Short-form announcement results for the year ended 31 August 2019 REBOSIS PROPERTY FUND LIMITED (Rebosis or the company) (Registration number 2010/003468/06) (Approved as a REIT by the JSE) JSE share code Rebosis A share: REA JSE share code Rebosis Ordinary share: REB Alpha code: REBI ISIN Rebosis A share: ZAE000240552 ISIN Rebosis Ordinary share: ZAE000201687 SHORT-FORM ANNOUNCEMENT RESULTS for the year ended 31 August 2019 Net Property Income growth 0.4% Vacancy Rate growth 6.5% Retail Footfall growth 2.5% Tangible NAV B shares R7.78 Total Assets R17.2bn Portfolio WAULT 3.3years Retail Trading Density 5.4% Office Renewals 202 574m2 * The reported tangible NAV attributable to the REB shares is the net asset value excluding goodwill after netting off market cap of REA shares Group Unaudited Audited for the for the year ended year ended 31-Aug-19 31-Aug-18 Revenue (R’000) 1 842 144 2 261 439 Distributable income per A Share (cents) 265.50 252.86 Distributable income per B Share (cents) 8.36 92.83 Basic and diluted earnings per A Share (cents) 265.50 252.86 Basic and diluted earnings per B Share (cents) (503.29) (163.75) Basic and diluted headline earnings per A Share (cents) 265.50 252.86 Basic and diluted headline earnings per B Share (cents) (14.69) 15.72 Net asset value per A Share (R) 13.65 22.75 Net asset value per B Share (R) 8.29 12.76 INTRODUCTION Rebosis is a JSE listed real estate investment trust (REIT) with a high quality diversified portfolio across commercial and retail assets. The majority of the commercial income enjoys a sovereign underpin from leases to national government departments accross 36 buildings. Its retail portfolio has a mix of dominant and newly built shopping centres set to dominate in their nodes in Port Elizabeth (Baywest Mall) and Centurion (Forest Hill City). FINANCIAL RESULTS Distributable income decreased by 71% from R791 million to R226 million for this reporting period of which R250 million was as a result of once off items. In addition, finance income decreased by R190 million due to lower income from cross currency swaps as well as loss of income due to the BBBEE consortium and the Charitable trust. The increase in bad debt provision of R61 million and tax expense of R38 million reduced the distributable income further. "The Board deemed it prudent to deleverage the fund and has therefore resolved to not declare a full year dividend for the year ending 31 August 2019. Investment property was revalued at year-end by independent valuers. The value of the property declined by 8.7% to R16.3 billion. The direct investment in New Frontier Properties and the loan to the BEE consortium has been written off to Rnil. The impairment of New Frontier Properties of R2.4 billion together with the valuation adjustments above, resulted in the loan to value increasing from 51.6% as at 31 August 2018 to 60.9% as at 31 August 2019." DECLARATION AND PAYMENT OF CASH DIVIDEND The Rebosis Board has resolved not to declare a dividend for the financial year-ended 31 August 2019. PROSPECTS The company has achieved good operational efficiencies in a difficult trading environment including progress on lease renewals and containing vacancies. It will continue to focus on these key efficiencies including remaining renewals on expired leases in order to improve WAULT that would lead to better credit profile especially in light of expiring debt. There will be more emphasis to continue the disposal program on the back of the lease renewals to reduce LTV and the Delta merger including other measures to unlock value. SHORT-FORM ANNOUNCEMENT This short-form announcement has been prepared by Ms I. King CA (SA), in her capacity as Chief Financial Officer of the company, and is the responsibility of the directors of Rebosis. The full announcement ("Full Announcement") was released on SENS on 11 November 2019 and can be found on the company’s website at http://www.rebosis.co.za/#investor-relations. The full announcement is also available on the JSE’s website at https://senspdf.jse.co.za/documents/2019/jse/isse/REB/ye2019.pdf. The information contained in this short-form announcement is only a summary of the information in the Full Announcement and does not contain full or complete details. Any investment decision by investors and/or shareholders should be based on consideration of the Full Announcement published on SENS and on the company’s website as a whole. A copy of the Full Announcement is available for inspection, and may be requested, by investors and/or shareholders at the Company’s registered office, 2nd Floor, Roland Garros Building, The Campus, Corner Sloane and Main Streets, Bryanston, 2191, Attention: Isabeau King, and at the offices of the Sponsor (Nedbank Corporate and Investment Banking, a division of Nedbank Limited, Nedbank 135 Rivonia Campus, 135 Rivonia Road, Sandown, Sandton, 2196, Attention: Michelle Benade) at no charge, during business hours from 11 November 2019 to 25 November 2019. The information contained in this short-form announcement has not been reviewed or reported on by the company’s auditors. By order of the Board Monday, 11 November 2019 Equity and Debt Sponsor Nedbank CIB Date: 11/11/2019 07:05:00 Produced by the JSE SENS Department. 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