Results For The Six Months Ended 30 September 2019 And Dividend Declaration SIRIUS REAL ESTATE LIMITED (Incorporated in Guernsey) Company Number: 46442 JSE Share Code: SRE LSE (EUR) Share Code: ESRE LSE (GBP) Share Code: SRE ISIN Code: ISIN GG00B1W3VF54 ("Sirius Real Estate", “Sirius” or the "Company") RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019 AND DIVIDEND DECLARATION 1. SALIENT FEATURES Profit before tax of €79.7 million for the six-month period (H1 2018: €78.2 million) Funds from Operations* grew by 16.3% to €27.1 million (H1 2018: €23.3 million) Interim dividend per share increased by 8.6%** to 1.77c (H1 2018: 1.63c) NAV per share increased by 7.3% to 76.18c (31 March 2019: 71.01c) - adjusted NAV*** per share up 6.7% to 80.20c (31 March 2019: 75.17c) Completed the sale of 65% of five assets**** to AXA Investment Managers - Real Assets at significant premium to previously reported book value generating around €70.0 million of funds to re-invest Finalised €115.4 million increase in Berlin Hyp AG bank facility for four years with all-in fixed interest rate of 0.9% per annum***** generating around €90.0 million of funds to re- invest Completed the acquisition of three sites for €21.9 million - additional two assets notarised for acquisition for €64.6 million – three assets in exclusivity for €57.7 million Mature asset located in Weilimdorf notarised for disposal for €10.1 million, due to complete in April 2020 Entered FTSE 250 EPRA earnings per share increased by 13.5% to 2.44 cents per share, from 2.15 cents per share in the prior corresponding period. Headline earnings per share decreased by 32.2% to 1.45 cents per share, from 2.14 cents per share in the prior corresponding period. Earnings per share decreased by 2.6% to 6.86 cents per share, from 7.04 cents per share in the prior corresponding period. * See note 24 of the Interim Report. ** Interim dividend represents 67% of FFO (30 September 2018: 70% of FFO). *** See note 11 of the Interim Report. **** Transaction included the sale of 65% of the Group’s interest in five subsidiary entities which own five property assets ***** Nabern asset added into the security pool following the repayment of €24.6 million of K-Bonds debt that the asset previously acted as security for. 2. DIVIDEND The Board has considered the payout ratio for the financial year ending 31 March 2020 in the context of recent asset recycling and in particular the loss of income whilst the proceeds from the Titanium venture are re-invested. Accordingly, the Board has declared an interim dividend of 1.77c per share for the six month period ended 30 September 2019, representing a payout ratio of 67% of FFO, and an increase of 8.6% on the 1.63c dividend that represented 70% of FFO relating to the same period last year. Notwithstanding the impact of additional asset recycling, the Board remains committed to reverting to its stated pay-out ratio target of 65% in due course. The ex-dividend date will be 18 December 2019 for shareholders on the South African register and 19 December 2019 for shareholders on the UK register. The record date will be 20 December 2019 for shareholders on the South African and UK registers and the dividend will be paid on 17 January 2020 for shareholders on both registers. A detailed dividend announcement will be made in due course, including details of a scrip dividend alternative. 3. SHORT-FORM ANNOUNCEMENT This short-form announcement is the responsibility of the directors of the Company. It contains only a summary of the information in the full announcement (‘Full Announcement”) and does not contain full or complete details. The Full Announcement can be found at: https://senspdf.jse.co.za/documents/2019/JSE/ISSE/SREE/Interim19.pdf Copies of the Full Announcement is also available for viewing on the Company’s website at https://www.sirius-real-estate.com/news/regulatory-news/ or may be requested in person, at the Company’s registered office or the office of the sponsor, at no charge, during office hours. Any investment decisions by investors and/or shareholders should be based on consideration of the Full Announcement, as a whole. 25 November 2019 Sponsor PSG Capital Date: 25-11-2019 09:00:00 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.