Fixed Income Investor Presentation November 2015 GRUNDFOS, GAUTENG

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

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

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%

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%

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

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

Fixed interest rate expiry profile RSA (%)

Loan exposure per financier (%)

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

BOND SPREADS Issue spread versus bond spread

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

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

Thank you DELOITTES, KWAZULU-NATAL