Dipula announced distributions per A-linked unit of 39,685 cents and per B-linked unit of 27,741
cents in its interim results for the six months ended 29 February 2012.

Izak Petersen, CEO of Dipula Income Fund, attributes the positive performance to meeting its rental
income target, increased operating expense efficiencies and effective interest
rate management.

“The global economic environment remains challenging as does the South African economy with a
forecast growth rate of around 2.5% for the year ahead. Tenants, and
consequently rentals, will remain under pressure, notes Petersen
Petersen points to fuel price increases, electricity costs and municipal rates increases above
inflation and secondary costs pressures throughout the economy that may pose
challenges going forward. “Despite these factors we expect Dipula to perform in
line with its forecast for 31 August 2012, as reported in the prospectus dated
28 July 2011. We expect the portfolio to deliver growth in 2013 and beyond,”
says Petersen.
Dipula was formed through the merger of Mergence Africa Property Fund and Dipula Property Fund, two
majority black-owned property funds. It listed on the JSE on 17 August 2011
following a successful capital raising. At listing, each fund introduced
approximately R700 million of properties to the company. In addition, Dipula
acquired two property portfolios totalling R700 million.
At 29 February 2012, Dipula’s asset value was R2.1 billion and its market capitalisation was
approximately R1.5 billion.
Dipula is externally managed by Dipula Asset Management Trust, a company with exceptional BEE credentials.
It recently announced a transaction where management and a broad-based
consortium will acquire additional Dipula linked units. Following this
transaction, black unitholders will own up to 25% of Dipula. The transaction is
still subject to certain conditions.
As the JSE listed property company with the highest black ownership and black management control, Dipula
hopes to unlock value through partnerships with other companies which may look
for partners with its BEE credentials. Dipula may also be in a position to
transact in the government space given its 100% black owned management company.
“A sizeable stake by management also ensures complete interest alignment
between management and other unitholders,” says Petersen.
Although  it is one of the ‘new kids’ on the listed property block, both Dipula’s founding
companies have been around since 2005 and the Dipula management team  has
a solid seven-year track record.

Dipula owns a sectorally and geographically diversified portfolio of 175 properties, comprising 50%
retail, 23% offices and 27% industrial properties, by gross lettable area
(GLA). Approximately 75% of the portfolio, by GLA, is situated in Gauteng with
properties in all other provinces.

Since listing, Dipula has
acquired Bochum and Blouberg Plaza and Nquthu Plaza for R250 million. These
retail properties, which are in the process of being transferred, advance
Dipula’s strategy of improving the quality of its portfolio and investing in
emerging market retail. These acquisitions also meet Dipula’s objective of
increasing the value of its individual properties to between R20 million and
R200 million. The transaction came into effect on 1 May 2012 and transfer of
the properties is imminent.

Petersen reports that
acquisitions of around R800 million are under negotiation.

“Portfolio growth is a
priority,” says Petersen. “We aim to acquire existing properties as well as new
developments on a turnkey basis when income enhancing opportunities arise”.

Dipula maintained a 95%
retention rate on leases renewed during the period. Vacancies increased from
7.9% at listing to 8.9% at 29 February 2012. Much of this is due to the
refurbishment of a property known as Arbeid Street in Strydom Park which was
substantially let at listing

With rental income of R137,4
million, Dipula achieved a cost-to-income ratio of 24.6%. Petersen notes that
management will continue to manage costs in a disciplined manner whilst not
compromising on quality management. “Besides acquisitive growth and the
disposal of non-performing assets, there is room to optimise rental levels at
several properties. We are also looking at increasing the energy efficiency at
our buildings to achieve costs savings, as well as environmental benefits,”
says Petersen.

Interest rate management
is another focus area which Dipula will continue to manage efficiently. To
further diversify its sources of funding, Dipula has been exploring
opportunities of raising cheaper funding in the debt capital markets During the
period Dipula accessed a new line of credit from Nedbank to part fund the
Bochum and Blouberg Plaza and Nquthu Plaza acquisition. This facility of R125
million is for a five-year period.

Petersen says he is
pleased with Dipula’s first six months’ performance as a listed company. “Our
strategy is to continue to prudently grow the portfolio to more than R10
billion in the next four to six years, with specific focus on sustainable
income growth”.

Arrowhead is in advanced negotiations with various parties for the acquisition of properties with an aggregate value in excess of R820m at an average forward yield just under 11%.

• Redefine distribution  of  31.50c  in line with forecast
• Total Assets under management exceed R37 billion
• Comparable Recurring Income  6,6%  ahead of prior period
• Significant progress in enhancing quality of core portfolio
• Increased international diversification through participation in capital raise by Australian
  Property Trust, Cromwell
• Broadening funding sources to  debt capital market
• R660 million agreement to acquire Fountainhead Management Company concluded

Redefine Properties has
declared a distribution of 31.50 cents per linked unit for the six months ended
29 February 2012.  On a comparable
recurring income basis, the total distribution is 6.6% ahead of the prior
period, after excluding from the prior period the contribution from the
properties unbundled with Arrowhead Properties Limited (Arrowhead), as well as
non-recurring fee income from the current and prior year’s distributions of 0.7
cents and 0.1 cents per linked unit respectively.

On a geographic basis, South
Africa generated 91% of distributable income. Contractual rental income
comprised 81% of total revenue, income from listed securities 10%, hotel income
7% and trading and fee income 2%. Operating costs represent 25.6% (31 August
2011:26.5%) of contractual rental income, mainly reflecting the full period
efficiencies arising from the internalisation of property management.

Redefine
2

Redefine
International Properties Limited (RIN), along with Redefine International Fund
Managers Limited (RIFM), the fund manager of Redefine International P.L.C. (RI),
contributed 3 cents per linked unit to the distribution for the period.

Redefine CEO, Marc Wainer
says the Group has made significant progress in implementing its strategy of
restructuring and improving the quality of its core property portfolio.  The value of the Group’s properties declined
by 1.7% in the review period.  The South
African portfolio valuation increased by R260 million, while the offshore
portfolio valuation declined by R719 million, arising mainly from the Wichford
legacy assets. The investment in South African listed securities increased in
value by R11 million.  The balance mainly
relates to the mark to market of the group’s interest rate swaps.

During the review period, leases covering
384,436 m2 were renewed at an average rental increase of 4.2%. A further
123,609 m2 was let across the portfolio and,  together with vacancies from properties disposed
of, the total vacancy level  after
adjusting for unlettable space, reduced marginally by 0.3% to 6.6% (31 August
2011: 6.9%).

Five properties were
acquired and transferred during the review period for an aggregate purchase
price of R1.3 billion with a GLA of 110 147 m² at an initial yield of 9.1%. Guarantees
totalling R585 million were in issue at the period end for properties in the
process of being transferred.  Agreements
concluded with a number of vendors for the acquisition of properties for an
aggregate consideration of R775 million, are subject to Competition Commission
approval.

Redefine
3

Disposals during the
period, excluding the unbundled Arrowhead portfolio, include 15 properties with
a GLA of 98,938 m² which were sold to various buyers for an aggregate
consideration of R520 million at an average yield of 10.5%.

In December 2011, Arrowhead
was successfully listed and unbundled to linked unit holders, facilitating a
fast track basis to dispose of 89 properties that no longer fitted Redefine’s
investment criteria.

In March 2012, an agreement was concluded to acquire the
Fountainhead Management Company for an aggregate consideration of R660 million.
The acquisition is conditional on all required regulatory approvals, including
approval of the Registrar of Collective Investment Schemes, the Competition
Authorities and the South African Reserve Bank. Following the conclusion of
this transaction, Redefine intends making an offer to acquire all of the assets
of Fountainhead Property Trust in return for new units in Redefine and existing
Hyprop units held by Redefine.

“We envisage pricing the offer at a level that, on the
distribution of the consideration units, would result in a Fountainhead unit holder
receiving Hyprop and Redefine units with a value at or about the current
‘clean’ price at which Fountainhead units are trading,” says Wainer.

The company made its debut in the local bond market in
September 2011 with an issue of R250 million 90 day Commercial Paper under a R5
billion Domestic Medium Term Note Programme. This issue has been rolled twice
since the initial issue, achieving an all-in rate of 5.88% in the March 2012
issue. Towards the end of March, Redefine also issued a R500 million three year
bond, which was priced at an all-in rate of 7%.

Redefine
4

Redefine increased its
international diversification during the review period. The group participated
in a capital raise by Cromwell, the listed Australian Property Trust,  in which the group has a strategic interest, resulting
in Redefine taking a direct 3.9% interest in Cromwell and Redefine
International increasing its holding to 23,2%.

Salient features of the Redefine
International P.L.C. results for the period ended 29 February 2012 are the
following:

• Earnings available for distribution of £8.98
  million (February 2011: £6.79 million), an increase of 32.16%
• Interim distribution per linked unit of 2.09
  pence (February 2011: 2.02 pence), an increase of 3.5%
• Strong performance from Cromwell and the Hotel
  portfolio, justifying the company’s diversification strategy
• Secure cashflows delivered from the UK Stable
  Income and European portfolios despite further valuation declines, principally
  from the former Wichford portfolio
• Detailed negotiations on refinancing in
  progress
• Progress on the disposal of legacy Wichford
  assets
• Additional investment in Cromwell, securing
  the Group’s strategic shareholder position

Commenting
on the Group’s international exposure, Wainer says this remains a core part of
the strategy going forward and said he was pleased with the progress of both Redefine
International and Cromwell. “We will continue to support both of these
companies financially and strategically to ensure that they take advantage of
the exceptional opportunities that they come across from time to time.  For Redefine International the remainder of
the financial year will be focussed on the expiring debt facilities, the
consequent capital raising and the disposal of certain Wichford legacy assets.

Redefine
5

On prospects
for the full year, Wainer says that despite ongoing challenging market
conditions affecting the office property sector in particular, Redefine’s core
property portfolio is anticipated to achieve continued growth. The anticipated
distribution for the full year is in line with forecast.

Financial Highlights for the
Group include:

• Earnings available for distribution of £12.9
  million (February 2011: £8.4 million), an increase of 53.6%
• Interim dividend of 2.10 pence per share (February
  2011: 2.03 pence), an increase of 3.5%

Operational Highlights include:

• Greg Clarke assumes Chairmanship with effect
  from 1 December 2011
• Strong performance from Cromwell and the Hotel
  portfolio, supporting the Company’s diversification strategy
• Secure cashflows delivered from the UK Stable
  Income and European portfolios despite further valuation declines, principally
  from the former Wichford portfolio
• Detailed negotiations on refinancing are
  progressing in line with the Company’s strategy and exposure to regional
  offices is anticipated to reduce significantly
• Substantial progress with the disposal of legacy
  Wichford assets
• Disposal of 7 – 11 High Street, Reigate for an
  effective price of £3.15 million, 5.9% above the carrying value of the property
  and in line with discussions to consolidate the portfolio and focus on larger
  better quality assets
• Additional £24.2 million investment in Cromwell
  securing Redefine International’s strategic shareholder position

Greg Clarke,
Redefine International chairman comments, “Notwithstanding the continuing
adverse business conditions in the UK and Europe, the Company has met its
earnings targets and continues to be well placed to benefit from any up-turn in
economic growth going forward.    Despite the valuation decline
of the UK Stable Income portfolio, the diversification of the Group’s portfolio
means that shareholders have benefited from the excellent performance of the
Australian and hotel investments, clearly supporting the Company’s strategy to
invest in these markets at a low point in the economic cycle.

The Company
continues to meet its targets and expects to deliver on the earnings forecast
and strategic objectives set out in the prospectus at the time of the reverse
acquisition of Wichford P.L.C. in the summer of 2011”

Mike Watters, Managing Director of
Redefine International concludes, “The remainder of the financial year will be
focussed on the expiring debt facilities, the consequent capital raising and
the disposal of certain Wichford legacy assets.”

The opening of the Gautrain rail link to
Rosebank, together with various development projects in the area including
Standard Bank’s new office complex, are set to strengthen the Rosebank node as
a premier retail, commercial and residential hub in the city

Accordingly, the first income
period to which Arrowhead unitholders` became entitled to receive interest
pursuant to the Arrowhead debenture trust deed commenced on 1 December
2011 and ended on 31 December 2011, being a one month income period (the
“December interest”).

Linked unitholders are advised
that Arrowhead has declared its maiden interest distribution to Arrowhead
linked unitholders in respect of the December interest of 5.00 cents per A
linked unit and 3.09 cents per B linked unit for the month ended 31
December 2011. The distributions per linked unit are in line with the
forecast distributions for the year ended 30 September 2012 as set out in
the prelisting statement.

The salient dates in respect of
the payment of Arrowhead`s maiden interest distribution are as follows:

2012

Last day to trade cum dividend
on:                                Thursday,
19 April

Securities trade ex dividend on:                                     Friday, 20
April

Record date:                                                                 Thursday,
26 April

Payment of interest distribution
on:                                Monday,
30 April

Linked unit certificates may not
be dematerialised or rematerialised between Friday, 20 April 2012 and Thursday,
26 April 2012, both dates inclusive.

It’s the first
4-Star As-Built Green Star rating for a multi tenanted office building in SA.

It’s the second 4-Star Green Star SA rating in the Growthpoint
Properties office portfolio. The first is a 4-Star Green Star SA Office Design
v1 Rating of the adjacent Mayfair on the Lake, awarded by the GBCSA in November
2011.

Only 15 office
buildings have achieved Green Star SA certification in SA. Growthpoint’s two
green stars are among these pioneering properties.

“Our property portfolio represents our company’s biggest impact on our
environment,” explains Growthpoint Properties Regional Head KZN, Greg de Klerk.
“Switching
off lights and recycling paper are not enough. That’s why our office team
values design, innovation and sustainability. We do this by focusing on our
office properties: how we design them, how we build them, and how a green
building positively impacts on them.”

“Offices should seamlessly integrate into our clients’ businesses and
provide people with a positive, healthy and energising environment,” says
Rudolf Pienaar, Growthpoint Properties Offices Divisional Director. “This means
creating user-friendly offices and solutions through innovation and creative
design. That is why we are so proud of the two green building points for
innovation awarded to Lincoln on the Lake. Then continuing the high-quality
support experience with superior management long after the building project is
complete.”

With this focus, it is little wonder that Growthpoint Properties is
emerging as SA’s innovator in green offices. This
recognition stems from its strong push towards energy-efficient buildings and
sustainable development.

Growthpoint Properties is a
Platinum Founding Member of the GBCSA. Growthpoint continues its support of
this influential organisation through its R1,5 million sponsorship of the
GBCSA’s Energy & Water Benchmarking Tool, among other projects. Pienaar
also sits on the GBCSA Board of Directors.

Growthpoint leads the real estate sector in carbon disclosure in Africa.
It’s in the JSE’s Socially Responsible Investment Index (SRI Index) for the
third consecutive year for positive environmental, social and economic
sustainability practices and corporate governance.

“The commitment of SA’s largest listed property company to green
building is especially significant” comments Brian Wilkinson, CEO of the Green
Building Council of South Africa.  “Growthpoint are now members of an
elite group that have achieved a Green Star SA rating for their project – the
fact that they already have two projects certified is a tangible demonstration
of their strategy. The Green Star SA rating is a “badge of honour” that conveys
to their tenants, investors and stakeholders that they are not only serious
about climate change mitigation, but as importantly, that they are very shrewd
investors – their investment in green building “future proofs” their building –
protecting them and their tenants from the inevitable abnormally high increases
in utility costs, and from high retrofitting costs when “green” becomes a
prerequisite” says Wilkinson.

Growthpoint believes continual investment in research is critical to
create innovative office spaces and technologies.

“There’s much information on the green technology used in USA, Europe
and Australia, but we want to be sure this technology is effective in local
conditions,” says Pienaar. Technologies under testing vary from facade shading
and actuating louvers, to floor slabs that radiate cooling and heating.

“Designing greener offices means considering the environmental impact of
the materials used to make them. From the stone, glass and metal in our designs
to the goods used in daily cleaning, our goal is to continue reducing or
removing environmentally harmful substances.”

Growthpoint Properties’ commitment to sustainability is obvious in
a growing number of new, industry-leading projects. It already has two green
office developments in the pipeline, located in Sandhurst and Rosebank in
Johannesburg. Pienaar confirms that Growthpoint will continue to identify
opportunities for new green office developments. “We want to build new offices
that have the least impact on the environment and create the best experience
for users,” says Pienaar.

Even so, Growthpoint has taken significant steps to lessen the
environmental impact of its existing portfolio of office buildings throughout
SA. “We have carried out several retro-fitting projects in our office portfolio
to make older buildings more energy-efficient, from air-conditioning to
lighting,” remarks Pienaar.

“We know the most important thing we can do to lessen our impact on the
environment is to improve our properties’ environmental performance. That’s why
we retrofit them to be as energy efficient and have the longest lifespan
possible,” says Pienaar.

Growthpoint
Properties is the largest South African listed property company with property
assets valued in excess of R50 billion located throughout South Africa and
Australia. Its South African portfolio, valued at R33.7bn of over 412
properties (excluding 50% of the V&A Waterfront) provides in excess of 4,3
million square metres of office, industrial and retail space to leading
businesses.

Over the past six weeks, nine counters -
making up over 60% of the R155 billion SA Listed property sector – reported
results for the six-month period to December 2011. Together, they delivered a
market capitalisation weighted average distribution growth of 6.6%, compared to
the same period to December 2010.

The counters include Capital Property Fund,
Growthpoint Properties, Resilient Property Income Fund, Hyprop
Investments, SA Corporate Real Estate Fund, Fortress Income Fund, New
Europe Property Investments (NEPI), Emira Property Fund and Hospitality
Property Fund.

Norbert Sasse, Chairman of the Property Loan Stock
Association (PLSA) says: “South African listed property’s income returns are
performing positively, showing the sector’s defensive performance in
challenging economic conditions.” The PLSA is the unified voice of the property
loan stock (PLS) sector in South Africa.

The PLSA reports that for the last 12 months to the
end of February 2012, SA Listed Property recorded the highest total return of
any asset class at 21.75%. It is followed by SA Bonds with a total return of
13.59%, equities at 9.63% and SA Cash 5.70%.

Importantly, Keillen Ndlovu, head of Property Funds
for Stanlib explains the distribution growth reported by the funds to December 2011
was achieved despite tough economic circumstance, worsened by rising utility
costs.

Ndlovu says that some results surprised on the upside.
These include Growthpoint Properties’ distribution growth of 6.1%, NEPI’s 15.5%
growth in distribution and Hyprop, which hit 10.4% distribution growth.

He elaborates that Hyprop’s performance was boosted by
the structure of the Attfund transaction, which put a once-off 3.7 cents per
linked unit in Hyprop investors’ pockets. “NEPI is benefiting from the
under-shopped Romanian retail market and yield enhancing acquisitions.
Growthpoint’s numbers were enhanced by positive letting in the office and
industrial sectors,” says Ndlovu.

Performing in line with expectations, Resilient
reported distribution growth of 9.1%, Capital grew its distributions by 7.8%
and Fortress notched up a 10.2% increase in distribution. Ndlovu points out
that while these distributions were in line with expectations; this performance
is commendable given that they are coming off a high base. “All three of these
funds fall under one stable, run by hands-on and competitive management,”
points out Ndlovu.

On the other hand, SA Corporate delivered distribution
growth of 2.1%, Hospitality -27.9% and Emira -2.5%. “These counters
underperformed in the sector. Emira is feeling the pain from its exposure to
the huge secondary property market. SA Corporate was dragged down by
disposals and weak rental income from the retail and office sectors, and
Hospitality has been hit by the weakness in the hospitality industry,” says
Ndlovu.

Vacancy levels have been a major factor in performance
and Ndlovu notes that office vacancies seem to be increasing, whereas
industrial and retail vacancies are dropping. SA Corporate, Emira, Fortress,
Growthpoint and Resilient all reported improved vacancy levels.

Looking to the six-months ending on 30 June 2011,
similar levels of growth are expected from most of these counters. Fortress and
Resilient have guided 10% growth. Growthpoint advised growth of 6.1% for the
rest of its financial year. Hospitality’s outlook still reflects negative
growth in distributions while NEPI remains positive on the growth front.

“Emira is expecting a slight drop in distributions for
the balance of its financial year, and SA Corporate is finding it a challenge
to beat its 2011 distributions,” says Ndlovu. Hyprop has guided 4% to 6% and
Capital has given a wider guidance of 4% to 8% growth.

Redefine CEO, Marc Wainer, said that Redefine viewed the acquisition of the management
company as the key to Redefine being able to acquire the R10 billion of assets
of Fountainhead. Wainer said that following the requisite regulatory approvals
being obtained for the acquisition of the management company, Redefine would
formulate an offer for the acquisition of the Fountainhead assets. This would
require the support of Redefine and Fountainhead unit holders and would be
conditional on a due diligence investigation as well as all requisite Board,
Trustee and Regulatory approvals.

Redefine envisages pricing the offer so that Fountainhead unit holders will receive
approximately the current “clean price” at which Fountainhead units are trading
and that the purchase price would be settled by way of Redefine issuing to
Fountainhead unit holders Hyprop and Redefine units.

Wainer says that this acquisition, if it receives the necessary unit holder support,
will largely complete the transformation of Redefine’s portfolio and also see
Redefine exit its 30% shareholding in Hyprop. The Hyprop shareholding will be
replaced with high quality retail assets and Redefine’s mix of properties will
comprise approximately 51% retail, 37% office and 12% industrial after
conclusion of the acquisition.

“The quality of most of the Fountainhead assets fit Redefine’s investment profile
although there are approximately 30 to 35 very small properties that Redefine
would over time probably dispose of,” says Wainer.

The property management function, which is currently outsourced to third parties,
would in time be handled in-house by Redefine, which has the necessary
resources as well as a highly skilled retail team. It is envisaged that the
transaction should be earnings enhancing to Redefine and also advantageous to
Fountainhead unit holders.

Wainer stressed that at this point in time the acquisition that has been concluded is
only in respect of the management company and that prior to any offer being
made for the Fountainhead assets, Redefine would have to conduct a detailed due
diligence.