OASIS CRESCENT PROPERTY FUND
A property fund created under the Oasis Crescent Property
Trust Scheme registered in terms of the Collective
Investment Schemes Control Act (Act 45 of 2002) having
REIT status with the JSE
Share code: OAS
ISIN: ZAE000074332
(“OCPF” or “the Fund”)


SHORT-FORM ANNOUNCEMENT: AUDITED RESULTS FOR THE YEAR ENDED
31 MARCH 2023 AND DISTRIBUTION DECLARATION


OASIS CRESCENT PROPERTY FUND PHILOSOPHY & STRATEGY

The Fund is a well-diversified real estate investment trust (“REIT”) invested in South African
direct property investments, high quality global listed REITs and liquid instruments. The Fund
is focused on meeting all tenant needs and maintaining world class facilities. The absence of
debt and financial leverage delivers a more sustainable rate of growth during the normal
course of operations but more importantly, the Fund is not exposed to the risk and negative
effects of financial leverage during difficult times as the market is currently experiencing.

1.   THE PERIOD IN BRIEF

Unitholder return of 10.0% per annum since inception compared to inflation of 5.6% per
annum.

Distribution including non-permissible income increased by 14.5% to 99.4 cents per unit
relative to 86.8 cents in the prior year corresponding period.

Global Investment income increased significantly due to higher dividend payout ratios from
the underlying global REITs combined with the weakening of ZAR/US$ exchange rate during
the period.

Cash and local investment income increased due to higher levels of investment holdings and
higher profit rates.

Exciting relaunch of The Ridge@Shallcross Shopping Centre in Shallcross, KwaZulu-Natal
which was looted on 11 July 2021 and suffered significant damage. Brand new facility
reopened on 27 October 2023 providing the community with an enhanced shopping
experience including the latest format Checkers Hyper, new brand offerings including Mr
Price and The Foschini Group and a 24 hour McDonalds McCafe.

The Fund has no debt and its tenant profile remains low-risk as 91% of tenants are multi-
national, national, or government-related.

2.   KEY FINANCIAL HIGHLIGHTS

Revenue increased by 12.6% to R109.3, from R97.1 million in the prior corresponding period.

Distributable income increased by 14.6% to R65.2 million from R56.9 million in the prior
corresponding period.

Distribution per unit increased by 14.5% to 98.1 cents per unit, from 85.7 cents per unit in the
prior corresponding period.
Net asset value per unit decreased by 2.0% to 2 391 cents per unit, from 2 440 cents per unit
in the prior corresponding period.

Headline (loss)/earnings per unit decreased by 104.0% to (9.9) cents per unit, from 247.5
cents per unit in the prior corresponding period, largely due to fair value adjustments on
financial assets at fair value through profit or loss

Earnings per unit decreased by 93.5% to 19.3 cents per unit, from 298.1 cents per unit in the
prior corresponding period.

3.   DECLARATION ANNOUNCEMENT IN RESPECT OF THE DISTRIBUTION FOR THE
     YEAR ENDED 31 MARCH 2023

Notice is hereby given that a distribution of 5,101.34816 cents (in aggregate), after non-
permissible income, for every 100 (one hundred) units so held, has been approved and
declared to unitholders recorded in the register of OCPF at close of business on
Friday, 9 June 2023, from income. Unitholders may elect to receive the distribution in cash
or to reinvest the distribution by the purchase of new units at a rate of 2.13392 units at 2,391
cents per unit (in aggregate), for every 100 (one hundred) units so held.

Trading in the electronic Strate environment does not permit fractions and fractional
entitlements in respect of units. Accordingly, should a unitholder’s entitlement to new units,
calculated in accordance with the ratio mentioned above, give rise to a fraction of a new unit,
such fraction will be rounded down to the nearest whole number, resulting in allocations of
whole units and a payment to the unitholder in respect of the remaining cash amount due to
that unitholder under the distribution.

The publication of this announcement and/or applicable documents and the right to reinvest
the distribution in jurisdictions other than South Africa may be restricted by law and a failure
to comply with any of these restrictions may constitute a violation of the securities laws of any
such jurisdictions. OCPF units have not been and will not be registered for the purposes of
the election under the securities laws of the United Kingdom, European Economic Area or
EEA, Canada, United States of America, Japan or Australia and accordingly are not being
offered, sold, taken up, re-sold or delivered directly or indirectly to recipients with registered
addresses in such jurisdictions.

In respect of the distribution, unitholders who will receive the distribution are hereby informed
that, for taxation purposes, OCPF is a REIT as defined in the Income Tax Act as from 1 April
2013 and, accordingly, the tax implications of the distribution have changed as from that date.
The distribution will not be exempt from income tax in terms of section 10(1)(k) of the Income
Tax Act.

For South African tax residents, the distribution will be exempt from dividends tax in terms of
section 64F(1) of the Income Tax Act, provided that you, as unitholder, provide the transfer
secretary or your nominee, custodian or Central Securities Depository Participant (“CSDP”)
with confirmation of your tax residence status in the prescribed form. If you do not provide
the required residence status, they will have no choice but to withhold dividends tax at a rate
of 20%.

For non-resident unitholders, for South African tax purposes, the distribution received by a
non-resident unitholder from a REIT will be subject to dividend withholding tax at 20%, unless
the rate is reduced in terms of any applicable agreement for the avoidance of double taxation
(“DTA”) between South Africa and the country of tax residence of the unitholder. Non-resident
unitholders that believe that a reduced rate of tax applies in respect of their applicable DTA
should contact the transfer secretaries or their nominee, custodian or CSDP for the
prescribed form to record the reduced rate of tax.

Where dividends tax is withheld at 20%:
- the reinvestment ratio for non-resident unitholders will be 1.70714 units at 2,391 cents
   per unit, for every 100 (one hundred) units held on the record date; and
- should such unitholders elect to receive the distribution in cash, they will receive
   4,081.07853 cents per 100 (one hundred) units held on the record date.

Kindly contact the transfer secretaries, or your nominee, custodian or CSDP for a copy of
the prescribed declaration form.

The Income Tax Act sections applicable to the distributions made are as follows:

-         Property income distribution from a REIT – section 10(1)(k) and section 64F(1)

Both resident and non-resident unitholders are encouraged to consult their professional tax
advisors with regard to their individual tax liability in this regard.

A circular will be posted out to unitholders on Wednesday, 10 May 2023, in respect of the
unit and income distribution.

Units in issue at the date of declaration of the distribution: 65 878 565

Income tax reference number: 3354212148

The salient dates of the distribution declaration are:

                                                                                2023
    Release of results and declaration announcement on the Stock             Tuesday, 25 April
    Exchange News Service of the JSE (“SENS”) of distribution and
    right of election to purchase new units or receive a cash payment
    Circular and form of election posted to unitholders                     Wednesday, 10 May
    Finalisation announcement on SENS in respect of distribution and        Wednesday, 10 May
    right of election to purchase new units or receive a cash payment
    Last day to trade in order to be eligible for the distribution           Tuesday, 6 June
    Trading commences ex-entitlement to the distribution                    Wednesday, 7 June
    Listing of maximum possible number of units that may be                   Friday, 9 June
    purchased at commencement of trade
    Closing date for the election of cash distribution or to reinvest at      Friday, 9 June
    12:00 p.m. on
    Record date for the distribution                                          Friday, 9 June
    Electronic payment and CSDP/broker accounts updated with cash            Monday, 12 June
    Announcement of the results of the distribution on SENS                  Monday, 12 June
    Unit certificates posted and CSDP/broker accounts updated with          Wednesday, 14 June
    units
    Adjustment of number of new units listed on or about                     Monday, 19 June


Notes:
1.   Unitholders reinvesting their distribution in new units are alerted to the fact that the new
     units will be listed 3 business days after the last day to trade and that these new units
     can only be traded 3 business days after the last day to trade, due to the fact that
      settlement of the units will be 3 business days after the record date, which differs from
      the conventional one business day after the record date settlement process.
2.    Units may not be dematerialised or rematerialised between Wednesday, 7 June 2023
      and Friday, 9 June 2023, both days inclusive.
3.    The above dates and times are subject to change. Any changes will be announced on
      SENS.
4.    All times quoted above are South African times.
5.    Dematerialised unitholders should provide their CSDP or broker with their election
      instructions by the cut-off time stipulated in terms of their custody agreement with such
      CSDP or broker.
6.    If no election is made, the distribution accrued to the unitholder will be used to purchase
      additional units.

4.   SHORT-FORM ANNOUNCEMENT

This short-form announcement is the responsibility of the directors of the Fund’s manager,
Oasis Crescent Property Fund Managers Limited. It contains only a summary of the
information in the full announcement (“Full Announcement”) and does not contain full or
complete details. The Full Announcement can be found at:

https://senspdf.jse.co.za/documents/2023/JSE/ISSE/OAS/FY2023.pdf

Copies of the Full Announcement are also available for viewing on the Fund’s website at
http://www.oasis.co.za/default/content.aspx?initial=true&moveto=704 or may be requested in
person (during office hours), at no charge, at the Fund’s registered office or from the office of
the Fund’s designated advisor, PSG Capital.

Any investment decisions by investors and/or unitholders should be based on consideration
of the Full Announcement, as a whole.

These annual results for the year ended 31 March 2023 have been audited by the Fund’s
auditors, Nexia SAB&T, who expressed an unmodified audit opinion thereon. The audit
opinion also includes communication of key audit matters. The audit opinion is available,
along with the annual financial statements and the summarised consolidated financial
statements, on the Fund’s website at
http://www.oasis.co.za/default/content.aspx?initial=true&moveto=704.


Cape Town
25 April 2023

Designated Advisor
PSG Capital