Business Profile 2017 - eaph.co.za

1 Business Profile 2017. 1. Executive Summary Emerging African Property Holdings (EAP) is a fully fledged black women owned property Investment Company focusing on the listed and unlisted property sector. It has a strong balance sheet and is led by individuals with a proven Business track record. The company is a Broad Based Black women owned Business , with 52% black women shareholding. The company has Business expertise, skills and experience predominantly in the South African commercial property environment and has grown its assets in REIT's (real estate investment trusts) over the past 10 years. 2. Background EAP is the company which stemmed from Money Box Investments 86, which has its origins as a 25% shareholder in Eagle Eye Investments. Eagle Eye Investments was the BBBEE (Broad based black economic empowerment). partner to Resilient.

2 There were four shareholders in Eagle's Eye Investments, which included a women's grouping from Limpopo province and one from the Eastern Cape. The fourth shareholder was Siyakha Trust, a non-profit organisation that supports education and the building of schools in disadvantaged communities. The transaction was governed by a 10-year relationship agreement which expired in June 2016 and all outstanding indebtedness in respect of loan facilities have been settled. 3. Strategic Vision A group of like-minded predominantly black women have remained as shareholders who intend to expand the activities of the company and grow it into a substantial investor in the property sector. We believe the expertise of the individual shareholders in the South African property industry can be successfully leveraged to the benefit of not only EAP, but more specifically the companies within which we invest.

3 We believe we can make a meaningful contribution at all stages of the investment process, bringing our accumulated knowledge, network, insights and experience to create mutual value. 4. The Board of Directors Mzamo Vilakazi Executive Director Lynette Finlay Executive Director Nonkululeko Nyembezi Heita Non Executive Kgaogelo Mamabola Non Executive Maurice Mdlolo Non Executive 5. Investment Profile EAP primarily invests in listed Shares on the JSE, with the majority of our share portfolio currently consisting of our investment in Resilient Property Income Fund. Our strategy is to continue to invest in listed and soon to be listed property shares with good capital growth assets in South Africa and Internationally. 6. Shareholders Nonkululeko Nyembezi-Heita Mzamo Vilakazi Maurice Mdlolo Lynette Finlay Tshiamo Vilakazi Kgaogelo Mamabolo Mathilda Gasela Danisa Baloyi 7.

4 Strategic Intent The company is well placed to participate in the sphere of opportunities that seek to promote South Africa's broad transformational agenda with a specific focus on black women. Our focus is property shares in both listed and unlisted sectors, and will not include direct property investments. The focus is on shares that exhibit a strong capital growth trajectory and sufficient yield to cover the debt funding. As individual shareholders, we share a common belief in the power of investing for the long-term based on a set of shared values. Accordingly, EAP is looking to have long-term stable positions. 8. Investments The Company is predominantly invested in Resilient. The focus is on the opportunities presented to a black women organization and the leverage they can contribute to the transaction. The nature of Investments are conservative and need to focus on areas where the Directors have skills and expertise in knowing and understanding the investment.

5 Given the current economic environment, the use of debt will be on a conservative basis with limited recourse to the Company and Shareholders 9. Board Profile Mzamo Vilakazi Mzamo Vilakazi is a property executive with close on 20 years experience. Chairman of EAP, previously Moneybox 86 Investments (Pty) Ltd. His former positions include Executive of Rebserve Ltd; Executive of Atterbury Property group ; Chief Executive Officer of Attcorn Developments ( 50% - 50% Joint venture with Atterbury); Director of Attfund's former BEE partner; Chairman of Eagles Eye Investments (Pty) Ltd. Mr Vilakazi has a certificate in International Relations from Canada, a Social Science Degree from UCT Cape Town. Certification in Business Project Management from Wits Graduate School of Bu siness. Currently busy with a Masters in Business Administration from Wits Graduate School of Business .

6 10. Board Profile Lynette Finlay CA (SA). Lynette Finlay, Non Executive Director of Growthpoint, the largest listed property company in South Africa, Chairman of the Audit Committee and member of the Social Ethics and Transformation Committee. Director of Finlay, a specialist retail leasing company, specialising in Rural shopping centres. Previously CEO of Finlay and Associates, a Property Management company for 32 years, which inter alia managed a commercial portfolio in excess of R7bn, developed the Hyatt Hotel in Johannesburg and several office blocks and shopping centres countrywide. The Company was sold to Broll Property group in 2015. Ms Finlay has also owned and ran several businesses including a restaurant, events company (specializing in Business related events and raising money and awareness for orphaned children), an International Children's clothing franchise and a security, cleaning and garden services Business .

7 Ms Finlay was the first women president of SAPOA (South African Property Owners Association), a founder of the Women's Property Network, a Board Member of the Property Services SETA, Chairman of the Rosebank Management District, Executive Vice Chair in drafting the Property Charter. Co-founder of Nurturing Orphans of Aids for Humanity (Noah) which cared for over 100 000 orphaned children. Ms Finlay won the Inyathelo award for women in philanthropy. Received a merit award for most influential women in Business and Government. Winner of the first 5 Star Women Award given to women in the property industry. 11. Board Profile Nonkululeko Nyembezi-Heita Ms Nyembezi-Heita has served as an independent non-executive director on numerous boards in both the public and private sectors. She currently serves as non-executive chairman of the JSE and non-executive member of the board of Old Mutual plc and Macsteel Global Nonkululeko Nyembezi-Heita is the Chief Executive Officer of Ichor Coal , an international mineral resources company focusing on coal mining in South Africa.

8 Ms Nyembezi-Heita was previously Chief Executive Officer of ArcelorMittal South Africa, the largest steel producer on the African continent and subsidiary of the ArcelorMittal group , which in turn is the largest steel producer in the world. Prior to that, she served as the Chief Officer of Mergers & Acquisitions for the Vodacom group and before that, Chief Executive Officer of Alliance Capital, then local subsidiary of a New York based global investment management company. Ms Nyembezi-Heita has a Honours degree in electrical engineering from the University of Manchester Institute of Science & Technology and a masters degree in the same discipline from California Institute of Technology. She also has an MBA from the Open University (UK). 12. Board Profile Kgaogelo Mamabolo Kgaogelo Mamabolo has 16 years experience in the Property industry and was previously Asset Manager for STANLIB.

9 Direct Property for the STANLIB Africa Direct Property Development Fund and the Liberty group property portfolio incorporating retail, hotel and office properties inclusive of prime properties such as Sandton City and Nelson Mandela Square. She was Head of Unlisted Properties at Liberty Properties including also other Liberty owned shopping centres, prior to the Asset Management arm of Liberty Properties moving to STANLIB. She previously headed up the Research department at the Investment Property Databank (SA) and was Property economist and Senior researcher at Viruly Consulting, were she also undertook advisory services and development feasibilities for Private and Public property organisations. Ms Mamabolo's involvement in the property industry extends to her being Past President of the South African Institute of Black Property Practitioners and Past National Councilor for the South African Property Owner's Association and the South African Council of Shopping Centres.

10 She is also ex member of the International Council of Shopping Centre's Sub-Saharan Africa Advisory Board and ex Board Member of the Property Charter Council and current Research committee member. She has also chaired the Board of the Braamfontein Improvement District. Kgaogelo was in 2013 seconded to the National Department of Public Works' to assist with their Business Case for the Implementation of the Property Management Trading Entity, this whilst also undertaking her role at STANLIB. Ms Mamabolo has a Bsc Honours in Town and Regional Planning from the University of Witwatersrand and has a Senior Management Development Program Certificate from the University of Stellenbosch Business School. 13. Board Profile Maurice Mdlolo Maurice Mdlolo holds a degree in Business management and Economics from the University of South Africa and various management courses from the University of Stellenbosch Business School.