ANNUAL RESULTS for the year ended 30 June 2018

ATTACQ ANNUAL RESULTS FOR THE YEAR ENDED 30 JUNE 2018 1 /

RESULTS PRESENTATIONfor the year ended 30 June 2018

- 1 -

AGENDA

PwC Tower

GENERAL OVERVIEW 2

SOUTH AFRICAN PORTFOLIO 5

WATERFALL DEVELOPMENT 11

INVESTMENT IN MAS 25

REST OF AFRICA RETAIL INVESTMENTS 30

FINANCIAL RESULTS 35

ENVIRONMENTAL, SOCIAL AND GOVERNANCE 43

CONCLUSION 45

QUESTIONS AND ANSWERS 47

APPENDICES 48

SLIDE

/ 2 ATTACQ ANNUAL RESULTS FOR THE YEAR ENDED 30 JUNE 2018

- 2 -

PERFORMANCE METRICS

REIT conversion

29 MAY 2018

2 Management

New executive directors

3 Interest cover ratio

1.60 timesJune 2017: 1.12 times

4

7

Maiden distribution per share

74.0 cents

1

6.8 years

8Rentalincome

R2.0 billionJune 2017: R1.9 billion

5 Waterfallbulk developed*

599 509m²

June 2017: 498 607m²

6 Transformation

B-BBEE Level 2rating under the revised property sector codes

June 2017: Level 4

* Held and sold** Weighted average lease expiry

June 2017: 6.4 years

WALE profile**

- 3 -

South African Portfolio1

Investment in MAS

Waterfall Development

Rest of Africa Retail Investments

FOCUSED APPROACH FOUR VALUE DRIVERS

2

3

4

DEPS 2018cents per share

DEPS 2017cents per share

GROSS ASSETS2018 %

GROSS ASSETS2017 %

45.7 18.3 72.5 66.1

(1.4) (2.5) 7.8 14.1

21.5 15.0 10.8 10.0

6.0 0.9 3.8 4.5

Other Assets 3.2 (12.0) 5.1 5.3

Total 75.0 19.7 100.0 100.0

NOTES


- 4 -

ATTACQ’S MANAGEMENT

Jackie van NiekerkCOOJoined: April 2017

Melt HammanCEOJoined: July 2013

Peter de VilliersCIOJoined: July 2013

Tasja KoddeCompany SecretaryJoined: March 2015

Raj NanaCFOJoined: April 2014

Giles PendletonHead of DevelopmentsJoined: March 2018


- 6 -

0

200 000

400 000

600 000

Vacancy Monthly 2019 2020 2021 2022 2023+HOTEL INDUSTRIAL OFFICE RETAIL TOTAL

62.6%

Lease expiry profile (PGLA m²)

7.8%1.9% 2.7%

8.1%14.7%

2.2%

GBCSA: Green Building Council of South AfricaLEED: Leadership in Energy and Environmental Design

SOUTH AFRICAN PORTFOLIO OVERVIEW

GAUTENG

WESTERN CAPE

NORTH WEST

Green elements based on PGLA (%)

3 STAR GBCSA4 STAR GBCSA

5 STAR GBCSA

SILVER LEED

GREEN ELEMENTS

NON-GREEN ELEMENTS

Geographic split by PGLA (%)

GOLD LEED82.4

11.4

6.2

64.0

12.5

1.73.7

9.1

4.54.5

VACANCIES

7.8%June 2017: 3.0%

WALE* PROFILE

6.8 yearsJune 2017: 6.4 years

RENTAL ESCALATIONS**

6.9%June 2017: 7.5%

* Weighted average lease expiry** Weighted average gross revenue

escalations including rates

- 5 -

SOUTH AFRICAN PORTFOLIO

Gateway West

SOUTH AFRICAN PORTFOLIO R21.1 bn

72.5%

NOTES


- 7 -

SOUTH AFRICAN PORTFOLIO: RETAIL

PGLA %of total portfolio

41.0%June 2017: 47.3%

2 Vacancy

2.8%June 2017: 2.4%

3 Averagecap rate

6.90%June 2017: 6.94%

4Value %of total portfolio

50.0%June 2017: 57.5%

1

Tenant retentionsuccess rate

91.6%June 2017: 95.1%

6 Arrears

2.8%June 2017: 3.0%

7 Non-GLAincome

R18.3 millionJune 2017: R16.5 million

8Weighted average escalation on newor renewed leases

7.2%June 2017: 7.8%

5

TRENDS• Leasing terms and tenants

installation • Edcon reduction• Positive trade• Relocations and right sizing of

tenants• Consumers under pressure

OUR FOCUS• Introduction of new tenants and

experiences• Tech and shopping alignment• Cost of occupancy

Trading density growth: +5.3%Rent to turnover growth: 7.7%


- 9 -

SOUTH AFRICAN PORTFOLIO: OFFICE AND MIXED-USE


39.0%June 2017: 38.4%

2 Vacancy

15.3%June 2017: 5.0%

3 WALE profile

7.6yearsJune 2017: 6.8 years

4Value %of total portfolio

43.4%June 2017: 34.9%

1

Tenant retentionsuccess rate

62.4%June 2017: 99.6%

6 Arrears

2.2%June 2017: 3.0%

7 Averagecap rate

7.74%June 2017: 7.84%

8Weighted average escalation on newor renewed leases

7.8%June 2017: 7.8%

5

TRENDS• Flexible work space• Slow rental growth• Precinct focus, more amenities

and transport focus

OUR FOCUS• Tenant experience• Stronger leasing team• Fostering tenant relationship• Corporate consolidation• Cost of occupancy

- 8 -

TRADING DENSITIES

0

1 000

2 000

3 000

4 000

5 000

6 000

BrooklynMall

EikestadPrecinct

Garden RouteMall

GlenfairShopping Centre

Lynnwood Bridge- Retail

Mall ofAfrica*

MooiRivierMall

NewtownJunction

WaterfallCorner

12 months average ended 30 June 2018 12 months average ended 30 June 2017

R/m²

2 368

▲5%2 490 2 585

▲2%2 649

4 873▲1%4 942 4 829

▲2%4 935

2 562

▲11%2 832

▲4%

2 598

1 469

▲6%1 553

3 407▼(2%)3 338

3 007▼(4%)2 900

2 508

Weighted average trading density: R2 805/m2(June 2017: R2 663/m2)

Average growth: +5.3%

NOTES


- 10 -

SOUTH AFRICAN PORTFOLIO: LIGHT INDUSTRIAL


20.0%June 2017: 14.3%

2 Vacancy

5.3%June 2017: 0.0%

3

WALE profile

11.4 yearsJune 2017: 7.6 years

4

Value %of total portfolio

6.6%June 2017: 5.2%

1

Arrears

0.1%June 2017: 0.0%

5Averagecap rate

7.68%June 2017: 7.75%

6

TRENDS• Tenant ownership model• Focus on utility cost• Modern infrastructures

OUR FOCUS• Leasing focus• Maintain world class facilities • Cost of occupancy


- 12 -

WATERFALL CITY CBD

- 11 -

WATERFALL DEVELOPMENT

Deloitte head office under construction

WATERFALL DEVELOPMENT R2.3 bn

7.8%

NOTES


- 13 -

WATERFALL BULK

Waterfall Junction• Joint venture with Sanlam Properties• 686 054m² bulk• Right to increase shareholding to 50.0%• Economies of scale• Attacq appointed as

› Development manager› Asset manager

Industrial 178 985m²

Total 178 985m²

TOTAL REMAINING BULK

COMPLETED - HELD

COMPLETED - SOLD

BULK - SOLD

June 2018(%)

June 2017(%)

UNDER CONSTRUCTION

51.1

23.4

8.7

12.54.3

55.9

18.1

8.7

10.8

6.5

WATERFALLCITYAN INTEGRATEDCITY THATWORKS

WATERFALLLOGISTICS HUBGAUTENG’SLOGISTICS HUBOF CHOICE

Retail 52 692m²

Residential 87 139m²

Office 569 856m²

Industrial 13 321m²

Hotel 55 015m²

Total 778 023m²


- 15 -

INDUSTRIAL DEVELOPMENTS COMPLETED

WATERFALL LOGISTICS HUB

BMW GROUPSOUTH AFRICA REGIONAL

DISTRIBUTION CENTRE DIS-CHEM WAREHOUSE MASSBUILD EXTENSION

PGLA 31 987m² 8 518m² 9 839m²

Value R289.4 million R83.3 million R78.8 million

Practical completion date December 2017 October 2017 December 2017

Occupancy 100.0% 100.0% 100.0%

BMW Group SA RDC Dis-Chem warehouse Massbuild Distribution Centre

- 14 -

* Attacq has a 75.0% ownership** Attacq has a 50.0% ownership; Data provided at a 100.0% level

OFFICE DEVELOPMENTS COMPLETED

WATERFALL CITY PWC TOWER* GATEWAY WESTCORPORATE CAMPUS

PHASE 1**

PGLA 48 613m² 13 803m² 5 868m²

Value R1.8 billion R370.8 million R169.7 million

Practical completion date October 2017 October 2017 December 2017

Green rating Silver LEED(awaiting certification)

Gold LEED 4 star GBCSA(by design)

Occupancy 100.0% >79.0% 100.0%

Major tenants PwC Spaces, Sage Decision Inc, Isuzu

Corporate CampusGateway WestPwC Tower

NOTES


- 16 -

DEVELOPMENTS UNDER CONSTRUCTION

Deloitte head office• PGLA: ±42 500m²

• Land Parcel 10

• Segment: office

• 50.0% JV with Atterbury

• Estimated completion date: Quarter 3 FY20

• Corporate consolidation

• Silver LEED (by design), awaiting certification

Deloitte


- 18 -

DEVELOPMENTS UNDER CONSTRUCTION | CONTINUED

Waterfall Point

Waterfall Point • PGLA: ±10 300m²

• Land Parcel 15

• Segment: office

• One building pre-sold

• Two buildings inventory

• One building investment property


• Designed to meet four star GBCSA certification

- 17 -


CorporateCampus

Waterfall Corporate Campus• PGLA: ±30 000m²

• Land Parcel 10B

• Six buildings

• Segment: office

• 50.0% JV with Zenprop

• Phase I completed and fully let (5 868m²)

• Phase II (±10 200m²) completion date:

› Accenture: Quarter 2 FY19

› Spec building: Quarter 3 FY19

• Building 1 four star GBCSA (by design)

NOTES


- 19 -


The Ingress

The Ingress• PGLA: ±23 000m²

• Land Parcel 10

• Segment: office

• Five buildings, phased development

• Phase I consists of two buildings

• Building 1 fully tenanted

• Phase I estimated date of completion:Quarter 1 FY20



- 21 -

Ellipse – first residential development• Develop to sell residential units

• Land Parcel 10

• Segment: residential

› Four towers› Approximately 550 units

• 50.0% JV

• Phased development

• Pre-launch date: Quarter 2 FY19


Ellipse

- 20 -


The Atria• PGLA: ±32 000m²

• Land Parcel 10

• Segment: office and mixed-use

› Four office buildings› Hotel

• 50.0% JV with Barrow Construction

• Construction of the super-basement has commenced

• Phased development


The Atria

NOTES


- 22 -


Cummins South Africa’s Regional Office • PGLA: ±16 200m²

• Land Parcel 9

• Segment: light industrial

• 50.0% JV with Zenprop


• Third building for Cummins in Waterfall

Cummins


- 24 -


Zimmer Biomet

Zimmer Biomet• PGLA: ±4 000m²

• Land Parcel 8



• 50.0% JV with Sanlam Properties

- 23 -


Pirtek, Superga one midi unit

Pirtek, Superga and one midi unit• Total PGLA: ±13 000m²

• Land Parcel 8


• One unit pre-sold to Pirtek

• One unit pre-let to Superga

• Estimated completion date:

› Pirtek: Quarter 3 FY20

› Superga: Quarter 3 FY20

› Spec warehouse: Quarter 4 FY20

NOTES


- 25 -

INVESTMENT IN MAS

Militari Shopping Centre, Bucharest

INVESTMENT IN MAS R3.1 bn

10.8%


- 27 -

• 39.4% increase in passing rent (including post year end acquisitions)

• Growing representation from Central and Eastern Europe (CEE) acquisitions

• 34.5% increase in net rental income

• 29.6% increase in distributable earnings per share

MAS INCOME-GENERATING PORTFOLIO

Passing rent (€million)Current passing rent (%)

3

36

24

13

10

14

GERMANYUKBULGARIAROMANIAPOLANDSWITZERLAND 5 4

9 18

0

5

10

15

20

25

Western Europe CEE

Value (€million)

Secured Further

65 48

130253

0

50

100

150

200

250

300

350

Western Europe CEE

€44.9 million

Western Europe development pipeline• Secured pipeline: €65.0 million with passing rent of €4.5 million

• Further pipeline: €130.0 million with passing rent of €8.6 million

CEE development pipeline• Secured pipeline: €48.0 million with passing rent of €3.7 million• Further pipeline: €253.0 million with passing rent of €17.5 million

- 26 -

MAS OVERVIEW

STRATEGY

• Generation of sustainable and growing DPS by acquisition and development of real estate assets• Sectors: retail, office, industrial, logistics, hotel and residential• Western Europe and Central and Eastern Europe• Aim to recycle capital from mature assets

TOTAL ASSETS €1 158.5 million LTV Current: 10.0%Target: 40.0%

AVAILABLECAPITAL €243.2 million

ASSET SPLITInvestment property€632.8 million

Prime Kapital Dev JV€128.7 million

Listed portfolio€183.1 million

Cash€147.8 million

Land Bank and other€66.1 million

INTEREST-BEARINGDEBT

€242.7 million2.7%82% fixed

COMMITTED ANDNEGOTIATED FUNDING

€77.3 million3.3%

FURTHERFUNDING

€46.5 million< 4.0%

TOTAL EQUITY €854.3 million SHARES IN ISSUE 645.3 million NAVPS €1.34

NOTES


- 28 -

MAS PKM DEVELOPMENTS

• Prime Kapital has a 12 year development track recordin Romania and in excess of 100 staff

• €755 million total development pipeline includes› 100 000m² super-regional Mall of Moldova in Iasi› Two dominant regional malls

– Arges Mall: 50 000m²– Dambovita Mall: 31 000m²

› Six value centres totalling 112 000m²› Two residential developments

– Avalon Estate: 767 units– Marmura apartments: 460 units

› Teba Iasi: A 100 000m² mixed-use complex including offices, hotel and residential

Secured developments by sector (€million and m²)

399 292

281

242

76

100

0

200

400

600

800

Value m²

Retail Residential Office


- 30 -

REST OF AFRICA RETAIL INVESTMENTS

Ikeja City Mall, Nigeria

REST OF AFRICA RETAIL INVESTMENTS R1.1 bn

3.8%

- 29 -

MAS - IN ATTACQ’S FINANCIALS

2.4

2.6

2.8

3.0

3.2

June2016

Inc ininvestment

Equityacc

Shareof OCI

Dividend FXimpact

June2017

Equityacc

Shareof OCI

Dividend Issueimpact

FXimpact

June2018

Rmillion

2 722.550.4

190.0 (53.4)(105.3)

(74.9)2 729.3

127.0 (63.4)(151.0) 149.5

354.4 3 145.8

• Attacq’s shareholding decreased from 30.6% in 2017 to 22.8% due to MAS capital raisings effective October and December 2017

• Equity accounted investment increased 15.3% from R2.7 billion in 2017 to R3.1 billion in 2018 on back of:

› 7.1% weakening of rand vs euro

› 7.6% increase in MAS NAVPS

• Cash dividends received of R151.0 million during year (being final FY17 and interim FY18 dividends) vs R105.3 million in FY17

• MAS has lowered distribution growth guidance for FY19 from 30.0% to 15.0% due to a more competitive environment

NOTES


- 31 -

* Data provided at 100% level

REST OF AFRICA OVERVIEW

• Exited The Grove Mall of Namibia› May 2018› Total proceeds: R191.9 million

• 6 operational malls in major cities:› Accra Mall, Accra, Ghana› West Hills Mall, Accra, Ghana› Achimota Retail Centre, Accra, Ghana› Kumasi City Mall, Accra, Ghana› Manda Hill Mall, Lusaka, Zambia› Ikeja City Mall, Lagos, Nigeria

PROPERTYPGLA*

m²VALUATION*

$000ATTACQ SHARE

$000VALUE

$/m²VACANCY

%

Operational portfolio summary 147 946 637 069 121 777 4 307 6.4

GHANA NIGERIA

ZAMBIA


- 33 -

General trends• Improvement in trading conditions on back of lower interest rates and inflation• Focus areas remain filling vacancies and settling Kumasi City Mall• Game added as replacement anchor in West Hills Mall and Achimota Retail Centre, opening November 2018 • Vacancies at Accra Mall and Manda Hill Mall reduced post year end

Data provided at 100% level^ Footcount annualised in first year of trade

PORTFOLIO OVERVIEW

ASSETPGLA

m²Attacq share

%

ANNUAL FOOTCOUNT millions VACANCY %

2018 2017 2016 2018 2017 2016

Accra Mall 21 311 15.0 7.2 7.3 6.5 6.8 - -West Hills Mall 28 272 14.3 5.4 5.4 5.6 10.4 5.3 5.0Achimota Retail Centre^ 15 534 23.9 5.9 5.0 5.2 1.9 6.1 21.7Kumasi City Mall^ 18 604 23.9 6.2 5.9 n/a 13.0 26.5 n/aManda Hill Mall 42 002 15.9 10.7 10.8 11.1 4.1 5.4 4.7Ikeja City Mall 22 223 25.0 7.8 7.8 8.2 3.1 - 3.4

- 32 -

MACRO CONTEXT

GHANA

ZAMBIA

NIGERIA

GDP GROWTH FORECAST EXCHANGE RATE KEY COMMODITY

0%

2%

4%

6%

8%

2018 2019 2020

0%

2%

4%

6%

8%

2018 2019 2020

0%

2%

4%

6%

8%

2018 2019 2020

4.3

4.5

4.7

4.9

Jul 2017 Jan 2018 Jul 2018

8.5

9.0

9.5

10.0

10.5

Jul 2017 Jan 2018 Jul 2018

310

330

350

370

Jul 2017 Jan 2018 Jul 2018

GHS/USD

ZMW/USD

NGN/USD

1,200

1,250

1,300

1,350

1,400

1,500

2,000

2,500

3,000

Jul 2017 Jan 2018 Jul 2018

5,500

6,000

6,500

7,000

7,500

Jul 2017 Jan 2018 Jul 2018

45

55

65

75

85

Jul 2017 Jan 2018 Jul 2018

Copper

Brent crude (USD/bbl)

Cocoa (LHS) and Gold (RHS)

NOTES


- 34 -

REST OF AFRICA - ATTACQ’S FINANCIALS

600

650

700

750

800

June2017

Net loansrepaid

Impairment Intearned

FXimpact

June2018

AttAfrica (Rmillion)

776.2 (99.4)

(27.4)

80.6

57.3 787.3

230

250

270

290

310

June2017

Loanrepaid

Equityacc

Impairment Intearned

FXimpact

June2018

Ikeja (Rmillion)

286.5 (9.7)

(1.0) (25.2)

39.7

14.9 305.2

• Rand depreciated 5.0% year-on-year

• R99.3 million capital and interest received from AttAfrica

• Further impairments recognised:

› AttAfrica: due to increased negative equity position

› Ikeja: asset valuation stable, impairment on equity accounted investment in associate due to interest on shareholder loans


- 36 -

R000 June 2018 June 2017 % CHANGE

South African Portfolio 321 395 128 306 150.5Waterfall Development* (10 149) (17 464) (41.9)Investment in MAS 151 060 105 303 43.5Rest of Africa Retail Investments 42 425 6 591 543.7Other assets – South Africa 18 853 (84 190) (122.4)Other assets – Global 3 800 - n/aDistributable earnings 527 384 138 546 280.7

* Includes developments under construction, development rights and infrastructure and services

DISTRIBUTABLE EARNINGS PER VALUE DRIVER

Increase mainly due to completed developments generating additionalrental income and lower finance charges

Cents per share June 2018 June 2017 % CHANGE

South African Portfolio 45.7 18.3 150.4Waterfall Development* (1.4) (2.5) (41.9)Investment in MAS 21.5 15.0 43.4Rest of Africa Retail Investments 6.0 0.9 543.4Other assets – South Africa 2.7 (12.0) (122.4)Other assets – Global 0.5 - n/aDistributable earnings 75.0 19.7 280.7

Holding costs on development rights

Increase in euro dividends plus rand weakening

Net cash interest received

Cash interest received and reduced taxation payable

340 000 shares issued due to LTI scheme

- 35 -

FINANCIAL RESULTS

BMW Group SA Regional Distribution Centre

NOTES


- 37 -

R000 June 2018 June 2017 % CHANGE

South African Portfolio 21 084 750 18 060 726 16.7Waterfall Development* 2 258 698 3 840 759 (41.2)Investment in MAS 3 145 828 2 729 308 15.3Rest of Africa Retail Investments 1 092 477 1 246 835 (12.4)Other assets – South Africa 1 425 707 1 012 010 40.9Other assets – Global 71 239 432 553 (83.5)Total assets 29 078 699 27 322 191 6.4Total liabilities (12 019 869) (13 418 578) (10.4)Total equity 17 058 830 13 903 613 22.7

Fair value adjustments plus five buildings and an extension completed, including the PwC Tower

Completion of five buildings and an extension and disposals of development rights to joint venture partners

* Includes developments under construction, development rights and infrastructure and services

BALANCE SHEET PER VALUE DRIVER

Disposal of The Grove Mall of Namibia

Reversal of deferred taxation

Disposal of Nova Eventis and Artisan

Reversal of deferred taxation


- 39 -

INVESTMENT PROPERTIES MOVEMENT

17 500

18 500

19 500

20 500

21 500

June 2016 Sold Capex FVA -development

underconstruction

FVA -development

rights

FVA -completed

June 2017 Sold Capex FVA -development

underconstruction

FVA -development

rights

FVA -completed

Other transfers June 2018

Rmillion

19 591.6 (1 043.0) 1 098.0194.8 (65.5)

535.2 20 311.1 (60.9)

745.4 60.6 (48.9)317.3 24.6 21 349.2

- 38 -

EQUITY MOVEMENT

18

19

20

21

22

23

24

25

June 2016 Share issues A-F-Sreserve

Distributablereserve

FCTR Share-basedpaymentreserve

June 2017 Share issues A-F-Sreserve

Distributablereserve

FCTR Settlement ofshare-based

payments

Share-basedpaymentreserve

June 2018

Rand per share

19.23 0.02 (0.20)

0.90 (0.15) 0.04 19.84 0.00

3.69

0.72 0.03(0.04) 24.24

0.00

NOTES


- 40 -

* Loan advanced to 25% co-owners of the PwC Tower and Annex

INVESTMENTS

3 146

2 729

787 776

332 243 305 287144 141 91 91 40 55 3

1980

1840

1770

145 46 70 0

500

1 000

1 500

2 000

2 500

3 000

3 500

2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017MAS AttAfrica PwC

Tower*Ikeja City

MallAttacq

Sanlam JVsAttacq

Equites JVWingspan Nova Eventis The Grove

Mall ofNamibia

Atterbury Artisan Other

EQUITY LOAN

Rmillion


- 42 -

INTEREST-BEARING DEBT | CONTINUED

1.0 1.11.3

1.1

1.6

0.0

0.3

0.6

0.9

1.2

1.5

1.8

2014 2015 2016 2017 2018

Interest cover ratio (times)

34.0

36.3

39.9

37.135.8

30

35

40

45

2014 2015 2016 2017 2018

Gearing (%)

542

1 505

3 699

191

5 133

1 423 1 635 1 7961 397

2 525

0

2,000

4,000

6,000

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

Debt maturity Hedge maturity

Debt and hedge maturity (million)

9.5

9.09.2 9.2

8.7

8.0

8.5

9.0

9.5

10.0

2014 2015 2016 2017 2018

Cost of debt (%)

- 41 -

INTEREST-BEARING DEBT

June 2018 June 2017Total hedged as a % of total committed facilities 95.0% 90.8%

Weighted average term of hedges 4.0 years 4.7 years

Weighted average life of loans 4.4 years 4.8 years

Weighted average cost of debt 8.7% 9.2%

INVESTEC BANKNEDBANKRMBSANLAMABSASTANDARD BANKBANK OF CHINAMMILIBFINOMSFIN

June 2018 June 2017

Increase in hedge % is due to increase in swaps implemented during the year

Improvement due to decrease in JIBAR rates over past 12 months and the refinancing of the debt book

23.20.5

4.22.7

4.31.0

49.0

5.42.8

6.9

27.9

0.76.7

43.1

8.0

3.4

10.2

Funding mix (%)

HIGHLIGHTS• Interest cover ratio improved to 1.6

times• Refinancing of R5.7 billion, resulting in

reduction of short-term debt• Introduced three new lenders• Converted majority of debt to interest

only

Reduction due to conversion of majorityof debt to interest only facilities

NOTES


- 43 -

ENVIRONMENTAL, SOCIAL AND GOVERNANCE

Property Point graduation ceremony


- 45 -

CONCLUSION

Mall of Africa

- 44 -

ESG HIGHLIGHTS

Environmental1 Social2 Governance3

• 63.8% of our buildings in theoffice and mixed-use sector are green-certified*

• Buildings in our SA portfolio can operate for two days without council water

• Mall of Africa’s 4 755kWp PV system operational

• Our 2nd Property Point intake graduated in April 2018

• B-BBEE level 2 rating under revised sector codes

• 13 450 direct and indirect beneficiaries

• Second consecutive inclusion inthe FTSE/Russell Responsible Investment Index (100.0% rating on governance)

• Governance structure which includes eight independentnon-executive directors

Bana Ba Rona ECD Attacq the Future Bana Ba Rona ECD

* Includes PwC Tower’s silver Leadership in Energy and Environmental Design certification which is currently being finalised

NOTES


- 46 -

• Trading densities

• Cost of occupancy

• Securing new tenants

• Launch Waterfall City residential

• Further improving interest cover ratio

• Recycling assets

• Updated guidance*

› 7.5% to 9.5% for FY19

› 13.0% to 15.0% for FY20

YEAR AHEAD

Mall of Africa

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

0102030405060708090

100110

2018 2018revised

2019 2019revised

2020 2020revised

Original Revised range

Distribution guidance (cents)

74.0

87.6

105.1

Mall of Africa

73.079.6 - 81.0

89.9 - 93.2


- 48 -

APPENDICES

Dis-Chem warehouse

- 47 -

QUESTIONS AND ANSWERS

Allandale building

NOTES


- 49 -

* Buildings owned for 12 months in both years

NET OPERATING INCOME LIKE-FOR-LIKE

1 000

1 100

1 200

1 300

1 400

Jun 2017NOI

RI completedbuildings*

RI buildingscompleted

2018

RI buildingscompleted

2017

Extensions2018

PE completedbuildings*

PE buildingscompleted

2018

PE buildingscompleted

2017

MOA non-recurring PE

Jun 2018NOI

1 118.8

63.8

66.4

40.9 3.4 (19.2)(27.0) (11.4)

75.1 1 310.8

(Rmillion)


- 51 -

PORTFOLIO AND INVESTMENTS OVERVIEW

INDUSTRIAL PORTFOLIO

Amrod, Waterfall 100%

Angel Shack, Waterfall^ 20%

BMW Group SA Regional Distribution Centre, Waterfall 100%

Cummins, Waterfall^ 10%

Dimension Data, Waterfall 100%

Dis-chem warehouse, Waterfall 100%

Drager, Waterfall^ 20%

Hilti, Waterfall^ 20%

Massbuild Distribution Centre, Waterfall 100%

Medtronic, Waterfall^ 20%

Servest, Waterfall^ 20%

Stryker, Waterfall^ 20%

Torre Industries, Waterfall 100%

Westcon, Waterfall^ 20%HOTEL PORTFOLIO

City Lodge, Newtown 50%

City Lodge, Pretoria 100%

City Lodge, Waterfall 100%

RETAIL PORTFOLIO

Brooklyn Mall, Pretoria# 25%

Eikestad Mall, Stellenbosch# 80%

Garden Route Mall, George 100%

Glenfair Boulevard, Pretoria 100%

Lynnwood Bridge Retail, Pretoria 100%

Mall of Africa, Waterfall# 80%

MooiRivier Mall, Potchefstroom 100%

Newtown Junction, Johannesburg 50%

Waterfall Corner, Waterfall 100%

Waterfall Lifestyle, Waterfall 100%

Westwood Mall, Durban^ 34.4%

OFFICE AND MIXED-USE PORTFOLIO

2 Eglin, Sunninghill 100%

Allandale Building, Waterfall 100%

Aurecon, Pretoria 100%

Brooklyn Bridge Office Park, Pretoria 100%

Cell C Campus, Waterfall 100%

Gateway West, Waterfall 100%

Lynnwood Bridge Offices, Pretoria 100%

Transnet, Waterfall 100%

The Majestic, Johannesburg 50%

Maxwell Office Park, Waterfall# 50%

Newtown Nedbank, Johannesburg 50%

Novartis, Waterfall 100%

PwC Tower, Waterfall# 75%

Waterfall Corporate Campus – Building 1, Waterfall# 50%

KEY^ Accounted for as an investment in associate# Undivided share

All shareholdings represent Attacq’s effective interest

1st key value driver

- 50 -

WEIGHTED AVERAGE CAPITALISATION RATES

SEGMENT* June 2018 June 2017

Office and mixed-use 7.74% 7.84%

Industrial 7.68% 7.75%

Hotel 8.07% 8.07%

Retail 6.90% 6.94%

Total portfolio 7.32% 7.32%

* Weighted on effective interest of the valuation

Mall of Africa and PwC Tower

NOTES


- 52 -

PORTFOLIO AND INVESTMENTS OVERVIEW | CONTINUED

2nd, 3rd and 4th key value drivers

REST OF AFRICA: RETAIL PORTFOLIO

ATTAFRICA^

Accra Mall, Accra, Ghana 15.0%

Achimota Retail Centre, Accra, Ghana 23.9%

West Hills Mall, Accra, Ghana 14.3%

Kumasi City Mall, Kumasi, Ghana 23.9%

Manda Hill, Lusaka, Zambia 15.9%

Ikeja City Mall, Lagos, Nigeria^ 25.0%

INTERNATIONAL PORTFOLIO

MAS, Europe^ 22.8%

KEY^ Accounted for as an investment in associate^^ Accounted for as an investment, held for sale# Undivided share

All shareholdings represent Attacq’s effective interest

DEVELOPMENTS

Waterfall City

Deloitte head office 50%

The Ingress, phase I 100%

Waterfall Corporate Campus, phase II 50%

Waterfall Point 75%

Waterfall Logistics Hub

Cummins South Africa’s Regional Office 50%

Midi warehouse 100%

Pirtek pre-sold

Superga/Kappa 100%

LAND AND DEVELOPMENT RIGHTS

Le Chateau 100%

Development rights, Waterfall 100%


- 54 -

Office and mixed-use portfolio

PROPERTY NAME LOCATION KEY TENANTSPGLA

m²VALUATION

R000VALUE

R/m²

2 EGLIN Sunninghill Group Five 25 525 231 158 9 056ALLANDALE BUILDING Waterfall Cummins, Trans-Africa Projects, WiseTech Global 15 359 431 157 28 072BROOKLYN BRIDGE OFFICE PARK Pretoria Counsel Forum, SARS 23 525 554 802 23 584CELL C CAMPUS Waterfall Cell C 43 890 1 027 288 23 406GATEWAY WEST Waterfall Sage South Africa, Spaces 13 803 370 809 26 864TRANSNET Waterfall Transnet 24 354 631 857 25 945LYNNWOOD BRIDGE – AURECON Pretoria Aurecon 19 104 801 116 41 934LYNNWOOD BRIDGE Pretoria Adams & Adams, BAT, Citadel, Sanlam 27 613 972 112 35 205MAXWELL OFFICE PARK* Waterfall Cipla, Colgate, Golder Associates, Premier Foods 18 423 561 984 30 504NEWTOWN NEDBANKˆ Johannesburg Nedbank 31 132 715 000 22 967NOVARTIS Waterfall Novartis 7 982 234 832 29 420PwC TOWER# Waterfall PwC 36 461 1 312 763 36 005THE MAJESTICˆ Johannesburg Nedbank 8 913 147 316 16 528WATERFALL CORPORATE CAMPUS – BUILDING 1 Waterfall Isuzu Motors South Africa, Decision Inc 2 934 84 840 28 916TOTAL 299 018 8 077 034 27 012

PORTFOLIO OVERVIEW | CONTINUED

Values provided above reflect Attacq’s undivided share in the building: *50%; #75%ˆ Attacq has a 50% interest in the company that holds Newtown Junction offices and The Majestic. 100% of the PGLA and valuation shown above

- 53 -

Values provided above reflect Attacq’s undivided share in the property: *25%; **80%ˆ Attacq has a 50% interest in the company that holds City Lodge - Newtown and Newtown Junction. 100% of the PGLA and valuation shown above

PORTFOLIO OVERVIEW

Retail portfolio

PROPERTY NAME LOCATION KEY TENANTSPGLA

m²VALUATION

R000VALUE

R/m²

BROOKLYN MALL* Pretoria Checkers, Dis-Chem, Game, Woolworths 18 773 694 000 36 968EIKESTAD MALL** Stellenbosch Checkers, Game, Food Lover’s Market, Woolworths 37 872 939 017 24 794GARDEN ROUTE MALL George Dis-Chem, Edgars, Game, Pick n Pay, Woolworths 53 813 1 428 565 26 547GLENFAIR BOULEVARD Pretoria Dis-Chem, Shoprite Checkers, SuperSpar 15 951 472 739 29 637LYNNWOOD BRIDGE - RETAIL Pretoria Planet Fitness, Safari and Outdoor Warehouse, Woolworths 11 378 360 797 31 710MALL OF AFRICA** Waterfall Checkers Hyper, Game, Edgars, Woolworths 99 770 4 480 000 44 903MOOIRIVIER MALL Potchefstroom Checkers, Edgars, Game, Woolworths 49 696 1 193 927 24 025NEWTOWN JUNCTIONˆ Johannesburg Pick n Pay, Shoprite Checkers, Ster Kinekor 33 653 499 525 14 843WATERFALL CORNER Waterfall Checkers, Woolworths 9 582 221 688 23 136WATERFALL LIFESTYLE Waterfall Bounce, Virgin Active 7 139 133 498 18 700TOTAL 337 627 10 423 756 30 874

Hotel portfolio

PROPERTY NAME LOCATIONPGLA

m²VALUATION

R000VALUE

R/m²

CITY LODGE - LYNNWOOD Pretoria 7 946 212 534 26 747CITY LODGE - NEWTOWNˆ Johannesburg 5 828 118 000 20 247CITY LODGE - WATERFALL Waterfall 5 744 115 294 20 072TOTAL 19 518 445 828 22 842

NOTES


- 55 -


Industrial portfolio

PROPERTY NAME LOCATION TENANTSPGLA

m²VALUATION

R000VALUE

R/m²

AMROD Waterfall Amrod 37 937 400 685 10 562BMW GROUP SA REGIONAL DISTRIBUTION CENTRE Waterfall BMW 31 987 289 401 9 047DIMENSION DATA Waterfall Dimension Data 8 291 93 510 11 278DIS-CHEM WAREHOUSE Waterfall Dis-Chem 8 518 83 329 9 783MASSBUILD DISTRIBUTION CENTRE Waterfall Massbuild 50 033 400 740 8 010TORRE INDUSTRIES Waterfall Torre Industries 9 327 135 874 14 568TOTAL 146 093 1 403 539 9 607

# Estimated primary gross lettable areas for Attacq’s attributable share of development. Subject to change upon final re-measurement post completion


- 57 -

0

100 000

200 000

300 000

400 000

500 000

600 000

Vacancy 2018* 2019 2020 2021 2022 2023+

HOTEL 7 946 11 572INDUSTRIAL 8 518 151 589OFFICE 44 944 2 447 17 858 30 888 5 707 191 496RETAIL 9 170 14 856 19 083 38 852 86 643 12 090 148 597TOTAL 62 632 14 856 21 530 64 656 117 531 17 797 503 254

PGLA (m²)

* Monthly

LEASE EXPIRY PROFILE

7.8%

1.9% 2.7%

8.1%

14.7%

2.2%

62.6%

- 56 -


DevelopmentsLAND

PARCELCOMPLETION

DATEPGLA#

m²% PRE-LET

PGLA

ESTIMATEDCAPITAL COST

R000

VALUE ESTIMATE ON COMPLETION

R000

BOOK VALUE AT 30 June 2018

R000PROPERTY NAME

WATERFALL CITYDELOITTE HEAD OFFICE* 10 Q3 FY20 21 250 100 852 344 not valued 141 743WATERFALL CORPORATE CAMPUS – building 2* 10B Q3 FY19 3 215 - 80 819 71 786 21 392WATERFALL CORPORATE CAMPUS – Accenture* 10B Q2 FY19 1 932 100 55 841 64 299 36 778WATERFALL POINT^ - pre-sold building 15 Q3 FY19 2 339 pre-sold 56 426 63 185 -WATERFALL POINT^- two buildings held for sale 15 Q3 FY19 4 678 inventory 112 853 141 796 42 484WATERFALL POINT- investment property building 15 Q3 FY19 2 339 - 56 426 63 391 23 616THE INGRESS – phase I 10 Q2 FY20 8 731 50 273 753 not valued 31 075WATERFALL LOGISTICS HUBCUMMINS SOUTH AFRICA’s REGIONAL OFFICE* 9 Q2 FY19 8 116 100 112 990 85 093 65 649PIRTEK^^ 8 Q3 FY19 2 926 pre-sold 29 354 34 200 -SUPERGA/KAPPA 8 Q4 FY19 4 657 100 91 495 not valued 11 968MIDI WAREHOUSE 8 Q4 FY19 5 296 - - not valued 14 221TOTAL 65 479 >75 1 722 301 523 750 388 926

Values provided above reflect Attacq’s undivided share in the building: *50%# 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 ^^ Classified as inventory, the estimated value on completion equals the sales value, not externally valued

NOTES


- 58 -

RENT TO TURNOVER

0%

2%

4%

6%

8%

10%

12%

BrooklynMall

EikestadPrecinct

Garden RouteMall

GlenfairShopping Centre

Lynnwood Bridge- Retail

Mall ofAfrica

MooiRivierMall

NewtownJunction

WaterfallCorner

12 months average ended 30 June 2018 12 months average ended 30 June 2017

Weighted average rent to turnover: 7.7% (June 2017: 7.6%)

6.8%

▲2.9%7.0% 6.5%

▲3.1%6.7%

4.6%

▲8.7%5.0% 5.2%

▲5.8%5.5%

9.9%▼(3.0%)

9.6%

▲3.2%

6.4%

10.0%▼(8.0%) 9.2%

5.0%

▲6.0%5.3%

9.5%

▲6.3%10.1%

6.2%


- 59 -

June 2018 June 2017

m² % m² %Waterfall bulk land parcels

Waterfall City

LP 10 Waterfall City (Retail, residential, office, hotel) 559 763 58.5 608 384 58.4

LP 10A Corporate City (Office) 150 000 15.7 150 000 14.4

LP 10B Corporate Campus (Office) 6 609 0.7 11 758 1.1

LP 12 Capital City (Office) 48 330 5.1 48 330 4.6

LP 21 Landmark Park (Office) 13 321 1.4 13 321 1.3

Sub total 778 023 81.4 831 793 79.8

Waterfall Logistics Hub

LP 8 Distribution Campus (Industrial) 32 938 3.4 48 229 4.7

LP 9 Logistics Precinct (Industrial) 128 365 13.4 143 754 13.8

LP 22 Commercial District (Industrial) 17 682 1.8 17 682 1.7

Sub total 178 985 18.6 209 665 20.2

Total remaining bulk 957 008 100.0 1 041 458 100.0

Attacq Sanlam joint venture (industrial, retail) 686 054 686 054

Total remaining bulk including Attacq Sanlam joint venture 1 643 062 1 727 512

WATERFALL BULK

NOTES


-60

-

WA

TERF

ALL

MA

STER

PLA

N-6

0-

WA

TERF

ALL

MA

STER

PLA

N


- 61 -

DISCLAIMER

This presentation and any materials distributed in connection with this presentation may include certain forward-looking statements, beliefs or opinions, including statements withrespect 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 oncircumstances 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. Thereare a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these statements and forecasts. Pastperformance 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 companyexpressly 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 isintended 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, itsadvisers and each of their respective members, directors, officers and employees are under no obligation to update or keep current the information contained in thispresentation, to correct any inaccuracies which may become apparent, or to publicly announce the result of any revision to the statements made herein except where theywould 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, isgiven 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 oropinions 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 connectiontherewith is accepted by any such person in relation to such information.

NOTES

Independent non-executive directorsP Tredoux (chairperson)HR El Haimer (lead independent)MM du ToitIN MkhariKR MolokoBT NagleS Shaw-TaylorJHP van der Merwe

Executive directorsM Hamman (CEO)R Nana (CFO)JR van Niekerk (COO)

Company secretaryT Kodde

Attacq Limited (Incorporated in the Republic of South Africa)(Registration number 1997/000543/06)(JSE share code: ATT ISIN: ZAE000177218)(Approved as a REIT by the JSE)(Attacq, group or company)

Registered officeATT House, 2nd FloorMaxwell Office Park37 Magwa CrescentWaterfall City2090

Postal addressPostNet Suite 016Private Bag X81Halfway House1685

Transfer secretariesComputershare Investor Services Proprietary LimitedRosebank Towers, 15 Biermann Avenue, Rosebank, 2196(PO Box 61051, Marshalltown, 2107)

SponsorJava Capital

Company contact detailsHead of investor relationsBrenda BothaLandline number: 087 845 [email protected]

11 September 2018

ATT House, 2nd Floor

Maxwell Office Park

37 Magwa Crescent, Waterfall City, 2090

T +27 87 845 1136

[email protected]

www.attacq.co.za

ANNUAL RESULTS for the year ended 30 June 2018 /2 ATTACQ ANNUAL RESULTS FOR THE YEAR ENDED 30 JUNE...

Documents

Transcript of ANNUAL RESULTS for the year ended 30 June 2018 /2 ATTACQ ANNUAL RESULTS FOR THE YEAR ENDED 30 JUNE...