Eastern Europe Outlook & Focus $ Sub-Saharan Africa - PDF document

Pre-close 28 June 2019 1 Agenda South Africa R Eastern Europe € Outlook & Focus $ Sub-Saharan Africa Borrowings Outlook & Focus 2 2 1

Outlook & Focus - March 2019 Hyprop Group ▪ Recycle capital to support growth ▪ Review strategy ▪ Cash-backed distributions ▪ Review borrowings ▪ Long-term investment decisions ▪ Restore Moody’s investment grading Sub-Saharan Africa South Africa Eastern Europe (Excl.SA) ▪ Reposition malls ▪ Strengthen the entertainment ▪ Reduce exposure and restaurant offering ▪ Partner with tenants ▪ Active asset management ▪ Secure rights for extensions ▪ Portfolio approach 3 3 Strategy 4 4 2

The Why Why do we exist? We create environments and opportunities for people to connect and have authentic and meaningful experiences How do we do it? By owning and managing a portfolio of dominant retail centres in key economic nodes in South Africa and Eastern Europe 5 5 Mission To be the leading South African based REIT through managing and developing tangible and intangible assets The three growth/focus areas: 1 2 3 Non-tangible South Africa Eastern Europe revenue streams 6 6 3

Gauteng region Property locations as per the next slide of all the SA assets South Africa H Y D E P A R K C O R N E R ▪ Reposition malls ▪ Partner with tenants ▪ Portfolio approach Western Cape region Canal Walk, Century City, Cape Town 7 7 Operations South Africa Trading density - R/m² Rent ratio - portfolio 12% 5 000 5.6% 5.5% 4.9% 10% 4 000 0.5% 0.5% 0.5% 9.4% 8% 9.3% 9.1% 9.0% 8.8% 8.6% 3 000 6% 2 924 2 939 2 943 2 929 2 945 2 930 2 000 4% 1 000 2% 0% Jun Jun Dec Dec Apr Apr Jun Jun Dec Dec Apr Apr 2017 2018 2017 2018 2018 2019 2017 2018 2017 2018 2018 2019 (Rolling 12 months) (Rolling 12 months) Average monthly foot count / m² Retail vacancy 13.0 2.0% 12.5 1.3% 1.5% 1.6% 1.6% 2.8% 12.2 12.0 1.0% 12.1 12.1 12.1 1.1% 1.0% 11.9 11.7 11.5 0.5% 11.0 0.0% Jun Jun Dec Dec Apr Apr Jun Dec Apr 2017 2018 2017 2018 2018 2019 2018 2018 2019 (Rolling 12 months) (Month) 8 8 4

Edcon exposure South Africa % of Gross Income (Dec 2018) Exposure per property (Dec 2018) 2.5% 7.6% 2.1% 2.2% 2.1% % of Gross Income % of GLA 2.0% 1.4% 1.5% 1.1% 1.0% Edcon 0.9% 1.0% 0.8% 0.8% 0.8% 0.7% 0.7% Other tenants 0.4% 0.4% 0.5% 0.2% 0.1% 0.1% 0.1% 92.4% 0.0% Canal Walk Clearwater The Glen Rosebank Woodlands Cape Gate Somerset Hyde Park Atterbury Mall Shopping Mall Boulevard Mall Mall Corner Value Mart Centre % of GLA (Dec 2018) GLA reduction - m² (Jun 2019) 66 781 78 1 200 Already reduced 9.4% 4 992 8 630 Still to reduce 829 1 531 Edcon 7 280 Other tenants 50 871 50 781 90.6% 2018 2019 2020 9 9 Top 10 Tenant Groups by GLA Massmart 7.5% % of total % of Pick 'n Pay 7.5% Gross total Foschini 5.4% Tenant Group Income * GLA Woolworths 8.0% Mr Price 4.3% Edcon 7.3% 9.6% Woolworths 2.9% 8.0% Pepkor Holdings 3.3% Edcon 9.6% Pick 'n Pay 2.7% 7.5% Nu Metro 2.7% Massmart 3.9% 7.5% Truworths LTD 2.7% Foschini 7.1% 5.4% Shoprite Holdings 2.6% Mr Price 4.2% 4.3% Pepkor Holdings 3.3% 3.3% Nu Metro 1.1% 2.7% Other 46.4% Truworths 3.3% 2.7% Shoprite Holdings 0.9% 2.6% * Gross income (based on basic rental & operating cost) 10 10 5

Woodlands ▪ Upgrade to the piazza and foodcourt area Foodcourt Footcount • Opened April 2019 2017/2018 2018/2019 • Integrated cinema block and piazza to improve 400 000 65.3 % 300 000 entertainment offering 1.2% 11.1% 200 000 • Two new restaurant sites are trading well (Mooi and Casa Bella) 100 000 • Created new kiddies play and entertainment facility Mar Apr May • Three existing restaurants currently under refurbishment • Average footfall growth of +25% since completion • Capital investment R9,5m ▪ Restroom upgrade • Phase 1: Two refurbished blocks opened May 2019 • Phase 2: Two remaining blocks to be refurbished shortly ▪ Repositioning & right-sizing of various anchors underway • To improve the mall tenant mix • To maintain mall dominance in node 11 11 The Glen ▪ Foodcourt redevelopment • New enclosed ‘Foodhall’ and improved entertainment offering • 1 100m² new GLA added • Capital investment R121m (incl. co-owner portion) • Key new tenants incl. Mr. Funtubbles, Nando's, Krispy Kreme, PEP , Miniso • Scope included re-tiling the entire mall ▪ Down-sizing of Edgars and new Checkers • New 4 100m² Checkers shop to ‘Fresh - X’ specification • Includes grocery and liquor stores • Capital investment R54,2m (incl. co-owner portion) • Completion 1 November 2019 • Checkers will close their nearby store 12 12 6

Canal Walk ▪ Foodcourt upgrade project • Ratanga Junior has withdrawn • Project scope being reviewed to include entertainment ▪ Restroom refurbishment project • Project scope incl. refurbishing all 12 public ablution facilities • Phased over a 9-month period to minimise impact on customers • Capital investment R31m (incl. co- owner’s portion) 13 13 Sustainable initiatives ▪ Solar roll-out • Install solar PV at six malls • Total project generation capacity will be 18 million kWh / annum • Estimated capital investment R121m and yield of 14% 14 14 7

Croatia Serbia Bulgaria Eastern Europe Montenegro Macedonia ▪ Strengthen the entertainment and restaurant offering ▪ Secure rights for extensions City Center One East - Zagreb, Croatia 15 15 Operations Eastern Europe Trading density per month - € Rent ratio - portfolio 12% 400 350 12% 3.3% 3.6% 4.7% 300 12.2% 12% 250 0.9% 0.7% 4.5% 249 200 242 247 12% 239 240 231 150 12% 11.7% 11.7% 11.6% 100 11.6% 11.6% 11% 50 11% Jun Jun Dec Dec Apr Apr Jun Jun Dec Dec Apr Apr Jun Dec Apr Jun Dec Apr 2017 2018 2017 2018 2018 2019 2017 2018 2017 2018 2018 2019 (Rolling 12 months) (Rolling 12 months) Average monthly foot count / m² Vacancy - portfolio 1.0% 40 35 0.8% 30 1.3% 2.0% 0.6% 25 1.1% 20 0.4% 15 17.8 17.6 17.8 17.6 17.8 17.4 10 0.1% 0.2% 0.0% 5 0.0% 0 Jun Jun Dec Dec Apr Apr Jun Dec Apr Jun Dec Apr 2017 2018 2017 2018 2018 2019 2018 2018 2019 (Rolling 12 months) (Month) 16 16 8

The Mall, Sofia ▪ Hypermarket conversion • Conversion of former Carrefour hyper to traditional mall • Converted area comprises 12 000m² GLA with 40 line stores • Anchor tenants incl. Billa supermarket (2 450m²), JYSK (1 280m²) Sinsay (880m²) & PEPCO (540m²) • Capital investment €23,5 million • Additional income €2,07 million / annum • Opened 20 June 2019 ▪ Restroom Upgrade • Phased upgrade of all six toilet blocks • Completion first quarter 2020 • Capital investment €315 000 17 17 Skopje City Mall, Macedonia ▪ Various internal projects to ensure longevity of the mall • Right-sizing various tenants and recycling large under-utilised space • Introduction of new LPP fashion brands • Improved vertical transport (escalator) to second floor • New external café-terraces and kiddies play area • Restroom and foodcourt upgrade • Project timeline: June 2019 – March 2021 • Capital investment €5,2 million, delivering a yield of 10% 18 18 9

Delta Podgorica, Montenegro ▪ Refurbishment of parking deck and new parking equipment • Project scope includes - Structural repairs to the parking deck behind the mall - Installation of new parking equipment • Capital investment €960 000 delivering a 15% yield • Project completion August 2019 19 19 Eastern Europe - future projects ▪ The Mall, Sofia • Foodcourt upgrade ▪ Delta City, Podgorica • Mall expansion circa 7 500 m² • Possible link bridge to adjoining City Mall • Still subject to Council approval ▪ City Center One East, Zagreb • Mall expansion circa 14 000 m² • Expansion into existing parking decks • Still subject to Council approval 20 20 10

Sub-Saharan Africa (Excl.SA) Ghana Nigeria ▪ Reduce exposure ▪ Active asset management Zambia Manda Hill, Lusaka, Zambia 21 21 Operations Sub-Saharan Africa Trading density - $ / m² 220 2.3% 3.8% 218 215 216 213 213 2.8% 210 208 205 207 200 Jun Jun Dec Dec Apr Apr 2017 2018 2017 2018 2018 2019 (Rolling 12 months – Excluding Ikeja) Average monthly foot count / m² Retail vacancy 35 9.5% 0.1% 30 1.4% 1.5% 9.0% 9.0% 25 8.5% 26 25 25 26 25 26 20 8.3% 8.0% 15 7.5% 7.7% 10 7.0% 5 6.5% Jun Jun Dec Dec Apr Apr Jun 2018 Dec 2018 Apr 2019 2017 2018 2017 2018 2018 2019 (Month) (Rolling 12 months) 22 22 11

Disposals Sub-Saharan Africa ▪ Phase one • Achimota, Ghana and one other asset • Subject to CP’s • Target completion date 31July 2019 ▪ Phase two • Ikeja Mall, Nigeria • Under exclusivity • Target completion date 31 March 2020 ▪ Phase three • Balance of the portfolio • Various interested parties • Target completion date 30 June 2020 ▪ All proceeds will be used to settle US$ debt 23 23 Borrowings and Moody’s Rating 24 24 12