RESULTS FOR THEYEAR ENDED30 JUNE 2016

August 2016

Overview Financials Portfolio Outlook

› Key metrics

› 5-year track record

› Distribution statement

› Balance sheet

› Portfolio performance

› Capex projects acquisitions and disposals

› How we define ourselves

› FY17 outlook

› Corporate action

› Summary

AGENDA

2

Overview

Geoff JennettCEO

3

KEY METRICS AT JUNE 2016

Distributions per Share

NAV per Share

Vacancies

Tenant retention

Acquisitions

Disposals

Capex projects

LTV

+8.8%

-0.9% to 1 735c

5.3%

75%

R244.4m

R284.5m

R801.7m

35.4%

4

5-YEAR TRACK RECORD

Compound annualgrowth rate in NAV of

10.8%12-month share price

-20.3%Total 12-month return of

-11.7%

1 275

1 496 1 4701 698

1 358

1 153

1 3251 511

1 751 1 735

0

20

40

60

80

100

120

140

160

Jun 12 Jun 13 Jun 14 Jun 15 Jun 16

0

200

400

600

800

1 000

1 200

1 400

1 600

1 800

2 000

PI Price (LHS) NAV (LHS) Distribution (RHS)

5

Financials

Greg BooyensCFO

6

DISTRIBUTION STATEMENT

R’000 Jun 15 Jun 16 % ch

Total property expenses (580 756) (613 027) 5.6

Revenue 1 686 670 1 780 516 5.6

Admin expenses (82 596) (88 705) 7.4

Gross property expenses to revenue ratio (%) 34.4 34.4

Net property expenses to revenue ratio (%) 13.1 12.8

Property expenses (580 756) (633 052) 9.0

Lease commission amortisation 0 20 025 100.0

›Contractual escalations and acquisitions

›Municipal expenses, maintenance costs and bad debts

›Rent collection fees and staff costs

›Amended distribution policy re lease commission amortisation

›Worley Parsons accrual

Net income from property portfolio 1 023 318 1 078 784 5.4

7

R’000 Jun 15 Jun 16 % ch

DISTRIBUTION STATEMENT continued

Income from listed property investment 47 388 58 045 22.5

Interest cost (396 023) (401 389) 1.4

Investment income 10 833 10 474 (3.3)

Distribution payable 685 516 745 914 8.8

Number of shares in issue 510 550 084 510 550 084

Dividend per share (cents) 134.27 146.10 8.8

›GOZ DPSgrowth and weaker R/AUD

›Acquisitions, capex, increase in interest rates

›Cross currency swaps

›Unchanged number of shares

›DPS

+8.8%

Net income from property portfolio b/f 1 023 318 1 078 784 5.4

8

R’000 Jun 15 Jun 16 % ch

BALANCE SHEET

Investment properties 12 741.1 12 964.9 1.8

Other assets 303.1 389.2 28.4

Investment in Growthpoint Australia 796.9 940.4 18.0

Total assets 13 841.1 14 294.5 3.3

Shareholders equity 8 940.0 8 857.7 (0.9)

Interest-bearing debt 4 510.4 4 978.2 10.4

Other liabilities 390.7 458.6 17.4

Total equity and liabilities 13 841.1 14 294.5 3.3

›Revaluations, new acquisitionsand sales and capex

›Price appreciation, rand depreciation

›Accruals, deferred lease comm expense

›Increaseddebt funding

LTV 35.4%

›Accruals, derivative contracts

9

NET ASSET VALUE PER SHARE

0.9% decrease in NAV per share

1 681

1 7511 735

1 659

(39)(11)

-

7028 6

76

1 600

1 700

1 800

Jun 15 Revaluation ofProperties

Revaluation ofGOZ

Other/IFRS Change inDistribution

Liability

Jun 16

Cen

ts

10

DEBT FUNDING MIX

FY16: R2.7bn of rollovers and new loans FY17: R1.0bn debt maturing

R722m of undrawn, backup facilities

Diversifiedsources of debtand maturitydates

-

100

200

300

400

500

600

700

Aug16

Aug16

Aug16

Sep16

Nov16

Nov16

Nov16

Feb17

May17

Jul17

Jul17

Sep17

Nov17

Nov17

May18

May18

Jun18

Aug18

Aug18

Sep18

Mar19

Sep19

Sep20

Rm

Utilised Undrawn

11

SWAP PROFILE

Hedgeddebt

Weighted averageall in interest rate

Weightedexpiry duration

93.1% 8.0%3.0 years

0

100

200

300

400

500

600

700

800

900

Jun17

Dec17

Jun18

Dec18

Jun19

Dec19

Jun20

Dec20

Jun21

Jun22

Jun23

Jun24

Dec24

Rm

12

Portfolio

Ulana van BiljonCOO

13

PROPERTY PORTFOLIO SUMMARY: NUMBER OF PROPERTIES

167 161149 146 141 145 144

100

120

140

160

180

200

Jun 10 Jun 11 Jun 12 Jun 13 Jun 14 Jun 15 Jun 16

Number of properties

61

2315

4661

2315

45

0

20

40

60

80

Office Urban Retail Rural Retail Industrial

2015 2016

Number of properties per sector – 2015 vs 2016

14

PROPERTY PORTFOLIO SUMMARY: SECTORAL SPLIT

Downwards adjustmentof market rentals

R284.5m transferred out due to sales

Shift in cap rates (0.4%) and discount rates (0.5%)

44%

41%

15%

VALUE SPLIT PER SECTOR (%) – 2016

R12.9bn (+1.8%)

44%

41%

15% Office

Retail

Industrial

VALUE SPLIT PER SECTOR (%) – 2015

R12.7bn

15

PROPERTY PORTFOLIO SUMMARY: SECTORAL SPLIT

16

34%

35%

31%

GLA SPLIT PER SECTOR – 2016

1.2m m²

33%

35%

32%Office

Retail

Industrial

GLA SPLIT PER SECTOR – 2015

1.2m m²

37%

61%

2% P-Grade

A-Grade

B-Grade

C-Grade

24%

48%

28%

52

9373

61

2011

2016

OFFICE SECTOR EXPOSURE

NUMBER OF PROPERTIES AVERAGE VALUE PER PROPERTY (Rm)

GRADE (%) OF OFFICE PORTFOLIO – 2011 GRADE (%) OF OFFICE PORTFOLIO – 2016

17

OFFICE SECTOR EXPOSURE continued

Quality improvement over 5 years

17% 32%

A & P GRADE % OF TOTAL EMIRA PORTFOLIO

30% 12%2011

2016

B & C GRADE % OF TOTAL EMIRA PORTFOLIO

18

PROPERTY PORTFOLIO SUMMARY: AVERAGE VALUE

14 310 13 899

7 1385 199

10 824

14 085 14 264

7 2075 130

10 903

0

5 000

10 000

15 000

20 000

Office Urban Retail Rural Retail Industrial Total

R/m

2

AVERAGE VALUE PER m²

Jun 15 Jun 16

93

199

38 42

8893

208

38 42

90

0

30

60

90

120

150

180

210

240

Office Urban Retail Rural Retail Industrial Total

Rm

AVERAGE VALUE PER PROPERTY

Jun 15 Jun 16

19

VACANCY PROFILE BY GLA

8.8%

2.7%

1.0%

4.5%

7.8%

2.8%1.4%

4.0%

10.5%

2.8% 2.4%

5.3%

0%

2%

4%

6%

8%

10%

12%

Office Retail Industrial Total

Jun 14 Jun 15 Jun 16

›Stable vacancies over 3 years

›500 Smuts(5 201m²)Iustitia (4 024m²)Menlynwoods (2 319m²)

›Industrial vacancies increased to 2.4% (SAPOA 3.4%)Atlas Gardens(3 003m²)

›Retail vacancies constant at 2.8% (SAPOA 5.3%)

›Office vacancies increased to 10.5%(SAPOA 10.5%)

20

TENANT RETENTION

80% 80%77%76% 76% 77%77%

75%

68%

60%

64%

68%

72%

76%

80%

84%

Gross rentals m² No. of leases

Jun 14 Jun 15 Jun 16

Expiries of 357 909m² comprising 469 leases

21

Property Tenant Lease end GLA (m²) Status

Defy Appliances Defy Sep 15 10 100

Mitek SA Mitek Jan 16 6 604

The StudiosAtlas Gardens

CIPLA Dec 15 6 441

Menlyn Corporate Park

SALGA Oct 15 5 939

Spoor & Fisher 11 and 13

S&F Management

Aug 15 5 814

Evapco Evapco Nov 15 5 715

MenlynCorporate Park

CTI Educational Dec 15 5 316

500 Smuts Drive SMADA Jun 16 5 201

Morgan Creek Simba May 16 4 644

Menlyn Corporate Park

Santam Limited Nov 15 4 524

Epping Warehouse Auotzone Jul 15 4 191

Corporate Park 66ProfessionalMedical Scheme

Sep 15 4 134

68 622 (77% renewed)

12 MAJOR LEASE EXPIRIES BY GLA

22

Renewed

Renewed – short term (Sep 16)

Renewed

Renewed – short term (Jun 16)

Vacated early (Feb 16)

Renewed

Re-let 3 438m²Expanda biggest of 1 153m²

Renewed

Renewed

Renewed

Renewed

Re-let 3 562m², Fidelity the biggest of 2 338m²

New Renewal Total

LEASES CONCLUDED

Number of leases 416 469 885

Average duration (years) 3.2 4.0 3.6

Lease value (Rm) 935 1 454 2 389

Total m² 150 037 268 170 418 208

23

4.5%

0.2% 0.5%

22.2%21.1%

17.5%

34.0%

4.0%

0.8% 0.5%

26.8%

18.7%

13.7%

35.5%

5.3%

0.9% 1.0%

25.4%

16.7%

20.4%

30.5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

Vacancy Vacated June Expiries RolledOver

Year 1 Year 2 Year 3 Year 4+

Jun 14 Jun 15 Jun 16

LEASE EXPIRY PROFILE (BY GLA)

24

REVERSION – TOTAL (GROSS RENTALS)

Sector AreaAvg.

expiry rentalAvg. new

lease rentalIncrease/

decrease %

Office 111 461 133.94 130.00 -2.9%

Retail 70 398 127.68 132.92 4.1%

Industrial 104 110 48.95 48.29 -1.4%

Total Jun 16 285 970 101.67 100.97 -0.7%

Total Jun 15 200 929 92.50 92.33 -0.2%

Total Jun 14 338 950 79.87 78.58 -1.6%

25

YEAR-ON-YEAR LIKE-FOR-LIKE GROWTH IN NET INCOME

Excludes depreciation and lease comm amortisation both FY15 and FY16

Includes R18m accrualfor Worley Parsonsin FY16

Expenses increased– Leasing expenses

6.6%

10.6%

4.4%

0%

4%

8%

12%

Gross Income Expenses Net Income

(static portfolio)

26

Property Ex-Tenant GLA (m²) From when

FY17: MAJOR UPCOMING VACANCIES BY GLA

Corobay Corner Worley Parsons 10 490 Jul 16

1 Kikuyu Road Eskom 7 383 Sep 16

Menlyn Corporate ParkCTI & Menlyn Corporate Serviced Offices

7 015 Jul 16

Highgrove S&F Management 5 814 Oct 16

Menlyn Square ABSA 2 457 Nov 16

Nomgoma Asia Town 1 977 Jul 16

Rigel URC 1 677 Oct 16

Menlyn Square FNB 1 097 Dec 16

37 910

27

Property Tenant Lease end GLA (m²) Status

Epping WarehouseAuction Operation

Sep 16 13 662

RTT Continental RTT Group Dec 16 12 921

1 Kikuyu Road Eskom Aug 16 7 845

Southern Life PlazaFree State Legislature

May 17 7 268

Spoor & Fisher11 and 13

S&F Management

Sep 16 5 814

Epping Warehouse Disaki Aug 16 5 480

Menlyn Corporate Park

CTI Jun 16 5 316

Steiner Services Steiner May 17 4 804

9 LongDept of Public Works

Jan 17 4 444

Waterkloof House SARS Jun 17 4 000

Wonderpark Virgin Active Dec 16 3 508

Johnson & JohnsonJohnson & Johnson

Nov 16 3 472

78 534 (71% renewing)

FY17: MAJOR LEASE EXPIRIES BY GLA

28

Renewed – Addendum with tenant

Expecting to renew

Will vacate

Renewed

Expecting to renew

Renewed

Will vacate

Renewed – Addendum with tenant – short term (Dec 17)

Expecting to renew – 1 774m²

Renewed

Vacated – King Price staggered take up

Expecting to renew

CONCLUSION

Tough market conditions

Committed management team

Further improvement of portfolio quality

29

Portfolio

Geoff JennettCEO

30

KNIGHTSBRIDGE – P-GRADE

Bryanston

GLA 29 419m2

Project Cost

R813.8mCompletion

Sep 19Phase 1GLA 12 464m2

Phase 2GLA 3 452m2

Aug 17

May 18

R339.2m

R100.0m

31

SUMMIT PLACE – P-GRADE

Menlyn

GLA 15 239m2

Project Cost

R403.5mCompletion

Sep 17Building A and CGLA 2 738m2

Building D, E and G1GLA 12 502m2

Dec 15

Sep 17

R86.3m

R317.1m

32

KRAMERVILLE CORNER

Kramerville Sandton

GLA 19 544m2

Capital Spend

R85.4mCompletion Value

R220.2m

Completion

Sep 16Major Tenants

Bakos Brothers 1 031m² (5 yrs)Paco 1 107m² (5 yrs)Design Plus 704m² (5 yrs)

33

CAPEX PROJECTS IN PROGRESS

8.4%

Yield on 17 projects of R801.7m currently in progress

8.0%

Projectsin planning

R2.0bn

Yield on completion of top 5 projects of above

Spend to date (Rm) Value (Rm) Completion

Knightsbridge Phase 1 (redevelopment) 22.4 339.2 May 17

Summit Place (Building E) 104.6 179.8 Sep 17

Summit Place (Building G1) 32.8 76.2 Apr 17

Kramerville Corner (redevelopment) 54.9 85.5 Sep 16

Summit Place (Building D) 42.1 61.2 Nov 16

Total 256.7 741.8

34

ACQUISITIONS TRANSFERRED

3 buildings› Summit Place

› Mitchells Plain (50%)

› Ben Fleur (40%)

› 1 West (land)

R244.4m Yield 7.9%

35

DISPOSALS

R284.5m Forward yield 6.5%

3 buildings› Brandwag and Kosmos flats

› 1289 Heuwel Avenue

› 284 Oak Avenue

36

Outlook

Geoff JennettCEO

37

HOW WE DEFINE OURSELVES

“A South Africandiversified

mid-cap listed REIT”

38

FY17 OUTLOOK

Outlook› 20 June 2016 SENS

› Negative 2%

› Projecting 143c for FY17

Reasons› Office vacancies (8 buildings)

› Rental reversions

› Sales not materialised

› Financing costs higher (rate and capex)

Steps› Reassess sectoral exposures

› Share buybacks from disposals

› Rural retail growth strategy

› FY18 and FY19 focus39

CORPORATE ACTION - KEYS

Best interests of shareholders

Net asset value and quality portfolio

Strategy and team

40

SUMMARY

Strong FY16

8.8% growth in distributions

FY17 challenges

Rebalancing sectoral allocations

Forecast -2% for FY17

FY18 anticipate real growth

41

THANK YOU

Annexures

43

LIQUIDITY

-

5 000 000

10 000 000

15 000 000

20 000 000

25 000 000

30 000 000

35 000 000

40 000 000

45 000 000

50 000 000

-

200

400

600

800

1 000

1 200

1 400

1 600

1 800

2 000

Jul15

Aug15

Sep15

Oct15

Nov15

Dec15

Jan16

Feb16

Mar16

Apr16

May16

Jun16

Closing Price (cents) Volumes Traded

44

DEBT COVENANTS

Facility

Value of properties

Rm

Amount available

Rm

Amount drawn

Rm

Actual LTV

%

LTVcovenant

%Actual

ICR

ICRcovenant

times

Nedbank (secured) 591.1 400.0 200.0 35.8+ 40.0 – 2.0*

Nedbank (unsecured) – 614.0 614.0 – 40.0 – 2.0

Standard Bank (secured) 335.9 200.0 200.0 35.8* 50.0 – 2.0

Commercial Paper + unsecured DMTNs – 1 419.0 1 419.0 – – – –

DMTNs (secured) 1 273.0 500.0 500.0 39.3 40.0 – 2.0

RMB (secured) 6 893.3 1 965.9 1 665.9 24.2 40.0 – –

ABSA (secured) 618.5 250.0 213.0 34.4 40.0 – 2.0

Bank of China (secured) 225.8 155.0 155.0 – – – –

Investec (unsecured) – 200.0 15.0 – – – –

Total 9 937.5 5 703.9 4 981.9 – – –

Unbonded properties 3 026.0 – – – – – –

GOZ investment 940.4 – – – – – –

Grand total 13 903.9 5 703.9 4 981.9 35.8# 40.0 – 2.0

New Standard Bank facility – 300.0 – – 50.0 – 1.4

6 003.9 4 981.9

* Covenants are based on Emira's total property portfolio, not just the secured portfolio# Total LTV does not take into account cash on hand. LTV including cash on hand is 35.4%

45

VALUATION PARAMETERS

2015 2016

Total property assets (Rm) 13 537.0 13 904.4

Listed Portfolio

GOZ (Rm) 796.9 940.4

Direct property portfolio

Valuation (Rm) 12 740.1 12 964.0

% of the portfolio valued externally 33% 33%

Average value per property (Rm) 87.9 89.8

Average discount rate 14.8% 15.3%

Average exit capitalisation rate 10.0% 10.4%

Number of properties 145 144

GLA (m2) 1 177 060 1 185 989

46

COST-TO-INCOME RATIO

39%

16%

34%

13%

35%

13%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

Gross Net

Jun 14 Jun 15 Jun 16

47

PROPERTY EXPENSES: FY15 AND FY16 (%)

61

41

8

66

5

1 13 2 2

Service contracts Consumables Maintenance Staff expenses

Security expenses Municipal charges Rent and levies paid Administration expenses

Marketing expenses Leasing expenses Refurbishment costs Bad debts

71

41

8

67

5

2

01 2

3

48

GEOGRAPHIC SPREAD BY NO. OF BUILDINGS: 2015 vs 2016

57

27

20

30

6 5

56

27

21

30

6 4

0

10

20

30

40

50

60

70

80

Johannesburg Pretoria Western Cape KwaZulu-Natal Eastern Cape Bloemfontein

2015 2016

49

GEOGRAPHIC SPREAD BY VALUE

Geographical spread by value (%) – 2016

30

42

13

1123

39

28

14

133

4

Geographical spread by GLA (%) – 2016

31

41

11

102

5

Johannesburg

Pretoria

Western Cape

KwaZulu-Natal

Eastern Cape

Bloemfontein

Geographical spread by value (%) – 2015

40

27

13

132

5

Geographical spread by GLA (%) – 2015

50

PROPERTIES EXCLUDED FROM LIKE-FOR-LIKE

The following are excluded from FY15 and FY16 numbers:

› Purchases

» Mitchells Plain Town Centre, Ben Fleur Shopping Centre, Summit Place (A, C, D, E and G1)

› Disposals

» Executive City, Kya Sands Corner Precision & Staal Streets, Woodmead Office Park (50%), 122 Pybus Road,

Braamfontein Centre, Harrogate Park, WorldWear Fashion Mall, Atlantis, Brandwag & Kosmos flats, 1289 Heuwel

Avenue, 284 Oak Avenue

› Refurbishments

» Flagstaff Shopping Centre, Wonderpark, Springfield, Kramerville Corner, Central Square Idutywa, Menlyn

Corporate Park, Cofimvaba Shopping Centre, Knightsbridge Manor, Knightsbridge New Development

51

YEAR-ON-YEAR LIKE-FOR-LIKE GROWTH IN NET INCOME

6.2% 5.8% 4.5%

7.9% 7.5% 6.6%9.5%

12.6% 13.7%

3.3%

20.0%

10.6%

4.9%2.2%

-0.6%

10.8%

1.5%4.4%

-5%

0%

5%

10%

15%

20%

25%

Offices P Offices A Offices B Retail Industrial Total

Gross Income Expenses Net Income

(static portfolio)

›Expenses offices –Refurbishment and leasing expenses

›Expenses industrial –Municipals and leasing expenses

›Expenses retail –Sector under control

›Gross income –Positive growth in all 3 sectors

52

VACANCY PROFILE BY SECTOR AND GRADE BY GLA

7.6%

10.0%

2.7%

1.0%

4.5%

6.9%

9.1%

2.8%

1.4%

4.0%

7.7%

15.0%

2.8%2.4%

5.3%

0%

2%

4%

6%

8%

10%

12%

14%

16%

Prime + Office A Office B Retail Industrial Grand Total

Jun 14 Jun 15 Jun 16

53

VALUE OF THE VACANCY BY GROSS RENTAL

7.9%

2.5%

1.2%

4.9%

7.0%

2.4%

1.2%

4.1%

9.3%

2.6%

2.0%

5.3%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

Office Retail Industrial Total

Jun 14 Jun 15 Jun 16

54

VACANCY BY SECTOR BY GROSS RENTAL

7.0%

10.9%

2.6%

1.1%

5.1%

6.4%

8.2%

2.5%

1.2%

4.2%

7.9%

12.2%

2.6%2.0%

5.3%

0%

2%

4%

6%

8%

10%

12%

14%

Office Prime + A Office B Retail Industrial Grand Total

Jun 14 Jun 15 Jun 16

55

ADJUSTED VACANCY PROFILE

Sector Total GLA Vacant space % Vacant Comment

Office 404 081 42 225 10.4

Knightsbridge Manor 6 356 254 4.0 Redevelopment

Office balance 397 725 41 971 10.6

Retail 414 568 10 991 2.7

Kramerville Corner 19 373 259 1.3 Refurbishment

Retail balance 395 195 10 732 2.7

Industrial 366 666 8 910 2.4

Total 1 185 315 62 126 5.2

Excluding adjustments 1 159 586 61 613 5.3

56

REVERSION RENEWALS (GROSS RENTALS)

Sector AreaAvg.

expiry rentalAvg. new

lease rentalIncrease/decrease

Office 95 398 134.73 130.84 -2.9%

Retail 53 498 133.82 136.41 1.9%

Industrial 81 707 48.36 47.91 -0.9%

Total Jun 16 230 602 104.14 102.75 -1.3%

Total Jun 15 140 185 94.32 94.46 0.1%

Total Jun 14 230 131 84.43 84.61 0.2%

57

REVERSIONS NEW LEASES (GROSS RENTALS)

Sector AreaAvg.

expiry rentalAvg. new

lease rentalIncrease/decrease

Office 16 064 129.24 125.03 -3.3%

Retail 16 901 109.30 121.88 11.5%

Industrial 22 403 51.07 49.66 -2.8%

Total Jun 16 55 367 91.59 93.57 2.2%

Total Jun 15 60 744 88.29 87.40 -1.0%

Total Jun 14 108 819 69.94 65.82 -5.9%

58

Property Tenant Lease end GLA (m²) Status

Menlyn Corporate Park

SALGA Oct 15 5 939

MenlynCorporate Park

CTI Educational Dec 15 5 316

Spoor & Fisher11 and 13

S&FManagement

Aug 15 5 814

Menlyn Corporate Park

Santam Limited Nov 15 4 524

Corporate Park 66Prof MedicalScheme

Sep 15 4 134

The ViewTygervalley

Clicks (Headlease) May 16 2 416

Menlyn Square ABSA Aug 15 2 457

Discovery Health Discovery Health Mar 16 3 863

The StudiosAtlas Gardens

CIPLA Dec 15 6 441

Defy Appliances Defy Sep 15 10 100

1059 Francis Baard SABC Aug 15 2 925

Quagga Centre FirstRand Bank Mar 16 1 367

55 296 (84.6% renewed)

MAJOR LEASE EXPIRIES BY GROSS RENTAL: FY16

59

Renewed

Re-let 3 562m² Fidelity biggest of 2 338m²

Renewed

Renewed

Re-let 3438m² Expanda biggest of 1 153m²

Renewed – Intercare (1 811m²) Clicks (605m²)

Renewed – short term (Sep 16)

Renewed – short term (Jun 16)

Renewed

Renewed

Renewed – short term (Aug 16)

Renewed

Property Tenant Lease end GLA (m²) Status

MenlynCorporate Park

CTI Educational Jun 16 5 316

1 Kikuyu Road Eskom Aug 16 7 845

Southern Life PlazaFree State Legislature

May 17 7 268

Parklands Health Care Clicks (Headlease) Oct 16 2 460

Waterkloof House SARS Jun 17 4 000

RTT Continental RTT Group Dec 16 12 921

Epping Warehouse Auction Operation Sep 16 13 662

9 LongDept of Public Works

Jan 17 4 444

Amadeus PlaceAmadeus Global Travel Distribution

Jul 16 2 800

Wonderpark Virgin Active Dec 16 3 508

Riverwold ParkThe Jupiter Drawing Room

Jun 17 2 824

Podium at Menlyn Waymark Infotech Dec 16 1 509

68 555 (56.1% renew)

MAJOR LEASE EXPIRIES BY GROSS RENTAL: FY17

60

Vacated – King Price staggered take-up

Expecting to renew – 1 774m²

Renewed – Intercare (1 541m²) Clicks (438m²) various tenants (481m²)

Renewed – Addendum with tenant

Renewed

Renewed – Addendum with tenant (1 year renewal)

Expecting to renew

Expecting to vacate

Renewed

Renewed

Expecting to vacate

Vacated

LEASE EXPIRY PROFILE (BY GROSS RENTAL)

Sector Office Retail Industrial Total

Vacancy 5.4% 1.2% 0.3% 7.0%

Vacated June 0.4% 0.2% 0.1% 0.6%

Expiries rolled over 0.3% 0.9% 0.0% 1.2%

Year 1 10.9% 7.5% 4.8% 23.2%

Year 2 7.9% 7.2% 2.7% 17.8%

Year 3 6.5% 6.6% 4.7% 17.8%

Year 4+ 11.3% 18.3% 2.8% 32.4%

Total 42.7% 42.0% 15.3% 100.0%

61

LEASE EXPIRY PROFILE (BY GROSS RENTAL)

4.8%

0.2% 0.4%

22.1%23.6%

17.3%

31.5%

4.0%

0.5% 0.6%

28.0%

18.3%

15.5%

33.1%

7.1%

0.7% 1.2%

23.2%

17.8% 17.8%

32.3%

0%

5%

10%

15%

20%

25%

30%

35%

Vacancy Vacated June Expiries RolledOver

Year 1 Year 2 Year 3 Year 4+

Jun 14 Jun 15 Jun 16

62

LEASE EXPIRY PROFILE – OFFICES (BY GROSS RENTAL)

8.0%

0.0% 0.0%

21.4%

28.3%

18.3%

24.1%

6.5%

0.5% 0.0%

36.3%

19.8%

17.1%

19.8%

12.7%

0.9% 0.7%

25.6%

18.4%

15.1%

26.5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

Vacancy Vacated June Expiries RolledOver

Year 1 Year 2 Year 3 Year 4+

Jun 14 Jun 15 Jun 16

63

LEASE EXPIRY PROFILE – RETAIL (BY GROSS RENTAL)

2.4%0.6% 1.2%

19.9% 19.7%

16.7%

39.6%

2.5%

0.2%1.6%

18.2%16.6%

15.4%

45.6%

2.9%

0.5%2.1%

17.9% 17.1%15.8%

43.7%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Vacancy Vacated June Expiries RolledOver

Year 1 Year 2 Year 3 Year 4+

Jun 14 Jun 15 Jun 16

64

LEASE EXPIRY PROFILE – INDUSTRIAL (BY GROSS RENTAL)

1.2%0.0% 0.0%

29.4%

19.2%

15.9%

34.3%

1.2% 1.5%0.0%

31.1%

18.4%

11.5%

36.4%

2.9%

0.5%2.1%

17.9% 17.1%15.8%

43.7%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Vacancy Vacated June Expiries RolledOver

Year 1 Year 2 Year 3 Year 4+

Jun 14 Jun 15 Jun 16

65

ESCALATIONS

8.5%

7.7% 7.7%

8.0%

8.4%

7.6%7.7%

7.9%

8.2%

7.6% 7.6%7.8%

5.0%

5.5%

6.0%

6.5%

7.0%

7.5%

8.0%

8.5%

9.0%

Office Retail Industrial Total

Jun 14 Jun 15 Jun 16

66

EMIRA NET RENTALS

SectorNo. of

buildingsOccupied

GLAAvg. net rental

(R/m²)

Office: P-Grade 4 48 840 171.16

Office: A-Grade 34 179 071 116.19

Office: B-Grade 23 121 727 106.84

Retail: Urban 23 326 264 117.07

Retail: Rural 15 77 397 95.51

Industrial 45 357 756 50.74

Total Jun 16 144 1 111 055 95.32

Total Jun 15 145 1 129 671 89.04

Total Jun 14 141 1 085 173 81.71

(excl. parking stores and vacancies)

67

TENANT GRADING BY GLA

58%24%

18%

Total portfolio

A B C

Grading"A“ Large National Tenants, Large listed tenants, government and major franchisees"B" National tenants, listed tenants, franchisees, large regional tenants, medium to

large professional firms"C“ Other

56%

69%

47%

58%

30%

11%

32%

24%

14%19% 21% 18%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Office Retail Industrial Total

Per sector

68

TENANT EXPOSURE BY GLA

22%

78%

TOP 10 TENANTS IN TOTAL PORTFOLIO

Top 10 Tenants Other Tenants

22%

18%

14%10%

8%

6%

6%

6%

5%5%

TENANT EXPOSURE –TOP 10 TENANTS

RTT Group

Pick n Pay

Government

Massmart

Shoprite

Woolworths

Edcon

Pepkor

Auction Operation

Little Green Beverages

69

POTENTIAL NEW CAPEX PROJECTS

Major projects being considered Type m² Value (Rm) Construction time

12 Baker Street & 2 Sturdee Avenue Rosebank Residential 10 500 160 24 months

1 West Street Centurion Residential 24 000 250 18 months

Harbour Place Cape Town Office/Retail 21 500 540 24 months

Southern Sentrum Bloemfontein Retail 24 800 230 18 months

Podium Phase 2 Menlyn Office 9 900 239 15 months

Quagga Centre Phase 1 Pretoria Retail 7 000 170 18 months

Ben Fleur Phase 3 Emalahleni Retail 7 000 120 12 months

Wonderpark Phase 2 Pretoria North Retail 11 000 210 14 months

Oak Road Centurion Residential 2 700 70 12 months

Total 118 400 1 989

70

SUSTAINABILITY PLANNING

Renewable energy R22 Gas Reporting and targets

› Epsom Downs pilot project feedback

» Solar farm operating at 92.7% efficiency, above target set of 90%

› Delivered 476 475kWh over the year vs 448 000kWh average

› Further solar projects anticipated

› Replacement programme underway

› 63.7% reduction on R22 gas consumption year-on-year

› Pilot project

» Menlyn Corporate Park to use 427A gas

» First time in Africa – partnership with Afrox

» Benefit includes no change to HVAC compressors

› Carbon reduction target of 6% year-on-year based on FY14 footprint set as fund reduction target

› Carbon footprint reduction of 7.2% tCO2e year-on-year achieved

› Total tCO2e = 15 890tCO2e for period

71

ACQUISITIONS – OFFICE

GLA (m²) Value (Rm) Yield Transfer

Summit Place (50% Buildings A and C) Menlyn 3 631 86.3 8.0% Dec 16

Total 3 631 86.3 8.0%

72

ACQUISITIONS – RETAIL

GLA (m²) Value (Rm) Yield Transfer

Mitchells Plain Town Centre (50%), Cape Town 9 007 77.6 9.3% Aug 15

Ben Fleur (40% undivided share), Emalahleni 4 312 63.2 8.2% Feb 16

Total 13 319 140.8 8.8%

73

ACQUISITIONS – DEVELOPMENT LAND

Bulk GLA (m²) Value (Rm) Yield Transfer

1 West (land), Centurion 24 577 17.2 n/a Mar 16

Total 24 577 17.2 n/a

74

DISPOSALS

Property Location Sector GLABook Value

(Rm) Price (Rm) NI (Rm) Yield (%)

284 Oak Avenue Randburg Office 3 787 22.0 23.0 1 .7 7.7%

1289 Heuwel Avenue Centurion Retail 2 049 10.0 11.5 0.5 4.7%

Brandwag ShoppingCentre + Kosmos flats Bloemfontein Retail 12 328 159.0 250.0 16.2 6.5%

Total 18 164 191.0 284.5 18.6 6.5%

75

Property Node Classification GLA Rm Major tenants

Wonderpark Shopping Centre

Pretoria Regional S/Centre 90 413 1 663 Pick n Pay (12 867m²), Game (5 292m²), Woolworths (4 135m²), Edgars (3998m²), Checkers (3 981m²), Virgin Active (3 508m²)

Menlyn Corporate Park Menlyn Offices 26 688 619 SALGA (7 025m²), Santam (4 524m²), King Price (10 424m²), BVI Engineering (1 533m²)

Quagga Centre Pretoria West Small Regional S/Centre

29 412 448 Shoprite (5 715m²), Pick n Pay (4 878m²), Woolworths (1 807m²), FNB (1 367m²), Edgars (1 065m²)

Makro Selby Selby Retail 19 705 385 Makro

Randridge Mall Randpark Ridge Small Regional S/Centre

22 444 313 Pick n Pay (4 473m²), Woolworths (2 124m²), Dis-Chem (2 035m²), Health - Worx (697m²), FNB (615m²) Foschini (594m²), Mr Price (581m²)

RTT Acsa Park East Rand Warehouse 46 673 275 RTT

Summit Place Menlyn Mixed use(Office and Retail)

15 278 271 SizweNtsalubaGobodo (2 402m²), Grant Thornton (539m²)

Corobay Corner Menlyn Offices 13 865 263 Eris Property Group (803m²)

Hyde Park Lane Hyde Park Offices 15 541 226 Standard Bank (1 844m²), Tag Travel (1 114m²), DTH Services (1 188m²), Property Marketers (969m²), Truffle Asset Management (594m²)

Kramerville Corner Kramerville Retail (showroom)

19 373 220 Griffiths & Griffiths (3 597m²), Collaro Designs (1 174m²), Il Lusso (1 107m²), Bakos Brothers (1 031m²), Nicci Boutiques (830m²)

299 392 4 682 36% of the portfolio by value

TOP TEN PROPERTIES BY VALUE

76