENT CO PTY CAPE TOWN~174482~00000 CAPE TOWN - SOUTHERN SUBURBS LTD

1. Residential devlopment in Greenstone Hill 2. Housing development in Mahube Valley, Mamelodi, Pretoria 3. Partly completed housing devlopment in Hyde Park 4. Vacant land for devlopment alongside Capricorn, Cape Town 5. Partly completed housing estate in Douglasdale 6. Vacant land in Alveda, south Johannesburg 7. Vacant land for devlopment alongside Capricorn, Cape Town

41 3.4 Investment Institutions

Company Name 2012 2013 2014

LIBERTY GROUP 0 0.0% 29 21.7% 146 93.8% SANLAM LIFE INSURANCE 15 10.0% 31 22.8% 10 6.2% OLD MUTUAL LIFE ASSURANCE 139 90.0% 0 0.0% 0 0.0% COMPANY (SOUTH AFRICA) MOMENTUM PROPERTY 0 0.0% 62 46.1% 0 0.0% INVESTMENTS METROPOLITAN LIFE 0 0.0% 13 9.3% 0 0.0% Total 154 134 155

Transactions in May 2014.

Rank Purchase Price Buyer Seller Erf Key Suburb Node

42 3.4.2 Banks

Buyer Name 2012 2013 2014 May 2014

FIRSTRAND BANK LTD 223 6.1% 747 38.1% 299 67.1% 8 100.0% A B S A BANK LTD 474 12.9% 736 37.5% 98 22.0% 0 0.0% INVESTEC BANK LTD 75 2.0% 0 0.0% 31 6.9% 0 0.0% STANDARD BANK PROP PTY LTD 43 1.2% 93 4.7% 18 4.0% 0 0.0% FIRSTRAND BANK LIMITED 0 0.0% 135 6.9% 0 0.0% 0 0.0% NEDBANK LTD 153 4.2% 109 5.5% 0 0.0% 0 0.0% NEDBANK LIMITED 29 0.8% 95 4.8% 0 0.0% 0 0.0% FINBOND MUTUAL BANK 32 0.9% 24 1.2% 0 0.0% 0 0.0% STANDARD BANK OF SOUTH 0 0.0% 16 0.8% 0 0.0% 0 0.0% AFRICA LIMITED ABSA BANK LTD 571 15.6% 6 0.3% 0 0.0% 0 0.0% STANDARD BANK OF SOUTH 711 19.4% 1 0.0% 0 0.0% 0 0.0% AFRICA LTD ABSA BANK LIMITED 1,303 35.6% 0 0.0% 0 0.0% 0 0.0% MERCANTILE BANK LTD 29 0.8% 0 0.0% 0 0.0% 0 0.0% IND & COMMERCIAL BANK OF 16 0.4% 0 0.0% 0 0.0% 0 0.0% CHINA DEVON BANK TRUST 6 0.2% 0 0.0% 0 0.0% 0 0.0% Total 3,665 1,961 446 8

The top bank transaction in May 2014 were:

Rank Purchase Price Buyer Seller Erf Key Suburb Node

1 16,000,000 FIRSTRAND BANK LTD LIBERTY GROUP LTD MOUNT ROAD~3238~00000 GREENACRES

43 3.5 Mines

Buyer Name 2012 2013 2014 May 2014

XSTRATA SOUTH AFRICA PTY LTD 0 0.0% 149 18.9% 108 29.9% 34 44.9% GLENCORE OPERATIONS SOUTH 0 0.0% 0 0.0% 85 23.4% 0 0.0% AFRICA PTY LTD MUHANGA MINES PTY LTD 21 1.7% 0 0.0% 46 12.7% 0 0.0% EXXARO COAL PTY LTD 0 0.0% 66 8.4% 27 7.4% 27 35.4% INNOVATIVE MINING PRODUCTS PTY 0 0.0% 0 0.0% 25 6.9% 0 0.0% LTD DUIKER MINING PTY LTD 0 0.0% 61 7.8% 22 6.0% 0 0.0% MAXGEM MINING CC 0 0.0% 0 0.0% 16 4.4% 0 0.0% ZONNEBLOEM COAL PTY LTD 0 0.0% 0 0.0% 15 4.1% 15 19.7% TSHIPI E NTLE MANGANESE MINING 0 0.0% 0 0.0% 12 3.4% 0 0.0% PTY LTD OPTIMUM COAL MINE PTY LTD 0 0.0% 0 0.0% 6 1.7% 0 0.0% ANGLO AMERICAN INYOSI COAL PTY 948 75.4% 0 0.0% 0 0.0% 0 0.0% LTD MODIKWA PLATINUM MINE PTY LTD 35 2.8% 0 0.0% 0 0.0% 0 0.0% NOKENG FLUORSPAR MINE PTY LTD 30 2.4% 0 0.0% 0 0.0% 0 0.0% GRAVELOTTE IRON ORE COMPANY 29 2.3% 0 0.0% 0 0.0% 0 0.0% PTY LTD UMSIMIBITHI MINING PTY LTD 29 2.3% 0 0.0% 0 0.0% 0 0.0% SISHEN IRON ORE COMPANY PTY 28 2.2% 45 5.8% 0 0.0% 0 0.0% LTD STUART COAL PTY LTD 18 1.4% 0 0.0% 0 0.0% 0 0.0% MAFUBE COAL MINING PTY LTD 18 1.4% 0 0.0% 0 0.0% 0 0.0% B H P BILLITON ENERGY COAL 17 1.4% 0 0.0% 0 0.0% 0 0.0% SOUTH AFRICA LTD KALAHARI GOLDRIDGE MINING 11 0.9% 0 0.0% 0 0.0% 0 0.0% COMPANY LTD HULA MINERAL PROCESSING PTY 11 0.9% 0 0.0% 0 0.0% 0 0.0% LTD KEATON MINING PTY LTD 10 0.8% 0 0.0% 0 0.0% 0 0.0% LEPELLE INDUSTRIAL & MINING 8 0.6% 0 0.0% 0 0.0% 0 0.0% SUPPLIES CC SPRINGBOKLAAGTE MINING PTY LTD 7 0.5% 0 0.0% 0 0.0% 0 0.0% TSHEDZA MINING RESOURCES PTY 0 0.0% 67 8.6% 0 0.0% 0 0.0% LTD UNIVERSAL COAL DEV 1 PTY LTD 0 0.0% 42 5.3% 0 0.0% 0 0.0% ERGO MINING PTY LTD 0 0.0% 39 5.0% 0 0.0% 0 0.0% MSOBO COAL PTY LTD 0 0.0% 39 5.0% 0 0.0% 0 0.0% RUSTENBURG PLATINUM MINES LTD 0 0.0% 38 4.8% 0 0.0% 0 0.0% SISHEN IRON ORE CO PTY LTD 0 0.0% 38 4.8% 0 0.0% 0 0.0% RUSTENBURG CHROME MINE 0 0.0% 26 3.3% 0 0.0% 0 0.0% HOLDINGS PTY LTD ZOETVELD MINING & PROSPECTING 0 0.0% 22 2.8% 0 0.0% 0 0.0% PTY LTD EYETHU COAL PTY LTD 0 0.0% 21 2.6% 0 0.0% 0 0.0% VAALBULT MINING CO PTY LTD 0 0.0% 20 2.6% 0 0.0% 0 0.0% MALTON MINING & ENGINEERING 0 0.0% 20 2.5% 0 0.0% 0 0.0% SERVICES PTY LTD OTHER 38 3.0% 93 11.8% 0 0.0% 0 0.0% Total 1,257 784 363 76

The top transactions in May 2014 were:

Rank Purchase Price Buyer Seller Erf Key Suburb Node

1 82,703,000 XSTRATA SOUTH AFRICA PTY LTD DUIKER MINING PTY LTD IT~109~00014 2 30,128,000 XSTRATA SOUTH AFRICA PTY LTD DUIKER MINING PTY LTD IS~38~00035 IS~38~00036 3 27,000,000 EXXARO COAL PTY LTD BURGER CORNELIUS JANSTE JS~427~00007 JS~427~00008 JS~427~00010 JT~383~00006 4 15,000,000 ZONNEBLOEM COAL PTY LTD BORNEO MINING S A PTY LTD JS~396~00000 5 10,403,600 XSTRATA SOUTH AFRICA PTY LTD PHOENIX COLLIERY PTY LTD IS~14~00013 IS~14~00014 IS~30~00019

44 3.6 Government

The government spend in the different municipalities were:

Municipality Principal Town 2012 2013 2014 May 2014

CITY OF TSHWANE PRETORIA 1,712 39.7% 635 11.1% 263 18.7% 71 16.8% CITY OF JOHANNESBURG JOHANNESBURG 81 1.9% 112 2.0% 172 12.2% 52 12.5% UMHLATHUZE RICHARDS BAY 0 0.0% 0 0.0% 103 7.3% 103 24.5% NELSON MANDELA BAY PORT ELIZABETH 0 0.0% 94 1.6% 100 7.1% 0 0.0% THE MSUNDUZI PIETERMARITZBURG 0 0.0% 0 0.0% 74 5.2% 0 0.0% CITY OF CAPE TOWN CAPE TOWN 172 4.0% 216 3.8% 72 5.1% 58 13.8% STEVE TSHWETE MIDDELBURG 63 1.5% 0 0.0% 63 4.5% 63 14.9% ABAQULUSI VRYHEID 49 1.1% 0 0.0% 61 4.4% 0 0.0% RAMOTSHERE MOILOA ZEERUST 0 0.0% 0 0.0% 53 3.8% 0 0.0% UMTSHEZI ESCOURT 0 0.0% 0 0.0% 40 2.8% 33 7.9% 0 0.0% 190 3.3% 33 2.4% 0 0.0% MBOMBELA NELSPRUIT 0 0.0% 0 0.0% 31 2.2% 0 0.0% KAGISANO/MOLOPO 0 0.0% 89 1.6% 29 2.1% 11 2.5% CAMDEBOO GRAAFF REINET 0 0.0% 0 0.0% 24 1.7% 0 0.0% MAFIKENG MAFIKENG 0 0.0% 385 6.8% 22 1.6% 15 3.5% BUSHBUCKRIDGE BUSHBUCKRIDGE 0 0.0% 904 15.8% 0 0.0% 0 0.0% POLOKWANE POLOKWANE 0 0.0% 409 7.2% 0 0.0% 0 0.0% UPHONGOLO PONGOLA 0 0.0% 171 3.0% 0 0.0% 0 0.0% MARULENG HOEDSPRUIT 0 0.0% 161 2.8% 0 0.0% 0 0.0% RUSTENBURG RUSTENBURG 0 0.0% 122 2.1% 0 0.0% 0 0.0% PHUMELELA VREDE 0 0.0% 104 1.8% 0 0.0% 0 0.0% MSUKALIGWA ERMELO 0 0.0% 91 1.6% 0 0.0% 0 0.0% GEORGE GEORGE 0 0.0% 83 1.5% 0 0.0% 0 0.0% NKOMAZI NKOMAZI 275 6.4% 0 0.0% 0 0.0% 0 0.0% EMNAMBITHI/LADYSMITH LADYSMITH 120 2.8% 0 0.0% 0 0.0% 0 0.0% INXUBA YETHEMBA CRADOCK 110 2.6% 0 0.0% 0 0.0% 0 0.0% MANGAUNG BLOEMFONTEIN 99 2.3% 0 0.0% 0 0.0% 0 0.0% ETHEKWINI DURBAN 63 1.5% 0 0.0% 0 0.0% 0 0.0% UMZUMBE UMZINTO 56 1.3% 0 0.0% 0 0.0% 0 0.0% KWADUKUZA STANGER 55 1.3% 0 0.0% 0 0.0% 7 1.7% EMALAHLENI WITBANK 52 1.2% 0 0.0% 0 0.0% 0 0.0% BELA-BELA BELA BELA 51 1.2% 0 0.0% 0 0.0% 0 0.0% BLUE CRANE ROUTE SOMERSET EAST 46 1.1% 0 0.0% 0 0.0% 0 0.0% LEPHALALE ELLISRAS 0 0.0% 0 0.0% 0 0.0% 4 0.9% LEKWA STANDERTON 0 0.0% 0 0.0% 0 0.0% 4 0.9% OTHER 1,306 30.3% 1,936 33.9% 268 19.0% 0 0.0% Total 4,308 5,702 1,407 419

45 The main transactions were:

Rank Purchase Price Buyer Seller Erf Key Suburb Node

1 102,600,000 NCT FORESTRY CO-OPERATIVE LIMITED MONDI LIMITED RICHARDS BAY~5333~00063

2 65,000,000 STEVE TSHWETE LOCAL MUNICIPALITY SOUTH AFRICAN EUROPEAN MIDDELBURG PTA~10996~00003 AERORAND SOUTH BUSINESS PARK PTY LTD MIDDELBURG PTA~10996~00004 AERORAND SOUTH

MIDDELBURG PTA~10996~00005 AERORAND SOUTH

MIDDELBURG PTA~10997~00002 AERORAND SOUTH

MIDDELBURG PTA~10997~00003 AERORAND SOUTH

MIDDELBURG PTA~10998~00000 AERORAND SOUTH

MIDDELBURG PTA~10999~00003 AERORAND SOUTH

MIDDELBURG PTA~11000~00000 AERORAND SOUTH

MIDDELBURG PTA~11001~00001 AERORAND SOUTH

MIDDELBURG PTA~11001~00002 AERORAND SOUTH

MORE PROPERTIES ON TITLE DEED

3 52,440,000 NATIONAL HOME BUILDERS REGISTRATION COUNCIL GRAYSTON PROP NUMBER 001 SUNNINGHILL~1085~00000 SUNNINGHILL JOHANNESBURG - PTY LTD SUNNINGHILL/RIVONIA SUNNINGHILL~1086~00000 SUNNINGHILL JOHANNESBURG - SUNNINGHILL/RIVONIA 4 35,500,000 CITY OF TSHWANE METROPOLITAN MUNICIPALITY CORPORATE AONE TRADE & INV 9 JR~389~00322 KOSMOSDAL PRETORIA - CENTURION PTY LTD 5 35,000,000 CITY OF TSHWANE METROPOLITAN MUNICIPALITY HONDSRIVIER PROP JR~508~00026 DEVELOPMENT CC 6 33,062,625 THE NATIONAL GOVERNMENT OF THE REPUBLIC OF SOUTH GONGOLO WILDIFE RESERVE GS~797~00001 AFRICA LIMITED GS~797~00008

GONGOLO WILDLIFE RESERVE FT~1337~00001 LIMITED GT~1907~00004

GONGOLO WILDLIFE RESERVE GS~797~00025 LTD GT~1121~00000

GT~1121~00002

GT~13070~00000

GT~13625~00000

GT~1906~00000

MORE PROPERTIES ON TITLE DEED

7 29,412,000 PROVINCIAL GOVERNMENT-WESTERN CAPE OLD MUTUAL LIFE ASSURANCE MILNERTON~37360~00000 MARCONI BEAM CAPE TOWN - TABLE VIEW CO SOUTH AFRICA LTD INDUSTRIAL 8 28,500,000 ESKOM HOLDINGS S O C LTD WEENING & BARGE WINERY PTY STELLENBOSCH RD~664~00119 CAPE TOWN - SOMERSET LTD WEST 9 14,500,000 PROVINCIAL GOVERNMENT OF THE NORTH WEST SOUTHERN PALACE MAFIKENG~9237~00000 PROVINCE INVESTMENTS 19 PTY LTD 10 10,500,000 NATIONAL GOVERNMENT OF THE REPUBLIC OF SOUTH TALJAARD GERHARD JM~186~00000 AFRICA

46 5 DIRECTORS 5.1 Director Value

Director Value identifies those directors that have the greatest involvement in property via their directorships.

The band is defined by the proportional value of the properties that the director is involved in (property value divided by number of directors in the property owning company). The aim is to identify the most important directors in terms of ownership and activity.

There are 25014 directors involved in companies with their proportional property value exceeding R5 000 000. Of these 3821 directors were involved in purchasing properties during the last 12 months and 479 during the last month.

Band Total 2014 YTD May 2014

A: Greater than R1bill 34 30 12 B: Between R500 and R1bill 91 64 30 C: Between R110 and R500mill 962 511 124 D: Between R50 and R110mill 1,170 370 45 E: Between R11mill and R50mill 10,346 1,394 138 F: Less than R11mill 12,411 1,452 130 25,014 3,821 479

5.2 Director Activity

Director Activity is an indication of the level of recent property purchases that directors are involved in the property market, in relation to their total property holding.

High Activity - the director is involved in transactions during the year where the property value is more than 80% of the total property value of the portfolio Medium Activity ±the director is involved in transactions during the year where the property value is 50 ±of the total property value of the portfolio Normal Activity - the director is involved in transactions during the year where the property value is less than 50% of the total property value of the portfolio

The number of directors active in purchases which were processed in the deeds office during the last month, in terms of Activity and Value levels, are:

Band A: HIGH B: MEDIUM C: LOW Total (NEWCOMERS) (ESTABLISHED) A: Greater than R1bill 12 12 B: Between R500 and R1bill 1 10 19 30 C: Between R110 and R500mill 9 15 100 124 D: Between R50 and R110mill 3 7 35 45 E: Between R11mill and R50mill 19 30 89 138 F: Less than R11mill 75 24 31 130 Total 107 86 286 479

47 5.3 Bonds

The aim of the bond section is to create a segmentation that allows the mortgage funders to understand the market in terms of the directors of the borrowing companies.

The bonds granted during the last month in the various segments (R million) are:

Band A: HIGH B: MEDIUM C: LOW D: BOND ONLY Total (NEWCOMERS) (ESTABLISHED) A: Greater than R1bill 531,294,081 0 531,294,081 B: Between R500 and R1bill 537,170,000 537,170,000 386,661,366 45,414,000 1,506,415,366 C: Between R110 and R500mill 275,000,000 16,305,000 1,073,114,081 700,005,750 2,064,424,831 D: Between R50 and R110mill 27,550,000 62,550,000 243,039,394 128,223,727 461,363,121 E: Between R11mill and R50mill 79,106,250 20,252,380 371,428,445 411,957,596 882,744,671 F: Less than R11mill 57,557,026 26,289,996 13,270,000 359,882,242 456,999,264 G: Bond only 0 0 Total 976,383,276 662,567,376 2,618,807,367 1,645,483,315 5,903,241,334

The market shares during the last month in the segments are:

5.3.1 Lending in terms of Director Activity

The lending (in Rmillions) to the market for the last 12 months relative to the activity levels of the directors are:

SEGMENT ABSA INVESTEC NEDBANK FNB SBSA TUHF GRINDROD BIDVEST

A: HIGH 337 6% 635 4% 679 3% 662 8% 531 6% 0 0% 130 28% 0 0% B: MEDIUM 298 6% 894 6% 1,934 9% 670 8% 340 4% 0 0% 141 31% 0 0% C: LOW 1,783 34% 8,454 59% 13,427 63% 3,831 46% 4,535 55% 113 59% 36 8% 6 5% D: BOND ONLY 2,876 54% 4,309 30% 5,163 24% 3,088 37% 2,777 34% 80 41% 150 33% 108 95% 5,294 14,292 21,203 8,251 8,182 194 457 113

48 5.3.2 Lending in terms of Director Value

The lending (in Rmillions) to the market for the last 12 months relative to the activity levels of the directors are:

BAND ABSA INVESTEC NEDBANK FNB SBSA TUHF GRINDROD BIDVEST

A: Greater than R1bill 136 3% 475 3% 857 4% 900 11% 235 3% 0 0% 0 0% 0 0% B: Between R500 and R1bill 161 3% 2,742 19% 3,675 17% 1,631 20% 377 5% 0 0% 260 57% 0 0% C: Between R110 and R500mill 1,348 25% 4,930 34% 6,523 31% 1,343 16% 2,554 31 16 8% 49 11% 30 26% % D: Between R50 and R110mill 577 11% 1,740 12% 3,271 15% 144 2% 1,351 17 49 25% 16 3% 6 5% % E: Between R11mill and R50mill 1,823 34% 3,076 22% 4,394 21% 2,467 30% 2,217 27 101 52% 64 14% 30 26% % F: Less than R11mill 1,175 22% 1,315 9% 2,465 12% 1,727 21% 1,444 18 28 14% 69 15% 48 42% % G: Bond only 75 1% 14 0% 17 0% 38 0% 4 0% 0 0% 0 0% 0 0% 5,294 14,292 21,203 8,251 8,182 194 457 113

49 5.3.3 Top Directors

The tables below seeks to identify the top property directors in the country. This is derived by aggregating the values they are involved in through directorships in property owning companies. The tables below are the top 10 directors in the database, but not duplicating directors for the same company (ie only giving one director per company). Table 1 - Overall Table 2 - Most Recent 12 Months Table 3 - May 2014

Surname Firstname Proportional Value Full Value Most Prominent Company

OBERHOLZER JAN JACOBUS 2,852,971,065 2,926,953,148 EMIRA PROPERTY FUND MOREMAX CORPORATE 2,565,904,157 26,142,105,829 SNOWY OWL PROPERTIES 183 SERVICES THEODOSIOU PAUL ANDREAS 2,436,705,418 5,573,794,531 QUANTUM LEAP INVESTMENTS 476 STUHLER BARRY LESTER 2,422,901,015 5,549,368,925 MONYETLA PROPERTY HOLDINGS RENS JONATHAN HENRI 2,028,847,216 4,128,577,826 ADVENT PROPERTIES WAINER MARC 2,008,632,248 21,703,078,385 STAND 337 LINDEN SHARE BLOCK KONIG ANDREW JOSEPH 1,985,999,030 21,616,218,588 SPEARHEAD PROPERTY HOLDINGS RICE DAVID HUW 1,985,999,030 21,616,218,588 FOUNTAINHEAD PROPERTY TRUST MANAGEMENT TEIXEIRA ANDREW EDWARD 1,949,893,734 4,616,043,803 IFOUR PROPERTIES S A CROUSE ANTON 1,739,594,402 2,605,925,923 STABILO INVESTMENTS Table 1 ±Overall Director Value

Surname Firstname Proportional Value Full Value Most Prominent Company Bond

COSTA ANDREW 521,896,856 5,218,968,556 ACCELERATE PROPERTY FUND 0 CRUYWAGEN GERT CHRISTIAAN 521,896,856 5,218,968,556 DENEL 0 FEARNHEAD TIMOTHY JOHN 521,896,856 5,218,968,556 ACCELERATE PROPERTY FUND 0 GEORGIOU MICHAEL NICOLAS 528,432,818 5,225,504,518 CARUL PROPERTY HOLDINGS 0 KYRIAKIDES DEMETRIOS 521,896,856 5,218,968,556 ACCELERATE PROPERTY FUND 0 MADIKIZELA KOLOSA 521,896,856 5,218,968,556 ACCELERATE PROPERTY FUND 0 MBOWENI TITO TITUS 521,896,856 5,218,968,556 ACCELERATE PROPERTY FUND 0 SCHAPER BERNITA 528,448,626 1,585,345,879 FORTRESS INCOME 1 383,333,333 SERFONTEIN WILLEM JAKOB 528,448,626 1,585,345,879 RACEWAY PROPERTY OWNERS ASSOCIATION 383,333,333 STEVENS MARK WALTER 534,948,626 1,591,845,879 FORTRESS INCOME 1 394,083,333

Table 2 ±Most Recent 12 Months

Surname Firstname Proportional Value Full Value Most Prominent Company Bond

BARNES DORON 149,625,000 299,250,000 26 PLANE ROAD SPARTAN INVESTMENTS 50,000,000 RACHAMIM 149,625,000 299,250,000 BRAVOPRO 61 50,000,000 GILLIS ARTHUR GAVIN 174,664,972 174,664,972 GREEN WILLOWS PROPERTIES 79 0 HOOKER GARETH PHILLIP 497,327,944 994,655,888 CLIFTON DUNES INVESTMENTS 93 537,170,000 MOWATT COLIN MAXWELL 162,161,079 646,852,316 PULPLINK PROPERTY INVESTMENTS 0 NOBRE RUI MIGUEL RODRIGUES 497,327,944 994,655,888 DUNROSE INVESTMENTS 82 537,170,000 SCHAPER BERNITA 178,866,480 536,599,441 FORTRESS INCOME 1 83,333,333 SERFONTEIN WILLEM JAKOB 178,866,480 536,599,441 RACEWAY PROPERTY OWNERS ASSOCIATION 83,333,333 STEVENS MARK WALTER 178,866,480 536,599,441 FORTRESS INCOME 1 83,333,333 WILLIAMS-JONES DAVID GERALD 245,714,893 245,714,893 RAINBOW PLACE PROPERTIES 174 0

Table 3 ±May 2014

50 METHODOLOGY Three databases have been combined to create this unique view of the property market, namely: Deeds Office - Which shows all property transactions that have been registered in the Deeds Office CIPC - Company Registration data showing directorships linked to all property owning companies in the Deeds data Cadastral - Each property can be linked to the cadastral database which provides the exact spatial location of the property

Data is updated weekly, collated and propagated monthly.

In phase 1, we are looking at transactions greater than R5million.

There will be three forms of delivery: Snap Report ±Weekly ±a summary of significant or interesting transactions that occurred ±each Thursday

Detailed Report ±Monthly ±a detailed analysis of transactions that occurred in the month ±10 working days after month end

Website ±spatially enabled web site that will enable the user to perform interactive on line analysis of commercial data.

We have segmented the database into a number of segments: Owner Segment Spatial - Municipality or Node Property Type Director Relevance Bond Activity

The data is populated into a relational database that allows us to cut and dice the data into intelligent segments.

51 52