Tower Property Fund 2018 Annual Results Presentation

Financial Highlights

• Distribution of 40.3 cents per share representing 5% growth from corresponding period

• Distributable earnings of R266 million

• Portfolio at 46 properties after the continued sale of non-core assets

• Portfolio value of R4.9 billion

• Market capitalisation of R2.3 billion

• Loan-to-value of 39%

• Net asset value of R9.68 per share

• Properties sold or in the final process of sale of R247 million

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TOWER PROPERTY FUND. 2021