HY2020 RESULTS PRESENTATION - FOR THE SIX MONTHS ENDED 31 DECEMBER 2019

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HY2020 RESULTS PRESENTATION - FOR THE SIX MONTHS ENDED 31 DECEMBER 2019
HY2020 RESULTS
PRESENTATION
FOR THE SIX MONTHS ENDED
31 DECEMBER 2019           COMMODITY HOUSE II
HY2020 RESULTS PRESENTATION - FOR THE SIX MONTHS ENDED 31 DECEMBER 2019
Proceedings

 Introduction         BRONWYN CORBETT
                      Chief Executive Officer
                      BCom (Acc), CA(SA)
 Existing Portfolio
                      •   2019 EY Entrepreneur of the Year Award
                          Winner (Exceptional Category, Southern
                          Africa)
 Financial Review     •   2015 Top CA(SA) under 35 Award Winner

 Growth & Pipeline

 Outlook
                      LEON VAN DE MOORTELE
                      Chief Finance Officer
 Q&A                  Bcompt (Hons), CA(SA)

 Annexures

             Ι 2
HY2020 RESULTS PRESENTATION - FOR THE SIX MONTHS ENDED 31 DECEMBER 2019
Introduction
HY2020 RESULTS PRESENTATION - FOR THE SIX MONTHS ENDED 31 DECEMBER 2019
Grit is a leading pan-African (excluding South Africa) real estate company
focused on investing in and actively managing a diversified portfolio of assets
underpinned by predominantly US$ and Euro denominated long-term leases
                    with high quality multi-national tenants

Grit has a full suite of on-the-ground capabilities and has a proven ability to
generate attractive African returns for a sound risk profile given the quality
                      of tenants and security of cash flows

           Ι 4
HY2020 RESULTS PRESENTATION - FOR THE SIX MONTHS ENDED 31 DECEMBER 2019
The African Opportunity

                 1.2 Bn+                                 2.4 Bn+                                     54                               50%                                 3.6%                                   2nd
Why Africa                                                                                                                         urbanisation                      SSA GDP Growth                    largest continent in
                    population                        population by 2050                          countries
                                                                                                                                     by 2030                             2020(e)                            the World

                                                                                                                                                                                                                     RISING
                                   STRONG POPULATION                                             INCREASING                                                 GROWING
Key Trends                                   GROWTH                                        ECONOMIC GROWTH                                               MIDDLE CLASS
                                                                                                                                                                                                           INFRASTRUCTURAL
                                                                                                                                                                                                               DEVELOPMENT

                            Urban Growth Rates                                       Rapidly Increasing Urbanisation                                Supply of Grade A Real Estate: Africa vs. Rest of the World1

Key Insights

                   Source:
                   McKinsey & Company. 2010. Lions on the move, The Progress and Potential of African Economies, Executive Summary. [ONLINE] Available at: https://www.mckinsey.com/featured-insights/middle-east-and-
                   africa/lions-on-the-move. [Accessed 10 February 2020].
               Ι 5 IMF. 2019. Real GDP Growth, Annual percent change. [ONLINE] Available at: https://www.imf.org/external/datamapper/NGDP_RPCH@WEO/OEMDC/ADVEC/WEOWORLD/AFQ. [Accessed 7 February 2020].
                   PWC. 2019. Real Estate 2020: Building the future. [ONLINE] Available at: https://www.pwc.com/realestate. [Accessed 7 February 2020].
HY2020 RESULTS PRESENTATION - FOR THE SIX MONTHS ENDED 31 DECEMBER 2019
Grit Group Strategy
De-risked approach to capturing significant parts of the value chain

   TENANT                                    PROPERTY INVESTMENT
                                             Targeted 12% US$ total return* underpinned by hard currency leases, guarantees
   QUALITY                                   and contracted rental escalations with multinational tenants.

 DIVERSIFIED                                  PROPERTY DEVELOPMENT
 AFRICA                                       Up to 20% of GAV** in property development and development prefunding.

HARD CURRENCY                                   ASSET MANAGEMENT & CO-INVESTMENT
                                                Opportunities to co invest into direct real estate portfolios with Asset Management
LEASES                                          fees charged on full asset value.
                                               * Only a target and not a profit forecast and there can be no assurance that it will be met. forward-looking statements and the assumptions underlying
                                               such statements are the responsibility of the Board of directors and have not been reviewed or reported on by the Company’s external auditors.
                                               ** Measured at time of investment.

                  Ι 6
HY2020 RESULTS PRESENTATION - FOR THE SIX MONTHS ENDED 31 DECEMBER 2019
Our High-quality
Grit Real Estate Income Group at a glance                                                                      FINANCIAL               INVESTMENT
                                                                                                                                                           Tenants
Geographic & sectoral diversification                                                                         HIGHLIGHTS #              HIGHLIGHTS

                                        Mozambique
                                                            Geographic Split (HY2020)1
                                                                                                               41.9%                    c8.5%
                                                                                                                                       current US$
                                        Mauritius*                                                            PROPERTY LTV
                                                                                                                                      dividend yield
                                                                  6.4%
                                        Morocco*

                                        Zambia                          *36% of Grit’s     38.6%
                                        Ghana
                                                           14.0%        portfolio is in
                                                                         Investment                            6.07%                     12%
                                                                        Grade African                                                  US$ targeted
                                        Kenya                             countries
                                                                                                                 WACD
                                                                                                                                        total return
                                        Botswana*            13.5%
                                        Other
                                        Investments                           20.6%
                                                                                                                 PORTFOLIO HIGHLIGHTS #

                                                                Sectoral Split (HY2020)1
                                                                                                              US$860.1m                92.8%
                                                                        3.4%                                    assets2               Multinational
                                                                                                                                        tenants
                                                                17.2%                      32.1%
                                                                         1 Split
                                                                               by Asset
                                                                         Value, Grit                           94.1%                   97.4%
                                                                         proportionate                        income hard                 EPRA
                                                                         ownership
                                                                                                                currency                Occupancy
                                                             18.8%

                                                                                   25.1%
                                                                                                                 4.7                     2.7%
                                                                                                                 years                   weighted
                                                          Retail                      Office                  WALE (by GLA)            average lease
                                                          Hospitality                 Corp. Accomm                                       escalation
                                                          Light Industrial            LLR
                                                                                                                    #   as at 31 December 2019
                                                          Other Investments
                  Ι 7                                 1 split  by Asset Value, Grit proportionate ownership
                                                      2   total income-producing assets
HY2020 RESULTS PRESENTATION - FOR THE SIX MONTHS ENDED 31 DECEMBER 2019
Business Approach
Strong relationships combined with comprehensive risk control

        talented people                                             risk mitigants
    • Internal, strong & experienced executive                  •   Sustainable hard currency income
      management                                                •   Political Risk Insurance
    • High quality new hires                                    •   Margins of safety
    • Continuous staff development                              •   Proven ability to raise capital

                                                        v

        quality portfolio                                            relationships
    •   Geographic & sector diversification                     •   Multi-bank strategy
    •   Low vacancy & long-term leases                          •   Supportive anchor shareholders
    •   Target 50% in investment grade countries                •   Ability to access pipeline
    •   In-country asset & property management                  •   Blue-chip multinational tenants

                     Ι 8
HY2020 RESULTS PRESENTATION - FOR THE SIX MONTHS ENDED 31 DECEMBER 2019
De-risked Investment Strategy

  01 02                                      03                                Margins                                          04                         05                           06
                                                 Political risk
                                                                                 of
                          Repatriation                                                                                                             Ability to
   Hard currency
                            of funds
                                                   & macro-
                                                  economics
                                                                               Safety                               Land tenure
                                                                                                                                                   raise debt
                                                                                                                                                                                 Counterparty

   CURRENCY               TENANCY                    REPATRIATION                      COUNTRY                      OPERATIONAL                    OVEREXPOSURE                         POLITICAL
     RISK                   RISK                         RISK                            RISK                           RISK                           RISK                               RISK

                    Prioritisation of                   Robust                      Target stable                   Reputable
Prioritisation of      long-term                    relations with                                                experienced in-                     Defined                    Comprehensive
                                                                                    jurisdictions
assets with USD       leases with                    the Central                                                     country                       diversification                 Political Risk
                                                                                   that satisfy our
  or USD/Euro           blue chip                   Bank, hedging                                                  partners and                      strategy in                 Insurance (PRI)
                                                                                   key investment
 denominated         multinational                  & monitoring                                                     property                          place2                     cover in place
                                                                                      criteria1
     leases              tenants                       policies                                                     managers

                           Notes:
                           1 – i.e. stable governance/political maturity, strong USD/FDI inflows, USD-based economies, high growth rates, acceptable sovereign ratings and outlook by
                    Ι 9    ratings agencies, solid economic fundamentals, clear tax regime
                           2 – i.e. target not more than 25% of the GAV Group in any single investment; target not more than 25% of the GAV of the Group in any single country
HY2020 RESULTS PRESENTATION - FOR THE SIX MONTHS ENDED 31 DECEMBER 2019
HY2020 Highlights (31 December 2019)
Robust financial and operational performance.

       Total Income                                                                                                            Growth in Profit from
                                                   EPRA NAV2                            Dividend Yield3
     Producing Assets1                                                                                                             operations4

                                                                                           SEM – 9.6%
      US$ 860.1 mln                                US$1.447                                                                               +47.3%
                                                                                           JSE – 10.3%
       HY2019: US$796.4mln                        HY2019: US$1.431                                                                      HY2019: +75.7%
                                                                                            LSE – 9.6%
1. A 7.9% increase with the property   2. EPRA NAV excludes deferred tax on       3. Based on minimum dividend target of      4. US$10.7m (HY2019) vs. US$7.3m
Portfolio increasing to 45 assets      Property                                   US$12.25cps, 31 Dec 2019 exchange rates     (HY2018) driven by escalations &
                                                                                  and share prices on respective exchanges    acquisitions

                                                                                         Adjusted EPRA
                                              First Prefunding
        Property LTV5                                                                  Earnings per share                                 WACD8
                                                   Project6
                                                                                            growth7
                                            Additional VDE units
               41.9%                           delivered profit                                 +5.8%                                      6.07%
                                          attributable to Group of
            HY2019: 40.5%                            $6.1mln                                 HY2019: +20.6%                              FY2019: 6.44%

5. Excluding corporate facilities      6. Inclusive of development profit share   7. Includes adjustments for deferred tax,   8. Driven by reductions in Libor post
                                       and property revaluation growth            unrealised FX movements and straight line   Refinance. WACD has dropped to 5.98% by
                                                                                  leasing adjustments                         December 2019
                                Ι 10
Strategic Objectives

  1.   Operational cost efficiency improvement

  2.   Pipeline Conversion & Funding

  3.   Redomicile & Premium Listing

  4.   Review of Listing Locations

  5.   Morocco REIT (Anfa)

  6.   Advancement of AM Strategy (LLR)/Paradise

               Ι 11
Existing
Portfolio
Portfolio Characteristics
                                                                                KEY METRICS
                    Geographic Split (HY2020)1                                                                                            Sectoral Split (HY2020)1
                                                                                 EPRA Occupancy
                                   2.6%                                                                                                             2.6% 0.8%
                                                  0.8%                                 97.4%
                              3.5%                                                                                                                3.4%

                        6.4%                                               Multinational Tenants1
                                                                                       92.8%                                          17.2%                               32.1%
                14.0%            *36% of portfolio       38.6%       1. Forbes 2000, Other Global & pan African tenant
                                 is in Investment                    (by revenue)
                                 Grade African                              Contracted Escalation2
                                 countries
                                                                                         2.7%
                  13.5%                                              2. Weighted average annual escalation
                                                                                                                                     18.8%

                                                                                 Hard Currency3                                                                25.1%
                                     20.6%
                                                                                       94.1%
                                                                     3. Hard or pegged currency rental income
              Mozambique                         Mauritius*                                                                         Retail                                 Office
              Morocco*                           Zambia                                 WALE4                                       Hospitality                            Corp. Accomm
              Ghana                              Kenya                                                                              Light Industrial                       LLR
              Botswana*                          Other Investments                  4.7 years                                       Other Investments
1 Split   by Asset Value, Grit proportionate ownership               4. Weighted Average Lease Expiry (by GLA)           1 Split   by Asset Value, Grit proportionate ownership

                                     Ι 13
Portfolio Key Metrics – Geographic * at 31 December 2019
                                                                                                                                                               Botswana           Other
                                                    Morocco        Mozambique           Ghana          Mauritius            Kenya              Zambia                                          Total
                                                                                                                                                                (LLR) 5        Investments6

Number of Properties/ Investments                       1                9                 3                5                 2                   3                20                  3        46

Grit attributed Asset Value (USD '000) 1             109,201          312,028           51,503          166,245            27,965             113,275            21,112               6,393   807,722

Weighted Average Property Cap rate                     8.3%            8.0%              7.6%             7.1%              8.3%                7.7%              9.0%                  -      7.8%

WALE *by GLA (years)                                   3.7              3.4               3.6             10.8               7.7                 1.5               2.1                  -      4.73

Weighted Average Lease Escalations (income)            3.3%            3.0%              2.8%             0.7%              4.0%                2.2%              6.8%                  -      2.7%

GRIT attributed Weighted Avg US$ Rental per
                                                     $39.30           $25.09            $33.25           $13.21            $11.87              $19.11             $7.07                 -     $23.39
m2 per month

Full GLA (m2)                                        33,280           91,693            16,971          120,046            19,860              65,958           151,452                 -     499,260

Grit attributed GLA (m2)                             33,280           91,693            10,905           69,907            16,781              47,097            45,436                 -     315,098

EPRA Operating Cost to Income Ratio2                  74.0%            22.2%            13.1%             2.9%              19.6%               17.2%            10.1%                  -     18.6%

EPRA Vacancies3 (%)                                   11.7%            1.3%              1.6%             0.0%              0.2%                2.4%              2.1%                  -      2.6%

Weighted average cost of property debt (%)             5.1%            7.5%              8.3%             4.0%              7.0%                6.3%              7.0%                  -      6.3%
                       4
Debt to Property Value (%)                            40.8%            44.6%            38.1%            41.9%              34.2%               41.6%            29.8%                  -     41.9%
                                       1. Value as at 31 December 2019 at Grit proportionate ownership. Portfolio value includes land values for Imperial Ph2 and Buffalo Mall Ph2.
                                       2. Based on EPRA cost to income ratio calculation methodology
                                       3. Vacancy is measured as a percentage of Total Estimated Rental Value, excludes those units under rental guarantee
                              Ι 14     4. Excluding corporate facilities
                                       5. LLR reflected separately to enable comparable analysis of portfolio against prior reporting period
                                       6. Includes land owned by Grit (Imperial Ph 2) and associate properties owned by our development associate – Gateway Delta
Portfolio Key Metrics – Sectoral * at 31 December 2019
                                                                                                                                       Corporate                                Other
                                                            Retail            Office        Light Industrial      Hospitality                                  LLR5                          Total
                                                                                                                                    Accommodation                            Investments6

Number of Properties/ Investments                             7                 8                   2                  4                    2                   20                    3       46

Grit attributed Asset Value (USD '000) 1                  `259,622           201,980             27,839            151,543              139,233              21,112              6,393      807,722

Weighted Average Property Cap rate                          8.0%              7.7%                8.1%               7.0%                 8.3%                 9.0%                   -      7.8%

WALE *by GLA (years)                                         2.6               4.3                 5.7               11.0                  3.7                 2.1                    -
                                                                                                                                                                                             4.73

Weighted Average Lease Escalations (income)                 2.8%              3.6%                3.2%               0.6%                 2.1%                 6.8%                   -      2.7%

GRIT attributed Weighted Avg US$ Rental per m2 per
                                                           $27.49            $30.14              $10.57             $13.39               $22.23               $7.07                   -     $23.39
month

Full GLA (m2)                                             121,748            51,646              18,519            111,777               44,117              151,452                  -     499,260

Grit attributed GLA (m2)                                   99,808            45,580              18,519             61,638               44,117              45,436                   -     315,098

EPRA Operating Cost to Income Ratio2                       33.2%              7.1%                9.3%               3.4%                16.9%                10.1%                   -     18.6%

EPRA Vacancies3 (%)                                         6.2%              1.2%                0.6%               0.0%                 0.1%                 2.1%                   -      2.6%

Weighted average cost of property debt (%)                  6.1%              7.4%                6.7%               4.0%                 7.4%                 7.0%                   -      6.3%

Debt to Property Value4 (%)                                42.1%              42.5%              34.5%              41.4%                43.7%                28.9%                   -     41.9%
                                       1. Value as at 31 December 2019 at Grit proportionate ownership. Portfolio value includes land values for Imperial Ph2 and Buffalo Mall Ph2.
                                       2. Based on EPRA cost to income ratio calculation methodology
                                       3. Vacancy is measured as a percentage of Total Estimated Rental Value, excludes those units under rental guarantee
                              Ι 15     4. Excluding corporate facilities
                                       5. LLR reflected separately to enable comparable analysis of portfolio against prior reporting period
                                       6. Includes land owned by Grit (Imperial Ph 2) and associate properties owned by our development associate – Gateway Delta
Top 15 Tenants (as at 31 December 2019)
Majority of portfolio income generated from strength of multinational tenancies
 Rank1            Key Tenant                     Industry          Income (% of Group Total)   Tenant Grading   Lease Covenant   Lease Currency
   1             Beachcomber                    Hospitality                 11.4%               Other Global      Triple Net          EUR
   2               Vodacom                 Telecommunications               10.9%               Forbes 2000       Double Net          USD
   3                 Total                 Oil & Gas Exploration             7.5%               Forbes 2000       Traditional         USD
   4                 Vale                         Mining                     7.3%               Forbes 2000       Traditional         USD
   5              Lux Tamassa                   Hospitality                  5.8%               Other Global      Triple Net          EUR
   6              US Embassy                     Consular                    5.0%               Other Global      Traditional         USD
   7               Shoprite                           Retail                 3.3%               Forbes 2000         Gross          USD/ZMW
   8     Imperial Health Sciences Kenya          Logistics                   2.8%               Pan African       Triple Net          USD
   9         Tullow Ghana limited          Oil & Gas Exploration             2.7%               Other Global      Traditional         USD
  10           Game / Massmart                        Retail                 2.4%               Forbes 2000         Gross             USD
  11         Barclays (ABSA Group)           Financial Services              2.1%               Forbes 2000       Traditional      USD/MUR
  12      International Retail Morocco                Retail                 1.9%               Other Global      Traditional        MAD
  13                Hollard                      Insurance                   1.8%               Other Global      Traditional         USD
  14              Exxon Mobil              Oil & Gas Exploration             1.7%               Forbes 2000       Traditional         USD
  15                GCNET                   IT/Communication                 1.4%               Other Global      Traditional         USD
 Total                                                                      67.8%

                       Ι 16     1. Ranked by income
Portfolio Update – AnfaPlace Mall (Morocco)
                                               OPERATIONAL UPDATE
  ➢ Repositioning and tenant mix well-received, mall stabilising and trading in line with expectations
  ➢ Increasing average rents, WALE, GLA and valuation, continually reducing vacancies
  ➢ Exit of problematic tenant underway, freeing up 1,893m2 of lettable space
        ➢ Single tenant occupies 5 street retail outlets (Pizza Pino, Meat Co, Little Bartons, Paradis du Fruit, Okku / Kasai)
        ➢ Principal driver of the US$1.3m bad debt impact in HY2020

                                                OPERATIONAL KEY METRICS
                                 Dec 2019            Dec 2018          Change                          Comment
 USD Rent per m2 per                                                                  Premier retail space commanding higher
                                 US$39.30           US$35.38           +11.1%
 month                                                                                                 rentals
 WALE (years) (GLA)                 3.71               3.52            +0.19 yr               Longer lease terms signed
 GLA (m2)                        33,280m2           31,934m2            +4.2%           Optimized GLA, more rentable space
 Vacancy (%)                      11.7%*              20.1%             -8.4%                   Positive letting activity
 Valuation (US$m)               $109,200,793       $92,167,535         +18.5%                  Positive valuation uptick
*Vacancy comprises of 6.2% retail area and the remaining 5.5% is storage area.

                         Ι 17
Portfolio Update – Moroccan REIT
                                                  MOROCCAN REIT STRATEGY

                                        ➢ Conditional agreement for the acquisition of a Moroccan-REIT (OPCI) vehicle that owns the
                                            Massira Corner mixed use property
                                        ➢ OPCI’s to target further acquisitions of between EUR300m to EUR400m starting with:
                                              •   Exclusivity over an A-grade industrial asset in Meknes Industrial zone let to Aptiv Plc
                                              •   Memorandum of understanding for the development of a 350 key Club Med resort in Essaouira
                                              •   AnfaPlace Mall strategically positioned for inclusion to the OPCI
                                        ➢ Key cornerstone investors to take up shares alongside Grit in the OPCI structure.

              ANNOUNCED ACQUISITION - MASSIRA CORNER (post-period)
➢ Prime corner site 16 500m2 mixed-use asset located in the center of Casablanca (flagship acquisition)
➢ Anchor tenants: Onomo Hotels (201 keys, 9 year triple net lease), H&M, Starbucks, Charles & Keith
➢ 69% hospitality / 31% retail (by area) – unlocks new strategic partnership with Onomo Hotels

                  Ι 18
Portfolio Update – VDE Housing Estate (Mozambique)
              PORTFOLIO UPDATE – FIRST PRE-FUNDING DEVELOPMENT
➢ Grit contracted, on a turnkey basis, for the delivery of 60 additional units to the scheme
➢ Grit provided forward funding to the developer in exchange for profit-share participation and a
   mechanism to boost NAV growth

                          OUTCOME OF FIRST PRE-FUNDING DEVELOPMENT AND PROFIT SHARE

                                                    ➢ 60 additional units completed and handed over from October through
                                                       December 2019, leased to Vale on a newly executed five-year US$ lease.
                                                    ➢ Development completed on time and on budget.
                                                    ➢ Total construction costs amounted to US$9.3m (exclusive of VAT), profit share
                                                       amounted to US$4.6m & the 60 specific units were valued at US$17.4m.
                                                    ➢ Overall increase in the value of the accommodation complex attributable to the
                                                       Group for the period was US$6.1m.

                   Ι 19
Portfolio Update: Club Med Senegal                                    (post-period)

                          ACQUISITION UPDATE
➢ Transfer of shares and ownership taken on 27 January 2020
➢ Large-scale renovation project will re-position the resort
➢ Lease term is renewed on a 12-year triple net Euro lease*

                                            REDEVELOPMENT PROJECT OVERVIEW
                                                      ➢ Construction of 122 new GM rooms (Suites, Deluxe, Club)
                                                      ➢ Renovation & Reconfiguration to 195 GM rooms (from 204) - Club, PMR
                                                      ➢ Creation of a Gourmet Lounge, a Zen swimming pool, a Passworld, spa
                                                      ➢ Extension and renovation of existing facilities (GO accommodation, cardio,
                                                          discovery area, swimming pool, bar, main restaurant, club house, etc.)
                                                      ➢ Re-development budget capped at EUR28M
                                                      ➢ Renovation and development works expected to commence by end of Q1 2020

                              *Current lease & new development lease underpinned by a Club Med parent company guarantee
                   Ι 20
Asset Management Opportunity – LLR (Botswana)
                                  LLR CURRENT STATUS QUO
➢ Grit now owns 30% stake in LLR (up 23.75% from 6.25% initial stake)
➢ LLR Portfolio includes 20 assets, with an LTV of
Financial
  Review
HY2020 Highlights (at 31 December 2019)
Robust performance

       Adjusted EPRA
                                           EPRA NAV growth2                                 WACD3                               Debt refinance4
         earnings1

         US$5.67 cps                                  +1.1%                                  6.07%                           US$140 million
                                                                                                                            Mozambique facility
   HY2019: US$5.36 cps (+5.8%)                   HY2020: US$1.447                         FY2019: 6.44%
                                                 HY2019: US$1.431
1. Includes adjustments for deferred   2. EPRA NAV excludes deferred tax on   3. As a result of movements in LIBOR and   4. On Mozambique portfolio, effective
tax, unrealised FX movements and       Property                               Mozambique refinance. At 31 Dec, WACD is   interest rate reduced by 1.14%
straight line leasing adjustments                                             at 5.98%

  Gross Rental income                                                             Admin cost to Total                      EPRA Property cost to
                                                   Dividend
        growth                                                                      Asset Value5                                 income6

             +29.9%                              US$5.25cps                                    2.1%                                     18.6%

         HY2020: US$24.3m                      HY2019: US$5.25cps                          FY2019: 1.7%                             HY2019: 15.6%
         HY2020: US$18.7m
                                                                                  5. Increased headcount and                 6. EPRA cost ratio incl associates
                            Ι 23
                                                                                  increase in professional fees, costs
                                                                                  weighted in first half
EPRA NAV Bridge – HY20
                                                                                 Portfolio Performance

                 * EPRA NAV cum dividend
          Ι 24
                 # Other non-cash items include non-distributable profits/(loss), non-controlling interest share in profit, movement in foreign currency translation reserve & treasury shares
Distributable Income
                                                                                                                            14
                                                                         31 December 2019                                           +2.7%     +1.0% +0.1%
                                                                                 US$’000                                                                          12.20
                                                                                                                                          12.07 1         12.19
Basic Earnings attributable to the owners of the parent                            13,130                                   12    11.75
                                                                                                                                                           6.12     6.95
Add Back non-cash items:                                                                                                           6.17
                                                                                                                                            6.12
 - Straight-line leasing (non-cash rental) & right of use amortization               1867
 - Total fair value adjustment on investment properties owned                        (486)                                  10

                                                                                                US$ Cents per share (CPS)
 - Fair value adjustments included under income from associates                    (2,535)
 - Fair value adjustment on other investments                                        (591)
 - ECL Provision                                                                       218                                  8
 - Unrealised foreign exchange gains or losses (non-cash)                              403
 - Fair value adjustment on other financial asset & instruments                        416
 - Impairment of loan                                                                  904                                  6                                               5.48
 - Share based payments                                                                 90                                                  5.95           6.07
                                                                                                                                   5.58
 - Movement in deferred tax                                                          2,419                                                                          5.25    5.25
 - Depreciation and amortization                                                       259                                  4
Items added back
 - Acquisition costs not capitalized                                                 1,131
 - Anfa costs not capitalised                                                          324                                  2
 - LLR day one gain                                                                (2,066)
Other cash generation
 - VAT and tax credits utilized                                                       304                                   0
 - Antecedent dividend                                                                418                                         FY16      FY17          FY18     FY19     HY20
TOTAL DISTRIBUTABLE EARNINGS                                                       16,203
Distributable earnings per share (US$ cps)                                           5.48                                        Interim Dividend          Final Dividend
                                                                                                                                                      2
                                                                                                                                 Earnings Held Back
Weighted average shares in issue (‘000)                                           297,581

Final Distribution declared per share                                          US$5.25 cps   1. Includes special dividend for FY17
                                                                                             2. Distribution flat on prior year, with a portion of earnings held
                               Ι 25                                                             back for 2H2020
Loan to Value
LTV impacted by acquisition of the additional VDE units which were debt funded. LTV is expected to reduce towards
the targeted 40% by the end of the financial year.
60.0%

           51.0%
                          49.2%
50.0%
                                         43.4%          43.9%
                                                                    35.0% - 40.0%
40.0%
                                                                                             TARGET LTV
30.0%

20.0%
                                                                                               35-40%
10.0%

 0.0%
           HY17           HY18           HY19           HY20         Post HY20

                   Ι 26
Weighted Average Cost of Debt
WACD declined to 6.07% (June 2019: 6.44%) as a result of active treasury management activities and downward
movements in LIBOR over the reporting period.
7.0%

6.8%                                                                                       % Interest Rate
6.6%                                                                                           Hedged
6.4%                                    6.31%
                                                                                               68.80%
6.2%
                                                       6.07%
6.0%
          5.80%
5.8%                     5.69%
                                                                                          HEDGE MATURITY
5.6%
                                                                                                 3.79
5.4%
                                                                                                 years
5.2%

5.0%
           HY17           HY18           HY19           HY20      Post HY20 (Target)

                  Ι 27
Key Financial Metrics
                                    INTEREST COVER                                                   OPEX TO INCOME INCL. ASSOCIATES

               3.0
                                                                              19.0%                                                                   18.6%
                                                                   2.3
               2.5
                                      1.8            2.1                      18.0%
               2.0                                                                                                           17.0%
                       1.6
                                                                              17.0%
               1.5                                                                               15.6%
               1.0                                                            16.0%

               0.5                                                            15.0%

               0.0                                                            14.0%
                      HY17            HY18           HY19          HY20                           HY19                        FY19                    HY20

                                NET EUR EXPOSURE                                                       ADMIN COST TO ASSET VALUE
              70.0                                          62.3    66.3       2.5%                                                                           1
              60.0                           54.9                                                                                                        2.1%
                               43.9                                            2.0%
              50.0                                                                            1.6%                 1.5%
EUR (‘000s)

              40.0                                                             1.5%                                                     1.3%

              30.0   21.7                                                      1.0%
              20.0                                                             0.5%
              10.0
                                                                               0.0%
               0.0                                                                            HY17                 HY18                 HY19            HY20
                     FY16      FY17          FY18           FY19    HY20
                                                                           1. Impacted by one off professional costs and increased staff compliment
                             Ι 28                                          ahead of acquisitions and premium listing
Debt Financing Overview
              The Group has continued to develop strong relationships with financiers. The multi-bank approach adopted by Grit has
              continued, with the main banking partners being Bank of China, Standard Bank, ABSA Bank and SBM (Mauritius) Ltd.
                                       DEBT EXPIRY PROFILE (HY2020)                                                     MULTI BANK STRATEGY (HY2020)
              300.0

                                                                                                     258.10                            33.0%
              250.0

              200.0
                                                                                                                                       25.3%
US$ (‘000s)

              150.0

                                                                                                                                   15.1%
              100.0
                                                                                                                                   11.6%

                                                                                                                                       11.0%
               50.0                                                                      38.9
                        29.6                                                24.9
Statement of Comprehensive Income
                                                                                                           GROUP
                                                                                                  31 Dec 2019      31 Dec 2018
  Condensed consolidated statement of comprehensive income - For the 6 months ended 31 Dec 2019
                                                                                                      (US$’m)          (US$’m)
 Gross rental income                                                                                      24.3             18.7
 Straight-line rental income accrual                                                                     (0.2)              0.6
 Revenue                                                                                                  24.1             19.4
 Property operating expenses                                                                             (6.3)            (4.0)
 Net property income                                                                                      17.8             15.4
 Other income                                                                                              3.0              0.1
 Administrative expenses (including corporate structuring costs)                                        (10.0)            (8.2)
 Profit from operations                                                                                   10.8              7.3
 Total fair value adjustment on investment properties                                                      3.0             15.1
 Total other fair value adjustment on other investments                                                    0.0              0.0
 Impairment of loan / financial asset                                                                    (1.0)              0.0
 Share-based payment expense                                                                               0.0            (0.1)
 Share of profits from associates                                                                         12.6              7.7
 Foreign currency gains / (losses)                                                                         0.1            (1.1)
 Profit before interest and taxation                                                                      25.3             28.9
 Interest income                                                                                           2.4              6.7
 Finance costs                                                                                          (12.6)           (11.0)
 Profit for the period before tax                                                                         15.1             24.6
 Taxation                                                                                                (3.4)            (3.6)
 Profit for the period after tax                                                                          11.7             21.0
 Gain / (loss) on translation of functional currency                                                     (1.4)            (1.3)
 Total comprehensive income                                                                               10.3             19.7

                         Ι 30
Condensed Statement of Financial Position                                               INCOME PRODUCING ASSETS
 Condensed consolidated statement of financial position   30 Dec 2019     31 Dec 2018     30 Dec 2019            31 Dec 2018    Movement
 As at 31 Dec 2018                                            (US$’m)         (US$’m)         (US$’m)                (US$’m)
Assets
Non-current assets
Investment properties                                            596.0           552.8           596.0                  552.8       44.3%
Deposits paid on investment properties                             8.5            15.4             8.5                   15.4       38.7%
Other investments                                                    0             4.2               0                    4.2        0.0%
Investments in associates                                        171.4           135.7           208.2                  174.0      -13.6%
Other loans receivable                                            29.3            42.9            29.3                   42.1        0.0%
Related Party loans receivable                                    12.5             0.1            14.6
Other non-current assets                                          26.6            13.1             0.5                    0.5        9.1%
Total non-current assets                                         844.3           764.2           857.1                  789.0       23.1%
Total current assets                                              68.4            69.7             3.0                    7.4      100.0%
Total assets                                                     912.7           833.9           860.1                  796.6       28.0%
Equity and liabilities
Total equity attributable to ordinary shareholders
Ordinary share capital                                           454.1           443.2
Treasury shares reserve                                          (18.4)          (14.8)
Reserves                                                         (43.3)          (27.4)
Equity attributable to owners of the Company                     392.4           401.0
Non-Controlling interests                                           2.6            16.7
Total equity                                                     395.0           417.7
Liabilities
Redeemable preference shares                                      12.8            12.8
Interest-bearing borrowings                                      369.1           201.5
Other non-current liabilities                                     59.5            44.9
Total non-current liabilities                                    441.4           259.2
Interest-bearing borrowings                                       15.0           123.4
Other current liabilities                                         61.2            33.6
Total current liabilities                                         76.2           157.0
Total liabilities                                                517.6           416.2
Total equity and liabilities                                     912.7           833.9

                                    Ι 31
Growth &
 Pipeline
Asset Value Update
                                                                                   Total Income Producing Asset Value3
 • Total Income Producing Asset Value                           1000
      • US$860.13 million (+4.2%)                               950
                                                                900                                                              2
 • Acquisitions completed:                                                                                           2
                                                                                                                         860.1
                                                                850                                          825.2
      • Additional 23.75% interest in Letlole
                                                                800
        La Rona (LLR) (Botswana) Nov 2019
                                                                750
      • 60 additional units at VDE Housing
        Estate (Mozambique) Dec 2019                            700
                                                                                             642.3
                                                                650
 • Like for Like valuation increase:

                                                         US$m
                                                                600
      • +2.9% with the independent portfolio
                                                                550
        was valuation at 31 December 2019                              488.5
                                                                               1

                                                                500
                                                                450
                                                                400
                                                                350
 1.   FY17 includes restated figures as per financials
 2.   Includes property loans receivable                        300
                                                                250
                                                                200
                                                                       FY17                  FY18            FY19        HY2020

                            Ι 33
Pipeline - Summary
Medium term pipeline in excess of US$470 million, spread across multiple sectors with existing and new global tenants.

                                                             ANNOUNCED PIPELINE ACQUISITION SUMMARY
                                                                                                                      Property                          Provisional   * NAV
Name                        Sector             Country            Type                    Anchor Tenant                                Deal Value                                Share %
                                                                                                                      Yield                             Valuation     increase

PwC Head Office             Office             Ghana              Asset Acquisition       PWC Ghana                   8.50%            US$ 20.3m        US$ 20.5m     US$0.2m    50.0%

Huawei Head Office          Office             Ghana              Asset Acquisition       Huawei                      9.00%            US$ 13.6m        US$ 13.6m                50.0%

Grit Urban Logistics        Industrial         Kenya              Greenfield              To be confirmed             9.20%            US$ 11.8m                                 100.0%

Orbit Africa (Ph I)         Industrial         Kenya              Asset Acquisition       Orbit Products Africa       9.24%            US$ 32.2m        US$ 32.4m     US$0.2m    100.0%

Orbit Africa (Ph II)        Industrial         Kenya              Greenfield              Orbit Products Africa       11.20%           US$ 9.11m        US$ 16.3m     US$7.2m    100.0%

St Helene Hospital          Healthcare         Mauritius          Greenfield              PDL (Artemis)               10.50%           US$ 13.3m        US$ 15.5m     US$2.2m    86.6%

Coromandel Hospital         Healthcare         Mauritius          Greenfield              PDL (Artemis)               10.50%           US$ 23.4m        US$ 27.3m     US$3.9m    86.6%

Massira Corner              Mixed use          Morocco            Asset Acquisition       Onomo Hotels, H&M           7.70%            US$80.4m                                  100.0%

Cap Skirring development    Hospitality        Senegal            Greenfield              Club Med                    7.5% - 8%        EUR28m                                    100.0%
Club Med Essaouira          Hospitality        Morocco            Greenfield              Club Med                    7.00%            US$95.7m                                  100.0%

                                     * Indicative estimates only using currently available indicative valuations and should not be relied upon as a forecast
                           Ι 34
Announced Pipeline Acquisitions Update
                        Target Closing
                                           April 2020     Size (GLA):      5,176m2           Property Yield:               8.5%
                            Date:

   PWC                    Location:      Accra, Ghana
                                                          Acquisition
                                                                            $20.3m        Avg Annual Escalation:           1.64%
                                                            Costs
 BUILDING                                                                                                           PwC - (79% of GLA);
                                                                                           Anchor Tenant lease
                           Sector:           Office         WALE:         12.93 years                               15years; Triple Net,
                                                                                                 terms
                                                                                                                            USD

                        Target Closing
                                           April 2020     Size (GLA):      3,913m2           Property Yield:               9.0%
                            Date:

  HUAWEI                  Location:      Accra, Ghana
                                                          Acquisition
                                                                            $13.6m        Avg Annual Escalation:           2.38%
                                                            Costs
 BUILDING                                                                                                          Huawei – (73% of GLA);
                                                                                           Anchor Tenant lease
                           Sector:           Office         WALE:          4.39 years                               3.9 years (5+5 years);
                                                                                                 terms
                                                                                                                       Triple Net, USD

                        Target Closing                                  Ph 1 - 29,243m2                               Ph 1 – 9.24%
                                           April 2020     Size (GLA):                        Property Yield:
                            Date:                                       Ph 2 - 15,185m2                               Ph 2 – 11.20%
  ORBIT                                   Mlolongo,       Acquisition    Ph 1 - $32.2m                                  Ph 1 - 2.0%
                          Location:                                                       Avg Annual Escalation:
  AFRICA                                 Nairobi, Kenya     Costs        Ph 2 - $9.11m                                  Ph 2 – 2.0%
 (PHASE 1 & 2)                                                          Ph 1 - 25 years
                                                                                           Anchor Tenant lease
                                                                                                                   Orbit Products Africa;
                           Sector:         Industrial       WALE:        Ph 2 – c.23                                25 years; Triple Net
                                                                                                 terms
                                                                            years                                    Lease; USD lease

                 Ι 35
Announced Pipeline Acquisitions Update
                       Target Closing
                                           April 2020         Size (GLA):     5,727m2        Property Yield:                10.5%
                           Date:
 ST. HELENE
                                                             Development     US$13.3m                              European Harmonised
  HOSPITAL               Location:      Floréal, Mauritius
                                                                Costs       Development
                                                                                          Avg Annual Escalation:
                                                                                                                     CPI, min. of 2.0%
(DEVELOPMENT)
                                                                                           Anchor Tenant lease      PDL (Artemis), 15 years;
                          Sector:           Industrial          WALE:         15 years                               Triple Net, EUR-linked
                                                                                                 terms

                       Target Closing
                                           June 2021          Size (GLA):     9,961m2        Property Yield:                10.5%
                           Date:
COROMANDEL
                                          Coromandel,        Development     US$23.4m                              European Harmonised
  HOSPITAL               Location:
                                           Mauritius            Costs       Development
                                                                                          Avg Annual Escalation:
                                                                                                                     CPI, min. of 2.0%
(DEVELOPMENT)
                                                                                           Anchor Tenant lease      PDL (Artemis), 15 years;
                          Sector:          Healthcare           WALE:         15 years                               Triple Net, EUR-linked
                                                                                                 terms

                       Target Closing
                                            July 2020         Size (GLA):    16, 539m2       Property Yield:                 7.7%
                           Date:

 MASSIRA                 Location:
                                          Casablanca,         Acquistion
                                                                            c.US$83.6m    Avg Annual Escalation:            2.58%
                                           Morocco              Costs
 CORNER                                    Mixed-Use                                                               Onomo Hotels, 7.4 years,
                                                                                           Anchor Tenant lease
                          Sector:         (Hospitality &        WALE:        3.43 years                            renewable for a further 6
                                                                                                 terms
                                             Retail)                                                                years, Triple Net, MAD

                Ι 36
Pipeline Characteristics
Near term acquisition targets spread across multiple sectors with existing and new global tenants.

                                                                Sector Exposure (%)
35.0%                                                                                              33.1%

30.0%
                               25.8%                                               26.5%
25.0%                                                                                                      23.2%
                                       20.5%
                                                                           19.4%
20.0%
                                                    17.8%

15.0%
                                                            12.4%

10.0%
                 7.4%                                                                                                                   7.2%

 5.0%     4.0%
                                                                                                                          2.8%
                                                                                                                   0.0%          0.0%
 0.0%
           Industrial             Office       Corporate Accommodation       Hospitality               Retail      Specialised    Mixed Use

                                                             Existing    Existing + Secured + Target

                        Ι 37
Outlook
Summary
Key Takeaways

            Progressive
                                                          Existing Portfolio                                 Robust Platform
             Dividend

                    11                                    Performing Strongly                             Substantial investment
        consecutive distribution                        and expected to continue in                        in market-leading team and
           payments made                                         FY2020                                            platform

        Listing Structure                               Economies of Scale                                          Pipeline

          Premium Listing                                 In-country expertise                                Extensive pipeline
       intended in 2020, JSE listing                   potential to leverage existing                      of over US$470m1 of near-
             being reviewed                                   infrastructure                                   term opportunities

          1. These are targets only and are not guaranteed. These targets are based on a number of bases and assumptions which may or may not materialize.

                    Ι 39
Medium Term Policies & Guidance
Group focus areas

          Target Total Return
                                                                       Dividends                                         Payout Ratio
                 Focus

                       12%¹                                  Progressive Dividend                                  Target a reduced ratio to
           Minimum with the potential for                                                                            below 90% over the
          incremental development returns                           Policy                                              medium term
                over medium term

              Share Buyback                                                                                             Development
                                                                       LTV target
                  policy                                                                                                 exposures

           Up to 4.9% of issued                                                                                           Up to 20% of
                                                              Between 35% and 40%                                          Group GAV
               share capital
                                                                                                                    at the time of investment

         1. These are targets only and are not guaranteed. These targets are based on a number of bases and assumptions which may or may not materialize.

                    Ι 40
Annexures
Peer Performance
Target of 12% total USD return for Grit for FY20

                                                        Dividend Yield (%)
12.0

10.0                                                                                                                              9.6

                                                                                                                   8.5

 8.0

 6.0

                  3.9                  3.9                          3.8
 4.0                                                                                       3.6

 2.0

 0.0
       Global
         Global            Americas
                            Americas                Asia/Pacific
                                                      AsiaPacific                Europe
                                                                                  Europe           Middle
                                                                                                     MiddleEast  /Africa
                                                                                                            East Africa    Grit
                                                                                                                           GRIT

                                             2015     2016   2017         2018   2019   2020 YTD

                        Ι 42           Grit dividend yield calculated using USD-equivalent SEM price as at 31 December 2019. * Based on last issue price of US$1.27.
                                       Source: National Association of Real Estate Investment Trusts (as at 03 February 2020) - Returns in USD terms
ESG                       Grit is actively managing its Environmental, Social and Governance risks and opportunities

          Environmental                               Social                                 Governance

                                                                                          National Code of Corporate
                                                                                         Governance for Mauritius 2016

    Aligning strategies and operations            Empowering the female working          King IV Report (South Africa)
            to UNGC standards                   community through WWG networking
                                                         events and talks.

                                                 GRIT STAFF IN NUMBERS
                                                     75%                                 UK Corporate Governance Code*
  Reduction of paper usage, committed to                                   47%
                                                     local                 are women
 recycling and reducing carbon footprint at          employees                                                                    Upcoming Projects:
                 all assets.
                                                                 of women employed                                                            ISO 45001 compliments the
                                                                                                                                              fundamental concepts of King IV
                                                       43%       occupy managerial
                                                                 positions and above   *Full compliance to be achieved in 2020                corporate governance by focussing
                                                                                                                                              on risks and opportunities in terms
  Supporting All Life Matters, an NGO that                                                                                                    of Occupational Health & Safety.
                                                        board members                      Board composition:
  provides a low-cost veterinary clinic, free   33%     are women                       83% Independent Non- Executive
                                                                                                                                              Grit has started the process and
                                                                                                                                              aims to be fully compliant during the
sterilization, a home for many stray animals,                                                     Directors
    creates jobs for the local community.                                                                                                     first quarter of 2021.

                                                                                                                                 Other CSR
                                                                                                                                  actions
                                                                                                                                 relate to:
Executive Members of the Board
       Bronwyn Corbett                 Bronwyn is a founding member and CEO of Grit Real Estate Income Group, the largest pan-African focused real
                                       estate group listed on the LSE, JSE and SEM (stock exchanges in London (UK), Johannesburg (South Africa) and
       Chief Executive Officer         Port Louis (Mauritius) respectively). Bronwyn has over 14 years’ experience in the real estate investment sector.
       & Co-founder                    She worked in a real estate investment firm for 4 years as Financial Director before joining Motseng Investment
       B.Comm (Acc)                    Holdings in April 2009 as CFO. Together with the CEO, she was instrumental in growing the company’s direct real
       (Univ. of Natal, PMB), CA(SA)   estate exposure to ZAR2 billion within 3 years, before listing the portfolio on the JSE as Delta Property Fund –
                                       where she held the positions of CFO and CIO. Bronwyn was part of the executive team that grew Delta Property
       Appointed to the board
                                       Fund to a portfolio valued at ZAR12 billion in 4 years and converted the structure to a REIT. In 2014, she co-
       on 12 May 2014                  founded Delta International Property where she was appointed CEO. Under Bronwyn’s leadership, Grit has
                                       consistently achieved Dollar-based distribution exceeding 7%. She has driven the growth of the portfolio from
                                       US$140 million and two assets, to c.US$800 million and 46 assets across seven jurisdictions.

       Leon van de Moortele            Leon joined Grit in April 2015 as CFO, where he has utilised his tax structuring knowledge and experience in
                                       operating in Africa to expand the asset base of the group. After completing articles with PwC, Leon moved to
       Chief Finance Officer           the Global Risk Management Services within PwC, where he become the Senior Manager in charge of Data
       BCompt (Hons), CA(SA)           Management. In 2004, he moved to Solenta Aviation where he became Group Finance Director within 18
       Appointed to the board          months. During his tenure as Group Finance Director, the group expanded from 12 aircraft to 48 aircraft,
       on 30 June 2015                 operating in 8 African countries (South Africa, Mozambique, Algeria, Ghana, Gabon, Kenya, Tanzania and Cote
                                       d’Ivoire).

Ι 44
Non-Executive Members of the Board
       Peter Todd                      Peter is a qualified attorney and began his career as the senior tax manager at Arthur Andersen and Associates
                                       in Johannesburg. He joined TWS Rubin Ferguson in 1993 as a tax partner and was instrumental in listing several
       Independent Non-Executive       companies on the JSE.
       Chairman
       Other Listed Directorships: 1   In 2000, Peter established Osiris Group in the British Virgin Islands and Mauritius to provide international
       Appointed to the board          corporate finance and administrative services to global clients. Peter has significant understanding of the
       on 14 August 2014               property industry in the UK, South Africa and the rest of Africa.
       Appointed as chairman
       on 13 April 2018

       Ian Macleod                     Ian holds a BCom (Honours) in Real Estate Investment, Valuation and Development and has over 46 years of
                                       experience with financial institutions, including Standard Bank of South Africa and Nedbank with a specific
       Senior Independent              focus on Real Estate Credit Risk.
       Non-Executive Director
       Other Listed Directorships: 2   He has extensive knowledge of the real estate sector’s key role players, business sector and geographic nodes.
       Appointed to the board          Ian has managed portfolios in excess of ZAR80 billion during changing economic cycles and managing
       on 30 June 2015                 problematic properties in economic downturns. Ian is a former Head of Credit for Real Estate for Standard Bank
                                       South Africa Limited.

Ι 45
Non-Executive Members of the Board
       David Love                      David Love is a Fellow Chartered Accountant, qualifying with Deloitte, and holds a BCom and LLB (Hons First) in
                                       Land Law, Equity and Trusts. He has over 19 years’ experience in the real estate investment sector.
       Independent Non-Executive
       Director
                                       He has been instrumental in the completion of a number of high profile European real estate transactions
       Other Listed Directorships: 0   including the listing of Picton Property Income Limited on the LSE and the formation of a £1.4b UK Property
       Appointed to the board          Authorised Investment Fund. David is currently the CFO of Knight Frank Investment Management.
       on 4 December 2018

       Catherine McIlraith             Catherine holds a Bachelor of Accountancy has been a member of the South African Institute of Chartered
                                       Accountants since 1992. She served her articles at Ernst & Young in Johannesburg and then joined the
       Independent Non-Executive       Investment Banking industry. Catherine has held senior positions at Ridge Corporate Finance, BoE NatWest and
       Director                        BoE Merchant Bank in Johannesburg. In 2004 she joined Investec Bank Mauritius where she was Head of
       Other Listed Directorships: 7   Banking until 2010.
       Appointed to the board
       on 24 November 2017             Catherine held various independent non-executive board positions in Mauritius including AfrAsia Bank Ltd, Les
                                       Gaz Industriels Ltd and The Mauritius Development Investment Trust Co Ltd. She has also been a member of
                                       the Financial Reporting Council (FRC) and is a Fellow Member of the Mauritius Institute of Directors.

Ι 46
Non-Executive Members of the Board
       Sir Samuel Esson                Sir Samuel Jonah is one of Africa’s leading businessmen and internationally recognised as a leading business
                                       executive. He obtained a Master’s degree in Management from Imperial College, London following which he
       Jonah, KBE, OSG
                                       worked for Ashanti Goldfields and became CEO of the company in 1986.
       Independent Non-Executive
       Director                        Sir Samuel Jonah was elected Foreign Member of the United States National Academy of Engineering in 2018.
       Other Listed Directorships: 1
       Appointed to the board          An Honorary Knighthood was conferred on him by Her Majesty the Queen in 2003 and in 2006 he was awarded
       on 21 February 2019             Ghana’s highest national award, the Companion of the Order of the Star.

       Nomfundo Nomkosi                Nomzamo Radebe is a qualified Chartered Accountant who has furthered her studies in real estate, with a
                                       successful career spanning over 20 years.
       Nomzamo Radebe
       Non-Executive Director
                                       Nomzamo is the Chief Executive Officer of Excellerate Real Estate Services. She is a former Chief Investment
       Other Listed Directorships: 1   Officer of Pareto Limited, and prior to this, she worked as a Director and in the Sasol Group treasury unit as a
       Appointed to the board          Treasury Operations Manager. Nomzamo was awarded the IPM Business Leader of the year 2016 and the Five
       on 24 November 2017             Star Woman award by the Women Property Network in 2009.

Ι 47
Non-Executive Members of the Board
       Bright Laaka                    Bright has 16 years’ experience in Business Development, Sales and Marketing. He holds a BSc (Agric), MSC
                                       Production Physiology and an MBA in Entrepreneurship.
       Independent Non-Executive
       Director
                                       Bright is the founder and CEO of Rural Development Alliance Group in South Africa. He is a member of the SA
       (Permanent Alternate)           BRICS Agribusiness, a technical advisory and business development working group, as well as Alpha Africa
       Other Listed Directorships: 0   Foundation, a non-profit organisation that primarily works in rural areas to improve the livelihood of
       Appointed to the board          community members.
       on 29 November 2018
                                       Bright is also a former New Business Development Manager for two multinational companies listed on the New
                                       York Stock Exchange.

Ι 48
Disclaimer

This report has been prepared by Grit Real Estate Income Group Limited ("Grit" or the “Company”) solely for your information and should not be considered to be an offer or solicitation of an offer to buy or sell or subscribe
for any securities, financial instruments or any rights attaching to such securities or financial instruments. In particular, this report does not constitute an offer to sell, or the solicitation of an offer to acquire or subscribe for,
securities in any jurisdiction where such offer or solicitation is unlawful.

All information and statistics provided in this presentation relating to targeted acquisitions or post-targeted acquisitions status is predicated on information available to the Company at the time of printing of this
presentation. Such information may be subject to change depending on final negotiations and documentation related to such targeted acquisition.

None of the directors, officers or employees of Grit make any representation or warranty, express or implied, as to the accuracy or completeness of the information or opinions contained in this report.

This report is a summary only, and does not include all material information about Grit. This report contains certain statements which are, or may be deemed to be, 'forward-looking statements'. By their nature, these
forward-looking statements and the facts contained therein are subject to a number of known and unknown risks, uncertainties and contingencies, many of which are beyond Grit’s control or influence, and actual results and
events could differ materially from those currently being anticipated as reflected in such statements. These forward-looking statements speak only as of the date of this publication. Past performance should not be taken as
an indication or guarantee of future results and no representation or warranty, express or implied, is made regarding future performance. Except as required by any applicable law or regulation, the Company expressly
disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this publication to reflect any change in Grit's expectations or any change in events,
conditions or circumstances on which any such statement is based. Accordingly, undue reliance should not be placed on any such forward-looking statements.

Forward-looking statements have not been reviewed by external auditors and are the responsibility of the Board of Directors of the Company.

All targets mentioned in this presentation are targets only and are not guaranteed. These targets are based on a number of bases and assumptions. which may or may not materialize and have not been assessed or validated
by the auditors. Nothing in this presentation should be construed as a profit forecast.
Nothing in this report should be viewed, or construed, as "advice", as that term is used in the South African Financial Markets Act, 2012, and/or Financial Advisory and Intermediary Services Act, 2002 and/or the equivalent
legislation in the United Kingdom, United States of America or in the Republic of Mauritius.
Thank You
                                     Grit Real Estate Income Group
                                                                    Reg. No. C128881
T +230 269 7090        3rd floor, La Croisette Shopping Centre, Grand Baie 30517, Mauritius
E ir@grit.group              Level 3, Alexander House, 35 Cybercity Ebene 72201, Mauritius
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