/SCHEDULE OF PROPERTIES

The R140m introduction of a 5,500sqm Game, a 1,200sqm Mr Price Sport and a 3,300sqm Ster Kinekor Cinema Complex, and a major extension to ABSA Bank, were all completed in 2008. The expansion has added substantially to the tenant mix and entertainment components of this centre, taking the total GLA to just under 80,000sqm. The extensions included the introduction of a structured parking deck, adding a further 730 bays. Still in progress is the redevelopment of the centre entrances, as well as external façade treatment and the re-mixing of the restaurant offering to provide a closer fit with Festival’s customer profile. A new Boardmans store is also being introduced into the tenant mix. This phase is scheduled for completion by August 2008, with an anticipated first year return of approximately 10% on the R20m of capital expenditure that will be incurred on this last phase of the work.