1. FIXED INCOME INVESTOR PRESENTATION November 2015 GRUNDFOS, GAUTENG

2. GENERAL UPDATE RETAIL OFFICE INDUSTRIAL V & A WATERFRONT GOZ THE OVAL, WESTERN CAPE

3. 3 PLANNED INVESTMENT ACTIVITY Healthy pipeline of accretive investments Investment activityIn R’ million Developments1 211 Refurbishment capital expenditure446 Acquisitions143 Disposals-247 V&A funding421 Total1 974

4. 4 FUNDING SOURCES Diversified sources of funding  Equity: Continued support for the Distribution Re-Investment Plan  Debt:  Committed unutilised facilities of R4,1 billion (June 2015)  Bank funding  Debt capital market funding DateAmount% support Mar 2014R1 046m66% Sep 2014R1 022m55% Mar 2015R1 220m63% Apr 2015R444m42% Sep 2015R483m41%

5. 5 RSA DIVERSIFIED BORROWINGS – NOMINAL VALUE 3 010 1 300 12 468 400 6 358 1 400 3 909 1 796 16 499 400 8 944 1 450 2 659 4 480 25 444 400 15 852 2 053 Debt capital market 27.4% Traditional bank debt 72.6% Unsecured 37.8% Secured 62.2% Debt capital market 26.1% Traditional bank debt 73.9% Unsecured 37.0% Secured 63.0% Debt capital market 12.0% Traditional bank debt 88.0% Unsecured 29.6% Secured 70.4%

6. 6 LOAN TO VALUE AND INTEREST COVER RATIOS 1.Nominal value of interest-bearing borrowings (net of cash), divided by the fair value of property assets, including investment property held for sale. For RSA and GROUP the 50% equity investment in V&A Waterfront, other equity-accounted investments and listed investments were included in the fair value of property assets 2.Calculated in Rands RSA 3.2x 3.5x 3.4x 23.9% 27.4% 32.1% GOZ² 2.4x 2.9x 3.7x 46.6% 40.6% GROUP 2.9x 3.3x 3.4x 29.6% 30.8% 33.2% 36.8%

7. 7 DEBT EXPIRY PROFILE PER FINANCIER (%) 23 17 10 9 8 3 0 7

8. 8 FIXED INTEREST RATE EXPIRY PROFILE RSA (%)

9. 9 LOAN EXPOSURE PER FINANCIER (%)

10. 10 FINANCIAL RISK ASSESSMENT Upgrade of Moody’s credit rating Moody’s ratingLong-termShort-term National scale ratingA1.zaP-1.za Global scale ratingBaa2P2 OutlookStable For South AfricaFY15FY14 Weighted average term of liabilities (years)2.93.5 Weighted average term of fixed interest rate profile (years)3.54.3 Weighted average interest rate (%)8.99.4 % debt at fixed interest rate (incl. forward starting swaps)76.078.4 Unencumbered assets (incl. V&A and listed investments) (R bn)*35,132,8 Unsecured debt (R bn)7,56,1 Debt metrics * Excluding GOZ investment

11. 11 BOND SPREADS Issue spread versus bond spread

12. 12 BOND OVERVIEW Bond funding across the curve BondMaturitySizeIssue spreadSpread as at 23 Oct 15 GPT3411 Nov 15R400m39 GRT0213 May 16R500m13490 GRT0415 Sep 16R260m15090 GRT0611 Dec 17R500m150 GRT0915 Oct 18R500m150 GRT0824 Jun 19R499m145 GRT0721 Feb 24R400m190 R1 250 million repaid during FY15

13. 13 FUTURE FUNDING REQUIREMENTS  Envisaged debt capital market funding plan for FY16:  Roll of R400m Commercial Paper  Roll of GRT02 R500m in May 2016  Possible re-financing of bank debt maturing in May 2016

14. THANK YOU DELOITTES, KWAZULU-NATAL