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Results presentation – FY2014 interims

Results presentation – FY2014 interims. September 2013. Overview Acquisitions Financial review Operational review Appendix. Interim distribution of 50.46 cpu – 7.7% increase on prior year R1.6 billion of concluded and announced acquisitions

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Results presentation – FY2014 interims

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  1. Results presentation – FY2014 interims September 2013

  2. OverviewAcquisitionsFinancial reviewOperational reviewAppendix

  3. Interim distribution of 50.46 cpu– 7.7% increase on prior year R1.6 billion of concluded and announced acquisitions Capital structure converted to all-equity and REIT status obtained – effective 1 April 2013 Gearing remains low at 10.1% but will increase to 31.0% post announced acquisitions R500m term debt facility put in place – evergreen structure with syndicate of banks Strong underlying property fundamentals – vacancy low at 2.8% Highlights 32 800 m2of industrial space let and a further 28 000m2 committed

  4. Fund snapshot at 30 September 2013

  5. Comparative forward yields analysis Source: I Net Bridge as at 15 November 2013

  6. Forward yield vs. price / NAV

  7. OverviewAcquisitionsFinancial reviewOperational reviewAppendix

  8. Asset growth

  9. Acquisition summary

  10. Disposal summary Total profit on disposal of R10.3m No CGT under new REIT legislation – effective 1 April 2013

  11. OverviewAcquisitionsFinancial reviewOperational reviewAppendix

  12. Simplified income statement Distribution equates to net property income less operating expenses and funding costs Performance underpinned by 7.1% growth in base portfolio net income

  13. Distribution reconciliation

  14. Key ratios

  15. Cash flow extracts Underlying business strongly cash generative, with arrears tightly controlled Investing activities include R50.4m inflow from disposal of 2 properties and capex of R14.0m Cash at period end used to partly fund announced acquisitions

  16. Low gearing – 10.7% Significant headroom to pursue attractive acquisitions, quickly New SPV structure in place to access term debt market Syndicate of banks include Nedbank, Standard Bank and Investec Initial R500m tranche Hedging policy remains conservative in volatile interest rate environment At least 75% of debt is hedged 91% of committed hedges are hedging 5 year interest rate risk All-in cost of funding of 8.3% Reliance on long-term vs. short term funding Balance sheet

  17. R million Weighted average debt expiry – 3.4 years No refinancing until April 2016 Debt maturity profile

  18. Funding profile

  19. OverviewAcquisitionsFinancial reviewOperational reviewAppendix

  20. Portfolio map

  21. Leasing activity ¹ Net GLA (total acquired less vacant space taken on). ² New leases account for 31 505 m2 of industrial and 2 188 m2 of retail space 32 800 m2 industrial space let Strong escalations achieved Reversions on anomalous short-term lets (14%), but +30% positive reversions achieved on remainder

  22. GLA (m2) Vacancies (% GLA)

  23. Forward lease expiry profile

  24. Portfolio composition Revenue GLA Asset Value March 2013 September 2013 Offices Industrial Retail

  25. Geographic spread Geographic spread by GLA Geographic spread by revenue

  26. Tenant spread Single vs Multi-Tenanted by Revenue Tenant profile (based on Revenue)

  27. OverviewAcquisitionsFinancial reviewOperational reviewAppendix

  28. Completed acquisitions SA Ladder 5 Bond Street

  29. Completed acquisitions Minolta Bellville Minolta Highveld

  30. Announced acquisitions Cash & Carry Silverlakes Zenth East Rand

  31. Announced acquisitions Bigen Africa Martin & Martin

  32. Announced acquisitions Khayelitsha The Braes

  33. Announced acquisitions Wellness Centre Greenhill Village

  34. Announced acquisitions Danclove Vinebridge

  35. Announced acquisitions Barinors Vineyards Linbro Park

  36. Announced acquisitions Beechwood Nicol Main

  37. Disclaimer The information contained herein is for information purposes only and readers should not rely on such information as advice in relation to a specific issue without taking financial, banking, investment or professional advice. Although information has been obtained from sources believed to be reliable, Investec Property Fund Limited (Reg. No.2008/011366/06) and or any affiliates (collectively “Investec Property”), do not warrant its completeness or accuracy. Opinions and estimates represent Investec’s view at the time of going to print and are subject to change without notice. Past performance is not indicative of future returns. The information contained herein does not constitute an offer or solicitation of investment, banking or financial services by Investec Property. Neither Investec Property nor Investec Bank Limited shall be held liable in respect of any claim, damages or loss of whatever nature arising in connection with such information. Investec Property accepts no liability for any loss or damage of whatsoever nature including but not limited to loss of profits, goodwill or any type of financial or other pecuniary or direct or special indirect or consequential loss however arising, whether in negligence or for breach of contract or other duty as a result of use of or reliance on the information contained in this document whether authorised or not. This document/publication may not be reproduced in whole or in part or copies distributed without the prior written consent of Investec Property.

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