www.attacq.co.za

UPDATEPRE YEAR END

JUNE 2017

- 2 -

INTRODUCTION 3

VISION 5

STRATEGY 7

SOUTH AFRICAN PORTFOLIO 13

WATERFALL DEVELOPMENT 17

MAS REAL ESTATE INC. INVESTMENT 34

REST OF AFRICA: RETAIL INVESTMENTS 36

CONCLUSION 38

QUESTIONS AND ANSWERS 40

AGENDA

INVEST GROWDEVELOP

SLIDE

Lynnwood Bridge Precinct

INTRODUCTION

- 4 -

Michael Clampett

Head: Retail Asset &

Prop Management

CA(SA)

Joined Jul 2015

7 yrs property

experience

EXPERIENCED MANAGEMENT TEAM

Morné Wilken

CEO

B Eng (Hons)

Joined Aug 2009

17 yrs property

experience

Melt Hamman

CFO

CA(SA)

Joined Jul 2013

7 yrs property

experience

Jackie van Niekerk

COO

BCom Acct

Joined Apr 2017

14 yrs property

experience

Tasja Kodde

Company Secretary

Chartered Secretary

Joined Mar 2015

4.5 yrs property

experience

Debbie Theron

Head: Off & Mixed Use

Asset & Prop Mgt

BA Law

Joined Jun 2014

26 yrs property

experience

Pieter Mackenzie

Head: Developments

BSc Blg Mgt, MBA

Joined Jan 2016

30 yrs property

experience

Raj Nana

Investment Officer

CA(SA)

Joined Apr 2014

3.5 yrs property

experience

Peter De Villiers

Head: International

Assets

CA(SA) CFA

Joined Jul 2013

4 yrs property

experience

Bridge at Lynnwood Bridge Precinct

VISION

- 6 -

ATTACQ’S VISION AND UNIQUE VALUE PROPOSITION

To be the premier property company

Delivering exceptional and sustainable growth through

real estate investments and developments

Through: • Focused approach• Waterfall development pipeline• Quality properties and investments

Owning and managing a quality portfolio and developing a City, both of

which deliver exceptional and sustainable capital and earnings growth.

“

“Morné Wilken

Mall of Africa

STRATEGY

- 8 -

STRATEGIC EXECUTION HIGHLIGHTS | 2017 FINANCIAL YEAR

Invested in partnershipswith Equites, Zenprop, Barrow, Atterbury,

and Sanlam Properties

Vacancies reduced to 2.6%

MAS revised itsinvestment strategy

Rebranded to communicate ourvision and offering to the market

11 bursaries via Atterbury TrustContributions made to

Columba Leadership Programme,

Fat Cats Cares and Bana Ba Rona Early

Childhood Development Centre

8 Green rated buildings(by design) and

1.2 million m² development rights in the centreof Gauteng, of which ±608 000 m² bulk is serviced

Further appointments made in Development team

DEVELOP GROWINVEST

completed buildings4in SA, adding primary GLA of

70 424 m²

Completed 3 rooftop PVplants with a total capacity of

Another 2 installations underway

5 909 kWp

A further

Of bulk jointly secured withSanlam Properties at Waterfall

665 425 m2

Appointed Jackie van Niekerk

as Chief Operating officer

first birthday celebrationMall of Africa

>1.1 million visitors per month

Average trading density of R2 630 m² (opening to 31 March 2017)

1 Gold LEED rated building

(as of 31 December 2016)

High qualitydirectly held

property portfolio

WALE 6.5 years(as of 31 December 2016)

Recognised in the

2017 VIVA global awards as one of the world’s most outstanding examples of

shopping centre design and development

Included in the FTSE / JSE

Responsible Investment Indexfrom 19 June 2017

Sold: Investment in Atterbury Europe, non-core African asset, 8 industrial buildings (Equites)

R1.7 bncapital recycled

In the pipeline: Nova Eventis (Competition Commission approval outstanding), Altech Building (subject to transfer)

- 9 -

• Sustainable and long term

• Exceptional returns

• Key metrics:

o Total return per share

o Growing distributable income per share

• Maximise value from Waterfall

• Low/medium riskExtraordinary returns

High risk

Lumpy and with sustainability risk

Income growth

Low risk

Sustainable

Short term decision making

Developer

Premium quality “Income Fund”*

that controls a City

“Income fund”*

ATTACQ’S DIFFERENTIATOR

* Dividend paying property company

Deliver exceptional

and sustainable capital

and earnings growth

- 10 -

ATTACQ’S JOURNEY

DEVELOPMENTS

SOUTH AFRICA

NON-SA: MAS

PORTFOLIO SPLIT BY GROSS ASSETS

69%12%

5%

5%

9%

Dec 2016

R27.1bn

58%

5%

6%

2%

29%

Dec 2013

R15.1bn

Post December 2016 events, impacting the split

Recycling of non-core assets

• Non-core African asset – R45 million

• Atterbury Europe (Serbia / Cyprus) – R1.35 billion

• Altech building (transfer in process) – R50.5 million

• Nova Eventis (Competition Commission approval outstanding)

435 842 m2 primary GLA to 694 770 m2 primary GLA

NON-SA: Africa

NON-SA: Other

Implementation milestones• Recycle of certain non-core assets• Restructure debt• Simplify legal structure• JSE approval of REIT status• Declare maiden distribution

- 11 -

DISTRIBUTION TARGETS

73

88

105

126

0

20

40

60

80

100

120

140

2018 2019 2020 2021

Ce

nts

Years

Target distribution per share Linear (Target distribution per share)

20%growth

20%growth

20%growth

Management Target of three year rolling CAGR of 20% on distributions

- 12 -

FOCUSED APPROACH | FOUR VALUE DRIVERS

1 Existing quality operational South African portfolio

2 Waterfall development portfolio

3 Strategic investment in MAS Real Estate Inc.

4 Rest of Africa: Retail Investments

MooiRivier Mall

SOUTH AFRICAN

PORTFOLIO

69%

- 14 -

PORTFOLIO SPLIT BY GROSS VALUE

EXISTING QUALITY OPERATIONAL SA PORTFOLIO

VACANCIES

2.6%Dec 2016: 2.6%Dec 2015: 3.4%

WALE* PROFILE

6.5 YEARSDec 2016: 6.5 yearsDec 2015: 6.8 years

COLLECTION RATE^

94.7%Dec 2016: 94.7%Dec 2015: 95.8%

RENTAL ESCALATIONS#

7.6%Dec 2016: 7.6%Dec 2015: 7.9%

RENTAL~ R / m²

R158.8Dec 2016: R158.8 / m²Dec 2015: R138.3 / m²

NON-GLA INCOME

+105%Dec 2016: R8.2 millionDec 2015: R4.0 million

58.4%

2.4%

6.1%

33.1%

Jun 2016

58.2%

34.6%

4.9%

2.3%Dec 2016LIGHT INDUSTRIAL

RETAIL

HOTEL

OFFICE AND MIXED-USE

* WALE: Weighted average lease expiry profile

^ Collection rate based on total arrears as a percentage of rental income

# Weighted average rental escalations

- 15 -

# 100% of primary gross lettable area reflected above. Attacq’s undivided share in the property: ^80%; *25%; Attacq’s interest in property company: #50%

FEATURED PROPERTIES

1. Eikestad Mall 2. MooiRivier Mall 3. Mall of Africa

4. Garden Route Mall 5. Brooklyn Mall

Top 8 featured properties Primary Gross Lettable Area#

• Mall of Africa, Waterfall^ 123 348

• Lynnwood Bridge Precinct,

including Glenfair Boulevard, Pretoria 81 973

• Newtown Precinct, Johannesburg# 78 305

• Brooklyn Mall, Pretoria* 74 756

• Garden Route Mall, George 53 584

• MooiRivier Mall, Potchefstroom 49 054

• Eikestad Mall Precinct, Stellenbosch^ 47 146

• Cell C Campus, Waterfall 43 890

- 16 -

MALL OF AFRICA

• Celebrates its 1st Birthday on the 28th April 2017

• >1.1 million average shoppers per month(opening to March 2017)

• R2 630 m² average trading density(opening to March 2017)

• Annual rent to turnover ratio: 9.6% IPD benchmarking report: 10.4% (year end 31 March 2017)

• Dedicated Gautrain bus route

• National retailers indicated their Mall of Africabranch trades in top five of their SA portfolio

• Won 2016 Spectrum Award for the bestretail development in the category ofnew regional and super-regional shopping centres

• Recognised in the 2017 VIVA global awards as one of the world’s most outstanding examples of shopping centre design

and development

Gateway West

WATERFALL

DEVELOPMENT

12%

- 18 -

DEVELOPMENT OPTIONS

• Appoint a dedicated developer to roll-out the Waterfall development

• Form a Joint Venture with an established developer on the total Waterfall development

• Dedicated Attacq Development Team and selective Joint Ventures

BMW Corporate Campus

K101 Warehouse

- 19 -

Chantell Latilla-Campbell

Deal MakerCIPF, CCPP, Commercial Brokerage CertificateJoined Jun 201725 yrs experience

BiancaBarnes

Broker LiaisonJoined Aug 20165 yrs experience

NicoBarnard

Town PlannerPr. Pln, CDFAJoined Sept 20168 yrs experience

EXPERIENCED DEVELOPMENT TEAM

PieterMackenzie

Head of DevelopmentsBSc, Bldg Mgt, MBAJoined Jan 201629 yrs experience

MornéWhitehead

Development ManagerBSc(QS), Hons: PRQSJoined June 201616 yrs experience

CarienStorm

Development ManagerBComJoined 201316 yrs experience

EnzoOosthuizen

JessicaGovender

Marketing Development SpecialistBCom HonoursJoined Jun 201720 yrs experience

MironNaidoo

Development ManagerProject Management, Civil EngineeringJoined Jun 201711 yrs experience

DavidOosthuizen

Development ManagerJoined Aug 201613 yrs experience

LindaMeyburgh

Deal MakerSA Professional Valuers Ass, BScHonoursJoined Jun 201710 yrs experience

PAJoined Aug 201615 yrs experience

- 20 -

44 849

127 407

70 200 71 398 60 381

52 083

172 408

28 208

0

20 000

40 000

60 000

80 000

100 000

120 000

140 000

160 000

180 000

200 000

2012 2013 2014 2015 2016 2017 2018 2019

Prim

ary

GLA

m2

Future vs historical pipeline

Historical Secured Potential (75%) Potential (50%) Potential (25%)

Parameters

• Analysis includes all Waterfall developments by financial year, since the land was acquired in 2008

• Mall of Africa excluded from the analysis

• Projects allocated to financial years based on start date of project

• 2017 secured projects (52 083m2): BMW, AEFMC (Corporate Campus), The Artria (Hotel) and Massbuild Extension

• 2018 secured projects (52 308m2): Deloitte, Waterfall Point and Burger King (Waterfall Lifestyle)

• Remainder of pipeline based on actual leads for space probability weighted using estimated chance of success

WATERFALL DEVELOPMENT HISTORY AND PIPELINE

Pre-internalisation Post-internalisation Totals

104 391 m2

GLA newly

securedprojects

- 21 -

172 408

239 558

28 208

71 830

215 936

0

20 000

40 000

60 000

80 000

100 000

120 000

140 000

160 000

180 000

200 000

220 000

240 000

260 000

2018 2018 2018 2018 2019 2019

m2

Current activity and actual vs weighted pipeline

Secured Potential 75% Potential 50% Potential 25%

Actual

enquiriesActual

enquiriesProbability

adjusted

Probability

adjusted

WATERFALL DEVELOPMENT PIPELINE: ACTUAL VS WEIGHTED

• Currently under construction: PwC, Gateway West, K101 warehouse, BMW, Massbuild Extension, Corporate Campus

• Secured and under planning: Deloitte, The Atria (Hotel and Residential), Waterfall Point, Burger King (Waterfall Lifestyle)

• Speculative developments currently under planning: Gateway East, The Artria (Offices), Polofields Retail

• Remainder of pipeline based on actual leads for space probability weighted using estimated chance of successFY

20

18

Spec & under planning

Under

construction

Secured &

under

planning

FY

20

19

Actual activities

- 22 -

WATERFALL MASTERPLAN EXPLAINED

• Catalyst for growth:

Mall of Africa and 1.3 Ha Waterfall Park

• 1.2 million m2 remaining bulk

• ±608 000 m2 serviced development rights

• Two focus areas:

Waterfall City and Waterfall Logistics Hub

• Benefits of Waterfall

• Central location

• Infill development

• Excellent access

• Unique urban designand infrastructure

• Corporate consolidation

• Economic benefit

Waterfall Development

- 23 -

WATERFALL FOCUSED APPROACH

Waterfall City – An integrated City that works

• Work, live and play

• Sufficient and efficient infrastructure

• Smart technology

• Lifestyle offering

Waterfall Logistics Hub –

Gauteng’s Logistics Hub of choice

• Distribution / warehousing in logistics park

• Light industrial

• Office, warehousing and industrialcombinations

N

- 24 -

DEVELOPMENTS UNDER CONSTRUCTION

Gateway West

• Primary gross lettable area: ±13 891 m²

• Segment: Office

• Estimated value on completion: ±R387.6 million

• Estimated date of completion: November 2017

Gateway West

- 25 -

DEVELOPMENTS UNDER CONSTRUCTION | CONTINUED

K101 Warehouse

• Primary gross lettable area: ±8 523 m²

• Segment: Light industrial

• Estimated value on completion: ±R93.0 million

• Estimated date of completion: September 2017

K101 warehouse

- 26 -

DEVELOPMENTS UNDER CONSTRUCTION | CONTINUED

PwC Tower and Annex*

• Primary gross lettable area: ±45 223 m²

• Segment: Office

• Estimated value on completion: ±R1.6 billion

• Estimated date of completion: February 2018PwC

* Data provided at 100% level.

Attacq has a 75% undivided share

- 27 -

DEVELOPMENTS UNDER CONSTRUCTION | CONTINUED

BMW Group South Africa Regional Distribution Centre

• Primary gross lettable area: ±32 000m²

• Segment: Light industrial

• Estimated date of completion: December 2017

BMW

- 28 -

DEVELOPMENTS UNDER CONSTRUCTION | CONTINUED

Massbuild extension

• Primary gross lettable area: ±9 643m²

• Segment: Light industrial

• Estimated date of completion: December 2017

MassbuildExtension

- 29 -

DEVELOPMENTS UNDER CONSTRUCTION | CONTINUED

Corporate Campus

• Primary gross lettable area: ±30 000 m²

• Segment: Office

• 50% JV partnership with Zenprop

• First tenant secured

• Development of Phase I commenced

• Estimated gross lettable area of

first building: ±5 800 m2

• Estimated date of completion of first building:

December 2017

CorporateCampus

- 30 -

CURRENT DEVELOPMENTS

The Atria

• Primary gross lettable area: ±35 000 m²

• Segment: Office and mixed-use

› 2 office buildings

› 1 residential tower with ±120 apartments

› 1 hotel

• 50% JV partnership with Barrow Group

• Development of Hotel has commenced with

a gross lettable area of ±8 500m2

• Estimated date of completion of

Hotel: March 2019

The AtriaThe Atria

- 31 -

CURRENT DEVELOPMENTS | CONTINUED

Waterfall Point

• Total saleable area: ±9 584 m²

• Segment: Sectional title - office

• Total development profit: ±R25.0 million

• Estimated date of completion: October 2018

• Development sold subject to conditions Waterfall Point

- 32 -

CURRENT DEVELOPMENTS | CONTINUED

Deloitte - corporate consolidation

• Primary gross lettable area: ±42 000 m²

• Segment: Office

• Estimated date of completion: First quarter 2020Deloitte

- 33 -

MALL OF AFRICA

WATERFALL

CITY

LOGISTICS

PRECINCT

DISTRIBUTION

CAMPUS

FUTURE DEVELOPMENTS

Sanlam Joint Venture

• 100 Ha of additional land

• Attacq has the right to increase its shareholding to 50%

• Economies of scale

• Availability of bridging funding

• Attacq appointed as the developer and asset manager

RETAIL

JV DEAL

RETAIL AND INDUSTRIAL / WAREHOUSING

INDUSTRIAL / WAREHOUSING

MAS properties: Germany and Scotland

MAS REAL ESTATE INC.

INVESTMENT

9%

- 35 -

MAS

• Attacq’s sole entry point into Central and Eastern European markets

• 30.57% held by Attacq at 31 March 2017

• Attacq equity accounts for MAS as at 31 December 2016

› R2.4 billion equity accounted value vs market value of R3.3 billion

• MAS strategy: focus on income; distribution per share guidance of 30%

per annum through to 2019

• Lukas Nakos, CEO

• Historical markets: Western Europe; Germany, UK and Switzerland

• Expanded investment focus to Central and Eastern Europe via Prime

Kapital Investment JVs:

› Development JV focusing on new developments

› Investment JV focusing on accretive acquisitions

MAS’ Lewes development

West Hills Mall

REST OF AFRICA:

RETAIL INVESTMENTS

5%

- 37 -

AFRICA

• 6 operational malls as at 31 May 2017

• Portfolio includes dominant assets in major cities of Accra, Lusaka and Lagos:

› Accra Mall

› Manda Hill

› Ikeja City Mall

› Kumasi City Mall (opened 10 May 2017)

• Weak commodity cycle, strong USD and high inflation challengescontinue

• 2020 contractual liquidity event

• Focus remains:

› Settling West Hills Mall, Achimota Mall

– and the newly opened Kumasi City Mall

› Managing assets through the cycle

› Improving liquidity in the portfolio

PROPERTY GLAVALUATION

(USD’000)ATTACQ SHARE

(USD’000)VALUE

(USD’000)VACANCY

%

Operational portfolio summary* 127 660 m² 544 718 101 796 4 267 / m² 4.0

West Hills Mall* Data provided at 100% levelAttacq owns 31.8% of AttAfrica and 25% of Ikeja City Mall

Information above correct as at 31 December 2016

Eikestad Mall

CONCLUSION

- 39 -

2 Focussed approach – four value drivers

SUMMARY OF ATTACQ JOURNEY GOING FORWARD

1 The next step in the Attacq journey- REIT conversion

3 Target return to achieve a 15% total return per share over 3 year period

Management Target

of three year rolling

CAGR of 20% on distributions

Brooklyn Mall

QUESTIONS

AND ANSWERS