JHI’s expansion of its property management services beyond the borders of South Africa has once again received a major boost, having recently been awarded a contract to manage the R100 million Lesotho Ministry of Finance (MOF) property portfolio, following on the heels of the R300 million Lesotho National Development Corporation (LNDC) property portfolio contract, awarded to JHI in July 2001.

Delivering his speech at the official launch of JHI’s Lesotho Office, Letuka Sephelane, finance controller of the LNDC, commented that outsourcing the management of their property portfolio was not a decision taken lightly. However, since doing so they have enjoyed financial buoyancy and job creation has increased, due to the use of local service providers. Sephelane added that the corporation was now able to focus on its core business and challenged other organisations to consider outsourcing their non-core functions.

According to Jay Junkoon, JHI property management director (Africa), JHI is committed to expanding its property management business in Lesotho and other select Southern African countries.

"JHI is continuing its drive to transfer skills via JHI based education programmes and to employ local staff, as well as use local service providers. At present 90% of the staff in the Lesotho office are local Basotho and there is a plan in place to increase this to a 100% local staff complement."

"Our return on investment has been fruitful and our strategy into the future is to become a major player in the Lesotho property services market."

Ends

Issued by:

Rosemary Roberts

JHI Real Estate Ltd

Tel: (011) 441-0339 Fax no.: (011) 441-0172

6^{th August 2003}