Abridged unaudited financial statements for the three months and twelve months ended 31 MARCH 2013 Rockcastle Global Real Estate Company Limited Abridged unaudited financial statements for the three months and the twelve months ended 31 March 2013 Incorporated in the Republic of Mauritius Reg no 108869 C1/GBL ISIN MU0364N00003 Primary listing SEM SEM code Rock.N0000 Secondary listing JSE JSE code ROC (Rockcastle or the Company) DIRECTORS COMMENTARY STRUCTURE OF ROCKCASTLE Rockcastle was incorporated on 31 March 2012 as a Category One Global Business License Company with the primary objective of investing globally in listed real estate assets and direct property in developing markets. Rockcastle is listed on both the Stock Exchange of Mauritius Limited (SEM) and the Alternative Exchange of the JSE Limited (JSE) and intends releasing its full set of financial results in respect of the 15 month period ending 30 June 2013. REVIEW During the twelve month period, the Company successfully raised USD 240,8 million of capital by means of various private placings that were substantially oversubscribed. As a result, the number of shareholders increased significantly and the trading liquidity of the Companys shares has improved. As at the end of the period, Rockcastles gearing ratio (total interest-bearing borrowings divided by the total assets) was 44,5%. Continued uncertainty in the global macro-economic environment has offered various investment opportunities, particularly in Europe and the United States of America and the Companys portfolio continues to deliver sound returns. In addition, the Company has identified a number of sites in three African countries for direct property investments and is in the early stages of finalising these agreements. This will assist Rockcastle in delivering continued growth in distributable earnings per share. Rockcastle declared an interim dividend of 4,56 USD cents per share, being number 1 for Rockcastle, on 13 February 2013 in respect of the period from incorporation to 31 December 2012. The interim dividend was paid on 11 March 2013. There were 140 000 000 shares in issue that qualified for the dividend. No dividend has been declared nor will be paid in respect of the three months ended 31 March 2013. The Company will continue to consider and declare dividends on a semi-annual basis. OUTLOOK The Board of Directors (the Board) is confident that a dividend yield of between 7% and 9% on the initial issue price of USD 1,00 per share will be achieved for the financial period ending 30 June 2013. The aforegoing forecast statement and the forecasts underlying such statement are the responsibility of the Board and have not been reviewed or reported on by the Companys external auditors. The forecast is based on the assumptions that a stable global macro-economic environment will prevail and no failures of listed REITs will occur. STATEMENT OF FINANCIAL POSITION Unaudited as at 31 March 2013 USD ASSETS Non-current assets 465 633 344 Investments 464 030 490 Share incentive loans 1 602 854 Current assets 163 366 Trade and other receivables 971 Cash and cash equivalents 162 395 Total assets 465 796 710 EQUITY AND LIABILITIES Total equity attributable to equity holders 257 950 372 Stated capital 240 806 177 Currency translation reserve (42 578) Retained earnings 17 186 773 Total liabilities 207 846 338 Non-current liabilities 207 453 150 Interest-bearing borrowings 207 453 150 Current liabilities 393 188 Trade and other payables 393 188 Total equity and liabilities 465 796 710 Total number of shares in issue 220 000 000 Net asset value per share (USD) 1,17 STATEMENT OF COMPREHENSIVE INCOME Unaudited Unaudited for the three for the twelve months ended months ended 31 March 2013 31 March 2013 USD USD Dividends received from listed security investments 3 291 532 5 149 705 Fair value gain on investments 14 544 499 20 153 898 Administrative expenses (83 246) (228 300) Listing costs (524 562) Profit before net finance costs 17 752 785 24 550 741 Net finance costs (609 077) (874 292) Finance costs (609 077) (903 994) Interest on borrowings (535 602) (903 994) Fair value adjustment on government bond positions (73 475) Finance income 29 702 Fair value adjustment on government bond positions 29 702 Profit before income tax expense 17 143 708 23 676 449 Income tax expense (72 368) (105 676) Profit for the period attributable to equity holders 17 071 340 23 570 773 Total comprehensive income for the period 17 071 340 23 570 773 Basic earnings per share and headline earnings per share (USD cents) 11,90 28,18 Basic earnings per share and headline earnings per share are based on the weighted average of 143 516 484 shares in issue for the three months ended 31 March 2013 (twelve months ended 31 March 2013: 83 628 802). There are no reconciling items between basic earnings and headline earnings. Rockcastle has no dilutionary instruments in issue. STATEMENT OF CHANGES IN EQUITY Currency Stated translation Retained Unaudited for the twelve capital reserve earnings Total months ended 31 March 2013 USD USD USD USD Issue of shares (220 000 000 shares) 240 806 177 240 806 177 Total comprehensive income for the period 23 570 773 23 570 773 Currency translation movement (42 578) (42 578) Dividend declared (interim) (6 384 000) (6 384 000) Balance at 31 March 2013 240 806 177 (42 578) 17 186 773 257 950 372 STATEMENT OF CASH FLOWS Unaudited for the twelve months ended 31 March 2013 USD Cash inflow from operating activities 3 779 390 Cash outflow from investing activities (445 522 024) Cash inflow from financing activities 441 905 029 Increase in cash and cash equivalents 162 395 Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period 162 395 Cash and cash equivalents consist of: Current accounts 162 395 SEGMENTAL REPORTING Unaudited Unaudited for the three for the twelve months ended months ended 31 March 2013 31 March 2013 USD USD Profit before income tax expense Australia 2 143 624 2 302 231 Canada 969 840 1 712 297 Europe (5 551) 3 667 912 Great Britain (561 889) 330 768 Hong Kong 1 276 023 2 198 331 Singapore 1 909 362 3 337 544 United States of America 11 476 467 10 823 377 Corporate (64 168) (696 011) 17 143 708 23 676 449 Total assets Australia 37 906 862 Canada 61 468 293 Europe 78 519 365 Great Britain 29 912 167 Hong Kong 23 447 998 Singapore 51 981 151 United States of America 180 794 654 Corporate 1 766 220 465 796 710 NOTES The Company is required to publish financial results for the three months and twelve months ended 31 March 2013 in terms of the Listing Rule 12.19 of the SEM. Accordingly, this announcement presents the financial results of the Company in respect of the period from 1 January 2013 to 31 March 2013 and in respect of the period from incorporation to 31 March 2013. The abridged unaudited financial statements for the three months and twelve months ended 31 March 2013 have been prepared in accordance with the measurement and recognition requirements of IFRS, the requirements of IAS 34: Interim Financial Reporting, the JSE Listings Requirements and the SEM Listing Rules. The abridged unaudited financial statements have not been reviewed or reported on by the Companys external auditors. These abridged unaudited financial statements were approved by the Board on 24 April 2013. Copies of the abridged unaudited financial statements and the Statement of direct and indirect interests of each officer of the Company, pursuant to rule 8(2)(m) of the Securities (Disclosure Obligations of Reporting Issuers) Rules of Mauritius 2007, are available free of charge, upon request at the Registered Office of the Company at Level 3, Alexander House, 35 Cybercity, Ebene, Mauritius. Contact person: Mr Kesaven Moothoosamy. By order of the Board Intercontinental Trust Limited Company Secretary 24 April 2013 This communique is issued pursuant to SEM Listing Rules 12.20 and section 88 of the Securities Act of Mauritius 2005. The Board accepts full responsibility for the accuracy of the information contained in these abridged unaudited financial statements. The Directors are not aware of any matters or circumstances arising subsequent to the period ended 31 March 2013 that require any additional disclosure or adjustment to the abridged unaudited financial statements. www.rockcastleglobalre.mu Date: 24/04/2013 12:04:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.