Revised strategy under new executive team

Growth in distributable income from South African portfolio of 6,5%, despite the challenging economic climate

Growth in distributable income from the Eastern European portfolio of 13,5%

Very low vacancies in the South African retail portfolio (0,8%) and in the Eastern European portfolio (< 0,5%)

Progress in reducing exposure to sub-Saharan Africa (excluding South Africa) – investments in this region impaired by R1,46 billion in the year based on anticipated sales proceeds

Strong liquidity position and R8,5 billion of debt refinanced during the year

Decrease in distribution per share of 1,5%