1. Fixed Income Investor Presentation
November 2015
GRUNDFOS, GAUTENG

2. General Update RETAIL OFFICE INDUSTRIAL V & A WATERFRONT GOZ
THE OVAL, WESTERN CAPE

3. Planned Investment Activity
Healthy pipeline of accretive investments
Investment activity
In R’ million
Developments
1 211
Refurbishment capital expenditure
446
Acquisitions
143
Disposals
-247
V&A funding
421
Total
1 974

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
Date
Amount
% support
Mar 2014
R1 046m
66%
Sep 2014
R1 022m
55%
Mar 2015
R1 220m
63%
Apr 2015
R444m
42%
Sep 2015
R483m
41%

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

6. Loan to value and interest cover ratios
RSA
GOZ²
GROUP
46.6%
40.6%
36.8%
33.2%
32.1%
30.8%
29.6%
27.4%
23.9%
3.2x
3.5x
3.4x
2.4x
2.9x
3.7x
2.9x
3.3x
3.4x
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
Calculated in Rands

7. DEBT expiry PROFILE per financier (%)23 23 17 10 9 8 7 3

8. Fixed interest rate expiry profile RSA (%)

9. Loan exposure per financier (%)

10. Financial risk Assessment
Upgrade of Moody’s credit rating
Moody’s rating
Long-term
Short-term
National scale rating
A1.za
P-1.za
Global scale rating
Baa2 P2
Outlook
Stable
Debt metrics
For South Africa
FY15
FY14
Weighted average term of liabilities (years)
2.9
3.5
Weighted average term of fixed interest rate profile (years)
4.3
Weighted average interest rate (%)
8.9
9.4
% debt at fixed interest rate (incl. forward starting swaps)
76.0
78.4
Unencumbered assets (incl. V&A and listed investments) (R bn)*
35,1
32,8
Unsecured debt (R bn)
7,5
6,1
* Excluding GOZ investment

11. BOND SPREADS
Issue spread versus bond spread

12. BOND OVERVIEW Bond funding across the curve Bond Maturity Size
Issue spread
Spread as at 23 Oct 15
GPT34
11 Nov 15
R400m 39
GRT02
13 May 16
R500m
134 90
GRT04
15 Sep 16
R260m
150
GRT06
11 Dec 17
GRT09
15 Oct 18
GRT08
24 Jun 19
R499m
145
GRT07
21 Feb 24
190
R1 250 million repaid during FY15

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