Presented by:

Property & Asset Management Limited

27/03/2014

• 2013 FY Results – Highlights

• Review of Financial Trends

• Projects and Market Overview

• Prospects and Developments

FINANCIALS:

REVENUE GROWTH UP BY 56%

PROFIT FROM OPERATIONS UP BY 83%

INVESTMENTS AND PROPERTY PORTFOLIO UP BY 12%

RETURN ON EQUITY (ROE) 14%

ABRIDGED GROUP STATEMENT OF COMPREHENSIVE INCOME

2013 2012 % Change P'000 P'000

(Restated) Revenue 71, 620 46, 025 56 Operating expenses (19,204) 13, 892

Share of income in a joint venture 1,152 (2,762)

Other foreign exchange gains/ (losses) 78 (36) Other operating income 393 209 Profit from operations before fair value adjustments 54,039 29, 544 83

Surplus arising on revaluation of properties 63,253 107, 312 (41)

Profit from operations 117,292 136,856 (14)

Investment income 2,010 3,935

Finance costs (22,316) (17,862)

Profit before tax

96,986 122,929

Income tax expense (13,980) (16,494) Profit for the year 83,007 106,435

Other comprehensive income Exchange difference s on translating of foreign operations (1,518) (243) Total comprehensive income for the year 81,489 106,192

Total comprehensive income for the year attributable to: Owners of the company 69,412 68, 511 Non-controlling interests 12, 077 37, 681

81,489 106 435 Earnings per share Before split of linked units (thebe) 206 205 After split of linked units (thebe) 41 41

Distribution per linked unit (thebe)

7.88

7.66 3

ABRIDGED GROUP STATEMENT OF FINANCIAL POSITION 2013 2012 1-Jan-12

P'000 P'000 P'000

Assets (Restated)

Property, plant and equipment 1,617 1,512 289,702

Intangible asset 1,000 1,000 1,000

Investments 0 1,980 2,152

Investment in a joint venture 16,145 13,126 11,980

Investment properties 840,080 720,974 294,305

Rental receivable - straight line rental adjustment 8,788 3,897 6,131

Current assets 30,201 20,133 18,075

Assets classified as held for sale 0 26,400 27,270

Total Assets 897,831 789,022 650,615

Equity and Liabilities

Equity attributable to the owners of the parent 473,642 354,331 293,199

Non-controlling interests 118,025 129,863 82,941

Long term borrowings 222,851 232,153 228,335

Deferred tax liabilities 35,544 26,011 11,918

Current liabilities 47,769 46,664 33,825

Liabilities directly associated with assets classified as held for sale 0 0 397

Total Equity and Liabilities 897,831 789,022 650,615

INVESTMENT AND PROPERTY PORTFOLIO

858.84m - 12% increase (2012 – P764.99m)

REVENUE

P71.62m – 56% increased (2012 – P46.03m)

PROFIT BEFORE FAIR VALUE ADJUSTMENTS

P54.04m - 83% increase (2012- P29.54m)

SURPLUS ARISING FROM REVALUATION OF PROPERTIES

P63.25m - 41% decrease (2012- P107.31m)

In 2012 Masa Centre moved from WIP to Investment Properties thus contributing P83.52m

PROFIT FROM OPERATIONS

P117.29m - 14% decrease (2012- P136.86m)

LONG TERM BORROWINGS

222.85m - 4% decrease. (2012 – P232.15m) to 26% of Investment & Properties

DISTRIBUTION TO UNIT HOLDERS - FINAL & INTERIM (ALL TO BE UPDATED)

Distribution 7.88 thebe per Linked unit – up by 3% (2012 – 7.66)

Proposing an elective capitalisation of 50% of the final distribution

STOCK MARKET STATISTICS

Share Split 1 : 5 effective 14th of October 2013

Share price at P1.80 (year end) – UP 41% ( 2012 – P1.39(*))

Share Price as at 25 March 2013 P1.98 – UP 10% from year end

Linked Units in issue at period end 220,344,898 (2012: 176,787,435(*))

NAV / Share valued at P 2.15 UP 7.5% ( 2012 – P2.00)

NAV – adjusted for deferred taxation P2.30 up 7.5% ( 2012 – P2.14)

(*) 2012 share price is adjusted for share split

• Y/Y Growth Trends (Value and Graphs)

• Five Years Overview (Pula and Graphs)

• Key Performance Indicators

We are very please to report that the audited financial results for the year ending

31 December 2013 reflect the shift from substantial profit generated by

revaluation of the developments to rental growth (UP 56%) and operating

profits before re-valuation (UP 83%), this is mainly due to the contribution by

Masa Centre to the overall results.

The property portfolio, in line with long term signed leases, grew by 12% to P859

million which represents a stable growth over the rate of inflation.

RDC PROPERTIES LIMITED

Year on Year Growth Trends 1/2

RDC PROPERTIES SUMMARY FINANCIAL INDICATORS

2010 2011 2012 2013

Portfolio Growth Y/Y 29% 31% 26% 12%

Revenue Growth Y/Y 9% 7% 41% 56%

Operating Cost Growth Y/Y 30% 21% 30% 38%

Operating Profit Growth Y/Y 40% -13% 21% 83%

Revaluation Growth Y/Y -29% 505% 1% -41%

Profit Exc Surplus Growth Y/Y 47% -14% -26% 116%

Profit before tax Growth Y/Y 2% 203% -4% -21%

NAV growth Y/Y 30% 53% 21% 34%

Market Cap Groth Y/Y 53% 19% -2% 78%

RDC PROPERTIES LIMITED

Year on Year Growth Trends 2/2

-40%

-20%

0%

20%

40%

60%

80%

100%

120%

140%

2010 2011 2012 2013

Portfolio Growth Y/Y

Revenue Growth Y/Y

Operating Cost Growth Y/Y

Operating Profit Growth Y/Y

Profit Exc Surplus Growth Y/Y

NAV growth Y/Y

Market Cap Groth Y/Y

RDC PROPERTIES LIMITED

Financial Indicators 1/3

RDC PROPERTIES SUMMARY FIVE YEARS OVERVIEW

2009 2010 2011 2012 2013

Property Portfolio 358,714 463,137 607,645 764,922 858,840

Revenue 28,220 30,704 32,711 46,025 71,620

Operating costs 6,761 8,767 10,646 13,892 19,204

Operating profit 20,177 28,215 24,477 29,544 54,039

Surplus Revaluation 24,640 17,583 106,368 107,312 63,253

Profit Exc. Revaluation 16,713 24,510 21,140 15,617 33,734

Profit before tax 41,353 42,093 127,508 122,929 96,987

NAV 147,494 191,018 293,199 354,331 473,642

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100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

2009 2010 2011 2012 2013

Property Portfolio

Revenue

Operating profit

Profit exc.revaluation

Surplus reval

market cap

NAV

RDC PROPERTIES LIMITED

Financial Indicators 2/3

RDC PROPERTIES LIMITED

Financial Indicators 3/3 Revenue Operating Profit, Profit Exc. Revaluation

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10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

2009 2010 2011 2012 2013

Revenue

Operating profit

Profit exc.revaluation

The demand for residential properties tops the chart on the market

Commercial developments are springing up in Gaborone with the New

CBD being the preferred location for most new businesses.

Few corporate organizations are reviewing their strategies to align with

ownership of real estate portfolios against leasing but there will always

be demand for rentals for new entrants.

RDC's portfolio is still proving to be robust and resilient across the country with low vacancy rates.

The PAM Team has partnering approaches is geared towards improving Clients’ leasing experiences and increasing tenant retention results.

RDC PROPERTIES LIMITED

Market Overview

In Year 2013 RDCP achieved the rebalancing of the portfolio;

Reduced exposure to offices segment and to Pula dependency

In Year 2013 RDCP concluded a number of transactions:

Sale of the non- strategic Property known as Plaza.

Acquisition of the property known as Realestate Office Park

Acquisition of the Letting Enterprise, known as Chobe Marina Lodge

Amalgamation of Tholo Enterprise

Split of shares 1/5

RDC PROPERTIES LIMITED Sales, Acquisitions and Amalgamation 1/2

Segmental Analysis and Lease Expiry Profile

Current Segmental Analysis shows a much diversified and well balanced Portfolio:

Office Space 42% - comprising prime space in key areas

Hospitality 38% - ever growing and strategic sector

Retail 16%

Industrial 4%

As a direct consequence of the Segmental Spread and leveraging on Blue Chip

Tenancies the Lease Expiry Profile shows close to 61% of the Lease expiring well

beyond 5 Year plus

15% by 2014

6% by 2015

18% by 2016

61% by 2017 and after

RDC PROPERTIES LIMITED Sales, Acquisitions and Amalgamation 2/2

Masa Centre positions itself as the social hub of Gaborone.

The Lansmore Hotel is arguably the best business Hotel in town and

with Absolute Bar has contributed to the lifestyle.

Bank ABC, Bank Gaborone and Spar (Tops) have now established their presence in one of subsidiary owned premises, Lotsane Complex in Palapye

Motovac Franchaise (Golden Horizons (Pty) Ltd) and Regional Future

has concluded with the leasing of a space in Diamond Mall Jwaneng for a fixed period of 5 years

Pinacolada commits to a 5 year lease in Mebala Centre in the Main Mall.

RDC PROPERTIES LIMITED Portfolio Highlights of the Year 2013

MASA CENTRE

“A whole new life has begun….

LANSMORE HOTEL…

REALESTATE OFFICE PARK

CHOBE MARINA LODGE

RDC will soon commence a new project – 24no new mini warehousing Units (115sqm)

Total value engineering was done which reduced costs from first tender by 50%.

Project Duration of 15 Months.

RDC PROPERTIES LIMITED G/West Extension Development on Plot 22018

New Development

PAM has commenced with the feasibility and analysis of the scheme with a view

of ensuring the development addresses the current needs of the market.

1bedroom / 2 bedroom / 2 bedroom Lofts with magnificent terraces.

RDC PROPERTIES LIMITED Residential: New Development being studied

Masa Centre events to promote visibility of the centre and giving

the public an opportunity to share the experience of improved

lifestyle within the community

For more information on letting opportunities and all upcoming

events, please contact us through: pamservices@rdc.bw or

masacentre@rdc.bw or call 391 4548/3910290 or fax 3973441

RDC PROPERTIES LIMITED

Marketing

We continue supporting Ngwapa Primary School with our contributions

This year we supported the planting of shade and fruit tree and we are

providing incentives to the school for recognizing the best students

We are pleased to announce that the students achieved yet again very

good results achieving position 3 in Mahalapye Sub Region PSLE

RDC PROPERTIES LIMITED

Social Responsibility

Ngwapa Primary School

–5/17/2016

THANK YOU!