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Gerald VolkelFD

Moody’s changes our rating outlook from stable to positive

18 June 2013

Moody's Investors Service has changed our rating outlook from stable to positive. The change was mainly prompted by our improved liquidity profile and strengthening financial metrics, combined with the expectation that Growthpoint intends to maintain group leverage levels (debt/ gross property assets) below 40%. For Growthpoint, the change in outlook means that financiers will continue to assess us on a favourable basis, which should positively reflect on our ability to raise funding and have a beneficial impact on the funding costs.”

Our ratings are also supported by our strong market position as the largest Real Estate Investment Trust (REIT) company in South Africa. Included in the calculations of these ratings are the property portfolio's size and quality that benefits from an active internal management team and produces solid, recurring rental income. Substantial investments in Australia and Cape Town have been included in the portfolio over the past three years, which has broadened its geographical base. The ratings also factor Moody's expectation that Growthpoint's development activity will increase as tenant demand in South Africa improves

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