Mara Delta Property Holdings - Grit · Disclaimer This document, which is personal to the recipient, has been prepared by Delta International Property Holdings (the “Company”),solely

Mara Delta Property Holdings

Investor Presentation

2016

Disclaimer

This document, which is personal to the recipient, has been prepared by Delta International Property Holdings (the “Company”), solely for use at a presentation to potential

investors. For the purposes of this disclaimer, the presentation shall mean and include the slides that follow, any oral presentation of the slides by the Company, any question-and-

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Proceedings

Introduction

Mission Statement

Introduction to Mara Delta

Mara Delta at a Glance

Strategy

Company Structure

Management Structure

Corporate Structure

Shareholder Profile

Financial Overview

Portfolio Overview

Potential Acquisition Portfolio

Key Investment Points

Q&A

Annexure A: Directors & Management

Annexure B: Existing PortfolioAnadarko Building, Mozambique

Vodacom Building & KPMG / Hollard Building, Mozambique

Introduction

Mission Statement

“To be the leading real estate owner on the African continent, outside of South Africa, within the next five years and to create

significant value for our shareholders, ensuring consistent growth by creating strong partnerships, while making a real and

meaningful impact in the countries we operate in”

Introduction to Mara Delta

First Pan-African focused real estate fund, listed on both the JSE and SEM

Mara Delta is promoted by Pivotal, Delta, Mara, Carlisle and Abland. Each provide an unrivalled blend ofcommercial experience and expertise in SSA:

Pivotal and Delta are JSE listed property funds with market caps of $425m and $300m respectively. Both have aproven track record of acquiring and managing commercial real estate assets

Mara is a pan-African investment group with multi-sector operational experience across 25 countries in Africa

Abland is one of the largest property development and management companies in South Africa

Carlisle is a property development company with extensive retail design, development and leasing experience

Offers investors access to a Rand/Rupee hedge USD yielding investment

Asset base of US$ 400-$500m

Mara Delta will invest in real estate assets across sub-Saharan Africa

Strong pipeline of quality assets identified and under negotiation in Morocco, Mozambique, Nigeria, Kenya,Uganda and Tanzania, amongst others

Management team with over 45 years combined African experience and relationships

In-country asset and property management teams

Property portfolio (current and pipeline) underpinned by long term leases with strong counterparties

Tax efficient structures that are well positioned for capturing ongoing growth

Mara Delta at a Glance

Pre Pivotal Investment Post Pivotal Investment

Market capitalisation US$ 218.9 million US$ 276.9 million

No. of properties 10 12

Location of properties Morocco; Mozambique; Zambia; MauritiusMorocco; Mozambique; Zambia; Mauritius; Kenya;

Nigeria

Independent valuation of the

property portfolioUS$ 317.0 million US$ 433.5 million

Gross lettable area* 126,298m2 (67,264m2 added) 160,026m2 (33,728 m2 added)

Sectoral profile (by value)Office: 34.7%; Retail: 52.3%; Light Industrial: 2.7%;

Corp Accomm: 10.3%

Office: 50.8%; Retail: 39.7%; Light Industrial: 2.0%;

Corp Accomm: 7.5%

Occupancy rate* 98% 98%

LTV ratio + 50.0% + 50.0%

Anfa Place, Morocco

Strategy

Strategy

Targeted total return in excess of 15% in USD

Leverage on existing knowledge base and experience in Mozambique and Morocco

Immediate REIT conversion in Morocco – REIT legislation expected Q1 2016

Asset acquisitions in Mauritius (focus on properties with strong counter party tenants)

Grow portfolio based on quality leases and strong counterparties in USD based

economies

Strategic partnerships in existing jurisdictions that will secure and strengthen

in-country resources

Countries with existing REIT structures will be prioritised

Grow shareholder value and returns

First wave countries: Morocco; Mozambique; Zambia; Kenya; Tanzania; Uganda

Second wave countries: Mauritius; Nigeria; Botswana; Ghana

Company Structure

Management StructureBRONWYN

CORBETTCEO

TREVOR MATTHEWS

SENIOR OPERATIONS ASSET MANAGER

OJONG NSO

OPERATIONS ASSET MANAGER

BENYAMIN BELHAJ

OPERATIONS ASSET MANAGER - MOROCCO

COO

PAUL SIMPSON

COUNTRY EXECUTIVE -MOROCCO

KAREN BRAMLEY

COUNTRY EXECUTIVE-EAST AFRICA

JEREMY COOPERHEAD OF INVESTMENTS

MIKE SEWELLINVESTMENT

MANAGER

KAI MARINI

JUNIOR INVESTMENT MANAGER

GREG PEARSON

HEAD OF DEVELOPMENTS

LEON VAN DE MOORTELE

CFO

ASHWIN METURJEET

FINANCE MANAGER -MAURIITIUS

MOHAMED BOUIBAOUNE

FINANCIAL ACCOUNTANT - MOROCCO

EDSON NEVES

FINANCIAL ACCOUNTANT- MOZAMBIQUE

KIRSTEN LEWIS

OFFICE MANAGER/ EXECUTIVE ASSISTANT

Corporate Structure

Freedom Property

Fund SARL

(Morocco)

Anfa Place

Shopping Centre

Casablanca,

Morocco

Commotor Limitada

(Mozambique)

Delta International

Bahrain

(Bahrain)

100%100%

S&C Immobiliaria

Limitada

(Mozambique)

Hollard Building

Vodacom Building

Maputo,

Mozambique

Anadarko Building

Maputo,

Mozambique

HM & K Properties

Limited

(Mauritius)

SAL Investment

Holdings Limited

(Mauritius)

100%

3%

5%

95% 97%100%

Delta Africa Property Holdings Limited(Mauritius)

(SEM and JSE Listed)

Delta International Mauritius Limited(Mauritius)

DIF 1 Limited

(Mauritius)

100%

Zimpeto Investment

Holdings Limited

(Mauritius)

Zimpeto

Immobiliaria

Limitada

(Mozambique)

Zimpeto Square

Maputo,

Mozambique

100%

97%

100%

3%

BH Property

Investments

Limited

(Mauritius)

100%

Barclays House

Ebene,

Mauritius

Shareholder Profile

As at 22 September 2015 Units held Holding

Delta Property Fund 23 405 584 31.78%

Government Employees Pension Fund 19 054 810 25.87%

Stanlib 6 639 793 9.01%

Bowwood and Main* 5 746 061 7.80%

Anchor Capital 3 365 318 4.57%

Subtotal 58 211 566 79.03%

Other 15 444 880 20.97%

Total 73 656 446 100.00%

* Management Team

Anadarko Building, Mozambique

Financial Overview

Financial Overview

Full Year30 June 2015

Quarterly30 Sept 2015

Dividend per share (USD cents) 11.28 -

Cost to income ratio 24.5% 15.3%

LTV 48.7% 47.8%

NAV per share (excl. deferred tax) (USD cents) 168.91 164.69

Weighted average rental/m² US$27 -

Statement of Financial Position (extract)30 June 2015

USD ‘00030 Sept 2015

USD ‘000

Assets

Non-Current assets 210 698 222 682

Investment property 210 391 222 545

Other non-current assets 307 137

Current assets 25 343 33 666

Total assets 236 041 256 348

Equity and liabilities

Total Equity 124 413 121 302

Deferred taxation 807 930

Derivative instruments - 479

Interest-bearing liabilities 101 657 122 753

Current liabilities 9 164 10 884

Total equity and liabilities 236 041 256 348

Net asset value per share (cents) 168.91 164.69

Property Portfolio

Portfolio Overview (Pre-pipeline and Pivotal)

20%

11%

9%

6%5%4%

4%3%

2%2%

34%

VodacomAnadarkoAlhokairAlshayaLabel VieSamarcande GroupSal & Calderia AdvogadosDVHBPKPMGOther

Modern retail and office assets with attractive tenant mix located in African countries with strong fundamentals

1. Based on purchase price excl. acquisition costs

2. Pre-tax cap rate. Calculated as a weighted average of property operating income divided by market value of property

3. Vacant space relates to street retail component of Anfa Place with the shopping centre itself being 100% occupied .

Top 10 Tenants (by income)

52,6%47,4%

Mozambique Morocco

Portfolio Summary by Geography (Asset Value)

Portfolio Metrics Retail Office Total

Number of Properties 2 3 5

Acquisition Cost (US$m) 121 97 218

Independent Property Value ($m) 115 105 220

Weighted Average Acquisition Yield1 8.6% 8.8% 8.7%

Weighted Average Capitalisation Rate2 8.4% 8.6% 8.5%

WALE (years by income) 6.9 years 7.0 years 7.1 years

GLA (sqm) 35,643 23,410 59,053

Occupancy (by GLA) 93.3%3 100.0% 96.0%

KPMG / Hollard Building, Mozambique

Geographic Spread

Mozambique

Population (million) 25.8

GDP (USDbn) 15.3

Real GDP growth rate (%) 7.1

GDP / Capita (USD) 592.5

CPI (%) 4.2

Credit rating B

Current presence

Sources: EIU, Standard & Poor’sNote: 1. 2013 information; 2. Credit rating based on Standard & Poor’s local currency rating

Mauritius


GDP (USDbn) 12.6


GDP / Capita (USD) 54 629

CPI (%) 7.16

Credit rating Baa1

Morocco


GDP (USDbn) 104.1


GDP / Capita (USD) 3 155.2

CPI (%) 1.9

Credit rating BBB-

Target jurisdictions

Nigeria


GDP (USDbn) 569.0



CPI 9.3

Credit rating B+

Kenya


GDP (USDbn) 60.94


GDP / Capita (USD) 649.0

CPI (%) 6.72

Credit rating B+

Zambia


GDP (USDbn) 27.07



CPI (%) 1.54

Credit rating B

Acquisition Portfolio

Vale Compound (Transfer January 2016)

Location: Tete, Mozambique

Anchor tenants: Vale and Barloworld

Sector: Commercial / Residential

Land title: Leasehold (50 + 50 years)

GLA:83 x 3 bed villas40 x 2 bed apartments

Anchor lease term: 7 years Vale, 3 years Barloworld

Anchor tenant lease expiry: 2023 and 2019

Average escalation: 3% p.a.

Vacancies: 0%

Valuation: US$33.4 million

Acquisition yield: 9.80% (7.80% in Mauritius)

Equity requirement: US$17.6 million

Debt requirement: US$16.7 million (refinance)

Vendor: VDE Limitada

Type of purchase: Purchase of Mauritius SPV

Bollore Warehouse (Transfer January 2016)

Location: Pemba, Mozambique

Anchor tenants: Bollore Africa Logistics

Sector: Light industrial

Land title: Leasehold

GLA: 6 400m2

Parking bays: 10

Anchor lease term: 4.5 years

Anchor tenant lease expiry: March 2020

Average escalation: 0%

Vacancies: 0%




Debt requirement: US$4.0 million

Vendor: HodariProp

Type of purchase: Subject to negotiation

Kafubu Mall (Transferred)

Location: Ndola, Zambia

Anchor tenants: Shoprite

Sector: Retail


GLA: 11 964m2


Anchor tenant lease expiry: April 2024

Average escalation: USD CPI p.a.

Valuation: US$24.8 million (100%)




Vendor: Rockcastle Global Real Estate

Type of purchase: 50% Purchase of Mauritius SPV

Mukuba Mall (Transferred)

Location: Kitwe, Zambia

Anchor tenants: Shoprite, Game, Pick n Pay

Sector: Retail

Land title: Freehold

GLA: 28 235m2


Anchor tenant lease expiry: March 2020

Average escalation: USD CPI p.a.






Type of purchase: 50% Purchase of Mauritius SPV

Barclays House (Transfer January 2016)

Location: Ebene, Mauritius

Anchor tenant: Barclays Bank

Sector: Office


GLA: 7 700m2

Parking bays: 150

Anchor lease term: 12 years

Anchor tenant lease expiry: 2028

Average escalation: CPI

Vacancies: 0%





Vendor: Jade Group

Type of purchase: Purchase of building

Cosmopolitan Mall (Transfer April 2016)

Location: Lusaka, Zambia

Anchor tenants: Shoprite, Game

Sector: Retail


GLA: 25 900m2

Parking bays: 1 300



Average escalation: US CPI p.a.

Vacancies: 0%


Equity requirement:US$6.3 million (mezz. facility)Balance on completion of asset


Debt requirement:US$6.0 million (mezz. facility)Balance on completion of asset


Type of purchase: 50% Purchase of Mauritian SPV

Buffalo Mall (Transfer March 2016)

Location: Naivasha, Kenya

Ownership interest: 50.0%

Anchor tenant: Tuskys

Sector: Retail


GLA: 5 300m2

Parking bays: 250



Average escalation: 3% p.a.

Vacancies (GLA): 1.9%

Valuation: US$10,4 million (100%)




Vendor: Pivotal Fund Limited

Type of purchase: Share Purchase. Mauritian holdco

Wings Office Towers (completion & transfer September 2016)

Location: Lagos, Nigeria

Ownership Interest: 37.1%

Anchor tenant: Oando PLC

Sector: Office


GLA: 27 000m2

Parking bays: 700



Average escalation: 3% p.a. (4.5% p.a. from year 4 onwards)

Vacancies (GLA): 41.3%





Vendor: Pivotal Fund Limited

Type of purchase: Share purchase. Mauritian holdco

Anfa Place, Morocco

Key Investment Points

Positive asset management activities to drive NAV growth

› Letting of retail vacancies in Morocco› Planned CAPEX/Expansion projects› Pre-let development pipeline

Yield enhancing acquisitions to increase distributions

› Pipeline of developed assets to bulk up core portfolio› Deliberate and selective diversification of assets to increase earnings

Cost management to optimise return on assets

› Active and controlled property management› Emphasis on achieving lower cost to income ratios through economies of scale› On the ground management in place

Managed approach to funding

› Diversification (currency and jurisdiction) of funding sources to obtain lowest rates› Optimal usage of assets provided as security› Strategy of fixing 70% of rates at favourable levels› Access to debt capital markets

Thank You

Q & A

Annexure A – Directors and Management

Directors and Management

Sandile NomveteChairman

Exec Dep. & Prop Dev. Prog

Sandile is the founder and CEO of Delta Property Fund, a REIT listed on the JSE with a portfolio of assets valued at ~US$700m.Sandile serves as a director on a number of other boards and has more than a decade of experience in executive and nonexecutive positions.

Bronwyn Anne CorbettChief Executive Officer

BCom (Acc) (Univ. of Natal, PMB), CA(SA)

Bronwyn is a Chartered Accountant and CEO of Mara Delta (previously Delta Africa). She has more than 10 years of experiencein the property sector with a specific focus on property ownership and financing structures. Bronwyn was a co-founder of DeltaProperty Fund which has built its property portfolio from R2 billion to in excess of R10 billion. Bronwyn was instrumental inboth the listing of Delta Property Fund and Delta Africa (now Mara Delta) and has extensive experience in raising capital.

Leon van de MoorteleChief Finance Officer

Bcompt (Hons), CA(SA)

After completing articles with PwC, Leon moved to the Global Risk Management Services within PwC, where he become theSenior Manager in charge of Data Management. In 2004, he moved to Solenta Aviation where he became Group FinanceDirector within 18 months. During his tenure as Group Finance Director, the group expanded from 12 aircraft to 48 aircraft,operating in 8 African countries (including South Africa, Mozambique, Algeria, Ghana, Gabon, Kenya, Tanzania and Coted’Ivoire.

Greg PearsonExecutive Director

MCMI, Elec Eng

Greg is a graduate of Kingston University in London where he studied Business Management and Project Management. Prior tojoining Delta, Greg was an executive with AECOM and was responsible for expanding their African footprint (ex- SA) resulting inhis involvement in a vast array of major projects across Africa.

Directors and Management (continued)

Paul David SimpsonChief Operating Officer

RIBA1

Paul has had close involvement in providing architectural input on three hundred new shopping centres across South Africa, Africa andthe Middle East. Paul’s experience ranges from major tenant input through to mall plan design of large regional centres such asClearwater Mall, Maponya Mall and Irene Mall. Paul also served as construction director of Group Five Building in the Western Cape aswell as 2 decades at Woolworths heading up the real estate division.

Peter ToddLead Independent Director

Peter was appointed as an Independent Non-Executive Director with effect from 14 August 2014.

Peter is a qualified attorney and began his career as the senior tax manager at Arthur Anderson and Associates in Johannesburg. Hejoined TWS Rubin Ferguson in 1993 as a tax partner and was instrumental in listing six companies on the JSE.

In 2000, Peter established Osiris International Trustees Limited in the British Virgin Islands (“BVI”) to provide international trust andcorporate administrative services to global clients, as well as Drake Fund Advisors which assists with the setup and administration ofhedge funds in the BVI and Cayman Islands.

He held a Non-Executive Director position at Redefine International Limited from the initial listing for some 9 years and has beeninvolved in the property industry for many years.

Maheshwar DoorgakantNon-Executive Director

Maheshwar is a fellow of the Institute of Chartered Accountants of England and Wales. He holds the position of Managing Director ofApex Fund Services (Mauritius) Limited, which forms part of the Apex Group. He holds a number of directorships on numerous boardsin both India and Africa for various funds and companies through which he has acquired extensive experience and knowledge on keyindustries in India and its principal capital markets as well as Africa. Mahesh is also the President of the Executive Committee of theAssociation of Trust and Management Companies of Mauritius.

Chandra Kumar GujadhurNon-Executive Director

Chandra is the Chairman and co-founder of Apex Fund Services (Mauritius) Limited. He is also a member of the Institute of Charteredof Accountants in England and Wales and an associate member of the Society of Trust and Estate Practitioners, has long standingexperience in the auditing of offshore funds, fund structuring and tax planning.

He was previously a member of the Accounting and Auditing task team of the Corporate Governance Committee of Mauritius and theChairman and member of the Consultative Sub-Committee on the drawing up of the New Listing Rules of the Stock Exchange ofMauritius. He retired as a senior partner with Deloitte at the end of September 2006, after 18 years, to assume the responsibility ofManaging Director at Apex Mauritius. As a board member of numerous India focused funds and companies he has gained extensiveexperience and knowledge on key industries in India and its principal capital markets.


Ian McleodNon-Executive Director

Ian holds a BCom (Honours) in Real Estate Investment, Valuation and Development and has over 41 years of experience with financialinstitutions, including Standard Bank of South Africa and Nedbank with a specific focus on Real Estate Credit Risk. He has extensiveknowledge of the real estate sector’s key role players, business sector and geographic nodes. Ian has managed portfolios in excess ofR40 billion during changing economic cycles and managing problematic properties in economic downturns. It is Ian’s expertise andknowledge that have seen him previously hold the position of Head of Credit for Real Estate.

Trevor MatthewsOperations Manager

Certificated in Shopping Centre Management

Trevor has over 30 years industry experience beginning his career in 1979 as a property assistant, a position he held for six years, inwhich he established the building blocks to a long and successful career in the sector. By 1985, he joined BanKorp Properties as amanager of collections. Following this, Trevor joined Liberty Group Properties as the Leasing Manager. In 2001, he managed a R1.5billion portfolio for Allan Gray Shopping centres, thereafter progressing to Canal Walk Management as the Leasing Manager. He wasthe Retail Asset Manager of the Fountainhead Property Trust where he was responsible for the full asset management of a retailportfolio of 10 shopping centres.

Jackie Van NiekerkNon-Executive Director

(Pivotal)

Jackie is the CEO of The Pivotal Fund Limited. Jackie studied BCom Accounting at the University of Pretoria and has 10 years of property experience in all property industries and disciplines. Jackie joined Pivotal in 2009 as an asset manager, where she gained experience in property management, investment and development in all property sectors. She was elected to the board and appointed as managing director in June 2013.

Ashish J ThakkarNon-Executive Director

(Mara)

Ashish J. Thakkar is the Executive Chairman of Mara Sokoni, an African e-commerce platform with a focus on B2C marketplace for general merchandise. He is also the Founder of Mara Group and Mara Foundation. Ashish has driven the growth of the Mara Groupfrom a small IT business in Uganda to the globally recognized multi-sector investment group that exists today. Through its investments, Mara Group now employs over 11,000 people across 25 African countries in sectors spanning technology, banking, real estate and infrastructure. Ashish serves as Chair of the United Nations Foundation, Global Entrepreneurship Council and is the author of The Lion Awakes: Adventures in Africa’s Economic Miracle.


Dave SavageNon-Executive Director

(Pivotal)

Dave is an Executive Director of The Pivotal Fund Limited. Dave has 27 years’ experience in the property industry, 25 years of whichhave been dedicated to the growth of the Abcon Group. Dave has been involved in all aspects of Abland becoming a national propertydevelopment company active in all industry sectors. He was also integrally involved in the formation and listing of Pivotal. Davecurrently serves as Group CEO for the various companies. In addition, he serves on the board of Fountainhead Property Trust.

Ian ChambersIndependent Non-Executive Director

Ian Chambers is an Independent Non-Executive Director residing in Mauritius. His company, Ian Chambers Consulting Limited, provides: tax advice to expatriates considering using Mauritius for future business; exchange control advice to South Africans considering relocating or emigrating to Mauritius; tax structuring advice to companies considering the utilisation of Mauritius; and structuring advice to South African companies in general.

Annexure B - Existing Portfolio

Anfa Place Shopping Centre

Location: Casablanca, Morocco

Anchor tenants:

Carrefour, M&S, H&M, Virgin Megastore, McDonalds, Starbucks, Burger King

Sector: Retail


GLA: 30 879m2

Parking bays: 1148

Anchor lease term: 3 + 3 + 3 years


Average escalation: 10.0% every 3 years

Vacancies:0.31% in shopping mall7.33% in street mall


Anadarko Building

Location: Maputo, Mozambique

Anchor tenant: Anadarko Petroleum

Sector: Office

Land title: Leasehold (50+50 years)

GLA: 7 805m2 (plus 4 000m2 second phase)

Parking bays: 185


Anchor tenant lease expiry: May 2028

Weighted average escalation: PPI + 2.5%

Vacancies: 0%

Valuation: US$ 41.2 million

KPMG / Hollard Building


Anchor tenant: KPMG, Hollard & BP

Sector: Office


GLA: 4 945m2

Parking bays: 99


Anchor tenant lease expiry: Feb 2018

Weighted average escalation: 4.1%

Vacancies: 0%


Vodacom Building


Anchor tenant: Vodacom

Sector: Office


GLA: 10 660m2

Parking bays: 336


Anchor tenant lease expiry: Dec 2020 / 5.9 years


Vacancies: 0%


Zimpeto Square


Anchor tenant: Retail Masters, Edcon

Sector: Retail


GLA: 4,764m2

Parking bays: 136


Anchor tenant lease expiry: May 2024 / 6.5 years


Vacancies: 0%


Documents

Mara Delta Property Holdings - Grit · Disclaimer This document, which is personal to the recipient, has been prepared by Delta International Property Holdings (the “Company”),solely