#1maradelta PROPERTY HOLDINGS Mara Delta Property Holdings Investor Presentation 2016#2Disclaimer maradelta PROPERTY HOLDINGS This document, which is personal to the recipient, has been prepared by Delta International Property Holdings (the "Company"), solely for use at a presentation to potential investors. For the purposes of this disclaimer, the presentation shall mean and include the slides that follow, any oral presentation of the slides by the Company, any question-and- answer session that follows the presentation, hard copies and electronic copies of this document and any materials or information distributed or communicated at, or in connection with, any presentation (together the "Presentation"). This Presentation contains information which is not in the public domain (collectively referred to as the "Confidential Information"). The Confidential Information constitutes inside information, as defined in the Financial Markets Act, 2012 and its Mauritian equivalent legislation, and such Confidential Information cannot be disclosed to any third party, and no trade in the securities of the Company may be made, until such time as the Confidential Information has been made public by way of a SENS announcement and a SEM announcement. Recipients of this Presentation agree and undertake that, until such time as the Confidential Information has been made public by way of a SENS announcement and a SEM announcement 1) to treat and safeguard the Confidential Information as strictly private, secret and confidential, 2) not to use or permit the use of the Confidential Information for any purpose other the consideration or evaluation of the information contained in the Proposal (the "Permitted Purpose") and 3) not to disclose or divulge, directly or indirectly, the Confidential Information in any manner to any third party for any reason or purpose whatsoever. THIS PRESENTATION IS NOT FOR PUBLICATION, RELEASE, OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, OR JAPAN THE INFORMATION CONTAINED THIS PRESENTATION IS STRICTLY CONFIDENTIAL AND MAY NOT BE FORWARDED, PUBLISHED OR DISTRIBUTED, DIRECTLY OR INDIRECTLY, TO ANY OTHER PERSON (WHETHER WITHIN OR OUTSIDE YOUR ORGANIZATION/FIRM) FOR ANY PURPOSE AND MAY NOT BE REPRODUCED IN ANY MANNER WHATSOEVER. ANY FORWARDING, PUBLICATION, DISTRIBUTION OR REPRODUCTION OF THESE MATERIALS IN WHOLE OR IN PART IS UNAUTHORIZED Neither this Presentation nor any copy of it may be taken, transmitted, distributed or published in or into the United States of America, its territories or possessions (the "United States") or distributed, directly or indirectly, in the United States. Any failure to comply with these restrictions may constitute a violation of United States securities laws. The Company's shares have not been, and will not be, registered under the US Securities Act of 1933, as amended (the "US Securities Act") or the laws of any state, and may not be offered or sold in the United States except pursuant to a transaction exempt from, or not subject to, the registration requirements of the US Securities Act and applicable state laws. The Company does not intend to register its securities under the US Securities Act or to conduct a public offering of the securities in the United States. In the United States, any offering of Shares will be made only to qualified institutional buyers in accordance with Rule 144A under the US Securities Act or in other transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable state or local securities laws. Outside the United States, any offering of shares will be made in accordance with Regulation S under the US Securities Act.#3Disclaimer (continued) maradelta PROPERTY HOLDINGS This Presentation does not constitute an offer to sell or a solicitation of an offer to purchase any securities in any jurisdiction in which such offer or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any jurisdiction. Neither this Presentation nor any copy of it may be taken or transmitted into Canada, Australia or Japan or to any person in any of those jurisdictions. Any failure to comply with these restrictions may constitute a violation of Canadian, Australian or Japanese securities law. The distribution of this Presentation in other jurisdictions may be restricted by law and persons into whose possession this Presentation comes should inform themselves about, and observe, any such restrictions. Certain statements, beliefs and opinions in this Presentation are forward-looking statements which reflect the Company's current expectations and projections about future events. These statements typically contain words such as "anticipate", "assume", "believe", "estimate", "expect", "forecast", "plan", "intend", "will" and words of similar substance. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Statements contained in this Presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Neither the Company, PSG Capital nor any other person undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak only as of the date of this Presentation. No statement in this Presentation is intended to be a profit forecast. This Presentation contains information regarding the past performance of the Company. Past performance is not a guide to the Company's future returns or future performance. This Presentation should not be considered as the giving of investment advice by the Company, PSG Capital, DMH Associates Ltd or any of its shareholders, directors, officers, agents, employees or advisors. Each party to whom this Presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. The information and opinions contained in the Presentation have been completed from sources believed to be reliable and in good faith, but no representation or warranty express or implied is made as to their accuracy, completeness or correctness. Recipients acknowledge that all investment activity shall be at recipients' own risk, which can result in loss of recipients' investment capital, annual income, and/or tax benefits. By attending the Presentation and/or by accepting this document you represent, warrant and undertake that: (i) you have read and agree to comply with the contents of this disclaimer; and (ii) you will treat and safeguard this Presentation as strictly private and confidential and agree not to reproduce, redistribute or pass on this Presentation, directly or indirectly, to any other person or publish this Presentation, in whole or in part, for any purpose.#4Proceedings ■ Introduction ■ Mission Statement ■ Introduction to Mara Delta ■ Mara Delta at a Glance ■ Strategy ■ Company Structure ◉ Management Structure ■ Corporate Structure ■ Shareholder Profile ■ Financial Overview ■ Portfolio Overview ■ Potential Acquisition Portfolio ■ Key Investment Points ■ Q&A ■ Annexure A: Directors & Management ■ Annexure B: Existing Portfolio UGC FLUOR MOZAMBICLE PRILICT& JGC FLUOR MOZAMBI ARIQUE MORCI maradelta PROPERTY HOLDINGS Anadarko Building, Mozambique#5Vodacom Building & KPMG/Hollard Building, Mozambique Holla BARCLAYS BARCIANS BARCLAYS 8כן lup#6maradelta PROPERTY HOLDINGS Introduction#7Mission Statement maradelta PROPERTY HOLDINGS "To be the leading real estate owner on the African continent, outside of South Africa, within the next five years and to create significant value for our shareholders, ensuring consistent growth by creating strong partnerships, while making a real and meaningful impact in the countries we operate in"#8Introduction to Mara Delta maradelta PROPERTY HOLDINGS ■ First Pan-African focused real estate fund, listed on both the JSE and SEM ■ Mara Delta is promoted by Pivotal, Delta, Mara, Carlisle and Abland. Each provide an unrivalled blend of commercial experience and expertise in SSA: Pivotal and Delta are JSE listed property funds with market caps of $425m and $300m respectively. Both have a proven track record of acquiring and managing commercial real estate assets Mara is a pan-African investment group with multi-sector operational experience across 25 countries in Africa Abland is one of the largest property development and management companies in South Africa Carlisle is a property development company with extensive retail design, development and leasing experience ■ Offers investors access to a Rand/Rupee hedge USD yielding investment ■ Asset base of US$ 400-$500m ■ Mara Delta will invest in real estate assets across sub-Saharan Africa Strong pipeline of quality assets identified and under negotiation in Morocco, Mozambique, Nigeria, Kenya, Uganda and Tanzania, amongst others ■ Management team with over 45 years combined African experience and relationships ■ In-country asset and property management teams ◉ Property portfolio (current and pipeline) underpinned by long term leases with strong counterparties ■ Tax efficient structures that are well positioned for capturing ongoing growth#9Mara Delta at a Glance Pre Pivotal Investment Market capitalisation US$ 218.9 million No. of properties Location of properties 10 maradelta PROPERTY HOLDINGS Post Pivotal Investment US$ 276.9 million 12 Morocco; Mozambique; Zambia; Mauritius Morocco; Mozambique; Zambia; Mauritius; Kenya; Nigeria Independent valuation of the US$ 317.0 million property portfolio Gross lettable area* 126,298m² (67,264m² added) US$ 433.5 million 160,026m² (33,728 m² added) Sectoral profile (by value) Office: 34.7%; Retail: 52.3%; Light Industrial: 2.7%; Corp Accomm: 10.3% Office: 50.8%; Retail: 39.7%; Light Industrial: 2.0%; Corp Accomm: 7.5% Occupancy rate* LTV ratio 98% + 50.0% 98% + 50.0%#10ANEAPL Anfa Place, Morocco#11maradelta PROPERTY HOLDINGS Strategy#12Strategy maradelta PROPERTY HOLDINGS Targeted total return in excess of 15% in USD ■ Leverage on existing knowledge base and experience in Mozambique and Morocco ■ Immediate REIT conversion in Morocco - REIT legislation expected Q1 2016 ■ Asset acquisitions in Mauritius (focus on properties with strong counter party tenants) ■ Grow portfolio based on quality leases and strong counterparties in USD based economies ■ Strategic partnerships in existing jurisdictions that will secure and strengthen in-country resources ■ Countries with existing REIT structures will be prioritised ■ Grow shareholder value and returns ■ First wave countries: Morocco; Mozambique; Zambia; Kenya; Tanzania; Uganda ■ Second wave countries: Mauritius; Nigeria; Botswana; Ghana#13maradelta PROPERTY HOLDINGS Company Structure#14Management Structure COO BRONWYN CORBETT CEO PAUL SIMPSON COUNTRY EXECUTIVE- KAREN BRAMLEY JEREMY COOPER GREG PEARSON COUNTRY EXECUTIVE- HEAD OF INVESTMENTS MOROCCO EAST AFRICA HEAD OF DEVELOPMENTS KIRSTEN LEWIS OFFICE MANAGER/ EXECUTIVE ASSISTANT MIKE SEWELL INVESTMENT MANAGER KAI MARINI JUNIOR INVESTMENT MANAGER LEON VAN DE MOORTELE CFO ASHWIN METURJEET FINANCE MANAGER- MAURITIUS maradelta PROPERTY HOLDINGS MOHAMED BOUIBAOUNE FINANCIAL ACCOUNTANT - MOROCCO EDSON NEVES FINANCIAL ACCOUNTANT- MOZAMBIQUE TREVOR MATTHEWS SENIOR OPERATIONS ASSET MANAGER OJONG NSO OPERATIONS ASSET MANAGER BENYAMIN BELHAJ OPERATIONS ASSET MANAGER MOROCCO#15Corporate Structure Delta Africa Property Holdings Limited (Mauritius) (SEM and JSE Listed) 100% Delta International Mauritius Limited (Mauritius) maradelta PROPERTY HOLDINGS 97% 100% Delta International 100% 100% 100% 100% BH Property HM & K Properties Investments DIF 1 Limited Bahrain (Bahrain) Limited (Mauritius) (Mauritius) Limited (Mauritius) SAL Investment Holdings Limited (Mauritius) 100% Zimpeto Investment Holdings Limited (Mauritius) 100% 95% 3% 97% 3% S&C Immobiliaria Freedom Property Fund SARL (Morocco) Commotor Limitada (Mozambique) Zimpeto Immobiliaria Limitada (Mozambique) Anfa Place Shopping Centre Casablanca, Morocco 5% Hollard Building Barclays House Ebene, Vodacom Building Mauritius Maputo, Mozambique Anadarko Building Maputo, Mozambique Limitada (Mozambique) Zimpeto Square Maputo, Mozambique#16Shareholder Profile maradelta PROPERTY HOLDINGS As at 22 September 2015 Delta Property Fund Units held Holding 23 405 584 31.78% Government Employees Pension Fund 19 054 810 25.87% Stanlib 6 639 793 9.01% Bowwood and Main* Anchor Capital Subtotal Other Total * Management Team 5 746 061 7.80% 3 365 318 4.57% 58 211 566 79.03% 15 444 880 20.97% 73 656 446 100.00%#17Anadarko Building, Mozambique#18maradelta PROPERTY HOLDINGS Financial Overview#19Financial Overview Dividend per share (USD cents) Cost to income ratio LTV maradelta PROPERTY HOLDINGS Full Year Quarterly 30 Sept 2015 30 June 2015 11.28 24.5% 15.3% 48.7% 47.8% NAV per share (excl. deferred tax) (USD cents) 168.91 164.69 Weighted average rental/m² US$27#20Statement of Financial Position Assets Non-Current assets Investment property Other non-current assets Current assets Total assets Equity and liabilities Total Equity Deferred taxation Derivative instruments Interest-bearing liabilities Current liabilities Total equity and liabilities Net asset value per share (cents) (extract) maradelta PROPERTY HOLDINGS 30 June 2015 30 Sept 2015 USD '000 USD '000 210 698 222 682 210 391 307 222 545 137 25 343 33 666 236 041 256 348 124 413 807 121 302 930 479 101 657 122 753 9 164 10 884 236 041 256 348 168.91 164.69#21maradelta PROPERTY HOLDINGS Property Portfolio#22Portfolio Overview (Pre-pipeline and Pivotal) maradelta PROPERTY HOLDINGS Modern retail and office assets with attractive tenant mix located in African countries with strong fundamentals Portfolio Metrics Retail Office Total Top 10 Tenants (by income) Number of Properties Acquisition Cost (US$m) 2 3 5 34% 121 97 218 Independent Property Value ($m) 115 105 220 Weighted Average Acquisition Yield¹ 8.6% 8.8% 8.7% Weighted Average Capitalisation Rate² WALE (years by income) GLA (sqm) 8.4% 8.6% 8.5% 2% 20% 3% 4% 20% 11% Vodacom Anadarko Alhokair Alshaya ■Label Vie Samarcande Group Sal & Calderia Advogados DVH BP 9% KPMG Other 6% 4% 5% Portfolio Summary by Geography (Asset Value) 6.9 years 7.0 years 7.1 years 35,643 23,410 59,053 Occupancy (by GLA) 93.3% 3 100.0% 96.0% 1. Based on purchase price excl. acquisition costs 2. Pre-tax cap rate. Calculated as a weighted average of property operating income divided by market value of property 3. Vacant space relates to street retail component of Anfa Place with the shopping centre itself being 100% occupied. 47,4% 52,6% ■ Mozambique ■Morocco#23EE KPMG / Hollard Building, Mozambique KPMG#24Geographic Spread Morocco Population (million) GDP (USDbn) Real GDP growth rate (%) GDP/Capita (USD) CPI (%) Credit rating Nigeria Population (million) 33.0 104.1 4.4 3 155.2 1.9 BBB- 179.0 GDP (USDbn) 569.0 Real GDP growth rate (%) 9.19 GDP/Capita (USD) 1 092 CPI Credit rating Zambia 9.3 B+ Population (million) 15.2 GDP (USDbn) 27.07 Real GDP growth rate (%) 7.1 GDP/Capita (USD) 1 081 CPI (%) Credit rating 1.54 B Sources: EIU, Standard & Poor's Note: 1. 2013 information; 2. Credit rating based on Standard & Poor's local currency rating Kenya maradelta PROPERTY HOLDINGS Population (million) 45.6 GDP (USDbn) 60.94 Real GDP growth rate (%) 3.8 GDP/Capita (USD) 649.0 CPI (%) 6.72 Credit rating B+ Mozambique Population (million) 25.8 GDP (USDbn) 15.3 Real GDP growth rate (%) 7.1 GDP/Capita (USD) 592.5 CPI (%) 4.2 Credit rating B Mauritius Population (million) GDP (USDbn) 1.3 12.6 Real GDP growth rate (%) GDP/Capita (USD) 3.2 54 629 7.16 Baa1 Current presence Target jurisdictions CPI (%) Credit rating#25maradelta PROPERTY HOLDINGS Acquisition Portfolio#26Vale Compound (Transfer January 2016) Location: Anchor tenants: Sector: Land title: GLA: Anchor lease term: Anchor tenant lease expiry: Average escalation: Vacancies: Valuation: Acquisition yield: Equity requirement: maradelta PROPERTY HOLDINGS Tete, Mozambique Vale and Barloworld Commercial / Residential Leasehold (50 + 50 years) 83 x 3 bed villas 40 x 2 bed apartments 7 years Vale, 3 years Barloworld 2023 and 2019 3% p.a. 0% US$33.4 million 9.80% (7.80% in Mauritius) US$17.6 million Debt requirement: Vendor: Type of purchase: US$16.7 million (refinance) VDE Limitada Purchase of Mauritius SPV#27Bollore Warehouse (Transfer January 2016) Location: Anchor tenants: Sector: Land title: maradelta PROPERTY HOLDINGS Pemba, Mozambique Bollore Africa Logistics Light industrial Leasehold 6 400m² exus Wise 1 GLA: Parking bays: Anchor lease term: 10 Anchor tenant lease expiry: Average escalation: Vacancies: 4.5 years March 2020 0% 0% Google earth imagery Date: 171 2013 125753.70-S 4220.10 E Mer 23m eyean 417 m Valuation: Equity requirement: Acquisition yield: Debt requirement: Vendor: Type of purchase: US$8.0 million US$4.3 million 10.90% (7.60% in Mauritius) US$4.0 million HodariProp Subject to negotiation#28Kafubu Mall (Transferred) HOND maradelta PROPERTY HOLDINGS Creamy kafubumall HUNGRY LION STOP SHOPRITE Markham Location: Anchor tenants: Sector: Land title: GLA: Anchor lease term: Anchor tenant lease expiry: Average escalation: Valuation: Acquisition yield: Equity requirement: Debt requirement: Vendor: Type of purchase: Ndola, Zambia Shoprite Retail Leasehold 11 964m² 8.5 years April 2024 USD CPI p.a. US$24.8 million (100%) 7.75% (7.20% in Mauritius) US$5.6 million US$7.1 million (refinance) Rockcastle Global Real Estate 50% Purchase of Mauritius SPV#29Mukuba Mall (Transferred) EXACT maradelta PROPERTY HOLDINGS Location: Anchor tenants: Sector: Kitwe, Zambia Shoprite, Game, Pick n Pay Retail WOOLWORTHS W Land title: Freehold sportscene GLA: Anchor lease term: Anchor tenant lease expiry: Average escalation: Valuation: Acquisition yield: Equity requirement: Debt requirement: Vendor: Type of purchase: 28 235m² 4.5 years March 2020 USD CPI p.a. US$68.7 million 7.75% (7.20% in Mauritius) US$17.8 million US$17.4 million (refinance) Rockcastle Global Real Estate 50% Purchase of Mauritius SPV#30Barclays House (Transfer January 2016) BARCLAYS Location: Anchor tenant: Sector: Land title: maradelta PROPERTY HOLDINGS Ebene, Mauritius Barclays Bank Office Leasehold 7 700m² Atrium 6th Floor GLA: Parking bays: 150 Anchor lease term: 12 years Anchor tenant lease expiry: 2028 Average escalation: CPI Vacancies: 0% Valuation: Equity requirement: Acquisition yield: Debt requirement: Vendor: Type of purchase: US$13.4 million US$8.2 million 8.30% (7.40% in Mauritius) US$6.7 million Jade Group Purchase of building#31Cosmopolitan Mall (Transfer April 2016) COSMOPOLITAN TRUWORTHS Edgars SHOPRITE FOSCHINI 2 Location: Anchor tenants: Sector: Land title: GLA: Parking bays: Anchor lease term: Anchor tenant lease expiry: Average escalation: Vacancies: Valuation: Equity requirement: Acquisition yield: Debt requirement: Vendor: Type of purchase: maradelta PROPERTY HOLDINGS Lusaka, Zambia Shoprite, Game Retail Freehold 25 900m² 1 300 10.0 years 2026 US CPI p.a. 0% US$80.0 million (100%) US$6.3 million (mezz. facility) Balance on completion of asset 7.75% (7.2% in Mauritius) US$6.0 million (mezz. facility) Balance on completion of asset Rockcastle Global Real Estate 50% Purchase of Mauritian SPV#32Buffalo Mall (Transfer March 2016) with just freel BUFFALO MALL NAIVASHA treesty DE maradelta PROPERTY HOLDINGS Retail Location: Naivasha, Kenya Ownership interest: 50.0% Anchor tenant: Tuskys Sector: Land title: GLA: Parking bays: Anchor lease term: Anchor tenant lease expiry: Average escalation: Vacancies (GLA): Valuation: Equity requirement: Acquisition yield: Debt requirement: Vendor: Type of purchase: Leasehold 5 300m² 250 15.0 years 2030 3% p.a. 1.9% US$10,4 million (100%) US$3.6 million 6.4% (2.5% in Mauritius) US$3.4 million Pivotal Fund Limited Share Purchase. Mauritian holdco#33maradelta PROPERTY HOLDINGS Wings Office Towers (completion & transfer September 2016) Location: Lagos, Nigeria Ownership Interest: 37.1% Anchor tenant: Oando PLC Sector: Office Land title: GLA: Parking bays: WINGS TWIN TOW TOWE Anchor lease term: Anchor tenant lease expiry: Average escalation: Vacancies (GLA): Valuation: Equity requirement: Acquisition yield: Debt requirement: Vendor: Type of purchase: Leasehold 27 000m² 700 10.0 years 2026 3% p.a. (4.5% p.a. from year 4 onwards) 41.3% US$280.0 million (100%) US$55.1 million 9.4% (6.9% in Mauritius) US$53.2 million Pivotal Fund Limited Share purchase. Mauritian holdco#34Anfa Place, Morocco RESTAU#35Key Investment Points ■ Positive asset management activities to drive NAV growth › Letting of retail vacancies in Morocco > Planned CAPEX/Expansion projects > Pre-let development pipeline ■ Yield enhancing acquisitions to increase distributions > Pipeline of developed assets to bulk up core portfolio > Deliberate and selective diversification of assets to increase earnings ■ Cost management to optimise return on assets › Active and controlled property management > Emphasis on achieving lower cost to income ratios through economies of scale > On the ground management in place ■ Managed approach to funding › Diversification (currency and jurisdiction) of funding sources to obtain lowest rates › Optimal usage of assets provided as security › Strategy of fixing 70% of rates at favourable levels › Access to debt capital markets maradelta PROPERTY HOLDINGS#36maradelta PROPERTY HOLDINGS Thank You#37maradelta PROPERTY HOLDINGS Q & A#38maradelta PROPERTY HOLDINGS Annexure A – Directors and - Management#39Directors and Management maradelta PROPERTY HOLDINGS Sandile Nomvete Chairman Exec Dep. & Prop Dev. Prog Sandile is the founder and CEO of Delta Property Fund, a REIT listed on the JSE with a portfolio of assets valued at ~US$700m. Sandile serves as a director on a number of other boards and has more than a decade of experience in executive and non executive positions. Bronwyn Anne Corbett Chief Executive Officer BCom (Acc) (Univ. of Natal, PMB), CA(SA) Bronwyn is a Chartered Accountant and CEO of Mara Delta (previously Delta Africa). She has more than 10 years of experience in the property sector with a specific focus on property ownership and financing structures. Bronwyn was a co-founder of Delta Property Fund which has built its property portfolio from R2 billion to in excess of R10 billion. Bronwyn was instrumental in both the listing of Delta Property Fund and Delta Africa (now Mara Delta) and has extensive experience in raising capital. Leon van de Moortele Chief Finance Officer Bcompt (Hons), CA(SA) After completing articles with PwC, Leon moved to the Global Risk Management Services within PwC, where he become the Senior Manager in charge of Data Management. In 2004, he moved to Solenta Aviation where he became Group Finance Director within 18 months. During his tenure as Group Finance Director, the group expanded from 12 aircraft to 48 aircraft, operating in 8 African countries (including South Africa, Mozambique, Algeria, Ghana, Gabon, Kenya, Tanzania and Cote d'Ivoire. Greg Pearson Executive Director MCMI, Elec Eng Greg is a graduate of Kingston University in London where he studied Business Management and Project Management. Prior to joining Delta, Greg was an executive with AECOM and was responsible for expanding their African footprint (ex- SA) resulting in his involvement in a vast array of major projects across Africa.#40Directors and Management (continued) Paul David Simpson Chief Operating Officer RIBA1 maradelta PROPERTY HOLDINGS Paul has had close involvement in providing architectural input on three hundred new shopping centres across South Africa, Africa and the Middle East. Paul's experience ranges from major tenant input through to mall plan design of large regional centres such as Clearwater Mall, Maponya Mall and Irene Mall. Paul also served as construction director of Group Five Building in the Western Cape as well as 2 decades at Woolworths heading up the real estate division. Peter Todd Lead Independent Director Maheshwar Doorgakant Non-Executive Director Peter was appointed as an Independent Non-Executive Director with effect from 14 August 2014. Peter is a qualified attorney and began his career as the senior tax manager at Arthur Anderson and Associates in Johannesburg. He joined TWS Rubin Ferguson in 1993 as a tax partner and was instrumental in listing six companies on the JSE. In 2000, Peter established Osiris International Trustees Limited in the British Virgin Islands ("BVI") to provide international trust and corporate administrative services to global clients, as well as Drake Fund Advisors which assists with the setup and administration of hedge funds in the BVI and Cayman Islands. He held a Non-Executive Director position at Redefine International Limited from the initial listing for some 9 years and has been involved in the property industry for many years. Maheshwar is a fellow of the Institute of Chartered Accountants of England and Wales. He holds the position of Managing Director of Apex Fund Services (Mauritius) Limited, which forms part of the Apex Group. He holds a number of directorships on numerous boards in both India and Africa for various funds and companies through which he has acquired extensive experience and knowledge on key industries in India and its principal capital markets as well as Africa. Mahesh is also the President of the Executive Committee of the Association of Trust and Management Companies of Mauritius. Chandra Kumar Gujadhur Non-Executive Director Chandra is the Chairman and co-founder of Apex Fund Services (Mauritius) Limited. He is also a member of the Institute of Chartered of Accountants in England and Wales and an associate member of the Society of Trust and Estate Practitioners, has long standing experience in the auditing of offshore funds, fund structuring and tax planning. He was previously a member of the Accounting and Auditing task team of the Corporate Governance Committee of Mauritius and the Chairman and member of the Consultative Sub-Committee on the drawing up of the New Listing Rules of the Stock Exchange of Mauritius. He retired as a senior partner with Deloitte at the end of September 2006, after 18 years, to assume the responsibility of Managing Director at Apex Mauritius. As a board member of numerous India focused funds and companies he has gained extensive experience and knowledge on key industries in India and its principal capital markets.#41Directors and Management (continued) maradelta PROPERTY HOLDINGS lan Mcleod Non-Executive Director lan holds a BCom (Honours) in Real Estate Investment, Valuation and Development and has over 41 years of experience with financial institutions, including Standard Bank of South Africa and Nedbank with a specific focus on Real Estate Credit Risk. He has extensive knowledge of the real estate sector's key role players, business sector and geographic nodes. lan has managed portfolios in excess of R40 billion during changing economic cycles and managing problematic properties in economic downturns. It is lan's expertise and knowledge that have seen him previously hold the position of Head of Credit for Real Estate. Trevor Matthews Operations Manager Certificated in Shopping Centre Management Trevor has over 30 years industry experience beginning his career in 1979 as a property assistant, a position he held for six years, in which he established the building blocks to a long and successful career in the sector. By 1985, he joined Bankorp Properties as a manager of collections. Following this, Trevor joined Liberty Group Properties as the Leasing Manager. In 2001, he managed a R1.5 billion portfolio for Allan Gray Shopping centres, thereafter progressing to Canal Walk Management as the Leasing Manager. He was the Retail Asset Manager of the Fountainhead Property Trust where he was responsible for the full asset management of a retail portfolio of 10 shopping centres. Jackie Van Niekerk Non-Executive Director (Pivotal) Jackie is the CEO of The Pivotal Fund Limited. Jackie studied BCom Accounting at the University of Pretoria and has 10 years of property experience in all property industries and disciplines. Jackie joined Pivotal in 2009 as an asset manager, where she gained experience in property management, investment and development in all property sectors. She was elected to the board and appointed as managing director in June 2013. Ashish J Thakkar Non-Executive Director (Mara) Ashish J. Thakkar is the Executive Chairman of Mara Sokoni, an African e-commerce platform with a focus on B2C marketplace for general merchandise. He is also the Founder of Mara Group and Mara Foundation. Ashish has driven the growth of the Mara Group from a small IT business in Uganda to the globally recognized multi-sector investment group that exists today. Through its investments, Mara Group now employs over 11,000 people across 25 African countries in sectors spanning technology, banking, real estate and infrastructure. Ashish serves as Chair of the United Nations Foundation, Global Entrepreneurship Council and is the author of The Lion Awakes: Adventures in Africa's Economic Miracle.#42Directors and Management (continued) maradelta PROPERTY HOLDINGS Dave Savage Non-Executive Director (Pivotal) Dave is an Executive Director of The Pivotal Fund Limited. Dave has 27 years' experience in the property industry, 25 years of which have been dedicated to the growth of the Abcon Group. Dave has been involved in all aspects of Abland becoming a national property development company active in all industry sectors. He was also integrally involved in the formation and listing of Pivotal. Dave currently serves as Group CEO for the various companies. In addition, he serves on the board of Fountainhead Property Trust. lan Chambers Independent Non-Executive Director lan Chambers is an Independent Non-Executive Director residing in Mauritius. His company, lan Chambers Consulting Limited, provides: tax advice to expatriates considering using Mauritius for future business; exchange control advice to South Africans considering relocating or emigrating to Mauritius; tax structuring advice to companies considering the utilisation of Mauritius; and structuring advice to South African companies in general.#43maradelta PROPERTY HOLDINGS Annexure B - Existing Portfolio#44Anfa Place Shopping Centre BIEN ANPAPLACE SHOPPINGCENTER Location: Anchor tenants: Nouvelle collection automne h Sector: Land title: GLA: MONSOON AMERICAN OURE CINNABON WORLD FAMOUS KINNAHON ROLLS Parking bays: Anchor lease term: Anchor tenant lease expiry: Average escalation: Vacancies: Valuation: maradelta PROPERTY HOLDINGS Casablanca, Morocco Carrefour, M&S, H&M, Virgin Megastore, McDonalds, Starbucks, Burger King Retail Freehold 30 879m² 1148 3+3+3 years 2021 10.0% every 3 years 0.31% in shopping mall 7.33% in street mall US$104.7 million#45Anadarko Building maradelta PROPERTY HOLDINGS Location: Anchor tenant: Sector: Land title: GLA: Parking bays: Anchor lease term: Anchor tenant lease expiry: Weighted average escalation: Maputo, Mozambique Anadarko Petroleum Office Leasehold (50+50 years) 7 805m² (plus 4 000m² second phase) 185 15 years May 2028 Vacancies: Valuation: PPI + 2.5% 0% US$ 41.2 million#46KPMG / Hollard Building ARCLAYS maradelta PROPERTY HOLDINGS FEE Hollard Location: Anchor tenant: Sector: Land title: GLA: Maputo, Mozambique KPMG, Hollard & BP Office Leasehold (50+50 years) 4 945m² KPMG KPMG Anchor tenant lease expiry: Parking bays: Anchor lease term: 99 3.5 years Feb 2018 Weighted average escalation: 4.1% Vacancies: 0% Valuation: US$ 18.6 million#47Vodacom Building maradelta PROPERTY HOLDINGS Location: Anchor tenant: Sector: Land title: GLA: Parking bays: Anchor lease term: Anchor tenant lease expiry: Weighted average escalation: Vacancies: Valuation: Maputo, Mozambique Vodacom Office Leasehold (50+50 years) 10 660m² 336 10 years Dec 2020/5.9 years 5.0% 0% US$ 43.4 million#48Zimpeto Square maradelta PROPERTY HOLDINGS Edgars Jamilia alejo do Moçambicana Mtego Location: Anchor tenant: Sector: Land title: GLA: Parking bays: Anchor lease term: Anchor tenant lease expiry: Weighted average escalation: Maputo, Mozambique Retail Masters, Edcon Retail Leasehold (50+50 years) 4,764m² 136 10 years May 2024 / 6.5 years 4.2% 0% vodacom MIMM MIMMOS Vacancies: Valuation: US$ 10.6 million