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Real Estate Construction Hospitality Realestate Group 27/03/2018 Presented by: Property & Asset Management Limited Real Estate Construction Hospitality Realestate Group Introduction Highlights 31 December 2017 Year End Result

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SLIDE 1

Presented by: Property & Asset Management Limited

27/03/2018

Construction Hospitality

Realestate Group

Real Estate

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SLIDE 2
  • Introduction
  • Highlights
  • 31 December 2017 Year End Result
  • Review of Financials by segment
  • Portfolio Analysis & Projects Overview
  • International Prospects & Developments
  • Our contribution to the Community

Construction Hospitality

Realestate Group

Real Estate

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SLIDE 3

RDC PROPERTIES LIMITED Introduction

Construction Hospitality

Realestate Group

Real Estate

REGIONAL DIVERSIFICATION GATHERS MOMENTUM

RDC PROPERTIES INVESTS IN A PORTFOLIO IN SOUTH AFRICA, AND BUILDS ITS PORTFOLIO IN THE USA, MOZAMBIQUE AND NAMIBIA

THE MANAGEMENT TEAM

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SLIDE 4
  • Introduction
  • Highlights
  • 31 December 2017 Year End Results
  • Review of Financials by Segment
  • Portfolio Analysis & Projects Overview
  • International Prospects & Developments
  • Our contribution to the Community

Construction Hospitality

Realestate Group

Real Estate

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SLIDE 5

RDC PROPERTIES LIMITED Highlights

Construction Hospitality

Realestate Group

Real Estate

R335 R335 M (2017) 7) 34,85%

R650 R650 M M (est. t.20 2018 18) 63% Stake

INVESTMENT IN THE RSA R50,9M 0,9M for r 34,85% ,85% in a manage ged prop

  • perty

erty port rtfol folio

  • in West

stern ern Cape e (NOV OV 2017) 7) Post st year r end, , MAR 2018, 8, R120M 0M invest sted secur ecuring ng 63% of Capit italG lGro ro and the e compa mpany ny acquire ires s a AAA AA buil ilding ng The he Edge e Tyger er Vall lley

3MUSD Investe d in the USA

INVESTMENT IN THE USA USD 3M invested in Nashville, USA TOTAL TAL PORTF RTFOLIO IO

INVESTMENT & PROPERTY PORTFOLIO Up by 31%, now stands at P1,627 million (2016: P1,237 million)

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SLIDE 6
  • Introduction
  • Highlights
  • 31 December 2017 Year End Results
  • Review of Financials by segment
  • Portfolio Analysis & Projects Overview
  • International Prospects & Developments
  • Our contribution to the Community

Construction Hospitality

Realestate Group

Real Estate

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SLIDE 7
  • INVESTMENT AND PROPERTY PORTFOLIO
  • Up by 31%, now stands at P1,627 million (2016: P1,237 million)
  • RENTAL REVENUE
  • Up by 9% to P99.2 million (2016: P90.9 million)
  • PROFIT BEFORE FAIR VALUE ADJUSTMENT AND TAXES
  • Up by 16% to P69.3 million (2016: P59.8 million)
  • PROFIT AFTER TAXES
  • Up by 7% to P133.2 million (2016: P124.5 million)
  • EARNINGS PER LINKED UNIT
  • Up by 7% to 33.73 thebe per linked unit (2016: 31.64 thebe)
  • DISTRIBUTION
  • Distribution per linked unit up 15%

Construction Hospitality

Realestate Group

Real Estate

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SLIDE 8

 STOC

OCK K MARKE KET T STAT ATISTICS STICS

  • Adjusted NAV and share price:

 Adjusted NAV stands at P3.13, up 10% (2016: P2.84)  Share price P2.35 down 13% (2016: P2.70).  Trading at a 25% discount.

  • Linked units in issue:

 347,547,222 (no change)

Construction Hospitality

Realestate Group

Real Estate

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SLIDE 9
  • Introduction
  • Highlights
  • DEC 2017 Full Year Results
  • Review of Financials by Segment & Trend
  • Portfolio Analysis & Projects Overview
  • International Prospects & Developments
  • Our contribution to the Community

Construction Hospitality

Realestate Group

Real Estate

4

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SLIDE 10

Construction Hospitality

Realestate Group

Real Estate

RDC PROPERTIES LIMITED 2017 SEGMENT ASSETS & LIABILITIES

PORTFOLIO IN THE RSA WILL BECOME EVEN BIGGER BUILDING UP IN MOZAMBIQUE BUILDING UP IN USA BUILDING UP IN NAMIBIA

GROUP (P'000s) Botswana South Africa Namibia Mozambique USA Madagascar Total 31 December 2017 SEGMENT ASSETS Investments

  • -
  • -

30,784 - 30,784 Investment properties 1,282,369 267,378 1,133 4,518 -

  • 1,555,398

Investment in a joint venture

  • -
  • -
  • 30,353 30,353

Available-for-sale investments carried at fair value 13,838 3,742 - -

  • 17,580

Trade and other receivables 23,715 815 142 9

  • 24,681

Current tax assets 2,671 -

  • -
  • 2,671

Cash and cash equivalents 102,955 5,997 134 1,428 -

  • 110,514

Total segment assets 1,425,548 277,932 1,409 5,955 30,784 30,353 1,771,981 31 December 2017 SEGMENT LIABILITIES Trade and other payables 18,287 8,442 319 143 99 - 27,290 Current tax liabilities 132

  • -
  • 132

Borrowings 228,631 131,847 - -

  • 360,478

Deferred Tax Liabilities 100,218 10,767 - -

  • 110,985

Total segment liabilities 347,268 151,056 319 143 99 - 498,885

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SLIDE 11

Construction Hospitality

Realestate Group

Real Estate

RDC PROPERTIES LIMITED

2017 SEGMENT REVENUES AND RESULTS

RENTAL INCOME FROM RSA ONLY FROM 15TH NOVEMBER 2017

GROUP (P'000s) Botswana South Africa Namibia Mozambique USA Madagascar Total 31 December 2017 SEGMENT REVENUES AND RESULTS Contractual lease rental revenue 94,198 3,164 - - - - 97,362 Operating expenses (28,107) (1,901) (28) (270) (99) - (30,405) Income arising from joint venture (net of forex gains)

  • - - - - 4,674 4,674

Other foreign exchange gains/(losses) 522 17 5 - - - 544 Other operating income 60 665 - - - - 725 Surplus arising on revaluation of properties 76,561 11,248 - - - - 87,809 Investment income 10,683 338 - - 1,235 - 12,256 Finance costs (15,291) (2,405) (14) - - - (17,710) Total for continuing operations 138,626 11,125 (38) (270) 1,136 4,674 155,255 Profit before tax 155,255

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SLIDE 12

RDC PROPERTIES SUMMARY FIVE YEARS OVERVIEW (P’000) 2013 2014 2015 2016 2017 Investment & Property Portfolio 858,842 950,328 1,103,835 1,236,919 1,627,467 (*) Revenue 71,620 78,130 86,993 90,886 99,170 Net income from operations before fair value adjustments 33,734 37,455 45,704 59,810 69,254

Construction Hospitality

Realestate Group

Real Estate

RDC PROPERTIES LIMITED 5 years Summary

STEADY GROWTH IN PORTFOLIO AND REVENUE AND PROFIT

(*) Includes CapitalGro properties as at 31st Dec 2017, revenue only 45 days.

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SLIDE 13

Construction Hospitality

Realestate Group

Real Estate

SUMMARISED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 2017 P’000 2016 P’000 % Change Revenue 99,170 90,886 9 Operating expenses (30,405) (27,834) Income/(loss) arising from joint venture 4,674 (310) Other foreign exchange gains/(losses) 544 (240) Other operating income 725 2,673 Investment income 12,256 12,176 Finance costs (17,710) (17,541) Net income from operations before fair value adjustments 69,254 59,810 16 Surplus arising on revaluation of properties 86,001 90,350 Profit before tax 155,255 150,160 3 Income tax expense (22,007) (25,659) Profit for the year 133,248 124,501 7 Other comprehensive income Exchange differences on translation of foreign operations 2,888 566 Net fair value gain on available for sale financial asset (1,981) 1,276 Total comprehensive income for the year 134,092 126,343 6 Total comprehensive income for the year attributable to: Owners of the company 108,319 106,342 Non-controlling interest 25,773 20,001 134,092 126,343 6

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SLIDE 14

Construction Hospitality

Realestate Group

Real Estate

SUMMARISED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 2017 2016 Assets P’000 P’000 Property, plant and equipment 8,943 10,168 Intangible asset 1,000 1,000 Investments 30,784

  • Available for sale investment

17,580 14,415 Investment in a joint venture 30,353 26,434 Investment properties 1,538,807 1,169,268 Rental receivable - straight line rental adjustment 16,193 10,839 Long-term trade receivables 130 2,052 Current assets 138,134 205,180 Asset classified as held for sale

  • 15,634

Total Assets 1,781,924 1,454,990 Equity and Liabilities Equity attributable to the owners of the parent 1,012,031 927,806 Non-controlling interests 268,452 177,559 Long term borrowings 323,625 224,048 Deferred tax liabilities 110,985 86,537 Current liabilities 66,831 39,040 Total Equity and Liabilities 1,781,924 1,454,990

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SLIDE 15
  • Introduction
  • Highlights
  • DEC 2017 full Year Results
  • Review of Financials by segment & Trend
  • Portfolio & Projects Overview
  • International Prospects & Developments
  • Our contribution to the Community

Construction Hospitality

Realestate Group

Real Estate

5

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SLIDE 16

RDC PROPERTIES LIMITED Portfolio Analysis Segmental and Lease Expiry Profile

Construction Hospitality

Realestate Group

Real Estate

  • Overall vacancy at 2.84% (Botswana

2.22%, RSA 0.62%).

BOTSWANA 68% MADAGASCAR 2% SOUTH AFRICA 28% NAMIBIA 0.06% MOZAMBIQUE 0.24% USA 2%

RDC INVESTME STMENT NT PROPER ERTY BY VALUE project cted d 2018 2018

22 1 5 3 2 1 BOTSWANA PROPERTIES MADAGASCAR PROPERTIES SOUTH AFRICA PROPERTIES NAMIBIA - SELECTED SITES MOZAMBIQUE - BUILDING… USA - DEVELOPMENT SITE

RDC REGION ONAL AL INVEST ESTMENT ENT

64.2% 33.7% 1.5% 0.6% BOTSWANA SOUTH FRICA MOZAMBIQUE MADAGASCAR

RDC REVENU NUE E BY COUNTR TRY 2018

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SLIDE 17

RDC PROPERTIES LIMITED Portfolio Analysis Segmental and Lease Expiry Profile

Construction Hospitality

Realestate Group

Real Estate

  • 52% of leases expiring beyond 2021
  • Vacancy levels very low 2.84% (Botswana

2.22%, RSA 0.62%).

  • Mozambique to start 2018
  • Portfolio gains regional exposure.

Jan 18 - Dec 18 20% Jan 19 - Dec 19 15% Jan 20 - Dec 20 13% Jan 21 - Dec 21 6% Jan 22 Onwards 46%

RDC C LEASE SE EXPIR IRY PROF OFILE ILE 2018

Office 49% Retail 18% Industrial 4% Hospitality 26% Residential 3%

RDC C SECTOR TORIA IAL SPRE READ 2018

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SLIDE 18

Construction Hospitality

Realestate Group

Real Estate

RDC PROPERTIES LIMITED ICC FLATS Extension – New Development (Ongoing)

ON BUDGET AND IN TIME – COMPLETION Q3 THIS YEAR

  • Application of Partial Occupation Permit in

progress for already completed Block.

  • Number of Units up for grabs in 2018
  • 20 Nos. – 1 Bedroom
  • 15 Nos. – 2 Bedroom
  • 10 Nos. – 2 Bedroom Lofts
  • All units are located in a gated community in

prime area of extension 9 with 24 hours security plus access control system. They are tastefully finished with fitted kitchens, fully air-conditioned, modern bathroom fixtures, excellent fire reticulation systems (passive and active fire fighting systems) and so much more……to keep residents safe and relaxed.

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SLIDE 19

Construction Hospitality

Realestate Group

Real Estate

RDC PROPERTIES LIMITED Retirement offering in Botswana

CONTRIBUTUTING TO THE SOCIAL UPLIFTMENT Actively pursuing the vision of creating a retirement offering in Botswana.

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SLIDE 20
  • Introduction
  • Highlights
  • DEC 2017 full Year Results
  • Review of Financials by segment & Trend
  • Portfolio Analysis & Projects Overview
  • International Investments
  • Our contribution to the Community

Construction Hospitality

Realestate Group

Real Estate

6

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SLIDE 21

RDC PROPERTIES LIMITED International Investments – South Africa

Construction Hospitality

Realestate Group

Real Estate

INVESTMENT IN THE RSA It’s ALL ABOUT TIMING R335 5 M (2017) 017) 34,85 ,85%

R670 R670 M M (est. t. 2018) 2018) 63% Stake

INVESTMENT IN THE RSA R50,9M 9M for 34,85% 5% in a managed d prope pert rty y port rtfo folio lio in West stern rn Cape (NOV 2017) Post year end, d, MAR 2018, R120M invest sted securin uring 63% of Capit pitalG alGro ro

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SLIDE 22

RDC PROPERTIES LIMITED International Investments – South Africa

Construction Hospitality

Realestate Group

Real Estate

WESTERN PROVINCE OUR FOCUS

  • Professionally managed portfolio
  • Acquisition in 2018 – uplifting the whole portfolio
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SLIDE 23

RDC PROPERTIES LIMITED International Investments – South Africa

Construction Hospitality

Realestate Group

Real Estate

TYGER VALLEY – THE EDGE

  • GRADE AAA TENANTS
  • NEW BUILDING
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SLIDE 24

RDC PROPERTIES LIMITED International Investments – USA

Construction Hospitality

Realestate Group

Real Estate

UNITED STATES OF AMERICA - TENNESSE

  • Professionally managed development (71 apartments for sale)
  • Invested USD 3 M
  • Opportunity to secure a footstep in the USA market.
  • The strategic intent of this investment is to be able to grow a

small portfolio in an exciting area of the USA

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SLIDE 25

RDC PROPERTIES LIMITED Regional Developments – Namibia Convenience Centers

  • The Building Approvals are attained for Katima Mulilo (2,485 sqm GLA) and Tsumeb (3,294)
  • Post Tender Value Engineering exercise is being completed along with the negotiations with

selected General Contractors

  • Authorities approval process for Grootfontein is still ongoing. Outapi and Eenhana will follow
  • Line Shops will be having a mix of Local and International Retailers including ATMs
  • The construction will be phased in time, with Tsumeb being the first to start.

Construction Hospitality

Realestate Group

Real Estate

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SLIDE 26

RDC PROPERTIES LIMITED Regional Developments – Mozambique Shopping Centers

  • XAI XAI Shopping Centre (3,547 sqm GLA) construction is approaching the finishes

stages with Choppies Project Coordinator now fully involved. Completion by 3rd Quarter of 2018

  • The Marketing Campaign will kick start with an Open Day right after the Easter

break

  • ZIMPETO Shopping Centre (7,000 sqm GLA), comprising a Filling Station is at Tender
  • phase. Advanced Earth-works to start soon after Easter while Tender is completed.

Construction Hospitality

Realestate Group

Real Estate

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SLIDE 27

RDC PROPERTIES LIMITED Regional Developments – Namibia Hospitality Opportunities

A number of Hospitality Opportunities, across the prominent touristic areas, are being investigated.

Construction Hospitality

Realestate Group

Real Estate

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SLIDE 28
  • Introduction
  • Highlights
  • DEC 2017 full Year Results
  • Review of Financials by segment & Trend
  • Portfolio Analysis & Projects Overview
  • International Investments
  • Our contribution to the Community

Construction Hospitality

Realestate Group

Real Estate

7

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SLIDE 29
  • NGWAPA PRIMARY SCHOOL
  • SEPHARE HOSPITAL
  • MASA CHARITY
  • SUPPORT TO CHOBE DISTRICT

RDC PROPERTIES LIMITED Corporate Social Responsibility

Construction Hospitality

Realestate Group

Real Estate

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SLIDE 30

–4/3/2018

TH THANK ANK YO YOU! U!

Construction Hospitality

Realestate Group

Real Estate