properties CEO Andile Mazwai Director: Retail Director: Head of Human Resources Director: Marketing

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1 properties people ANNUAL FINANCIAL RESULTS values 12 MONTHS ENDED 31 AUGUST 2017 Forest Hill City - Centurion - Gauteng EXECUTIVE COMMITTEE CEO Andile Mazwai CFO Marelise de Lange Director: Facilities Director: Commercial Director: Commercial Director: Retail Head of Legal Claude Rossouw Faheema Cupido Andrew Glencross Zandile Kogo Juliana Zulu Acting Head of Leasing Director: Marketing Head of Human Resources General Manager: Finance Gen Manager: Property Services Emma-Louise Dean Christopher Hutchings Jabulisa Mtungwa Lebo Semono Rachel Klaasen 2 1

2 FY2017 HIGHLIGHTS REB Dividend REA Dividend New Frontier Properties 7.4% Growth to cps Retail Net Property Income 5.0%** growth Commercial Net Property Income R917m sale to BEE consortium Shopping mall visits 6.6%* 6.5% growth growth 52.6m 1.9% growth * Like for like growth excluding direct property acquisitions ** Commuted from Ascension A shares 3 STRATEGY HIGHLIGHTS H NEW FRONTIER Sold down from 67.6% to 36.0% Deconsolidated from group balance sheet DISPOSALS Sold m² Island Centre for R115m, at a 9.7% yield REDEVELOPMENT Mahikeng: converting m² office into 633-bed student residence CONSERVATIVE RISK MANAGEMENT APPROACH Negotiating extended debt expiry profiles Extended hedge cover and profile 4 2

3 CORPORATE HIGHLIGHTS FUNDING New debt raised R3.7bn in H Settled R250m in H Competitive process Common collateral pool Diversified funder base Managed maturity profile HEDGING R1.7bn interest rate caps at an average of 6.65% R750m cross currency swaps at an average of 1.74% R5.8bn interest rate swaps at an average of 7.47% DEBT EXPIRY PROFILE - AT 31 AUGUST 2017 R billion Years ending August HEDGING EXPIRY PROFILE - AT 31 AUGUST 2017 R billion 5 Interest rate cap Interest rate swap Cross currency swap DEBT MANAGEMENT 31 Aug Aug 2016 Total debt () Bank debt () Debt capital market () Fixed debt 83.5% 80.3% Interest cover 2.3 x 2.9 x Debt maturity profile 4.0 yrs 3.2 yrs Hedge maturity profile 4.3 yrs 2.7 yrs Interest rate caps 20.7% 37.7% Interest rate swaps 79.3% 62.3% 6 3

4 FINANCIAL HIGHLIGHTS 31 Aug Aug 2016 Change Distributable income* % Market cap % Closing share price - REB (R) % Closing share price - REA (R) NAV per share - REB (R) % NAV per share - REA (R) Investment property % Net cost of debt** 7.7% 8.7% 100 bps Gross expense to income ratio 26.3% 26.0% 30 bps Net expense to income ratio 13.8% 12.5% 130 bps REB dividend (cps) % REA dividend (cps)*** Ascension A-share dividend (cps) * Includes antecedent dividend for shares issued ** Weighted average cost of debt of 9.4%; B-BBEE consortium vendor loan at prime plus 1% *** Compulsory dividend conversion rate of per every 100 Ascension A-shares 7 DISTRIBUTION GROWTH HISTORY Rm Rebosis A Rebosis B REA y/y REB y/y 7.4% 128,35 cps % 11.0% 110,41 cps 8.2% 119,45 cps % 92 cps 99,45 cps % 5.0% 5.0% 5.0% >100% 207,98 cps 218,41 cps 229,35 cps 240,82 cps 198,08 cps Note: REB A has been restated at the Ascension transaction conversion rate and excludes special dividends 8 4

5 DISTRIBUTABLE INCOME STATEMENT 31 Aug Aug 2016 Rebosis net property income Ascension net property income* New Frontier anticipated dividend Net asset management fees (19 618) Antecedent dividend Fund management expenses** ( ) (12 742) Profit on sale of asset Net interest ( )*** ( ) Other income Transaction cost capitalised Amortisation of structuring fees Total distributable earnings * Only 59% of Ascension in Aug 2016 ** Result of internalisation *** R3.7bn additional debt for Billion acquisition transaction 9 RECONCILIATION TO ORDINARY DIVIDEND DECLARED 31 Aug Aug 2016 Total distributable earnings REA in issue at year end Dividend per share (cents) Dividend per share growth (%) - - Remaining distributable earnings REB shares in issue at year end Dividend per share (cents) Dividend per share growth (%) 7.4% 8.2% 10 5

6 GROUP BALANCE SHEET EXTRACTS 31 Aug Aug 2016 % Change Net debt % Short-term portion of interest-bearing borrowings Interest-bearing borrowings Cash and cash equivalents ( ) ( ) Property assets % Investment property Investment property held for sale Listed REIT securities* Loans receivable Loan to value** 45.6% 49.8% 420 bps * Effective 36% associated shareholding in New Frontier ** Calculated in terms of the REIT Best Practice Recommendations 11 INTERNALISATION IMPACT Anticipated Actual Assets under management Asset management fee on first R10bn 0.35% Asset management fee on remaining assets 0.30% Total asset management fee Property management fee on total collections 2.50% Total fees payable pre-internalisation Cost of internal management Saving from internalisation

7 OPERATIONAL REVIEW 13 PROPERTY PORTFOLIO - AS AT 31 AUGUST 2017 RETAIL OFFICE INDUSTRIAL TOTAL R8.853 bn 6 properties m² 5.3 yrs. weighted average lease expiry 15% net cost to income R value / m² 6.8% Average contractual escalation R9.682 bn 42 properties m² 2.6 yrs. weighted average lease expiry 13% net cost to income R value / m² 8.3% Average contractual escalation R173m 1 property m² 3.0 yrs. weighted average lease expiry 3% net cost to income R9 127 value / m² 7.0% Average contractual escalation R bn 49 properties m² 3.6 yrs. weighted average lease expiry Ave. rent R m² Ave. rent R m² Ave. rent R71.00 m² Ave. rent R m² Note: Excludes disposal of assets 14% net cost to income R value / m² 7.6% Average contractual escalation 14 7

8 SECTORIAL SPREAD - SOUTH AFRICA RETAIL OFFICE INDUSTRIAL VALUE GLA NET INCOME 52% 62% 57% 47% 1% 36% 2% 42% 1% 15 LETTING MANAGEMENT RENEWALS FY 2017 Expired Renewed Outstanding Terminated Expiry rental Reversions Reversions New contracted escalations GLA GLA GLA GLA R/m² R/m² % % No. of leases RETAIL % 7.2% 73 OFFICE * % 8.4% 79 TOTAL % 8.1% 152 * m² of terminated SASSA under redevelopment 16 8

9 LETTING MANAGEMENT VACANCIES & NEW LETTINGS FY Sep 16 Vacancy New lettings Lease terminations 31 Aug 17 vacancy New contracted escalations GLA % GLA GLA GLA % % RETAIL % * 2 103* 0.6% 7.4% OFFICE % % 7.9% TOTAL % % 7.7% * Excludes rental guarantees 17 RETAIL PERFORMANCE 3.0% average growth in car count 4.0% average portfolio trading density growth Bloed Street Mall asset management complete Asset management opportunities at Sunnypark and Hemingways RENT TO SALES RATIO SEP 16 - AUG 17 TRADING DENSITIES SEP 16 - AUG 17 10% 94 bps 69 bps Monthly R/m² 5,000 8% 6% 4% 20 bps 6.0% 8 bps 4.2% 51 bps 6.5% 12 bps 7.3% 9.2% 9.0% 4,000 3,000 2, % 3.0% 4.9% 3,007 2,905 2, % 2, % 10.5% 2,300 2,188 2% 1,000 0% Bloed Street Mdantsane Sunnypark Hemingways Forest Hill Mall City Mall Mall City Baywest Mall 0 Bloed Street Mdantsane Sunnypark Hemingways Forest Hill Mall City Mall Mall City Baywest Mall 18 9

10 OUTLOOK 19 Sunnypark Shopping Centre - Pretoria - Gauteng ASSET MANAGEMENT FOCUS: OPTIMISE Commercial Asset Management Pursue disposals and optimisations Retail Asset Management Mdantsane expansion Hemingways upgrades Develop Baywest & Forest Hill precincts New Frontier Properties Substitute vendor funding for BEE Consortium Introduce new shareholders Kick-start acquisitions New Head Office - Forest Hill - Centurion - Gauteng Total cost (A & B) Net rental (Grade-A) GLA - Block A GLA - Block B Guarantee R201 million R180 / m² 3 295m² 3 517m² R5 million Net yield 8.9% 20 10

11 BALANCE SHEET MANAGEMENT FOCUS: DE-RISK MACRO RISKS Low economic growth and tenant risk Ongoing sovereign credit downgrade Bond market volatility Currency volatility MITIGATING ACTIONS Forest Hill City, Centurion, Gauteng Buy back shares and/ or reduce debt Diversify debt book Conservative hedge book Prudent cross currency hedging and forward fixes 21 OUTLOOK FORECAST High-quality commercial and retail portfolio Commercial: Sovereign underpin from leases to national government departments Retail: Mix of dominant and newly built shopping centres set to dominate in their nodes Income warranty to end FY2018 on Forest Hill and Baywest acquired in 2016 Guidance FY 2018: REB dividend growth of 4%* to 6%* Guidance FY 2018: REA dividend growth of 5%* * Guidance forecasts based on current market conditions prevailing 22 11

12 QUESTIONS AND ANSWERS 23 Forest Hill City - Centurion - Gauteng DISCLAIMER FORWARD-LOOKING STATEMENTS This document contains forward-looking statements that unless otherwise indicated reflect the group s expectations as at 31 August Actual results may differ materially from the group s expectations if known and unknown risks or uncertainties affect its business or if estimates or assumptions prove inaccurate. The group cannot guarantee that any forward-looking statement will materialise and accordingly readers are cautioned not to place undue reliance on any forward-looking statements. The group disclaims any intention and assumes no obligation to update or revise any forward-looking statement even if new information becomes available as a result of future events or for any other reason other than as required by the JSE Listings Requirements

13 APPENDICES 25 Hemingways Mall - East London - Eastern Cape COMPANY STRUCTURE - AT 31 AUGUST % 36% 100% Direct Property R18.7bn New Frontier Properties Management Businesses 42 Properties 1 Held for sale 1 Property 6 Properties OFFICE INDUSTRIAL RETAIL Ascension Management Company Billion Asset Management Billion Property Services 26 13

14 VACANCY SCHEDULE - AT 31 AUGUST 2017 Building Rentable area (m²) Vacancy GLA % of centre No. of stores Baywest Mall * 6.3% 38 Forest Hill City * 3.3% 26 Hemingway's Mall % 5 Mdantsane City % 0 Bloed Street Mall % 2 Sunnypark % 6 Retail total % 77 Office total % 0 Portfolio total % 77 * Vacancy covered by rental guarantees 27 RETAIL LETTING MANAGEMENT RENEWALS PER PROPERTY FY 2017 RETAIL Expired Renewed Outstanding Terminated Expiry rental Reversions Reversions GLA GLA GLA GLA R/m² R/m² % % New contracted No. of escalations leases Baywest Mall % 6.0% 5 Forest Hill City % 7.3% 20 Hemingway's Mall % 7.2% 11 Mdantsane City % 7.7% 18 Bloed Street Mall % 7.3% 10 Sunnypark % 6.1% 9 Total % 7.2%

15 LEASE EXPIRY PROFILE - DIRECT PROPERTIES 100% 80% 60% 40% 20% 0% RETAIL 36% 12% 17% 21% 8% 6% Aug-18 Aug-19 Aug-20 Aug-21 Aug-22 Beyond Concluded leases of m² expiring post year-end Post year-end key tenants renewed Shoprite, Pick n Pay, Cashbuild Woolworths, Incredible Connection, Truworths 100% 80% 60% 40% 20% 0% OFFICE INDUSTRIAL 100.0% 41% 25% 20% 6% 3% 5% Aug-18 Aug-19 Aug-20 Aug-21 Aug-22 Beyond Industrial property has an automatic 5-year renewal on expiry Finalising m² of leases with DPW with a weighted average lease expiry of 4.6 years 29 LEASE EXPIRY PROFILE - DIRECT PROPERTIES OVERALL EXPIRY PROFILE RETAIL OFFICE INDUSTRIAL 100% 100% 80% 60% 40% 41% 36% 20% 0% 25% 20% 21% 17% 12% 8% 6% 6% 5% 3% Aug-18 Aug-19 Aug-20 Aug-21 Aug-22 Beyond 30 15

16 GEOGRAPHIC SPREAD DIRECT PROPERTIES GAUTENG EASTERN CAPE KWA-ZULU NATAL NORTH WEST WESTERN CAPE MPUMALANGA VALUE GLA NET INCOME 61% 27% 61% 22% 62% 24% 9% 1% 1% 12% 2% 1% 10% 2% 1% 1% 2% 1% 31 OVERALL SEGMENTED EXPOSURE BY RENTAL INCOME Top 10 national retailers: Edcon 2.7% Shoprite 2.7% Truworths 1.8% Mr Price 1.8% Pick n Pay 1.7% Massmart 1.5% Woolworths 1.0% Foschini 0.7% Pepkor 0.6% Ster Kinekor 0.5% Local Government: City of Tshwane 3.4% JHB Water 0.8% City of JHB 0.7% 36.4% 4.9% 1.0% TOTAL 16.9% 25.1% 15.7% National Government: Justice 6.3% Defence 6.0% Water Aff. 3.9% NPA 2.6% Arts & Cult. 2.2% Provincial Government: Econ. Dev. 3.1% Health 3.0% Infrastr. Dev. 2.2% Com. Safety 1.9% Social Dev 1.9% 32 Government Agencies: CCMA 0.5% SASSA 0.4% SAPO 0.1% Private Sector: NBC 1.3% Antalis 1.3% Datacentrix 0.7% Medscheme 0.7% 16

17 SEGMENTED OFFICE EXPOSURE BY GLA Private sector: Antalis 3.1% NBC 1.7% Datacentrix 1.5% Medscheme 1.1% Massmart 0.9% Other 21.6% National Government: Defence 9.7% Justice 9.4% Water Aff. 5.7% NPA 4.1% Arts & Culture 4.0% Other 7.3% 40.2% 29.9% 21.1% OFFICE 6.9% 1.9% Provincial Government: Health 6.2% Econ. Dev. 3.4% Social Dev. 2.8% Comm. Safety 2.2% Infrastr. Dev. 1.8% Other 4.7% Local government: City of Tshwane 4.5% City of JHB 1.3% JHB Water 1.1% Government Agencies: CCMA 1.0% SASSA 0.7% Post Office 0.2% 33 SEGMENTED OFFICE EXPOSURE BY RENTAL INCOME Private sector: NBC 2.0% Antalis 2.0% Datacentrix 1.1% Medscheme 1.0% Massmart 0.7% Other 20.8% 27.6% Provincial Government: Econ. Dev. 4.8% Health 4.7% Infrastr. Dev. 3.4% Comm. Safety 3.0% Social Dev. 2.9% Other 5.5% 24.3% National Government: Justice 9.8% Defence 9.3% Water Aff. 6.1% NPA 4.0% Arts & Culture 3.4% Other 6.3% 38.9% OFFICE 7.6% 1.6% Local government: City of Tshwane 5.4% JHB Water 1.2% City of JHB 1.0% 34 Government Agencies: CCMA 0.8% SASSA 0.7% Post Office 0.1% 17

18 OVERALL SEGMENTED RETAIL EXPOSURE BY GLA Top 10 national retailers*: Shoprite 12.0% Edcon 11.5% Woolworths 7.0% Pick n Pay 6.8% 86.0% Mr Price 4.2% Truworths 4.1% Massmart 3.9% Ster Kinekor 2.5% Foschini 1.6% Pepkor 1.1% RETAIL 14.0% Non-national retailers * Top 10 retailers as % of total retail exposure by GLA 35 OVERALL SEGMENTED RETAIL EXPOSURE BY RENTAL INCOME Top 10 national retailers*: Shoprite 7.6% Massmart 7.6% Pick n Pay 4.9% Truworths 4.9% Foschini 4.6% Woolworths 3.0% Pepkor 2.6% Mr Price 1.6% Ster Kinekor 1.5% Edcon 1.5% 85.0% RETAIL 15.0% Non-national retailers * Top 10 retailers as % of total retail exposure by rental income 36 18

19 BT NGEBS CITY - RETAIL UNDER MANAGEMENT Trading density R / m² +12,2% Foot count ,8% Car count ,9% 37 19

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