INGENUITY PROPERTY INVESTMENTS LIMITED - Trading Statement

Trading Statement

INGENUITY PROPERTY INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2000/018084/06)
ISIN: ZAE 000127411 JSE share code: ING
(“Ingenuity” or “the company”)

TRADING STATEMENT
In terms of paragraph 3.4 (b) of the Listings Requirements of the JSE Limited,
Ingenuity expects to announce for the year ended 31 August 2016:

-   headline earnings per share (“HEPS”) of 3.6 cents per share which is a
    decrease of 23% when compared to the HEPS of 4.7 cents per share reported
    for the corresponding year ended 31 August 2015;

-   earnings per share (“EPS”) of 12.8 cents per share which is a decrease of 32%
    when compared to the EPS of 18.7 cents per share reported for the
    corresponding year ended 31 August 2015; and

-   net asset value per share (“NAVPS”) of 118 cents per share which is an
    increase of 7.3% when compared to the NAVPS of 110 cents per share
    reported for the corresponding year ended 31 August 2015.

Earnings have decreased due to increases in borrowings utilised to fund large
growth in the asset base of the company. Earnings were also negatively affected
by interest rate increases of 100bps during the year under review, as well as by
prudent long term interest rate swap contracts entered into to avoid any interest
rate risk.

In addition to the above factors, EPS was negatively affected by the increase in
the CGT inclusion rate from 18.67% to 22.4% affecting prior year valuations which
had to be adjusted in this financial year through the statement of profit or loss.

Net asset value growth has increased due to growth in the underlying portfolio,
acquisitions made and a development completed during the year.

Ingenuity remains focussed on its strategy. Our commitment is to create enduring
increased wealth for shareholders focusing on underlying quality assets. Our asset
base is well positioned to do this.

The above information has not been reviewed or reported on by the company’s
auditors and the company’s results for the year ended 31 August 2016 are
expected to be published on or about 8 November 2016.

Cape Town
28 October 2016

Sponsor
Nedbank Corporate and Investment Banking

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