Presentation FOR THE YEAR ENDED 30 JUNE 2017 1 1 Contents Group - - PowerPoint PPT Presentation

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Annual Results Presentation

FOR THE YEAR ENDED 30 JUNE 2017

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Group Review Portfolio Overview FY17 Financial Review Case Studies Market Overview Looking Ahead Q&A

Contents

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Grit Team Presenters Bronwyn Corbett

Chief Executive Officer

B.Comm (Acc) (Univ. of Natal, PMB), CA(SA)

Leon van de Moortele

Chief Finance Officer

BCompt (Hons), CA(SA)

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Group Overview

Anadarko Building (Mozambique)

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Target Distribution Achieved

US$12.07 cps +2.7% growth vs. 2016 FY 2017 Highlights

• 1. Weighted Average Lease Expiry
• 2. After successful renegotiation of lease renewals and recent

acquisitions

Portfolio Occupancy

96.9%

(mainly driven by strategic vacancy in Anfa Place Shopping Center)

WALE1

7.8 years2

• vs. 5.8 years (2016)

WACD3

5.78%4

• 0.44% decrease vs. 2016

Capital Raised

US$156m

additional capital successfully raised

Dividend Yield

8.75%

annualised – SEM & 10% on the JSE

• 3. Weighted Average Cost of Debt
• 4. As at 30 June 2017

Dual listed on the JSE Main Board (South Africa) and SEM Official Market (Mauritius)

Market capitalisation of US$ 287.7 M ; Grit shares traded on 74% of trading days year-to-date across both exchanges 1

US Dollar-denominated income fund

7 distributions declared; semi-annual dividend payments

Pan Africa (ex South Africa) exposure Exposure to real estate

20 properties ; Total GLA of 205,705 m2 ; Assets value of US$ 546.3 M 2 ; Occupancy rate 96.9% 2, WALE of 7.8 years 3

Strong Counterparties Strong management team, supported by in-country asset and property management teams

59 years of combined experience in Africa ; 51 employees across 5 countries

Supportive Shareholders

US$ 121 M raised through rights issue ; 97% shareholder approval for name change

Notes: 1 - As at 14 September 2 - As at 31 August 2017 3 - Post Pipeline Conversion

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Grit’s Vision

Within the next 5 years, Grit Real Estate Income Group aims to become the leading real estate owner on the African continent outside of South Africa, focusing on income-producing assets with extremely strong counterparties, to ensure consistent growth of shareholder value. Properties’ location:

• Mauritius & Morocco (Investment grade countries)
• Kenya, Mozambique & Zambia

Grit continues to seek opportunities in high yielding property assets in sound African jurisdictions which are anchored by high quality tenants. Approved prospective jurisdictions:

• Botswana, Ghana & Rwanda

Targeted jurisdictions:

• Seychelles & Tanzania

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Investment Strategy

• Grow portfoliobased on quality hard currency long-term leases and strong counterparties
• Existing/pendingReal Estate Investment Trust (REIT) structures
• Strategic partnershipsand in-country resources

Core Competencies

• Existing knowledge base
• Managinga pan African portfolio
• Delivering solutions
• Transparencyand high level of disclosure
• Strong network of partners

Margins of Safety

• Hard currency
• Repatriation offunds
• Political risk and macroeconomic landscape
• Land tenure
• Abilityto raise debt

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Shareholder Base

Cosmopolitan Mall (Zambia)

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Shareholder Base

Anchor shareholders:

• Public Investment Corporation/

Government Employees Pension Fund 32%

• Delta Property Fund Ltd

11%

• Drive in Trading Proprietary Ltd 11%
• Eskom Pension & Provident Fund 5%
• Management & Staff

7%

*As at 05 September 2017

Public Investment Corporation/ Government Employees Pension Fund Others Delta Property Fund Ltd Eskom Pension & Provident Fund Stanlib Drive in Trading Proprietary Ltd Management & Staff Redefine Properties Ltd 26% 32% 9% 8% 25% 28% 24% 6% 6% 13% 23% 32% 11% 5% 3% 11% 7% 6% 25% 2016

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2015 2017*

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Portfolio Overview

Barclays House (Mauritius)

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* Properties are owned at 100% unless specified otherwise

ZIMPETO SQUARE ANADARKO HOLLARD BOLLORE ANFA PLACE SHOPPING CENTER VDE COMPOUND MUKUBA MALL KAFUBU MALL COSMOPOLITAN MALL BUFFALO MALL VODACOM BARCLAYS HOUSE 50% 50% 50% 50% MALL DE TETE IMPERIAL TAMASSA LE VICTORIA LE CANONNIER LE MAURICIA 44% 44% 44% Mauritius Mozambique Morocco Zambia Kenya IMPERIAL PHASE 2 RETAIL COMMERCIAL LIGHT INDUSTRIAL HOSPITALITY CORPORATE RESIDENTIAL HELD FOR DEVELOPMENT ANADARKO PHASE 2

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Portfolio Key Metrics

As at 31 August 2017 Retail Commercial Light Industrial Hospitality Corporate Residential Held for Development Total Number of Properties 7 4 2 4 1 2 20 Property Value/Acquisition Price (US $ M) 230.7 124.2 24.5 127.3 21.4 18.3 546.3 Weighted Average Capitalisation Rate 7.7% 8.0% 9.0% 7.9% 10.6% 0% 8.0% WALE (years by income) 4.6 years 10.0 years 7.6 years 12.5 years 3.0 years n/a 7.8 years Weighted Average Lease Escalations 4.05% 4.58% 3.64% 0.63% 3.00% n/a 3.0% Weighted Average Gross US$ Rental per m² per month1 18.4 26.7 14.1 12.6 n/a n/a 19.3 Gross Lettable Area [GLA] (m2) 83,963 31,445 19,934 57,397 12,966 n/a 205,705 Operating Cost to Income ratio1 41.1% 10.8% 12.9% 0.0% n/a n/a 27.5% Vacancies 3.3% 0% 0% 0% 0% n/a 3.1% Weighted Average Cost of Property Debt 5.2% 7.8% 6.3% 4.1% 7.0% 4.6% 5.6% Debt to Property Value 2 46.4% 45.0% 35.0% 48.3% 54.9% 31.0% 45.8%

• 1. Year-end 30 June 2017
• 2. Excluding revolver facilities

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Diversification of Portfolio

Note: Split by asset value

Geographical Split of Property Sectoral Split of Property

45% 14% 2% 5% 34% 37% 18% 2% 21% 22% 33% 16% 5% 26% 20% Mozambique Zambia Kenya Mauritius Morocco Aug 2017 2017 2016 41% 53% 3% 3% 27% 48% 2% 19% 4% 25% 43% 5% 23% 4% Commercial Retail Light Industrial Hospitality Corporate Residential Aug 2017 2017 2016

Strong Counterparties

74% 21% 5%

Tenancy Grading

A-grade tenants B-grade tenants C-grade tenants Tenancy grading as per the JSE: A – grade: Large national tenants, large listed tenants and major franchisees B – grade: National tenants, listed tenants, franchisees, medium to large professionalfirms C – grade: Smaller retail tenants

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FY17 Financial Review

Imperial Warehouse (Kenya)

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NAV per share (US$ cps)

2017: 150.9 2016: 163.3

Loan to Value

2017: 41.6% 2016: 48.8%

GROUP 2017 2016 US$ M US$ M Movement Assets Non-current assets Investment property 351.8 248.5 41.6% Investments in associates 89.0 45.9 93.8% Loans receivable 66.7

• Other non-current assets

26.5 13.5 97.0% Total non-current assets 534.1 308.0 73.4% Total current assets 51.0 35.9 42.2% Total assets 585.2 343.8 70.2% Equity and liabilities Total equity attributable to equity holders

• Share capital

320.0 172.0 86.0% Foreign currency translation reserve 1.1 0.0 Antecedent dividend reserve 1.3 0.6 98.4% Retained (loss)/income (7.6) (9.3)

• 18.1%

Total equity attributable to equity holders 314.7 163.4 92.6% Liabilities Non-current liabilities Preference shares 12.8

• Interest-bearing borrowings

187.4 127.1 47.5% Other non-current liabilities 1.1 0.8 28.0% Total non-current liabilities 201.4 127.9 57.4% Total current liabilities 69.1 52.6 31.4% Total liabilities 270.4 180.5 49.9% Total equity and liabilities 585.2 343.8 70.2%

Statement of Financial Position

Composition of Property Investment Value

Composition of Total Property Asset Value (US$ M) 2017 Existing assets under Property Investments 312.1 Property value included under Investment in Associate 92.7 Interest bearing deposits on under Property Investments 24.4 Building under construction under Property Investments 15.3 Property investment under intangible assets (right of use of land) 0.6 Property investments under loans receivable 47.4 TOTAL PROPERTY ASSET VALUE 492.4 210,4 295,0 492,4 546,3 0,0 100,0 200,0 300,0 400,0 500,0 600,0 2015 2016 2017 as at 30-Aug-17

Total Property Investment Value (US$M)

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EVOLUTION OF NAV PER SHARE

11.56

149.56

+2.2%

EVOLUTION OF NAV PER SHARE

f

Deployment of Proceeds from Rights Issue

Further capital commitments:

• Beachcomber - EUR 3.2 M

(November 2017 following the completion of 40 additional rooms at Le Victoria Hotel and Spa)

• Investment in Gateway Delta Developments

Based on capital calls following the execution of their seed projects US$ M BHI Transaction (44.428% of three Beachcomber resorts) 28.7 VDE Compound (final payment) 18.2 Settlement of the equity revolving facilities 17.7 Cosmopolitan Mall (final payment) 15.7 Imperial Warehouse (final payment) 13.1 Anadarko Phase II Construction 6.6 Share Issue Expenses 4.6 Investment in 6.25% of Letlole La Rona Limited 3.8 Investment in Gateway Delta Development (initial investment) 2.0 Total Capital Deployed 110.5

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Debt Summary

Mall de Tete (Mozambique)

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76% 22% 2% 69% 30% 1% 2016 2017 79% 21% 0% 68% 32% 0% 2017 2016

USD EUR MZN USD EUR MZN

0,0% 0,5% 1,0% 1,5% 2,0% 2,5% 5,0% 5,5% 6,0% 6,5% 7,0% 7,5%

WACD vs 3m Libor

Weighted Average Cost of Debt 3m Libor (secondary axis)

48,8% 41,6% 6,2% 5,8% 3,0% 3,5% 4,0% 4,5% 5,0% 5,5% 6,0% 6,5% 36,0% 38,0% 40,0% 42,0% 44,0% 46,0% 48,0% 50,0% 2016 2017

LTV Cost of Debt

Investment Currency Exposure (2016 to 2017) Debt Currency Exposure (2016 to 2017) YoY change in Key Debt Financing metrics

Debt Summary

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• 10 000

20 000 30 000 40 000 50 000 60 000 70 000 Jul 17 Dec 17 Jun 18 Jul 18 Feb 19 Sep 19 Mar 20 Sep 21 Feb 22 Apr 22 Jul 27 Jun 31

Debt Expiry Profile (US$ ‘000)

Bank of China paid out the facility on 7 July 2017 State Bank Mauritius has refinanced EUR 9 M

• n a three-year facility

US$ 5.6 M construction bridge will be converted into a term loan following completion of Anadarko Phase 2 in Nov 2017 Revolving facility : refinanced into Euro on 19 Sep 2017 Currently under negotiation as part of a refinance transaction over the entire Mozambique Portfolio

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Multi-Bank Strategy

Multi-bank Approach New relationships with:

• Bank of China
• Mauritius Commercial Bank
• Nedbank Limited
• State Bank of Mauritius

$51,7m $60,1m $20,0m $19,0m $12,8m $52,2m $50,7m $48,5m $35,7m $19,3m $13,0m $18,1m

Other Bank of China Investec Standard Bank of South Africa AfrAsiaBank SBSA/ Vendor

2016

2017

State Bank

• f Mauritius

Debt by Financier 2017: US$ 237.4M 2016: US$ 163.6M

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FY17 Distributable Income

Mukuba Mall (Zambia)

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Distributable Income Movement

Distributable Income Movement 2017 US$ M 2016 US$ M Movement Rental Income 24.3 20.9 17% Share in profit from associates (excluding non-cash items) 5.2 3.2 62% Operating expenses (7.2) (5.8) 24% Other Income 3.3 2.9 12% Admin Expenses (5.6) (3.9) 45% Amortisation of Intangible Assets 0.0

• 100%

Interest Income 2.0 0.2 1072% Interest Expense (11.0) (9.7) 13% Realised Exchange Gains 2.0 3.5

• 43%

Current Tax (0.0) (1.5)

• 98%

Antecedant Dividend 2.2 0.6 249% Profits (retained)/released (0.2) 0.1

• 236%

15.1 10.6 42%

Weighted Average Cost of Debt 2017: 5.8% 2016: 6.2% Admin Cost to Asset Value 2017: 1.1% 2016: 1.3% Operating Costs to Income 2017: 27.5% 2016: 25.9%

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Dividend History

• Increase in distribution: +2.7%
• Within targeted 2% - 4%
• Full year dividend:

2017 - US$12.07cps 2016 - US$11.75cps

• Distributable income :

2017 – US$15.1M (+42.3% y/y) 2016 – US$10.6M

H1 Dividend Clean out dividend H2 Dividend Total 0,00 2,00 4,00 6,00 8,00 10,00 12,00 14,00 2015 2016 2017 6,64 6,17 6,12 4,57 4,65 5,58 1,38 11,29 11,75 12,07 H1 Dividend Clean out dividend H2 Dividend Total +4.1% +2.7%

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US$ 0 US$ 500 US$ 1 000 US$ 1 500 US$ 2 000 US$ 2 500 US$ 3 000 US$ 3 500

2016 2017 US$ 1 324 US$ 1 384 US$ 862 US$ 778 US$ 642 US$ 661

Existing excluding Anfa Anfa Acquisitions transferred Assets transferred post year end

23,0 24,3 (6,1) (7,1) 16,9 17,2 2,3 4,5 (0,4) (0,8) 1,9 3,7

(10,0) (5,0)

• 5,0

10,0 15,0 20,0 25,0 30,0 35,0

Rental Rental Operating Costs Operating Costs NET OPERATING INCOME NET OPERATING INCOME 2016 2017 2016 2017 2016 2017

Subsidiaries Associated companies 25.3 28.9

(6.5)

(7.9) 18.8 20.9

Rental & NOI Analysis

Average Monthly Rentals YoY NOI Analysis (US$ M)

Rental 2016 Rental 2017 Operating Costs 2016 Operating Costs 2017 Net Operating Income 2016 Net Operating Income 2017

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5,8 6,1 7,1 11,0 5,8 6,1 6,4 7,8

2 4 6 8 10 12

Existing Assets FY2016 Existing Assets FY2017 Acquisitions transferred prior to year end Acquisitions transferred post year end

Acquisition Effect on WALE (years)

FY2017

Existing Assets FY 2016 Existing Assets FY 2017 Acquisitions transferred prior to year end Acquisitions transferred post year end

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Administrative Costs

• Although administration expenses

increased by 45.2% over the prior year

• Administration expenses of total

property investments dropped by 1.3% to 1.1%

• Headcount:

– 2017: 51 employees – 2016: 30 employees

• 1. Includes 2016 Asset Management fee for comparative purpose

43% 52% 35% 19% 4% 11% 10% 10% 5% 5% 3% 4% 1,3% 1,1% 0,0% 0,2% 0,4% 0,6% 0,8% 1,0% 1,2% 1,4% 0,0 1,0 2,0 3,0 4,0 5,0 6,0 2016 2017

Breakdown of Administrative Costs

Salary cost 1 Other Travel Regulatory costs Audit Fee Office infrastruture % of Asset Value

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Case Studies

Le Canonnier (Mauritius)

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Mozambique – our in-country “grit”

Challenges Faced Outcomes Achieved

Macro-economic environment Priority: operational risk management Strong local authority and counterparty relationships Delayed rental payments; no bad debt written off to date Long-term lease negotiated Vodacom Early 10-year (12 years total) KPMG 10-year same rental terms Pepkor 5-year Zimpeto Shopping Center Quality Additions to Portfolio Mall de Tete (Tete) VDE Compound (Tete) Bollore Warehouse (Pemba) Refinancing of Portfolio New facilities Bank of China Resilience of Portfolio Maintained yield & cap rate Renewed leases No rental reversions

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Morocco – Anfa Place Shopping Center

Challenges Faced Impact Outcomes Achieved Tenant mix inconsistent Declining Morocco retail rentals Improved design Lack of center visibility Increasing vacancies Refurbishment; Project commencement 2017 Concealed shop fronts and retailers Existing tenancies expanding Inefficient utilisation of GLA New tenancies secured (LC Waikiki, Marwa, Yves Rocher) Negotiations with further Turkish & European brands Positive collections trend (± 85%) Vacancies of 20% (30 June 2017): Non Project (4%) and Project (16%)

Anfa Place Shopping Center is in the Top 10 Tourist destinations in Casablanca, with 6 million visitors a year

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Mauritius - Tamassa Resort

• Tenant: LUX*
• 10 year, triple-net EUR lease
• Acquisition yield: 8%
• Equity US$ 19.8 M and debt US$ 24 M,

equivalent

• Cost of debt: fixed rate EUR 3.75%
• US$ 12.8 M preference shares 6.25%

yield with strategic co-investor

• Return on Grit equity of 15%
• Variable rent of 20% EBITDA (achieved)

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Market Overview

Buffalo Mall (Kenya)

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Market Overview

Initiatives to improve liquidity:

• Index inclusion tracking: SEM 10

(Mauritius), SA Listed Property Index (or SAPY) index (South Africa), South Africa new property indices (to be launched in October 2017), MSCI Frontier Markets IMI index, MSCI Emerging Frontier Markets (ex South Africa) IMI index;

• Cloud Atlas AMI Real Estate ex-South

Africa ETF (potential weight of 20% for Grit);

• Analyst coverage & reports;
• Local & international roadshows;
• Potential secondary listings; and
• Market monitoring & intelligence:

Reuters & Preqin

As at 14 Sep 2017

• 50 000

100 000 150 000 200 000 250 000 300 000 350 000 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17

Number of Grit Shares Traded

Volume on JSE Volume on SEM SEM 10 Tracking (last 3 months) As at 14 Sep 2017 SEM 10 Inclusion Criteria % of days traded over period 54.0% ≥ 50% Average Daily Value Traded (Rs.) 509,351 ≥ 100,000 Average Daily Volume Traded 20,613 n/a

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Looking Ahead

Le Mauricia (Mauritius)

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Paradise Hospitality Group

Paradise Hospitality Group (“PHG”) was established to take advantage

• f the current liquidity and enhanced returns in the hospitality sector.

Overview of PHG:

• The primary objective of PHG is to invest into properties in the

hospitality sector within the sub-tropical region

• Reporting currency EUR
• Targeted minimum income equity return:

– 8.5% per annum (post tax) to A class shareholders; and – 6.25% per annum to B class shareholders

• Class B shares listed on the Official Market of the SEM;

Class A shares unlisted

• Fixed long-term triple net leases

100% Class A shares Delta International Mauritius Limited 100% Mauritius Stock Exchange 100% Class B shares – limited to 40%

• f capital

Le Victoria (Mauritius)

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Gateway Delta Development Holdings Ltd

• Investment into development company
• 20% stake
• Minimum internal rate of return of 20%
• Project pipeline: US$ 680 M
• Seed investors - capital committed: US$ 175 M
• Strategic partnerships: local development partners,

blue-chip multinational tenants

• Exceptional track record of Development team & Board

20%

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REIT Legislation Developments & Grit

Morocco REIT legislation promulgated in 2015/2016 Listed REITs: 0 Grit engaged with Moroccan Real Estate partners in implementing REIT structure Ghana Draft REIT Legislation In-Country REITs: 1 informal REIT (under the Unit Trusts and Mutual Funds Regulations 2001) Grit engaged with Ghanaian authorities and local partners to implement REIT structure once legislation promulgated Rwanda REIT legislation promulgated in 2013 Listed REITs: 0 Grit engaged with Rwandan partners in country to implement REIT structure Kenya REIT legislation promulgated in 2013 Listed REITs: 1 Grit engaged with local partners to implement Kenyan REIT structure

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Forward Guidance

Grow shareholder value and returns Target 12% total USD return

(8.25% dividend yield, 3.75% NAV growth)

Forecast dividend growth

3% - 5%

Barclays House (Mauritius) Anfa Place Shopping Center (Morocco) Vodacom Building (Mozambique) Anadarko Building (Mozambique) Buffalo Mall (Kenya)

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Grit Real Estate Income Group

• Reg. No. C128881

3rd floor, La Croisette Shopping Centre, Grand Baie 30517, Mauritius Level 3, Alexander House, 35 Cybercity Ebene 72201, Mauritius

T +230 269 7090

Thank You

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Q&A

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Annexure

Vodacom Building (Mozambique)

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July 2014 Acquisition of AnfaPlace Shopping Center (Morocco) for US$ 100.7m July 2014 Acquired Anadarko Building (Mozambique) as its 1st asset for US$ 41.6m July 2014 Completion of inward listing on the JSE Limited’s ALT-X board as Delta International

Acquisition of Assets Key Events

2014

March 2015 Debut on Mauritius Stock Exchange (SEM) and migration from BSX April 2015 Introduction of the Public Investment Corporation as Anchor Shareholder in US$42.0m capital raise

2015

May 2015 Acquired the Vodacom Building (Mozambique) US$ 45.7m April 2015 Acquisition of Hollard/KPMG (Mozambique) building for US$ 18.6m June 2015 Maiden issue of shares on the SEM October 2015 Acquisition of ZimpetoSquare (Mozambique) US$ 11m November 2015 Delta Africa and Pivotal merger announcement and formation of Mara Delta December2015 Acquired KafubuMall and Mukuba Mall (Zambia) US$ 40.3m

Timeline (2014-2015)

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Acquisition of Assets Key Events

March 2016 Acquisition of Buffalo Mall (Kenya) & Bollore Warehouse (Mozambique) Combined: US$ 14.8m March 2016 Acquisition of Barclays House (Mauritius) US$ 14.3m May 2016 Delta Africa officially becomes Mara Delta – the largest pan African income fund listed on the JSE and SEM

2016

December 2016 Acquisition of Mall de Tete (Mozambique) US$ 24.2m December 2016 Leaseback acquisition of a 44.4% stake in Beachcomber Hospitality Investments (BHI), owner of 3 luxury resorts in Mauritius for US$78.5m March 2017 Leaseback acquisition of Tamassa Resort (Mauritius) from Lux Resorts for US$42.3m June 2017 Raised US$121 million by way of a rights

• ffer at an issue price of US$1.40 per

share, significantly increasing market cap and asset value to c.US$600 million

2017

July 2017 Shareholders approved Grit’s rebrand and name change, reflecting the Group’s current reality and future growth ambitions

Timeline (2016-2017)

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Executive Team

Bronwyn Corbett

Chief Executive Officer B.Comm (Acc) (Univ. of Natal, PMB), CA(SA)

Bronwyn is the Chief Executive Officer of Grit Real Estate Income Group Limited (“Grit” previously Mara Delta Property Holdings), the largest pan African focused real estate fund listed on the Johannesburg Stock Exchange and in Mauritius. Bronwyn has over ten years’ experience in the real estate investment sector. She worked in an investment real estate business for 4 years as Financial Director before joining Motseng Investment Holdings in April 2009 as the CFO. When Bronwyn joined Motseng they had no direct real estate investment. Bronwyn was the core of the investment team that took the portfolio to R2 billion in 3 years. Bronwyn and the CEO listed the portfolio on the JSE, as Delta Property Fund and held the position of COO and CIO. She was part of the executive team that grew the portfolio to R12 billion in 4 years and converted the structure to a REIT. In 2014, Bronwyn co-founded Delta International Property Holdings, now rebranded as Grit Real Estate Income Group, and was appointed as CEO. Bronwyn remains a non-executive director on the Delta Property Fund board. Bronwyn has been recognised for her various achievements and has been awarded by the South African Institute of Chartered Accountants as the “Top CA (SA) Under 35”. She has also received a special recognition award by Woman in Property. In 2017, Bronwyn has been awarded the winner in the CEO Africa Awards 2017.

Leon van de Moortele

Chief Finance Officer BCompt (Hons), CA(SA)

Leon joined Grit in April 2015, as CFO, where he has utilised his tax structuring knowledge and experience in operating in Africa to expand the asset base of the group. 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, operating in 8 African countries (including South Africa, Mozambique, Algeria, Ghana, Gabon, Kenya, Tanzania and Cote d’Ivoire). He joined Grit in April 2015, as CFO, where he has continued to utilise his tax structuring knowledge and experience in operating in Africa to expand the asset base of the group.

Greg Pearson

Director MCMI, Elec Eng.

A graduate of Kingston University, London, Greg studied Business Management and Project Management and is registered with the Chartered Management Institute. Greg was formerly an executive with AECOM, a global provider of Design, Development, Engineering and construction services having had the responsibility of expanding the footprint for the ‘Rest of Africa’ business from 2006 (outside of South Africa). He gained his basic training and experience in London working mostly on commercial, retail and residential mixed use projects. Greg’s expertise includes development management, cost planning, procurement, time management and traditional project management of major engineering and building projects. His market sector knowledge includes: office, retail, Leisure, education and healthcare schemes and he has experience in over 40 African countries.

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Executive Team

Heidi Rix

Chief Operational Officer B.Comm LLB

Heidi Rix joined Grit Real Estate Income Group Limited (“Grit”) previously Mara Delta Property Holdings) as Chief Operating Officer on 1 May

• 2016. Heidi has 19 years’ commercial and real estate experience and is an admitted attorney holding BComm and LLB degrees in addition to

specialised real estate sector qualifications, including an Advanced Diploma in Property Practice (cum laude). Heidi joined Grit from the Broll Property Group where she was a Group Director and Managing Director of their Investor Services Division. In this capacity, Heidi was overall responsible and accountable for the Asset Management, Property Management and Retail Leasing businesses. Her areas of specialised expertise include asset management, investment management, portfolio management, portfolio and management structures and performance management, lease management models, value optimisation of property assets, property acquisitions and disposals, real estate development projects (Greenfield opportunities), redevelopment/refurbishment projects (Brownfield opportunities), portfolio analysis and due diligence, liaison between core business and real estate environment, strong contractual, organisational, financial and analytical skills, lease negotiation and strategic input and management. Prior to joining Broll, Heidi successfully managed her own property investment consulting business for over two years and held previous positions in the industry as a director for Atterbury Asset Managers as well as General Manager for RMB Properties (Pty) Ltd (now known as Eris Property Group).

Moira van der Westhuizen

Chief Integration Officer B.Comm (Hons), CA(SA)

Moira joined Gritin May 2016 as the Chief Integration Officer. She holds a B Com (Honours) degree from the University of South Africa and is a qualified Chartered Accountant with more than two decades’ experience in auditing, finance and business, including managing her own practice before partnering with an audit and accounting practice in 2005, where she held the position of Audit Partner. In 2008 Moira relocated to Mauritius where she worked for Investec Bank and later the CCI Group as Group Financial Controller before joining Grit. As CIO, Moira oversees the co-ordination of all interacting systems within the Group and its extended environments, ensuring that the business is internally and externally coherent and congruent. This is achieved through the effective integration of all business systems and processes with other stakeholders, including corporate partners and statutory bodies. Moira is the executive responsible for making recommendations to the social and ethics committee, a sub-committee of the board, on all matters related to Grit’s corporate social investment (CSI) programme.

Hamish Arnold

Chief of Staff BSc (Hons), Philosophy & Economics

Hamish joined Grit in August 2017 as the Chief of Staff. Hamish holds a BSc. Degree in Philosophy and Economics, Upper Second Honours from the University of Bristol and joined us from Standard Chartered Bank, a leading international bank, based in London, where he supported and partnered the Regional CEO (Africa) in identifying and managing issues across all businesses and functions in 15 countries. The last eight of Hamish’s 22-year career with Standard Chartered Bank, have been in the role of Chief of Staff supporting senior executives, Group Executive Director & CEO (Europe, Middle East, Africa and Americas) Dubai and Group Head, Origination & Client Coverage, Singapore. Other positions held by Hamish during his career include Director, Business & Planning, Origination & Client Coverage; Chief Operating Officer – Portfolio Management and Head - Investment Funds Products & Wealth Management in Hong Kong. Hamish’s extensive global experience, proven record of supporting senior management, combined with his ability to build productive and lasting relationships with all stakeholders,makes him the ideal candidateto fulfil therole of Chief of Staff providing solutions to deliver the organisation's business goals.

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Property portfolio (1/3)

Location: Casablanca, Morocco Anchor tenants: Carrefour, M&S, H&M, Starbucks Sector: Retail Land title: Freehold GLA: 30 879m2 Parking bays: 1 148 Valuation: US$102.4 M Location: Pemba, Mozambique Anchor tenant: Bollore Africa Logistics Sector: Light industrial Land title: Leasehold GLA: 6 374m2 Parking bays: 10 Valuation: US$6.5 M Location: Maputo, Mozambique Anchor tenant: Retail Masters Sector: Retail Land title: Leasehold (50+50) GLA: 4 764m2 Parking bays: 136 Valuation: US$11.5 M Location: Maputo, Mozambique Anchor tenant: Vodacom Sector: Office Land title: Leasehold (50+50) GLA: 10 995m2 Parking bays: 336 Valuation: US$48.7 M Location: Maputo, Mozambique Anchor tenant: KPMG, Hollard & BP Sector: Office Land title: Leasehold (50+50) GLA: 5 056m2 Parking bays: 99 Valuation: US$18.5 M Location: Maputo, Mozambique Anchor tenant: Anadarko Petroleum Sector: Office Land title: Leasehold (50+50) GLA: 7 248m2 Parking bays: 185 Valuation: US$42.6M

Anadarko Building KPMG/Hollard Building Vodacom Building Zimpeto Square Bollore Anfa Place Shopping Center

* Value presentedproportional toownershipinterestheld

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Property portfolio (2/3)

Location: Lusaka, Zambia Anchor tenant: Shoprite, Game Sector: Retail Land title: Leasehold GLA: 26 512m2 (100%) Parking bays: 1300 Valuation: US$38.4 M* Location: Kitwe, Zambia Anchor tenant: Shoprite, Game, Pick n Pay Sector: Retail Land title: Freehold GLA: 28 230m2 (100%) Parking bays: 670 Valuation: US$36.1 M* Location: Pointe aux Canonniers, Mauritius Anchor tenant: Beachcomber Sector: Hospitality Land title: Leasehold No of. rooms: 284 Valuation: US$24.8 M* Location: Pointe Aux Piments, Mauritius Anchor tenant: Beachcomber Sector: Hospitality Land title: Leasehold No of. rooms: 254 (294 by end

• f Sep 2017)

Valuation: US$34.9 M* Location: Grand Baie, Mauritius Anchor tenant: Beachcomber Sector: Hospitality Land title: Leasehold No of. rooms: 238 Valuation: US$23.7 M* Location: Ndola,Zambia Anchor tenant: Shoprite Sector: Retail Land title: Leasehold GLA: 12 140m2 (100%) Parking bays: 180 Valuation: US$12.2 M*

Kafubu Mall (50% ownership*) Mukuba Mall (50% ownership*) Cosmopolitan Mall (50% ownership*) Le Mauricia Resort & Spa (44.4% ownership*) Le Victoria Resort & Spa (44.4% ownership*) Le Canonnier Resort & Spa (44.4% ownership*)

* Value presentedproportional toownershipinterestheld

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Property portfolio (3/3)

Location: Tete, Mozambique Anchor tenants: Shoprite, Choppies Sector: Retail Land title: Leasehold GLA: 11 571m2 Parking bays: 419 Valuation: US$24.2 M Location: Nairobi,Kenya Anchor tenant: Imperial Health Sciences Sector: Light Industrial Land title: Leasehold GLA: 13 560m2 Parking bays: N/A Valuation: US$18.0 M Location: Tete, Mozambique Anchor tenants: Vale and Barloworld Sector: Corporate Residential Land title Leasehold No of units: 83 x 3 bed villas 40 x 2 bed apartments Valuation: US$21.4 M Location: Naivasha,Kenya Anchor tenant: Tuskys Sector: Retail Land title: Leasehold GLA: 6 615m2 (100%) Parking bays: 250 Valuation: US$6.0 M* Location: Ebene, Mauritius Anchor tenant: Barclays Bank Sector: Office Land title: Leasehold GLA: 7 700m2 Parking bays: 150 Valuation: US$14.4 M Location: Bel Ombre, Mauritius Anchor tenant: Lux Island Resorts Sector: Hospitality Land title: Leasehold No of. rooms: 214 Valuation: US$43.9 M

Tamassa Resort Barclays House Buffalo Mall (50.0% ownership*) VDE Compound Imperial Warehouse Mall de Tete

* Value presentedproportional toownershipinterestheld

For professional advisers orQualified Institutional Buyersonly. This material is not suitable for retail clients. Past performance is not a guide to future performance and may not be repeated. The value ofinvestments and the income from them may go down as well as upand investors may not get back the amount originally invested. The data contained in this presentation has been sourced by GritReal Estate IncomeGroup (“Grit”) and should beindependently verified beforefurther use. This presentation is intendedto befor informationpurposes only and it is notintended as promotional material in any respect. The material in this presentation is not intended as an offer or solicitation for the purchase or sale ofany financial instrument. The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations. Information hereinis believed tobe reliable but Grit does not warrant its completeness or accuracy. Noresponsibility can beaccepted for erroroffact oropinion. This presentation is restrictedand is not for release, publication or distribution, in whole orin part, directly orindirectly, in or into the Australia, Canada, Japan or any other jurisdiction in whichsuch release, publication or distribution would be unlawful. This presentation is for information purposes only, does not purport to be full or complete, is subject to change and shall not constitute or form part of an offer or solicitation of an offer to purchase, sell, issue or subscribe for securities in the United States of America or any in other jurisdiction nor shall there be any sale of securities inany jurisdiction in which an offer,solicitation or sale would be unlawful prior to registration or qualification under thesecurities laws ofany such jurisdiction. Any failure to complywith these restrictions may constitute a violationofsecurities laws of such jurisdictions. The distribution ofthis presentation incertain jurisdictions may berestrictedby law. No action has been taken by Grit or any ofits affiliates that would permitan offering ofsecurities or possession or distribution ofthis presentation or any other offering or publicity material relating to securities in any jurisdiction where action for that purpose is required. Personsinto whose possession this presentationcomes arerequiredto informthemselves about, and to observe, such restrictions. Grit securities have not been and will not be registered under the United States Securities Act of1933, as amended (the "Securities Act"), and may not be offered or sold, directly or indirectly, in the United States ofAmerica, absent registration or an exemption from, or transactions not subject to, the registration requirements of the Securities Act. Grit does not intend to register its securities under the Securities Act or to conduct a public offering ofthesecurities in the United States ofAmerica. Should securities be offered in the future, in the United States ofAmerica, any offering ofsecurities will be made only to qualified institutional buyers in accordance with Rule 144 Aunder the Securities Act or in other transactions exempt from, or notsubject to, the registration requirements ofthe Securities Actand applicable state orlocal securities laws. OutsidetheUnited States ofAmerica, any futureoffering ofsecurities will bemadein accordance withRegulation S under theSecurities Act. In member states ofthe European Economic Area (“EEA”) which have implemented the Prospectus Directive (each, a “Relevant Member State”), this presentation is directedexclusively at persons whoare qualified investors within themeaning ofthe Prospectus Directive (“Qualified Investors”). For these purposes, the expression Prospectus Directive means Directive 2003/71/EC (and amendments thereto, including Directive 2010/73/EU, to the extent implemented in a Relevant Member State), and includes any relevant implementing measure intheRelevant Member State. In the United Kingdom this presentation is only being distributed to, and is only directed at, Qualified Investors who are (i) investment professionals falling within Article 19(5) of the UK Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”); or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order, or (iii) other persons to whom it may otherwise be lawfully communicated (all such persons together being referred to as “relevant persons”). Persons who are not relevant persons should nottake any action on thebasis of this presentation and should not actor rely onit. Nothing in this presentation shouldbe viewed, or construed,as "advice", as that term is used in theSouth AfricanFinancialMarkets Act, 2012, and/orFinancialAdvisory and Intermediary Services Act,2002and/ortheequivalent legislation in theUnited States ofAmerica. This presentation contains (or may contain) certain forward-looking statements which reflect Grit’s intent, beliefs or current expectations about the future and can be recognized by the use ofwords such as “expects,” “plans,” “will,” “estimates,” “projects,” “intends,” or words of similar meaning. These forward-looking statements are not guarantees of future performance and are based on assumptions about Grit’s operations and other factors, many of which are beyond the Grit’s control, and accordingly, actual results may differ materially from these forward-looking statements. Forward-looking 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 thefuture. Except as required by the JSE, the SEMor applicablelaw, Gritexpressly disclaims any obligation or undertaking to release publiclyany updates or revisions to any forward-lookingstatements contained in this presentationto reflectanychanges in Grit’s expectations with regard thereto orany changes in events,conditions or circumstances on which any suchstatementis based.

Disclaimer

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