Unaudited condensed consolidated financial results for the nine months ended 30 September 2012 NEW EUROPE PROPERTY INVESTMENTS PLC FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2012 Incorporated and registered in the Isle of Man with registered number 001211V Registered as an external company with limited liability under the laws of South Africa, registration number 2009/000025/10 Registered office: 2nd Floor, Anglo International House, Lord Street, Douglas, Isle of Man, IM1 4LN (“NEPI”, “the Group” or “the Company”) AIM share code: NEPI BVB share code: NEP JSE share code: NEP ISIN: IM00B23XCH02 UNAUDITED CONDENSED CONSOLIDATED FINANCIAL RESULTS The Company is required to publish financial results for the nine months ended 30 September 2012 in terms of the rules of the Romanian National Securities Commission (“CNVM”) and the Rule Book of the Bucharest Stock Exchange (“the BVB”). Accordingly, this announcement presents the unaudited condensed consolidated financial results of the Group in respect of the financial period from 1 January 2012 to 30 September 2012 in a form compliant with the requirements of the CNVM and the BVB. CONSOLIDATED STATEMENT OF FINANCIAL POSITION CONSOLIDATED STATEMENT OF INCOME Unaudited Audited Unaudited Unaudited Audited Unaudited As at 30 Sep 2012 As at 31 Dec 2011 As at 30 Sep 2011 For the nine For the year ended For the nine € € € months ended 31 Dec 2011 months ended 30 Sep 2012 30 Sep 2011 ASSETS € € € Non-current assets 501 000 077 362 404 369 361 403 268 Net rental and related income 22 252 206 23 727 203 18 157 321 Investment property 418 385 813 341 802 837 337 432 252 Contractual rental income and Investment property at fair value 387 672 978 316 393 495 309 105 443 28 813 628 32 069 075 24 384 578 expense recoveries Investment property under development 30 712 835 25 409 342 28 326 809 Property operating expenses (6 561 422) (8 341 872) (6 227 257) Goodwill 13 912 760 13 351 499 13 849 887 Share-based payment expense (877 193) (1 041 647) (660 576) Other long term assets 13 703 706 6 213 458 8 523 768 Foreign exchange loss (4 736 641) (475 883) (557 127) Financial assets at fair value Administrative expenses (2 376 579) (2 023 349) (1 170 691) 54 997 798 1 036 575 1 597 361 through profit or loss Fair value adjustment on investment Current assets 43 318 422 62 816 541 22 695 469 – 3 010 852 – property and goodwill Trade and other receivables 11 479 924 7 751 441 5 622 221 Fair value gains on investments 6 391 471 – – Cash and cash equivalents 31 838 498 55 065 100 17 073 248 Distributable income from investments 334 942 – – Profit before net finance expense 20 988 206 23 197 176 15 768 927 Total assets 544 318 499 425 220 910 384 098 737 Net finance expense 324 904 (4 925 640) (7 278 558) EQUITY AND LIABILITIES Finance income 11 843 232 6 253 858 187 502 Total equity attributable (11 518 328) 318 322 499 235 258 940 185 436 029 Finance expense (11 179 498) (7 466 060) to equity holders Share capital 1 199 308 955 693 808 328 Profit before tax 21 313 110 18 271 536 8 490 369 Share premium 293 287 953 227 844 770 188 005 846 Tax (1 409 097) 500 210 – Share-based payment reserve 13 946 514 7 456 257 7 400 126 Profit for the period attributable Currency translation reserve 136 392 (2 650 522) (2 377 806) 19 904 013 18 771 746 8 490 369 to equity holders Accumulated profit/(loss) 9 752 332 1 652 742 (8 400 465) Distributable earnings per 21.09 24.67 14.92 share (euro cents) Total liabilities 225 996 000 189 961 970 198 662 708 Non-current liabilities 204 827 698 174 098 216 179 013 981 Loans and borrowings 178 712 888 156 629 879 162 476 369 RECONCILIATION OF PROFIT FOR THE PERIOD TO DISTRIBUTABLE EARNINGS Deferred tax liabilities 19 205 561 15 086 152 15 586 362 Unaudited Audited Unaudited Financial liabilities at fair value For the nine For the year ended For the nine 6 909 249 2 382 185 951 250 through profit or loss months ended 31 Dec 2011 months ended Current liabilities 21 168 302 15 863 754 19 648 727 30 Sep 2012 30 Sep 2011 Trade and other payables 6 721 971 5 251 265 13 506 229 € € € Loans and borrowings 11 709 194 8 235 659 3 939 707 Profit for the period attributable 19 904 013 18 771 746 8 490 369 to equity holders Tenant deposits 2 737 137 2 376 830 2 202 791 Unrealised foreign exchange loss 4 736 641 475 883 557 127 Total equity and liabilities 544 318 499 425 220 910 384 098 737 Acquisition fees 963 436 – – Net asset value per share 2.58 2.41 2.24 Share-based payment fair value adjustment 877 193 1 041 647 660 576 Adjusted net asset value per share 2.61 2.43 2.27 Accrued interest on share-based payment 434 156 685 186 522 215 Fair value adjustment on investment – (3 010 852) – property and goodwill Financial assets at fair value (938 264) 4 263 016 2 132 788 RECONCILIATION OF NET ASSET VALUE TO ADJUSTED NET ASSET VALUE Accrued income from investments 1 329 538 – – Unaudited Audited Unaudited Amortisation of financial assets (572 063) (972 520) (719 174) As at 30 Sep 2012 As at 31 Dec 2011 As at 30 Sep 2011 Deferred tax expense/(income) 1 409 097 (500 210) – € € € Shares issued cum distribution 1 778 338 2 323 347 1 022 551 Adjusted net asset value 336 120 813 249 738 983 200 920 940 Non-distributable portion of the Net asset value per the statement (3 144 561) – – 318 322 499 235 258 940 185 436 029 vendor settlement income of financial position Distributable earnings for the period 26 777 524 23 077 243 12 666 452 Loans in respect of the Initial 12 505 513 12 745 390 13 748 436 Less: dividends declared (14 101 923) (18 689 531) (8 293 733) Share Scheme Deferred tax liabilities 19 205 561 15 086 152 15 586 362 Earnings not distributed 12 675 601 4 387 712 4 372 719 Goodwill (13 912 760) (13 351 499) (13 849 887) Number of shares entitled to distribution 128 686 411 99 196 545 84 910 831 Net asset value per share 2.58 2.41 2.24 Distributable earnings per share 21.09 24.67 14.92 for the period (euro cents) Adjusted net asset value per share 2.61 2.43 2.27 Less: dividends declared (euro cents) (11.24) (20.25) (9.77) Number of shares for net asset 123 576 781 97 569 456 82 832 949 Earnings per share not value per share purposes 9.85 4.42 5.15 distributed (euro cents) Number of shares for adjusted net 128 686 411 102 783 693 88 497 979 asset value per share purposes Basis of preparation These condensed consolidated unaudited quarterly financial results have been prepared KEY PERFORMANCE INDICATORS in accordance with the recognition and measurement criteria of the International Financial Unaudited Unaudited Reporting Standards (“IFRS”) and its interpretations adopted by the International Accounting 30 Sep 2012 30 Sep 2011 Board (“IASB”). The accounting policies which have been applied are consistent with those 1. Current liquidity ratio 2.05 1.16 used in the preparation of the annual financial statements for the year ended 31 December 2. Gearing ratio (debt to equity) 5.6:10 8.8:10 2011. These condensed consolidated unaudited quarterly financial results have not been 3. Tenant’s receivable turnover 5.5 days 5.6 days reviewed or reported on by the Company’s external auditors. 4. Return on investment property 8% per annum 8% per annum 14 November 2012 For further information please contact: New Europe Property Investments Plc, Martin Slabbert: +40 74 432 8882 Nominated Adviser and Broker: Smith & Williamson Corporate Finance Limited: +44 20 7131 4000 JSE sponsor: Java Capital: +27 11 283 0042 Romanian advisor: SSIF Intercapital Invest SA, Razvan Pasol: +40 21 222 8731 www.nepinvest.com Date: 14/11/2012 09:00:00 Produced by the JSE SENS Department. 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