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Mara Delta Property Holdings Investor Presentation 2016 Dis - - PowerPoint PPT Presentation

Mara Delta Property Holdings Investor Presentation 2016 Dis isclaimer This document, which is personal to the recipient, has been prepared by Delta International Property Holdings (the Company ), solely for use at a presentation to


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Mara Delta Property Holdings

Investor Presentation 2016

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Dis isclaimer

This document, which is personal to the recipient, has been prepared by Delta International Property Holdings (the “Company”), solely for use at a presentation to potential

  • investors. For the purposes of this disclaimer, the presentation shall mean and include the slides that follow, any oral presentation of the slides by the Company, any question-and-

answer session that follows the presentation, hard copies and electronic copies of this document and any materials or information distributed or communicated at, or in connection with, any presentation (together the “Presentation”). This Presentation contains information which is not in the public domain (collectively referred to as the "Confidential Information"). The Confidential Information constitutes inside information, as defined in the Financial Markets Act, 2012 and its Mauritian equivalent legislation, and such Confidential Information cannot be disclosed to any third party, and no trade in the securities of the Company may be made, until such time as the Confidential Information has been made public by way of a SENS announcement and a SEM announcement. Recipients of this Presentation agree and undertake that, until such time as the Confidential Information has been made public by way of a SENS announcement and a SEM announcement 1) to treat and safeguard the Confidential Information as strictly private, secret and confidential, 2) not to use or permit the use of the Confidential Information for any purpose other the consideration or evaluation of the information contained in the Proposal (the "Permitted Purpose") and 3) not to disclose or divulge, directly or indirectly, the Confidential Information in any manner to any third party for any reason or purpose whatsoever. THIS PRESENTATION IS NOT FOR PUBLICATION, RELEASE, OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, OR JAPAN THE INFORMATION CONTAINED THIS PRESENTATION IS STRICTLY CONFIDENTIAL AND MAY NOT BE FORWARDED, PUBLISHED OR DISTRIBUTED, DIRECTLY OR INDIRECTLY, TO ANY OTHER PERSON (WHETHER WITHIN OR OUTSIDE YOUR ORGANIZATION/FIRM) FOR ANY PURPOSE AND MAY NOT BE REPRODUCED IN ANY MANNER WHATSOEVER. ANY FORWARDING, PUBLICATION, DISTRIBUTION OR REPRODUCTION OF THESE MATERIALS IN WHOLE OR IN PART IS UNAUTHORIZED Neither this Presentation nor any copy of it may be taken, transmitted, distributed or published in or into the United States of America, its territories or possessions (the “United States”) or distributed, directly or indirectly, in the United States. Any failure to comply with these restrictions may constitute a violation of United States securities laws. The Company’s shares have not been, and will not be, registered under the US Securities Act of 1933, as amended (the “US Securities Act”) or the laws of any state, and may not be

  • ffered or sold in the United States except pursuant to a transaction exempt from, or not subject to, the registration requirements of the US Securities Act and applicable state
  • laws. The Company does not intend to register its securities under the US Securities Act or to conduct a public offering of the securities in the United States. In the United States,

any offering of Shares will be made only to qualified institutional buyers in accordance with Rule 144A under the US Securities Act or in other transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable state or local securities laws. Outside the United States, any offering of shares will be made in accordance with Regulation S under the US Securities Act.

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Dis isclaimer (c

(conti tinued)

This Presentation does not constitute an offer to sell or a solicitation of an offer to purchase any securities in any jurisdiction in which such offer or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any jurisdiction. Neither this Presentation nor any copy of it may be taken or transmitted into Canada, Australia or Japan or to any person in any of those jurisdictions. Any failure to comply with these restrictions may constitute a violation of Canadian, Australian or Japanese securities law. The distribution of this Presentation in other jurisdictions may be restricted by law and persons into whose possession this Presentation comes should inform themselves about, and observe, any such restrictions. Certain statements, beliefs and opinions in this Presentation are forward-looking statements which reflect the Company’s current expectations and projections about future

  • events. These statements typically contain words such as “anticipate”, “assume”, “believe”, “estimate”, “expect”, “forecast”, “plan”, “intend”, “will” and words of similar
  • substance. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from

those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Statements contained in this Presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Neither the Company, PSG Capital nor any other person undertakes any obligation to update or revise any forward-looking statements, whether as a result

  • f new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak only as of the date of this Presentation. No

statement in this Presentation is intended to be a profit forecast. This Presentation contains information regarding the past performance of the Company. Past performance is not a guide to the Company’s future returns or future performance. This Presentation should not be considered as the giving of investment advice by the Company, PSG Capital, DMH Associates Ltd or any of its shareholders, directors, officers, agents, employees or advisors. Each party to whom this Presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. The information and opinions contained in the Presentation have been completed from sources believed to be reliable and in good faith, but no representation or warranty express or implied is made as to their accuracy, completeness or correctness. Recipients acknowledge that all investment activity shall be at recipients’ own risk, which can result in loss of recipients’ investment capital, annual income, and/or tax benefits. By attending the Presentation and/or by accepting this document you represent, warrant and undertake that: (i) you have read and agree to comply with the contents of this disclaimer; and (ii) you will treat and safeguard this Presentation as strictly private and confidential and agree not to reproduce, redistribute or pass on this Presentation, directly or indirectly, to any other person or publish this Presentation, in whole or in part, for any purpose.

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Proceedings

  • Introduction
  • Mission Statement
  • Introduction to Mara Delta
  • Mara Delta at a Glance
  • Strategy
  • Company Structure
  • Management Structure
  • Corporate Structure
  • Shareholder Profile
  • Financial Overview
  • Portfolio Overview
  • Potential Acquisition Portfolio
  • Key Investment Points
  • Q&A
  • Annexure A: Directors & Management
  • Annexure B: Existing Portfolio

Anadarko Building, Mozambique

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SLIDE 5

Vodacom Building & KPMG / Hollard Building, Mozambique

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Introduction

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Mis ission Statement

“To be the leading real estate owner on the African continent,

  • utside of South Africa, within the next five years and to create

significant value for our shareholders, ensuring consistent growth by creating strong partnerships, while making a real and meaningful impact in the countries we operate in”

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In Introduction to Mara Delta

  • First Pan-African focused real estate fund, listed on both the JSE and SEM
  • Mara Delta is promoted by Pivotal, Delta, Mara, Carlisle and Abland. Each provide an unrivalled blend of

commercial experience and expertise in SSA:

  • Pivotal and Delta are JSE listed property funds with market caps of $425m and $300m respectively. Both have a

proven track record of acquiring and managing commercial real estate assets

  • Mara is a pan-African investment group with multi-sector operational experience across 25 countries in Africa
  • Abland is one of the largest property development and management companies in South Africa
  • Carlisle is a property development company with extensive retail design, development and leasing experience
  • Offers investors access to a Rand/Rupee hedge USD yielding investment
  • Asset base of US$ 400-$500m
  • Mara Delta will invest in real estate assets across sub-Saharan Africa
  • Strong pipeline of quality assets identified and under negotiation in Morocco, Mozambique, Nigeria, Kenya,

Uganda and Tanzania, amongst others

  • Management team with over 45 years combined African experience and relationships
  • In-country asset and property management teams
  • Property portfolio (current and pipeline) underpinned by long term leases with strong counterparties
  • Tax efficient structures that are well positioned for capturing ongoing growth
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Mara Delta at t a Glance

Pre Pivotal Investment Post Pivotal Investment

Market capitalisation US$ 218.9 million US$ 276.9 million

  • No. of properties

10 12 Location of properties Morocco; Mozambique; Zambia; Mauritius Morocco; Mozambique; Zambia; Mauritius; Kenya; Nigeria Independent valuation of the property portfolio US$ 317.0 million US$ 433.5 million Gross lettable area* 126,298m2 (67,264m2 added) 160,026m2 (33,728 m2 added) Sectoral profile (by value) Office: 34.7%; Retail: 52.3%; Light Industrial: 2.7%; Corp Accomm: 10.3% Office: 50.8%; Retail: 39.7%; Light Industrial: 2.0%; Corp Accomm: 7.5% Occupancy rate* 98% 98% LTV ratio + 50.0% + 50.0%

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SLIDE 10

Anfa Place, Morocco

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Strategy

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Strategy

  • Targeted total return in excess of 15% in USD
  • Leverage on existing knowledge base and experience in Mozambique and Morocco
  • Immediate REIT conversion in Morocco – REIT legislation expected Q1 2016
  • Asset acquisitions in Mauritius (focus on properties with strong counter party tenants)
  • Grow portfolio based on quality leases and strong counterparties in USD based

economies

  • Strategic partnerships in existing jurisdictions that will secure and strengthen

in-country resources

  • Countries with existing REIT structures will be prioritised
  • Grow shareholder value and returns
  • First wave countries: Morocco; Mozambique; Zambia; Kenya; Tanzania; Uganda
  • Second wave countries: Mauritius; Nigeria; Botswana; Ghana
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Company Structure

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Management Structure

BRONWYN CORBETT CEO TREVOR MATTHEWS

SENIOR OPERATIONS ASSET MANAGER

OJONG NSO

OPERATIONS ASSET MANAGER

BENYAMIN BELHAJ

OPERATIONS ASSET MANAGER - MOROCCO

COO PAUL SIMPSON

COUNTRY EXECUTIVE - MOROCCO

KAREN BRAMLEY

COUNTRY EXECUTIVE- EAST AFRICA

JEREMY COOPER

HEAD OF INVESTMENTS

MIKE SEWELL

INVESTMENT MANAGER

KAI MARINI

JUNIOR INVESTMENT MANAGER

GREG PEARSON

HEAD OF DEVELOPMENTS

LEON VAN DE MOORTELE CFO ASHWIN METURJEET

FINANCE MANAGER - MAURIITIUS

MOHAMED BOUIBAOUNE

FINANCIAL ACCOUNTANT - MOROCCO

EDSON NEVES

FINANCIAL ACCOUNTANT- MOZAMBIQUE

KIRSTEN LEWIS

OFFICE MANAGER/ EXECUTIVE ASSISTANT

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SLIDE 15

Corporate Structure

Freedom Property Fund SARL (Morocco) Anfa Place Shopping Centre Casablanca, Morocco Commotor Limitada (Mozambique) Delta International Bahrain (Bahrain) 100% 100% S&C Immobiliaria Limitada (Mozambique) Hollard Building Vodacom Building Maputo, Mozambique Anadarko Building Maputo, Mozambique HM & K Properties Limited (Mauritius) SAL Investment Holdings Limited (Mauritius) 100% 3% 5% 95% 97% 100%

Delta Africa Property Holdings Limited (Mauritius) (SEM and JSE Listed) Delta International Mauritius Limited (Mauritius)

DIF 1 Limited (Mauritius) 100% Zimpeto Investment Holdings Limited (Mauritius) Zimpeto Immobiliaria Limitada (Mozambique) Zimpeto Square Maputo, Mozambique 100% 97% 100% 3% BH Property Investments Limited (Mauritius) 100% Barclays House Ebene, Mauritius

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Shareholder Profi file

As at 22 September 2015 Units held Holding Delta Property Fund 23 405 584 31.78% Government Employees Pension Fund 19 054 810 25.87% Stanlib 6 639 793 9.01% Bowwood and Main* 5 746 061 7.80% Anchor Capital 3 365 318 4.57% Subtotal 58 211 566 79.03% Other 15 444 880 20.97% Total 73 656 446 100.00%

* Management Team

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Anadarko Building, Mozambique

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Financial Overview

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Fin inancial Overv rview

Full Year 30 June 2015 Quarterly 30 Sept 2015 Dividend per share (USD cents) 11.28

  • Cost to income ratio

24.5% 15.3% LTV 48.7% 47.8% NAV per share (excl. deferred tax) (USD cents) 168.91 164.69 Weighted average rental/m² US$27

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Statement of f Fin inancial Position (extract)

30 June 2015 USD ‘000 30 Sept 2015 USD ‘000 Assets Non-Current assets 210 698 222 682 Investment property 210 391 222 545 Other non-current assets 307 137 Current assets 25 343 33 666 Total assets 236 041 256 348 Equity and liabilities Total Equity 124 413 121 302 Deferred taxation 807 930 Derivative instruments

  • 479

Interest-bearing liabilities 101 657 122 753 Current liabilities 9 164 10 884 Total equity and liabilities 236 041 256 348 Net asset value per share (cents) 168.91 164.69

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Property Portfolio

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Portfolio Overv rview (P

(Pre-pip ipeline an and Piv Pivotal)

20% 11% 9% 6% 5% 4% 4% 3% 2% 2% 34%

Vodacom Anadarko Alhokair Alshaya Label Vie Samarcande Group Sal & Calderia Advogados DVH BP KPMG Other

Modern retail and office assets with attractive tenant mix located in African countries with strong fundamentals

  • 1. Based on purchase price excl. acquisition costs
  • 2. Pre-tax cap rate. Calculated as a weighted average of property operating income divided by market value of property
  • 3. Vacant space relates to street retail component of Anfa Place with the shopping centre itself being 100% occupied .

Top 10 Tenants (by income)

52,6% 47,4%

Mozambique Morocco

Portfolio Summary by Geography (Asset Value)

Portfolio Metrics Retail Office Total

Number of Properties 2 3 5 Acquisition Cost (US$m) 121 97 218 Independent Property Value ($m) 115 105 220 Weighted Average Acquisition Yield1 8.6% 8.8% 8.7% Weighted Average Capitalisation Rate2 8.4% 8.6% 8.5% WALE (years by income) 6.9 years 7.0 years 7.1 years GLA (sqm) 35,643 23,410 59,053 Occupancy (by GLA) 93.3%3 100.0% 96.0%

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KPMG / Hollard Building, Mozambique

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Geographic Spread

Mo Mozam ambi biqu que

Population (million)

25.8

GDP (USDbn)

15.3

Real GDP growth rate (%)

7.1

GDP / Capita (USD)

592.5

CPI (%)

4.2

Credit rating

B Current presence

Sources: EIU, Standard & Poor’s Note:

  • 1. 2013 information; 2. Credit rating based on Standard & Poor’s local currency rating

Ma Maur uritius

Population (million)

1.3

GDP (USDbn)

12.6

Real GDP growth rate (%)

3.2

GDP / Capita (USD)

54 629

CPI (%)

7.16

Credit rating

Baa1 Mo Moroc

  • cco

Population (million)

33.0

GDP (USDbn)

104.1

Real GDP growth rate (%)

4.4

GDP / Capita (USD)

3 155.2

CPI (%)

1.9

Credit rating

BBB- Target jurisdictions Ni Niger eria

Population (million)

179.0

GDP (USDbn)

569.0

Real GDP growth rate (%)

9.19

GDP / Capita (USD)

1 092

CPI

9.3

Credit rating

B+ Kenya

Population (million)

45.6

GDP (USDbn)

60.94

Real GDP growth rate (%)

3.8

GDP / Capita (USD)

649.0

CPI (%)

6.72

Credit rating

B+ Zam ambi bia

Population (million)

15.2

GDP (USDbn)

27.07

Real GDP growth rate (%)

7.1

GDP / Capita (USD)

1 081

CPI (%)

1.54

Credit rating

B

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Acquisition Portfolio

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Vale le Compound (T

(Transfer Jan January 2016 2016)

Location: Tete, Mozambique Anchor tenants: Vale and Barloworld Sector: Commercial / Residential Land title: Leasehold (50 + 50 years) GLA: 83 x 3 bed villas 40 x 2 bed apartments Anchor lease term: 7 years Vale, 3 years Barloworld Anchor tenant lease expiry: 2023 and 2019 Average escalation: 3% p.a. Vacancies: 0% Valuation: US$33.4 million Acquisition yield: 9.80% (7.80% in Mauritius) Equity requirement: US$17.6 million Debt requirement: US$16.7 million (refinance) Vendor: VDE Limitada Type of purchase: Purchase of Mauritius SPV

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Bollore Warehouse (T

(Transfer Jan January ry 2016 2016)

Location: Pemba, Mozambique Anchor tenants: Bollore Africa Logistics Sector: Light industrial Land title: Leasehold GLA: 6 400m2 Parking bays: 10 Anchor lease term: 4.5 years Anchor tenant lease expiry: March 2020 Average escalation: 0% Vacancies: 0% Valuation: US$8.0 million Equity requirement: US$4.3 million Acquisition yield: 10.90% (7.60% in Mauritius) Debt requirement: US$4.0 million Vendor: HodariProp Type of purchase: Subject to negotiation

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Kafu fubu Mall (T

(Transferred)

Location: Ndola, Zambia Anchor tenants: Shoprite Sector: Retail Land title: Leasehold GLA: 11 964m2 Anchor lease term: 8.5 years Anchor tenant lease expiry: April 2024 Average escalation: USD CPI p.a. Valuation: US$24.8 million (100%) Acquisition yield: 7.75% (7.20% in Mauritius) Equity requirement: US$5.6 million Debt requirement: US$7.1 million (refinance) Vendor: Rockcastle Global Real Estate Type of purchase: 50% Purchase of Mauritius SPV

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Mukuba Mall (T

(Transferred)

Location: Kitwe, Zambia Anchor tenants: Shoprite, Game, Pick n Pay Sector: Retail Land title: Freehold GLA: 28 235m2 Anchor lease term: 4.5 years Anchor tenant lease expiry: March 2020 Average escalation: USD CPI p.a. Valuation: US$68.7 million Acquisition yield: 7.75% (7.20% in Mauritius) Equity requirement: US$17.8 million Debt requirement: US$17.4 million (refinance) Vendor: Rockcastle Global Real Estate Type of purchase: 50% Purchase of Mauritius SPV

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Barclays House (T

(Transfer Jan January ry 2016 2016)

Location: Ebene, Mauritius Anchor tenant: Barclays Bank Sector: Office Land title: Leasehold GLA: 7 700m2 Parking bays: 150 Anchor lease term: 12 years Anchor tenant lease expiry: 2028 Average escalation: CPI Vacancies: 0% Valuation: US$13.4 million Equity requirement: US$8.2 million Acquisition yield: 8.30% (7.40% in Mauritius) Debt requirement: US$6.7 million Vendor: Jade Group Type of purchase: Purchase of building

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Cosmopolitan Mall (T

(Transfer Apr pril l 2016 2016)

Location: Lusaka, Zambia Anchor tenants: Shoprite, Game Sector: Retail Land title: Freehold GLA: 25 900m2 Parking bays: 1 300 Anchor lease term: 10.0 years Anchor tenant lease expiry: 2026 Average escalation: US CPI p.a. Vacancies: 0% Valuation: US$80.0 million (100%) Equity requirement: US$6.3 million (mezz. facility) Balance on completion of asset Acquisition yield: 7.75% (7.2% in Mauritius) Debt requirement: US$6.0 million (mezz. facility) Balance on completion of asset Vendor: Rockcastle Global Real Estate Type of purchase: 50% Purchase of Mauritian SPV

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Buffalo Mall (T

(Transfer March 2016 2016)

Location: Naivasha, Kenya Ownership interest: 50.0% Anchor tenant: Tuskys Sector: Retail Land title: Leasehold GLA: 5 300m2 Parking bays: 250 Anchor lease term: 15.0 years Anchor tenant lease expiry: 2030 Average escalation: 3% p.a. Vacancies (GLA): 1.9% Valuation: US$10,4 million (100%) Equity requirement: US$3.6 million Acquisition yield: 6.4% (2.5% in Mauritius) Debt requirement: US$3.4 million Vendor: Pivotal Fund Limited Type of purchase: Share Purchase. Mauritian holdco

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Win ings Offi fice Towers (c

(completion & transfer Sep September 20 2016 16)

Location: Lagos, Nigeria Ownership Interest: 37.1% Anchor tenant: Oando PLC Sector: Office Land title: Leasehold GLA: 27 000m2 Parking bays: 700 Anchor lease term: 10.0 years Anchor tenant lease expiry: 2026 Average escalation: 3% p.a. (4.5% p.a. from year 4 onwards) Vacancies (GLA): 41.3% Valuation: US$280.0 million (100%) Equity requirement: US$55.1 million Acquisition yield: 9.4% (6.9% in Mauritius) Debt requirement: US$53.2 million Vendor: Pivotal Fund Limited Type of purchase: Share purchase. Mauritian holdco

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Anfa Place, Morocco

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Key Investment Points

  • Positive asset management activities to drive NAV growth

› Letting of retail vacancies in Morocco › Planned CAPEX/Expansion projects › Pre-let development pipeline

  • Yield enhancing acquisitions to increase distributions

› Pipeline of developed assets to bulk up core portfolio › Deliberate and selective diversification of assets to increase earnings

  • Cost management to optimise return on assets

› Active and controlled property management › Emphasis on achieving lower cost to income ratios through economies of scale › On the ground management in place

  • Managed approach to funding

› Diversification (currency and jurisdiction) of funding sources to obtain lowest rates › Optimal usage of assets provided as security › Strategy of fixing 70% of rates at favourable levels › Access to debt capital markets

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Thank You

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Q & A

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Annexure A – Directors and Management

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Directors and Management

Sandile Nomvete

Chairman Exec Dep. & Prop Dev. Prog Sandile is the founder and CEO of Delta Property Fund, a REIT listed on the JSE with a portfolio of assets valued at ~US$700m. Sandile serves as a director on a number of other boards and has more than a decade of experience in executive and non executive positions.

Bronwyn Anne Corbett

Chief Executive Officer BCom (Acc) (Univ. of Natal, PMB), CA(SA) Bronwyn is a Chartered Accountant and CEO of Mara Delta (previously Delta Africa). She has more than 10 years of experience in the property sector with a specific focus on property ownership and financing structures. Bronwyn was a co-founder of Delta Property Fund which has built its property portfolio from R2 billion to in excess of R10 billion. Bronwyn was instrumental in both the listing of Delta Property Fund and Delta Africa (now Mara Delta) and has extensive experience in raising capital.

Leon van de Moortele

Chief Finance Officer Bcompt (Hons), CA(SA) After completing articles with PwC, Leon moved to the Global Risk Management Services within PwC, where he become the Senior Manager in charge of Data Management. In 2004, he moved to Solenta Aviation where he became Group Finance Director within 18 months. During his tenure as Group Finance Director, the group expanded from 12 aircraft to 48 aircraft,

  • perating in 8 African countries (including South Africa, Mozambique, Algeria, Ghana, Gabon, Kenya, Tanzania and Cote

d’Ivoire.

Greg Pearson

Executive Director MCMI, Elec Eng Greg is a graduate of Kingston University in London where he studied Business Management and Project Management. Prior to joining Delta, Greg was an executive with AECOM and was responsible for expanding their African footprint (ex- SA) resulting in his involvement in a vast array of major projects across Africa.

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Directors and Management (continued)

Paul David Simpson

Chief Operating Officer RIBA1 Paul has had close involvement in providing architectural input on three hundred new shopping centres across South Africa, Africa and the Middle East. Paul’s experience ranges from major tenant input through to mall plan design of large regional centres such as Clearwater Mall, Maponya Mall and Irene Mall. Paul also served as construction director of Group Five Building in the Western Cape as well as 2 decades at Woolworths heading up the real estate division.

Peter Todd

Lead Independent Director Peter was appointed as an Independent Non-Executive Director with effect from 14 August 2014. Peter is a qualified attorney and began his career as the senior tax manager at Arthur Anderson and Associates in Johannesburg. He joined TWS Rubin Ferguson in 1993 as a tax partner and was instrumental in listing six companies on the JSE. In 2000, Peter established Osiris International Trustees Limited in the British Virgin Islands (“BVI”) to provide international trust and corporate administrative services to global clients, as well as Drake Fund Advisors which assists with the setup and administration of hedge funds in the BVI and Cayman Islands. He held a Non-Executive Director position at Redefine International Limited from the initial listing for some 9 years and has been involved in the property industry for many years.

Maheshwar Doorgakant

Non-Executive Director Maheshwar is a fellow of the Institute of Chartered Accountants of England and Wales. He holds the position of Managing Director of Apex Fund Services (Mauritius) Limited, which forms part of the Apex Group. He holds a number of directorships on numerous boards in both India and Africa for various funds and companies through which he has acquired extensive experience and knowledge on key industries in India and its principal capital markets as well as Africa. Mahesh is also the President of the Executive Committee of the Association of Trust and Management Companies of Mauritius.

Chandra Kumar Gujadhur

Non-Executive Director Chandra is the Chairman and co-founder of Apex Fund Services (Mauritius) Limited. He is also a member of the Institute of Chartered

  • f Accountants in England and Wales and an associate member of the Society of Trust and Estate Practitioners, has long standing

experience in the auditing of offshore funds, fund structuring and tax planning. He was previously a member of the Accounting and Auditing task team of the Corporate Governance Committee of Mauritius and the Chairman and member of the Consultative Sub-Committee on the drawing up of the New Listing Rules of the Stock Exchange of

  • Mauritius. He retired as a senior partner with Deloitte at the end of September 2006, after 18 years, to assume the responsibility of

Managing Director at Apex Mauritius. As a board member of numerous India focused funds and companies he has gained extensive experience and knowledge on key industries in India and its principal capital markets.

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Directors and Management (continued)

Ian Mcleod

Non-Executive Director Ian holds a BCom (Honours) in Real Estate Investment, Valuation and Development and has over 41 years of experience with financial institutions, including Standard Bank of South Africa and Nedbank with a specific focus on Real Estate Credit Risk. He has extensive knowledge of the real estate sector’s key role players, business sector and geographic nodes. Ian has managed portfolios in excess of R40 billion during changing economic cycles and managing problematic properties in economic downturns. It is Ian’s expertise and knowledge that have seen him previously hold the position of Head of Credit for Real Estate.

Trevor Matthews

Operations Manager Certificated in Shopping Centre Management Trevor has over 30 years industry experience beginning his career in 1979 as a property assistant, a position he held for six years, in which he established the building blocks to a long and successful career in the sector. By 1985, he joined BanKorp Properties as a manager of collections. Following this, Trevor joined Liberty Group Properties as the Leasing Manager. In 2001, he managed a R1.5 billion portfolio for Allan Gray Shopping centres, thereafter progressing to Canal Walk Management as the Leasing Manager. He was the Retail Asset Manager of the Fountainhead Property Trust where he was responsible for the full asset management of a retail portfolio of 10 shopping centres.

Jackie Van Niekerk

Non-Executive Director (Pivotal) Jackie is the CEO of The Pivotal Fund Limited. Jackie studied BCom Accounting at the University of Pretoria and has 10 years of property experience in all property industries and disciplines. Jackie joined Pivotal in 2009 as an asset manager, where she gained experience in property management, investment and development in all property sectors. She was elected to the board and appointed as managing director in June 2013.

Ashish J Thakkar

Non-Executive Director (Mara) Ashish J. Thakkar is the Executive Chairman of Mara Sokoni, an African e-commerce platform with a focus on B2C marketplace for general merchandise. He is also the Founder of Mara Group and Mara Foundation. Ashish has driven the growth of the Mara Group from a small IT business in Uganda to the globally recognized multi-sector investment group that exists today. Through its investments, Mara Group now employs over 11,000 people across 25 African countries in sectors spanning technology, banking, real estate and

  • infrastructure. Ashish serves as Chair of the United Nations Foundation, Global Entrepreneurship Council and is the author of The Lion

Awakes: Adventures in Africa’s Economic Miracle.

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SLIDE 42

Directors and Management (continued)

Dave Savage

Non-Executive Director (Pivotal) Dave is an Executive Director of The Pivotal Fund Limited. Dave has 27 years’ experience in the property industry, 25 years of which have been dedicated to the growth of the Abcon Group. Dave has been involved in all aspects of Abland becoming a national property development company active in all industry sectors. He was also integrally involved in the formation and listing of Pivotal. Dave currently serves as Group CEO for the various companies. In addition, he serves on the board of Fountainhead Property Trust.

Ian Chambers

Independent Non-Executive Director Ian Chambers is an Independent Non-Executive Director residing in Mauritius. His company, Ian Chambers Consulting Limited, provides: tax advice to expatriates considering using Mauritius for future business; exchange control advice to South Africans considering relocating or emigrating to Mauritius; tax structuring advice to companies considering the utilisation of Mauritius; and structuring advice to South African companies in general.

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SLIDE 43

Annexure B - Existing Portfolio

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SLIDE 44

Anfa Pla lace Shopping Centre

Location: Casablanca, Morocco Anchor tenants: Carrefour, M&S, H&M, Virgin Megastore, McDonalds, Starbucks, Burger King Sector: Retail Land title: Freehold GLA: 30 879m2 Parking bays: 1148 Anchor lease term: 3 + 3 + 3 years Anchor tenant lease expiry: 2021 Average escalation: 10.0% every 3 years Vacancies: 0.31% in shopping mall 7.33% in street mall Valuation: US$104.7 million

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SLIDE 45

Anadarko Building

Location: Maputo, Mozambique Anchor tenant: Anadarko Petroleum Sector: Office Land title: Leasehold (50+50 years) GLA: 7 805m2 (plus 4 000m2 second phase) Parking bays: 185 Anchor lease term: 15 years Anchor tenant lease expiry: May 2028 Weighted average escalation: PPI + 2.5% Vacancies: 0% Valuation: US$ 41.2 million

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SLIDE 46

KPMG / / Hollard Building

Location: Maputo, Mozambique Anchor tenant: KPMG, Hollard & BP Sector: Office Land title: Leasehold (50+50 years) GLA: 4 945m2 Parking bays: 99 Anchor lease term: 3.5 years Anchor tenant lease expiry: Feb 2018 Weighted average escalation: 4.1% Vacancies: 0% Valuation: US$ 18.6 million

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SLIDE 47

Vodacom Building

Location: Maputo, Mozambique Anchor tenant: Vodacom Sector: Office Land title: Leasehold (50+50 years) GLA: 10 660m2 Parking bays: 336 Anchor lease term: 10 years Anchor tenant lease expiry: Dec 2020 / 5.9 years Weighted average escalation: 5.0% Vacancies: 0% Valuation: US$ 43.4 million

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SLIDE 48

Zimpeto Square

Location: Maputo, Mozambique Anchor tenant: Retail Masters, Edcon Sector: Retail Land title: Leasehold (50+50 years) GLA: 4,764m2 Parking bays: 136 Anchor lease term: 10 years Anchor tenant lease expiry: May 2024 / 6.5 years Weighted average escalation: 4.2% Vacancies: 0% Valuation: US$ 10.6 million