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PRODUCTION Redefine International DESCRIPTION Your internationaL hybrid property fund DATE SCENE

PRODUCTION Redefine International DESCRIPTION Your internationaL hybrid property fund DATE SCENE TAKE August 2010 Introduction 2. PRODUCTION Redefine International DESCRIPTION Your international hybrid property fund

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PRODUCTION Redefine International DESCRIPTION Your internationaL hybrid property fund DATE SCENE

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  1. PRODUCTIONRedefine International DESCRIPTION Your internationaL hybrid property fund DATE SCENE TAKE August 2010 Introduction 2

  2. PRODUCTIONRedefine International DESCRIPTION Your international hybrid property fund DATE SCENE TAKE August 2010 Introduction 2

  3. HISTORY & OVERVIEW

  4. Redefine International History • 2002: M Watters relocated to UK & Corovest International Real Estate Fund established with Sapphire as initial investment • 2004: Corovest Fund Managers (“CFM”) formed as Management Company • 2005: Sapphire sold to Multiplex of Australia at significant profit, taking advantage of property cycle • 2006: Corovest International Real Estate Fund listed on AIM as Ciref • Market capitalisation: £50m • Number of properties: 35 • Redefine acquired 18% Redefine International Fund Managers Limited – July 2010

  5. Redefine International History • 2007: Madison acquires 40% and Standard Bank 10% stakes in CFM which drives significant expansion of Ciref • 2008/09: Global Financial Crisis (GFC) has devastating effect on international property prices • Ciref weathers storm, continues to pay dividends and raises further capital to: • expand portfolio and acquire strategic stake in Wichford P.L.C. • take advantage of JV partner demise • invest into Australia • Redefine takes controlling stake in both Ciref and CFM • Control of Wichford is secured through acquisition of 100% of WPML • 2010: International markets stabilise • Ciref announces intention to list Redefine Properties International Limited (RI Ltd) on JSE and raise significant capital to continue expansion. • Ciref changes its name to Redefine International plc (RI plc) Redefine International Fund Managers Limited – July 2010

  6. Group Structure 76% 13.4% 10.6% Redefine Fund Managers 76.5% 100% 19.9% 21.7% UK Portfolio UK Retail Centres Hotels European Portfolio Management Agreement Redefine International Fund Managers Limited – July 2010

  7. Key Directors / Executives Marc Wainer Non-Executive Director key driver of expansion strategy & responsible for Australian investments Mike Watters CEO/ Executive Director founder & key driver of growth strategy Gavin Tipper Non-Executive Chairman Stephen Carlin Executive Director responsible for property acquisitions & management Helder Pereira CEO of Redefine Hotels responsible for Hotel strategy Stewart Shaw-Taylor Non-Executive Director of RIFML Provides strategic guidance Stephen Oakenfull Chief Investment Officer & Executive Director of WPML Responsible for Management of Wichford Peter Katz Executive Director responsible for European Portfolio Andrew Rowell Finance Director responsible for group finance & administration function Redefine International Fund Managers Limited – July 2010

  8. LISTING & CAPITAL RAISING

  9. Listing and Capital Raising • RI plc to remain listed on AIM • RI Ltd (a new company) to be listed on the JSE. • South African Reserve Bank approval to invest up to £200m offshore for 2010 • Two capital raisings • Up to £90m in South Africa • Rand based • No restrictions • Up to £10 on AIM (UK) • Existing shareholders • £ based • SA investors need to use asset swap

  10. Structure • RI Ltd will be structured as a property loan stock company and will mirror RI plc: • 1 linked unit in RI Ltd = 1 share in RI plc • Same board of directors • No cost leakage due to double structure

  11. Reasons for Listing • Provide SA investors the opportunity to invest in a local company that participates in the income streams and capital growth of RI plc • Provide an additional source of capital to fund the growth of the group • Increase awareness of Redefine’s international operations • Enhance critical mass and liquidity • Take advantage of international market conditions and strong local currency

  12. The Offer • Placement offer opens: 16 August 2010 • Placement offer closes: 20 August 2010 • Maximum offer: £90m in SA £10m in UK (AIM) • Minimum offer: £55m • Proposed issue price set in Rand: 24 August 2010 • Settlement and listing date: 31 August 2010

  13. SALIENT FINANCIAL INFORMATION

  14. Redefine International at a Glance Pro Forma position (after capital raising, assuming 100% ownership of properties, including Wigan and Hotel portfolio) Redefine International Fund Managers Limited – July 2010

  15. Pro-Forma Financial Position * Based on gross rentals Redefine International Fund Managers Limited – July 2010

  16. Pro-Forma Assets and EBIT £567.5m 5.3% £ 19.7% 20.3% 12.9% 19.7% 12.5% Pro forma (£) 3.4% 10.5% 4.3% 30.7% 29.7% 15.5% 15.5% Redefine International Fund Managers Limited – July 2010

  17. Statistics: Foreign Currency Exposure Redefine International Fund Managers Limited – July 2010

  18. Forecast and Dividends • Dividend Policy • Distribution of 100% of core earnings • RI Ltd will pay interest • Forecast EPS and DPS year 1: 8% • Capital Reserve account to be established: £5m - £10m

  19. Abridged Forecast Income Statement Minimum Maximum Redefine International Fund Managers Limited – July 2010

  20. RELATIVE PERFORMANCE & UK INVESTMENT MARKET

  21. UK Investment Market Economic Drivers • The UK economy continues to show signs of recovery, although these are tentative • Consensus forecasts are for GDP to grow by 1.2% this fiscal year and 2.3% next year • Unemployment rates have reduced in the last two quarters to June 2010 • June inflation (CPI) reported at 3.2% (April 3.7%, May 3.4%) • Most analysts expect a short term spike in inflation, however there are opposing views for the medium to longer term • The potential increase in VAT to 20% from January 2011 and the governments proposed spending cuts gives ammunition to both sides of the inflation argument • Interest rates are however expected to remain low for an extended period to compensate for the sharp fiscal tightening Redefine International Fund Managers Limited – July 2010

  22. UK GDP & Unemployment Source: Bloomberg Consensus Forecasts Redefine International Fund Managers Limited – July 2010

  23. UK Inflation vs Bank Rate Source: Capital Economics, Goldman Sachs Global Economics, Bloomberg Redefine International Fund Managers Limited – July 2010

  24. UK Investment Market Investment Market • Capital values have risen 14.6% since July 2009 • Capital growth driven by improvements in yields despite continued negative rental growth • Rental values continue to fall, but the pace of falls has decreased markedly • All sectors are trending upwards • Evidence of pricing improving in all markets – not just prime assets • Significant institutional, REIT and foreign capital looking for secure income yielding assets • IPD derivatives imply 10% total return for 2010 • Renewed focus on development in certain markets following limited new supply during the downturn Redefine International Fund Managers Limited – July 2010

  25. UK All Property Returns Redefine International Fund Managers Limited – July 2010

  26. UK All Property Rental Growth Source: IPD (Investment Property Databank) Redefine International Fund Managers Limited – July 2010

  27. UK Investment Market Investment Outlook • Yield compression continues to be driven by substantial equity and limited supply – particularly for prime assets • Latest REITA survey shows “significant improvement” in investor sentiment toward UK property • Spread between prime and secondary yields remains wide despite evidence of increased risk appetite • Spread over gilts has reduced as values have improved but the spread remains high with lower gilt yields • Occupational markets remain challenging although tentative improvements are being reported in certain markets Redefine International Fund Managers Limited – July 2010

  28. Property Relative to Equities Redefine International Fund Managers Limited – July 2010

  29. Property Relative to Gilts Source: IPD, Bloomberg Redefine International Fund Managers Limited – July 2010

  30. Redefine International vs Capital Shopping Centres (Rebased to Redefine) Redefine International Fund Managers Limited – July 2010

  31. UK PORTFOLIO

  32. ● Kwikfit Portfolio ● Malthurst Portfolio UK Portfolio Locations Stockport ● ● Coventry Swansea ● Southwark ● Banstead ● ● Reigate ● Margate Petersfield● ● Crawley United Kingdom ● Jersey Redefine International Fund Managers Limited – July 2010

  33. UK Portfolio • 70 Properties (including Hotels) • Low risk, long lease, inflation linked • Smaller properties located throughout UK • Defensive portfolio, credit crunch had little impact! • Strong cash generation • Good rental growth • 10.8 years weighted average lease length • 90% of income from national & regional tenants • 97% occupancy (floor space) • 99.8% occupancy (rental income) Redefine International Fund Managers Limited – July 2010

  34. UK RETAIL CENTRES

  35. UK Retail Centre Locations ● Seaham ● Wigan ● Warrington Crewe ● ● Coventry United Kingdom Redefine International Fund Managers Limited – July 2010

  36. Shopping Centres • Four major retail centres • Grande Arcade Shopping Centre, Wigan • West Orchards Shopping Centre, Coventry • Byron Place Shopping Centre, Seaham • Birchwood Shopping Centre, Warrington • Previous JV with Modus (now in administration) • 25 year funding at circa 6% Redefine International Fund Managers Limited – July 2010

  37. Grand Arcade Shopping Centre, Wigan Location • Wigan, Greater Manchester Description • Fully enclosed shopping centre - opened in March 2007 • The scheme introduced Debenhams, Bhs and Mark & Spencer department stores to the town • Estimated annual footfall of 7.8m • Dominates catchment Accommodation • 425,000 sq ft • 48 retail units • 94% occupancy – balance under offer Tenure & Tenancies • Long Leasehold • Anchor tenants: Debenhams, Marks & Spencers, Bhs, Next, H&M, TopShop, River Island, TK Maxx Key Lease Terms • Total passing rent £7,883,704 p.a. • Apcoa (Parking) passing rent of £968,864 p.a. expiring May 2032 Key Performance Driver • Rent review cycle 2011/2012 – growth of >20% expected Redefine International Fund Managers Limited – July 2010

  38. West Orchards Shopping Centre, Coventry Location • West Orchards is located in the heart of Coventry City Centre. Coventry is the 10th largest city in the UK. Description • Has approximately 7 million visitors a year with weekly footfall of 125,000 • Home to the Food Terrace which is the main eating and drinking destination for Coventry City Centre, providing in excess of 700 seats in a relaxed environment Accommodation • 220,000 sq ft • 58 retail units • 98 % occupancy Tenure & Tenancies • Long Leasehold • Anchor Tenants: Debenhams and Marks & Spencers Key Lease Terms • Total passing rent: £4,461,629 p.a • Debenhams passing rent of £700,000 p.a. expiring March 2026 Key Performance Drivers • Increase rental levels through active asset management • Redevelopment in partnership with adjacent owners and Coventry City Council to increase size Redefine International Fund Managers Limited – July 2010

  39. Byron Place Shopping Centre, Seaham Key Lease Terms • Total passing rent: £1,271,400 p.a • Asda passing rent £588,000 p.a. expiring June 2032 • Key Performance Drivers • Optimise rental growth • Utilise adjacent vacant land for value enhancing development Location • Seaham is located on the east coast just south of Sunderland in County Durham. The centre is 1.5 miles from the A19 trunk road and 10 miles from the A1(M) Motorway. Description • Opened in November 2007 • Comprises 115,000 sq ft of retail space. • 18 high quality retail units within a covered mall, providing the retail focus for the town’s population • Estimated annual footfall of 2.4m Accommodation • 115,000 sq ft of food and non-food retail space • 42,000 sq ft Asda foodstore • 358 car parking spaces Tenure & Tenancies • Long Leasehold • Anchor Tenant : Asda • Other tenants include Farmfood, Wilkinsons, Argos, Peackocks • 100% occupancy Redefine International Fund Managers Limited – July 2010

  40. Birchwood Shopping Centre, Warrington Location • Birchwood Shopping Centre is located 5 miles North East of Warrington, 16 miles West of Manchester and 23 miles East of Liverpool. As a busy suburban shopping centre its proximity to the M62 (Junction 11) and the M6 (Junction 21a) make it easily accessible to both the immediate and wider catchment area. Description • Busy and successful suburban scheme in north Cheshire • Anchored by a 10,054 sq m (108,000 sq ft) ASDA • Generates an average weekly footfall of over 100,000 shoppers Accommodation • 377,000 sq ft • 73 units • 90 % occupancy Tenure & Tenancies • Freehold • Anchor Tenants: ASDA, Argos, Superdrug, New Look Key Lease Terms • Total passing rent: £2,609,431p.a • Mclagan Investments Limited t/a ASDA passing rent of £459,408 p.a. expiring September 2079 Key Performance Drivers • Redevelopment of northern end by adding a second major anchor • Increase rental levels by upgrading malls • Let vacant office space Redefine International Fund Managers Limited – July 2010

  41. STATISTICS - UK & RETAIL PROPERTIES

  42. Statistics: Sector Profile Redefine International Fund Managers Limited – July 2010

  43. Statistics: Sector Profile Redefine International Fund Managers Limited – July 2010

  44. Statistics: Tenant Profile Redefine International Fund Managers Limited – July 2010

  45. Statistics: Tenant Profile Redefine International Fund Managers Limited – July 2010

  46. Statistics: Lease Expiries Redefine International Fund Managers Limited – July 2010

  47. Statistics: Investment Profile Redefine International Fund Managers Limited – July 2010

  48. EUROPEAN PORTFOLIO

  49. ● Vich ● Brig European Portfolio Locations ● Tarp ● Neumünster ● Marne Wedel ● ● Mölln Hamburg ● ● Uelzen Delmenhorst ● Bünde ● ● Sassenburg Brandenburg● Bad Salzuflen ● Eilenberg● Recklinghausen ● ● Leipzig ● Wuppertal ● Aldenhoven ● Windeck Aachen ● ● Frankfurt ● Aschaffenburg ● Heilbronn ● Munich ● Bruckmuhl Germany Switzerland Redefine International Fund Managers Limited – July 2010

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