Texton Property Fund ABSA Private Bank & JSE Presentation 16 September 2014

 Fund started in 2006  Listed in August 2011 with 21 properties valued at R950 million  Consistent growth over 8 years  Distributions increased by 10.64% 85,47cps  Share price965  Portfolio growth40.4%R544.4m  Key Performance Indicators:  Vacancies 5.3%(sector 11.3%)  Tenant retention 82.5%  Blue chip tenants80%  Weighted av lease expiry 3.96 years  Rent collection (excl legal)98%  Successful capital raise R455m  BEE transaction (level 2 or 3) Phase 2 pending  New Manco structure has invigourated the fund  Acquisition awaiting transfer R380m  75% debt hedged Recent History For the year ended 30 June 2014 Post Balance Sheet Key highlights

 Greatly enhanced deal flow with new management team  Relationships with key players in the industry and continued ability to source opportunities  Acquire A to B + grade buildings in the main metropolitan areas  Remain office dominated but will selective buy in other sectors  Acquisition of assets with upside potential  Strongest pipeline since listing  Active management of existing assets (doing what we do well)  Focus on underlying property fundamentals whilst being opportunistic  Tenant focussed approach is delivering value  Existing portfolio provides a solid platform Management Style Disciplined Acquisition Approach New Management Structure Efficient Management of Existing Assets Yield Enhancing Growth Strategy  Sustainable income growth and capital appreciation  Grow portfolio while maintaining quality of portfolio as well as yield  Grow by acquiring portfolios and through property refurbishments  Injection of skills and expertise  Employment of highly skilled executives  Invigourated management

Key Fund Metrics30 June June 2013 Number of properties31 #27 GLA m m 2 Undeveloped Bulk in Portfolio34 000m 2 Property Portfolio Book ValueR2.21 billionR1.80 billion Vacancy5.3%5.6% Weighted Average Lease Expiry3.96 years4.75 years Management Experience220 years 50 years Portfolio Composition (by Revenue)Unchanged Office: 95% Retail: 4% Industrial: 1% Blue Chip Tenants80%81% Tenant Retention82.5%73% Note: # 11 Greenstone Office Park buildings consolidated Overview of Texton’s portfolio

Tenant profile by GLA and revenue Lease expiry by GLA and revenue Limited exposure in 2015    

 Office sector will remain slow for 18 months  TEXTON has limited exposure to soft office market  Prudent diversification:  Selected opportunities in industrial and retail  Offshore strategy being explored  We will only acquire what we can manage Investment Strategy

Texton’s current yield is at a 2,3% discount to sector average – 30% This is attractive when considering 8 years of consistent, above market returns Listed property sector comparison TEXTON

Texton’s attractive growth, strong fundamentals, blue chip lease covenants gives sustainable income Listed property sector comparison TEXTON

 A busy year  Met our guidance of cps, 10.64% growth  Capital raise of 40% at 4% discount  KPIs all improved. 11 key variables  “Accelerated, but controlled acquisition activity”  TransferredR544m  Prepped for transfer:R380m R924m  BEE deal concluded  Change in manco ownership  Injection of skills and expertise  Employment of skilled executives  Invigourated management  Exceptionally stable platform 2014 at a glance Achieved all our 2014 objectives

 Little exposure to the office market  Blue chip tenant base  Very few lease expiries  Distribution will remain above market  BEE 6.2% Level 2 (minimum 3), Stage 2: >20%  Greening will gain traction  Benefits of new manco will flow through to shareholders  Again, enhanced but controlled acquisition activity  Excellent deal flow (including R440m ‘manco’ portfolio)  Offshore opportunities being explored  Share price rerating Outlook 2015 Prospects