Prospectus - Pickvest.co.za

INHOUDSOPGAWE
PROSPEKTUS PAGE
Risikoverklaring 3
Korporatiewe inligting 4
Aansoekvorm 5
1. Definisies 9
2. Doel van plasing 10
3. Maatskappyprofiel 11
4. Direkteurs en bestuur 12
5. Winsgeskiedenis, winsvooruitskouing en opbrengs 15
6. Bates, laste en ander finansiële inligting 16
7. Aandelekapitaal 18
8. Besonderhede van die plasing 20
9. Uitgawes verbonde aan die aanbod 23
10. Wesenlike Kontrakte 23
11. Litigasieverklaring 23
12. Direkteurs se verklaring aangaande 24
wesenlike veranderinge
13. Registrasie van prospektus 24
14. Dokumente beskikbaar vir inspeksie 24
(sien paragraaf oor Korporatiewe beheer)
15. Paragrawe van Skedule 3 van die Wet 24
wat nie van toepassing is nie
16. Korporatiewe beheer 26
Bylaag 1 Geprojekteerde Inkomstestaat 28
Bylaag 2 Huurderrooster 32
Bylaag 3 Aanstelling, kwalifikasie, vergoeding en leen 36
bevoegdheid van direkteurs
Bylaag 4 Onafhanklike verslaggewende rekenmeesters 38
se verslag oor Tropical Butterfly Investments Ltd
en die winsvooruitskouing
Bylaag 5 Belangrikste vaste eiendomme 42
Bylaag 6 Waardasiesertifikaat 43
Bylaag 7 Hooftrekke van die Bestuursooreenkoms 45
Bylaag 8 CIPRO Sertifikaat 46
Bylaag 9 Aansoekvorm 47
CONTENTS
PROSPECTUS PAGE
Risk Statement 3
Corporate information 4
Application Form 5
1. Definitions 9
2. Purpose of the placing 10
3. Company profile 11
4. Directors and management 12
5. Profit history, forecast and dividend 15
6. Assets, liabilities and other financial information 16
7. Share capital 18
8. Particulars of the placing 20
9. Expenses of the offer 23
10. Material Contracts 23
11. Litigation statement 23
12. Directors’ statement as to material changes 24
13. Registration of prospectus 24
14. Documents available for inspection 24
(see paragraph on Corporate governance)
15. Paragraphs of Schedule 3 to the Act which are 24
not applicable
16. Corporate governance 26
Appendix 1 Projected Income Statement 28
Appendix 2 Tenant Schedule 32
Appendix 3 Appointment, qualification, remuneration and 36
borrowing powers of directors
Appendix 4 Independent reporting accountants’ report on 38
Tropical Butterfly Investments Ltd and the
profit forecast
Appendix 5 Principal immovable properties 42
Appendix 6 Valuation certificate 43
Appendix 7 Salient Features of the Management agreement 45
Appendix 8 CIPRO Certificate 46
Appendix 9 Application Form 47
1

2
Tropical Butterfly Investments Ltd.
(“die Maatskappy”)
Ingelyf in die Republiek van Suid-Africa
Reg Nr: 2003/031034/06
Prospektus
Prospektus aangaande ‘n aanbod om opname by wyse van
‘n openbare plasing van 253,000 gewone aandele met
gelyke waarde van 100 sent elk in die aandelekapitaal van
Tropical Butterfly Investments Limited teen ‘n uitreikingsprys
van 100 sent per aandeel plus ‘n leningseenheid van R 999
(Nege Honderd Nege en Negentig Rand)
Die aandele en leningseenheid wat in terme van hierdie
prospektus aangebied word vir opname sal op gelyke voet
gereken word met die bestaande gewone aandele in die
Maatskappy.
Die direkteurs, wie se name in paragraaf 4.1 van hierdie
prospektus verskyn, aanvaar, gesamentlik en individueel,
volle verantwoordelikheid vir die akkuraatheid van die
inligting gegee en sertifiseer dat, na die beste van hul wete
en goeie trou, geen feite uitgelaat is wat enige stelling vals
of misleidend sou maak nie, dat hulle alle redelike navrae
gedoen het om seker te maak van sodanige feite en dat hierdie
prospektus al die inligting bevat soos deur die Wet vereis.
‘n Engelse en Afrikaanse kopie van hierdie prospektus,
vergesel van die dokumente waarna in hierdie prospektus
verwys word, sal deur die Registrateur van Maatskappye
geregistreer word in terme van artikel 155(1) van die
Maatskappyewet 1973 (Wet 61 van 1973), soos gewysig.
Die Maatskappy is nie genoteer nie, en tot op hede is geen
aansoek om notering ingedien nie.
Tropical Butterfly Investments Ltd.
(“the Company”)
Incorporated in the Republic of South Africa
Reg No: 2003/031034/06
Prospectus
Prospectus relating to an offer for subscription by way of a
public placing of 253,000 ordinary shares with par value
of 100 cents each in the share capital of Tropical Butterfly
Investments Limited at an issue price of 100 cents per
share plus a loan unit of R 999 (Nine Hundred and Ninety
Nine Rands)
The shares and loan unit offered for subscription in terms of
this prospectus will rank pari passu with the existing ordinary
shares in the Company.
The directors, whose names are given in paragraph 4.1
of this prospectus, accept, collectively and individually, full
responsibility for the accuracy of the information given and
certify that, to the best of their knowledge and belief, no
facts have been omitted which would make any statement
false or misleading, that they have made all reasonable
enquiries to ascertain such facts and that this prospectus
contains all information required by law.
An English and Afrikaans copy of this prospectus,
accompanied by the documents referred to in this
prospectus, will be registered by the Registrar of
Companies in terms of section 155(1) of the Companies
Act 1973 (Act 61 of 1973), as amended.
The Company is unlisted, and to date no application for a
listing has been submitted.

Risikoverklaring
Die Registrateur van Maatskappye sal die inligting wat
in hierdie prospektus bekend gemaak word, noukeurig
nagaan. Die inligting wat bekend gemaak word, kom die
statutêre vereistes na. Die Registrateur van Maatskappye
gee nie ‘n standpunt oor die risiko vir beleggers of die prys
van die aandele nie. Die aandag van die publiek word
egter gevestig op die feit dat die aandele wat aangebied
word, ongenoteer is, en dat dit as ‘n waagkapitaalbelegging
beskou moet word. Beleggers loop dus ‘n risiko, aangesien
ongenoteerde aandele nie geredelik bemarkbaar is nie, en
indien die Maatskappy ten gronde sou gaan, kan dit lei tot
die verlies van die belegging vir die belegger. Die aandele
is dus minder bemarkbaar maar die bemarkingsmaatskappy
onderneem om aandeelhouers by te staan om hul aandele
te verkoop teen ‘n markverwante kommissie sodra hierdie
aanbod volledig opgeneem is.
Die Maatskappy se ouditeurs – Van Sitterts, Geoktrooieerde
Rekenmeesters (SA), sy prokureurs – Eugene Kruger & Co Inc,
en sy waardeerders – Carl Nel Geassosieerde Waardeerders
– wie se verslae almal by hierdie prospektus ingesluit word,
het nie voor publikasie van hierdie prospektus, hul skriftelike
toestemming tot die inlsuiting van hul verslae in die vorm en
konteks waarin dit verskyn, teruggetrek nie.
Risk Statement
The Registrar of Companies will scrutinise the information
disclosed in this prospectus. The information disclosed
complies with statutory requirements. The Registrar of
Companies does not express a view on the risk for investors
or the price of the shares. However the attention of the public
is drawn to the fact that the shares on offer are unlisted and
should be considered as a risk capital investment. The shares
are therefore less marketable but the marketing company
undertakes to assist shareholders to sell their shares at a
market-related commission once this offer has been fully
subscribed to.
The Company’s auditors – Van Sitterts, Chartered Accountants
(SA), its attorneys – Eugene Kruger & Co Inc, and its valuers
– Carl Nel Associated Valuers, whose reports will be
included in this prospectus, have not, prior to publication
of this prospectus, withdrawn their written consent to the
inclusion of their reports in the form and context in which
they appear.
3

4
Korporatiewe inligting [1(a), 3, 4, 5, 32
en 35]
Datum van inlywing: 10 Desember 2003
Sekretaris en Geregistreerde Kantoor [(7.B7), 1(a)]
Oordragsekretarisse [1(a)]
JR 1190 CC h/a PIC Administration
Schoemanstraat 875
Arcadia
Oordragsekretarisse [1(a)]
Property Investment Consultants Admin CC
Schoemanstraat 875
Arcadia
Verslaggewende Rekenmeesters en Ouditeurs [(7.B.8), 4]
Van Sitterts, Executive House
h/v Nelson Mandela Rylaan & Makoustraat
Monument Park Uitbr. 2
Prokureurs [(7.B.8), 4]
Eugene Kruger & Co Inc
Schoemanstraat 875
Arcadia
Bemarkingsagente
Property Investment Consultants Syndications (Pty) Ltd
Postnet Suite 281
Privaatsak X15
Menlo Park
Handelsbank
Standardbank Ltd
Registrasienommer 86/04794/06
Onderskrywers
PIC Investment Holdings (Pty) Ltd
Schoemanstraat 875
Arcadia
Waardeerders
Carl Nel Geassosieerde Waardeerders
(Nat.Dip.) Eiendomswaardasies
Registrasienommer: 3605
Posbus 32008
Fichard Park , 9317
Corporate information [1(a), 3, 4, 5, 32
and 35]
Date of incorporation: 10 December 2003
Secretary and Registered Office [(7.B7), 1(a)]
JR 1190 CC t/a PIC Administration
875 Schoeman street
Arcadia
Transfer Secretaries [1(a)]
Property Investment Consultants Admin CC
875 Schoeman street
Arcadia
Reporting Accountants and Auditors [(7.B.8), 4]
Van Sitterts, Executive House
Cor. Nelson Mandela Drive & Makou Streets
Monument Park Ext 2
Attorneys [(7.B.8), 4]
Eugene Kruger & Co Inc
875 Schoeman street
Arcadia
Marketing Agents
PIC Syndications (Pty) Ltd
Postnet Suite 281
Private Bag X15
Menlo Park
Commercial Bank
Standardbank Ltd
Registration number 86/04794/06
Underwriters
PIC Investment Holdings (Pty) Ltd
875 Schoeman Street
Arcadia
Valuers
Carl Nel Associated Valuers
(Nat.Dip.) Property Valuations
Registration No: 3605
PO Box 32008
Fichard Park , 9317

Aansoekvorm
Lesers van hierdie prospektus word verwys na Bylaag 9 vir
die Aansoekvorm.
Hooftrekke
Die inligting wat in hierdie gedeelte van die prospektus
uiteengesit word, is slegs ‘n oorsig en is nie bedoel om
omvattend of volledig te wees nie. Dit moet gelees word in
samehang met die inligting wat in die ander afdelings van
hierdie prospektus vervat word.
1. AARD VAN BESIGHEID [6(A)(I)]
Die Maatskappy is ‘n openbare Maatskappy wat op
10 Desember 2003 ingelyf is as Tropical Butterfly
Investments Ltd. Die Maatskappy bedryf sy sake vanaf
Schoemanstraat 875, Arcadia, Pretoria.
Die Maatskappy het inkopiesentrums in:
• Fourways Gardens, Fourways, Johannesburg
• Key Largo, Boksburg, Johannesburg
• Wierda Square, Wierda Park, Pretoria
• Safeside Auto City, Witbank
• Checkers, Sasolburg
• Jeanlen, Centurion, Pretoria
Die hoofdoelwit van die Maatskappy is om as prinsipaal
van tyd tot tyd te belê in roerende en nie-roerende
eiendom en dit te bestuur. Die Maatskappy het nooit
enige ander besigheid bedryf voor die aankoop van die
bogenoemde eiendomme op 11 April 2005 nie.
2. VOORUITSIGTE [6]
Die Maatskappy het huurooreenkomste aangegaan
met huurders van die geboue wat die Maatskappy
besit, en die huurooreenkomste maak voorsiening
vir ‘n gemiddelde eskalasie van 8,5% per jaar op die
maandelikse huurbedrae.
Deur in so ‘n sindikasie te belê, deel elke belegger in die
winste van die eiendom deur huurinkomste te verdien,
asook in die kapitale groei van die gebou.
Die netto inkomste per leningseenheid sal op ‘n
maandelikse basis verdeel word; die eerste sodanige
verdeling vind plaas aan die einde van Maart 2006.
Nog ‘n voordeel verbonde aan so ‘n belegging in die
aandele en leningseenhede is dat, vanuit die oogpunt
Application Form
Readers of this prospectus are referred to Annexure 9 for the
Application Form.
Salient Features
The information set out in this section of the
prospectus is an overview only and is not intended to
be comprehensive or complete. It should be read in
conjunction with the information contained in the other
sections of this prospectus.
1. NATURE OF BUSINESS [6(A)(I)]
The Company is a public company that was incorporated
on 10 December 2003 as Tropical Butterfly Investments
Ltd. The Company conducts its business from 875
Schoeman Street, Arcadia, Pretoria.
The Company has purchased the following Shopping
Centres:
• Fourways Gardens, Fourways, Johannesburg
• Key Largo, Boksburg, Johannesburg
• Wierda Square, Wierda Park, Pretoria
• Safeside Auto City, Witbank
• Checkers, Sasolburg
• Jeanlen, Centurion, Pretoria
The main object of the Company is investment in
movable and immovable property as principal and the
management thereof from time to time. The Company
has never conducted any other business before the
purchase of the above-mentioned properties on
11 April 2005.
2. PROSPECTS [6]
The Company has entered into lease agreements with
tenants of the buildings which the Company owns, and
the lease agreements provides for an average escalation
of 8,5% per annum on the monthly rentals.
By investing in such syndication, each investor shares in
the profits of the property through earning rental income
as well as in the capital growth of the building.
The net income per loan unit will be distributed on a
monthly basis, the first distribution taking place at the
end of March 2006.
Another advantage of investing in the shares and loan
units is that from a personal tax point of view the first
5

6
van persoonlike belasting, die eerste R 15 000/ R22 000
(onder die ouderdom van 65/ bo die ouderdom van
65) van rente ontvang per belastingbetaler (mits hy/sy
geen rente uit ander bronne ontvang het nie), vrygestel
sal wees van normale inkomstebelasting (bron: Suid-
Afrikaanse Inkomstediens 2005, Inkomstebelastingwet,
Nr 58 van 1962). Enige kapitale wins wat op beleggings
gemaak word, sal onderhewig wees aan die bepalings
van die Agste Skedule tot die Inkomstebelastingwet, Nr
58 van 1962.
Beleggers deel ook in die koste wat besit van die
eiendom meebring. Dit mag insluit diensgelde en
belasting, instandhouding, administrasiegelde vir die
bestuur van die sindikaat, ensovoorts.
Beskerming teen inflasie
Kommersiële eiendom het sigself bewys as een van die min
universele beleggings om waarde te behou in die medium
tot lang termyn en inflasie konsekwent te oortref.
Risiko
Die aandele en leningseenhede is ongenoteer.
Die aandele is dus minder bemarkbaar maar die
bemarkingsmaatskappy onderneem om aandeelhouers
teen ‘n markverwante kommissie by te staan om hul
aandele te verkoop sou hulle dit wou doen, sodra hierdie
aanbod volledig opgeneem is.
3. AANDELEKAPITAAL [6(A)(II)]
Die Maatskappy het op 18 April 2005 sy gemagtigde
Aandelekapitaal vermeerder vanaf 1,000 tot 253,000
gewone aandele van R1 elk.
4. DOEL EN OPBRENGS VAN DIE PLASING [7] DIE OP-
BRENGS VAN DIE PLASING SAL GEBRUIK WORD OM:
• Die koopsom van die eiendomme te befonds tot ‘n
bedrag van R253,000,000. Sien paragraaf 3.2 van
die prospektus vir verdere besonderhede omtrent
die eiendomme wat aangekoop is. Kopieë van die
koopooreenkoms is ter insae beskikbaar by die kantoor
van die Maatskappy se prokureurs en die sekretaresse.
• Beleggers en die algemene publiek se bewustheid
van die Maatskappy te bevorder. Die aanvangsdatum
van die leningseenhede sal saamval met die datum
van registrasie van hierdie prospektus. Die onderskeie
persentasies van aandele wat deur die intekenare
van die sindikasie gehou word, sal dien as sekuriteit
vir die lenings. Die voorspelde rentekoers wat vir die
leningseenhede sal geld, sal 10,01% wees – onderhewig
aan verandering. Die rente is maandeliks betaalbaar,
terugwerkend bereken.
R 15 000/ R22 000 (under the age of 65/ above age
of 65) of interest received per taxpayer (provided he/
she has received no interest from other sources), will
be exempt from normal income tax. (Source: South
African Revenue Services 2006 Income Tax Act, No 58
of 1962). Any capital gains made on investments will be
subject to the provisions of the Eighth Schedule to the
Income Tax Act, No 58 of 1962.
Investors also share in the costs of owning the
property. These include rates and taxes, maintenance,
administration fees for managing the syndicate etc.
Inflation protection
Commercial property has proven to be one of the few
universal investments to retain value in the medium to
long term and beat inflation consistently.
Risk
The shares and loan units are unlisted. The shares
are therefore less marketable but the marketing agent
company undertakes to assist shareholders to sell
their shares should they so wish, at a market-related
commission once this offer has been fully subscribed to.
3. SHARE CAPITAL [6(A)(II)]
The Company increased its authorised Share Capital
from 1,000 to 253,000 ordinary shares of R1 each on
18 April 2005.
4. PURPOSE AND PROCEEDS OF THE PLACING [7] THE
PROCEEDS OF THE PLACING WILL BE USED TO:
• Fund the purchase price of the properties in an amount
of R253,000,000. Refer to paragraph 3.2 of the
prospectus for more detail on the properties acquired.
Copies of the sale agreements can be reviewed at the
office of the Company’s attorneys and the secretary.
• Enhance investor and general public awareness of
the Company. The date of inception of the loan units will
coincide with the date of registration of this prospectus.
The loans will be secured by the respective percentages
of shares held by the subscribers of the syndication. The
forecast rate of interest applicable on the loan units will
be 10,01% subject to change. The interest is payable in
arrears on a monthly basis.

Alle leningsrekeninge is gekoppel aan die aandele
waarop sindikasielede inteken.
Die pro forma balansstate van die Maatskappy word
hieronder uiteengesit. Die balansstaat in Kolom A
weerspieël die Maatskappy se pro forma balansstate
soos op 1 Maart 2005, voor die openbare plasing.
Die pro forma balansstaat in Kolom B is geneem uit
die verslaggewende rekenmeesters se verslag soos
uiteengesit in Aanhangsel 4, en weerspieël die situasie
ná die openbare plasing soos op 1 Maart 2006, met
dien verstande dat die transaksies in hierdie prospektus
dan regtens voltrek is.
5. OPSOMMING VAN FINANSIËLE INLIGTING
Die belangrikste finansiële inligting wat hieronder
uiteengesit word, moet gelees word in samehang
met die verslaggewende rekenmeesters se verslae in
Aanhangsel 4 en Aanhangsel 5 tot hierdie prospektus.
Sien ook Korporatiewe beheer, soos uiteengesit in
paragraaf 16 van hierdie prospektus.
Winsgeskiedenis en winsvooruitskouing
Geen Inkomstestaat word voorgelê nie aangesien die
Maatskappy die eiendomme eers op 11 April 2005
aangeskaf het. Die winsvoorspelling word in paragraaf
5 van die prospektus en in Aanhangsel 1 tot hierdie
prospektus uiteengesit.
6. BELEID AANGAANDE DIVIDENDE EN RENTE
In die lig van die Maatskappy se geantisipeerde groei,
asook die heersende ongunstige belastingwetgewing
ten opsigte van die verklaring van dividende, is die
direkteurs van die Maatskappy nie van voorneme om
dividende te verklaar nie, maar om eerder elke maand
rente te betaal op die leningseenhede.
Pro forma balance sheets
ASSETS
NON-CURRENT ASSETS
All loan accounts are linked to the shares subscribed for
by the syndication members.
The pro forma balance sheets of the Company are set
out below. The balance sheet in Column A reflects the
Company’s pro forma balance sheet as at 1 March 2005,
before the public placing. The pro forma balance sheet
in Column B is extracted from the reporting accountants’
report set out in Appendix 4, and is presented after
the public placing as at 1 March 2006 on the basis
that the transactions in this prospectus have been duly
completed.
5. SUMMARY OF FINANCIAL INFORMATION
The salient financial information presented below should
be read in conjunction with the reporting accountants’
reports in Appendix 4 and Appendix 5 to this prospectus.
See also corporate governance as set out in paragraph
16 of this prospectus.
Profit history and forecast
No Income statement is presented as the Company only
acquired the properties on 11 April 2005. The profit
forecast is set out in paragraph 5 to the prospectus and
in Appendix 1 to this prospectus.
6. DIVIDEND AND INTEREST POLICY
In view of the Company’s anticipated growth, as well as
the current unfavourable tax legislation in respect of the
declaration of dividends, the directors of the Company do
not intend declaring dividends but rather to pay interest
on the loan units every month.
A B
At 1 March 2005 At 1 March 2006
Before the placing After the placing
Property, plant and equipment - 253,000,000
Loan account 7 -
TOTAL ASSETS 7 253,000,000
EQUITY AND LIABILITIES
CAPITAL AND RESERVES
Share Capital 7 253,000
LIABILITIES
Linked loan accounts - 252,747,000
TOTAL EQUITY AND LIABILITIES 7 253,000,000
7

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7. BESONDERHEDE VAN DIE OPENBARE PLASING
Aandele vir opname 253,000
Uitreikingsprys per aandeel (Rand) 1
Leningseenheid (Rand) 999
Bedrag om te in (Rand) 253,000,000
8. BELANGRIKE DATUMS EN TYE
Openbare plasing open om 09:00 op die 9de Junie
2005 en sluit om 12:00 op die 7de September 2005.
Aandelesertifi kate sal gepos word binne veertien
werksdae vanaf datum van oordrag van die onderskeie
eiendomme in die naam van die Maatskappy.
9. Waar om ‘n prospektus te bekom
Kopieë van hierdie prospektus kan, vir inligtingsdoeleindes,
gedurende werksure vanaf datum van registrasie daarvan
by die volgende kantore bekom word:
Prokureurs Eugene Kruger & Kie Ingelyf
Schoemanstraat 875
Arcadia
Pretoria
0083
JR 1190 BK h/a “PIC Administration (Pty) Ltd”
Schoemanstraat 875
Arcadia
Pretoria
0083
7. DETAILS OF THE PUBLIC PLACING
Shares to be placed 253,000
Issue price per share (Rand) 1
Loan unit (Rand) 999
Amount to be raised (Rand) 253,000,000
8. IMPORTANT DATES AND TIMES
Public placing opens at 09:00 on the 9th June and
closes at 12:00 on the 7th September.
Share certifi cates will be posted within fourteen working
days from date of transfer of the respective properties
into the name of the Company.
9. WHERE TO OBTAIN A PROSPECTUS
Copies of this prospectus may be obtained, for
information purposes, during business hours from date
of registration thereof at the following offi ces:
Attorneys Eugene Kruger & Co Inc.
875 Schoeman Street
Arcadia
Pretoria
0083
JR 1190 CC t/a PIC Administration
875 Schoeman Street
Arcadia
Pretoria
0083

Tropical Butterfly Investments Ltd
Prospektus
Aangaande ‘n aanbod vir opname by wyse van ‘n openbare
plasing van 253,000 gewone aandele van 100 sent elk in die
aandelekapitaal van die Maatskappy teen ‘n uitreikingsprys
van 100 sent per aandeel en ‘n gekoppelde leningseenheid
van R999 per aandeel.
1. DEFINISIES
In hierdie prospektus, tensy anders aangedui word, sal
verwysings na die enkelvoud ook die meervoud insluit en
omgekeerd, woorde wat een geslag aandui sal ook die ander
insluit, uitdrukkings wat na natuurlike persone verwys sluit
regspersone en assosiasies van persone in, en omgekeerd,
en woorde in die eerste kolom sal die betekenisse dra wat
regs daarvan in die tweede kolom staan, soos volg:
“Die Wet”
die Maatskappyewet, 1973 (Wet 61 van 1973), soos gewysig;
“Besigheid”
die koopooreenkoms gedateer 11 April 2005 in
terme waarvan die vaste eiendom bekom is;
“Die Maatskappy”
Sindikasie
“Lening”
‘n gekoppelde leningseenheid van R999 per aandeel;
“JR 1190 CC h/a PIC Admin”
bestuursagente vir die eiendom;
(Registrasienommer 1998/056705/23)
“PIC Syndications (Pty) Ltd”
(Registrasienommer 2002/000736/07)
bemarkingsagente vir die Maatskappy;
“Plasing” van “die aanbod”
die aanbod vir opname van 253,000 aandele teen ‘n
uitreikingsprys van 100 sent per aandeel plus ‘n gekoppelde
leningseenheid van R999 per aandeel;
Tropical Butterfly Investments Ltd
Prospectus
Relating to an offer for subscription by way of a public placing
of 253,000 ordinary shares of 100 cents each in the share
capital of the Company at an issue price of 100 cents per
share and a linked loan unit of R999 per share.
1. DEFINITIONS
In this prospectus, unless otherwise indicated, references
to the singular shall include the plural and vice versa,
words denoting one gender include the other, expressions
denoting natural persons include juristic persons and
associations of persons and vice versa, and words in the
fi rst column have the meanings stated opposite them in
the second column, as follows:
“The Act”
the Companies Act, 1973 (Act 61 of 1973), as amended;
“Business”
the acquisition agreement dated 11 April 2005 in
terms of which the fi xed property was acquired;
“The Company”
Syndication
“Loan”
a linked loan unit of R999 per share;
“JR 1190 CC t/a PIC Admin”
managing agents for the property;
(Registration number 1998/056705/23)
“PIC Syndications (Pty) Ltd”
(Registration number 2002/000736/07)
marketing agents for the Company;
“Placing” or “the offer”
the offer for subscription of 253,000 shares at an issue
price of 100 cents per share plus a linked loan unit of
R999 per share;
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10
“Prospektus”
hierdie prospektus insluitende die aanhangsels en die
aansoekvorm wat hierby ingesluit is, indien van toepassing;
“verslaggewende rekenmeesters”
Van Sitterts Geoktrooieerde Rekenmeesters (SA),
Geregistreerde Rekenmeesters en Ouditeurs;
“Aandele”
gewone aandele van 100 sent elk in die aandelekapitaal van
die Maatskappy
“Aandeelhouers”
houers van aandele;
“Suid-Afrika” of “die Republiek”
die Republiek van Suid-Afrika;
“Oordragsekretarisse”
Van Sitterts Geoktrooieerde Rekenmeesters (SA),
Geregistreerde Rekenmeesters en Ouditeurs;
“Onderskrywers”
PIC Asset Investment Holdings (Pty) Ltd;
(Registrasienommer 1993/005268/07)
“BTW”
belasting op toegevoegde waarde in terme van die Wet op
Belasting op Toegevoegde Waarde, Wet 89 van 1991, soos
gewysig
2. DOEL VAN DIE PLASING [7]
2.1. Die oogmerk met die plasing is om: [36(a), (b)]
Die Maatskappy in staat te stel om fondse te in om
die aankoopprys vir die drie eiendomme genoem
in paragraaf 3.2 hieronder, te kan betaal, wat R
253,000,000 beloop. Geen verbandlening sal oor
hierdie eiendomme geregistreer word nie. Lesers van
hierdie prospektus word daarop gewys dat oordrag van
die eiendomme eers sal begin wanneer al die aandele
ten volle opgeneem is.
“Prospectus”
this prospectus including the appendices and the application
form enclosed herewith, if applicable;
”reporting accountants”
Van Sitterts Chartered Accountants (SA),
Registered Accountants and Auditors;
“Shares”
ordinary shares of 100 cents each in the share capital of
the Company
“Shareholders”
holders of shares;
“South Africa” or “the Republic”
the Republic of South Africa;
“Transfer secretaries”
Van Sitterts Chartered Accountants (SA), Registered
Accountants and Auditors;
“Underwriters”
PIC Asset Investment Holdings (Pty) Ltd;
(Registration number 1993/005268/07)
“VAT”
value-added tax in terms of the Value-added Tax Act, 89 of
1991, as amended.
2. PURPOSE OF THE PLACING [7]
2.1. The purpose of the placing is to: [36(a), (b)]
Enable the Company to raise funds to pay the
purchase price for the six properties mentioned in
paragraph 3.2 below amounting to R 253,000,000.
No mortgage bond will be registered over these
properties. Readers of this prospectus are advised
that transfer of the properties will only commence
once all the shares have been fully subscribed.

2.2. Kennis van onttrekking uit leningsrekening
Indien die aandeelhouer sy aandele en gekoppelde
leningsrekenings wil verkoop binne 12 maande vandat
hy dit gekoop het, moet hy 30 dae kennis gee. Die
verkoop van die aandele en leningsrekenings sal
onderhewig wees aan ’n markverwante kommissie op
die totale bedrag.
3. MAATSKAPPYPROFIEL
3.1 Inlywing, Agtergrond en Geskiedenis
Die Maatskappy is ingelyf as Tropical Butterfly Investments
Ltd. Die Maatskappy het nooit enige ander besigheid
bedryf voor die aankoop op 11 April 2005 van die
eiendomme wat in paragraaf 3.2 hieronder genoem
word nie.
3.2 Aard van besigheid/Eiendomsbelegging
Die Maatskappy het koopooreenkomste geteken vir die
aankoop van ses kommersiële eiendomme geleë in
Boksburg, Centurion (Pretoria), Fourways (Johannesburg),
Sasolburg, Wierdapark (Pretoria) en Witbank.
Volledige besonderhede van die bogenoemde eiendomme
word ingesluit in Aanhangsel 6 tot hierdie prospektus.
Die aard van die Maatskappy se besigheid is om in
vaste eiendom te belê en die eiendomme op ‘n dag-
tot-dag-basis te bestuur. Hierdeur sal die Maatskappy
huurinkomste ontvang van die verskillende huurders
wat hulle in hierdie kommersiële eiendomme bevind
en dit sal kapitaalgroei bewerkstellig. Die winste wat
so ontstaan word onder die aandeelhouers verdeel
ooreenkomstig elkeen se onderskeie aandeelhouding.
3.3 Direkteurs se mening [6(i)]
Na die mening van die direkteurs, en met inagneming
van die algemene tendens in die eiendomsverhurings
bedryf, die goeie toestand van die geboue, die ligging
van die geboue en die onlangse afname in die prima-
rentekoers, is die vooruitsigte om goeie opbrengste te
verdien, baie positief.
3.4 Vooruitsigte
Maandelikse huur in terme van huurooreenkomste met
huurders eskaleer teen ‘n gemiddelde koers van 8,5%
jaarliks. Huurtermyne wissel van 1 tot 8 jaar. Huurders
sluit in nasionale instellings en ander huurders. Lesers van
hierdie prospektus word verwys na Aanhangsel 2 vir ‘n
gedetailleerde huurderrooster vir elk van die eiendomme.
Huurooreenkomste is beskikbaar vir inspeksie by die
kantoor van die Maatskappy se prokureur.
2.2. Notice of withdrawal of loan account
If notice is received from any shareholder within 12
months of purchase of shares and a linked loan account,
a 30-day notice to resell the shares and loan account
must be given and will be subject to a market-related
commission on the total amount.
3. COMPANY PROFILE
3.1 Incorporation, background and History
The Company was incorporated as Tropical Butterfly
Investments Ltd. The Company has never conducted
any other business before the purchase of the properties
mentioned in paragraph 3.2 below on 11 April 2005.
3.2 Nature of business/Property investment
The Company has signed sale agreements for the
purchase of six commercial properties located in
Boksburg, Centurion (Pretoria), Fourways (Johannesburg),
Sasolburg, Wierdapark (Pretoria) and Witbank.
Full details of the above properties are included in
Appendix 6 to this prospectus.
The nature of the Company’s business is to invest in
immovable property and to manage the properties on a
day to day basis. Through this the Company will receive
rental income from the various tenants located in these
commercial properties and it will achieve capital growth.
The profits so derived are distributed to the shareholders
according to their respective shareholdings.
3.3 Directors’ opinion [6(i)]
In the opinion of the directors, taking into consideration
the general trend in the property leasing industry, the
good state of the buildings, the locality of the buildings
and the recent decline in the prime interest rate, the
prospects of earning good returns are very positive.
3.4 Prospects
Monthly rentals in terms of lease agreements with
tenants escalate at an average of 8,5% annually. Lease
periods range from 1 to 8 years. Tenants include national
institutions and other tenants. Readers of this prospectus
are referred to Annexure 2 for a detailed tenant list on
each of the properties. Lease agreements are available
for inspection at the Company’s attorney’s office.
11

12
4. DIREKTEURS EN BESTUUR [(7.B.1), 2(A), 2(B)]
4.1 Direkteurs [34]
Aanstelling, kwalifikasie, vergoeding en leenbevoegdheid
van direkteurs
Die betrokke bepalings van die statute van Tropical Butterfly
Investments Ltd, wat voorsiening maak vir die aanstelling,
kwalifikasie, vergoeding en leenbevoegdheid van sy
direkteurs, word uiteengesit in Aanhangsel 3 tot hierdie
prospektus.
Besonderhede aangaande direkteurs van die Maatskappy is
soos volg:
Uitvoerende Direkteurs:
Willem B. van der Vyver
Sakeman
Schoemanstraat 875
Arcadia
Het sy ingeskrewe leerklerkskap as kandidaatprokureur by
die Prokureursfirma, Tim du Toit en Kie Ingelyf voltooi.
Het by Sanlam aangesluit as regsadviseur en het
ondervinding opgedoen in eiendomsaangeleenthede en
finansiële dienste.
Is in 2002 deur Independent Brokers Direct (Pty) Ltd opdrag
gegee om eiendomsindikasies met noulettende sorg te
ondersoek.
Direkteur van verskeie maatskappye. Betrokke by PIC
Syndications sedert 12 November 2003.
Riaan Wilhelm Steenkamp
Sakeman
Schoemanstraat 875
Pretoria
Mnr. R.W. Steenkamp is aktief betrokke by eiendomsindikasies
as ‘n beleggingsdirekteur; hy is ook ‘n direkteur by PIC Asset
Management (Pty) Ltd.
Die vergoeding van die direkteurs vir hul dienste as sodanig
sal van tyd tot tyd deur die aandeelhouers vasgestel word
by die Maatskappy se algemene jaarvergadering.
4. DIRECTORS AND MANAGEMENT [(7.B.1), 2(A), 2(B)]
4.1 Directors [34]
Appointment, qualification, remuneration and borrowing
powers of directors
The relevant provisions of the articles of association
of Tropical Butterfly Investments Ltd, providing for
the appointment, qualification, remuneration and
borrowing powers of its directors, are set out in
Appendix 3 to this prospectus.
Details of directors of the Company are as follows:
Executive Directors:
Willem B. van der Vyver
Businessman
875 Schoeman Street
Arcadia
Completed articles as candidate attorney at Tim du Toit and
Co. Incorporated Attorneys.
Joined Sanlam as legal advisor and gained experience in
property matters and financial services.
Tasked by Independent Brokers Direct (Pty) Ltd to do a due
diligence on property syndications in 2002.
Director of several companies. Involved with PIC Syndications
since 12 November 2003.
Riaan Wilhelm Steenkamp
Businessman
875 Schoeman Street
Pretoria
Mr. R.W. Steenkamp is actively involved in property
syndications as an investment director; he is also a director
at PIC Asset Management (Pty) Ltd.
The remuneration of the directors for their services as such
shall be determined from time to time by shareholders at
the Company’s annual general meeting.

4.2 Beskerming van Beleggers
Alle intekengelde sal in die trustrekening gedeponeer
word wat gehou word deur die Maatskappy se
prokureurs Eugene Kruger & Co Inc. Hierdie praktyk is
regtens geregistreer by die Transvaalse Prokureursorde.
Kapitaal sal uit die trustrekening onttrek word slegs
nadat die oordragte van die onderskeie eiendomme na
die Maatskappy se naam afgehandel is.
Die openbare plasing is onderskryf, en al die aandele
wat nie deur die publiek opgeneem is op wanneer die
aanbod sluit nie, sal opgeneem word deur Property
Investment Consultants Investment Holdings (Pty) Ltd.
‘n Afskrif van die onderskrywers se ooreenkoms is ter
insae beskikbaar by die kantore van die Maatskappy se
prokureurs.
Rente sal betaal word aan beleggers op hul gedeponeerde
fondse teen ‘n koers gelyk aan dié van die koers wat
deur die prokureurs op die trustrekening verdien word.
4.2 Investor protection
All subscription amounts will be deposited into the trust
account held by the Company’s attorneys Eugene Kruger
& Co Incorporated. This practice is legally registered with
the Law Society of Transvaal.
Capital will be withdrawn from the trust account only
once the transfers of the respective properties into the
Company’s name have been completed.
The public placing has been underwritten and all
shares not taken up by the public on date of close
of the offer will be taken up by Property Investment
Consultants Investment Holdings (Pty) Ltd. A copy of the
underwriters’ agreement can be inspected at the offices
of the Company’s attorneys.
Interest will be paid to investors on their funds deposited
at a rate equal to that of the rate that is earned on the
trust account by the attorneys.
13

14
4.3 Bemarkingsagente /Promotor
PIC Syndications (Pty) Ltd (“PIC”) (Reg: 2002/000736/07)
tree op as Promotor in die sindikasieskema. Hulle
besonderhede is soos volg:
Adres:
Schoemanstraat 875
Arcadia
0083
Direkteurs:
J.J.D. Botha
Karibastraat 76
Glenwood
Pretoria
Tel: (012) 348-1530
Faks: (012) 348-2972
PIC het die reëls rakende Eiendomsindikasie soos neergelê
deur die Sakepraktykekomitee se Verbruikerskode, met
noulettende sorg ondersoek.
PIC is ‘n Maatskappy wat mense se behoefte begryp
om hoë opbrengste te verdien op hul beleggings.
Ons missie is om beleggers in staat te stel om deur
eiendomsindikasies mededingende opbrengste op hul
beleggings te verdien.
PIC maak gebruik van goed geplaaste eiendomsindikasies
as ‘n basis vir sy kliënte om hul beleggings teen inflasie
en die voortdurende afname in die prima-rentekoers te
verskans.
PIC bied ‘n goed gebalanseerde beleggingsvoertuig
wat aan sy kliënte ‘n kombinasie gee van inkomste en
kapitaalgroei. Dit verseker ‘n bestendige huurinkomste
en kapitaalgroei wat met aftrede of vroeër gerealiseer
kan word.
Met behulp van ’n randgebaseerde kostegemiddeld
wat histories ’n positiewe rekord getoon het, kan kliënte
kapitaalgroei geniet terwyl hulle oor ’n diverse portefeulje
beskik.
4.4 Bestuursagente [14]
Die Maatskappy het ‘n bestuursooreenkoms aangegaan in
terme waarvan PIC Admin CC aangestel is om die eiendom-
sindikaat te bestuur. Hul besonderhede is soos volg:
4.3 Marketing Agents/Promoter
PIC Syndications (Pty) Ltd (“PIC”) (Reg: 2002/000736/07)
is acting as Promoter in the syndication scheme. Details
are as follows:
Address:
875 Schoeman street
Arcadia
0083
Directors:
J.J.D. Botha
76 Kariba Str,
Glenwood,
Pretoria
Tel: (012) 348-1530
Fax: (012) 348-2972
PIC has completed its due diligence in accordance
with the rules as laid out by the Business Practices
Committee’s Consumer Code on Property Syndication.
PIC is a company that understands the need of people
to earn high returns on their investments. Our mission is
to enable investors to earn competitive returns on their
investments through property syndications.
PIC utilises uniquely well-situated property syndications
as a base for its clients to hedge their investments
against inflation and the continuing decline in the prime
interest rate.
PIC provides a well-balanced investment vehicle, giving
its clients a balance of income and capital. This ensures
a steady rental income and capital growth which can be
realised at retirement or earlier.
Using a rand cost averaging base, which has a positive
historic record, clients enjoy capital appreciation while
having a diverse portfolio.
4.4 Managing Agents [14]
The Company has entered into a management
agreement in terms of which PIC Admin CC has been
appointed to manage the property syndicate. Their
details are as follows:

Adres:
Schoemanstraat 875
Arcadia
0083
Tel: (012) 342-9061
Faks: (012) 342-2522
Die hooftrekke van die bestuursooreenkoms is aangeheg
aan hierdie prospektus, en is gemerk Aanhangsel 8.
Die ooreenkoms is gedurende normale besigheidsure
beskikbaar vir inspeksie by die kantore van die
Maatskappy se prokureurs.
4.5 Aanstelling, kwalifikasies, vergoeding en
leenbevoegdheid van direkteurs [2(b), 2(c), 2(e)]
Die relevante bepalings van die statute van die
Maatskappy wat betrekking het op die aanstelling,
kwalifisering, vergoeding en leenbevoegdheid van
die Maatskappy se direkteurs, word uiteengesit in
Aanhangsel 3 tot hierdie prospektus.
4.6 Direkteurs se vergoeding
Die totale gemiddelde vergoeding en voordele wat aan
die direkteurs van die Maatskappy betaal sal word vir
die finansiële periode wat eindig op 28 Februarie 2005,
word vasgestel deur die Maatskappy se aandeelhouers
tydens ‘n jaarlikse algemene vergadering.
4.7 Direkteurs se belange [17(a), 41(a)]
Die direkteurs van die Maatskappy het geen
direkte belange in die Maatskappy nie.
5. WINSGESKIEDENIS, WINSVOORUITSKOUING EN
DIVIDENDE
5.1 Pro forma winsgeskiedenis en winsvooruitskouing
(vgl ook Korporatiewe beheer, Paragraaf 16)
Daar is geen pro forma resultate beskikbaar nie
aangesien die Maatskappy die bates eers op 11 April
2005 aangeskaf het. Die Maatskappy het nooit voor
hierdie datum handel gedryf nie.
Die tabel hieronder bevat die volgende:
Die pro forma winsvooruitskouing van die Maatskappy
vir die jaar wat eindig op 28 Februarie 2006, welke
vooruitskouing in samehang gelees moet word met
Address:
875 Schoeman street
Arcadia
0083
Tel: (012) 342-9061
Fax:(012) 342-2522
The salient features of the management agreement are
attached to this prospectus, marked Appendix 8.
The agreement is available for inspection at the offices of
the Company’s attorneys during normal business hours.
4.5 Appointment, qualification, remuneration
and borrowing powers of directors [2(b),
2(c), 2(e)]
The relevant provisions of the articles of association of the
Company, providing for the appointment, qualification,
remuneration and borrowing powers of its directors, are
set out in Appendix 3 to this prospectus.
4.6 Directors’ remuneration
The total aggregate remuneration and benefits to be
paid to the directors of the Company for the financial
period ending 28 February 2007, is determined by the
Company’s shareholders at an annual general meeting.
4.7 Directors’ interests [17(a), 41(a)]
The directors of the Company have no direct
interests in the Company.
5. PROFIT HISTORY, FORECAST AND DIVIDEND
5.1 Pro forma profit history and forecast (also
refer to Corporate governance, Paragraph 16)
There are no pro forma results available as the Company
only acquired assets on 11 April 2005. The Company
has never traded before this date.
The table below contains the following:
The pro forma profit forecast of the Company for the year
ending 28 February 2006, which forecast must be read
15

16
die verslag daaroor deur die verslaggewende reken-
meesters soos uiteengesit in Aanhangsel 5 tot
hierdie prospektus.
Aantekeninge by die winsgeskiedenis en
winsvooruitskouing
1. Verdienste per aandeel is bereken op die basis van
‘n geweegde gemiddelde van 253,000 aandele in
uitreiking vir die jaar 2006 en rente verdien op die
leningseenhede.
2. Rente verdien op leningsrekeninge vir eenhede is
bereken teen 10,01% per jaar.
3. Beleid aangaande dividende en rente [25(b)]
Die direkteurs is nie van voorneme om enige dividende
te verklaar vir die eerste jaar nie. Die Maatskappy
het egter ‘n beleid dat rente op die gekoppelde
leningseenhede betaal word. Hierdie beleid word op
gereelde basis deur die direksie hersien ten einde te
verseker dat dit ooreenkomstig die Maatskappy se
toekomstige kontantbehoeftes is.
6. BATES, LASTE EN ANDER FINANSIËLE INLIGTING
6.1 Pro-forma balansstate
Die Maatskappy is op 10 Desember 2003 ingelyf en het
nooit voor hierdie datum handel gedryf nie.
Die pro forma balansstate beide voor en ná die openbare
plasing word in Paragraaf 5 van die hooftrekke tot hierdie
prospektus uiteengesit.
Daar was geen wesenlike veranderinge in die bates
en laste van die Maatskappy tussen die laaste datum
waarop die jaarlikse fi nansiële state van die Maatskappy
opgestel is en die datum van hierdie prospektus nie. [31]
in conjunction with the report thereon by the reporting
accountants as set out in Appendix 5 to this prospectus.
NOTES
Notes to the profi t history and forecast
1. Earnings per share have been calculated on the basis of
a weighted average of 253,000 shares in issue for the
year 2007 and interest earned on the loan units.
2. Interest earned on loan accounts for units is arrived at
10,01% per annum.
3. Dividend and interest policy [25(b)]
The directors do not intend to declare any dividends
for the fi rst year. However, the Company has a policy
of paying interest on the linked loan units. This policy
is reviewed by the board of directors on a regular
basis to ensure that it is in line with the Company’s
future cash requirements.
6. ASSETS, LIABILITIES AND OTHER FINANCIAL
INFORMATION
6.1 Pro-forma balance sheets
The Company was incorporated on 10 December 2003
and had never traded before this date.
The pro forma balance sheets both before and after the
public placing are set out in Paragraph 5 of the salient
features to this prospectus.
FORECASTS YEAR
ENDING FEB 2007
Revenue R
Net income attributable to shareholders 2 R 25,325,300
Net Profi t Before Taxation R nil
Weighted average number of shares in issue (‘000) 253,000
Earnings per share and linked loan unit (cents) 1 1, 001
Return on linked loan account (%) 2 10,01
There were no material changes in the assets or liabilities
of the Company between the last date to which the
annual fi nancial statements of the Company were
compiled and the date of this prospectus. [31]

6.2 Verslaggewende rekenmeesters se verslag [25(1),
25(3), 25(4), 29 en 20]
Die onafhanklike verslaggewende rekenmeesters se
verslag word in Aanhangsel 4 tot hierdie prospektus
uiteengesit.
6.3 Verslaggewende rekenmeesters se verslag oor die
winsvooruitskouing
Die onafhanklike verslaggewende rekenmeesters se
verslag oor die winsvooruitskouing word in Aanhangsel
5 tot hierdie Prospektus uiteengesit.
6.4 Kapitaalverpligtinge, huurpaaiemente en gebeurli
kheidsaanspreeklikhede [6(e)(ii)]
Die Maatskappy het geen wesenlike kapitaalverpligtinge,
huurpaaiemente of gebeurlikheidsaanspreeklikhede op
datum van hierdie prospektus nie, buiten die aankoop
van die eiendomme op 11 April 2005. Daar was geen
wesenlike veranderinge aan hierdie toedrag van sake
sedert daardie datum nie.
6.5 Lenings en leenbevoegdheid [9]
Behalwe soos in Aanhangsel 3 tot hierdie prospektus
openbaar gemaak, het die Maatskappy geen wesenlike
lenings aangegaan of ontvang nie.
Die leenbevoegdheid van die Maatskappy is nie oorskryf
voor die datum van hierdie prospektus nie.
6.2 Reporting accountants’ report [25(1), 25(3), 25(4),
29 and 20]
The independent reporting accountants’ report is set out
in Appendix 4 to this prospectus.
6.3 Reporting accountants’ report on the profi t forecast
The independent reporting accountants’ report on the profi t
forecast is set out in Appendix 5 to this Prospectus.
6.4 Capital commitments, lease payments and
contingent liabilities [6(e)(ii)]
The Company has no material capital commitments,
lease payments or contingent liabilities at the date of this
prospectus except for the acquisition of the properties
on 11 April 2005. There have been no material changes
to this position since that date.
6.5 Loans and borrowing powers [9]
Save as disclosed in Appendix 3 to this prospectus,
the Company has neither made nor received any
material loans.
The borrowing powers of the Company have not been
exceeded preceding the date of this prospectus.
17

18
6.6 Eiendomme en fi liaalmaatskappye aangeskaf of
wat aangeskaf sal word en aandele wat uitgereik
word sonder om kontant te in [12, 12(a), 12(b), 12(c)
en 12(d)]
Besonderhede van eiendomme wat aangeskaf is sedert
inlywing word uiteengesit in Paragraaf 3.2 en Aanhangsel
6 tot hierdie prospektus.
Die Maatskappy het geen fi liaalmaatskappye nie, en geen
aandele is uitgereik sonder om kontant daarvoor te in nie.
6.7 Eiendomme en fi liaalmaatskappye wat van die
hand gesit is [12(e)]
Geen eiendomme of fi liaalmaatskappye is deur die
Maatskappy van die hand gesit sedert inlywing tot die
datum van hierdie prospektus nie.
6.8 Belangrikste nie-roerende bates wat besit en
verhuur word [6(c)]
Besonderhede van die belangrikste nie-roerende
eiendomme wat deur die Maatskappy besit of verhuur
word, word in Aanhangsel 6 tot hierdie prospektus
uiteengesit.
6.9 Besonderhede van fi liale [6(e), 9(i)]
Die Maatskappy het geen fi liale nie.
7. AANDELEKAPITAAL [6(A)(II)(III), 8(A), (C)]
7.1 Kapitaalstruktuur [37(a)]
Die gemagtigde en uitgereikte aandeelkapitaal van die
Maatskappy, voor en ná die openbare plasing:
6.6 Properties and subsidiaries acquired or to be
acquired and shares to be issued other than
for cash [12, 12(a), 12(b), 12(c) and 12(d)]
Details of properties acquired since incorporation are set
out in Paragraph 3.2 and Appendix 6 to this prospectus.
The Company has no subsidiaries and no shares were
issued other than for cash.
6.7 Properties and subsidiaries disposed of [12(e)]
No properties or subsidiaries have been disposed of by
the Company since incorporation up to the date of this
prospectus.
6.8 Principal immovable property owned and leased [6(c)]
Details of the principal immovable properties owned and
leased to or by the Company are set out in Appendix 6
to this prospectus.
6.9 Details of subsidiary companies [6(e), 9(i)]
The Company has no subsidiary companies.
7. SHARE CAPITAL [6(A)(II)(III), 8(A), (C)]
7.1 Capital structure [37(a)]
The authorised and issued share capital of the Company,
before and after the public placing:

Gemagtig Rand
253,000,000 gewone aandele 253,000
van 100 sent elk
Uitgereik (voor die plasing)
70 gewone aandele van 100 sent elk 70
Leningseenhede 6,930
Uitgereik (ná die plasing)
253,000 gewone aandele van 100 sent elk 253,000
Leningseenhede 252,747,000
Al die gemagtigde en uitgereikte aandele is in elke opsig
gelykstaande aan mekaar.
Enige wysiging van die regte wat aan die aandele
gekoppel is, sal deur die aandeelhouers tydens ‘n
algemene vergadering ooreenkomstig die statute van
die Maatskappy, goedgekeur moet word.
In ooreenstemming met die statute van die Maatskappy,
sal elke aandeelhouer wat persoonlik teenwoordig is of
deur ‘n gevolmagtigde verteenwoordig word (of, indien
dit ’n regspersoon is, behoorlik verteenwoordig word
deur ‘n gemagtigde verteenwoordiger), geregtig wees
op een stem by wyse van handopsteek, en tydens ’n
stemming sal elke aandeelhouer wat persoonlik of deur
’n gevolmagtigde verteenwoordig word, een stem hê vir
elke aandeel in sy besit.
Geen aanbod is aan die publiek gemaak rakende die
opname of verkoop van aandele gedurende die drie
jaar wat die datum van hierdie prospektus voorafgegaan
het nie.
7.2 Genoegsaamheid van kapitaal [22]
Die direkteurs is van mening dat die uitgereikte aandelekapitaal
van die Maatskappy en sy bedryfskapitaalreserwes,
insluitende die opbrengs van die openbare plasing,
genoegsaam is vir sy huidige bedryfsbehoeftes asook vir
sy behoeftes in die afsienbare toekoms.
7.3 Opsies of voorkeurregte ten opsigte van aandele [10]
Daar is geen bestaande of voorgestelde kontrak of
reëling ingevolge waarvan enige opsie of voorkeurreg
van enige aard aan enigiemand gegee is of gegee sal
word om aandele in die Maatskappy op te neem nie.
7.4 Veranderinge aan aandelekapitaal en premie op
aandele-uitreikings [6(a)(ii), 20(a)]
Gemagtigde aandelekapitaal is op 18 April 2005 verhoog
vanaf 1 000 tot 253,000 gewone aandele.
Authorised Rand
253,000,000 ordinary 253,000
shares of 100 cents each
Issued (before the placing)
70 ordinary shares of 100 cents each 70
Loan units 6,930
Issued (after the placing)
253,000 ordinary shares of 100 cents each 253,000
Loan units 252,747,000
All of the authorised and issued shares are of the same
class and rank pari passu in every respect.
Any variation of rights attaching to the shares will require the
consent of shareholders in a general meeting in accordance
with the articles of association of the Company.
In accordance with the articles of association of the
Company, the voting procedure will entitle each shareholder
present in person or by proxy (or, if a body corporate,
duly represented by an authorised representative) to one
vote on a show of hands, and if voted on a poll, every
shareholder present in person or by proxy shall have one
vote in respect of each share held.
No offer has been made to the public for the subscription
or the sale of shares during the three-year period
preceding the date of this prospectus.
7.2 Adequacy of capital [22]
The directors are of the opinion that the issued share
capital of the Company and its working capital resources,
including the proceeds of the public placing, are
adequate for its current and foreseeable future operating
requirements.
7.3 Options or preferential rights in respect of shares [10]
There is no contract or arrangement, either actual or
proposed, whereby any option or preferential right of
any kind has been or will be given to any person to
subscribe for any shares in the Company.
7.4 Alterations to share capital and premium on share
issues [6(a)(ii), 20(a)]
Authorised share capital was increased from 1 000 to
253,000 ordinary shares on 18 April 2005.
19

20
8. BESONDERHEDE VAN DIE PLASING
8.1 Besonderhede van die plasing [18(a)(i)-(v), 20(a),
43(a)(i)-(v)]
‘n Aanbod om opname van 253,000 gewone aandele
van 100 sent elk word gemaak in terme van ‘n openbare
plasing teen ’n uitreikingprys van 100 sent per aandeel
plus ‘n gekoppelde leningseenheid van R999 per
aandeel. Intekenbedrae is ten volle betaalbaar ten tye
van die aansoek in die geldeenheid van die Republiek
van Suid-Afrika, onderhewig aan die voorwaardes soos
in hierdie prospektus uiteengesit.
8.2 Datum en tyd van die opening en sluiting van die
plasing [19, 44]
Die plasing sal open om 09:00 op die 9de Junie 2005,
en sluit om 12:00 op 7 September 2005.
8.3 Aansoeke
Aanwysings oor hoe om aansoek te doen vir aandele
in terme van die openbare plasing word uiteengesit in
paragrawe 8.7 en 8.8 hieronder.
Aansoeke is onherroepelik en mag nie teruggetrek word
nadat dit ontvang is nie.
Alle beleggers sal ‘n brief van die Maatskappy se
prokureurs ontvang wat ontvangs van die gedeponeerde
fondse erken.
Die tjek of bankwissel wat elke aansoek vergesel, sal
onmiddellik gedeponeer word.
Alle aansoeke sal aanvaar word totdat die volle bedrag
van die aanbod ontvang is. Aansoeke wat hierna
ontvang word, sal deur die oordragsekretarisse aan die
aansoekers terugbesorg word deur geregistreerde pos
op risiko van die aansoeker. Rente sal op hierdie bedrae
betaal word vanaf die datum van deponering tot die
datum waarop die totale bedrag van die aanbod ontvang
word, teen rentekoerse wat op daardie tydstip geld vir
die trustrekening van die prokureur.
8.4 Valutabeheerregulasies
Die volgende opsomming is bedoel as ‘n riglyn en is
dus nie omvattend nie. Indien u twyfel oor enige sapek
hiervan, raadpleeg asseblief u professionele adviseur.
Volgens die Suid-Afrikaanse Valutabeheerregulasies wat
van toepassing is op die algemene monetêre gebied -
8. PARTICULARS OF THE PLACING
8.1 Particulars of the placing [18(a)(i)-(v), 20(a), 43(a)(i)-(v)]
An offer for subscription in terms of a public placing of
253,000 ordinary shares of 100 cents each is being
made at an issue price of 100 cents per share plus a
linked loan unit of R999 per share. Subscription amounts
are payable in full on application in the currency of the
Republic of South Africa, on the terms and conditions set
out in this prospectus.
8.2 Time and date of the opening and closing of the
placing [19, 44]
The placing will open at 09:00 on the 9th June 2005,
and closes at 12:00 on 7 September 2005.
8.3 Applications
Instructions on how to apply for shares in terms of
the public placing are set out in paragraphs 8.7 and
8.8 below.
Applications are irrevocable and may not be withdrawn
once received.
All investors will receive a letter from the Company’s
attorneys confirming receipt of funds deposited.
Any cheques or banker’s drafts accompanying each
application will be deposited immediately.
All applications will be accepted until the total amount of
the offer has been received. Applications received after
this will be returned to the applicants by the transfer
secretaries by registered post at the applicant’s risk.
Interest will be paid on these amounts from the date
of deposit to the date on which the total amount of
the offer is received, at interest rates applicable at the
time on the trust account of the attorney.
8.4 Exchange Control Regulations
The following summary is intended as a guide and is
therefore not comprehensive. If you are in any doubt in
regard hereto, please consult your professional adviser.
In terms of the South African Exchange Control Regulations
applicable to the common monetary area -

Moet nie-inwoners:
Kennis neem dat die aandelesertifikate aandelesertifikate
geëndosseer sal word met “nie-inwoner” kragtens die
Suid-Afrikaanse Valutabeheerregulasies;
Advies in te win om vas te stel of enige staats- en/of
geregtelike goedkeuring vereis word en/of enige ander
prosedure gevolg moet word ten einde aandele kragtens
hierdie aanbod op te neem;
Kennis te neem dat hierdie prospektus nie as ’n
aanbod geld in enige gebied of jurisdiksie waar dit
onwettig is om sodanige aanbod te maak nie. Onder
sulke omstandighede word hierdie prospektus en enige
aansoekvorms bloot ter inligting gestuur.
8.5 Geen minimum subskripsie [14 en 21]
Die openbare plasing is onderskryf en daar is geen
minimum bedrag wat, na die mening van die
direkteurs, geïn moet word deur die uitreiking van
aandele nie, aangesien alle aandele wat nie deur die
publiek opgeneem is op die sluitingsdatum van die
aanbod nie, deur Property Investment Consultants
Investment Holdings (Pty) Ltd opgeneem sal word. Die
onderskrywers se ooreenkoms is by die kantore van die
prokureurs ter insae beskikbaar.
8.6 Versending van aandelesertifikate
Aandelesertifikate sal binne veertien werksdae ná
registrasie van die eiendomme in die Maatskappy se
naam, op die aansoeker se risiko per geregistreerde pos
versend word.
Non-residents should:
Note that the share certificates will be endorsed “non-
resident” in terms of the South African Exchange
Control Regulations;
Seek advice as to whether any governmental and/or
other legal consent is required and/or whether any other
formality must be observed to enable a subscription to
be made in terms of the offer;
Note that this prospectus is not an offer in any area of
jurisdiction in which it is illegal to make such an offer. In
such circumstances, this prospectus and any application
form is sent for information purposes only.
8.5 No minimum subscription [14 and 21]
The public placing has been underwritten and there is no
minimum amount which, in the opinion of the directors,
must be raised by the issue of shares, as all shares not
taken up by the public on date of closing of the offer
will be taken up by Property Investment Consultants
Investment Holdings (Pty) Ltd. The underwriters’
agreement may be inspected at the attorneys’ offices.
8.6 Posting of share certificates
Share certificates will be posted by registered post at
the risk of the applicant within fourteen working days
from date of registration of the properties in the name
of the Company.
21

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8.7 Hoe om aansoek te doen vir aandele
253,000 aandele word aangebied vir opname ingevolge
’n openbare plasing, teen ‘n uitreikingsprys van 100 sent
per aandeel plus ‘n gekoppelde leningseenheid van
R999, vir ‘n bedrag van R1 000 aan kliënte, openbare
en sakevennote van die Maatskappy, wat uitgenooi
word om op die aansoekvorm wat by hierdie prospektus
ingesluit word, aansoek te doen.
Die aansoekvorm is nie-oordraagbaar en mag slegs deur
een persoon voltooi word.
8.8 Indiening van aansoekvorms en betaling
Aansoekvorms kan deur die aansoeker of sy aangewese
agent per hand afgelewer word, in ‘n koevert gemerk
Tropical Butterfly Investments Ltd by:
Eugene Kruger & Co Inc
Schoemanstraat 875
Arcadia
Pretoria
0007
Of gepos word deur die aansoeker of sy aangewese
agent, op die aansoeker se risiko, in ‘n koevert gemerk
Highveld Syndication Nr 15 Limited aan:
Eugene Kruger & Co Inc
Schoemanstraat 875
Arcadia
Pretoria
0007
ten einde nie later ontvang te word nie as 12:00 op die
dag waarop die aanbod sluit.
Nóg die Maatskappy nóg enigeen van sy aangestelde
adviseurs aanvaar enige verantwoordelikheid vir
aansoekvorms wat nie ingedien is soos hierbo uiteengesit
word nie.
Elke aansoekvorm moet vergesel wees van betaling
van die totale prys van die aandele waarvoor aansoek
gedoen word, deur middel van ’n tjek of bankwissel,
wat gekruis “nie verhandelbaar nie” en uitgemaak is aan
Eugene Kruger & Co Inc – Trustrekening, Standard Bank
Hatfield, Rekeningnommer: 012549878.
8.7 How to apply for shares
253,000 shares are being offered for subscription in
terms of a public placing at an issue price of 100 cents
per shares plus a linked loan unit of R999 for an amount
of R1 000 to clients, public and business associates of
the Company, who are invited to apply on the application
form which is enclosed with this prospectus.
The application form is non-transferable and may be
completed by only one person.
8.8 Submission of application forms and payment
Application forms may be delivered by the applicant or
his appointed agent by hand, in an envelope marked
Tropical Butterfly Investments Ltd to:
Eugene Kruger & Co Inc
875 Schoeman Street
Arcadia
Pretoria
0007
Or posted by the applicant or his appointed agent, at
the applicant’s risk, in an envelope marked Highveld
Syndication Nr 15 Limited to:
Eugene Kruger & Co Inc
875 Schoeman Street
Arcadia
Pretoria
0007
so as to be received by not later than 12:00 on the day
of closing of offer.
Neither the Company nor anyone of its appointed
advisers accepts any responsibility for application forms
which are not lodged as set out above.
Each application form should be accompanied by
payment of the total price of the shares applied for
by way of a cheque or bankers draft crossed “not
negotiable” and drawn in favour of Eugene Kruger &
Co Inc – Trust Account Standard Bank Hatfield, Account
number: 012549878.

9. UITGAWES VERBONDE AAN DIE AANBOD [15]
Daar is geen uitgawes vir die Maatskappy se rekening
verbonde aan die aanbod nie. Alle uitgawes wat in hierdie
aanbod aangegaan word, sal deur die verkoper betaal word.
Uitgawes:
Uiteensetting van uitgawes
• Kommissies betaalbaar R 19 057 500
• Publikasiekoste R 1 079 000
• Drukwerk R 308 000
• Ouditgelde R 145 000
• Prokureursgelde R 347 000
• Oordraggeld R 617 000
• Admingelde R 1 580 000
• Ander R 838 000
10. Wesenlike Kontrakte [16, 40]
Wesenlike kontrakte wat die Maatskappy gesluit het
sedert sy inlywing op 10 Desember 2003 tot die datum
van hierdie prospektus, uitgesluit kontrakte wat gesluit is
in die normale gang van sake, is die volgende:
• Die aankoop van die eiendomme in Boksburg, Centurion
(Pretoria), Fourways (Johannesburg), Sasolburg,
Wierdapark (Pretoria) en Witbank.
• ‘n Bestuursooreenkoms met “Property Investment
Consultants Admin” BK (Registrasienommer
1998/056705/23) om die eiendom te bestuur.
(Sien Aanhangsel 8 vir die hooftrekke van die
bestuursooreenkoms.)
• Die onderskrywing van die uitreiking van hierdie
aanbod deur “Property Investment Consultants
Investment Holdings (Pty) Ltd” (Registrasienommer
1993/005268/07).
Die Maatskappy het nie enige bemarkingsooreenkomste
aangegaan nie, en is ook nie enige wesenlike tegniese
of sekretariële gelde betaal, sedert die inlywing daarvan
in 2003 tot die datum van hierdie prospektus nie.
11. LITIGASIEVERKLARING
Daar is nie enige wetlike of arbitrasieproses (insluitende
enige gebeure wat hangende is of dreig waarvan die
Maatskappy bewus is) wat ’n wesenlike invloed op die
finansiële posisie van die Maatskappy in die onlangse
verlede gehad het, of in die onmiddellike toekoms kan
hê nie.
9. EXPENSES OF THE OFFER [15]
There are no expenses for the Company’s account attached
to the offer. All expenses incurred in this offer will be paid
for by the seller.
Expenses:
Breakdown of expenses
• Commissions payable R 19 057 500
• Publication costs R 1 079 000
• Printing R 308 000
• Audit fees R 145 000
• Attorneys fees R 347 000
• Transfer fees R 617 000
• Admin fees R 1 580 000
• Other R 838 000
10. MATERIAL CONTRACTS [16, 40]
Material contracts which have been entered into by the
Company since its incorporation on 10 December 2003
to the date of this prospectus, other than in the ordinary
course of business, are:
• The purchase of the properties in Boksburg, Centurion
(Pretoria), Fourways (Johannesburg), Sasolburg,
Wierdapark (Pretoria) and Witbank.
• A management agreement with Property
Investment Consultants Admin CC (Registration
number 1998/056705/23) to manage the
property. (Refer to Appendix 8 for salient features
of the management agreement)
• The underwriting of the issue of this offer by Property
Investment Consultants Investment Holdings (Pty)
Ltd (Registration number 1993/005268/07)
The Company has not entered into any promoters’
agreements, nor have any material technical or secretarial
fees been paid, since its incorporation in 2003 to the
date of this prospectus.
11. LITIGATION STATEMENT
The Company is not aware of any legal or arbitration
proceedings (including any such proceedings which are
pending or threatened) which may have or have had in
the recent past, a material effect on the financial position
of the Company.
23

24
12. Direkteurs se verklaring aangaande wesenlike
veranderinge [31, 46]
Buiten die inligting wat in hierdie prospektus openbaar
gemaak is, het daar geen wesenlike veranderinge in die
bates of laste van die Maatskappy plaasgevind tussen 11
April 2005 en die datum van hierdie prospektus nie.
13. REGISTRASIE VAN PROSPEKTUS
‘n Engelse kopie van hierdie prospektus is geregistreer
deur die Registrateur van Maatskappye te Pretoria
kragtens artikel 155(1) van die Wet, tesame met:
13.1 Die skriftelike toestemmings van die Maatskappy
se verslaggewende rekenmeesters en ouditeurs,
sy prokureurs, sy handelsbankiers en sy
oordragsekretarisse, om in die hoedanighede
soos gestel op te tree, en tot die insluiting van hul
name in hierdie prospektus, soos uiteengesit in
hierdie prospektus. Nie een van hierdie skriftelike
toestemmings is voor registrasie teruggetrek nie;
13.2 Kopieë van elk van die ooreenkomste waarna in
paragraaf 10 hierbo verwys word.
14. DOKUMENTE BESKIKBAAR VIR INSPEKSIE (SIEN
PARAGRAAF 16 OOR KORPORATIEWE BEHEER)
Kopieë van die volgende dokumente sal vir inspeksie
beskikbaar wees by die geregistreerde kantoor van
die Maatskappy, te enige tyd gedurende normale
besigheidsure voor die sluiting van die openbare
plasing:
• Die memorandum en statute van die Maatskappy;
• Die getekende verslae van die verslaggewende
rekenmeesters, waarvan die teks in Aanhangsel 4 en
Aanhangsel 5 tot hierdie prospektus uiteengesit is;
• Die ooreenkomste waarna verwys word onder “Wesenlike
kontrakte” soos uiteengesit in paragraaf 10 hierbo.
15. PARAGRAWE VAN SKEDULE 3 VAN DIE WET WAT
NIE VAN TOEPASSING IS NIE [50]
Die volgende paragrawe van Skedule 3 van die Wet is
nie van toepassing op hierdie prospektus nie:
1(b), 2(d), 6(f)(ii), (iii), (iv), 6(g), 6(h), 8(b), 8(d), 12(e),
13, 18(b), 20(b), 21(b), 23, 24, 25(2), 26, 27 en 28.
12. DIRECTORS’ STATEMENT AS TO MATERIAL
CHANGES [31, 46]
Other than as disclosed in this prospectus, no material
changes in the assets or liabilities of the Company
have taken place between 11 April 2005 and the
date of this prospectus.
13. REGISTRATION OF PROSPECTUS
An English copy of this prospectus will be registered
by the Registrar of Companies at Pretoria in terms of
section 155(1) of the Act, together with:
13.1 The written consents of the Company’s reporting
accountants and auditors, its attorneys, its commercial
bankers and its transfer secretaries, to act in the
capacities stated, and to the inclusion of their names
in this prospectus, as included in this prospectus, of
which none has been withdrawn prior to registration;
13.2 Copies of each of the agreements referred to in
Paragraph 10 above.
14. DOCUMENTS AVAILABLE FOR INSPECTION (SEE
PARAGRAPH 16 ON CORPORATE GOVERNANCE)
Copies of the following documents will be available
for inspection at the registered office of the Company,
at any time during normal business hours prior to the
closing of the public placing:
• The memorandum and articles of association of the
Company;
• The signed reports of the reporting accountants, the
texts of which are set out in Appendix 4 and Appendix
5 to this prospectus;
• The agreements referred to under “Material contracts”
as set out in Paragraph 10 above.
15. PARAGRAPHS OF SCHEDULE 3 TO THE ACT
WHICH ARE NOT APPLICABLE [50]
The following paragraphs of Schedule 3 to the Act are
not applicable to this prospectus:
1(b), 2(d), 6(f)(ii),(iii),(iv), 6(g), 6(h), 8(b), 8(d),
12(e), 13, 18(b), 20(b), 21(b), 23, 24, 25(2), 26, 27
and 28.

Geteken te Pretoria deur of namens die direkteurs van die
Maatskappy op hierdie 11de dag van April 2005.
Signed at Pretoria by or on behalf of the directors of the
Company on this 11th day of April 2005.
WB van der Vyver RW Steenkamp
25

26
16. KORPORATIEWE BEHEER
16.1 Die Maatskappy lê hom neer by die beginsels van
die Kode van Korporatiewe Praktyke en Gedrag soos
uiteengesit in die King-Verslag oor Korporatiewe
Beheer (“King Report”). Daardeur erken die
direkteurs die noodsaaklikheid dat die besigheid
met integriteit bedryf word en in ooreenstemming
met algemeen aanvaarbare Korporatiewe beleide.
Dit sluit in tydige, relevante en betekenisvolle
verslagdoening aan sy aandeelhouers en ander
belanghebbendes, wat ’n behoorlike en objektiewe
perspektief van die Maatskappy sal gee. Die direkteurs
het dienooreenkomstig betekenisvolle meganismes
in plek gestel asook beleide wat wat pas by die
Maatskappy se besigheid en ooreenkomstig sy
verbintenis tot die beste praktyke in Korporatiewe
Beheer, ten einde nakoming van die King-Verslag te
verseker. Die direkteurs sal dit van tyd tot tyd hersien.
16.2 Sommige van die stappe wat deur die direkteurs in
hierdie verband gedoen is, is soos volg:
16.2.1 Direkteurs
Die Direksie sal gereeld (minstens vier maal per
jaar) byeenkom, en die aantal vergaderings wat elke
jaar gehou is, in sy jaarverslag bekend maak asook
die bywoning by sodanige vergaderings. ‘n Formele
rekord sal gehou word van alle besluite wat geneem
word deur die Direksie oor sake wat na hulle verwys
word vir bespreking. Sou die Direksie onafhanklike
professionele advies benodig, is daar prosedures
deur die Direksie in plek gestel vir die verkryging van
sodanige advies teen die koste van die Maatskappy.
Al die direkteurs sal toegang hê tot die advies van die
Maatskappysekretaris soos en wanneer nodig. Die
aanstelling of ontslag van die Maatskappysekretaris
sal deur die Direksie as geheel besluit word en nie
deur een individuele direkteur nie. Daar word van
direkteurs verwag om hul onafhanklikheid te handhaaf
wanneer hulle oor sake besluit wat met strategie,
prestasie, hulpbronne en gedragstandaarde te make
het. By eerste aanstelling sal daar van alle nuwe
direkteurs verwag word om geskikte opleiding te
ondergaan aangaande die Maatskappy se besigheid,
strategiese planne en doelwitte, en ander relevante
wette en regulasies. Dit sal op ’n deurlopende basis
uitgevoer word ten einde te verseker dat direkteurs
op hoogte bly van veranderinge in regulasies en die
kommersiële omgewing.
16. CORPORATE GOVERNANCE
16.1 The Company complies with the principles of the
Code of Corporate Practices and Conduct set out
in the King Report on Corporate Governance (“King
Report”). In doing so, the directors recognise the need
to conduct the business with integrity in accordance
with generally acceptable corporate policies. This
includes timely, relevant and meaningful reporting to
its shareholders and other stakeholders, providing a
proper and objective perspective of the Company.
The directors have, accordingly, established
meaningful mechanisms and policies appropriate
to the Company’s business in keeping with its
commitment to the best practices in Corporate
Governance in order to ensure compliance with the
King Report. The directors will review these from
time to time.
16.2 Some of the steps taken by the directors in this
regard are as follows:
16.2.1 Directors
The Board shall meet regularly (at least four times
per year) and disclose the number of meetings
held each year in its annual report together with
the attendance at such meetings. A formal record
shall be kept of all conclusions reached by the board
on matters referred to it for discussion. Should the
board require independent professional advice,
procedures have been put in place by the board
for such advice to be sought at the Company’s
expense.
All directors shall have access to the advice
of the Company secretary as and when the
need arises. The appointment or dismissal of
the Company secretary shall be decided by the
board as a whole and not by one individual
director. Directors are expected to maintain their
independence when deciding on matters relating
to strategy, performance, resources and standards
of conduct. On first appointment, all new directors
will be expected to undergo appropriate training
as to the Company’s business, strategic plans and
objectives, and other relevant laws and regulations.
This will be performed on an on-going basis to
ensure that directors remain abreast of changes
in regulations and the commercial environment.

Die Direksie is verantwoordelik vir betrekkinge met
belanghebbendes, asook aanspreeklik teenoor
hulle vir die prestasie van die Maatskappy, en vir
rapportering daaroor op ’n tydige en deursigtige wyse.
16.2.2 Voorsiening van inligting
Bestuur sal die Direksie voorsien van die relevante
inligting wat benodig word om sy pligte te kan uitvoer.
Direkteurs sal verdere navraag doen waar nodig, en
sal dus onbeperkte toegang hê tot alle Maatskappy-
inligting, rekords, dokumente en eiendom. Nie
alleen sal die Direksie kyk na die kwantitatiewe
prestasie van die Maatskappy nie, maar ook na
kwessies soos kliëntetevredenheid, markaandeel,
omgewingsprestasie en ander tersaaklike kwessies.
Die voorsitter moet seker maak dat al die direkteurs
voldoende ingelig is voor Direksievergaderings.
16.2.3 Delegering van pligte
Direkteurs het die gesag om sekere van hul pligte
te delegeer, hetsy ekstern of intern, sodat hulle hul
pligte ten volle kan vervul.
Die Besturende Direkteur sal hierdie delegerings
evalueer en hieroor aan die Direksie verslag doen.
The board is responsible for relations with
stakeholders, as well as being accountable to them
for the performance of the Company, and reporting
thereon in a timely and transparent manner.
16.2.2 Supply of information
Management shall supply the board with the
relevant information needed to fulfill its duties.
Directors shall make further enquiries where
necessary, and thus shall have unrestricted access
to all company information, records, documents
and property. Not only will the board look at the
quantitative performance of the Company, but also
at issues such as customer satisfaction, market
share, environmental performance and other
relevant issues.
The chairman must ensure that all directors are
adequately briefed prior to board meetings.
16.2.3 Delegation of duties
Directors have the authority to delegate certain of
their duties, either externally or internally, in order
that they may perform their duties fully.
The Managing director shall review these delegations
and report on this to the board.
27

28
BYLAAG 1 / APPENDIX 1
Geprojekteerde Inkomstestaat / Projected Income Statement
10.01% 10.86% 11.78% 12.79% 13.87% 15.05% 16.33% 17.72% 19.23% 20.86%
Interest Rate at Syndication
Value of R 253 000 000 per year
Capital Growth at 5% per year 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
Value of Capital Growth R 253,000,000.00 R 265,650,000.00 R 278,932,500.00 R 292,879,125.00 R 307,523,081.25 R 322,899,235.31 R 339,044,197.08 R 355,996,406.93 R 373,796,227.28 R 392,486,038.64
R 10,010.00 R 10,860.85 R 11,784.02 R 12,785.66 R 13,872.45 R 15,051.60 R 16,330.99 R 17,719.12 R 19,225.25 R 20,859.40
Interest Payment on R 100
000,00 investment per year
R 5,000.00 R 5,500.00 R 5,775.00 R 6,063.75 R 6,366.94 R 6,685.28 R 7,019.55 R 7,370.53 R 7,739.05 R 8,126.00
Capital Growth on R 100 000,00
investment
Combined Income per year R 15,010.00 R 16,360.85 R 17,559.02 R 18,849.41 R 20,239.38 R 21,736.89 R 23,350.54 R 25,089.65 R 26,964.30 R 28,985.40
R 15,010.00 R 31,370.85 R 48,929.87 R 67,779.29 R 88,018.67 R 109,755.56 R 133,106.10 R 158,195.75 R 185,160.05 R 214,145.45
Combined Income for 10 years
accumulated
Interest Growth Per Year
R 25,000.00
R 20,000.00
R 15,000.00
R 10,000,00
R 5,000.00
R -
1 2 3 4 5 6 7 8 9 10

MARCH-06 MARCH-07 MARCH-08 MARCH-09 MARCH-10 MARCH-11 MARCH-12 MARCH-13 MARCH-14 MARCH-15
Gross Income 29,332,780.34 31,886,178.87 34,662,627.50 37,681,686.61 40,964,639.31 44,534,643.94 48,416,899.98 52,638,828.91 57,230,271.05 62,223,699.94
Less Expenses 4,007,480.34 4,408,228.37 4,849,051.21 5,333,956.33 5,867,351.96 6,454,087.16 7,099,495.88 7,809,445.46 8,590,390.01 9,449,429.01
Audit fees 18,060 19,866 21,853 24,038 26,442 29,086 31,994 35,194 38,713 42,585
Bank charges 7,979 8,777 9,655 10,620 11,682 12,850 14,135 15,549 17,104 18,814
Bookkeeping - - - - - - - - - -
Cleaning Contract 219,739 241,713 265,884 292,473 321,720 353,892 389,281 428,209 471,030 518,133
Electricity 488,909 537,800 591,580 650,738 715,811 787,393 866,132 952,745 1,048,019 1,152,821
Gas - - - - - - - - - -
Insurance 147,004 161,705 177,875 195,663 215,229 236,752 260,427 286,470 315,117 346,629
Management Fee 890,707 979,778 1,077,756 1,185,532 1,304,085 1,434,493 1,577,943 1,735,737 1,909,311 2,100,242
Meter Reading 8,276 9,104 10,014 11,016 12,117 13,329 14,662 16,128 17,741 19,515
Rates 1,311,412 1,442,553 1,586,808 1,745,489 1,920,038 2,112,042 2,323,246 2,555,571 2,811,128 3,092,241
Refuse 72,215 79,436 87,380 96,118 105,729 116,302 127,932 140,726 154,798 170,278
43,199 47,519 52,271 57,498 63,247 69,572 76,529 84,182 92,600 101,860
Regional Services
Council
Repairs & Maintenance 121,100 133,210 146,531 161,184 177,303 195,033 214,536 235,990 259,589 285,547
Salaries - - - - - - - - -
Security 410,100 451,110 496,221 545,843 600,428 660,470 726,517 799,169 879,086 966,995
Sewerage 182,297 200,526 220,579 242,637 266,901 293,591 322,950 355,245 390,769 429,846
Sundry Expenses 37,645 41,410 45,550 50,105 55,116 60,628 66,690 73,359 80,695 88,765
Water 48,838 53,722 59,094 65,003 71,504 78,654 86,519 95,171 104,688 115,157
Nett Profit 25,325,300.00 27,477,950.50 29,813,576.29 32,347,730.28 35,097,287.35 38,080,556.78 41,317,404.10 44,829,383.45 48,639,881.04 52,774,270.93
Syndication Value 253,000,000.00 253,000,000.00 253,000,000.00 253,000,000.00 253,000,000.00 253,000,000.00 253,000,000.00 253,000,000.00 253,000,000.00 253,000,000.00
Nett Income Yield 10.01% 10.86% 11.78% 12.79% 13.87% 15.05% 16.33% 17.72% 19.23% 20.86%
Capital Growth
5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
Projection
Capital Growth Values 253,000,000 265,650,000 278,932,500 292,879,125 307,523,081 322,899,235 339,044,197 355,996,407 373,796,227 392,486,039
Income on R 100 000
10,010 10,861 11,784 12,786 13,872 15,052 16,331 17,719 19,225 20,859
investment
Capital Growth
5,000 5,500 5,775 6,064 6,367 6,685 7,020 7,371 7,739 8,126
projected On R 100
000 investment
Combined Income 15,010 16,361 17,559 18,849 20,239 21,737 23,351 25,090 26,964 28,985
Accumulated Projection 15,010 31,371 48,930 67,779 88,019 109,756 133,106 158,196 185,160 214,145
29

30
MAPSTUDIO ROUTE PLANNER
1 2

3
5
1. Johannesburg, Fourways Gardens
2. Boksburg, Key Largo
3. Centurion, Wierda Square
4
6
4. Witbank, Safeside Auto City
5. Sasolburg, Checkers Centre
6. Centurion, Jeanlen
31

32
BYLAAG 2 / APPENDIX 2
Huurderrooster / Tenant Schedule
Shp
no
1 Checkers Tripple A
Shp
no
Nett Lease
Tenant Esc Expiry
Date
Next
Esc
CHEKERS SASOLBURG
Area %
GLA
Current
Rate
Current
Rental
Next
Esc
Gross
Rental
(m2) Rate
10.00% 31-May-09 1-Jun-05 8740.34 100.00% 65.00 568,122.10 624,934.3 65.00
Tenant Esc Expiry
Date
Next
Esc
FOURWAYS GARDENS
Area %
GLA
Current
Rate
Current
1 PAWSITIVELY PETS 12% 30/04/2005 1-May-06 32 1% 75.25 2,408.00 2,696.96 84.28
2 CARRICK HAIR 12.00% 30/04/2005 5-Jan-06 78 2% 128.35 10,011.00 11,212.32 143.75
3 vacant 0.00% 55 1% 110.00 6,050.00 6,050.00 110.00
4 LEISUREWORKS 13.00% 31/03/2007 1-Nov-05 95 3% 70.23 6,672.00 7,539.36 79.36
5 LEISUREWORKS 13.00% 31/03/2007 1-Nov-05 75 2% 70.23 5,267.00 5,951.71 79.36
6 M TURNER 12% 31/10/2005 1-May-06 60 2% 85.00 5,100.00 5,712.00 95.20
7 Negotiating 0.00% 31/10/2008 100 3% 110.00 11,000.00 11,000.00 110.00
8 P C PANTELIS 12.00% 30/09/2009 1-Oct-05 300 8% 100.00 30,000.00 33,600.00 112.00
9 MOVIES MAJESTIC 10.00% 30/06/2009 1-Jul-05 150 4% 85.00 12,750.00 14,025.00 93.50
10 LIQUOR CITY 12.00% 30/04/2005 1-May-05 260 7% 117.33 30,507.00 34,167.84 131.41
11 PICK ‘n PAY
MINIMARKET
Rental
Next
Esc
Gross
Rental
10.50% 30/04/2012 1-Jun-05 930 25% 94.53 87,914.00 97,144.97 104.46
12 BUCKS ZOO 12.00% 28/02/2007 1-Mar-06 50 1% 110.00 5,500.00 6,160.00 123.20
13 TROPICAL FOODS 12.00% 31/03/2007 1-Apr-06 60 2% 91.67 5,500.00 6,160.00 102.67
14 NORTHERN
CLEANERS
12.00% exp 01/05 1-Feb-06 86 2% 163.94 14,099.00 15,790.88 183.61
15 PANTELIS PIZZERIA 10.00% 30/09/2004 1-Oct-05 226.55 6% 110.35 25,000.00 27,500.00 121.39
16 BECKER REALTY 13.00% 28/02/2007 1-Feb-06 156.57 4% 178.90 28,011.00 31,652.43 202.16
17 LAPAMANZI PUB 12.00% 31/05/2005 1-Jun-05 195 5% 110.65 21,576.00 24,165.12 123.92
18 MR DELIVERY 12.00% 31/03/2006 1-Apr-06 90 2% 55.00 4,950.00 5,544.00 61.60
19 ONE STOP INK 12.00% expired 1-May-06 52 1% 37.63 1,957.00 2,191.84 42.15
20 MICRO COUNT CC 12.00% 31/08/2005 1-Sep-06 58 2% 33.60 1,949.00 2,182.88 37.64
21 Negotiating 0.00% 67 2% 50.00 3,350.00 3,350.00 50.00
22 FORECOURT - BPSA 0.00% 1 0% - - - 0.00
23 STANDARD BANK 10.00% 31/05/2005 1-Jun-06 12 0% 167.00 2,004.00 2,204.40 183.70
24 NEDCOR LIMITED 12.00% 31/03/2005 1-Apr-06 12 0% 152.75 1,833.00 2,052.96 171.08
25 S.A.POST OFFICE 10.00% 31/07/2005 1-Aug-06 1 0% 1,839.00 1,839.00 2,022.90 2022.90
26 SCOOTERS 10.00% 30/11/2006 1-Dec-05 100 3% 84.70 8,470.00 9,317.00 93.17
27 CHINESE TAKEAWAY 12.00% 31/06/2005 1-Jul-06 36.5 1% 87.81 3,205.00 3,589.60 98.35
28 MULTILAYER
TRADING
12.00% 31/07/2009 1-Aug-05 110 3% 85.00 9,350.00 10,472.00 95.20
29 TOOL & PLANT HIRE 12.00% 28/02/2006 1-Mar-06 158 4% 72.80 11,502.00 12,882.24 81.53
30 THE TOOLBOX 13.00% 30/09/2006 1-Oct-05 110 3% 181.82 20,000.00 22,600.00 205.45
31 Fourways M-Wash 10.00% 31/10/2006 1-Nov-05 1 0% 11,748.00 11,748.00 12,922.80 12922.80
Total Rental Retail 3717.62 100.00% 389,522.00 431,861.21

Shp
no
Tenant Esc Expiry
Date
Next
Esc
JEANLEN
Area %
GLA
Current
Rate
Current
Rental
Next
Esc
Gross
Rental
(m2) Rate
1 Dros 10.00% 31-May-09 1-Jun-05 538 18.53% 102.01 54,881.38 60,369.52 102.01
2 Liquor City 10.00% 31-Jan-08 1-Feb-06 245 8.44% 67.76 16,601.20 18,261.32 67.76
3 Quick Spar 10.00% 31-Aug-08 1-Sep-05 768 26.46% 37.91 29,114.88 32,026.37 37.91
4 Quick Spar 10.00% 31-Dec-07 1-Jan-06 80 2.76% 45.50 3,640.00 4,004.00 45.50
5 High Flyer 10.00% 30-Jun-05 1-Jul-06 178 6.13% 66.00 11,748.00 12,922.80 66.00
6 Hair Mischief 10.00% 30-Jun-06 1-Jul-05 94 3.24% 77.00 7,238.00 7,961.80 77.00
7 Hair Mischief 10.00% 30-Nov-06 1-Dec-05 60 2.07% 88.00 5,280.00 5,808.00 88.00
8 Semble-It 10.00% 31-Aug-06 1-Sep-05 168 5.79% 71.50 12,012.00 13,213.20 71.50
9 Mr Video 10.00% 30-Sep-09 1-Oct-05 212 7.30% 67.37 14,282.44 15,710.68 67.37
10 Penquin 10.00% 31-Jul-07 1-Jun-05 120 4.13% 88.90 10,668.00 11,734.80 88.90
11 Chatterbox 10.00% 01-Jul-09 1-Jul-06 24 0.83% - - 0.00
12 Greenfields 10.00% 28-Feb-09 1-Mar-06 290 9.99% 88.98 25,804.20 28,384.62 88.98
13 ABSA - ATM 10.00% 31-Jan-08 1-Jan-06 24 0.83% - - 0.00
14 Light Art 10.00% 30-Apr-07 1-May-06 102 3.51% 80.00 8,160.00 8,976.00 80.00
Total Rental Retail 2903 100.00% 68.70 199,430.10 219,373.11
Shp
no
Tenant Esc Expiry
Date
Next
Esc
KEY LARGO
Area %
GLA
Current
Rate
Current
1 Ikhia Liv 10.00% 31-Oct-09 1-Nov-05 1407.30 20.83% 29.70 41,796.81 45,976.49 29.70
2 Scooters 10.00% Monthly 116.00 1.72% 25.86 2,999.76 3,299.74 25.86
3 Talic cc Hair Salon 10.00% 31-Mar-07 1-Apr-05 156.40 2.32% 43.66 6,828.42 7,511.27 43.66
4 Ranos 209 cc Cash
Loans
(m2)
Rental
Next
Esc
Gross
Rental
10.00% 30-Sep-06 1-Oct-05 67.50 1.00% 49.30 3,327.75 3,660.53 49.30
5 Kitchen Tech 10.00% 31-Jul-06 1-Aug-05 115.00 1.70% 39.22 4,510.30 4,961.33 39.22
6 Intercomputers 10.00% 31-Jul-07 1-Aug-05 99.00 1.47% 45.45 4,499.55 4,949.51 45.45
7 Print Fill CC 10.00% 31-Aug-07 1-Sep-05 132.30 1.96% 46.33 6,129.46 6,742.40 46.33
8 J Eloff t/a Mr Video 10.00% 31-May-07 1-Jun-05 313.90 4.65% 44.33 13,915.19 15,306.71 44.33
9 Tubs Plumbing 10.00% 30-Sep-06 1-Oct-05 311.70 4.61% 42.08 13,116.34 14,427.97 42.08
10 Western Fisheries 10.00% 30-Sep-06 1-Nov-05 283.70 4.20% 43.29 12,281.37 13,509.51 43.29
11 Hollard Insurance 10.00% Monthly 1-Oct-05 184.60 2.73% 42.87 7,913.80 8,705.18 42.87
12 Crystal Images cc 10.00% 31-May-05 1-May-05 229.40 3.40% 39.56 9,075.06 9,982.57 39.56
13 Ilaid Africa (Pty) Ltd 10.00% 30-Apr-05 1-Jun-05 210.30 3.11% 57.54 12,100.66 13,310.73 57.54
14 AMC Value Buy 10.00% 31-May-06 1-May-05 197.40 2.92% 60.79 11,999.95 13,199.94 60.79
15 Steers/Debonairs 10.00% 30-Nov-09 1-Dec-05 375.10 5.55% 51.27 19,231.38 21,154.51 51.27
16 Ilgastro Restorante 10.00% 31-Jul-09 1-Aug-05 277.40 4.11% 70.15 19,459.61 21,405.57 70.15
17 Limpopo Wild Safari 10.00% 28-Feb-08 1-Mar-06 134.40 1.99% 74.41 10,000.70 11,000.77 74.41
18 Fontana Roastery 10.00% 31-Jan-09 1-Feb-05 165.60 2.45% 66.26 10,972.66 12,069.92 66.26
19 News Café 10.00% 31-Jul-08 1-Aug-05 441.50 6.54% 76.11 33,602.57 36,962.82 76.11
20 Jimmys Killer Prawns 10.00% 30-Jun-08 1-Jul-05 470.10 6.96% 50.31 23,650.73 26,015.80 50.31
21 Security Company 10.00% 30-Nov-07 1-Dec-05 264.40 3.91% 34.04 9,000.18 9,900.19 34.04
22 J vd Heever t/a
Bimbos
10.00% 30-Nov-07 1-Dec-05 801.90 11.87% 38.16 30,600.50 33,660.55 38.16
23 ABSA ATM 10.00% 31-Mar-06 1-Apr-05 0.00 0.00% - 1,650.00 1,815.00 0.00
24 NEDBANK ATM 8.00% 30-Jun-07 1-Jul-05 0.00 0.00% - 2,000.00 2,160.00 0.00
33

34
25 Sign Pylon per
month
8.00% 0.00% 600.00 648.00 0.00
26 Kiosk per Month 8.00% 0.00% 2,500.00 2,700.00 0.00
27 Luminated Signs Per
Month
8.00% 0.00% 8,750.00 9,450.00 0.00
Total Rental Retail 6754.90 100.00% 44.61 322,512.75 354,487.02 39.66
Shp
no
Tenant Esc Expiry
Date
Next
Esc
SAVESIDE AUTO CITY
Area %
GLA
Current
Rate
Current
1 PG Glass 9.00% 01-Jul-08 1-Aug-05 443.00 12.55% 41.50 18,384.50 20,039.11 45.24
2 Prellex t/a Tiger
Wheel & Tyre
(m2)
Rental
Next
Esc
Gross
Rental
10.00% 17-Nov-09 18-Nov-05 750.00 21.25% 36.00 27,000.00 29,700.00 39.60
3 Eastvaal Motors 7.00% 30-Jan-10 1-Feb-06 244.00 6.91% 60.10 14,664.40 15,690.91 64.31
4 Imperial Group 8.00% 30-Nov-09 1-Dec-05 684.00 19.38% 35.10 24,008.40 25,929.07 37.91
5 Araucan Properties 9.00% 30-Nov-09 1-Dec-05 745.00 21.10% 49.44 36,832.80 40,147.75 53.89
6 Eastvaal Motors 7.00% 30-Nov-09 1-Dec-05 664.00 18.81% 36.97 24,548.08 26,266.45 39.56
Total Rental Retail 3530.00 100.00% 41.20 145,438.18 157,773.28 41.20

Shp
no
Tenant Esc Expiry
Date
Next
Esc
WIERDA SQUARE
Area %
GLA
Current
Rate
Current
1 Bin Career 12.00% 31-Jul-05 1-Aug-05 83.00 1.66% 24.12 2,002.19 2,242.45 24.12
2 Paros P1 12.00% 31-Mar-05 1-Feb-05 22.50 0.45% 91.30 2,054.29 2,300.80 91.30
3 Rush Hour Centurion 12.00% 31-Oct-05 1-Nov-05 59.00 1.18% 31.31 1,847.37 2,069.05 31.31
4 Vacant 0.00% 12.00 0.24% - - - 0.00
5 Concept Design 12.00% 31-Jan-05 1-Feb-05 40.00 0.80% 38.75 1,550.00 1,736.00 38.75
6 Mardon 12.00% 30-Jun-05 1-Jul-05 38.00 0.76% 47.02 1,786.76 2,001.17 47.02
7 Steers (Store room) 10.00% 31-Mar-07 1-Apr-05 10.00 0.20% 42.35 423.50 465.85 42.35
8 Vacant 0.00% 17.00 0.34% - - - 0.00
9 J J Kriel t/a
Medizone
(m2)
Rental
Next
Esc
Gross
Rental
10.00% 31-Aug-05 1-Sep-05 22.00 0.44% 56.01 1,232.19 1,355.41 56.01
10 A Naude 12.00% 31-Jan-05 1-Feb-05 102.00 2.04% 33.44 3,410.78 3,820.07 33.44
11 Restaurat Brothers
Grill
12.00% 31-Dec-07 320.00 6.40% 32.81 10,500.00 11,760.00 32.81
12 GYM Bezuidenhout 10.00% 30-Oct-07 1-Nov-05 310.00 6.20% 48.39 15,000.00 16,500.00 48.39
13 Spinning Zone 10.00% 31-Jan-07 1-Feb-05 100.00 2.00% 33.94 3,394.40 3,733.84 33.94
14 Arende Sport 12.00% 31-Jul-05 1-Aug-05 170.00 3.40% 15.69 2,667.58 2,987.69 15.69
15 Utingo (Lottery) 10.00% 30-Jun-06 1-Jul-05 0.00 0.00% 40.26 1,771.56 1,948.72 40.26
16 FNB ATM 10.00% 30-Apr-05 1-May-05 0.00 0.00% 38.50 1,694.00 1,863.40 38.50
17 ABSA ATM 9.00% 30-Nov-06 1-Dec-05 0.00 0.00% 30.00 3,000.00 3,270.00 30.00
18 Vetkoek 11.00% 31-Dec-06 1-Jan-05 96.00 1.92% 137.60 13,209.61 14,662.67 137.60
19 Brits Beauty Salon 10.00% 31-Oct-07 1-Nov-05 45.00 0.90% 101.11 4,549.95 5,004.95 101.11
20 Calesh 10.00% 31-Mar-06 1-Apr-05 90.00 1.80% 71.99 6,479.10 7,127.01 71.99
21 Cellserve 10.00% 31-Jan-06 1-Feb-05 90.00 1.80% 94.08 8,467.20 9,313.92 94.08
22 Video Den 10.00% 31-Mar-07 1-Feb-05 90.00 1.80% 112.60 10,134.00 11,147.40 112.60
23 Steers 10.00% 31-Mar-07 1-Apr-05 180.00 3.60% 86.05 15,489.00 17,037.90 86.05
24 BcGu Laundromat 10.00% 31-Dec-07 1-Jan-05 72.00 1.44% 82.01 5,904.80 6,495.28 82.01
25 Good Price Clothing 11.00% 28-Feb-06 1-Mar-05 66.20 1.32% 94.24 6,238.69 6,924.94 94.24
26 Pet Shop 10.00% 31-May-07 1-May-05 66.20 1.32% 99.69 6,599.48 7,259.43 99.69
27 Bottle Store 8.00% 30-Jun-05 1-Jul-05 340.00 6.80% 52.64 17,897.60 19,329.41 52.64
28 Raising Sun Furniture 10.00% 30-Nov-06 1-Dec-05 90.00 1.80% 99.74 8,976.43 9,874.07 99.74
29 Barcellos 10.00% 31-Oct-07 1-Nov-05 80.00 1.60% 95.77 7,661.50 8,427.65 95.77
30 Scooters 10.00% 31-May-07 1-Jun-05 80.00 1.60% 104.38 8,350.40 9,185.44 104.38
31 CJ Calitz (Bakoond) 10.00% 31-Jan-07 1-Feb-05 43.00 0.86% 131.11 5,637.87 6,201.66 131.11
32 Focus on Fashion 11.00% 31-Mar-06 1-Apr-05 90.00 1.80% 68.46 6,161.40 6,839.15 68.46
33 Scholtz Biltong Shop 12.00% 31-Oct-09 1-Nov-05 88.00 1.76% 81.49 7,171.12 8,031.65 81.49
34 Price Beater 12.00% 28-Feb-08 1-Mar-06 88.00 1.76% 113.45 9,983.41 11,181.42 113.45
35 Wierda Spar 10.00% 30-Jun-09 1-Jul-05 2000.00 40.00% 36.51 73,020.00 80,322.00 36.51
Total Rental Retail 4999.90 100.00% 64.77 274,266.18 302,420.41 64.77
35

36
BYLAAG 3
Aanstelling, kwalifikasie, vergoeding en leenbevoegdheid
van direkteurs [2(b), 2(c) en 2(e)]
Die betrokke bepalings van die statute van die Maatskappy
wat voorsiening maak vir die aanstelling, kwalifikasie, vergoeding
en leenbevoegdheid van sy direkteurs is soos volg:
Aanstelling en kwalifikasie van direkteurs
34. Onderhewig aan die bepalings van die Wet:
34.1 moet die aantal direkteurs nie minder as twee
wees nie, tensy ‘n algemene vergadering anders
besluit;
34.2 mag die eerste direkteurs aangestel word deur die
ondertekenaars van die memorandum.
35. ’n Algemene vergadering van die direkteurs sal die mag
hê om van tyd tot tyd enigiemand as ‘n direkteur aan te
stel, hetsy om ‘n vakature in die direksie te vul of om as
‘n addisionele direkteur te dien, mits die totale aantal
direkteurs nie op enige stadium meer sal wees as die
maksimum aantal wat vasgestel is ooreenkomstig die
inlywingsartikels nie. Die aanstelling van enige direkteur
wat so aangestel is, sal by die afsluiting van die volgende
algemene jaarvergadering verstryk, tensy dit by daardie
algemene jaarvergadering bekragtig word.
36. Die dienende direkteurs kan waarneem, ten spyte van
enige vakature in hul aantal, maar indien en vir so lank
as wat hul aantal minder is as die minimum aantal
direkteurs wat nodig is om as sodanig waar te neem
vir die tussentyd, kan die dienende direkteurs slegs
waarneem om:
a. die aantal direkteurs te vermeerder tot die vereiste
minimum; of
b. ‘n algemene vergadering vir daardie doel te belê,
met dien verstande dat, indien daar nie ’n direkteur
is wat in staat of bereid is om waar te neem nie,
enige lid ‘n algemene vergadering vir daardie doel
mag belê.
37. Nóg ‘n direkteur nóg ‘n alternatiewe direkteur sal verplig
wees om enige kwalifiserende aandele te besit.
Vergoeding van Direkteurs
38. Die vergoeding van die direkteurs vir hul diens as
sodanig sal van tyd tot tyd deur ‘n algemene vergadering
vasgestel word.
APPENDIX 3
Appointment, qualification, remuneration and borrowing
powers of directors [2(b), 2(c) and 2(e)]
The relevant provisions of the articles of association of
The company providing for the appointment, qualification,
remuneration and borrowing powers of its directors are
as follows:
Appointment and qualification of directors
34. Subject to the provisions of the Act:
34.1 unless otherwise determined by a general meeting
the number of directors shall be not less than two;
34.2 The first directors may be appointed by the
subscribers to the memorandum.
35. A general meeting of the directors shall have the power,
from time to time, to appoint anyone as a director, either
to fill a vacancy in the directors or as an additional director,
provided that the total number of directors shall not at
any time exceed the maximum number fixed by or in
accordance with these articles and the appointment of
any director so appointed shall cease at the conclusion
of the next annual general meeting, unless it is confirmed
at that annual general meeting.
36. The continuing directors may act, notwithstanding any
vacancy in their number, but if and for so long as their
number is reduced below the minimum number of
directors required to act as such for the time being, the
continuing directors may act only to:
a. increase the number of directors to the required
minimum; or
b. summon a general meeting for that purpose,
provided that if there is no director able or willing to
act, then any member may convene a general
meeting for that purpose.
37. Neither a director nor an alternative director shall be
obliged to hold any qualification shares.
Remuneration of Directors
38. The remuneration of the directors for their services as
such shall be determined from time to time by a general
meeting.

39. Direkteurs sal vergoed word vir alle reis- en verblyfkoste
asook ander uitgawes wat behoorlik deur hulle aangegaan
word in die uitvoering van hul pligte, in of aangaande
die besigheid van die Maatskappy en wat gemagtig of
bekragtig is deur ‘n kworum van direkteurs wat nie direk
daarby belang het nie.
Leenbevoegdheid van direkteurs
44. Die direkteurs mag nie die Maatskappy se volle reg
uitoefen om geld te leen of om die onderneming en
eiendom of enige deel daarvan met ‘n verband te
beswaar nie, of om skuldbriewe of obligasie-aandele
(hetsy verseker of onverseker), hetsy regstreeks of as
sekuriteit vir enige skuld, aanspreeklikheid of verpligting van
die Maatskappy of van enige derde party, uit te reik nie.
45. Om uitvoering te gee aan paragraaf 44, sal die
leenbevoegdheid van die direkteurs beperk wees.
Direkteurs wat ander winsposisies beklee
46. Onderhewig aan nakoming van die bepalinge van die
Wet, sal ‘n direkteur nie aanspreeklik wees (by gebrek
aan enige ooreenkoms tot die teendeel) om aan die
Maatskappy rekenskap te doen van enige wins of ander
voordeel wat voortspruit uit enige ander ooreenkoms
wat deur die Maatskappy aangegaan is waarby hy direk
of indirek belang het nie.
47. Indien ’n direkteur, ooreenkomstig die Wet, sy belang
openbaar gemaak het (indien dit wesenlik is) in die
betrokke kontrak of ooreenkoms, moet hy
47.1 in ‘n kworum getel word vir die doel van ‘n
vergadering van direkteurs waarby hy teenwoordig
is om enige saak te oorweeg; en
47.2 geregtig wees om te stem ten opsigte van
enige saak wat verband hou met enige bestaande
of voorgestelde kontrak of ooreenkoms waarin hy
belang het, uitgesluit kontrakte of reëlings wat
’n invloed het op sy posisie in ’n bepaalde
pos of sy geleentheid om uit die Maatskappy of ’n
filiaalmaatskappy wins te maak.
39. The directors shall be paid all travel, subsistence and
other expenses properly incurred by them in the
execution of their duties in or about the business
of the company which are authorised or ratified by a
disinterested quorum of directors.
Borrowing powers of directors
44. The directors may not exercise all the powers of the
company to borrow money and to mortgage or encumber
its undertaking and property or any part thereof and to
issue debentures or debenture stock (whether secured
or unsecured), whether outright or as security for any
debt, liability or obligation of the company or of any
third party.
45. For the purpose of the provisions of 44, the borrowing
powers of the directors shall be limited.
Holding by a director of other offices of profit
46. Subject to compliance with the provisions of the Act,
a director shall not be liable (in the absence of
any agreement to the contrary) to account to the
company for any profit or other benefit arising
out of any contract entered into by the company
in which he is directly or indirectly interested.
47. A director shall, if he has, in accordance with the Act,
disclosed his interest (if it is material) in the relevant
contract or arrangement;
47.1 be counted in a quorum for the purpose of a
meeting of directors at which he is present to
consider any matter; and
47.2 be entitled to vote in regard to any matter relating
to any existing or proposed contract or arrangement
in which he is interested, other than a contract
or arrangement regulating his holding of an office
or place of profit under the company or a subsidiary
of the company.
37

38
BYLAAG 4 / APPENDIX 4
Onafhanklike verslaggewende rekenmeesters se verslag
Independent reporting accountants’ report

42
42
BYLAAG 5
Belangrikste vaste eiendomme [6 (c)]
Besonderhede aangaande die belangrikste vaste eiendomme
wat deur die Maatskappy besit en verhuur word, word
hieronder uiteengesit:
OWNER
Tropical Butterfly Investments Ltd
DESCRIPTION OF
PREMISES
Shopping &
Convienience Centre
Tropical Butterfly Investments Ltd Motor Related Centre
Tropical Butterfly Investments Ltd Shopping Centre
Tropical Butterfly Investments Ltd Shopping Centre
Tropical Butterfly Investments Ltd Convienience Centre
Tropical Butterfly Investments Ltd Shopping Centre
APPENDIX 5
Principal immovable properties [6 (c)]
Details of the principal immovable properties owned and let
by the company are set out below:
ERF DESCRIPTION CENTRE NAME
Erf 1094 Bardene Ext
1, Reg Div IR Gauteng
Erf 1167 Die Heuwel Ext
8 Witbank, Reg Div JS,
Mpumalanga
Erf 5333 Sasolburg Ext
50, Reg Div RD, Free
Sate
Erf 394 De hoewe X
136 & Erf 395 De
Hoewe X 136
Erf 2025 Wierdapark
Ext 2, Reg Div JR
Erf 1162 Fourways
Ext 10, Reg Div Gauteng
Key Largo Shopping
Centre
Safeside Auto City
Checkers Sasolburg
Jeanlen Shopping
Centre
Wierda Square
Fourways Shopping
Centre

BYLAAG 6 / APPENDIX 6
Waardasiesertifikaat / Valuation certificate
43

BYLAAG 7
Hooftrekke van die Bestuursooreenkoms
Tussen die Maatskappy en PIC Admin CC (“PIC Admin”)
aangesien:
Die Maatskappy PIC Admin aangestel het as eiendom-
bestuurders, administrators en konsultante;
Die dienste wat verskaf sal word deur PIC Admin die
volgende sal insluit, maar nie daartoe beperk sal wees nie:
• Versekering dat die nodige bemarkingstrategie in plek is
• Bemarking
• Aanstelling van agente namens PIC Admin
• Opleiding van die bemarkingspersoneel van PIC Admin
• Ontvangs van intekengelde en die belê daarvan
• Berekening van rente betaalbaar op beleggings en
betaling daarvan van tyd tot tyd
• Die uitreik van aandele, aandelesertifikate en die byhou
van die nodige registers betreffende hierdie aandele
• Enige ander administratiewe pligte
sal “PIC Admin” as vergoeding vir hul dienste geregtig
wees op koste soos gedetailleer in paragraaf 9 van
hierdie prospektus. Die betaling van hierdie koste is die
verantwoordelikheid van die verkopers soos gedetailleer in
paragraaf 3.2 van hierdie prospektus. Enige ander koste sal
onderhandel word en ooreengekom word tussen die twee
maatskappye.
APPENDIX 7
Salient features of the Management Agreement
Between the Company and PIC Admin CC (“PIC Admin”)
whereas:
The Company appointed PIC Admin as property managers,
administrators and consultants.
The services that will be provided by PIC Admin will include
but are not limited to:
• Ensuring that the necessary marketing strategy is in place
• Marketing
• Appointment of agents on behalf of PIC Admin
• Training of the marketing staff of PIC Admin
• Receipt of subscription fees and investment thereof
• Calculation of interest payable on investments and
payment thereof from time to time
• Issuing of shares, share certificates and keeping the
necessary registers regarding these shares
• Any other administrative duties
As remuneration for their services PIC Admin will be entitled
to costs as detailed in paragraph 9 of this prospectus. The
payment of these costs is the responsibility of the sellers
as detailed in paragraph 3.2 of this prospectus. Any other
costs will be negotiated and agreed upon between the two
companies.
45

46
BYLAAG 8 / APPENDIX 8
CIPRO Sertifikaat / CIPRO Certificate

AANSOEK OM EENHEDE IN TROPICAL BUTTERFLY INVESTMENTS LTD REG
No: 2003/031064/06
Soos aangeheg aan die geregistreerde prospektus van Tropical Butterfly Investments Ltd
TUSSEN: PIC SYNDICATIONS (PTY) Ltd REG. NO. 2002/000736/07 van Schoeman straat, ARCADIA, PRETORIA,
VAN/MAATSKAPPY
(hierna genoem die PROMOTER)
VOORNAME: ID NR. / REG.NR.
POSADRES:
TEL.NO.: SEL. NR.: FAKS. NR.:
ADRES:
EN
(hierna genoem die BELEGGER)
AANGESIEN die BEMARKER gemagtig is om aandele en gekoppelde leningseenhede in TROPICAL BUTTERFLY INVESTMENTS,
hierna genoem die MAATSKAPPY, aan te bied, en
AANGESIEN die BELEGGER hiermee sy voorneme bevestig om deel te word van die sindikasie maatskappy en eenhede in
die maatskappy te koop ooreenkomstig die uitnodiging wat die BEMARKER aan die BELEGGER gerig het soos vervat in die
prospektus/pro forma prospektus, waarvan die BELEGGER ’n afskrif ontvang het, erken die BELEGGER hiermee dat hy die
inhoud daarvan ken en verstaan.
ONDERNEEM DERHALWE:
EENHEDE
1.
Die BELEGGER is voornemens om eenhede teen R1000.00 (EENDUISEND RAND) elk te koop, wat die totale
beleggingsbedrag op R te staan bring.
BETALING EN KOOPSOM
2.
2.1 Betaling van die VERKOOPSOM moet hierdie getekende ooreenkoms vergesel. Tjeks moet uitgemaak word aan EUGENE
KRUGER & KIE PROKUREURS (Ingelyf), TRUSTREKENING STANDARD BANK HATFIELD NO: 012549878 – TAKKODE: 01-
15-45-15. Die BEMARKER word hiermee gemagtig om die prokureurs opdrag te gee om sodanige gelde wat ontvang word
te belê kragtens Afdeling 78 (2)(A) van die Prokureurswet.
2.2 Die VERKOOPSOM sal sodanig belê word totdat die eiendomme wat in die PROSPEKTUS gemeld word in die MAATSKAPPY
se naam geregistreer word. Sodanige belegging sal in geen stadium deel vorm van die BEMARKER se bates nie. Die
BEMARKER mag egter na sy goeddunke ’n gedeelte van die belegging benut vir die betaling van die koopsom van die
eiendom en verwante koste, bv. prokureursfooie, BTW, ens.
2.3 Totdat die EIENDOMME in die MAATSKAPPY se naam geregistreer word, sal die BELEGGER geregtig wees daarop om
rente op die belegging te verdien, ooreenkomstig die jaarlikse koers, maandeliks terugwerkend bereken, wat deur Standard
Bank betaal word vir ’n markgekoppelde rekening. Die rente betaalbaar aan die BELEGGER sal wissel na gelang van die
rentekoers wat Standard Bank op genoemde rekening betaal.
FINANSIËLE ADVISEUR: FINANSIËLE ADVISEUR KODE:
KLIËNT PARAFEER: FINANSIËLE ADVISEUR PARAFEER:
Ooreenkoms Nr
47

48
OORDRAG
3.
Die oordrag van aandele in die BELEGGER se naam sal geskied na registrasie van die EIENDOMME in die MAATSKAPPY se naam.
WAARBORGE
Die BEMARKER waarborg hiermee en verklaar in die BELEGGER se guns dat:
4.
4.1 Die BELEGGER die eienaar sal wees en die voordeel geniet van die uitgereikte eenhede in die MAATSKAPPY vanaf die
registrasiedatum van die EIENDOM in die MAATSKAPPY se naam.
4.2 Die BELEGGER sal die reg, magtiging en gesag hê om die eenhede te verkoop, sonder enige retensieregte, opsies of
enige beperkings van watter aard ook al. Die BELEGGER erken egter dat die belegging langtermyn van aard is en dat die
BELEGGER in die geval van die verkoop van eenhede met die BEMARKER moet onderhandel oor die prys van eenhede
en die kommissie wat deur die AGENT gehef sal word.
4.3 Buiten die waarborge wat in hierdie ooreenkoms vervat is, gee die BEMARKER geen verdere waarborge aan die BELEGGER
ten opsigte van die eenhede of enige saak wat daarmee verband hou nie.
BESTUUR
5.
5.1 Die partye plaas op rekord dat die bestuur van die sindikasie huidig deur PROPERTY INVESTMENT CONSULTANTS
ADMINISTRATION CC, Registrasienr. 1998/00567/05/23, behartig word en dat die bestuur sal voortgaan vir ’n tydperk
van 5 (VYF) jaar nadat die eiendomme in die MAATSKAPPY se naam geregistreer is. Deur die ondertekening van hierdie
ooreenkoms stem die BELEGGER onherroeplik in tot sodanige bestuur deur PROPERTY INVESTMENT CONSULTANTS
ADMINISTRATION CC.
EKSKLUSIEWE OOREENKOMS
6.
6.1. Die BELEGGER erken hiermee dat die BEMARKER of enige persoon wat aanspraak maak daarop dat hy namens die
BEMARKER optree geen handelinge, voorstelle of waarborge van enige aard aan hom gemaak of gelewer het, buiten dit
wat in die prospektus uiteengesit is nie.
6.2. Ondertekening van hierdie ooreenkoms deur die partye sal enige vorige ooreenkoms, hetsy mondeling of skriftelik, tussen
die partye vervang.
6.3. Die BELEGGER erken dat die eenhede sonder waarborge verkoop word, buiten wat in die prospektus uiteengesit is, en
6.4.
dat alle risiko en voordele daarvan op die BELEGGER sal rus vanaf die registrasiedatum van die eenhede in sy naam.
VERDERE BEPALINGS
Hierdie ooreenkoms is verder onderhewig aan:
7.1 Die Memorandum en Inlywingsartikels van die Maatskappy.
7.2 Enige aandeelhouer-ooreenkoms wat bestaan of gesluit mag word deur die aandeelhouers van die maatskappy.
FINANSIËLE ADVISEUR: FINANSIËLE ADVISEUR KODE:
KLIËNT PARAFEER: FINANSIËLE ADVISEUR PARAFEER:
7.

In die geval van die afsterwe van ’n BELEGGER word die volgende persoon of instelling aangewys as die begunstigde:
VOORNAME EN VAN:
ID NO:
VOORNAME EN VAN:
ID. NO:
8.
9.
9.1 Die partye plaas verder op rekord dat, ná registrasie van die eiendom in die MAATSKAPPY se naam, geen kansellasie
moontlik is nie. Die BELEGGER kan egter sy FINANSIËLE ADVISEUR opdrag gee om sy eenhede te herverkoop volgens
terme en voorwaardes waarop ooreengekom moet word. Die BEMARKER onderneem om die FINANSIËLE ADVISEUR
met so ’n herverkooptransaksie by te staan.
9.2 Die BELEGGER word 3 (DRIE) dae gegun om hierdie ooreenkoms te kanselleer, welke kansellasie skriftelik moet geskied.
Indien die BELEGGER die ooreenkoms om watter rede ook al daarna beëindig, vóór die eiendom in die MAATSKAPPY se
naam geregistreer word, sal ’n kansellasiefooi van 10% van die verkoopsom deur die BELEGGER in die BEMARKER se
guns verbeur word.
10.
Die partye plaas op rekord dat die BELEGGER hierdie prospektus onder oë gehad het en dat hierdie ooreenkoms ten
volle geldig en van krag sal wees, tensy die geregistreerde ooreenkoms wesenlik van die voorgestelde ooreenkoms verskil.
ALDUS GEDAAN EN GETEKEN TE OP HIERDIE
DAG VAN 2005.
FINANSIËLE ADVISEUR
BEMARKER BELEGGER
AS GETUIES:
1.
2.
FINANSIËLE ADVISEUR: FINANSIËLE ADVISEUR KODE:
KLIËNT PARAFEER: FINANSIËLE ADVISEUR PARAFEER:
Ooreenkoms Nr
49

50
UITBETALINGSINSTRUKSIES
DIE BELEGGER GEE DIE BEMARKER HIERMEE OPDRAG OM RENTE OF ENIGE ANDER GELDE WAT AAN DIE
BELEGGER VERSKULDIG IS IN DIE VOLGENDE REKENING TE BETAAL:
1. Betaal in die volgende bankrekening :
(Slegs lopende, transmissie- en spaarrekeninge kan verwerk word)
NAAM VAN REKENINGHOUER:
NAAM VAN BANK:
NAAM VAN TAK:
TAK NR:
REKENINGNO:
Hiermee verklaar ek ,
dat die volgende korrek is:
1. ID NR:
2. FISIESE ADRES:
3. POSADRES:
4. INKOMSTE BELASTING NR:
FICA
As die aansoeker ‘n Maatskappy, Beslote Korporasie of ‘n Trust is die volgende inligting van toepassing:
1. Naam van Trustees / Direkteurs / Lid:
2. Registrasie nr van Trust / Maatskappy / Bk:
3. Geregistreerde adres:
4. Inkomste Belasting registrasie nr:
Ek verklaar ook verder dat die oorsprong van inkomste vanaf die volgende afkomstig is:
KONTAK BESONDERHEDE:
Tel Nr Werk:
Tel Nr Huis:
Selfoon nr:
E-pos Adres:
Afskrif van ID: Afskrif van water en ligte rek:
GETEKEN TE OP DIE DAG VAN 2005.
FINANSIËLE ADVISEUR: FINANSIËLE ADVISEUR KODE:
KLIËNT PARAFEER: FINANSIËLE ADVISEUR PARAFEER:

APPLICATION FORM FOR UNITS IN TROPICAL BUTTERFLY INVESTMENTS LTD REG
No: 2003/031064/06
attached to the registered prospectus of Tropical Butterfly Investments Ltd.
BETWEEN: PIC SYNDICATIONS (PTY) Ltd REG.NO. 2002/000736/07 of Schoeman Street, ARCADIA, PRETORIA,
SURNAME/COMPANY
(Hereinafter referred to as the PROMOTER)
AND
FIRST NAMES: ID NO. / REG.NO.
POSTAL ADDRESS:
TEL.NO.: CELL. NO.: FAX. NO.:
ADRESS:
(Hereinafter referred to as the INVESTOR)
WHEREAS the PROMOTER is authorised to offer for sale shares and linked loan units in Tropical Butterfly Investments Ltd
hereinafter referred to as the COMPANY and
WHEREAS the INVESTOR hereby confirms his intention to participate in the syndication company and to purchase units in
the company in accordance with the invitation extended to the INVESTOR by the PROMOTER as contained in the pro-forma
prospectus a copy of which had been handed to the INVESTOR and the INVESTOR hereby acknowledges that he knows and
understand the contents thereof
NOW THEREFORE WITNESSES:
UNITS
FINANCIAL ADVISOR: FINANCIAL ADVISOR CODE:
CLIENT SIGNATURE: FINANCIAL ADVISOR SIGNATURE::
1.
The INVESTOR wishes to purchase units of R1000.00 each (ONE THOUSAND RAND) bringing the total
investment to an amount of R . The shares and loan account units are indivisibly linked and loans can not
be called up without the shares having been sold.
PAYMENT AND PURCHASE PRICE
2.
2.1 Payment of the PURCHASE PRICE must accompany this signed agreement. Cheques must be made payable to ATTORNEYS
EUGENE KRUGER & CO, Inc, TRUST ACCOUNT STANDARD BANK HATFIELD NO: 012549878 – BRANCH CODE NO:
01-15-45-15. The PROMOTER is hereby authorised to instruct the Attorneys to invest such monies received in terms of
Section 78 (2) (A) of the Attorneys Act.
2.2 The PURCHASE PRICE will remain in such an investment until such time as the property mentioned in the prospectus
has been registered into the name of the COMPANY and such investment will at no time form part of the assets of the
PROMOTER. The PROMOTER, however, may in its discretion utilise a portion of the investment for the payment of the
purchase price of properties and related costs e.d. attorney Fees, VAT etc).
2.3 Until such time as the PROPERTIES has been registered in the name of the COMPANY the INVESTOR will be entitled to
earn interest on the investment equal to the rate payable by Standard Bank on a market linked account, as from time
to time calculated monthly in arrears. The interest payable to the INVESTOR will fluctuate with the interest rate paid by
Standard Bank on the aforementioned account.
Agreement No
51

52
TRANSFER
3.
Transfer of the shares into the name of the INVESTOR will take place after registration of the PROPERTIES into the name of
the COMPANY.
WARRANTIES
The PROMOTER hereby warrants and declares in favour of the INVESTOR that:
4.
4.1 The INVESTOR will be the beneficial owner of the issued units in the COMPANY as from the date of registration of the
PROPERTY into the name of the COMPANY.
4.2 The INVESTOR shall have the right, power and authority to sell the units free of any liens, options, charges or any
encumbrances of whatsoever nature. The INVESTOR, however, acknowledges that the nature of the investment is a long
term one and in the case of a sale of the units, the INVESTOR must negotiate with the BUYER the price of the units and
the commission that will be charged by the AGENT handling the sale.
4.3 Save for the warranties contained in this agreement the PROMOTER gives no further
warranties to the INVESTOR in respect of the units or any matter or anything connected therewith.
MANAGEMENT
5.
5.1 The parties place on record that the management of the syndication is presently undertaken by PROPERTY INVESTMENT
CONSULTANTS ADMINISTRATION CC, Registration No. 1998/00567/05/23 and that the management will continue for a
period of 5 (FIVE) years after the properties had been registered in the name of the COMPANY. By signing this agreement
the INVESTOR irrevocably consents to such management by PROPERTY INVESTMENT CONSULTANTS ADMINISTRATION CC
SOLE AGREEMENT
6.
6.1 The INVESTOR confirms that no act, representations, guarantees or warranties of any nature whatsoever have been made
or given to him by the PROMOTER or any person whosoever purporting to act on behalf of the PROMOTER, safe as set
out in the prospectus.
6.2 Signature of this agreement by the parties hereto shall be deemed to supersede any previous verbal or written agreements
between the parties.
6.3 The INVESTOR acknowledges that the units are sold without warranties or guarantees other than those as set out in the
prospectus and in respect thereof and all risk and benefit thereof shall pass to the INVESTOR on the date of registration
of the units in his name.
FURTHER PROVISIONS
This agreement is further subject to:
8.1 The Memorandum and Articles of Association the Company.
8.2 Any shareholders’ agreement that may be in existence or will be entered into by the
shareholders of such company.
FINANCIAL ADVISOR: FINANCIAL ADVISOR CODE:
CLIENT SIGNATURE: FINANCIAL ADVISOR SIGNATURE::
7.

In the event or demise of the INVESTOR the following person or instance is appointed as beneficiary :
FULL NAMES:
ID NO:
FULL NAMES:
ID. Nr:
8.
9.
9.1 The parties further place on record that after the registration of the properties into the name of the Company no cancellation
is possible but the INVESTOR may instruct his FINANCIAL ADVISOR to resell the units on terms and conditions to be agreed
upon. The PROMOTER undertakes to assist the FINANCIAL ADVISOR in such resale.
9.2 The INVESTOR will be allowed 3 (THREE) days to cancel the agreement which must be done in writing. Should the
INVESTOR for any reason cancel the agreement thereafter and before the property is registered into the name of the
COMPANY, a cancellation fee of 10% of the purchase price will be forfeited by the INVESTOR to the PROMOTER.
10.
The parties place on record that the INVESTOR has perused the proposed prospectus and that his agreement will be in full force
and affect unless the registered agreement differes substatially from the proposed agreement.
THUS DONE AND SIGNED AT ON THIS THE
DAY OF 2005.
FINANCIAL ADVISOR
PROMOTER INVESTOR
AS WITNESSES:
1.
2.
FINANCIAL ADVISOR: FINANCIAL ADVISOR CODE:
CLIENT SIGNATURE: FINANCIAL ADVISOR SIGNATURE::
Agreement No
53

54
DISBURSEMENT INSTRUCTIONS
THE INVESTOR HEREBY INSTRUCTS THE PROMOTER TO PAY THE INTEREST OR ANY OTHER MONIES
DUE TO THE INVESTOR INTO THE FOLLOWING ACCOUNT:
1. Pay into the following Bank Account :
(Only current/transmission and savings accounts can be processed)
NAME OF ACCOUNT HOLDER:
BANK NAME:
BRANCH NAME:
BRANCH CO:
ACCOUNT NO:
Information required to comply with Financial Intelligence Centre Act, No. 38 of 2001
I, the undersigned,
as applicant do herby declare that my:
1. ID NO:
2. RESIDENTIAL ADDRESS IS:
3. POTAL ADDRESS IS:
4. INCOME TAX REGISTRATION NO. IS:
FICA
If the applicant is a Company, Close Corporation or Trust, the following information is needed:
1. Name of Trustees/ Directors/Members:
2. Registration Number of the Trust/Company/CC:
3. Registered address:
4. Income tax Registration No.:
I further declare that the source of the income/fund to finance this investment/purchase is:
CONTACT DETAILS:
Tel No. Work:
Tel No. Home:
Cellphone:
E-mail address:
Copy of ID: Proof of residential address:
THUS DONE AND SIGNED AT ON THE DAY OF 2005.
FINANCIAL ADVISOR: FINANCIAL ADVISOR CODE:
CLIENT SIGNATURE: FINANCIAL ADVISOR SIGNATURE::

NOTAS / NOTES
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NOTAS / NOTES