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and sufficiently addresses all material issues, and fairly presents the

integrated performance of Hyprop, its subsidiaries, joint ventures and

associates for the period, within the scope set out above.

The board has approved this integrated report.

Pieter Prinsloo Laurence Cohen Lindie Engelbrecht

Chief executive

Financial director

Audit committee

officer

chairman

Forward-looking statement

This integrated report contains forward-looking statements that, unless

otherwise indicated, reflect our expectations as at 30 June 2015. Actual

results may differ materially from the group’s expectations if known

and unknown risks or uncertainties affect its business, or if estimates

or assumptions prove inaccurate. The group cannot guarantee that any

forward-looking statement will materialise and, accordingly, readers

are cautioned not to place undue reliance on these statements. The

group assumes no obligation to update or revise any forward-looking

statement if new information becomes available, other than as

stipulated by the JSE Listings Requirements.

Hyprop has applied many of the recommendations in the International

Integrated Reporting Committee’s 2013 framework. We have also

considered and applied, where practical, the latest guidelines and

disclosure standards of the Global Reporting Initiative (GRI G4).

In this reporting period, Hyprop compiled its second submission to

the Carbon Disclosure Project (CDP), a voluntary and comprehensive

international benchmark on environmental reporting, and its second

submission to the Global Real Estate Sustainability Benchmark (GRESB).

Materiality

As detailed on our website,

the board has considered matters

deemed material to the business of Hyprop and its stakeholders, and

addressed issues that:

Q

Have significant direct short, medium and long-term financial

impacts

Q

Are agreed strategic policy items

Q

Are peer-based norms

Q

Are considered social norms, as indicated by current and likely

future regulations, and institutionalised norms and standards.

Assurance

Hyprop’s external auditors, Grant Thornton, have audited the financial

statements for the year ended 30 June 2015. Their unqualified audit

report is on page 78. The scope of the audit was limited to information

in the financial statements on pages 82 – 151. In line with best practice,

we take a combined view of our assurance activities to ensure all

material aspects are covered.

Board approval

The audit committee acknowledges its responsibility on behalf of the

board to ensure the integrity of the Hyprop integrated report 2015.

The committee has reviewed the report and believes it appropriately

Canal Walk, Cape Town

Contact point

We welcome your feedback on this report. Please direct this to:

Viki Jane Watson, Investor relations, +27 11 447 0090 or

investorrelations@hyprop.co.za

1

Hyprop Investments Limited

Integrated Report 2015