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1 – 17

1 About this report

2015 in perspective

2 Performance highlights

4 Group profile and strategic focus

6 Chairman’s report

8 Chief executive officer’s report

12 Financial director’s report

16 Five-year review

17 Value added statement

20 – 33

Group overview

20 Hyprop’s business structure

21 Company structure

22 Directorate

24 Embedding sustainability in our business

25 Hyprop capitals

26 Hyprop’s business model

28 Risk management

32 The market in which we operate

36 – 43

Operational review

36 Property portfolio – South Africa

46 – 57

Social and ethics review

46 Social and ethics committee report

46 Human capital: Investment and development

51 Intellectual capital

52 Social and relationship capital

53 Natural capital: Environmental impact

60 – 67

Corporate governance

60 How we govern and manage our business

61 Corporate governance

66 Remuneration report

70 – 75

Annexures

70 History

71 Stakeholder engagement

72 King III application

77 – 151

Financial statements

78 Independent auditor’s report

79 Financial statements

86 Notes

152 – IBC

Shareholder information

152 Shareholder analysis

IBC Shareholders’ diary

IBC Distribution details

IBC Administration

Separate booklet

Notice of annual general meeting

CONTENTS

This integrated report covers the activities of Hyprop Investments Limited

for the financial year ended 30 June 2015, and follows a similar report for the

year ended 30 June 2014.

Hyprop continues to provide a comprehensive view of the company in one

integrated report, with supplementary information on our website. This

report identifies and explains the material economic, social, governance

and environmental issues facing the group and their impact. We regard this

report as a valuable opportunity to engage with our stakeholder groups and

respond to issues raised. The report should enable stakeholders to evaluate

Hyprop’s ability to create and sustain value over the short, medium and long

term.

Scope and boundary

The reporting on our sustainability initiatives covers the group holding

company and shopping centres in our sub-Saharan Africa portfolio (including

South Africa).

Material changes to the size, structure or ownership of the group during

the year included the sales of non-core assets: CapeGate Lifestyle Centre,

CapeGate Value Centre and Stoneridge. Effective 1 July 2014, all investments

in sub-Saharan Africa (excluding South Africa) are held through Hyprop

Investments Mauritius, a wholly owned subsidiary.

Reporting principles

The annual financial statements were prepared in accordance with

International Financial Reporting Standards (IFRS), the SAICA Financial

Reporting Guides issued by the Accounting Practices Committee and

Financial Reporting Pronouncements issued by the Financial Standards

Council, the JSE Limited Listings Requirements and the South African

Companies Act 2008. Accounting policies applied in preparing these financial

statements are consistent with those applied in the audited financial

statements for the prior financial period.

Further reading can be found

online:

www.hyprop.co.za

More information can be found

elsewhere in the report

ABOUT THIS REPORT

Hyde Park Corner, Johannesburg