FIXED INCOME INVESTOR PRESENTATIONNovember 2015

GRUNDFOS, GAUTENG

GENERAL UPDATE

RETAIL

OFFICE

INDUSTRIAL

V & A WATERFRONT

GOZ

THE OVAL, WESTERN CAPE

3

PLANNED INVESTMENT ACTIVITY

Healthy pipeline of accretive investments

Investment activity In R’ million

Developments 1 211

Refurbishment capital expenditure

446

Acquisitions 143

Disposals -247

V&A funding 421

Total 1 974

4

FUNDING SOURCES

Diversified sources of funding

Equity: Continued support for the Distribution Re-Investment Plan

Debt:

Committed unutilised facilities of R4,1 billion (June 2015) Bank funding Debt capital market funding

Date Amount % support

Mar 2014 R1 046m 66%

Sep 2014 R1 022m 55%

Mar 2015 R1 220m 63%

Apr 2015 R444m 42%

Sep 2015 R483m 41%

5

RSA DIVERSIFIED BORROWINGS – NOMINAL VALUE

FY13 FY14 FY15 0

5 000

10 000

15 000

20 000

25 000

30 000

Secured bank debt Secured institutional financier Unsecured bank debt and institutional financier Corporate bonds

Commercial paper

Rm

3 0101 300

12 468

400

6 358

1 400

3 909

1 796

16 499

400

8 944

1 450

2 659

4 480

25 444

400

15 852

2 053

Debt capitalmarket

27.4%

Traditionalbank debt

72.6%

Unsecured

37.8%

Secured

62.2%

Debt capitalmarket

26.1%

Traditionalbank debt

73.9%

Unsecured

37.0%

Secured

63.0%

Debt capitalmarket

12.0%

Traditionalbank debt

88.0%

Unsecured

29.6%

Secured

70.4%

6

FY13 FY14 FY15 0

10

20

30

40

50

0

2

4

6

8

10

LTV¹Interest cover ratio (incl. V&A)

% times

FY13 FY14 FY15 0

10

20

30

40

50

0

2

4

6

8

10

LTV¹Interest cover ratio

% times

FY13 FY14 FY15 0

10

20

30

40

50

0

2

4

6

8

10

LTV¹Interest cover ratio

% times

LOAN TO VALUE AND INTEREST COVER RATIOS

1. Nominal value of interest-bearing borrowings (net of cash), divided by the fair value of property assets, including investment property held for sale. For RSA and GROUP the 50% equity investment in V&A Waterfront, other equity-accounted investments and listed investments were included in the fair value of property assets

2. Calculated in Rands

RSA

3.2x 3.5x 3.4x

23.9%

27.4%

32.1%

GOZ²

2.4x 2.9x 3.7x

46.6%

40.6%

GROUP

2.9x 3.3x 3.4x

29.6%30.8%

33.2%

36.8%

7

DEBT EXPIRY PROFILE PER FINANCIER (%)

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 0

5

10

15

20

25

ABSA China Construction Bank Investec JSE LibFin Nedbank OMSFIN RMB Sanlam Standard Bank

%

23 23

17

109

8

3

0

7

8

FIXED INTEREST RATE EXPIRY PROFILE RSA (%)

Floating FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 0

5

10

15

20

25

30

24 3 15 15 15 11 13 0 0 4

%

9

LOAN EXPOSURE PER FINANCIER (%)

34

2012

12

7

55

3 11 Nedbank

RMB

Standard Bank

JSE

OMSFIN

Investec

LibFin

ABSA

Sanlam

China Construction Bank

10

FINANCIAL RISK ASSESSMENT

Upgrade of Moody’s credit ratingMoody’s rating Long-

termShort-term

National scale rating

A1.za P-1.za

Global scale rating

Baa2 P2

Outlook Stable

For South Africa FY15

FY14

Weighted average term of liabilities (years) 2.9 3.5

Weighted average term of fixed interest rate profile (years)

3.5 4.3

Weighted average interest rate (%) 8.9 9.4

% debt at fixed interest rate (incl. forward starting swaps)

76.0 78.4

Unencumbered assets (incl. V&A and listed investments) (R bn)*

35,1 32,8

Unsecured debt (R bn) 7,5 6,1

Debt metrics

* Excluding GOZ investment

11

BOND SPREADS

Issue spread versus bond spread

12

BOND OVERVIEW

Bond funding across the curveBond Maturity Size Issue spread Spread as at 23 Oct

15

GPT34 11 Nov 15

R400m

39 39

GRT02 13 May 16

R500m

134 90

GRT04 15 Sep 16

R260m

150 90

GRT06 11 Dec 17

R500m

150 150

GRT09 15 Oct 18 R500m

150 150

GRT08 24 Jun 19 R499m

145 145

GRT07 21 Feb 24

R400m

190 190

R1 250 million repaid during FY15

13

FUTURE FUNDING REQUIREMENTS

Envisaged debt capital market funding plan for FY16:

Roll of R400m Commercial Paper

Roll of GRT02 R500m in May 2016

Possible re-financing of bank debt maturing in May 2016

THANK YOU

DELOITTES, KWAZULU-NATAL