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
Developments
Refurbishment capital expenditure
Acquisitions
Disposals
V&A funding
Total
In R’ million
1 211
446
143
-247
421
1 974
3

FUNDING SOURCES
Diversified sources of funding
 Equity: Continued support for the Distribution Re-Investment Plan
Date
Mar 2014
Sep 2014
Mar 2015
Apr 2015
Sep 2015
Amount
R1 046m
R1 022m
R1 220m
R444m
R483m
% support
66%
55%
63%
42%
41%
 Debt:
 Committed unutilised facilities of R4,1 billion (June 2015)
 Bank funding
 Debt capital market funding
4

RSA DIVERSIFIED BORROWINGS – NOMINAL VALUE
Rm
30 000
25 000
20 000
15 000
10 000
5 000
0
Debt capital market
27.4%
Traditional bank debt
72.6%
12 468
400
3 010
1 300
1 400
6 358
Unsecured
37.8%
Secured
62.2%
Debt capital market
26.1%
Traditional bank debt
73.9%
FY13
Secured bank debt
Unsecured bank debt and institutional financier
Commercial paper
16 499
400
3 909
1 796
1 450
8 944
FY14
Unsecured
37.0%
Secured
63.0%
Debt capital market
12.0%
Traditional bank debt
Corporate bonds
88.0%
25 444
400
2 659
Secured institutional financier
4 480
2 053
15 852
FY15
Unsecured
29.6%
Secured
70.4%
5

LOAN TO VALUE AND INTEREST COVER RATIOS
RSA GOZ²
%
50 times
10
%
50
46.6%
40.6%
40 8 40
36.8%
32.1%
30
27.4%
6 30
23.9% times
10
8
6
20 4 20 4
%
50
40
30
20
GROUP
29.6%
30.8%
33.2% times
10
8
6
4
10 2 10 2 10
0
3.2x
FY13
3.5x
FY14
3.4x
FY15
LTV¹
Interest cover ratio (incl. V&A)
0 0
2.4x
FY13
2.9x
FY14
LTV¹
Interest cover ratio
3.7x
FY15
0 0
2.9x
FY13
3.3x
FY14
LTV¹
Interest cover ratio
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
3.4x
FY15
2
0
6

DEBT EXPIRY PROFILE PER FINANCIER (%)
%
25
23 23
20
17
15
10
5
0
10
9
8
7
3
FY16 FY17 FY18 FY19 FY20 FY21 FY22
0
FY23 FY24
ABSA China Construction Bank Investec JSE LibFin Nedbank OMSFIN RMB Sanlam Standard Bank
7

FIXED INTEREST RATE EXPIRY PROFILE RSA (%)
%
30
25
20
15
10
5
0
24
Floating
3
FY16
15
FY17
15
FY18
15
FY19
11
FY20
13
FY21
0
FY22
0
FY23
4
FY24
8

LOAN EXPOSURE PER FINANCIER (%)
12
7
5
5
3 11
12
20
34
Nedbank
RMB
Standard Bank
JSE
OMSFIN
Investec
LibFin
ABSA
Sanlam
China Construction Bank
9

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

BOND SPREADS
Issue spread versus bond spread
11

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

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
13

DELOITTES, KWAZULU-NATAL