www.attacq.co.za

UPDATEPRE YEAR END

JUNE 2017

- 2 -

INTRODUCTION 3

VISION 5

STRATEGY 7

SOUTH AFRICAN PORTFOLIO 11

WATERFALL DEVELOPMENT 15

MAS REAL ESTATE INC. INVESTMENT 31

AFRICAN RETAIL INVESTMENT 33

CONCLUSION 35

QUESTIONS AND ANSWERS 37

AGENDA

INVEST GROWDEVELOP

SLIDE

Lynnwood Bridge Precinct

INTRODUCTION

- 4 -

Michael Clampett

Head: Retail Asset &

Prop Management

CA(SA)

Joined Jul 2015

12 yrs experience

EXPERIENCED MANAGEMENT TEAM

Morné Wilken

CEO

B Eng (Hons)

Joined Aug 2009

23 yrs experience

Melt Hamman

CFO

CA(SA)

Joined Jul 2013

24 yrs experience

Jackie van Niekerk

COO

BCom Acct

Joined Apr 2017

14 yrs experience

Tasja Kodde

Company Secretary

Chartered Secretary

Joined Mar 2015

16 yrs experience

Debbie Theron

Head: Off & Mixed Use

Asset & Prop Mgt

BA Law

Joined Jun 2014

26 yrs experience

Pieter Mackenzie

Head: Developments

BSc Blg Mgt, MBA

Joined Jan 2016

29 yrs experience

Raj Nana

Investment Officer

CA(SA)

Joined Apr 2014

12 yrs experience

Peter De Villiers

Head: International

Assets

CA(SA) CFA

Joined Jul 2013

17 yrs experience

Bridge at Lynnwood Bridge Precinct

VISION

- 6 -

ATTACQ’S VISION AND UNIQUE VALUE PROPOSITION

To be the premier property company

Delivering exceptional and sustainable growth through

real estate investments and developments

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

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

which deliver exceptional and sustainable capital and earnings growth.

“

“Morné Wilken

Mall of Africa

STRATEGY

- 8 -

STRATEGIC EXECUTION HIGHLIGHTS | 2017 FINANCIAL YEAR

Invested in partnershipswith Equites, Zenprop, Barrow, Atterbury,

and Sanlam Properties

Vacancies reduced to 2.6%

MAS revised itsinvestment strategy

Rebranded to communicate ourvision and offering to the market

11 bursaries via Atterbury TrustContributions made to

Columba Leadership Programme,

Fat Cats Cares and Bana Ba Rona Early

Childhood Development Centre

8 Green rated buildings(by design) and

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

Further appointments made in Development team

DEVELOP GROWINVEST

completed buildings4in SA, adding primary GLA of

70 424 m²

Completed 3 rooftop PVplants with a total capacity of

Another 2 installations underway

5 909 kWp

A further

Of bulk jointly secured withSanlam Properties at Waterfall

665 425 m2

Appointed Jackie van Niekerk

as Chief Operating officer

first birthday celebrationMall of Africa

>1.1 million visitors per month

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

1 Gold LEED rated building

(as of 31 December 2016)

High qualitydirectly held

property portfolio

WALE 6.5 years(as of 31 December 2016)

Recognised in the

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

shopping centre design and development

Included in the FTSE / JSE

Responsible Investment Indexfrom 19 June 2017

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

R1.7 bncapital recycled

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

- 9 -

FOCUSED APPROACH | FOUR COMPANY FUNDAMENTALS

1 Premium quality South African portfolio

2 Waterfall Development

3 Strategic investment in MAS Real Estate Inc.

4 African Retail InvestmentsReturn target:

15% return per share

over a 3 year period

- 10 -

ATTACQ’S JOURNEY

DEVELOPMENTS

SOUTH AFRICA

NON-SA: MAS

INCOME PRODUCING ASSETS VS TOTAL ASSETS

69%12%

5%

5%

9%

Dec 201658%

5%

6%

2%

29%

Dec 2013

Post December 2016 events, impacting the split

Recycling of non-core assets

• Non-core African asset – R45 million

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

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

• Nova Eventis (Competition Commission approval outstanding)

435 842 m2 primary GLA to 694 770 m2 primary GLA

NON-SA: Africa

NON-SA: Other

MooiRivier Mall

SOUTH AFRICAN

PORTFOLIO

69%

- 12 -

PORTFOLIO VALUE BY SECTOR

PREMIUM QUALITY SA PORTFOLIO

VACANCIES

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

WALE* PROFILE

6.5 YEARSDec 2016: 6.5 yearsDec 2015: 6.8 years

COLLECTION RATE^

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

RENTAL ESCALATIONS#

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

RENTAL~ R / m²

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

NON-GLA INCOME

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

58.4%

2.4%

6.1%

33.1%

Jun 2016

58.2%

34.6%

4.9%

2.3%Dec 2016LIGHT INDUSTRIAL

RETAIL

HOTEL

OFFICE AND MIXED-USE

- 13 -

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

FEATURED PROPERTIES

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

4. Garden Route Mall 5. Brooklyn Mall

Top 8 featured properties Primary Gross Lettable Area#

• Mall of Africa, Waterfall^ 123 348

• Lynnwood Bridge Precinct,

including Glenfair Boulevard, Pretoria 81 973

• Garden Route Mall, George 53 584

• MooiRivier Mall, Potchefstroom 49 054

• Cell C Campus, Waterfall 43 890

• Eikestad Mall, Stellenbosch^ 47 146

• Brooklyn Mall, Pretoria* 74 756

• Newtown Precinct, Johannesburg 78 305

- 14 -

MALL OF AFRICA

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

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

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

• Average rental (including anchors) R253 / m², resulting in a 16% below industry average rentals

• Excellent security statistics

• Dedicated Gautrain bus route

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

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

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

and development

Gateway West

WATERFALL

DEVELOPMENT

12%

- 16 -

44 849

127 407

70 200 71 398 60 381

52 083

172 408

28 208

0

20 000

40 000

60 000

80 000

100 000

120 000

140 000

160 000

180 000

200 000

2012 2013 2014 2015 2016 2017 2018 2019

Prim

ary

GLA

m2

Future vs historical pipeline

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

Parameters

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

• Mall of Africa excluded from the analysis

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

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

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

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

WATERFALL DEVELOPMENT HISTORY AND PIPELINE

Pre-internalisation Post-internalisation Totals

104 391 m2

GLA new

securedprojects

- 17 -

172 408

239 558

28 208

71 830

215 936

0

20 000

40 000

60 000

80 000

100 000

120 000

140 000

160 000

180 000

200 000

220 000

240 000

260 000

2018 2018 2018 2018 2019 2019

m2

Current activity and actual vs weighted pipeline

Secured Potential 75% Potential 50% Potential 25%

Actual

enquiriesActual

enquiriesProbability

adjusted

Probability

adjusted

WATERFALL DEVELOPMENT PIPELINE: ACTUAL VS WEIGHTED

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

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

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

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

20

18

Spec & under planning

Under

construction

Secured &

under

planning

FY

20

19

Actual activities

- 18 -

Chantell Latilla-Campbell

Deal MakerCIPF, CCPP, Commercial Brokerage CertificateJoining 5 Jun 201725 yrs experience

BiancaBarnes

Broker LiaisonJoined Aug 20165 yrs experience

NicoBarnard

Town PlannerPr. Pln, CDFAJoined Sept 20168 yrs experience

EXPERIENCED DEVELOPMENT TEAM

PieterMackenzie

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

MornéWhitehead

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

CarienStorm

Development ManagerBComJoined 201316 yrs experience

EnzoOosthuizen

Development ManagerJoined Aug 201613 yrs experience

LindaMeyburgh

PAJoined Aug 201615 yrs experience

MironNaidoo

Development ManagerProject Management, Civil EngineeringJoined 1 Jun 201711 yrs experience

DavidOosthuizen

Deal MakerSA Professional Valuers Ass, BScHonoursJoining 15 Jun 201710 yrs experience

- 19 -

WATERFALL MASTERPLAN EXPLAINED

• Catalyst for growth:

Mall of Africa and 1.3 Ha Waterfall Park

• 1.2 million m2 remaining bulk

• ±608 000 m2 serviced development rights

• Two focus areas:

Waterfall City and Waterfall Logistics Hub

• Benefits of Waterfall

• Central location

• Infill development

• Excellent access

• Unique urban designand infrastructure

• Corporate consolidation

• Economic benefit

- 20 -

WATERFALL FOCUSED APPROACH

Waterfall City – A city that works

• Work, live and play

• Sufficient and efficient infrastructure

• Smart technology

• Lifestyle offering

Waterfall Logistics Hub

• Distribution / warehousing in logistics park

• Light industrial

• Office, warehousing and industrialcombinations

N

- 21 -

DEVELOPMENTS UNDER CONSTRUCTION

Gateway West

• Primary gross lettable area: ±13 891 m²

• Segment: office

• Estimated value on completion: ±R387.6 million

• Estimated date of completion: November 2017

Gateway West

- 22 -

DEVELOPMENTS UNDER CONSTRUCTION | CONTINUED

K101 Warehouse

• Primary gross lettable area: ±8 523 m²

• Segment: Light industrial

• Estimated value on completion: ±R93.0 million

• Estimated date of completion: September 2017

K101 warehouse

- 23 -

DEVELOPMENTS UNDER CONSTRUCTION | CONTINUED

PwC Tower and Annex*

• Primary gross lettable area: ±45 223 m²

• Segment: office

• Estimated value on completion: ±R1.6 billion

• Estimated date of completion: February 2018PwC

- 24 -

DEVELOPMENTS UNDER CONSTRUCTION | CONTINUED

BMW Group South Africa Regional Distribution Centre

• Primary gross lettable area: ±32 000m²

• Segment: Light industrial

• Estimated date of completion: December 2017

BMW

- 25 -

DEVELOPMENTS UNDER CONSTRUCTION | CONTINUED

Massbuild extension

• Primary gross lettable area: ±9 643m²

• Segment: Light industrial

• Estimated date of completion: December 2017

MassbuildExtension

- 26 -

DEVELOPMENTS UNDER CONSTRUCTION | CONTINUED

Corporate Campus

• Primary gross lettable area: ±30 000 m²

• Segment: office

• 50% JV partnership with Zenprop

• First tenant secured

• Development of Phase I commenced

• Estimated gross lettable area of

first building: ±5 800 m2

• Estimated date of completion of first building:

December 2017

CorporateCampus

- 27 -

CURRENT DEVELOPMENTS

The Atria

• Primary gross lettable area: ±35 000 m²

• Segment: office and mixed-use

› 2 office buildings

› 1 residential tower with ±120 apartments

› 1 hotel

• 50% JV partnership with Barrow Group

• Development of Hotel has commenced with

a gross lettable area of ±8 500m2

• Estimated date of completion of

Hotel: March 2019

The Atria

- 28 -

CURRENT DEVELOPMENTS | CONTINUED

Waterfall Point

• Total saleable area: ±9 584 m²

• Segment: sectional title - office

• Total development profit: ±R25.0 million

• Estimated date of completion: October 2018

• Development sold subject to conditions Waterfall Point

- 29 -

CURRENT DEVELOPMENTS | CONTINUED

Deloitte - corporate consolidation

• Primary gross lettable area: ±42 000 m²

• Segment: office

• Estimated date of completion: First quarter 2020Deloitte

- 30 -

MALL OF AFRICA

WATERFALL

CITY

LOGISTICS

PRECINCT

DISTRIBUTION

CAMPUS

FUTURE DEVELOPMENTS

Sanlam JV

• 100 Ha of additional land

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

• Economies of scale

• Availability of bridging funding

• Attacq appointed as the developer and asset manager

RETAIL

JV DEAL

RETAIL AND INDUSTRIAL / WAREHOUSING

INDUSTRIAL / WAREHOUSING

MAS properties: Germany and Scotland

MAS REAL ESTATE INC.

INVESTMENT

9%

- 32 -

MAS

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

• 30.57% held by Attacq at 31 March 2017

• Attacq equity accounts for MAS as at 31 December 2016

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

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

per annum through to 2019

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

• Expanded investment focus to Central and Eastern Europe via Prime

Kapital Investment JVs:

› Development JV focusing on new developments

› Investment JV focusing on accretive acquisitions

HIGHLIGHTS as at 31 DECEMBER 2016

• Distribution per share increased by 19.0%

• Rental income increased by 80.9% vs December 2015

• 72.9% increase in investment property vs December 2015

• Nova Park acquisition in Poland under Prime Kapital JV

• Balance sheet optimisation - drew down on

€80.4 million debt

MAS’ Lewes development

West Hills Mall

AFRICAN RETAIL

INVESTMENT

5%

- 34 -

AFRICA

• 6 operational malls as at 31 May 2017

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

› Accra Mall

› Manda Hill

› Ikeja City Mall

› Kumasi City Mall (opened 10 May 2017)

• Weak commodity cycle, strong USD and high inflation challengescontinue

• Focus remains:

› Settling West Hills Mall, Achimota Mall

– and the newly opened Kumasi City Mall

› Managing assets through the cycle

› Improving liquidity in the portfolio

PROPERTY GLAVALUATION (USD’000)

ATTACQ SHARE(USD’000)

VALUE(USD’000)

VACANCY%

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

West Hills Mall* Data provided at 100% levelAttacq owns 31.25% of AttAfrica and 25% of Ikeja City MallInformation above correct as at 31 December 2016

Eikestad Mall

CONCLUSION

- 36 -

2

SUMMARY GOING FORWARD

1

3

Focussed approach – four company fundamentals

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

Continual optimisation of balance sheet

Brooklyn Mall

QUESTIONS

AND ANSWERS