GROWTHPOINT INTERIM REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 1999

GROWTHPOINT

INTERIM REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 1999

INCOME STATEMENT                           1999         1998     %

                                           R'000        R'000    CHANGE
TURNOVER                                   13 541       15 979   (15,3)
NET INCOME FROM PROPERTIES                 9 273        13 185   (29,7)
INTEREST PAID                              7 508        10 756   30,2
NET INCOME BEFORE CAPITAL PROFIT

AND DEBENTURE INTEREST                     1 767        2 429    (27,3)
CAPITAL PROFIT ON DISPOSAL OF PROPERTIES   13 938       3 841

                                           15 705       6 270

LESS DEBENTURE INTEREST                    2 662        2 425

PROFIT BEFORE TAXATION                     13 043       3 845

TAXATION                                   2            2

NET INCOME AFTER TAXATION                  13 041       3 843

RETAINED INCOME AT BEGINNING OF PERIOD     100          17

                                           13 141       3 860

DIVIDENDS                                  3            1

TRANSFER TO NON-DISTRIBUTABLE RESERVE      13 038       3 841

RETAINED INCOME AT END OF PERIOD           101          18

COMBINED INCOME PER UNIT (CENTS)           7,86         7,16     9,8
BALANCE SHEET AS AT 31 MARCH 1999

                                           1999         1998

                                           R'000        R'000
CAPITAL EMPLOYED

SHAREHOLDERS' INTEREST                     47 557       52 738

LOANS PAYABLE                              52 628       106 799

                                           100 085      159 537
EMPLOYMENT OF CAPITAL

FIXED ASSETS                               101 612      185 232

NET CURRENT (LIABILITIES) ASSETS           (1 527)      (5 695)

                                           100 086      159 537

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

TURNOVER HAS FALLEN AS A RESULT OF THE SALE OF DRAGON PROPERTIES. THE TRANSFER
OF THE PROPERTY TOOK PLACE ON 7 JUNE 1999. INTEREST PAID HAS FALLEN BY 30% OVER
THE SAME PERIOD LAST YEAR. THIS IS AS A RESULT OF THE FALL IN INTEREST RATES.
VACANCIES HAVE DECREASED FROM 9,25% AT MARCH 1999 TO 8,0% AT 30 SEPTEMBER 1999.
THE SALE OF DRAGON PROPERTIES HAS RESULTED IN A CAPITAL PROFIT OF R13,9
MILLION. AN AMOUNT OF R900 000 HAS BEEN MADE AVAILABLE FOR DISTRIBUTION AT 30
SEPTEMBER 1999.
OUTLOOK

THE GROUP HAS RECENTLY BEEN SUCCESSFUL IN TENDERING FOR 1 600M2 OF SPACE FOR
THE SOUTH AFRICAN REVENUE SERVICES IN INFOTECH HATFIELD. THIS WILL

SIGNIFICANTLY REDUCE THE VACANCY LEVEL IN THE NEXT HALF OF THE YEAR. TOGETHER
WITH THE DROP IN INTEREST RATES GROWTHPOINT IS EXPECTING THAT THE SECOND HALF
OF THE YEAR WILL PRODUCE SIMILAR GROWTH TO THAT IN THE FIRST HALF.
BORROWINGS

A FURTHER AMOUNT OF R35 000 000 WAS REPAID IN THE SIX MONTHS ENDED 30 SEPTEMBER
1999. BORROWINGS ARE NOW R52,1 MILLION.
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 BEEN 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 24 OF 0,0079 CENTS PER
SHARE AND DEBENTURE INTEREST PAYMENT NUMBER 24 OF 7,8521 CENTS PER UNIT OF 10
DEBENTURES FOR THE INCOME DISTRIBUTION PERIOD APRIL 1999 TO 30 SEPTEMBER 1999.
THE DISTRIBUTION AMOUNTS TO 7,8600 CENTS PER UNIT PAYABLE TO UNITHOLDERS
REGISTERED IN THE BOOKS OF THE COMPANY AT THE CLOSE OF BUSINESS ON FRIDAY 12
NOVEMBER 1999. DIVIDEND CHEQUES WILL BE POSTED ON OR ABOUT FRIDAY 26 NOVEMBER
1999.
BY ORDER OF THE BOARD
C M LIEBENBERG

SECRETARY                             22 OCTOBER 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 SECRETARY: MERCANTILE REGISTRARS LIMITED, REGISTRATION NUMBER
27/03382/06
11 DIAGONAL STREET, JOHANNESBURG 2001.