GROWTHPOINT - FINAL REPORT FOR THE YEAR ENDED 31 MARCH 1999

GROWTHPOINT PROPERTIES LIMITED
FINAL REPORT FOR THE YEAR ENDED 31 MARCH 1999

                                   1999          1998       %

                                   R'000         R'000      CHANGE
COMBINED INCOME PER UNIT (CENTS)

INTERIM                            7,16          9.55

FINAL                              7,00          7,20

                                   14,16         16,75      (15,45)

BALANCE SHEET AS AT 31 MARCH 1999  R'000         R'000
CAPITAL EMPLOYED

SHAREHOLDERS' INTEREST             52 763        54 234

LOANS PAYABLE                      107 000       128 222

                                   159 763       182 456
EMPLOYMENT OF CAPITAL

FIXED ASSETS                       166 177       183 978

NET CURRENT (LIABILITIES) ASSETS   (6 414)       (1 432)

                                   159 763       182 546

NUMBER OF UNITS IN ISSUE           33 896 383    33 896 383
FINANCIAL RESULTS OF THE GROUP

TURNOVER IS DOWN AS A RESULT OF THE SALE OF THREE PROPERTIES.

A FINAL DIVIDEND OF 7,0 CENTS PER LINKED UNIT FOR THE PERIOD TO MARCH 1999 HAS
BEEN DECLARED. THIS AMOUNTS TO 14,16 CENTS PER LINKED UNIT FOR THE YEAR TO
MARCH 1999, AND REFLECTS A DECREASE IN EARNINGS OF 15,46% ON THE PRIOR YEAR.
AN AMOUNT OF R3,0 MILLION IS OUTSTANDING IN RESPECT OF THE PRETORIAHOF HOTEL.
THE TENANT HAS BEEN PLACED IN PROVISIONAL LIQUIDATION AND LEGAL ACTION HAS BEEN
INSTITUTED AGAINST THE SURETIES. THE DIRECTORS HAVE CONSIDERED IT PRUDENT TO
PROVIDE FOR THE ENTIRE DEBT. FOR THE SIX MONTHS TO MARCH 1999 A FURTHER AMOUNT
OF R1,584 MILLION HAS BEEN PROVIDED.

INTEREST RATES ROSE SIGNIFICANTLY DURING THE YEAR WHICH HAD THE EFFECT OF
INCREASING THE INTEREST CHARGE BY R2,385 MILLION.

THE SURPLUS ON THE SALE OF THE THREE PROPERTIES HAS BEEN PARTIALLY UTILISED TO
REDUCE THE SHORTFALL TO 15,46%.
ABNORMAL ITEM
SURPLUS ON SALE OF PROPERTIES      5 374        -

PROVISION FOR DOUBTFUL DEBTS       1 584       (1 500)
WRITE DOWN OF VALUE OF PROPERTY    1 000        -

                                   2 790       (1 500)
PROPERTY PORTFOLIO

THE GROUP REMAINS 92,5% LET AS AT 31 MARCH 1999. THE DIRECTORS HAVE CONSIDERED
IT PRUDENT TO WRITE DOWN THE VALUE OF THE PROPERTY KNOWN AS ALLIED JOHANNESBURG
SITUATED CORNER RISSIK & BREE STREETS IN THE JOHANNESBURG CBD. TO THIS EXTENT A
FURTHER R1 MILLION HAS BEEN WRITTEN OFF AT 31 MARCH 1999.

AN AGREEMENT FOR THE SALE OF NEDBANK BUILDING IN NELSPRUIT HAS BEEN CONCLUDED.
THE PROPERTY IS EXPECTED TO BE TRANSFERRED IN MAY 1999.
BORROWINGS

R17 MILLION HAS BEEN REPAID AGAINST THE BORROWINGS IN THE CURRENT YEAR. THE
PROCEEDS FROM THE SALE MENTIONED ABOVE WILL BE USED TO FURTHER REPAY THE
BORROWINGS.
FUTURE PROSPECTS

THE DIRECTORS BELIEVE THAT THE ACTIONS TAKEN IN THE CURRENT YEAR SHOULD ENSURE
THAT INCOME WILL BE MAINTAINED.

SHOULD THERE BE A RECOVERY OF DEBTS CURRENTLY PROVIDED FOR AND INTEREST RATES
CONTINUE FALLING, THE DIRECTORS ARE CONFIDENT OF AN INCREASE IN EARNINGS.
YEAR 2000 COMPLIANCY

THE COMPANY IS RELIANT ON IPG (PROPERTY TRADING & DEVELOPMENT) (PROPRIETARY)
LIMITED'S COMPUTER SYSTEM. IPG ADHERE TO THE YEAR 2000 OBLIGATIONS OF INVESTEC
BANK LIMITED. WE HAVE ASSURED THAT THEIR YEAR 2000 COMPLIANCE IS ON SCHEDULE
AND THAT NO SIGNIFICANT COSTS WILL BE INCURRED BY THE COMPANY.
DECLARATION OF DIVIDEND AND INTEREST PAYMENT

NOTICE IS HEREBY GIVEN OF DIVIDEND DECLARATION NUMBER 23 OF 0,0070 CENTS PER
SHARE AND DEBENTURE INTEREST PAYMENT NUMBER 23 OF 6,9930 CENTS PER UNIT OF 10
DEBENTURES FOR THE INCOME DISTRIBUTION PERIOD OCTOBER 1998 TO 31 MARCH 1999.
THE DISTRIBUTION AMOUNTS TO 7,0 CENTS PER UNIT PAYABLE TO UNITHOLDERS

REGISTERED IN THE BOOKS OF THE COMPANY AT THE CLOSE OF BUSINESS ON FRIDAY 7 MAY
1999. DIVIDEND CHEQUES WILL BE POSTED ON OR ABOUT 28 MAY 1999.
BY ORDER OF THE BOARD
C M LIEBENBERG
SECRETARY
22 APRIL 1999

GROWTHPOINT PROPERTIES LIMITED REGISTRATION NUMBER 87/04988/06.

REGISTERED OFFICE: GROWTHPOINT MANAGERS (PROPRIETARY) LIMITED, REGISTRATION
NUMBER 87/04982/07,

100 GRAYSTON DRIVE SANDOWN, SANDTON 2196, PO BOX 78949 SANDTON 2146.

TRANSFER SECRETARIES: MERCANTILE REGISTRARS LIMITED, REGISTRATION NUMBER
87/00519/06

11 DIAGONAL STREET, JOHANNESBURG 2001, PO BOX 1053, JOHANNESBURG 2000.