2019 Integrated annual report

2019 Headlines

SOUTH AFRICA 6,5% Distributable income (yoy)* Vacancies reduced to 0,8% Disposal of non-core asset Lakefield office park   EASTERN EUROPE 13,5% Distributable income (yoy)* <0,5% Very low vacancies 12 000m2 Hyper conversion at The Mall, Sofia             * Year-on-year

SUB-SAHARAN AFRICA (excluding South Africa) Taken control of asset management Progress in reducing exposure to the region R1,46bn Investments impaired based on anticipated sales proceeds GROUP Revised strategy under new executive team 1,5% Distribution per share Strong liquidity R8,5bn Debt refinanced/raised Interest cover ratio of 3,98 times

Key metrics

Trading density (turnover/m2)		Rent ratio SA and effort ratio EE (%)
Distribution per share (cents)		NAV per share (R)
See-through loan-to-value ratio (%)		Interest cover ratio (times)