Redefining Investment in Listed Property

Global Listed Real EstateReminder that Real Estate Isn’t Just Offices and Shopping Centres

2

There are 25 Sectors and Sub-sectors Each Behaving Differently During Different Parts of the Property Cycle

Industrial

• Manufacturing• Logistics

Retail

• Malls• Shopping

Centres• Strip Centres• Triple Net

Office

• Traditional• Co-working

Residential

• Single Family• Multi Family• Manufactured• Student

Diversified

• Diversified Property Portfolio

Lodging

• Resorts and Hotels

Healthcare

• Hospitals• MOBs• Senior Housing• Skilled Nursing• Life Science

Labs

SelfStorage

Specialised

• Towers• Fibre• Datacentres

Resources

• Timber• Farmland

Global Listed Real Estate SectorsNot All Sectors are Created Equal

3

Source: FTSE EPRA Nareit, J P Morgan

US REIT Sector Returns

A Tale of Two Cities SectorsIt was the best of times (Industrial), it was the worst of times (Retail)

4Source: Datastream, Reitway Analysis

Year to Date USDTotal Return YTD 2020-09-30

Retail Index -40.9%Industrial Index 14.2%Specialised Index 21.3%Office Index -28.1%Diversified Index -27.2%Residential Index -19.3%

Peak USDTotal Return 2020-01-01 to 2020-02-20Retail Index -2.6%Industrial Index 10.6%Specialised Index 12.5%Office Index 4.7%Diversified Index 2.0%Residential Index 9.1%

Peak to Trough USDTotal Return 2020-02-20 to 2020-03-23Retail Index -50.5%Industrial Index -35.9%Specialised Index -26.0%Office Index -43.1%Diversified Index -51.8%Residential Index -43.0%

Trough to Date USDTotal Return 2020-03-23 to 2020-09-30Retail Index 22.6%Industrial Index 62.1%Specialised Index 45.7%Office Index 20.8%Diversified Index 48.1%Residential Index 30.1%

40

50

60

70

80

90

100

110

120

130

Retail Index Industrial Index

-40.9%

14.2%

Sector AllocationPerfect Retail Stock Selection Would Still Not Save You in 2020

5

RetailTop 5 Performers USD

Year to Date Total Return 2020-09-30

Taubman Centers 8.58%

Agree Realty Corp. -6.74%

Choice Properties -6.94%

ÆON REIT -11.84%

Realty Income Corp. -14.58%

RetailBottom 5 Performers USD

Year to Date Total Return 2020-09-30

Intu Properties plc Delisted

Hammerson plc -88.71%

Hyprop Investments -75.49%

Unibail-Rodamco -74.59%

Macerich -71.56%

IndustrialTop 5 Performers USD

Year to Date Total Return 2020-09-30

Innovative Industrial 69.14%

Warehouses de Pauw 43.17%

Goodman Group 38.88%

Nippon Prologis REIT 34.30%

GLP J-REIT 28.52%

IndustrialBottom 5 Performers USD

Year to Date Total Return 2020-09-30

PS Business Parks Inc. -23.98%

Dream Industrial REIT -12.38%

Tritax EuroBox plc -6.79%

LondonMetric plc -5.60%

First Industrial Realty -2.17%

Source: Datastream, Reitway Analysis

0

500

1000

1500

2000

2500

Taubman Centers

0

20

40

60

80

100

Intu Properties

0

200

400

600

800

Innovative Industrial Properties

0

2000

4000

6000

8000PS Business Parks

The Retail “Apocalypse”The Apocalypse Has Been a Reality Since 2010

6

“Dead shopping malls rise like mountains beyond mountains” Sprawl II, Arcade Fire, 2010

The Retail “Apocalypse”USA and UK Retail Store Openings and Closings 2012 to 2019

7

43

49

4847

4645

43

45

48 47 48 47 48

51 51

54

40

42

44

46

48

50

52

54

2012 2013 2014 2015 2016 2017 2018 2019

123

119

110

112

109 109

111

107

123

121

119120

119

123122

123

100

105

110

115

120

125

2012 2013 2014 2015 2016 2017 2018 2019

USA Store Openings and Closings (in ‘000 Units) UK Store Openings and Closings (in ‘000 Units)

Source: US Bureau of Labor Statistics Source: Local Data Company

The Retail “Apocalypse”Retail Nightmare of 2020 – Major Bankruptcies and Store Closures

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Source: CB Insights, Cowen, Reitway Analysis

24 hour fitness Celine Group Holding G Star Raw Johnsons' Shoes Muji UK T J Hughes OutletsAdvantage Rent a Car Centric Brands Gadget Shop Kath Kidston Muji USA T M LewinAldo International Century 21 GameStop Kikki.K Neimann Marcus Tailored BrandsAmerican Eagle Chico's Gap Kirkland's Neiman's Last Call Ten Thousand VillagesAntler Children’s Place GNC Kroger Noni B TeslaArt Van Furniture Chiquito's Go Outdoors L Brands Nordstrom The Athlete's FootAscena Retail Group Coldwater Creek Gold's Gym L K Bennet Nordstrom-owned Jeffrey Things EngravedAshbury Furniture Curious Planet Guess La Senza Norville Group TigerlilyAutonomy Clothing Dawson's Music Gymboree Laura Ashley NPC Peter JonesBeales Dean & Deluca H and M Le Pain Quotidien Oak Furnitureland Pier 1 ImportsBed, Bath and Beyond Debenhams Hallmark Lee Longlands Oasis and Warehouse Poundstretcher PropBench Diane von Furstenberg Harris Scarfe Links of London Oddbins PradaBenson Beds Dion Wired Harry & David Lombok Oliver Sweeney Trading PVH -Heritage BrandsBentley Luggage DW Sport Harveys Furniture Lord & Taylor Opening Ceremony QuizBertram Books Earth Fare Hawkins Bazaar Louis Vuitton Roots USA Rent the RunwayBlue Stem EB Games Hearing and Mobility Lowe's Rona RTW Retailwinds Travis Perkins plcBonmarché Edgars Hertz Lucky Brand SFP Franchise Corp. Trunk ClubBose Ena Shaw Home Outfitters Lucky's Market Signet Jewellers Tuesday MorningBouclair Estee Lauder Houseology Lulu Guinness Simply Scuba Ulta BeautyBrighthouse Express J C Penny M&Co Sleep Number Under ArmourBrooks Brothers Fairway J Crew Macy’s Soak ValentinoC and J Clark Retail Fairway Grocery J Crew UK Masscash Soletrader Victoria's SecretCaleres Feather & Black J. Hillburn McWilliam's Wines SpaceNK WalgreensCapri Holdings Foot Locker J.C. Penney Michael Hill Spicers G.H. BassCardinal Forever 21 J.Jill Microsoft Stage ZaraCarluccio's Fossil Jack Willis Ltd. Modell’s Sporting Goods Stein Mart ZellersCarphone Warehouse Frankie and Benny's Jeanswest Monsoon Accessorize Sur la Table PapyrusCarter's Frye John Varvatos Motherhood Sweaty Betty Party City

Sector RotationRetail and Hospitality Have Had an Annus Horribilis

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Source: Data show unlevered NCREIF Property Index returns filtered for only Open-end Diversified Core Equity (ODCE) managers.

Source: CBRE-Econometric Advisors, Q2 2020. Note: retail rent growth only reflects Neighbourhood, Community and Strip Centres (excludes Malls, Lifestyle and Power Centres).

US Real Estate Returns Across Property Types[Rolling four-quarter total return %]

Property Sector Rental Growth[Year over year change in quarters ended %]

Sector RotationIndustrial has Now Overtaken Retail in Terms of Total Investment

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Share of Total Investment

Source: Savills, Real Capital Analytics

• Industrial investment volumes overtook retail for the first time in 2019, it is now the third most-invested asset class after office and residential.

• In the first half of 2020 investment in the Industrial sector accounted for 20% of all global investment volumes.

• In 2019 $196 billion USD was invested in the sector, almost double the share of 10 years ago.

eCommerce PenetrationMajority of Global Market Still has Large Growth Potential

Source: PPRO Payments and eCommerce Reports 2019-2020 , 2020-03

24%

19%

17%

16%

16%

16%

15%

15%

13%

13%

12%

11%

10%

10%

10%

10%

9% 9% 9%

8% 8% 8% 8%

7% 7% 7% 7% 7%

6%

5% 5% 5% 5% 5% 5%

4% 4% 4% 4% 4% 4% 4%

3% 3% 3% 3% 3% 3%

2% 2% 2% 2% 2%

Chin

a

UK

Taiw

an

Sout

h Ko

rea

Ger

man

y

Wor

ldw

ide

USA

Belg

ium

Den

mar

k

Nor

way

Finl

and

Fran

ce

Czec

hia

Net

herla

nds

Swed

en

Swiz

erla

nd

Aust

ralia

Japa

n

Saud

i Ara

bia

New

Zea

land

Cana

da

Aust

ria

Slov

akia

Esto

nia

Kaza

khst

an

Rom

ania

Isra

el

Spai

n

Sing

apor

e

Chile

Lith

uani

a

Russ

ia

Turk

ey

Hun

gary

Pola

nd

Indi

a

Indo

nesi

a

Latv

ia

Ukr

aine

UAE Ita

ly

Port

ugal

Arge

ntin

a

Braz

il

Colo

mbi

a

Peru

Uru

guay

Egyp

t

Mal

aysi

a

Thai

land

Bulg

aria

Sout

h Af

rica

Mex

ico

eCommerce Sales GrowthSales Growth is Strong Especially in the Developing World

Source: eMarketer

Top 10 Countries Ranked by Retail eCommerce Growth [2019 % change]

Retail eCommerce Growth by Region[2019 % change]

20,7%

18,1%

18,7%

18,8%

20,6%

21,1%

22,4%

27,3%

31,0%

31,9%

35,0%

Worldwide

South Korea

Russia

Argentina

Indonesia

Canada

Malaysia

China

Philippines

India

Mexico

20,7%

10,2%

14,5%

19,4%

21,3%

21,3%

25,0%

Worldwide

Western Europe

North America

C and E Europe

Latin America

ME and Africa

Asia-Pacific

Industrial Juggernaut Still Has Room to RunJLL Projects Growth of over 93 Million m2 of Industrial by 2025

Source: JLL

524 60

2 772 85

2 1005 11

86

1399

1651

2018 2019 2020 2021 2022 2023 2024 2025

Historical and Projected eCommerce Sales (USD Bn)

• We have witnessed a Retail Apocalypse, beginning in 2010, driven by departmentstores and other weak retailers closing, and accelerated by COVID-19 in 2020.

• Decline is certainly not over, and while Retail will not disappear the reality is thatthere are still likely several failures waiting to occur.

• There are still too many malls in certain countries, the Middle market has been hollowed out, growth is primarily at the Discount and Premium ends of the market.

• Online stores opening physical; click and collect; repurposing etc will offset a smallpercentage of space closed by traditional retailers going out of business or rationalising.

• More retail pain likely to come, and recapitalisations are not over yet.• eCommerce sales growth remains robust, there is a lot of growth potential still.• Logistics will remain resilient, but tenants are better utilising m3 (this will impact demand)

and the eventual Supply / Demand equilibrium is approaching.• Other factors are rising land costs in the quest for last mile distribution centre properties.• Industrial rental growth in 2021 may decelerate but will remain strong versus other sectors.

Quo Vadis?

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Information and ContentThis presentation is intended for information purposes only and none of the information contained in this presentation constitutes investment advice or a recommendation, solicitation oroffer by Reitway to buy or sell any financial product. The information contained in this presentation has been prepared without consideration of the investment objectives, financial situationor particular needs of any particular recipient. Any transactions described in this presentation may give rise to substantial risk, including the possible loss of principal value, and are notnecessarily suitable for all investors. This presentation should accordingly not be considered as a substitute for the exercise of your own judgement or for obtaining independent advice basedon your personal preferences and circumstances.

DisclaimerAlthough all precautions have been made to ensure the reliability of data and information contained in this presentation, Reitway cannot guarantee the reliability thereof. Past performancereferred to in this presentation is not necessarily indicative of future performance. Similarly, forecasts contained in this presentation involve risks and uncertainties which may result in futureperformance, outcomes and results which differ materially from such forecasts. You are accordingly cautioned not to place undue reliance on any historical data, general information orforecasts used in this presentation.

Reitway accepts no liability whatsoever for any loss, damage (direct or consequential) or expense suffered by a recipient as a result of any reliance placed on any information contained in thispresentation or any opinions expressed during this presentation. The views, opinions and comments reflected in the presentation represent those of Reitway, associated companies andemployees.

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Redefining Investment in Listed Property

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• Collective Investment Schemes in securities are generally medium to long term investments. The value of participatory interests may go up or down and past performance is notnecessarily an indication of future performance. The Manager does not guarantee the capital or the return of a portfolio. Collective Investments are traded at ruling prices and canengage in borrowing and scrip lending. A schedule of fees, charges and maximum commissions is available on request. BCI reserves the right to close the portfolio to new investors andreopen certain portfolios from time to time in order to manage them more efficiently. Additional information, including application forms, annual or quarterly reports can be obtainedfrom BCI, free of charge.

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NewFunds (RF) Proprietary Limited (“NewFunds”) is a registered and approved NewFunds Collective Investment Scheme in Securities (NewFunds CIS) under the Collective InvestmentSchemes Control Act 45 of 2002. The information contained in this document is provided for information purposes only and does it constitute (i) financial advice as contemplated in terms ofthe Financial Advisory and Intermediary Services Act, 37 of 2002; or (ii) any other financial, investment, trading, tax, legal, accounting, retirement, actuarial or other professional advice orservice whatsoever (“advice”) or (iii) provide the basis of any credit, financial or other evaluation. It does not purport to be a prospectus for any security, financial product, transaction orservice nor is it deemed appropriate and/or suitable for any particular investment, investor’s objectives or financial circumstances. This document is neither an offer to sell nor a solicitation ofan offer to buy any of the products and, while every effort is made to ensure the information contained herein is complete and accurate, any pricing and other information included herein isindicative only and is not binding as such on Absa Bank Limited and NewFunds (collectively the Promoters”). Accordingly, the information contained herein merely contains a description ofcertain facts as at the date hereof and investors are advised to carry out their own independent investigation and appraisal and seek their own advice prior to making any decision or takingaction based on information contained herein. The Promoters disclaim any liability for any direct, indirect or consequential damage or losses that may be suffered as a result from using orrelying on the information disclosed. Investors are advised that not all risks and issues related to the products are disclosed and therefore, Investors should familiarize themselves with theproducts and the risks and issues related to or associated with them. Collective Investments Schemes in Securities (“CIS”) are generally medium to long term investments where the investoressentially owns a “proportionate share” (in proportion to the participatory interest held in the fund) of the underlying investments held by the fund. The value of participatory interests mayfluctuate as a result of market moves, associated external factors and risks, and past performance is not generally a guide to future performance. Any information on past financial returns,modelling or back-testing cannot be guaranteed nor does NewFunds guarantee with respect to the capital or return of any portfolio of NewFunds CIS. Listed CIS products are traded at rulingprices and can engage in borrowing and scrip lending. A schedule of fees and charges is available from NewFunds upon request. Absa Bank Limited Reg No 1986/004794/06, an AuthorisedFinancial Services Provider (FSP 72), Registered Credit Provider Reg No NCRCP7. NewFunds (RF) Proprietary Limited registration number 2005/034899/07. This document was publishedon 04 November 2019.

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