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ROCKCASTLE GLOBAL REAL ESTATE COMPANY R CEO Spiro Noussis ockcastle Global Real Estate Company is an internally managed global real estate investment company that was established in Mauritius and is dual listed on the Mauritian Stock Exchange (SF.M) and the Johannesburg Stock Exchange. Rockcastle is a hybrid real estate vehicle which has a broad mandate. Its investments may comprise global real estate securities, unlisted or over the counter real estate securities, other instruments derived from such real estate securities, and direct property assets (which the company will both own and manage). The latter include commercial property development projects, existing properties and real estate companies. Rockcastle receives regular distributions from its investment portfolio which it aggregates and pays over to investors as dividends on a semi annual basis. At end-December 2015, the dividend declared was US4.63c and the net asset value per share (NAV) was S1.56. The loan to value ratio was 40.2°/., (June 2015 — 46.4%). Management's target gearing ratio for the company is between 35"/., and 50%. Management has indicated they expect a decrease in borrowing rates as the company- expands. The company is headed by Spiro Noussis, a chartered accountant by profession with experience in private equity and investment management. Rockcastle benefits from the management expertise of the Resilient stable of companies, which include New Europe Property Investments (Nepi) and Fortress Income Fund. Rockcastle's listed property portfolio is valued at S1.8bn as at end December 2015 and its direct property investments at S355m. Rockcastle's listed property portfolio comprises globally listed Reits, with the majority of the exposure to the US, UK and European real estate markets. The listed security investments are exposed to the majority of the property sectors with a 58% bias towards the retail sector in developed markets. The company's top five holdings as at end December 2015 were Simon Property Group (US S359m), Hammerson (UK S349m), Prologis (US - S214m), Avalonbav Communities (US S176m) and Unibail Rodamco (Europe - S172m). Over the past 18 months the company has implemented its strategy to expand its direct property investments in the Polish market with the purchase of Platan Shopping Centre (C51m), Karolinka Shopping Centre (C145m), Pogoria Shopping Centre (C74m) and more recently Forum I.iberec Shopping Centre (€8()m). The company has also significantly reduced its African exposure with the sale of its Zambia assets, namely Kafubu Mall and Mukuba Mall. Management has targeted an even split between listed property investments and direct property investments. Therefore it is likely that Rockcasde will rotate out of lower yielding global Reits into higher yielding [■astern European direct property assets. Over the past year the company has broadened its geographical exposure from Poland to include other Central and Eastern European countries such as the Czech Republic and PRICE VS SECTOR (JSE) Hungary. The Central and Eastern European property market has been in focus over the past 12 months, not only from international investors but also from SA listed property companies. In the past 12 months 1 lyprop, MAS, Attacq. Pivotal, Accelerate and Redefine all announced deals or potential deals in the region. Rockcastle's value proposition hinges on management's ability to recycle from lower yielding listed property investments into higher yielding direct Eastern European property investments. TOP FOUR SHAREHOLDERS Shareholder's % Share name held Resilient Properties 17.2 Fortress Income 2 16.1 Pangbourne 6.0 That the company has already partially implemented this strategy is evidenced by the acquisitions over the past 12 months. Rockcastle is also continually expanding its team in Poland and this will further assist in implementing this strategy. Rockcastle's share price has come under pressure in recent weeks but the stock is still up an impressive 29°/o for the 12 months ending lune. That's well ahead of the SA listed property index's 5.5% rise over the same time. Curwin Rittles Investment analyst, Catalyst Fund Managers GEOGRAPHICAL SPREAD % per country Properties 2014 20)5 2016 SOURCE: IRESS Capital Propfund 5.8 • As at June 30 2015 (As at March 31 2016) Who manages the lund? Internal Number of properties in the lund 6 with 2 under construction (as at June 30 2016) Property valuation $522m (as at June 30 20)6) Market capitalisation $2.3bn Annual trading volume as % of units in issue 19.9% Net asset value per unit $1.62 Price per unit at date R36.06 Premium to net asset value 50.7% Historic(%) 3.7% Gearing (%) 38.2% Name of the company Rockcastle Global Real Estate Company Ltd Name of fund Rockcastle Global Real Estate Company Ltd JSE code ROC (SEM code Rock.NOOOO) Head of fund and title Spiro Noussis (CEO) Contact person Megan Krause Tel no+00 <44) 208 546-0133 Registered address Level 3, Alexander House, 35 Cybercity, Ebene, 72201, Mauritius Email address info.rockcastle<a>rockcastleglobal.com Website address www.rockcastleglobalre.mu ■ Poland - 66.67% ■ Czech Republic - 16.67% ■ Zambia - 16.66% SECTORAL SPREAD by gross rentals ■ Retail-100% SOURCE: ROCKCASTLE GLOBAL REAL ESTATE