[PPT] - P R O P E R T Y F U N D 1 Presentation outline 1. PowerPoint Presentation

SLIDE 1

Interim results for the six months ended 31 August 2015

P R O P E R T Y F U N D

SLIDE 2

Presentation outline

Overview — Jackie van Niekerk Investment and portfolio overview — Jackie van Niekerk Financial overview — Aaron Suckerman Looking ahead — Aaron Suckerman 1. 2. 3. 4.

1

SLIDE 3

Overview

Jackie van Niekerk

1

Loftus Park

2

SLIDE 4

Highlights ’15

Net asset value excluding deferred tax per share increased year-on-year by

26% to R19.60

Prime developments construction commenced at

Loftus Park, Kyalami Corner and Wonderboom Junction

redevelopment and expansion Reduced weighted average cost of debt to

9.34%

(Aug 2014: 9.85%) Concluded the first acquisition in Nigeria, with Pivotal’s share of asset value on completion of

USD104 million

Acquired additional development pipeline of

275 000m²

taking total pipeline to 608 000m²

3

SLIDE 5

NAV growth

Note 1: Compound annual growth rate 28 February 2011 to 31 August 2015 Full year Half year

Growth in NAV from Feb 2011 to Aug 2015

Feb ’11 Feb ’12 Feb ’13 Feb ’14 Feb ’15 Aug ’14 Aug ’15

7 .44 8.56 10.14 15.55 18.40 19.60

CAGR1 24.02%

14.69

4

SLIDE 6

Key focus areas for ’15 Objectives

1. Secure long-term development pipeline to sustain growth and diversity. 2. Conversion of secured development to current development. 3. Maintain portfolio quality. 4. Increase exposure to the rest of Africa. 5. Further develop as an offshore investment strategy. 1. Development opportunity secured to increase the bulk to 608 000m2 and industrial sector exposure expanded. 2. Prime developments construction commenced at Loftus Park, Kyalami Corner and Wonderboom Junction redevelopment and expansion. 3. R61 million spent on capex and upgrades. 4. Concluded the fjrst transaction and well established pipeline secured. 5. Strategic investment into Australia in planning.

Actions

5

SLIDE 7

Investment and portfolio overview

Jackie van Niekerk

2

Cradlestone Mall

6

SLIDE 8

Pivotal at a glance

R10.8bn

South Africa

94%

R10.2bn

Income producing

Retail Offjce Industrial

192 889m2 19 210m2 145 491m2

Development pipeline

Current development Future secured development

608 000m2 R0.8bn R1.6bn R8.6bn R0.8bn R4.7bn R0.1bn

Mara Africa

Africa

6%

R0.6bn

226 830m2 R3.8bn R10.8bn R2.8bn 27 000m2 R0.6bn R1.3bn R8.0bn

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SLIDE 9

2.1

Investments

Bryanston Place

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SLIDE 10

African investment strategy

Invest into a fund to become a major property owner on the African continent, outside of South Africa. Focusing on income-producing assets and strong development pipeline with solid counterparties to ensure consistent growth of value and risk mitigation.

1. Fund listed on SEM and JSE

2. Total fund size c. USD600m (including secured deals) 3. Joint ventures with strategic in-country partners

4. Strong management team
5. Tax effjcient structure

Pivotal

35%

shareholding estimated

Mara Africa

9

SLIDE 11

Pivotal in Africa Risks

1. Political change and uncertainty 2. Depressed oil price 3. Lengthy construction periods and delays 4. Local currency risk 1. High economic growth coming

ff a low base

2. Untapped markets 3. Pivotal balance sheet not encumbered with the African exposure 4. Need for good quality development

Opportunities

10

SLIDE 12

Australia investment strategy

Solid property fundamentals 1. Positive gearing with stable low interest rates 3. Strong local partners with a well-established track record 2. ZAR vs AUD relatively stable 4. 5. Focus on strong development pipeline Well-established income-producing portfolio 6. Portfolio under investigation:

Quality A-grade tenants Diversified across all sectors Low vacancy levels — below 2% Long WALE Attractive yields

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SLIDE 13

Developments

2.2

Alice Lane

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SLIDE 14

Development pipeline rollout

Refer to Annexure 2 on page 46 for further information SECTOR BULK

TOTAL

NO. OF

PROPERTIES

Offjce 127 787m2 11 16 Retail 58 434m2 3 Industrial 421 286m2 607 507m2 2 CAPE TOWN

1

pretoria

GAUTENG

JOHANNESBURG

4 1 1 1 7

13

SLIDE 15

Retail Offjce Africa Total Number of properties 3 8 1 12 GRA (m²) 59 382 86 109 27 000 172 491 Total capital cost (Rm) 1 026 2 252 2 276 5 554 Total value on completion (Rm) 1 047 2 570 3 727 7 344 Pivotal value on completion (Rm) 932 1 872 1 384 4 188

* USD1 to ZAR13.31 at 31 Aug 2015

Summary of current developments

Loftus Park

14

SLIDE 16

Kyalami, Gauteng

GRA: 29 160m2 GRA: 41 171m2

Retail Mixed use

Pivotal shareholding: 80% Pivotal shareholding: 80%

Estimated completion date: Estimated completion date:

2017 2019

Total value on completion: Total value on completion:

R576m R600m

Kyalami Corner Precinct

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SLIDE 17

GRA: 53 994m2

50%

Pivotal shareholding:

Arcadia, Pretoria, Gauteng

Estimated completion date

f phase 1:

2017

Total value on completion:

R1.5bn

Loftus Park

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SLIDE 18

GRA: 60 739m2

100%

Pivotal shareholding:

Wonderboom Junction

Redevelopment and expansion

Estimated completion date:

2017 R1.4bn

Annlin West, Pretoria, Gauteng

L A V E N D E R R O A D BRAAM PRETORIUS STREET LAVENDER ROAD

R 1 1

Total value on completion: 17

SLIDE 19

GRA: 800 460m2

45%

Pivotal shareholding:

Germiston, Gauteng

Estimated completion date:

2018

Total value on completion:

R1.9bn

S&J Industrial*

* Industrial land, refmected at serviced land value 18

SLIDE 20

Portfolio

2.3

Chilli Lane

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SLIDE 21

Portfolio management

1. Implemented a real time reporting system improving the reporting effjciencies 2. Over and Above Service Hub introduced to the offjce parks 3. Generator installation in all malls — 100% of the portfolio is equipped with backup generators 4. Electricity recovery — PV installation to be implemented in next year 1. Incentivised deal structures 2. Increasing demand for parking bays 3. Tenants’ rental market 4. Consolidation of offjce space 5. Retailers taking smaller space

Market trends Portfolio overview

20

SLIDE 22

Income-producing overview

Retail Offjce Industrial Total

1. Number of properties

10 23 3 36

2. Property portfolio value

3 768 4 668 145 8 597

3. Total GRA built (m2)

226 830 192 889 19 210 438 928

4. GRA as % of the portfolio

52 44 4 100

5. Value per m2

16 609 24 209 7 553 19 553

6. Vacancy (%)

2 3 — 2

7. Average net rental/m2 (R)

117 131 53 120

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SLIDE 23

Retail portfolio summary

Trading density (Turnover/GRA) Annual growth in turnover

The Square at Farrarmere

5%

3 829

Gateway Retail Trust

3%

2 707

Hillcrest Boulevard

4%

4 452

Chilli Lane

1 1%

3 404

Hazeldean Square

30%

3 116

Centurion Lifestyle Centre

7%

1 813

Goldfjelds Mall

2 284

Wonderboom Junction

1 587

Cradlestone Mall (40%)

19%

1 400

0% 1%

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SLIDE 24

Geographical profile 87

% GRA % Gross rentals

87 4 4 9 9

Gauteng Western Cape Free State

23

SLIDE 25

Tenant grading

A

83%

GRA

80%

Income

15%

Income

5%

Income

GRA

13%

B

GRA

4%

C

Total portfolio

24

SLIDE 26

Tenant grading

Offjce tenants

85 14 1

A B C

% GRA

87 12 1

% Income

Retail tenants

82 12 6

A B C

% GRA

74 17 9

% Income

25

SLIDE 27

Vacancy

Offjce exposure per location Total GRA exposure m2 Vacancy % Johannesburg 62.4% 2 Bryanston 21.6% 5 Constantia Kloof 12.7% 3 Hyde Park 7.0% 8 Illovo — — Midrand — — Modderfontein 12.0% — Sandton 9.2% 1 Pretoria 34.6% 5 Centurion — — Hatfjeld — — Pretoria 34.6% 10 Cape Town 3.0% 1 CBD 3.0% 2 Tygervalley — — Total value 100% 3 % of GRA vacant Sector Aug 2015 Aug 2014 Retail 1.8 2.4 Offjce 2.8 2.0 Portfolio 2.2 2.2

Vacancy %

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SLIDE 28

Tenant retention (% of GRA)

Vacancy and leasing Retail < 20 000m2 Offjce Retail > 20 000m2 Total 96 100 64 71

27

SLIDE 29

Lease expiry profile per financial year-end

GRA %

Offjce Retail Industrial

11% 14% 8% 10% 50% 54%

’17 ’18 ’19 ’20 and beyond ’16

9% 5% 17% 100% 22%

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SLIDE 30

Financial overview Aaron Suckerman

3

Hertford Offjce Park

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SLIDE 31

Financial highlights ’15

Aug ’15 Feb ’15 % change

NAV (R’000) 5 177 706 4 849 503 7 NAVPS (excl. deferred tax) (R) 19.60 18.40 7 Investment property (R’000) 8 597 402 8 349 696 3 Investment property under construction (R’000) 1 596 027 907 963 76 Average property value per m2 19 553 19 372 1 Weighted average cap rate (%) 7.7 7.7 — Interest-bearing liabilities (R’000) 5 833 336 4 498 322 30 Gearing (net of cash) (%) 52 46 13 Funding headroom to 55% LTV (R’000) 343 563 593 390 (37) Shares in issue 299 741 163 298 924 167 —

30

SLIDE 32

Net asset value per share movement (R)

1 NAVPS — Aug 2014 2 Business combinations and capital raised 3 Revaluations — investment properties 4 Revaluations — properties under development 5 Statutory profit excluding revaluations and forex gains 6 Mark-to-market swaps and forex gains 7 Dilution arising from additional shares in issue 8 NAVPS — Aug 2015

1 2 3 4 5 6 7 8

15.55 26.32 2.17 1.37 1.63 0.13 (27.57) 19.60

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SLIDE 33

Simplified statement of financial position

31 Aug 2015 R’000 31 Aug 2014 R’000 Change R’000 % Change

Property assets 10 193 429 3 589 517 6 603 912 184 Interest in associate 679 613 31 744 647 869 2 041 Intangibles and goodwill 544 270 — 544 270 100 Plant and equipment 3 312 60 3 252 5 420 Current assets 384 818 175 467 209 351 119 Total assets 11 805 442 3 796 788 8 008 654 210 Interest-bearing liabilities 5 833 336 1 853 206 3 980 130 215 Interest rate swaps 2 180 25 733 (23 553) (92) Deferred taxation 693 907 269 429 424 478 158 Current liabilities (excl. interest-bearing liabilities) 98 312 23 934 74 378 311 Total liabilities 6 627 735 2 172 302 4 455 433 205 Total equity 5 177 706 1 624 487 3 553 219 119 NAVPS (excl. deferred tax) 19.60 15.55 4.05 26 32

SLIDE 34

1 Investment properties — Feb 2015 2 Net properties and land acquired 3 Capital expenditure on completed properties 4 FV adjustments (incl. straight line) 5 Development expenditure 6 Other 7 Investment properties — Aug 2015

1 2 3 4 5 6 7

9 258 413 61 123 9

Investment property movement (Rm)

330 10 193

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SLIDE 35

Income producing property — value drivers

Weighted average

Sector Value per m2 12 month forward yield (%)

n net income

Cap rate (%) Reversionary rate (%) Discount rate (%)

Retail 16 609 7.9 7.6 8.1 13.1

Retail Convenience

16 034 8.5 8.1 8.6 13.6

Small Regional/Regional

16 826 7.8 7.5 8.0 13.0

Offjce and Industrial

24 209 8.3 7.8 8.3 13.3

Offjces — PTA/JHB

24 052 8.3 7.8 8.3 13.3

Offjces — CPT

25 923 7.3 7.4 7.9 12.9

Industrial

7 553 9.7 8.5 9.0 14.0

Total portfolio

19 553 8.1 7.7 8.2 13.2 Key points to note: Cradlestone Mall reversionary cap rate at 7.5% Portfolio fairly valued — 12 month forward yield above cap rate 34

SLIDE 36

Simplified income statement

31 Aug 2015 R’000 31 Aug 2014 R’000 Change R’000 % Change Gross property revenue 374 630 150 982 223 648 248 Property expenses (59 995) (27 788) (32 207) 216 Net property income 314 635 123 194 191 441 255 Other operating expenses (23 913) (3 872) (20 041) 618 (Loss)/profjt from associate (2 882) 5 182 (8 064) (56) Operating profjt 287 840 124 504 171 400 231 Net fjnance charges (202 281) (89 631) (112 650) 226 Cash generated for reinvestment 85 559 34 873 58 750 245 Other non-cash items: Straight-line rental income accrual 38 935 13 673 25 262 285 Amortisation of intangible (7 400) — (7 400) 100 Changes in fair values 164 959 83 718 81 241 197 — Investment properties 91 038 113 011 (21 973) 81 — Financial instruments 73 921 (29 293) 103 214 (252) Deferred taxation (45 917) (25 749) (20 168) 178 Profjt for the period 236 136 106 515 129 621 222 35

SLIDE 37

Operating and recoverability ratios

1. Property management costs 3%

2. Assessment rates recovery

72%

3. Electricity recovery

100%

4. Water recovery

85%

5. Refuse and sewerage recovery 97%

6. Property cost to income ratio 16%

31 Aug 2015

Cleaning Property management fees Utilities Repairs and maintenance Security Straight lining of lease incentives Other direct property expenses

12 26 19 10 17 4 12

Operating cost split (%)

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SLIDE 38 Investment in subsidiary Capital expenditure Investment property acquisitions Development expenditure Other movements

42.0 4.2 28.5 22.8 2.1

Rm Cash inflow from: — Operating activities 79 — Interest-bearing liabilities 1 322 — Cash on hand 47 1 448 Cash utilised in: — Investment in subsidiary 613 — Capital expenditure 61 — Investment property acquisition 413 — Development expenditure 330 — Other 31 1 448

Utilisation of cash (%)

Abridged cash flow statement

37

SLIDE 39

Interest-bearing liabilities

Term loans Development loans Total

1. Total facilities available (R’000)

5 897 158 1 269 777 7 166 935

2. Drawn facilities (R’000)

5 583 337 249 999 5 833 336

3. Undrawn facilities (R’000)

313 821 1 019 778 1 333 599

4. Cash on access (R’000)

196 506 — 196 506

5. Weighted average cost of debt (excl. swaps)

8.07% 8.16% 8.07%

6. Weighted average cost of debt (incl. swaps)

— — 9.34%

7. Hedged

— — 81.0%

8. Average loan maturity

— — 4.4 years

9. Average term of swaps

— — 4.3 years

10. Gearing

— — 51.8%

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SLIDE 40

Loan and swap profile

’16 ’17 ’18 ’19 ’20 ’21 ’22 ’23>

0% 10% 40% 30% 20% 50%

Total swap maturity (R’000) Total facility expiry (R’000) Facility maturity (%)

259 164 810 280 527 063 43 714 802 489 956 474 232 810 1 231 215 1 314 806 1 592 037 600 000 735 996 400 000 463 618

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SLIDE 41

Drivers of growth for full year 2016

Alice Lane 3 Wings, Nigeria West End Offjce Park Stoneridge Offjce Park Monte Circle Offjce Park Hill on Empire Offjce Park Hertford Offjce Park Kyalami Corner Wonderboom Junction Phase 2 Loftus mixed use development Phase 1

Current developments Commencement

f developments

40

SLIDE 42

Looking ahead

Aaron Suckerman

4

Galleria

41

SLIDE 43

Prospects

1. Low GDP growth — fewer opportunities in SA
2. Emerging market opportunities increase
3. Disposal of non-core properties
4. Implementation of B-BBEE strategy
5. Implementing an investment strategy into Australia

42

SLIDE 44

Thank you

43

SLIDE 45

Annexures 5

Lifestyle Walk

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SLIDE 46 Developments Pivotal value at period end Total GRA (m2) Completion date Total capital cost Total value

n completion

^ Rate/m2 Pivotal shareholding (%) Initial yield on development cost (%) Pivotal value on completion

1. Alice Lane

— Building C 661 943 707 35 000 Mar 2017 1 074 007 947 1 325 000 000 37 857 100 9.5 1 325 000 000

2. Hertford Offjce Park

— Building E 11 393 465 4 240 Feb 2016 80 289 314 80 500 000 18 986 33 8.8 26 565 000

3. Westend Offjce Park

* — Building B 15 902 357 5 079 Nov 2015 85 805 183 96 400 000 18 980 25 9.5 24 100 000

4. Stoneridge Offjce Park

— Building E 39 204 234 3 661 Nov 2015 57 492 140 66 800 000 18 246 100 9.5 66 800 000

5. Monte Circle Offjce Park

— Building A 13 958 353 5 253 Sep 2015 116 169 760 120 100 000 22 863 18 9.5 21 101 570 — Building B 2 108 093 4 363 Aug 2016 91 200 000 98 000 000 22 462 18 9.5 17 218 600

6. Hill on Empire Offjce Park

* — Building A 14 871 681 6 680 Nov 2016 128 405 272 131 997 333 19 760 50 9.0 65 998 667

7. Loftus Park**

— Phase 1 54 582 500 21 833 Jul 2017 618 340 279 651 314 743 29 832 50 8.0 325 657 372 Total 813 964 390 86 109 2 251 709 895 2 570 112 076 188 986 1 872 441 208 * Part of secured development pipeline ** Post period-end activity ^ Management estimate on completion

Annexure 1: Current development — Office

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SLIDE 47 Developments Pivotal value at period end Total GRA (m2) Completion date Total capital cost Total value

n completion

Rate/m2 Pivotal shareholding (%) Initial yield on development cost (%) Pivotal value on completion 1. Wonderboom Junction: — Redevelopment (incl. Phase 2) 51 000 000 28 156 Nov 2017 433 229 740 447 682 765 15 900 100 7.5 447 682 765

2. Kyalami Corner

** — Shopping Centre (Phase 1) 72 900 000 29 160 Apr 2017 570 478 032 576 077 365 19 756 80 8.5 460 861 892

3. Centurion Lifestyle Centre

phase 3 land ** — Burger King 1 050 000 300 Dec 2015 7 774 324 8 325 000 27 750 100 8.5 8 325 000 — Filling station 6 179 705 1 766 Nov 2016 14 711 587 14 978 667 8 483 100 9.2 14 978 667 Total 131 129 705 59 382 1 026 193 683 1 047 063 767 17 633 931 848 324

Annexure 1: Current development — Retail

** Post period-end activity 46

SLIDE 48 Future development Sector Location Expected value at 31 August 2015 Total GRA (m2) Pivotal shareholding (%)

1. Galleria

* Offjce Rosebank 100 000 000 80 000 20

2. S&J Industrial

Industrial Germiston 313 200 000 800 460 45

3. Atlantic Hills*

Industrial Cape Town 98 010 000 222 107 55

4. Waterfall Ridge (previously Allandale Commercial)

Retail Midrand 40 950 000 44 085 35

5. Constantia Corner

Offjce Contantia 8 100 000 3 587 100

6. Kyalami Corner — remainder of land

Retail Kyalami 82 342 000 41 171 80

7. Centurion Lifestyle — remainder of land

Retail Centurion 51 300 000 17 098 100

8. Hertford Offjce Park — remainder of land

Offjce Midrand 26 400 000 35 694 33

9. Monte Circle — remainder of land

Offjce Fourways 24 403 308 46 774 18

10. West End Offjce Park — remainder of land

Offjce Centurion 10 025 000 26 176 25

11. Loftus Park — remainder of land

Offjce Pretoria 33 277 500 32 161 50

12. Hill on Empire — remainder of land

Offjce Parktown 30 350 000 27 964 50

13. Lakeview Offjce — remainder of land

Offjce Contantia 8 646 000 5 812 66

14. Monte Place (previously Signature Square)

Offjce Fourways 13 903 500 25 920 20

15. Hatfjeld Central (previously Hatfjeld Junxion)

Offjce/Retail Hatfjeld, PTA 42 000 000 46 450 42

16. Centurion Junction

Offjce/Retail Centurion 45 822 000 45 000 42 Total 928 729 308 1 500 458

Annexure 2: Future secured development pipeline

* Post period-end activity 47

SLIDE 49

Annexure 3: Income producing portfolio — Office

Note: Pivotal’s share is 100% unless otherwise stated

Property Proportionate GRA Proportionate market value Rate/m2 Weighted average gross rental (R/m2) Offjces — JHB and PTA 176 784 4 252 100 000 24 052 149 55 Hyde Park 2 167 36 300 000 16 751 120 57 Hyde Park (50%) 2 927 48 600 000 16 607 253 Abcon House 2 187 43 200 000 19 752 114 Alice Lane (Phase 1&2) 34 171 1 240 900 000 36 314 181 Ballyoaks Offjce Park 23 410 485 400 000 20 734 155 Bryanston Place 8 817 172 500 000 19 564 114 Carnation Place 4 440 94 100 000 21 194 126 Detnet (66.7%) 1 383 25 800 000 18 660 156 Gleneagles 1 813 33 400 000 18 422 194 GM Hatfjeld McCarthy (25%) 436 10 700 000 24 527 123 Hertford (A to D) (33.3%) 1 944 59 100 000 30 406 200 Hillcrest Corner 1 944 45 300 000 23 290 147 Hillcrest Offjce Park 19 259 424 400 000 22 036 175

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SLIDE 50

Annexure 3: Income producing portfolio — Office continued

Note: Pivotal’s share is 100% unless otherwise stated

Property Proportionate GRA Proportionate market value Rate/m2 Weighted average gross rental (R/m2) Nedbank Lakeview (66.7%) 14 184 348 700 000 25 584 178 Questek 1 803 35 400 000 19 639 122 Riverside Offjce Park 24 005 569 500 000 23 724 114 Stoneridge (A to D) 12 744 227 400 000 17 844 175 The Oval, Wanderers Offjce Park 7 771 143 100 000 18 414 106 The Pavilion, Wanderers Offjce Park 4 444 87 400 000 19 669 111 Valley View Offjce Park 6 018 105 800 000 17 581 126 Westend Building A (25%) 917 15 100 000 16 462 129 Offjces — CPT 16 105 417 500 000 25 923 124 Avanti 8 369 153 100 000 18 294 129 Bree Street 7 736 264 400 000 34 178 115 192 889 4 669 600 000 24 204 147

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SLIDE 51

Annexure 3: Income producing portfolio — Retail

Note: Pivotal’s share is 100% unless otherwise stated

Property Proportionate GRA Proportionate market value Rate/m2 Weighted average gross rental (R/m2) Retail Convenience 62 086 995 500 000 16 034 127 Chilli Lane 13 318 222 700 000 16 721 134 Gateway Retail Trust 9 167 126 500 000 13 800 103 Greenstone Motorcity 5 998 59 700 000 9 953 90 Hazeldean Square 18 682 270 100 000 14 458 109 Hillcrest Boulevard 8 400 191 700 000 22 821 171 The Square at Farrarmere 6 521 124 800 000 19 137 154 Small Regional/Regional 164 744 2 772 000 000 16 826 125 Centurion Lifestyle Centre 54 772 810 000 000 14 789 106 Cradlestone Mall (40%) 32 748 604 000 000 18 444 141 Goldfjelds Mall 39 534 690 000 000 17 453 120 Wonderboom Junction 37 690 668 000 000 17 724 135 226 830 3 767 500 000 16 609 126

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SLIDE 52

Annexure 3: Income producing portfolio — Industrial

Note: Pivotal’s share is 100% unless otherwise stated

Property Proportionate GRA Proportionate market value Rate/m2 Weighted average gross rental (R/m2) Elvey 4 127 32 600 000 7 899 90 Hirt & Carter 6 083 51 200 000 8 417 71 Rage 9 000 61 300 000 6 811 25 19 210 145 100 000 7 553 62 Combined Total: Offjce, Retail and Industrial 438 929 8 582 200 000 19 553 134

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SLIDE 53 This document has been prepared and issued by and is the sole responsibility of the management of The Pivotal Fund Limited (the “Company” or “Pivotal”) and its subsidiaries. No information made available in connection with this presentation may be passed on, copied, reproduced, in whole or in part, or

therwise disseminated, directly or indirectly, to any other person. The contents of this presentation are to be kept confjdential.

This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of the Company nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract commitment or investment decision in relation thereto nor does it constitute a recommendation regarding the securities of the Company or a representation

r warranty as to the future fjnancial performance of the Company. Investors and prospective investors in securities of the Company are required to make

their own independent investigation and appraisal of the business and fjnancial condition of the Company and the nature of the securities. Any decision to purchase securities in the context of a proposed offering of securities, if any, should be made solely on the basis of information contained in an offering circular or prospectus published in relation to such an offering. This presentation and any materials distributed in connection with this presentation may include certain forward-looking statements, beliefs or opinions, including statements with respect to the Company’s business, fjnancial condition and results of operations. These statements, which contain the words “anticipate”, “believe”, “intend”, “estimate”, “expect”, “forecast” and words of similar meaning, refmect the Directors’ beliefs and expectations and involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. No representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these statements and forecasts. Past performance of the Company cannot be relied

n as a guide to future performance. Forward-looking statements speak only as at the date of this presentation and the Company expressly disclaims any
bligations or undertaking to release any update of, or revisions to, any forward-looking statements in this presentation. No statement in this presentation

is intended to be a profjt forecast. As a result, you are cautioned not to place any undue reliance on such forward-looking statements. This document speaks as of the date hereof. No reliance may be placed for any purposes whatsoever on the information contained in this document

r on its completeness, accuracy or fairness. This information is still in draft form and has not been legally verifjed. The fjnancial information included

herein is in draft form and unaudited. The Company, its advisers and each of their respective members, directors, offjcers and employees are under no obligation to update or keep current the information contained in this presentation, to correct any inaccuracies which may become apparent, or to publicly announce the result of any revision to the statements made herein except where they would be required to do so under applicable law, and any opinions expressed in them are subject to change without notice. No representation or warranty, express or implied, is given by the Company, or any of its subsidiary undertakings or affjliates or directors, offjcers or any other person as to the fairness, accuracy or completeness of the information

r opinions contained in this presentation and no liability whatsoever for any loss howsoever arising from any use of this presentation or its contents
therwise arising in connection therewith is accepted by any such person in relation to such information.

Disclaimer

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