INTERIM RESULTS - The Vault Mall of Africa visitor information SOUTH AFRICAN PORTFOLIO: MALL OF AFRICA * Reported tenant turnover divided by PGLA based on a 12-month average Dec 2019

INTERIM RESULTS for the six months ended 31 December 2019

1

A T T A C Q | I N T E R I M R E S U L T S P R E S E N T A T I O N

2 PERFORMANCE OVERVIEW

4 SOUTH AFRICAN PORTFOLIO

14 DEVELOPMENTS AT WATERFALL

23 INVESTMENT IN MAS

28 REST OF AFRICA RETAIL INVESTMENTS

30 FINANCIAL RESULTS

37 STRATEGIC UPDATE

39 QUESTIONS AND ANSWERS

40 APPENDICES

AGENDA

Deloitte interior, Waterfall City

2


01

Core DEPS

December 2018: 40.2cps

49.8cps

PERFORMANCE OVERVIEW

05

Interest cover ratio

June 2019: 1.85 times

1.91 times

02

DPS

December 2018: 40.5cps

45.0cps

06

Gearing

June 2019: 37.7%

39.1%

03

DPS growth

Full year guidance: 8.0% - 10.0%

11.1%

07

Trading density growth

December 2018: 6.9%

5.7%

04

Developments at Waterfall

June 2019: 7 buildings completed

6 buildings completed

08

Mall of Africa trading density

growth

December 2018: 12.7%

10.1%

3


DEPS cents

Dec 2019 Dec 2018 % change

South African portfolio 37.4 29.3 27.6

Developments at Waterfall (2.5) (2.3) 8.7

Investment in MAS 16.6 12.3 35.0

Rest of Africa retail investments 1.7 5.7 (70.2)

Distributable earnings per share 53.2 45.0 18.2

Sales of sectional title units (1.3) -

Abnormal net lease cancellation fee (2.1) -

Interest received from AttAfrica - (4.8)

Core distributable earnings 49.8 40.2 23.9

FOCUSED APPROACH FOUR KEY DRIVERS

4


1ST KEY DRIVER: SOUTH AFRICAN PORTFOLIO

Dec 2019

Core DEPS

34.0cps

Mall of Africa, Waterfall CityR20.7bn | 76.5% of TOTAL ASSETS

68.3%

Dec 2018

Core DEPS

29.3cps

72.9%

5


11

PGLA green certified12

Installed PV capacity

119 405m² 6 852 kWp

June 2019: 119 405m2June 2019: 6 852 kWp

^ Weighted average based on PGLA

** Weighted average lease expiry on PGLA# Weighted average based on gross rent multiplied by PGLA

* Rental escalation excluding rates multiplied by PGLA, excluding BMW Group SA Regional Distribution Centre

SOUTH AFRICAN PORTFOLIO

01

Value of total assets

June 2019: 75.6%

76.5%

05

Collections

June 2019: 99.0%

98.8%

02Number of additional buildings

June 2019: 7 newly completed

6 newly completed

06

WALE**

June 2019: 6.5 years

6.1 years

03

Average portfolio age^


7.2 years

07

Rental reversion#

June 2019: +6.9%

-7.5%

04

Occupancy

June 2019: 93.8%

94.0%

08

Rental escalation*

June 2019: 7.3%

7.2%

09

Tenant success rate^

10


92.0% 5.7%

June 2019: 80.6% December 2018: 6.9%

6


Weighted on property value

2 Eglin valued in accordance with the signed sale agreement

VALUATION INPUTS FOR DCF METHODOLOGY

Dec 2019

SECTOR

% of total portfolio

by value

Discount rates

%

Exit cap rates

%

Cap rates

%

Average value

R/m²

Retail 52.28 12.35 7.14 6.88 32 670

Office and mixed-use 37.62 13.24 8.12 7.74 28 312

Light industrial 8.20 13.25 8.51 7.75 9 785

Hotel 1.90 13.75 8.41 7.92 26 403

Total portfolio 100.00 12.78 7.65 7.29 26 050

Jun 2019

SECTOR

% of total portfolio

by value

Discount rates

%

Exit cap rates

%

Cap rates

%

Average value

R/m²

Retail 52.23 12.38 7.10 6.84 32 592

Office and mixed-use 37.32 13.13 8.05 7.63 29 699

Light industrial 8.62 13.51 8.32 7.51 9 714

Hotel 1.83 13.74 8.40 7.91 25 338

Total portfolio 100.00 12.78 7.58 7.21 26 185

7


SOUTH AFRICAN PORTFOLIO: LEASING UPDATE

OCCUPANCY Dec 2019 Jun 2019

% PGLA m2 % PGLA m2

Retail 97.8 289 257 97.1 287 573

Office and mixed-use 85.7 233 714 87.5 227 583

Like-for-like portfolio 86.7 224 234 88.5 225 598

Buildings completed during the period 67.9 9 480 38.1 1 985

Light industrial 100.0 173 266 97.1 175 561

Hotel 100.0 13 690 100.0 13 690

Year end portfolio occupancy 94.0 709 927 93.8 704 407

Plus: filled post period-end 0.6 4 863 0.9 6 594

Plus: 2 Eglin 2.9 22 215 2.8 20 732

Adjusted portfolio occupancy 97.5 737 005 97.5 731 733

Waterfall 98.6 457 471 97.7 448 656

Non-Waterfall 95.9 279 534 97.1 283 077

8


09

Tenant success rate#

June 2019: 79.0%

90.9%

10

Non-PGLA income

December 2018: R10.1m

R8.7m

11


June 2019: 6 611 kWp

6 611kWp

12

% Generator capacity^

June 2019: 63.3%

97.4%

* Rental escalation excluding rates multiplied by PGLA# Weighted average based on gross rent multiplied by PGLA^ Based on PGLA

SOUTH AFRICAN PORTFOLIO: RETAIL

01

% of total portfolio by value

June 2019: 51.8%

51.9%

05

WALE


4.0 years

02

Value of total portfolio

June 2019: R9.9bn

R9.9bn

06

Rental reversion#

June 2019: +1.6%

-10.8%

03

Occupancy

June 2019: 97.1%

97.8%

07

Rental escalation*

June 2019: 7.0%

6.9%

04

Collections

June 2019: 99.4%

98.8%

08


December 2018: 6.9%

5.7%

9


TRADING DENSITY* RENT TO TURNOVER#

CENTRE

Dec 2019

R/m2

Dec 2018

R/m2

Growth

%

Dec 2019

%

Dec 2018

%

Change

%

Super-regional 3 293 2 991 10.1

Mall of Africa 3 293 2 991 10.1 9.1 9.2 (1.1)

Regional 2 781 2 680 3.8

Brooklyn Mall 3 036 2 928 3.7 10.6 10.8 (1.9)

Eikestad Precinct 2 693 2 597 3.7 7.0 7.0 0.0

Garden Route Mall 2 854 2 710 5.3 6.9 6.8 1.5

MooiRivier Mall 2 659 2 600 2.3 6.7 6.5 3.1

Convenience and other 4 982 4 948 0.7

Glenfair Boulevard 5 040 4 939 2.0 5.1 5.2 (1.9)

Lynnwood Bridge 4 908 4 959 (1.0) 5.9 5.8 1.7

Neighbourhood 3 900 3 479 12.1

Waterfall Corner 3 900 3 479 12.1 4.8 5.3 (9.4)

Portfolio (effective average) 3 177 3 006 5.7

* Reported tenant turnover divided by PGLA based on a 12 month average # Gross rental including operating costs and rates divided by reported turnover based on a 12 month average

SOUTH AFRICAN PORTFOLIO: RETAIL

10


Mall of Africa visitor information

SOUTH AFRICAN PORTFOLIO: MALL OF AFRICA

* Reported tenant turnover divided by PGLA based on a 12-month average

Dec 2019 Jun 2019 Jun 2018 Jun 2017

Trading density* (R/m²) 3 293 3 202 2 832 2 564

Rolling 12-months foot count (million) 16.4 15.5 14.6 14.0

Rent to turnover (%) 9.1 9.1 9.6 9.9

Rolling 12-months non-PGLA income (R’million) 8.7 7.1 5.9 4.3

Occupancy (%) 98.8 97.2 99.4 98.6

Collections (%) 98.5 99.4 99.0 95.8

Conversion rate

93%

Average stores visited

7.4Average time a mobile device

spends per single visit

Percentage of mobile devices

that visit and enter a store

Average number of stores visited

per mobile device per visit

Percentage of mobile devices

detected more than once

in 31 days

Time spent

119 min

Loyalty

55%

11


SOUTH AFRICAN PORTFOLIO: OFFICE AND MIXED-USE

# Weighted average based on gross rent multiplied by PGLA

* Rental escalation excluding rates multiplied by PGLA^ Weighted average based on PGLA

09

PGLA green certified

June 2019: 59.0%

59.0%

10


June 2019: 241 kWp

241 kWp

11


5.4 years

12

Newly completed PGLA

December 2018: 9 634m2

18 642m²

01


June 2019: 37.8%

38.1%

05

WALE


6.4 years

02


June 2019: R7.2bn

R7.3bn

06

Rental reversion#

June 2019: +2.8%

+7.1%

03

Occupancy

June 2019: 88.2%

85.7%

07

Rental escalation*

June 2019: 7.7%

7.7%

04

Collections

June 2019: 99.7%

99.3%

08

Tenant retention success rate

June 2019: 89.4%

96.6%


12


SOUTH AFRICAN PORTFOLIO: LIGHT INDUSTRIAL

* Rental escalation excluding rates multiplied by PGLA, excluding BMW Group SA Regional Distribution Centre^ Weighted average based on PGLA

01


June 2019: 8.6%

8.1%

05

WALE


9.6 years

02


June 2019: R1.6bn

R1.6bn

06

PGLA of total portfolio

June 2019: 22.5%

22.9%

03

Occupancy

June 2019: 96.8%

100.0%

07

Rental escalation*

June 2019: 7.1%

6.9%

04

Collections

June 2019: 100.0%

100.0%

08



3.3 years

13


SOUTH AFRICAN PORTFOLIO: HOTEL

* Rental escalation excluding rates multiplied by PGLA^ Weighted average based on PGLA

01


June 2019: 1.8%

1.9%

05

WALE

8.2 years

02


June 2019: R346.9m

R361.5m

06

PGLA of total portfolio

June 2019: 1.8%

1.8%

03

Occupancy

June 2019: 100.0%

100.0%

07

Rental escalation*

June 2019: 7.0%

7.0%

04

Collections

June 2019: 100.0%

100.0%

08



7.3 years


14


2ND KEY DRIVER: DEVELOPMENTS AT WATERFALL

Deloitte Head Office, Waterfall City

Dec 2019

Core DEPS

(2.5)cps

R2.4bn | 8.7% of TOTAL ASSETS

(5.0%)

Dec 2018

Core DEPS

(2.3)cps

(5.7%)

15


WATERFALL CITY

Pipeline

Completed

Under construction

Waterfall City

Netcare Hospital

16


LEASEHOLD LAND

Industrial 170 952m²

Total 170 952m²

WATERFALL

CITY

AN INTEGRATED

CITY THAT

WORKS

Retail 52 692m²

Residential 60 473m²

Office 593 101m²


Hotel 50 640m²

Total 770 227m²

Total of 1 102 882m² effective remaining undeveloped bulk, valued via comparable sales technique.

WATERFALL

LOGISTICS HUB

GAUTENG’S

LOGISTICS HUB

OF CHOICE

Sanlam JV


Attacq (23.57%)

161 703m²

Total 161 703m²

Remaining undeveloped bulk

COMPLETED - HELD

COMPLETED - SOLD

BULK - SOLDWaterfall City

(%)

Waterfall

Logistics Hub

(%)UNDER CONSTRUCTION

REMAINING UNDEVELOPED BULK

65.7

22.0

4.8

4.0

3.5

21.9

37.9

2.21.2

36.8

17


COMPLETED DEVELOPMENTS

* Sectional title

COMPLETED BUILDINGS

Multi or single

tenanted

Effective

PGLA m² % Let/sold

Practical

completion date

Lease

commencement

date

Waterfall City

The Ingress – Building 2 Multi 4 484 37.2 Q2 FY20 Q3 FY20

The Ingress – PSG Wealth Single 4 311 100.0 Q1 FY20 Q1 FY20

Waterfall Point – Building 1* Multi 2 339 79.8 sold Q2 FY20 Inventory

Waterfall Point – Building 2* Multi 2 585 100.0 Q2 FY20 Q2 FY20

Waterfall Point – Building 3* Multi 2 339 50.8 sold Q2 FY20 Inventory

Waterfall Point – Building 4* Single 2 584 100.0 Q2 FY20 Q2 FY20

TOTAL 18 642 >80.0

Waterfall Point

The Ingress

18


Deloitte Head Office

PGLA: ±42 500m²

Land Parcel 10

Sector: office

50.0% JV with Atterbury

Targeting Silver LEED certification

(as built and commissioning)

Completion date: Quarter 3 FY20

Installing PV system of 220 kWp

Corporate consolidation

DEVELOPMENTS UNDER CONSTRUCTION

Deloitte

19


Waterfall Corporate Campus

PGLA: ±35 000m²

Land Parcel 10B

Seven buildings phased development

Sector: office

50.0% JV with Zenprop

All buildings have targeted or have

achieved a minimum four-star GBCSA

(by design and as built) certification

Completed

• Three buildings (16 300m2) – >95.0% let

Completed post 31 December 2019

• Building 5 ContinuitySA (5 530m²) – fully let

• Completion date: Quarter 3 FY20

Under construction post 31 December 2019

• Building 4 spec building (4 958m²)

• Expected completion Quarter 1 FY21

DEVELOPMENTS UNDER CONSTRUCTION | CONTINUED

Corporate

Campus

20


Nespresso warehouse

Total PGLA: 4 757m²

Land Parcel 8 North

Sector: light industrial

Estimated completion date: Quarter 4 FY20

This marks the final development in Land

Parcel 8 North


Nespresso

21


Nexus Waterfall, Courtyard Hotel

PGLA: ±32 000m²

Land Parcel 10

Sector: office and mixed-use

Targeting four-star GBCSA certification

(by design and as built)

Phased development

“New concept” 4-star Courtyard Hotel

by the City Lodge Hotel Group

› 168 keys

› Completion date: Quarter 2 FY21

› Lease term: 15 years

Three office buildings


Nexus Waterfall

22


Ellipse Waterfall

Develop to sell residential units

Land Parcel 10

50.0% JV with Portstone Developments

Targeting four-star GBCSA certification

(by design and as built)

Sector: residential (sectional title)

Phased development

• Newton and Kepler towers (phase 1):

269 units, >75.0% pre-sold

Completion date: Quarter 1 FY22

• Cassini tower (phase 2): 175 units,

>13.0% pre-sold

• Galileo tower (phase 3): ±175 units based

on early designs


Ellipse

23


Nova Park, Poland

3RD KEY DRIVER: INVESTMENT IN MAS

Dec 2019

Core DEPS

16.6cps

R3.0bn | 11.0% of TOTAL ASSETS

33.3%

Dec 2018

Core DEPS

12.3cps 30.6%

24


05

DPS and guidance

€858.1 million

MAS OVERVIEW

01

Strategy

Long-term focusing on capital allocation, operational excellence, leveraging and cost efficiency

Focus on Central and Eastern Europe (“CEE”), redeployment of capital invested in Western Europe into CEE

02

Asset split*

Total

€1 462.2 million

CEE

€524.3 million

Development JV

€206.2 million

Western Europe

€565.6 million

Head Office

€166.1 million

Total

€906.3 million

CEE

€344.3 million

Development JV

€171.2 million

Western Europe

€298.1 million

Head Office

€92.7 million

03

NAV split*

Total

€27.7 million

CEE

€12.7 million

Development JV

€4.9 million

Western Europe

€8.7 million

Head Office

€1.4 million

04

Distributable earnings split*

Interim dividend declared of 4.24 euro cents per share

Prior guidance replaced. Aim to pay out 100.0% of adjusted distributable earnings per share on a bi-annual basis

* As per MAS proportionate accounts

25


01

Board and management

• Investment JV and Prime Kapital

management platform acquisition

approved 20 November 2019

• MAS now a Central and Eastern Europe

(CEE) property investor and operator

• Reconstituted board

• Strong, experienced management

MAS RESULTS AND INCOME-GENERATING PORTFOLIO

02

Western Europe

• Acceleration of exit strategy

› €544.0 million of IP to be recycled

› €508.0 million targeted by Dec 2020

› €36.0 million of costs estimated to

crystallise on disposal

03

CEE

• Growing contribution from CEE

(46.0% adjusted DE from CEE vs 33.8%

in prior period)

• Extensions and refurbishment

› Extension of Militari Shopping Centre

(Romania) to commence soon

› Extension of Nova Park (Poland)

underway

› Major refurbishment and tenant

reconfiguration of Stara Zagora Mall

(Bulgaria) underway

Galleria Burgas, Bulgaria

26


Development pipeline (€’million)

MAS AND PKM DEVELOPMENTS

CEE development pipeline

Development completions

• Zalau Value Centre (Zalau, Romania): 23 338m², initial yield of 12.2%

• DN1 Value Centre (Balotesti, Romania): 46 726m², initial yield of 11.1%

• €773.0 million total development pipeline made up of:

› €220.8 million of projects under construction

› €552.2 million of projects under permitting

Projects under construction

• 32 900m² Dambovita Mall (Targoviste, Romania)

(May 2020 targeted trading date)

• 92 000m² super-regional Mall Moldova (Iasi, Romania)

• 17 000m² mall (Sfantu Gheorghe, Romania)

• Marmura Residence (465 apartments, Bucharest, Romania)

Projects under permitting

• €258.0 million relates to large-scale mixed use Silk District development

(Iasl, Romania)

› Includes 98 000m² A grade offices, 2 500 residential units

› Targeted start date moved to September 2020

• Avalon Estate (Bucharest, Romania) construction to commence

once building permits issued

220.8

552.2

0

200

400

600

Under construction Under permitting

27


2 500

2 750

3 000

3 250

3 500

Jun

2019

Equity

acc

Share

of OCI

Dividend FX

impact

Dec

2019

• Shareholding drop to 20.7% due to MAS share issue (30 June 2019: 22.8%)

• Decrease in equity accounted investment in associate from R3.2 billion to R3.0 billion

• Cash dividends received of R121.2 million during period (being final MAS’ FY19 dividend)

• Strengthening of rand vs euro

MAS IN ATTACQ’S FINANCIALS

R’million

3 183.5

194.0 16.0 (121.2)

(297.1)

2 975.2

28


4TH KEY DRIVER: REST OF AFRICA RETAIL INVESTMENTS

Rest of Africa presence

Dec 2019

Core DEPS

1.7cps

R0.8bn | 2.8% TOTAL ASSETS

3.4%

Dec 2018

Core DEPS

0.9cps

2.2%

29


0

100

200

300

400

Jun

2019

ECL adj Interest

accrued

Interest

received

FX

impact

Dec

2019

0

100

200

300

400

Jun

2019

Loans

repaid

Loans

advanced

ECL adj FX

impact

Dec

2019

Note: Attacq has no debt against its Rest of Africa retail investments

REST OF AFRICA RETAIL INVESTMENTS BREAKDOWN

R’000

Dec

2019 %

Jun

2019 %

Attacq offshore cash on hand 174 317 23.0 180 624 22.0

Ikeja City Mall (loan) 278 586 36.6 276 899 33.8

AttAfrica (loan) 306 561 40.4 362 545 44.2

Rest of Africa retail investments 759 464 100.0 820 068 100.0

362.5

276.9 0.2306.6

15.0

(113.9)

(1.2)46.9

13.4

278.6

(2.3)

AttAfrica (R’million) Ikeja (R’million)

(12.1)

30


FINANCIAL RESULTS

Novartis, Waterfall City

31


01

Core DEPS growth

23.9%

FINANCIAL OVERVIEW

05

Weighted average cost of

debt

June 2019: 8.8%

8.8%

02

Interest cover ratio

1.91 times

06

Interest rate hedging

June 2019: 78.7%

80.2%

03

Gearing

June 2019: 37.7%

39.1%

07

First time adoption

IFRS 16

04

Debt expiry profile


3.1 years

08

Leasehold land

Change in valuation

technique

June 2019: 1.85 timesDecember 2018: n/a

32


R’000 Dec 2019 Dec 2018 % change

South African portfolio 262 200 205 587 27.5

Developments at Waterfall (17 323) (16 213) 6.8

Investment in MAS 117 086 86 579 35.2

Rest of Africa retail investments 12 093 40 424 (70.1)

Distributable earnings 374 056 316 377 18.2

DISTRIBUTABLE EARNINGS PER KEY DRIVER

Increase mainly due to newly completed

buildings, vacancies filled and in-force

escalations. NOI like-for-like growth was 7.6%

Cents per share Dec 2019 Dec 2018 % change

South African portfolio 37.4 29.3 29.6

Developments at Waterfall (2.5) (2.3) 8.7

Investment in MAS 16.6 12.3 35.0

Rest of Africa retail investments 1.7 5.7 (70.2)

Distributable earnings 53.2 45.0 18.2

Sales of sectional title units (1.3) - Nmf

Abnormal net lease cancellation fee (2.1) - Nmf

Interest received in cash from AttAfrica - (4.8) Nmf

Core distributable earnings 49.8 40.2 23.9

Dividend per share 45.0 40.5 11.1

Holding costs on development rights

comprising rates and taxes and marketing

Increase in the underlying euro-based

dividends of 23.3% net of euro interest paid as

well as the impact of forex movements

Cash interest received

33


R’000 Dec 2019 Jun 2019 % change

South African portfolio 20 695 353 20 455 643 1.2

Developments at Waterfall* 2 354 782 2 329 199 1.1

Investment in MAS 2 985 125 3 192 978 (6.5)

Rest of Africa retail investments 759 464 820 068 (7.4)

Head office – South Africa 266 264 252 441 5.5

Head office – Global 267 72 270.8

Total assets 27 061 255 27 050 401 0.0

Total liabilities (11 992 758) (11 462 669) 4.6

Total equity 15 068 497 15 587 732 (3.3)

Progress on developments under

construction, including development surplus

and a negative fair value adjustment on

leasehold land

* Includes developments under construction and leasehold land

BALANCE SHEET PER KEY DRIVER

Forex movements and utilisation of cash

balance to part settle euro debt

Increase in interest bearing debt in respect

of developments and recognition of IFRS 16

lease liabilities

Increase due to newly completed buildings, the recognition of IFRS 16 right of use assets, set off by negative fair value adjustments

34


VALUATION OF LEASEHOLD LAND

Valuation technique changed from residual land valuation to comparable sales

To facilitate the application of comparable sales – the leasehold land has been categorised as per below:

* Market rates relate to freehold bulk rates, with the exception of the rates of unserviced land which relate to leasehold rates on land area

Freehold market rates*

Valued areas External valuer range Utilised

Land Land Bulk Industrial Mixed use Industrial Mixed use Valuation

Category Characteristics Comparable sales application Parcels (m²) (m²) (R per m²) (R per m²) R’000

Unserviced

leasehold

land

Unserviced

leasehold land

with development

potential

Land area multiplied by market rate per m2

for unserviced land

12,

portions of

10

471 387 - 150-750 150-170 150 150 70 708

Partially

serviced

leasehold

land

Leasehold land,

at varying degrees

of servicing

Land/bulk area multiplied by market rate per m2

of serviced bulk, reduced by future costs of

servicing, and leasehold liability; DCF factor

applied relative to timelines of servicing

Portions of

8, 1041 620 144 980 600-1 750 2 500-4 700 1 150 3 000 276 165

Fully

serviced

leasehold

land

Leasehold land

with s82 certificates,

a small measure of

costs to complete

Land/bulk area multiplied by market rate per m2

of serviced bulk, reduced by future costs of

servicing, and leasehold liability

9, 10b, 22,

portions of

8 and 10

228 621 217 366 600-1 750 2 500-4 700 1 200 3 200 660 861

741 268 362 346 1 007 734

Impairment of leasehold land for the six months ended 31 December 2019: R51.2m

35


1.91 1.85

39.1 37.7

0

10

20

30

40

0,0

0,8

1,6

2,4

Dec 2019 Jun 2019

Interest cover ratio Gearing

9.7 9.9

2.0 1.9

8.8 8.8

0

4

8

12

Dec 19 Jun 19

INTEREST-BEARING DEBT

Interest cover ratio (times) and Gearing (%) Weighted average cost of debt (%)

1 217

4 438

2 978

73

2 093

6991 040

3 007

1 489

2 740

0

1 000

2 000

3 000

4 000

5 000

Within 1 year 1 to 2 years 2 to 3 years 3 to 4 years > 4 years

Debt maturity Hedge maturity

Debt and hedge maturity (R’million)

11 69510 799

896

0

3 000

6 000

9 000

12 000

15 000

Committed facilities Drawn facilities Available facilities

Debt facilities (R’million)

9.0

0.9

8.7

1.0

Rand-denominated Euro-denominated Hedging premium Total

36


NET ASSET VALUE PER SHARE MOVEMENT

18

19

20

21

22

23

24

25

Jun

2018

IFRS 9

transition

adjustment

Share

issues

Loss for the

year

Other

compre-

hensive loss

Dividend

paid

Other

distribut-

able

earnings

movements

Other

FVOCI

reserve

movements

FCTR Settlement

of SBP

SBP

reserve

Jun

2019

Share

issues

Loss for the

period

Other

compre-

hensive

income

Dividend

paid

Other

distribut-

able

earnings

movements

FCTR Settlement

of SBP

SBP

reserve

Dec

2019

R per share

24.24 (0.03) (0.87)0.00

(0.05) (1.14)

(0.21) 0.040.18 (0.03) 0.03 22.16 0.01 (0.06) (0.41)0.010.12 (0.43)

(0.01) 0.02 21.41

37


STRATEGIC UPDATE

Corporate Campus, Waterfall City

38


South Africa

• Own and manage dominant nodes

anchored by retail

• Focus on property fundamentals

› Tenant experience focused

› Proactive in identifying tenant failures

› Improve cost efficiencies

• Roll-out developments in Waterfall City and

Waterfall Logistics Hub

• Creating safe, sustainable spaces where

people can connect and grow

* Guidance has not been reviewed or reported on by Attacq’s auditors

STRATEGIC UPDATE

International

• Investment in MAS

› Future cap raisings will not be followed

• Rest of Africa retail investment

› no further investments to be made but for

operational needs

› continue implementation of exit strategy

› Disposal proceeds to be used to reduce

debt

Balance sheet management

• Allocation of capital

• Improve ICR

• Long-term targets:

› Gearing <35.0%

› ICR >2.0 times

• Guidance* affirmed at upper range

› Approximately 10.0% growth in DPS

PSG, Waterfall City Nova Park, Poland Cummins interior, Waterfall City

39


QUESTIONS AND ANSWERS

Waterfall Point, Waterfall City

40


APPENDICES

Deloitte head office, Waterfall City

41


SA PORTFOLIO: LEASE EXPIRY PROFILE

0

100 000

200 000

300 000

400 000

500 000

Vacant Month-to-month Dec 2020 Dec 2021 Dec 2022 Dec 2023 Dec FY24+

Hotel 13 690

Industrial 8 518 164 748

Office 38 955 374 16 775 34 599 15 420 14 767 151 779

Retail 6 488 4 709 38 042 57 928 29 273 50 232 109 073

TOTAL 45 443 5 083 54 817 92 527 44 693 73 517 439 290

Lease expiry profile - PGLA (m²)

6.0%

0.7%

7.3%

12.2%

5.9%

9.7%

58.2%

TOTAL 45 443 5 083 54 817 92 527 44 693 73 517 439 290

42


* Gross rental including operational costs and rates

SA PORTFOLIO: TOP 5 TENANTS PER SECTOR

TOP 5 TENANTS

Attributable gross rental

as a % of total gross rent

%

Retail

The Foschini Group 3.1

Edcon 2.5

Mr Price Group 2.4

Woolworths 2.0

Shoprite Checkers 2.0

Office and mixed-use

PwC 5.8

Cell C 5.5

Aurecon 5.0

Transnet 3.6

Adams & Adams 2.8

Light industrial

Massmart 2.3

Amrod 2.1

BMW 2.0

Cummins 0.6

Dimension Data 0.5

TOP 5 TENANTS

Attributable PGLA

as a % of total PGLA

%

Retail

Woolworths 3.6

Shoprite Checkers 3.2

Edcon 2.9

Massmart 2.8

The Foschini Group 2.1

Office and mixed-use

Cell C 6.0

PwC 5.0

Transnet 3.3

Aurecon 3.1

Adams & Adams 1.7

Light industrial

Massmart 6.9

Amrod 5.2

BMW 4.4

Dis-chem 1.2

Dimension Data 1.1

43


SA PORTFOLIO: PROPERTY COST-TO-INCOME RATIO

Dec 2019 Dec 2018

Total

R’000

Waterfall

R’000

Non-

Waterfall

R’000

Total

R’000

Waterfall

R’000

Non-

Waterfall

R’000

Rental income^ per income statement A 1 130 999 656 988 474 011 1 004 001 546 663 457 338

Property expenses per income statement* B (385 828) (210 424) (175 404) (365 346) (196 185) (169 161)

Municipal recoveries^ C 240 947 131 217 109 730 208 611 102 787 105 824

Municipal charges* D (267 262) (154 655) (112 607) (232 968) (125 817) (107 151)

Repayment of lease liability (LL) interest E (10 582) (10 638) 56 - - -

Repayment of LL capital F (11 509) (11 939) 430 - - -

Rental paid* (5 824) (5 846) 22 (21 477) (21 058) (419)

Gross cost to income adjusted for LL ((B+E+F)/A) 36.1% 35.5% 36.9% 36.4% 35.9% 37.0%

Net cost to income adjusted for LL ((B+E+F+C)/(A-C)) 18.8% 19.4% 17.9% 19.7% 21.0% 18.0%

^ Municipal recoveries included in rental income

* Rental paid and municipal charges included in property expenses

44


RETAIL CATEGORY % of area % of total turnover

% trading density

growth

Accessories, jewellery and watches 1.1 2.1 3.1

Apparel 25.8 20.8 2.6

Books, cards and stationery 1.9 1.5 (2.0)

Department stores 24.2 22.0 12.8

Electronics 2.5 4.7 5.1

Entertainment 3.5 0.6 (4.2)

Eyewear and optometrists 0.5 0.7 (3.5)

Food 11.3 12.4 (2.0)

Food services 8.3 9.8 16.8

Health and beauty 5.6 11.6 1.9

Homeware, furniture and interior 6.8 4.4 8.5

Luggage 0.3 0.4 1.6

Services 0.2 0.2 8.6

Speciality 3.1 4.2 10.3

Sportswear and outdoor 4.9 4.6 1.1

Total 100.0 100.0 5.7

SA PORTFOLIO: RETAIL PER SECTOR

45


• Buildings included for 6 months in both periods# Excludes net operating income impact of 2 Eglin, straight-lining, sale of inventory and cost of sales

SA PORTFOLIO: NET OPERATING INCOME BRIDGE

450

550

650

750

850

Dec 2018

NOI

Plus:

RI increase

completed

buildings*

Plus:

RI increase

buildings

completed

2020

Plus:

RI increase

buildings

completed

2019

Plus:

Early

termination

Plus:

RI Eglin

impact

Less:

PE increase

completed

buildings*

Less:

PE increase

buildings

completed

2019

Less:

PE increase

buildings

completed

2018

Plus:

PE Eglin

impact

Plus:

IFRS 16

rental paid

Dec 2019

NOI

R’million

Like-for-like net operating income per sector % Change

Retail (1.1)

Office and mixed-use# 18.8

Light industrial 5.6

Hotel 6.5

Total 7.6

638.7

81.0 14.116.0

16.0 0.5(32.4)

(5.9) (6.3) 1.621.9 745.2

Interim vacancies and tenant replacements

Contractual escalations, vacancies filled and full year income from tenants previously in beneficial occupation

46


Hotel portfolio

PROPERTY NAME Location Key tenantsPGLA

m²Valuation

R’000ValueR/m²

City Lodge Hotel Lynnwood Pretoria City Lodge 7 946 239 114 30 092

City Lodge Hotel Waterfall City Waterfall City Lodge 5 744 122 341 21 299

TOTAL 13 690 361 455 26 403

Values provided above reflect Attacq’s undivided share in the property: *25.0%; **80.0%

SA PORTFOLIO: OVERVIEW

Retail portfolio


m²Valuation

R’000ValueR/m²

Brooklyn Mall* Pretoria Checkers, Dis-Chem, Game, Woolworths 18 764 641 331 34 179

Eikestad Mall** Stellenbosch Checkers, Game, Food Lover’s Market, Woolworths 38 227 936 320 24 494

Garden Route Mall George Dis-Chem, Edgars, Game, Pick n Pay, Woolworths 53 767 1 501 600 27 928

Glenfair Boulevard Pretoria Dis-Chem, Shoprite Checkers, SuperSpar 15 951 452 947 28 396

Lynnwood Bridge – retail Pretoria Planet Fitness, Safari and Outdoor Warehouse, Woolworths 11 378 373 139 32 795

Mall of Africa** Waterfall Checkers Hyper, Game, Edgars, Woolworths 99 770 4 467 525 44 778

MooiRivier Mall Potchefstroom Checkers, Dis-Chem, Edgars Game, Woolworths 49 696 1 231 600 24 783

Waterfall Corner Waterfall Checkers, Woolworths 9 582 207 634 21 669

Waterfall Lifestyle Waterfall Bounce, Virgin Active 7 139 128 553 18 007

TOTAL 304 274 9 940 649 32 670

47


Office and mixed-use portfolio


m²Valuation

R’000ValueR/m²

2 Eglin Sunninghill Group Five 25 525 135 000 5 289

Allandale building Waterfall Cummins, Trans-Africa Projects, WiseTech Global 15 359 423 102 27 547

Brooklyn Bridge Office Park Pretoria Circle Chambers, SARS 23 525 481 000 20 446

Cell C Campus Waterfall Cell C 43 890 955 866 21 779

Gateway West Waterfall Sage South Africa, Spaces 13 803 359 914 26 075

Transnet Waterfall Transnet 24 354 639 359 26 253

The Ingress – building 2 Waterfall Greensill, Averda South Africa 4 484 80 931 18 049

The Ingress – PSG Wealth Waterfall PSG Wealth 4 311 118 656 27 524

Lynnwood Bridge – Aurecon Pretoria Aurecon 19 104 634 199 33 197

Lynnwood Bridge Pretoria Adams & Adams, Citadel, Sanlam, Water Research Commission 27 613 929 582 33 665

Maxwell Office Park* Waterfall Cipla Colgate, Golder Associates, Premier Foods 18 424 537 686 29 184

Novartis Waterfall Novartis 7 982 238 887 29 928

PwC Tower# Waterfall PwC 36 461 1 394 080 38 235

Waterfall Corporate Campus – building 1* Waterfall Isuzu Motors South Africa, Decision Inc 2 934 85 190 29 035

Waterfall Corporate Campus – building 2* Waterfall SASSETA 3 231 76 236 23 595

Waterfall Corporate Campus – Accenture* Waterfall Accenture 1 985 68 043 34 279

Waterfall Point – building 2 Waterfall RSR, Novo Energy, Teleforge 2 585 63 762 24 666

Waterfall Point – building 4 Waterfall RSR 2 584 65 817 25 471

TOTAL 278 154 7 287 310 26 199

Values provided above reflect Attacq’s undivided share in the building: *50.0%;

Values provided above reflect Attacq’s effective co-ownership in the building: #75.0%

SA PORTFOLIO: OVERVIEW | CONTINUED

48


Values provided above reflect Attacq’s undivided share in the building: *50.0%

SA PORTFOLIO: OVERVIEW | CONTINUED

Light industrial portfolio

PROPERTY NAME Location TenantsPGLA

m²Valuation

R’000ValueR/m²

Amrod Waterfall Amrod 37 937 418 416 11 029

BMW Group SA Regional Distribution Centre Waterfall BMW 31 987 279 435 8 736

Cummins SA Regional Office* Waterfall Cummins 7 649 116 339 15 210

Dimension Data Waterfall Dimension Data 8 291 94 151 11 356

Dis-Chem warehouse Waterfall Dis-Chem 8 518 84 038 9 866

GloTool Waterfall GloTool 5 262 40 597 7 715

Massbuild distribution centre Waterfall Massbuild 50 033 417 401 8 343

Pirtek Waterfall Pirtek 2 815 31 653 11 244

Superga Waterfall Superga 4 710 44 169 9 378

Zimmer Biomet* Waterfall Zimmer Biomet 2 050 32 096 15 657

TOTAL 159 252 1 558 295 9 785

49


Values provided above reflect Attacq’s undivided share in the building: *50.0%# Estimated PGLA for Attacq’s attributable share of development. Subject to change upon final re-measurement post completion^ The estimated value on completion of pre-sold and inventory is indicative of sales proceeds and not of an external valuation

** Pre-sold based on bankable sales

DEVELOPMENTS: OVERVIEW

Developments under construction

% completed

Estimated practical

completion datePGLA#

m²% Pre-let

PGLA

Estimatedcapital cost

R’000

Estimated valueon completion

R’000

Book value at31 Dec 2019

R’000PROPERTY NAME

Waterfall City

Deloitte Head Office* 86.3 Q3 FY20 21 250 100.0 713 653 839 150 731 074

Waterfall Corporate Campus – ContinuitySA* 85.9 Q3 FY20 2 765 100.0 64 187 83 926 72 539

Ellipse Waterfall (Phase 1) – sectional title inventory*^ 8.8 Q1 FY22 8 522 >75.0 pre-sold** 248 645 317 316 25 322

Nexus Waterfall, Courtyard Hotel 38.3 Q2 FY21 6 236 100.0 176 535 195 037 83 684


Nespresso 33.9 Q4 FY20 4 757 100.0 46 746 46 940 23 312

TOTAL 43 530 100.0 1 249 766 1 482 369 935 931

50


Dec 2019 Jun 2019

m² % m² %

Waterfall City

LP 10 Waterfall City (Retail, residential, office and hotel) 552 294 58.7 559 901 59.0

LP 10A Corporate City (Office) 150 000 15.9 150 000 15.8

LP 10B Corporate Campus (Office) 6 282 0.7 6 282 0.7

LP 12 Capital City (Office) 48 330 5.1 48 330 5.1

LP 21 Landmark Park (Office) 13 321 1.4 13 321 1.4

Sub total 770 227 81.8 777 834 82.0


LP 8 Distribution Campus (Industrial) 24 905 2.6 24 905 2.6

LP 9 Logistics Precinct (Industrial) 128 365 13.7 128 365 13.5

LP 22 Commercial District (Industrial) 17 682 1.9 17 682 1.9

Sub total 170 952 18.2 170 952 18.0

Total remaining bulk 941 179 100.0 948 786 100.0

Waterfall Junction (Industrial and retail) – effective share in Attacq Sanlam JV 161 703 161 703

Total remaining effective bulk including Waterfall Junction 1 102 882 1 110 489

DEVELOPMENTS: LEASEHOLD LAND

51


GROWTH IN CORE DISTRIBUTABLE EARNINGS

200

250

300

350

400

De

c 2

01

8 C

ore

DE

NO

I

inc

rea

se

Ed

co

n

rest

ruc

ture

Op

era

tin

g e

xp

en

se

inc

rea

se

Inve

stm

en

t in

co

me

de

cre

ase

Fin

an

ce

co

st

d

ec

rea

se

De

cre

ase

in

Eq

uitie

s d

ivid

en

d

Cu

rre

nt

tax

inc

rea

se

Se

ctio

na

l title

sa

les

de

cre

ase

Oth

er

SA

inv

est

me

nts

MA

S d

ivid

en

d

inc

rea

se

Re

alis

ed

he

dg

ing

fo

rex in

cre

ase

D

ec

rea

se in

Eu

ro

fun

din

g f

ina

nc

e c

ost

He

dg

ing

ta

x

d

ec

rea

se

Afr

ica

inte

rest

inc

rea

se

Afr

ica

ta

x

de

cre

ase

Lan

d h

old

ing

co

sts

inc

rea

se

De

c 2

01

9 C

ore

DE

R’million

282.8

69.3 (7.5)(1.6) (30.7)

6.6 (2.3) (0.0) (0.6) (0.5)

23.84.8 0.3 1.5 4.9 0.4 (1.1) 350.1

52


DIRECT METHOD: CORE DISTRIBUTABLE EARNINGS

TOTAL

South African

portfolio

Developments

at Waterfall

Investment

in MAS

Rest of Africa

retail investments

Rental income 1 105 474 1 105 474

Per the income statement 1 130 999 - - - -

Less: Abnormal lease cancellation fee (18 000) - - - -

Less: Edcon restructure (7 525) - - - -

Property expenses (399 290) (399 290) - - -

Per income statement (385 828) - - - -

Less: Cost iro lease cancellation 3 000 - - - -

Less: Rental paid (22 091) - - - -

Plus: Depreciation 2 749 - - - -

Plus: Deferred leasing 2 880 - - - -

Other income (realised forex/sundry income) 7 289 197 - 7 092 -

Operating expenses (82 179) (82 179) - - -


Less: Rental paid (1 064) - - - -

Plus: Depreciation 1 705 - - - -

Plus: Deferred leasing 802 - - - -

Other expenses (land holding costs) (17 323) - (17 323) - -

Investment income 25 917 25 917 - - -

Per income statement 49 964 - - - -

Less: non-cash interest (1 094) - - - -

Less: Associates (non-cash) (22 953) - - - -

Finance cost (420 922) (411 829) - (9 093) -


Plus: Interest on lease liability 11 359 - - - -

Plus: interest capitalised 5 390 - - - -

Current tax (2 130) (40) - (2 090) -

MAS dividend received 121 177 - - 121 177 -

Investment income from Ikeja 12 093 - - - 12 093

Core distributable earnings 350 106 238 250 (17 323) 117 086 12 093

53


R’000 Dec 2019 Jun 2019 % change

South African Portfolio 9 930 901 10 321 064 (3.8)

Developments at Waterfall* 2 354 782 2 329 199 1.1

Investment in MAS 1 903 480 1 969 099 (3.3)

Rest of Africa Retail Investments 743 471 803 851 (7.5)

Head office – South Africa 135 596 164 447 (17.5)

Head office – Global 267 72 270.8

Net asset value 15 068 497 15 587 732 (3.3)

* Includes developments under construction and leasehold land

NET ASSET VALUE PER KEY DRIVER

CENTS PER SHARE Dec 2019 Jun 2019 % change

South African Portfolio 14.11 14.67 (3.8)

Developments at Waterfall* 3.35 3.31 1.0

Investment in MAS 2.70 2.80 (3.4)

Rest of Africa Retail Investments 1.06 1.14 (7.6)

Head office – South Africa 0.19 0.23 (17.6)

Head office – Global 0.00 0.00 0.00

Net asset value per share 21.41 22.16 (3.4) 411 353 shares issued due to LTI scheme

54


INVESTMENT PROPERTIES MOVEMENT

16 000

17 000

18 000

19 000

20 000

21 000

Jun 2018 Capex DUC* Leasehold

land

Completed

buildings

HFS** Inventory PPE*** Other

movements

Jun

2019

Additions of

IFRS 16 ROU^

assets

Capex DUC* Leasehold

land

Completed

buildings

Other HFS** Other

movements

Dec

2019

R’million

19 791.1

950.4 92.2 (384.1)

(373.2)

70.1 23.7(102.4) 13.7 20 081.5

* DUC: Developments under construction

** HFS: Held for sale

*** PPE: Property, Plant and Equipment^ ROU: Right-of-use

Fair value adjustments TransfersFair value adjustments Transfers

249.3

456.0 102.1 (51.2) (381.0)

(138.0)(3.0)4.3 20 320.0

55


* Loan advanced to 25.0% co-owners of the PwC Tower

INVESTMENTS

2 975

3 183

307 363 336 332 279 277

80241

116 11227 32 45 52

0

500

1 000

1 500

2 000

2 500

3 000

3 500

Dec 2019 Jun 2019 Dec 2019 Jun 2019 Dec 2019 Jun 2019 Dec 2019 Jun 2019 Dec 2019 Jun 2019 Dec 2019 Jun 2019 Dec 2019 Jun 2019 Dec 2019 Jun 2019

MAS AttAfrica PwC Tower* Ikeja City Mall Newtown Precinct Waterfall Junction Wingspan Other

Equity Loan

R’million

56


INVESTEC BANK NEDBANK

RMB SANLAM

ABSA STANDARD BANK

MMI LIBERTY

OMSFIN

INTEREST-BEARING DEBT

Funding mix (%)

Dec 2019

28.5

4.3

2.8

4.4

2.4

40.0

8.8

2.9

5.9

^ Calculated as total interest-bearing debt - unrestricted cash on hand / (total assets - cash on hand - right of use asset recognised as a result of IFRS 16: Leases)

* Calculated as total interest-bearing debt / (total assets - goodwill - intangible assets - deferred initial lease expenditure - straight line lease adjustment - receivables - deferred tax asset)

Group covenants Covenant Actual

Bank gearing ratio* (%) 60.0 42.3

Minimum net asset value (R’billion) 7.0 15.1

Dec 2019 Jun 2019

Gross interest-bearing debt (R’000) 10 799 330 10 516 731

ZAR debt (R’000) 9 440 412 9 061 280

EUR debt (R’000) 1 358 918 1 455 451

Weighted average loan term (years) 3.1 3.6

Gearing^ (%) 39.1 37.7

Total hedged as a percentage of total committed facilities (%) 80.2 78.7

Weighted average term of hedges (years) 3.8 3.4

Total weighted average cost of debt (%) 8.76 8.76

ZAR weighted average cost of debt (%) 9.73 9.86

EUR weighted average cost of debt (%) 2.04 1.90

Interest cover ratio (times) 1.91 1.85

57


R’000 Dec 2019

Net cash generated from operating activities 353 501

Working capital movements 34 271

Trade and other receivables 5 482

Inventory 41 570

Trade and other payables (12 781)

Adjustments between distributable earnings and cash from operating activities (13 716)

Share-based payments (11 877)

Bad debts (3 563)

Edcon restructure (7 525)

Current taxation paid versus accrued 119

Interest accrual (1 065)

Interest capitalised to investment property 21 976

Capital repayments of lease liability (11 939)

Other adjustments 158

Distributable earnings 374 056

CASH GENERATED TO DISTRIBUTABLE EARNINGS

The nature of the adjustments largely

reflect timing differences (net interest

accruals), non-cash items (share-based

payments and bad debts) and items of

a capital nature (Edcon restructure

and repayment of lease liabilities)

58


IMPACT OF FIRST-TIME ADOPTION OF IFRS 16: LEASESDec 2019

R’000Dec 2018

R’000

Impact on the statement of profit or loss and other comprehensive income

Property expenses

Rental paid (5 824) (21 477)

Operating expenses

Rental paid (456) (2 830)

Depreciation on right-of-use asset (1 053) -

Finance costs

Interest expense on lease liability (11 359) -

Fair value adjustments

Fair value adjustment on right-of-use asset (10 067) -

Impact on the statement of financial position

Non-current assets

Investment property 239 207 -

Property and equipment 10 738 -

Non-current liabilities

Lease liability 224 895 -

Current liabilities

Lease liability 24 373 -

Impact on the statement of cash flows

Cash flow from operating activities

Rental paid (cash from operations) (6 280) (24 307)

Finance cost on lease liability (11 216) -

Cash flow from financing activities

Repayment of lease liability (11 939) -

Rental paid relates only to variable rental, fixed

rentals are capitalised to the lease liability

(2018: rental paid based on fixed and variable)

Based on the weighted average cost of debt,

the interest recognised

The fair value adjustments the ROU assets over

the remaining term of the underlying tenant

lease

Lease liability, including only the fixed rentals

of the underlying tenant lease

The rental payments due within the next

12 months

Only variable payments included in cash from

operations (2018: all rental payments included)

The lease liability being amortised, results in a

payment of finance costs and a repayment

of capital on the lease liability

59


Environmental

• Giles Pendleton nominated as incoming

chairperson of the GBCSA board

• 123 949 m² of buildings undergoing green

certification by both GBCSA and US GBC

• Total PV production for the six month ended is

1 453.9 MWh, equivalent to a reduction of

1 410.25 Tonne CO2e

SUSTAINABILITY

Governance

• Continuous improvement in ESG reporting

demonstrated by our inclusion in the FTSE/JSE

Responsible Investment Top 30 Index

• Appointed Group Risk and Compliance

Officer

• Appointed Company Secretary

Tree planting, Lynnwood Bridge Gogo Mahlatse house donation, Attacq sponsorship Attacq Foundation skills development sponsorship

Social

• Focus on being socially responsible citizen

that can contribute positively to the upliftment

of the communities in which we operate

• B-BBEE Level 3 (strategic KPI achieved)

› Improvement in Procurement and Skills

Development scorecards.

• Improved diversity

60


Purpose

• Promote and support programmes aimed at

education and training

2020 Vision

• Ensuring our youth are educated, equipped

with the necessary skills and sufficiently

prepared for employment

ATTACQ FOUNDATION

2020 Training initiatives

• Roast Republic Coffee in Waterfall City:

learnership and apprenticeship programme

• Ukukhula learnership - 30 Learners

on 12 month learnership

• 12-month disabled learnership program

through SDC for 10 learners

• Property Point enterprise development

training for 8 SMME’s

2020 Educational initiatives

• Bursaries: Woman in Property and Atterbury

Foundation

• School learners programmes

› Bana ba Rona, ECD Centre, end of year

graduation

› Attacq the Future

› Keep a girl in school (sanitary towels) in

partnership with Sage Foundation

› Back to School Programme – Tembisa and

Alexandra primary schools

Bana Ba Rona graduation ceremony, Attacq Foundation Attacq the Future, Attacq Foundation Keep a girl in school campaign

61


WATERFALL MASTER PLAN

62


DISCLAIMER

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 financial condition and results of operations. These statements which contain the words “anticipate”

“believe” “intend” “estimate” “expect” “forecast” and words of similar meaning reflect 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 on as a guide to future

performance. Forward-looking statements speak only as at the date of this presentation and the company expressly disclaims any obligations 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 profit 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 or on its

completeness accuracy or fairness. This information is still in draft form and has not been legally verified. The financial information included herein is in draft form

and unaudited. The company its advisers and each of their respective members directors officers 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 affiliates or directors

officers or any other person as to the fairness accuracy or completeness of the information or opinions contained in this presentation and no liability whatsoever

for any loss howsoever arising from any use of this presentation or its contents otherwise arising in connection therewith is accepted by any such person in

relation to such information.

INTERIM RESULTS - The Vault Mall of Africa visitor information SOUTH AFRICAN PORTFOLIO: MALL OF AFRICA * Reported tenant turnover divided by PGLA based on a 12-month average Dec 2019

Documents