Delta Property Fund Limited · JSE:DLT

Delta Property Fund — FY2017 Earnings Presentation

66 slides from Delta Property Fund's earnings presentation, May 2017

1. Slide 1: Results presentation for the year ended 28 February 2017

   ΎϭϰϮ– ϭϰϰϰƚŚ ^ƚƌĞĞƚWĂƌŬŵŽƌĞ͕:ŽŚĂŶŶĞƐďƵƌŐ Z^h>d^WZ^Edd/KE ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϮϴ&ĞďƌƵĂƌLJϮϬϭϳ

2. Slide 2: Agenda

   'E Ϭϭ /ŶƚƌŽĚƵĐƚŝŽŶΘ,ŝŐŚůŝŐŚƚƐ ϬϮ &ŝŶĂŶĐŝĂůZĞǀŝĞǁ Ϭϯ WŽƌƚĨŽůŝŽZĞǀŝĞǁ Ϭϰ ĂƉŝƚĂůdžƉĞŶĚŝƚƵƌĞ Ϭϱ ŽŶĐůƵƐŝŽŶ Ϭϲ YƵĞƐƚŝŽŶƐΘŶƐǁĞƌƐ Ϭϳ ŶŶĞdžƵƌĞƐ Notes:

3. Slide 3: Introduction & Highlights

   Ύϴϴ&ŝĞůĚ^ƚƌĞĞƚ͕ƵƌďĂŶ /EdZKhd/KEΘ,/',>/',d^ ^ĂŶĚŝůĞEŽŵǀĞƚĞ Notes:

4. Slide 4: Introduction to Delta

   /EdZKhd/KEdK>d ϰ :^ůŝƐƚĞĚZ/dĐŽŵƉƌŝƐŝŶŐ /ŶĚƵƐƚƌLJůĞĂĚŝŶŐůĞǀĞůϮ DĂƌŬĞƚĐĂƉŝƚĂůŝƐĂƚŝŽŶŽĨ ϳϲ͘ϰй Ͳ Zϱ͘ϵďŶ ŽĨƌĞǀĞŶƵĞĨƌŽŵ ĞŵƉŽǁĞƌŵĞŶƚ ƐŽǀĞƌĞŝŐŶƚĞŶĂŶƚƐ ƉƌŽƉĞƌƚLJĨƵŶĚ ĂƐĂƚϮϴ&ĞďƌƵĂƌLJϮϬϭϳ ŽŵŝŶĂŶƚŝŶ ǀĞƌĂŐĞƉƌŽƉĞƌƚLJ ƐƐĞƚƐƵŶĚĞƌ ǀĂůƵĞŽĨ ŵĂŶĂŐĞŵĞŶƚŽĨ WƌĞƚŽƌŝĂΘ ƵƌďĂŶƐ ZϭϬϭ͘ϲŵ Zϭϭ͘ϴďŶ ďLJϭϬϬйďůĂĐŬͲŽǁŶĞĚ ĂƐƐĞƚŵĂŶĂŐĞƌ Z^h>d

5. Slide 5: Highlights since listing

   ,/',>/',d^^/E>/^d/E' ϱ /ŶǀĞƐƚŵĞŶƚWŽƌƚĨŽůŝŽ'ƌŽǁƚŚͲ ZĂŶĚƐ;ďŝůůŝŽŶͿ ƉƌŝůͲϭϳ͗WƌŽƉŽƐĞĚ ϭϯ͘Ϭ ƚƌĂŶƐĂĐƚŝŽŶ &ĞďͲϭϰ͗^ƵƌƉĂƐƐĞƐƉƌĞͲůŝƐƚŝŶŐ ϭϮ͘Ϭ ƚĂƌŐĞƚŽĨĂZϳďŝůůŝŽŶĂƐƐĞƚ ƉŽƌƚĨŽůŝŽ͘Z/d^ƚĂƚƵƐĂƉƉƌŽǀĞĚ ϭϭ͘Ϭ :ƵůͲϭϯ͗>ĂƵŶĐŚĞƐZϮďŝůůŝŽŶ ϭϬ͘Ϭ ŽŵĞƐƚŝĐ DĞĚŝƵŵdĞƌŵ EŽƚĞWƌŽŐƌĂŵŵĞ ϵ͘Ϭ ƵŐͲϭϲ͗ĂůĂŶĐĞƐŚĞĞƚ DĂƌͲϭϳ͗^ƵďŵŝƚƚĞĚďƵůŬ ϴ͘Ϭ ů

6. Slide 6: Corporate highlights of FY2017

   KZWKZd,/',>/',d^K&&zϮϬϭϳ ϲ 'ƌŽǁƚŚŝŶĚŝƐƚƌŝďƵƚŝŽŶŽĨ 'ĞĂƌŝŶŐƌĞĚƵĐĞĚƚŽ >ŝŬĞͲĨŽƌͲůŝŬĞŶĞƚƉƌŽƉĞƌƚLJ ŝŶĐŽŵĞŐƌŽǁƚŚŽĨ ϳ͘ϭй ϰϭ͘ϱй ϱ͘ϵй ĨŽƌ&zϮϬϭϳ ĨŽƌ&zϮϬϭϳ ;Ϯϵ&ĞďϮϬϭϲ͗ϰϳ͘ϮйͿ sĂĐĂŶĐŝĞƐůĂƌŐĞůLJ WƌŽƉĞƌƚLJƉŽƌƚĨŽůŝŽ ZĞŶĞǁĞĚ ƵŶĐŚĂŶŐĞĚĂƚ ĐŽŵƉƌŝƐŝŶŐĂƉƉƌŽdžŝŵĂƚĞůLJ ϵ͘ϭй ƉŽƐƚLJĞĂƌͲĞŶĚ ϭŵŝůůŝŽŶŵϮ ϭϬϬϯϲϰŵϸ ϭϮϭůĞĂƐĞƐĂƚĂŶĂǀĞƌĂŐĞ ;

7. Slide 7: Snapshot

   ^EW^,Kd ϳ ΎsĂĐĂŶĐLJƌĞĚƵĐĞĚƚŽϵ͘ϭйƉŽƐƚ&ĞďƌƵĂƌLJϮϬϭϳ ηLJƌĞǀĞŶƵĞ >ŝƐƚŝŶŐ ĚĂƚĞ͗ ϬϮ EŽǀĞŵďĞƌϮϬϭϮ :^ĐůĂƐƐŝĨŝĐĂƚŝŽŶ͗ ZĞĂůƐƚĂƚĞ,ŽůĚŝŶŐƐΘĞǀĞůŽƉŵĞŶƚ ƐƐĞƚŵĂŶĂŐĞƌ͗ ĞůƚĂWƌŽƉĞƌƚLJ ƐƐĞƚDĂŶĂŐĞŵĞŶƚ;WƚLJͿ>ƚĚ :^ĐŽĚĞ͗ >d ƐƐĞƚ ŵĂŶĂŐĞŵĞŶƚĨĞĞ͗ Ϭ͘ϯϱйŽĨĞŶƚĞƌƉƌŝƐĞ ǀĂůƵĞ Ϯϴ &ĞďƌƵĂƌLJϮϬϭϳ ϯϭƵŐƵƐƚϮϬϭϲ Ϯϵ&ĞďƌƵĂƌLJϮϬϭϲ ^ŚĂƌĞƐŝŶŝƐƐƵĞ ϳϭϬ͕

8. Slide 8: Financial Review

   Ύ^Z^ZĂŶĚďƵƌŐ͕:ŽŚĂŶŶĞƐďƵƌŐ &/EE/>Zs/t ^ŚĂŶĞĞůDĂŚĂƌĂũ Notes:

9. Slide 9: Financial highlights of the past 12 months

   &/EE/>,/',>/',d^K&d,W^dϭϮDKEd,^ ϵ 'ĞĂƌŝŶŐƌĞĚƵĐĞĚƚŽ ^ƵĐĐĞƐƐĨƵůůLJƌĞĨŝŶĂŶĐĞĚ /ŶƚĞƌĞƐƚĐŽǀĞƌƌĂƚŝŽŽĨ ϰϭ͘ϱй Zϭ͘ϮďŶ Ϯ͘ϱ ;Ϯϵ&ĞďϮϬϭϲ͗ϰϳ͘ϮйͿ ŽĨĚĞďƚ ;Ϯϵ&ĞďϮϬϭϲ͗Ϯ͘ϰͿ EĞƚĐŽƐƚƚŽŝŶĐŽŵĞƌĂƚŝŽ &ŝdžĞĚĚĞďƚŽĨ WƌŽƉĞƌƚLJŽƉĞƌĂƚŝŶŐŵĂƌŐŝŶ ŽĨ ϭϮ͘ϰй ϴϱ͘ϭй ϳϭ͘Ϯй ;Ϯϵ&ĞďϮϬϭϲ͗ϭϮ͘ϮйͿ ;Ϯϵ&ĞďϮϬϭϲ͗ϴϯ͘ϱйͿ ĂĐŚŝĞǀĞĚ Z^h>d^WZ^Edd/KE&KZd,zZEϮ

10. Slide 10: Five-year financial overview

    &/szZZs/t ϭϬ ϮϬϭϳ ϮϬϭϲ ϮϬϭϱ ϮϬϭϰ ϮϬϭϯ Revenue (R’000) ϭϲϭϳϯϰϰ ϭϮϰϳϱϴϮ ϭϬϬϵϮϬϳ ϲϱϰϬϮϯ ϭϯϵϵϰϵ Net property income (R’000) ϭϭϱϯϯϰϭ ϵϮϱϱϯϭ ϳϲϰϴϴϰ ϱϬϮϱϬϯ ϭϭϮϯϵϲ Finance costs (R’000) ϰϳϬϱϴϬ ϰϭϮϳϭϯ ϯϭϲϯϴϬ ϭϱϭϭϰϵ ϱϱϰϰϲ ŽƐƚƚŽŝŶĐŽŵĞƌĂƚŝŽͲ ŐƌŽƐƐŵĞƚŚŽĚ Ϯϴ͘ϴй Ϯϲ͘ϰй Ϯϲ͘Ϭй Ϯϱ͘ϱй Ϯϯ͘ϲй ŽƐƚƚŽŝŶĐŽŵĞƌĂƚŝŽͲ ŶĞƚŵĞƚŚŽĚ

11. Slide 11: Distributable income statement

    /^dZ/hd>/EKD^ddDEd ϭϭ Ϯϴ&ĞďϮϬϭϳ Ϯϵ&ĞďϮϬϭϲ EĞƚ ƉƌŽƉĞƌƚLJ ŝŶĐŽŵĞ ;ĞdžĐů͘ ƐƚƌĂŝŐŚƚ ůŝŶĞ ĂĐĐƌƵĂůͿ ϭ͕ϭϰϴ͕ϰϳϴ ϴϵϴ͕ϱϴϭ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ĞdžƉĞŶƐĞƐ ;ϲϴ͕ϭϲϵͿ ;ϴϮ͕ϳϰϰͿ ZĞĂůŝƐĞĚĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞůŽƐƐ Ͳ ;ϯϵͿ EĞƚ ĨŝŶĂŶĐĞ ĐŽƐƚƐ ;ϰϰϯ͕ϰϭϮͿ ;ϯϴϲ͕ϭϮϬͿ ŝǀŝĚĞŶĚ ƌĞĐĞŝǀĞĚ Ͳ DĂƌĂ ĞůƚĂ ϯϳ͕ϵϵϬ ϯϲ͕ϳϳϵ ^ƵŶĚƌLJ ŝŶĐŽŵĞ ϲ͕Ϯϭϱ ϳ͕Ϯϲϲ ĚĚ ďĂĐŬ

12. Slide 12: Growth in distributions

    'ZKtd,/E/^dZ/hd/KE^ ϭϮ ,ŝƐƚŽƌŝĐĚŝƐƚƌŝďƵƚŝŽŶƉĞƌƐŚĂƌĞ;ĐĞŶƚƐƉĞƌƐŚĂƌĞͿ ϳ͘ϭй ϭϱ͘ϲй ϴ͘Ϭй ϵϳ͘Ϯ ϵϬ͘ϴ ϴϰ͘ϭ ϳϮ͘ϳ ϵ͘ϲй ϴ͘ϳй ϳ͘ϭй ϳ͘Ϯй Ϯϯ͘ϭй ϰϳ͘ϵ ϰϱ͘ϵ ϰϰ͘ϭ ϰϮ͘ϵ ϰϬ͘Ϯ ϰϬ͘Ϭ ϯϮ͘ϱ Ϯϯ͘ϳ &zϮϬϭϯ ,ϭƵŐͲϭϯ ,Ϯ&ĞďͲϭϰ &zϮϬϭϰ ,ϭƵŐͲϭϰ ,Ϯ&ĞďͲϭϱ &zϮϬϭϱ ,ϭƵŐͲϭϱ ,Ϯ&ĞďͲϭϲ &zϮϬϭϲ ,ϭƵŐͲϭϲ &zϮϬϭϳ Z^h>d^WZ^Edd/KE&KZd,zZEϮϴ&ZhZzϮϬϭϳ No

13. Slide 13: Distributable earnings bridge

    /^dZ/hd>ZE/E'^Z/' ϭϯ R’000 ϴϬϬϬϬϬ ϭϭ͕Ϭϵϲ ϭ͕Ϯϭϭ ;ϵ͕ϬϭϬͿ ϳϱϬϬϬϬ ϭϵϲ͕ϲϳϱ ;ϱϳ͕ϮϵϮͿ ϳϬϬϬϬϬ ϲϳϳ͕ϳϮϰ ϲϱϬϬϬϬ ϲϬϬϬϬϬ ϱϱϬϬϬϬ ϱϯ͕ϮϮϮ ϱϬϬϬϬϬ ϰϴϭ͕ϴϮϮ ϰϱϬϬϬϬ ϰϬϬϬϬϬ ,Ϯ&ĞďϮϬϭϲ džŝƐƚŝŶŐƉŽƌƚĨŽůŝŽ ĐƋƵŝƐŝƚŝŽŶƐ ĚŵŝŶĐŽƐƚƐĂǀŝŶŐ ŝǀŝĚĞŶĚƐƌĞĐĞŝǀĞĚ ŶƚĞĐĞĚĞŶƚĚŝǀŝĚĞŶĚ EĞƚĨŝŶĂŶĐĞĐŽƐƚƐ ,Ϯ&ĞďϮϬϭϳ ;DĂƌĂĞůƚĂͿ Z^h>d^WZ^Edd/KE&KZd,zZE

14. Slide 14: Like-for-like property income analysis

    >/<Ͳ&KZͲ>/<EdWZKWZdz/EKDE>z^/^ ϭϰ ĞƐĐƌŝƉƚŝŽŶ ŵŽƵŶƚ;ZͿ й EĞƚWƌŽƉĞƌƚLJ/ŶĐŽŵĞ;EW/Ϳ&ĞďϮϬϭϲ ϴϵϴ͕ϱϴϭ͕ϬϬϬ /ŶĐƌĞĂƐĞĚEW/ ĨƌŽŵďĂƐĞƉŽƌƚĨŽůŝŽŚĞůĚĂƚϮϵ&ĞďϮϬϭϲ ϱϯ͕ϮϮϮ͕ϬϬϬ ϱ͘ϵй EW/ ĂƚƚƌŝďƵƚĂďůĞƚŽĂĐƋƵŝƐŝƚŝŽŶƐĐŽŶĐůƵĚĞĚŝŶ &zϮϬϭϳ ϭϵϲ͕ϲϳϱ͕ϬϬϬ Ϯϭ͘ϵй EĞƚWƌŽƉĞƌƚLJ/ŶĐŽŵĞ;EW/Ϳ&ĞďϮϬϭϳ ϭ͕ϭϰϴ͕ϰϳϴ͕ϬϬϬ Ϯϳ͘ϴй /ŶĐƌĞĂƐĞĚEW/ ĨƌŽŵďĂƐĞƉŽ

15. Slide 15: Statement of financial position

    ^ddDEdK&&/EE/>WK^/d/KE ϭϱ R’000 Ϯϴ&ĞďϮϬϭϳ Ϯϵ&ĞďϮϬϭϲ ŚĂŶŐĞй ^^d^ EŽŶͲƵƌƌĞŶƚĂƐƐĞƚƐ ϭϬϰϰϴϮϳϭ ϵϬϴϱϳϱϵ ϭϱ͕Ϭй /ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚLJ ϭϬϬϱϯϵϮϭ ϴϲϴϰϳϬϬ ϭϱ͕ϴй &ĂŝƌǀĂůƵĞŽĨƉƌŽƉĞƌƚLJƉŽƌƚĨŽůŝŽ ϵϴϲϭϰϰϵ ϴϱϬϬϭϴϯ ϭϲ͕Ϭй ^ƚƌĂŝŐŚƚůŝŶĞƌĞŶƚĂůŝŶĐŽŵĞĂĐĐƌƵĂů ϭϵϮϰϳϮ ϭϴϰϱϭϳ ϰ͕ϯй /ŶǀĞƐƚŵĞŶƚŝŶĂƐƐŽĐŝĂƚĞ ϯϵϭϬϭϯ ϯϴϯϯϮϳ Ϯ͘Ϭй KƚŚĞƌŶŽŶͲĐƵ

16. Slide 16: NAV bridge

    EsZ/' ϭϲ ZĂŶĚƐ Ϭ͘ϵϬ Ϭ͘Ϭϰ Ϭ͘Ϭϰ ;Ϯ͘ϲϱͿ ϭϯ͘ϬϬ ϭϮ͘ϱϬ ϭ͘ϴϬ ϭϮ͘ϬϬ ϭϭ͘ϱϬ ϭϭ͘ϬϬ ;Ϭ͘ϴϬͿ ϭϬ͘ϲϭ ϭϬ͘ϱϬ ϭϬ͘ϬϬ ;Ϭ͘ϬϯͿ ϵ͘ϵϭ ϵ͘ϱϬ Ϯϵ&ĞďϮϬϭϲ ƐƐĞƚƐĂĐƋƵŝƌĞĚ ZĞŵĂŝŶŝŶŐŝŵƉĂĐƚ ZĞǀĂůƵĂƚŝŽŶŽĨ ŽŶƚƌŝďƵƚŝŽŶĨƌŽŵ /ƐƐƵĞŽĨƐŚĂƌĞƐĨŽƌ ŝǀŝĚĞŶĚƉĂŝĚ ŝƐƉŽƐĂůƐ Ϯϴ&ĞďϮϬϭϳ ƚŚƌŽƵŐŚ ĨƌŽŵŽƉĞƌĂƚŝŽŶƐ ĨŝŶĂŶĐŝĂů ĂƐƐŽĐŝĂƚĞ ĂĐƋƵŝƐŝƚŝŽŶƐ ĂĐƋƵŝƐŝƚŝŽŶƐ

17. Slide 17: Debt summary

    d^hDDZz ϭϳ Ɛ ĂƚϮϴ&ĞďƌƵĂƌLJϮϬϭϳ &ĂĐŝůŝƚLJdLJƉĞ R’ m tĞŝŐŚƚĞĚ ǀĞ͘ZĂƚĞ &ůŽĂƚŝŶŐďĂŶŬ ĨĂĐŝůŝƚŝĞƐ ϯ͕ϱϲϲ ϵ͘ϮϮй &ŝdžĞĚďĂŶŬĨĂĐŝůŝƚŝĞƐ ϳϵϲ ϴ͘ϱϲй ZĞǀŽůǀŝŶŐďĂŶŬ ĨĂĐŝůŝƚŝĞƐ ϲϮϭ ϵ͘ϯϴй dŽƚĂů ďĂŶŬĨĂĐŝůŝƚŝĞƐ ϰ͕ϵϴϯ ϵ͘ϭϰй DdEƉƌŽŐƌĂŵŵĞͲ ĨůŽĂƚŝŶŐ ϭϮϱ ϵ͘ϰϯй dŽƚĂůďŽƌƌŽǁŝŶŐƐ͕ ŶĞƚŽĨĂĐĐƌƵĞĚŝŶƚĞƌĞƐƚ ϱ͕ϭϬϴ ϵ͘ϭϰй ĐĐƌƵĞĚŝŶƚĞƌĞƐƚ ϭϴ

18. Slide 18: Graphical debt analysis

    'ZW,/>dE>z^/^ ϭϴ ^ŽƵƌĐĞŽĨĞďƚ dŽƚĂů͗Zϱ͕ϭϬϴŵ ĞďƚůĂƐƐŝĨŝĐĂƚŝŽŶ dŽƚĂů͗Zϱ͕ϭϬϴŵ Ϯ͘ϰй ϯ͘ϭй Ϯ͘ϰй ϭϮ͘Ϯй &ůŽĂƚŝŶŐĂŶŬ&ĂĐŝůŝƚŝĞƐ;Zϯ͕ϱϲϲŵͿ ZĂŶŬŝŶŐ&ĂĐŝůŝƚŝĞƐ;Zϰ͕ϴϮϳŵͿ &ŝdžĞĚĂŶŬ&ĂĐŝůŝƚŝĞƐ;ZϳϵϲŵͿ DdEWƌŽŐƌĂŵŵĞ;Z͕ϭϮϱŵͿ ϭϱ͘ϲй ZĞǀŽůǀŝŶŐĂŶŬ&ĂĐŝůŝƚŝĞƐ;ZϲϮϮŵͿ ϵϰ͘ϱй h^ĂŶŬŝŶŐ&ĂĐŝůŝƚŝĞƐ;Z͕ϭϱϲŵͿ ϱϴ͘ϴй hŶƐĞĐƵƌĞĚŽŵ͘WĂƉĞƌ;ZϭϮϱŵͿ

19. Slide 19: Expiry profile

    dyW/ZzWZK&/> ϭϵ Zŵŝů ϭϲϬϬ ϭϰϬϬ ϭϮϬϬ ϭϬϬϬ ϴϬϬ ϲϬϬ ϰϬϬ ϮϬϬ Ͳ ϮϴͲ&ĞďͲϭϴ ϮϴͲ&ĞďͲϭϵ ϮϵͲ&ĞďͲϮϬ ϮϴͲ&ĞďͲϮϭ ϮϴͲ&ĞďͲϮϮ DdEWƌŽŐƌĂŵŵĞ &ŝdžĞĚĂŶŬ&ĂĐŝůŝƚŝĞƐ &ůŽĂƚŝŶŐĂŶŬ&ĂĐŝůŝƚŝĞƐ ZĞǀŽůǀŝŶŐĂŶŬ&ĂĐŝůŝƚŝĞƐ sĞŶĚŽƌ>ŽĂŶƐ ^ǁĂƉŽŶƚƌĂĐƚƐ Z^h>d^WZ^Edd/KE&KZd,zZEϮϴ&ZhZzϮϬϭϳ Notes:

20. Slide 20: Commentary

    dKDDEdZz ϮϬ ➢ dŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞĂůůͲŝŶĐŽƐƚŽĨĨƵŶĚŝŶŐŝƐϵ͘Ϯй;ϮϬϭϲ͗ϴ͘ϴйͿ͕ǁŝƚŚϴϱ͘ϭй;ϮϬϭϲ͗ϴϯ͘ϱйͿŽĨďŽƌƌŽǁŝŶŐƐ ďĞŝŶŐĨŝdžĞĚƚŚƌŽƵŐŚĂĐŽŵďŝŶĂƚŝŽŶŽĨƐǁĂƉĐŽŶƚƌĂĐƚƐĂŶĚĨŝdžĞĚƌĂƚĞůŽĂŶƐ ➢ ǀĞƌĂŐĞĚĞďƚĞdžƉŝƌLJĂŶĚĂǀĞƌĂŐĞĨŝdžĞdžƉŝƌLJŵĞƚƌŝĐƐǁĞƌĞϭ͘ϵ;ϮϬϭϲ͗Ϯ͘ϯͿĂŶĚϮ͘Ϯ;ϮϬϭϲ͗Ϯ͘ϭͿƌĞƐƉĞĐƚŝǀĞůLJ ➢ ^ƵĐĐĞƐƐĨƵůůLJƌĞĨŝŶĂŶĐĞĚZϭ͘ϮďŶŝŶǀĂŶŝůůĂĂŶĚDĚĞ

21. Slide 21: Portfolio Review

    ΎWŚĂŵŽŬŽdŽǁĞƌƐ͕WŽůŽŬǁĂŶĞ WKZd&K>/KZs/t KƚŝƐdƐŚĂďĂůĂůĂ Notes:

22. Slide 22: Operations highlights for the year ended February 2017

    KWZd/KE^,/',>/',d^&KZd,zZE&ZhZzϮϬϭϳ ϮϮ ĚŝƐƚŝŶĐƚĨŽĐƵƐŽŶŐŽǀĞƌŶŵĞŶƚ dŽƚĂů'>ůĞĂƐĞƌĞŶĞǁĂůƐŝŶĂ ƚĞŶĂŶƚƐ ĐŚĂůůĞŶŐŝŶŐĞŶǀŝƌŽŶŵĞŶƚ ϳϬ͘ϳй ϭϬϬϯϲϰŵϸ ďĞŝŶŐƐŽǀĞƌĞŝŐŶƚĞŶĂŶƚƐ;ďLJ'>Ϳ &ĞďϮϬϭϲ;ϲϯϬϬϬŵϸͿ sĂĐĂŶĐŝĞƐůĂƌŐĞůLJƵŶĐŚĂŶŐĞĚĂƚ ϵ͘ϭй ϮϰϯϬϬϬŵϸ ƵůŬůĞĂƐĞƌĞŶĞǁĂůƉƌŽƉŽƐĂůƚŽWt WŽƐƚ&ĞďϮϬϭϳ ;WDdͿ ;^WKĂǀĞƌĂŐĞϭϭ͘ϭйͿ ϲϮůĞĂƐĞƐŶĂƚŝŽŶ

23. Slide 23: Strategy: sign to maximise sovereign income

    ^dZd'z^/'EdKDy/D/^KE^hZE^d>/EKD Ϯϯ ƵŝůĚŝŶŐƐƌĞƉƌĞƐĞŶƚĞĚWƌŽǀŝŶĐĞƐ ZĞƉƌĞƐĞŶƚĂƚŝǀĞdĞŶĂŶƚƐ 'ĂƵƚĞŶŐ ϯϵ <ǁĂƵůƵͲEĂƚĂů ϭϵ &ƌĞĞ^ƚĂƚĞ ϭϳ DƉƵŵĂůĂŶŐĂ ϭϯ >ŝŵƉŽƉŽ ϳ EŽƌƚŚĞƌŶĂƉĞ ϳ >ŝŵƉŽƉŽ tĞƐƚĞƌŶĂƉĞ ϱ ĂƐƚĞƌŶĂƉĞ ϯ DƉƵŵĂůĂŶŐĂ EŽƌƚŚtĞƐƚ Ϯ 'ĂƵƚĞŶŐ EŽƌƚŚtĞƐƚ dKd> ϭϭϮ &ƌĞĞ^ƚĂƚĞ <ǁĂƵůƵ EĂƚĂů EŽƌƚŚĞƌŶ ĂƉĞ ĂƐƚĞƌŶ ĂƉĞ tĞƐƚ

24. Slide 24: Government Print | Pretoria

    'KsZEDEdWZ/EdͮWZdKZ/ Ϯϰ Z^h>d^WZ^Edd/KE&KZd,zZEϮϴ&ZhZzϮϬϭϳ Notes:

25. Slide 25: Node analysis | Pretoria

    EK>E>z^/^ͮWZdKZ/ Ϯϱ ϭ– ϵ͗ĞůƚĂŽǁŶĞĚ ϭϰ͗'/ƵŝůĚŝŶŐ ƉƌŽƉĞƌƚŝĞƐ ;Wt,ĞĂĚKĨĨŝĐĞͿ ϭϱ͗sEƵŝůĚŝŶŐ ϭϬ͗^dŽǁĞƌƐ ;WtŽĐĐƵƉŝĞĚͿ ϭϭ͗DŽŵĞŶƚƵŵďƵŝůĚŝŶŐ ϭϲ͗^ƚĂƚĞdŚĞĂƚƌĞ ϭϳ͗^ĂŵŵLJDĂƌŬƐ ϭϮ͗dƌĞĂƐƵƌLJ ^ŚŽƉƉŝŶŐĞŶƚƌĞ ϭϴ͗/ŶƚĞŶĚĞĚŶĞǁ ϭϯ͗dĞůŬŽŵdŽǁĞƌƐ ŵƵŶŝĐŝƉĂů,Y Z^h>d^WZ^Edd/KE&KZd,zZEϮϴ&ZhZzϮϬϭϳ Notes:

26. Slide 26: Node analysis | Durban

    EK>E>z^/^ͮhZE Ϯϲ ϭ– ϭϰ͗ĞůƚĂŽǁŶĞĚ ϭϵ͗^,ZWĂƌŬ ƉƌŽƉĞƌƚŝĞƐ <ŝŶŐƐŵĞĂĚ ϭϱ͗ƵƌďĂŶ/ŶƚĞƌŶĂƚŝŽŶĂů ϮϬ͗^ŽƵƚŚĞĂĐŚ ŽŶǀĞŶƚŝŽŶĞŶƚƌĞ ϭϲ͗ƵƌďĂŶŝƚLJ,Ăůů Ϯϭ͗ZĞĚĞĨŝŶĞ dŽǁĞƌƐ ϭϳ͗tŽƌŬƐŚŽƉ DĂůů ϮϮ͗ŽŵŵĞƌĐŝĂů ŝƚLJ ;KůĚZĂŝůǁĂLJtŽƌŬƐŚŽƉͿ ƵŝůĚŝŶŐ ϭϴ͗ƵƌďĂŶDĂƌŝŶĂ Ϯϯ͗ƵƌďĂŶ ĂLJ,ŽƵƐĞ Z^h>d^WZ^Edd/KE&KZd,zZEϮϴ&ZhZzϮϬϭϳ Notes:

27. Slide 27: Node analysis | Lombard Fontein

    EK>E>z^/^ͮ>KD&KEd/E Ϯϳ ϭ– ϭϯ͗ĞůƚĂŽǁŶĞĚ 19: “Fourth” Raadsaal ƉƌŽƉĞƌƚŝĞƐ ϭϰ͗,ŽĨĨŵĂŶ^ƋƵĂƌĞ ϮϬ͗ůŽĞŵĨŽŶƚĞŝŶŝƚLJ,Ăůů ϭϱ͗^ĂŶĚĚƵWůĞƐƐŝƐdŚĞĂƚƌĞ Ϯϭ͗Z^ǁĂƌƚƵŝůĚŝŶŐ ϭϲ͗tĂƚĞƌĨƌŽŶƚDĂůů ϮϮ͗>ĞĂŶŐƵŝůĚŝŶŐ ϭϳ͗>ŽĐŚ>ŽŐĂŶ Ϯϯ͗ƌĂŵ&ŝƐŚĞƌƵŝůĚŝŶŐ ϭϴ͗ƉƉĞĂůŽƵƌƚ Ϯϰ͗>ŝďĞƌƚLJ>ŝĨĞƵŝůĚŝŶŐ Z^h>d^WZ^Edd/KE&KZd,zZEϮϴ&ZhZzϮϬϭϳ Notes:

28. Slide 28: Storlea split by province (112 buildings)

    ^dKZ>^W>/dzWZKs/E;ϭϭϮh/>/E'^Ϳ Ϯϴ KĨĨŝĐĞͲ^ŽǀĞƌĞŝŐŶ KĨĨŝĐĞͲKƚŚĞƌ ZĞƚĂŝů /ŶĚƵƐƚƌŝĂů ϰϱ ϰϬ Ϯ ϯϱ ϵ ϯϬ Ϯϱ ϮϬ Ϯ ϭϱ Ϯϴ ϵ ϭϬ ϰ ϭϳ ϱ ϭ ϭ ϴ ϵ ϭ ϲ ϲ ϰ ϯ Ϯ Ϭ 'ĂƵƚĞŶŐ <ǁĂnjƵůƵͲEĂƚĂů &ƌĞĞ^ƚĂƚĞ DƉƵŵĂůĂŶŐĂ >ŝŵƉŽƉŽ EŽƌƚŚĞƌŶĂƉĞ tĞƐƚĞƌŶĂƉĞ ĂƐƚĞƌŶĂƉĞ EŽƌƚŚtĞƐƚ Z^h>d^WZ^Edd/KE&KZd,zZEϮϴ&ZhZzϮϬϭϳ Notes:

29. Slide 29: Portfolio breakdown

    WKZd&K>/KZ<KtE Ϯϵ KĨĨŝĐĞͲ KĨĨŝĐĞͲ KƚŚĞƌ /ŶĚƵƐƚƌŝĂů ZĞƚĂŝů dŽƚĂů ^ŽǀĞƌĞŝŐŶΎ EƵŵďĞƌŽĨƉƌŽƉĞƌƚŝĞƐ ϴϯ Ϯϰ Ϯ ϯ ϭϭϮ 'ƌŽƐƐůĞƚƚĂďůĞ ĂƌĞĂ;ŵϮͿ ϲϴϯ͕ϯϳϱ Ϯϰϳ͕ϳϲϴ Ϯϲ͕ϵϭϴ Ϯϯ͕ϳϭϲ ϵϴϭ͕ϳϳϳ sĂĐĂŶĐLJ ;йͿ ϳ͘ϳй Ϯϭ͘Ϭй Ϭ͘Ϭй ϯ͘ϰй ϭϬ͘ϳй sĂůƵĞ Zϴ͘ϯďŶ ZϮ͘ϲďŶ ZϬ͘ϮďŶ ZϬ͘ϯďŶ Zϭϭ͘ϰďŶ ǀĞƌĂŐĞƌĞŶƚĂů ;ZͬŵϮͿ η ϭϭϯ͘ϴ ϴϭ͘ϯ ϱϭ͘ϳ ϭϬϴ͘ϰ ϭϬϱ͘Ϯ

30. Slide 30: Storlea split

    ^dKZ>^W>/d ϯϬ '>Ͳ ďLJďƵŝůĚŝŶŐ '>Ͳ ďLJƚĞŶĂŶƚΎ Ϯй ϯй ϳй ϯй KĨĨŝĐĞͲ^ŽǀĞƌĞŝŐŶ;ϲϵ͘ϲйͿ KĨĨŝĐĞͲ^ŽǀĞƌĞŝŐŶ;ϳϬ͘ϳйͿ Ϯϱй KĨĨŝĐĞͲKƚŚĞƌ;Ϯϱ͘ϮйͿ ϭϵй KĨĨŝĐĞͲKƚŚĞƌ;ϭϵ͘ϰйͿ /ŶĚƵƐƚƌŝĂů;Ϯ͘ϰйͿ ZĞƚĂŝů;ϲ͘ϵйͿ ϳϬй ZĞƚĂŝů;Ϯ͘ϴйͿ /ŶĚƵƐƚƌŝĂů;ϯ͘ϬйͿ ϳϭй ZĞŶƚĂůͲ ďLJďƵŝůĚŝŶŐ ZĞŶƚĂůͲ ďLJƚĞŶĂŶƚ Ϯй Ϯй ϳй Ϯй ϭϴй KĨĨŝĐĞͲ^ŽǀĞƌĞŝŐŶ;ϳϴ͘ϱйͿ ϭϱй K

31. Slide 31: Tenant profile breakdown

    d/>dEEdZ<KtE ϯϭ dĞŶĂŶƚWƌŽĨŝůĞďLJ'> dĞŶĂŶƚWƌŽĨŝůĞďLJZĞŶƚĂů ϯ͘Ϭй ϭ͘ϱй ϲ͘ϵй ϳ͘ϭй KĨĨŝĐĞͲ^ŽǀĞƌĞŝŐŶ EĂƚŝŽŶĂů'ŽǀĞƌŶŵĞŶƚ ϭϱ͘Ϭй ϰϬ͘Ϭй KĨĨŝĐĞͲKƚŚĞƌ ϰϭ͘ϭй ϭϵ͘ϰй WƌŽǀŝŶĐŝĂů'ŽǀĞƌŶŵĞŶƚ ZĞƚĂŝů ϱ͘Ϭй >ŽĐĂů'ŽǀĞƌŶŵĞŶƚ ϰ͘ϰй ϳϬ͘ϳй /ŶĚƵƐƚƌŝĂů ^ƚĂƚĞͲKǁŶĞĚ ϭϬ͘ϱй ϳϲ͘ϰй ŶƚĞƌƉƌŝƐĞ ϭϬ͘ϴй ϭϱ͘ϱй ϭϵ͘ϴй džĐůƵĚĞƐǀĂĐĂŶĐŝĞƐ͘dŽƚĂůŽĐĐƵƉŝ

32. Slide 32: Update on sovereign tenants

    hWdKE^KsZ/'EdEEd^ ϯϮ ➢ ϮŶĚĚŝƐƉĞŶƐĂƚŝŽŶ;ϯLJĞĂƌƚĞƌŵƐ͕ϱ͘ϱйĞƐĐĂůĂƚŝŽŶƐͿĞŶĚĞĚŝŶDĂƌĐŚϮϬϭϳ͘ ➢ WDd ƌĞĐĞŝǀĞĚƋƵĂůŝĨŝĞĚĂƵĚŝƚƌĞƉŽƌƚĂĨƚĞƌƚǁŽƐƵĐĐĞƐƐŝǀĞĚŝƐĐůĂŝŵĞƌƐ͘ ➢ Wt ƌĞĐĞŝǀĞĚĂŶƵŶƋƵĂůŝĨŝĞĚƌĞƉŽƌƚĂĨƚĞƌƚǁŽƐƵĐĐĞƐƐŝǀĞƋƵĂůŝĨŝĞĚƌĞƉŽƌƚƐ͘ ➢ ^ŝŐŶŝĨŝĐĂŶƚƉƌŽŐƌĞƐƐŵĂĚĞŝŶƚŚĞ^/hŝŶǀĞƐƚŝŐĂƚŝŽŶƐŝŶƚŽĐŽƌƌƵƉƚŝŽŶĐĂƐĞƐ͘ ➢ ϯϯϯĐĂƐĞƐŝŶǀĞƐ

33. Slide 33: Update on sovereign tenants (continued)

    hWdKE^KsZ/'EdEEd^ͮKEd/Eh ϯϯ ➢ dĞŶĚĞƌŝƐƐƵĞĚďLJWtŝŶĞĐĞŵďĞƌϮϬϭϲĨŽƌĂůůůĂŶĚůŽƌĚƐŝŶƚŚĞEĂƚŝŽŶĂůŐŽǀĞƌŶŵĞŶƚƐƉĂĐĞƚŽƌĞŶĞǁůĞĂƐĞƐ͘ • /ŶŝƚŝĂůĐůŽƐŝŶŐĚĂƚĞϯϭƐƚ:ĂŶƵĂƌLJϮϬϭϳ • ^ƵďƐĞƋƵĞŶƚůLJĞdžƚĞŶĚĞĚƚŽϯϬƚŚƉƌŝůϮϬϭϳ ➢ dŚĞƚĞŶĚĞƌǁĂƐŝŶŝƚŝĂůůLJƌŽůůĞĚŽƵƚƚŽƚŚĞdŽƉϮϬ>ĂŶĚůŽƌĚƐǁŚŽŵĂŬĞƵƉϴϬй ŽĨƚŚĞŶĂƚŝŽŶĂůŐŽǀĞƌŶŵĞŶƚƌĞŶƚĂůƐƉĞŶĚ ŽĨZϰďŝůůŝŽŶ

34. Slide 34: Update on sovereign tenants (continued)

    hWdKE^KsZ/'EdEEd^ͮKEd/Eh ϯϰ ➢ ,ŝŐŚůŝŐŚƚƐŽĨĨƌĂŵĞǁŽƌŬĂƚƚŚŝƐƐƚĂŐĞ͗ • /ŶůŝŶĞǁŝƚŚƚŚĞĐƵƌƌĞŶƚĐůĂƌŝŽŶĐĂůůĨŽƌƌĂĚŝĐĂůĞĐŽŶŽŵŝĐƚƌĂŶƐĨŽƌŵĂƚŝŽŶŝŶƚŚĞĐŽƵŶƚƌLJƚŚĞĚƌĂĨƚůĞĂƐŝŶŐƉŽůŝĐLJƉůĂĐĞƐĂůŽƚŽĨ ĞŵƉŚĂƐŝƐŽŶďůĂĐŬŽǁŶĞƌƐŚŝƉĂŶĚƚƌĂŶƐĨŽƌŵĂƚŝŽŶ͘ • dŚĞůĂĐŬůŝƐƚĞĚZ/d^ƉƌĞǀŝŽƵƐůLJƋƵĂůŝĨŝĞĚĨŽƌůŽŶŐƚĞƌŵůĞĂƐĞƐďĂƐĞĚŽŶƚŚĞŵŚĂǀŝŶŐďůĂĐŬDĂŶĐŽ

35. Slide 35: What this means for Delta

    hWdKE^KsZ/'EdEEd^ ϯϱ ➢ tŚĂƚƚŚŝƐŵĞĂŶƐĨŽƌĞůƚĂ͗ ➢ tĞůůƉŽƐŝƚŝŽŶĞĚƚŽŽďƚĂŝŶŶĞǁůĞĂƐĞƐ • dŚŝƐǁŽƵůĚĞŶĂďůĞŽŶŐŽŝŶŐWy ŝŶǀĞƐƚŵĞŶƚƐĂŶĚŝŵƉƌŽǀĞŵĞŶƚƐƚŽƚŚĞƉŽƌƚĨŽůŝŽ ➢ tĞůůƉůĂĐĞĚƚŽƉƌŽǀŝĚĞƚŚĞĂƉƉƌŽƉƌŝĂƚĞĂĐĐŽŵŵŽĚĂƚŝŽŶƚŽŐŽǀĞƌŶŵĞŶƚ • ƚŵĂƌŬĞƚƌĞůĂƚĞĚƌĞŶƚĂůƐ • /ŶƚŚĞŶŽĚĞƐƚŚĂƚŐŽǀĞƌŶŵĞŶƚƐƚƌĂƚĞŐŝĐĂůůLJǁŝƐŚĞƐƚŽŽĐĐƵƉLJ ➢ WƌŽǀŝĚĞƚĞŶĂŶ

36. Slide 36: Leasing

    >^/E' ϯϲ dŽƚĂůůĞĂƐĞƐ ĐŽŶĐůƵĚĞĚϭDĂƌĐŚϮϬϭϲ– Ϯϴ&ĞďƌƵĂƌLJϮϬϭϳ t͘͘ džƉŝƌLJ t͘͘ ĐŚŝĞǀĞĚZĂƚĞ EŽŽĨ>ĞĂƐĞƐ dŽƚĂůƌĞĂ;ŵϮͿ ZĞǀĞƌƐŝŽŶ t͘͘ ƐĐ͘ĂĐŚŝĞǀĞĚ ZĂƚĞ;ZͬŵϮͿ Ύ ;ZͬŵϮͿ Ύ ZĞŶĞǁĞĚůĞĂƐĞƐ ;ĞdžƉŝƌŝŶŐ&z&ĞďϮϬϭϳͿ ϭϭϯ ϴϵ͕ϰϭϱ ϭϭϮ͘ϴ ϭϬϱ͘ϭ ;ϲ͘ϴйͿ ϳ͘ϯй ZĞŶĞǁĞĚůĞĂƐĞƐ ;ĞdžƉŝƌŝŶŐ&z&ĞďϮϬϭϴͿ ϴ ϭϬ͕ϵϰϵ ϴϱ͘ϵ ϴϭ͘Ϭϰ ;ϱ͘ϲйͿ ϲ͘Ϭй dŽƚĂůƌĞŶĞǁ

37. Slide 37: Leasing outlook

    >^/E'ͮKhd>KK< ϯϳ ŶƚŝĐŝƉĂƚĞĚƐŽǀĞƌĞŝŐŶƌĞŶĞǁĂůƐ t͘͘ WƌŽƉŽƐĞĚ t͘͘ džƉŝƌLJ ^ĞĐƚŽƌ EŽŽĨ >ĞĂƐĞƐ dŽƚĂůƌĞĂ ZĞǀĞƌƐŝŽŶ ZĂƚĞͬŵϮΎ ZĂƚĞͬŵϮ Ύ >ĞĂƐĞƐŽŶŵŽŶƚŚͲƚŽͲŵŽŶƚŚŽƌĞdžƉŝƌŝŶŐďLJϯϭƵŐƵƐƚϮϬϭϳ EĂƚŝŽŶĂůŐŽǀĞƌŶŵĞŶƚ ϰϬ ϭϵϱ͕Ϯϳϵ ϭϬϬ͘ϴ ϵϭ͘ϱ нϭϬ͘Ϯй WƌŽǀŝŶĐŝĂůŐŽǀĞƌŶŵĞŶƚ ϭϭ ϱϬ͕ϮϳϬ ϭϭϮ͘ϰ ϭϭϳ͘Ϭ ;ϰ͘ϬйͿ >ŽĐĂůŐŽǀĞƌŶŵĞŶƚ ϭ Ϯϭ͕ϯϯϵ ϭϭϱ͘Ϭ

38. Slide 38: Lease expiry profile at 28 February 2017

    >^yW/ZzWZK&/>dϮϴ&ZhZzϮϬϭϳ ϯϴ dŽƚĂůƉŽƌƚĨŽůŝŽͲ ďLJ'> dŽƚĂůƉŽƌƚĨŽůŝŽͲ ďLJƌĞŶƚĂů sĂĐĂŶƚ;ϭϬ͘ϳйͿ DŽŶƚŚƚŽDŽŶƚŚ;Ϯϯ͘ϮйͿ DŽŶƚŚƚŽDŽŶƚŚ;ϮϬ͘ϵйͿ Ϯϴ&Ğďϭϴ;Ϯϴ͘ϮйͿ Ϯϴ&Ğďϭϴ;Ϯϳ͘ϵйͿ Ϯϴ&Ğďϭϵ;ϭϭ͘ϳйͿ Ϯϴ&Ğďϭϵ;ϭϱ͘ϰйͿ Ϯϵ&ĞďϮϬ;ϵ͘ϯйͿ Ϯϵ&ĞďϮϬ;ϭϬ͘ϱйͿ Ϯϴ&ĞďϮϭ;ϭϭ͘ϲйͿ Ϯϴ&ĞďϮϭ;ϭϯ͘ϮйͿ Ϯϴ&ĞďϮϮ;ϰ͘ϴйͿ Ϯϴ&ĞďϮϮ;ϲ͘ϮйͿ ĞLJŽŶĚϮϴ&ĞďϮϬϮϮ ;ϯ͘ϭйͿ ĞLJ

39. Slide 39: Geographic GLA split

    'K'ZW,/>E'Z^W>/d ϯϵ '>Ͳ ďLJďƵŝůĚŝŶŐ ZĞŶƚĂůͲ ďLJďƵŝůĚŝŶŐ 'ĂƵƚĞŶŐ;ϰϮ͘ϴйͿ 'ĂƵƚĞŶŐ;ϰϰ͘ϴйͿ <ǁĂnjƵůƵͲEĂƚĂů;Ϯϵ͘ϱйͿ <ǁĂnjƵůƵͲEĂƚĂů;Ϯϯ͘ϭйͿ &ƌĞĞ^ƚĂƚĞ;ϴ͘ϳйͿ >ŝŵƉŽƉŽ;ϵ͘ϮйͿ >ŝŵƉŽƉŽ;ϰ͘ϲйͿ &ƌĞĞ^ƚĂƚĞ;ϳ͘ϮйͿ tĞƐƚĞƌŶĂƉĞ;ϰ͘ϯйͿ tĞƐƚĞƌŶĂƉĞ;ϱ͘ϬйͿ EŽƌƚŚĞƌŶĂƉĞ;ϯ͘ϴйͿ EŽƌƚŚĞƌŶĂƉĞ;ϰ͘ϯйͿ DƉƵŵĂůĂŶŐĂ;ϯ͘ϰйͿ DƉƵŵĂůĂŶŐĂ;ϯ͘ϭйͿ ĂƐƚĞƌŶĂƉĞ;

40. Slide 40: Acquisitions

    Yh/^/d/KE^ ϰϬ ➢ ^ƚƌĂƚĞŐLJŝƐƚŽĐŽŶƚŝŶƵĞƚŽ;ŽƉƉŽƌƚƵŶŝƐƚŝĐĂůůLJͿĨŽĐƵƐŽŶ • ^ŝŐŶŝĨŝĐĂŶƚĂƐƐĞƚƐ;хZϭϬϬŵͿ • hŶĚĞƌƉŝŶŶĞĚďLJ;ŽƌŚĂǀĞƉŽƚĞŶƚŝĂůĨŽƌͿůŽŶŐƚĞƌŵƐŽǀĞƌĞŝŐŶůĞĂƐĞƐ • >ŽĐĂƚĞĚŝŶŶŽĚĞƐĂƚƚƌĂĐƚŝǀĞƚŽƐŽǀĞƌĞŝŐŶƚĞŶĂŶƚƐ ➢ WĂƐƚϭϮŵŽŶƚŚƐ͗ • dƌĂŶƐĨĞƌƌĞĚϭϳĂƐƐĞƚƐ • ŐŐƌĞŐĂƚĞƉƵƌĐŚĂƐĞƉƌŝĐĞŽĨZϭ͘ϯďŶ • tĞŝŐŚƚĞĚĂǀĞƌĂŐĞLJŝĞůĚŽĨϭϯ͘ϭй • '

41. Slide 41: Disposal of non-core assets

    /^WK^>K&EKEͲKZ^^d^ ϰϭ ➢ ZĂƚŝŽŶĂůĞ͗ • ZĞĐLJĐůŝŶŐŽĨĐĂƉŝƚĂůĨƌŽŵŶŽŶͲĐŽƌĞ ŽƌŶŽŶͲƉĞƌĨŽƌŵŝŶŐĂƐƐĞƚƐƚŽƌĞĚƵĐĞŐĞĂƌŝŶŐ͕ĨƵŶĚWy͕ĐƌĞĂƚĞůŝƋƵŝĚŝƚLJĨŽƌĨƵƚƵƌĞĂĐƋƵŝƐŝƚŝŽŶƐ ➢ WĂƐƚLJĞĂƌ͗  dƌĂŶƐĨĞƌƌĞĚďƵŝůĚŝŶŐƐ dĞŵďŝƐĂDĞŐĂŵĂƌƚ • ZϮϬϲ͘Ϭŵ͕ƚƌĂŶƐĨĞƌĚĂƚĞϮϱƵŐϮϬϭϲ dŚĞŵĂdŚƵŵŽ • Zϯϱ͘ϲŵ͕ƚƌĂŶƐĨĞƌĚĂƚĞϭϱEŽǀϮϬϭϲ WƌŽƚĞĂŽŝŶƵƌďĂŶ • Zϵ͘Ϭŵ͕ƚƌĂ

42. Slide 42: Capital expenditure

    Ύ,ĞŶƐĂdŽǁĞƌƐ͕WŽůŽŬǁĂŶĞ ĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞ KƚŝƐdƐŚĂďĂůĂůĂ Notes:

43. Slide 43: Redevelopment strategy

    Zs>KWDEd^dZd'z ϰϯ ĞůƚĂƚŽĚĞƉůŽLJWy ŝŶƚŽƉŽƌƚĨŽůŝŽ ➢ ƌĞĂƚĞ ǀĂůƵĞƵƉůŝĨƚƚŽĂƐƐĞƚƐ ➢ ^ĞĐƵƌŝŶŐůŽŶŐƚĞƌŵƐƚĂďůĞƌĞƚƵƌŶƐ ➢ WƌŽǀŝĚĞŝŵƉƌŽǀĞĚ ĂĐĐŽŵŵŽĚĂƚŝŽŶŽĨĨĞƌŝŶŐƚŽƚĞŶĂŶƚƐ ➢ >ŽŶŐƚĞƌŵďĞŶĞĨŝƚ ƚŽƉŽƌƚĨŽůŝŽ >ĞĂƐĞĚƌŝǀĞŶƚŽŝĚĞŶƚŝĨLJĂƐƐĞƚƐǁŚĞƌĞŐƌĞĂƚĞƐƚǀĂůƵĞĐĂŶďĞĂĚĚĞĚ͕ƚŚƌŽƵŐŚǀĂůƵĞĞŶŚĂŶĐŝŶŐĚĞǀĞůŽƉŵĞŶƚƐ͕ĂŶĚĂĐƚŝǀĂƚŝŽŶ ŽĨƵŶĚĞƌͲƵƚ

44. Slide 44: Capex | existing portfolio

    Wyͮy/^d/E'WKZd&K>/K ϰϰ ŽŵŵŝƐƐŝŽŶ ŵďĂƐƐLJ ^ĞƌǀĂŵƵƐ WƌŽƉĞƌƚLJ ϴϴ&ŝĞůĚ ĞĂĐŽŶ,ŝůů /ƐŝǀƵŶŽ,ŽƵƐĞ ^ŚĞůů ,ŽƵƐĞ ,ŽƵƐĞ ƵŝůĚŝŶŐ &ĂĕĂĚĞ ƉƉƌŽǀĞĚďƵĚŐĞƚ ϴϵ͕ϰϬϬ͕ϬϬϬ Ϯϴ͕ϮϱϬ͕ϬϬϬ ϮϮ͕Ϯϵϰ͕ϮϰϮ ϰϬ͕ϬϬϬ͕ϬϬϬ ϭϬ͕ϱϬϬ͕ϬϬϬ ϳϳ͕ϬϬϬ͕ϬϬϬΎ ϰϯ͕ϴϬϬ͕ϬϬϬΎ ^ƉĞŶƚ ŝŶ&zϮϬϭϲ ϯϵ͕ϳϮϴ͕ϳϴϯ ϭϭ͕ϭϭϴ͕ϰϮϰ ϳ͕ϵϴϮ͕ϴϬϭ Ͳ Ͳ Ͳ Ͳ ^ƉĞŶƚ ŝŶ,ϭϮϬϭϳ ϯϰ͕ϴϵϳ͕ϴϴϵ ϲ͕Ϯϯ

45. Slide 45: Conclusion

    ΎEW͕ĂƉĞdŽǁŶ ŽŶĐůƵƐŝŽŶ ^ĂŶĚŝůĞEŽŵǀĞƚĞ Notes:

46. Slide 46: Conclusion

    KE>h^/KE ϰϲ ϭ͘^ƚƌĂƚĞŐLJ ➢ ZĞŵĂŝŶĂŵĂũŽƌŝƚLJƐŽǀĞƌĞŝŐŶĨŽĐƵƐƐĞĚĨƵŶĚ͘ ➢ dŽĞŶƐƵƌĞůŽŶŐƚĞƌŵƐƵƐƚĂŝŶĂďŝůŝƚLJŽĨƚŚĞďƵƐŝŶĞƐƐ͗ • – ƉŽƐŝƚŝŽŶƚŚĞďƵƐŝŶĞƐƐƚŽďĞŶĞĨŝƚĨƌŽŵƚŚĞŶĞǁWtůĞĂƐŝŶŐƉŽůŝĐLJ • ^ƉĞĂƌŚĞĂĚĞĚďƵLJͲout of Redefine’s holdings by Black women’s group and Delta BͲƐƚĂĨĨƚƌƵƐƚĂŶĚŵĂŶĂŐĞŵĞŶƚ͕ ŝŶĐƌĞĂƐŝŶŐĚŝƌĞĐƚďůĂĐŬŽǁŶĞƌƐŚ

47. Slide 47: Questions & Answers / Thank you

    ΎƵĚŝƚŽƌ'ĞŶĞƌĂů͕WŽůŽŬǁĂŶĞ YƵĞƐƚŝŽŶƐΘŶƐǁĞƌƐ dŚĂŶŬLJŽƵ Notes:

48. Slide 48: Annexures

    Ύ^Z^^ůĞĞƉLJ,ŽůůŽǁ͕WŝĞƚĞƌŵĂƌŝƚnjďƵƌŐ ŶŶĞdžƵƌĞƐ Notes:

49. Slide 49: Annexures

    EEyhZ^ Ϭϭ ŽĂƌĚŽĨĚŝƌĞĐƚŽƌƐ ϬϮ ^ŚĂƌĞŚŽůĚĞƌƉƌŽĨŝůĞ Ϭϯ ĐƋƵŝƐŝƚŝŽŶƐ Ϭϰ ŝƐƉŽƐĂůƐ Ϭϱ dŽƉϭϬƉƌŽƉĞƌƚŝĞƐďLJǀĂůƵĞ Ϭϲ '>ĂŶĚǀĂĐĂŶĐLJƌĞĐŽŶĐŝůŝĂƚŝŽŶ Ϭϳ /ŶĐŽŵĞĂŶĚĞdžƉĞŶƐĞĐŽŵƉŽŶĞŶƚƐ Ϭϴ WƌŽƉĞƌƚLJŽƉĞƌĂƚŝŶŐĞdžƉĞŶƐĞƐďƌĞĂŬĚŽǁŶ Ϭϵ WƌŽĨŝƚĂďŝůŝƚLJŵĞƚƌŝĐƐ ϭϬ ĞƚĂŝůĞĚůĞĂƐĞĞdžƉŝƌLJƚĂďůĞƐĂŶĚŐƌĂƉŚƐ Notes:

50. Slide 50: Executive management

    yhd/sDE'DEd ϱϬ džĞĐƵƚŝǀĞŝƌĞĐƚŽƌƐ ^ĂŶĚŝůĞEŽŵǀĞƚĞ KƚŝƐdƐŚĂďĂůĂůĂ ^ŚĂŶĞĞůDĂŚĂƌĂũ ŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌ ŚŝĞĨKƉĞƌĂƚŝŶŐKĨĨŝĐĞƌ ŚŝĞĨ&ŝŶĂŶĐŝĂůKĨĨŝĐĞƌ džĞĐĞƉ͘ΘWƌŽƉĞǀ͘WƌŽŐ͘;tŝƚƐ WƌŽƉĞǀ͘WƌŽŐ͕WW Žŵ;ĐĐͿ;,ŽŶƐͿ ΘhdƵƐŝŶĞƐƐ^ĐŚŽŽůƐͿ ;hŶŝǀ͘ŽĨEĂƚĂůͿ͕;^Ϳ͕,ŝƉdĂdž ƉƉŽŝŶƚĞĚ͗ϳ:ƵŶĞϮϬϭϲ ^ĂŶĚŝůĞ ĐŽĨŽƵŶĚĞĚ ĞůƚĂ WƌŽƉĞƌƚLJ &ƵŶĚ ŝŶ ϮϬϬϮ

51. Slide 51: Board of directors

    KZK&/ZdKZ^ ϱϭ ŽĂƌĚŽŵŵŝƚƚĞĞƐ EŽŶͲdžĞĐƵƚŝǀĞĚŝƌĞĐƚŽƌƐ /с/ŶǀĞƐƚŵĞŶƚ ŽŵŵŝƚƚĞĞ͕ZсƵĚŝƚ͕ZŝƐŬĂŶĚŽŵƉůŝĂŶĐĞŽŵŵŝƚƚĞĞ͕EZсEŽŵŝŶĂƚŝŽŶ ĂŶĚZĞŵƵŶĞƌĂƚŝŽŶ ŽŵŵŝƚƚĞĞ͕ ^dс^ŽĐŝĂů͕ƚŚŝĐƐΘdƌĂŶƐĨŽƌŵĂƚŝŽŶŽŵŵŝƚƚĞĞ ΎĞŶŽƚĞƐĐŚĂŝƌƉĞƌƐŽŶ : EŽŽƌĂLJĂ /ĂŶ ƵŵŽ DĂŐǁĂnjĂ <ŚĂŶ DĂĐůĞŽĚ DŽƚƵĂ /ŶĚĞƉĞŶĚĞŶƚ >ĞĂĚ/ŶĚĞƉĞŶĚĞŶƚ /ŶĚĞƉĞŶĚĞŶƚ /ŶĚĞƉĞŶĚĞŶƚ E

52. Slide 52: Shareholder profile

    ^,Z,K>ZWZK&/> ϱϮ ƐĂƚ &ĞďϮϬϭϳ hŶŝƚƐŚĞůĚ ,ŽůĚŝŶŐ ZĞĚĞĨŝŶĞWƌŽƉĞƌƚŝĞƐ>ƚĚ ϭϲϮϬϰϯϬϳϵ ϮϮ͘ϴй ŽƌŽŶĂƚŝŽŶ&ƵŶĚDĂŶĂŐĞƌƐ ϳϮϳϵϯϱϯϮ ϭϬ͘Ϯй WƵďůŝĐ/ŶǀĞƐƚŵĞŶƚŽƌƉŽƌĂƚŝŽŶ ϳϬϯϯϮϯϬϵ ϵ͘ϵй ƌŝĚŐĞ&ƵŶĚDĂŶĂŐĞƌƐ ϱϲϮϳϲϭϭϳ ϳ͘ϵй ^ĂŶůĂŵ/ŶǀĞƐƚŵĞŶƚDĂŶĂŐĞŵĞŶƚ ϰϯϱϯϴϮϮϲ ϲ͘ϭй ^ƚĂŶůŝďƐƐĞƚDĂŶĂŐĞŵĞŶƚ ϰϭϰϱϭϯϳϴ ϱ͘ϴй <ĂŐŝƐŽƐƐĞƚDĂŶĂŐĞŵĞŶƚ ϯϴϱϭϭϴϵ

53. Slide 53: Acquisitions | detail

    Yh/^/d/KE^ͮd/> ϱϯ WƌŽƉĞƌƚLJŶĂŵĞ >ŽĐĂƚŝŽŶ ^ĞĐƚŽƌ '>ŵϮ dĞŶĂŶĐLJ ZĞŶƚͬŵϮ sĂĐĂŶĐLJ WƵƌĐŚĂƐĞWƌŝĐĞ ϮĞǀŽŶƐŚŝƌĞWůĂĐĞ ƵƌďĂŶ KĨĨŝĐĞͲ ^ŽǀĞƌĞŝŐŶ ϴ͕ϭϮϯ ^ŝŶŐůĞ ϳϲ͘ϰ Ϭ͘ϲй ϯϵ͕ϬϬϬ͕ϬϬϬ ϭϳ,ĂƌƌŝƐŽŶ^ƚƌĞĞƚΘ<ĂLJ^ƚWĂƌŬŝŶŐ :ŽŚĂŶŶĞƐďƵƌŐ KĨĨŝĐĞͲ ^ŽǀĞƌĞŝŐŶ ϭϮ͕ϯϳϵŵϮ ΘϲϭďĂLJƐ ^ŝŶŐůĞ ϵϲ͘ϴ ϭ͘Ϭй ϴϳ͕ϲϬϬ͕ϬϬϬ ŽŵŵŝƐƐŝŽŶĞƌ,ŽƵƐĞĞůůǀŝůůĞ ĂƉĞdŽ

54. Slide 54: Disposal of non-core assets

    /^WK^>K&EKEͲKZ^^d^ ϱϰ WƌŽƉĞƌƚLJ ^ĞĐƚŽƌ >ŽĐĂƚŝŽŶ '> ^ĂůĞƐƉƌŝĐĞ;ZͿ dƌĂŶƐĨĞƌĂƚĞ dƌĂŶƐĨĞƌƌĞĚ ϯϯϰϬϵ ϮϳϯϲϬϬϬϬϬ dŚĞŵďŝƐĂDĞŐĂŵĂƌƚ ZĞƚĂŝů :ŽŚĂŶŶĞƐďƵƌŐ ϭϰϬϮϱ ϮϬϲϬϬϬϬϬϬ ϮϱͲƵŐͲϭϲ dŚĞŵĂdŚƵŵŽ KĨĨŝĐĞͲ KƚŚĞƌ <ŝŵďĞƌůĞLJ Ϯϯϵϲ ϯϱϲϬϬϬϬϬ ϭϱͲEŽǀͲϭϲ WƌŽƚĞĂŽŝŶƵƌďĂŶ KĨĨŝĐĞͲ KƚŚĞƌ ƵƌďĂŶ ϰϯϲϱ ϵϬϬϬϬϬϬ ϭϬͲ&ĞďͲϭϳ dŽƉdƌĂŝůĞƌ^ŝƚĞϮ /

55. Slide 55: Top 10 properties

    dKWϭϬWZKWZd/^ ϱϱ &ŽƌƵŵƵŝůĚŝŶŐ WŽLJŶƚŽŶƐ ,ĂůůŵĂƌŬƵŝůĚŝŶŐ >ŝďĞƌƚLJdŽǁĞƌƐ ĞůƚĂdŽǁĞƌƐ >ŽĐĂƚŝŽŶ WƌĞƚŽƌŝĂ >ŽĐĂƚŝŽŶ WƌĞƚŽƌŝĂ >ŽĐĂƚŝŽŶ WƌĞƚŽƌŝĂ >ŽĐĂƚŝŽŶ ƵƌďĂŶ >ŽĐĂƚŝŽŶ ƵƌďĂŶ KĨĨŝĐĞͲ KĨĨŝĐĞͲ KĨĨŝĐĞͲ ^ĞĐƚŽƌ ^ĞĐƚŽƌ ^ĞĐƚŽƌ ^ĞĐƚŽƌ KĨĨŝĐĞͲ KƚŚĞƌ ^ĞĐƚŽƌ KĨĨŝĐĞͲ KƚŚĞƌ ^ŽǀĞƌĞŝŐŶ ^ŽǀĞƌĞŝŐŶ ^ŽǀĞƌĞŝŐŶ '> ϰϭ͕ϬϬϯŵϮ '> ϳϯ͕ϯ

56. Slide 56: Top 10 properties (continued)

    dKWϭϬWZKWZd/^ͮKEd/Eh ϱϲ ,ĞŶƐĂdŽǁĞƌƐ ŵďĂƐƐLJƵŝůĚŝŶŐ dŚĞDĂƌŝŶĞ ĞůƚĂ,ĞŝŐŚƚƐ WŚĂŵŽŬŽdŽǁĞƌƐ >ŽĐĂƚŝŽŶ WŽůŽŬǁĂŶĞ >ŽĐĂƚŝŽŶ ƵƌďĂŶ >ŽĐĂƚŝŽŶ ƵƌďĂŶ >ŽĐĂƚŝŽŶ WƌĞƚŽƌŝĂ >ŽĐĂƚŝŽŶ WŽůŽŬǁĂŶĞ KĨĨŝĐĞͲ KĨĨŝĐĞͲ KĨĨŝĐĞͲ ^ĞĐƚŽƌ ^ĞĐƚŽƌ KĨĨŝĐĞͲ KƚŚĞƌ ^ĞĐƚŽƌ KĨĨŝĐĞͲ KƚŚĞƌ ^ĞĐƚŽƌ ^ĞĐƚŽƌ ^ŽǀĞƌĞŝŐŶ ^ŽǀĞƌĞŝŐŶ ^ŽǀĞƌĞŝŐŶ '> ϭϯ͕ϲϳϱŵϮ

57. Slide 57: GLA and vacancy reconciliation

    '>EsEzZKE/>/d/KE ϱϳ WƌŽƉĞƌƚŝĞƐ;EŽ͘Ϳ dŽƚĂů '>;ŵϮͿ sĂĐĂŶƚ'>;ŵϮͿ sĂĐĂŶĐLJ ;йͿ ƐĂƚϮϵ&ĞďƌƵĂƌLJϮϬϭϲ ϭϬϬ ϴϭϯ͕ϱϬϱ ϳϯ͕Ϭϭϲ ϵ͘Ϭй ŝƐƉŽƐĂůƐ ;ϰͿ ;ϯϯ͕ϰϬϵͿ ;ϭϭ ϯϴϰͿ ĐƋƵŝƐŝƚŝŽŶƐϭ ϭϳ ϭϵϳ͕ϴϬϭ ϭϯ͕ϱϱϳ >ĞĂƐĞƐƚĞƌŵŝŶĂƚĞĚ Ͳ Ͳ ϰϮ͕ϬϬϮ EĞǁ ůĞƚƚŝŶŐŽĨǀĂĐĂŶƚƐƉĂĐĞ Ͳ Ͳ ;ϭϮ͕ϬϳϯͿ ĚũƵƐƚŵĞŶƚƐͲ D,ƵŝůĚŝŶŐϮ Ͳ ϲ͕ϰϭϮ Ͳ ĚũƵƐƚŵĞŶƚƐ– ŶƚĞƌƉƌŝƐĞ W

58. Slide 58: Income and expense components

    /EKDEyWE^KDWKEEd^ ϱϴ /ŶĐŽŵĞ džƉĞŶƐĞ ŽŶƚƌĂĐƚƵĂůƌĞŶƚĂůŝŶĐŽŵĞͲZϭϲϭϬ͘ϳŵ WƌŽƉĞƌƚLJŽƉĞƌĂƚŝŶŐĞdžƉĞŶƐĞƐͲZϰϲϰ͘ϯŵ &ŽƌĞŝŐŶĞdžĐŚĂŶŐĞƉƌŽĨŝƚͲZϮϬ͘ϯŵ ĚŵŝŶŝƐƚƌĂƚŝǀĞĞdžƉĞŶƐĞƐͲZϳϬ͘ϱŵ /ŶƚĞƌĞƐƚŝŶĐŽŵĞͲZϮϳ͘Ϯŵ &ŝŶĂŶĐĞĐŽƐƚƐͲZϰϳϬ͘ϲŵ Z^h>d^WZ^Edd/KE&KZd,zZEϮϴ&ZhZzϮϬϭϳ >ŽƐƐĨƌŽŵĨĂŝƌǀĂůƵĞĂĚũƵƐƚŵĞŶƚƐZϯϰ͘ϵŵ Notes:

59. Slide 59: Property operating expenses

    WZKWZdzKWZd/E'yWE^^ ϱϵ ϱϬϳϮϲ ;ZΖϬϬϬƐͿ ϯϬϱϮϰ DƵŶŝĐŝƉĂůĞdžƉĞŶƐĞƐ;ϲϵ͕ϭйͿ Ϯϭϳϵϲ ^ĞƌǀŝĐĞĐŽŶƚƌĂĐƚƐ;ϭϭ͕ϭйͿ ϭϬϲϵϮ ϴϳϵϭ WƌŽƉĞƌƚLJŵĂŶĂŐĞŵĞŶƚĂŶĚůĞƚƚŝŶŐĨĞĞƐ;ϲ͕ϳйͿ ϱϴϮϰ ZĞƉĂŝƌƐĂŶĚŵĂŝŶƚĞŶĂŶĐĞ;ϰ͕ϴйͿ ϲϮϳϮ ϮϭϬϮ ZĞŶƚĂůƉĂŝĚ;Ϯ͕ϯйͿ ϰϱϮϴ KŶƐŝƚĞƐƚĂĨĨĐŽƐƚƐ;ϭ͕ϵйͿ KƚŚĞƌĞdžƉĞŶƐĞƐ;ϭ͕ϯйͿ /ŶƐƵƌĂŶĐĞ;ϭ͕ϰйͿ ϯϭϱϱϵϰ ŽŶƐƵŵĂďůĞƐ;Ϭ͕ϱйͿ WƌŽ

60. Slide 60: Profitability metrics

    WZK&/d/>/dzDdZ/^ ϲϬ WƌŽĨŝƚĂďŝůŝƚLJƉĞƌƐĞĐƚŽƌ DƵŶŝĐŝƉĂůƌĞĐŽǀĞƌŝĞƐ ŽƐƚƚŽ/ŶĐŽŵĞZĂƚŝŽ;EĞƚͿ ŽƐƚƚŽ/ŶĐŽŵĞZĂƚŝŽ;'ƌŽƐƐͿ ZĂƚĞƐ ůĞĐƚƌŝĐŝƚLJ DƵŶŝĐŝƉĂůZĞĐŽǀĞƌLJZĂƚŝŽ tĂƚĞƌΘĨĨůƵĞŶƚ ZĞĨƵƐĞ >ĞǀŝĞƐ͕ŵĞƚĞƌƌĞĂĚŝŶŐĂŶĚŽƚŚĞƌ dŽƚĂů ϴϴй ϴϯй ϴϮй ϴϭй ϭϬϭй ϵϲй ϴϯй ϲϱй ϴϮй ϰϯй ϰϯй ϰϰй ϯϮй Ϯϴй Ϯϰй ϭϴй ϲй ϭϲй ϭϬй ϭϮй ϵй KĨĨŝĐĞͲ^ŽǀĞƌĞ

61. Slide 61: Lease expiry profile GLA

    >^yW/Zzz'>EZEd>ͮdh>ZZWZ^Edd/KE ϲϭ džƉŝƌLJWĞƌŝŽĚ '>;ŵϮͿ й ƵŵƵůĂƚŝǀĞй ZĞŶƚĂů;йͿ ƵŵƵůĂƚŝǀĞй sĂĐĂŶƚ ϭϬϱ͕ϭϭϵ ϭϬ͘ϳй ϭϬ͘ϳй Ͳ Ͳ DŽŶƚŚƚŽDŽŶƚŚ ϮϬϰ͕ϰϴϭ ϮϬ͘ϵй ϯϭ͘ϲй Ϯϯ͘Ϯй Ϯϯ͘Ϯй ϮϴͲ&ĞďͲϭϴ Ϯϳϯ͕ϴϲϱ Ϯϳ͘ϵй ϱϵ͘ϱй Ϯϴ͘Ϯй ϱϭ͘ϱй ϮϴͲ&ĞďͲϭϵ ϭϭϰ͕ϯϴϰ ϭϭ͘ϳй ϳϭ͘ϭй ϭϱ͘ϰй ϲϲ͘ϴй ϮϵͲ&ĞďͲϮϬ ϵϭ͕Ϭϱϵ ϵ͘ϯй ϴϬ͘ϰй ϭϬ͘ϱй ϳϳ͘ϯй ϮϴͲ&ĞďͲϮϭ ϭϭϰ

62. Slide 62: Lease expiry profile GLA by sector

    >^yW/Zzz'>ͮ^dKZ>dh>ZZWZ^Edd/KE ϲϮ DŽŶƚŚƚŽ ĞLJŽŶĚϮϴ ^ĞĐƚŽƌ DŽŶƚŚ Ϯϴ&Ğďϭϴ Ϯϴ&Ğďϭϵ Ϯϵ&ĞďϮϬ Ϯϴ&ĞďϮϭ Ϯϴ&ĞďϮϮ &ĞďϮϬϮϮ dKd> EĂƚŝŽŶĂů ϴϮ͕ϲϬϯ ϭϱϴ͕Ϯϰϳ ϭϰ͕ϰϳϱ ϭϲ͕ϵϴϮ ϱϱ͕ϲϭϬ ϭϭ͕ϵϱϲ ϭϬ͕ϱϱϮ ϯϱϬ͕ϰϮϰ 'ŽǀĞƌŶŵĞŶƚ WƌŽǀŝŶĐŝĂů ϱϭ͕ϰϴϱ ϭϵ͕ϳϯϮ Ϯϵ͕ϬϬϳ ϱ͕ϳϱϰ ϴ͕ϴϲϱ ϭϱ͕ϳϱϬ ϱ͕Ϯϵϯ ϭϯϱ͕ϴϴϱ 'ŽǀĞƌŶŵĞŶƚ >ŽĐĂů Ϯϭ͕ϯϯϵ ϭϯ͕ϴϮϴ Ͳ ϯ͕ϰϴϯ Ͳ

63. Slide 63: Lease expiry profile GLA graphical representation

    >^yW/ZzWZK&/>z'>ͮ'ZW,/>ZWZ^Edd/KE ϲϯ ϭϬϯϬϴ Ϯϰϳ ϭϲϱϴϬ ϭϮϳϵ ϭϯϬϵϭ ^ĞĐƚŽƌĂůƌĞĂŬĚŽǁŶ ϰϳϵ ϭϱϳϰϭ ;KƵƚĞƌƌŝŶŐͿ DŽŶƚŚƚŽDŽŶƚŚͬdžƉŝƌĞĚ;Ϯϯ͕ϰйͿ ϳϬϰϲ ϯϲϵϵϬ KĨĨŝĐĞͲ^ŽǀĞƌĞŝŐŶ ϭϳϳϮϴϮ ϮϴͲ&ĞďͲϭϴ;ϯϭ͕ϮйͿ KĨĨŝĐĞͲŽƚŚĞƌ ϯϬϵϱϬ ϰϳϱϰϰ ZĞƚĂŝů ϮϴͲ&ĞďͲϭϵ;ϭϯ͕ϬйͿ ϵϬϳϱϬ ϮϬϰϴϰϭ /ŶĚƵƐƚƌŝĂů ϮϵͲ&ĞďͲϮϬ;ϭϬ͕ϰйͿ ϭϭϰϬϭϱ ϯϰϭϴ Ϯϱϰϭϰ ϮϴͲ&ĞďͲϮϭ;

64. Slide 64: Lease expiry profile by tenant sector

    >^yW/ZzWZK&/>zdEEd^dKZ ϲϰ '>Ͳ KĨĨŝĐĞ^ŽǀĞƌĞŝŐŶ ZĞŶƚĂůͲ KĨĨŝĐĞ^ŽǀĞƌĞŝŐŶ DŽŶƚŚƚŽDŽŶƚŚ;Ϯϲ͘ϴйͿ DŽŶƚŚƚŽDŽŶƚŚ;Ϯϱ͘ϳйͿ Ϯϴ&Ğďϭϴ;ϯϰ͘ϲйͿ Ϯϴ&Ğďϭϴ;ϯϬ͘йͿ Ϯϴ&Ğďϭϵ;ϴ͘ϵйͿ Ϯϴ&Ğďϭϵ;ϭϯ͘ϯйͿ Ϯϵ&ĞďϮϬ;ϴ͘ϮйͿ Ϯϵ&ĞďϮϬ;ϳ͘ϴйͿ Ϯϴ&ĞďϮϭ;ϭϯ͘ϳйͿ Ϯϴ&ĞďϮϭ;ϭϰ͘ϱйͿ Ϯϴ&ĞďϮϮ;ϱ͘ϮйͿ Ϯϴ&ĞďϮϮ;ϱ͘ϱйͿ ĞLJŽŶĚϮϴ&ĞďϮϬϮϮ;Ϯ͘ϲйͿ ĞLJŽŶĚϮϴ&ĞďϮϬϮϮ;ϯ͘ϮйͿ '>Ͳ

65. Slide 65: Lease expiry profile by tenant sector

    >^yW/ZzWZK&/>zdEEd^dKZ ϲϱ '>Ͳ ZĞƚĂŝů ZĞŶƚĂůͲ ZĞƚĂŝů DŽŶƚŚƚŽDŽŶƚŚ;ϳ͘ϱйͿ DŽŶƚŚƚŽDŽŶƚŚ;ϲ͘ϳйͿ Ϯϴ&Ğďϭϴ;ϮϬ͘ϬйͿ Ϯϴ&Ğďϭϴ;ϮϬ͘ϮйͿ Ϯϴ&Ğďϭϵ;ϭϯ͘ϬйͿ Ϯϴ&Ğďϭϵ;ϭϴ͘ϭйͿ Ϯϵ&ĞďϮϬ;ϭϵ͘ϳйͿ Ϯϵ&ĞďϮϬ;Ϯϯ͘ϭйͿ Ϯϴ&ĞďϮϭ;ϰ͘ϲйͿ Ϯϴ&ĞďϮϭ;ϱ͘ϳйͿ Ϯϴ&ĞďϮϮ;ϭϮ͘ϭйͿ Ϯϴ&ĞďϮϮ;ϭϰ͘ϯйͿ ĞLJŽŶĚϮϴ&ĞďϮϬϮϮ;Ϯϯ͘ϭйͿ ĞLJŽŶĚϮϴ&ĞďϮϬϮϮ;ϭϭ͘ϵйͿ '>Ͳ /ŶĚƵƐƚƌŝĂů ZĞŶ

66. Slide 66: www.deltafund.co.za

    www.deltafund.co.za Silver Stream Office Park, 10 Muswell Road South, Bryanston (Postnet Suite 210, Private Bag X21, Bryanston, 2021) PROPERTY FUND

Delta Property Fund — FY2017 Earnings Presentation on 6ix