Presented by:

Property & Asset Management Limited

29/03/2012

• Year End Results – Highlights

• Projects and Market Overview

• Prospects and Developments

FINANCIALS:

REVENUE GROWTH STABLE AT 7%

PROFIT BEFORE TAX UP BY 203%

INVESTMENT AND PROPERTY PORTFOLIO UP BY 31%, STANDS AT P609M

ABRIDGED GROUP STATEMENT OF

COMPREHENSIVE INCOME

Revenue

Operating expenses

Finance costs

Profit from operations

Other income

Profit before fair value adjustments and exchange differences

Exchange gain/(loss)

Surplus on revaluation of investment property

Profit before tax

Income tax expense

Profit after tax for the year from continuing operations

Discontinued operations

Profit/(loss) profit from discontinued operations

Profit for the year

Other comprehensive income

Exchange difference s on translating foreign operations

Total comprehensive income for the year

Total comprehensive income for the year attributable to:

-Non-controlling interests

-Equity holders of the parent

Interim dividend (thebe)

Interim debenture interest (thebe)

Final dividend (thebe)

Final debenture interest (thebe)

Total distribution

31-Dec-2011

P’000

32,711

(10,646)

(4,139)

17,926

1,632

19,558

1,582

106,368

127,508

(27,874)

99,634

62

99,696

(239)

99,457

7,512

91,945

99,457

0.32

15.82

0.54

26.86

43.54

31-Dec-2010

P’000

30,704

(8,767)

(4,552)

17,385

7,707

25,092

(582)

17,583

42,093

(10,568)

31,525

(1,835)

29,690

(349)

29,341

1,176

28,165

29,341

0.31

15.61

0.83

41.25

58.00

7%

203%

216%

ABRIDGED GROUP STATEMENT OF FINANCIAL

POSITION

Assets

Property, plant and equipment

Intangible assets

Investment properties

Rental receivable - straight line rental adjustment

Investments

Current assets

Assets classified as held for sale

Total Assets

Equity and Liabilities

Unit holders' funds

Non-controlling interests

Long term borrowings

Deferred taxation

Current liabilities

Liabilities directly associated with assets classified as held for sale

Total Equity and Liabilities

31-Dec-2011

P’000

311,188

1,000

294,305

6,131

2,152

21,520

27,270

663,566

252,349

80,774

236,051

53,352

40,643

397

663,566

31-Dec-2010

P’000

246,877

1,000

213,937

5,376

2,323

19,655

2,400

491,568

171,159

68,292

187,724

31,240

32,175

978

491,568

INVESTMENT PORTFOLIO

P608.65m - 31% increase (2010 – P464.14m)

Capital work in progress represents P288.11m of Masa Centre Project (will be revalued and reclassified as an Investment Property in 2012)

GROSS INCOME

P32.71m – 7% increased (2010 – P30.70m)

PROFIT FROM OPERATIONS

P17.93m - 3% Inecrease (2010- P17.39m)

PROFIT BEFORE FAIR VALUE ADJUSTMENTS AND EXCHANGE DIFFERENCES

P19.56m - 22% decrease (2010- P25.09m)

In 2010 we had a once-off exceptional income from Madagascar transactions of P6.63m

PROFIT BEFORE TAXATION

P127.51m -203% increase (2010- P42.09m) – Due to the surplus on revaluation of Investment Properties. The valuations were done by an external valuer

LONG TERM BORROWINGS

P236.05m - 39% increase. (2010 – P187.72m)

Increase due to financing of Masa Centre.

DISTRIBUTION TO UNIT HOLDERS - FINAL & INTERIM

43.54 thebe per Linked Unit - down by 25% (2010 – 58.00 thebe per Linked Unit)

Final distribution 27.40 thebe per Linked unit (2010 – 42.08)

Proposing an elective capitalisation of 50% of the final distribution

STOCK MARKET STATISTICS

Share price at P7.24 - increase of 15% ( 2010 – P6.30)

Dividend yield is 6.01% compared to 9.21% in 2010

Share Price as at 28 March 2012 P6.85 Linked Units in issue at period end 34,544,029 (2010: 33,541,022)

NAV / Share valued at P 7.31 UP 43% ( 2010 – P5.10)

NAV – adjusted for deferred taxation P8.85 up 46.77% ( 2010 – P6.03)

Commercial projects have been mushrooming in most commercial zones of Gaborone thereby adding a noticeable change to supply and demand dynamics of commercial buildings to the property climate. We can confirm that the demand for Retail and Industrial building is still very strong.

Clearly the market is very selective in terms of LOCATION, QUALITY and STANDARDS and it calls for dedicated Property Management.

New and relocating business are very specific on their location. This is creating vacancies in some areas of the city that are now a challenge to fill compared to previous years. Location now remains the main key in decision making. RDC is currently very well positioned, as 7.40% Rental increases on a year to year basis and 0.77% vacancy rate is showing.

The PAM Team is focused in strengthening long term relationship with. The Tenants are to be perceived as Business Partners.

The increased Customer Centric approach is showing good results reflected by the improved Debtors Days

RDC PROPERTIES LIMITED

MARKET OVERVIEW

PROJECTS : MASA CENTRE

• The completion of the Masa Centre has proved to be challenging, but the Complex attained practical completion in December 2011. Masa Centre has been accounted for as WIP for the 2011 Financial Year

• The Contractor is leaving the Site. A skeleton force will of professionals will be left

behind for the day to day attendance in the first roll-over period

• A number of Tenants are Fitting Out their premises, while Ribs and Rumps opened its doors to public already in February. Cappello is due to open beginning of April. Other Tenants are in the process of obtaining their Trading Licence

• We are looking at April to see the majority of the Shops to start trading.

• The Anchor Tenants will start their operations during the 2nd Quarter

Roll Out Progress

The Retail Gallery: due to be fully operating in April / May The Food Court: Ribs and Rumps is operating since February

while Cappello will beginning of April. The 5th option for fine dining / chill out will soon be revealed

The Hotel: after the amicable termination of the Contract with ASL the new operator have stepped in. Masa Centre will host a 5 * Hotel. The completion of the Fit Out is proving to be more complex than anticipated. The first guest is anticipated during the 2nd Quarter of the year.

Casino: the Operators have experienced a set-back in obtaining the Licence in connection with a requested change to the name of the applicant Company.

In the same period the 5 Cinemas will book the 1st 3D Blockbuster

Office Space: Centre Resident Manager’s Office is now open and we are pleased by the increasing Visitors looking for our Prime office space

Project Cost Project costs well under present market construction costs (for

similar projects) The preliminary valuation of the Building, carried out

independently (Fair Market Value, Forced Sale Value and Insurance Replacement Cost) are showing figures very positive compared to the Project Cost

Marketing

Upon receipt of the opening dates by the Anchor Tenants we will be triggering the launching

campaign through the media

The vibe around Masa Centre is back on the raise thanks to Ribs and Rumps operating guests

are entering the Centre day and night

In the mean while leaflets are produced and distributed in selected areas in town and the word

of mouth is powerfully spreading the news.

Life will soon roam throughout

Few Pictures…

Few Pictures…

Few Pictures…

The forward booking for this year are very good and much better than the original estimates as ran in October;

The lodge re-opened this month and has already had two group, one of 50 pax

Of significant importance to the lodge is the fact that Air Madagascar has decided to open a route with light aircrafts from the capital and Tulear to Isalo, pulling feet and making Isalo a destination

A mining project will be starting soon at 60km from the park and we are entering agreements to host the management within the premise

Early indications of forward bookings revised occupancy estimated for 2012 is 28.83%

Independent analysis of the Lodge potential within the market is predicting the Lodge to break even early 2013

“Awesome location, equally fantastic hotel!”

Isalo rock lodge is total luxury in the middle of the most fantastic landscape. The lodge staff could not have been more friendly or warm and welcoming. The rooms are great, very comfortable with fantastic views. The food is amazing, the facilities brilliant..in fact there is nothing not to like about it.

I Would very much like to return to this part of the world, and I would most certainly stay at the Isalo Rock Lodge again!

• OFFICE SPACE ONLY AVAILABLE

• For more information on letting opportunities contact: masacentre@rdc.bw

30/03/2010

–5/10/2012

THANK YOU