GRT - Growthpoint - PRA - Paramount - Results of the Paramount Linked Unit

    GRT - Growthpoint - PRA - Paramount - Results of the Paramount Linked Unit  
                                          offer                                 
    Growthpoint Properties Limited                                              
(Incorporated in the Republic of South Africa)                              
    (Registration number 1987/004988/06)                                        
    Share code: GRT     &   ISIN ZAE000037669                                   
    ("Growthpoint")                                                             


    Paramount Property Fund Limited                                             
    (Incorporated in the Republic of South Africa)                              
    (Registration number 1945/019928/06)                                        
Share code: PRA     &   ISIN ZAE000028577                                   
    ("Paramount")                                                               
    Results of the Paramount Linked Unit offer                                  
    1    INTRODUCTION                                                           
Paramount linked unitholders and B debenture holders are referred to the    
    announcement, dated 26 January 2007, informing Paramount linked unit        
    holders, other than Growthpoint ("Paramount linked unitholders") and B      
    debenture holders of the closure of the Paramount linked unit offer, the    
extension of the B debenture offer and the notice to Paramount linked       
    unitholders in terms of section 440K(1) of the companies act, 1973 (act 61  
    of 1973), as amended (the "companies act").                                 
    2    RESULTS OF THE PARAMOUNT LINKED UNIT OFFER                             
At 12:00 on Friday, 26 January 2007, the closing date of the Paramount      
    linked unit offer, Growthpoint had received acceptances in respect of 142   
    338 520 Paramount linked units equating to 97.7% of Paramount linked units  
    held by the Paramount linked unitholders. Effectively Growthpoint holds 245 
149 286 Paramount linked units or 98.7% of Paramount linked units in issue. 
    3    FURTHER DOCUMENTATION                                                  
    A further announcement informing B debenture holders of the final results   
    of the extended B debenture offer is expected to be made on or about        
Monday, 12 February 2007.                                                   
    A circular incorporating a notice in terms of section 440K(1) of the        
    Companies Act, is expected to be posted to Paramount linked unitholders and 
    Paramount B debenture holders (if relevant) on or about Wednesday, 14       
February 2007.                                                              
    Sandton                                                                     
    29 January 2007                                                             
    Investment bank to Growthpoint    Sponsor to Growthpoint                    
Investec Corporate Finance        Investec Bank Limited                     
    Legal adviser to Growthpoint      Independent adviser and sponsor to        
                                      Paramount                                 
    Jowell Glyn Marais                Nedbank Capital                           


    Legal adviser to Paramount        Independent reporting accountants         
                                      and auditors                              
    Cliffe Dekker                     Ernst & Young                             
Date: 29/01/2007 17:12:14 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department.