Resilient REIT Limited
Incorporated in the Republic of South Africa
Registration number: 2002/016851/06
JSE share code: RES ISIN: ZAE000209557
Bond company code: BIRPIF LEI: 378900F37FF47D486C58
(Approved as a REIT by the JSE)
("Resilient" or "the Company" or "the Group")

Short-form announcement: Unaudited consolidated financial results for the
six months ended 30 June 2022 and changes to the Board

Nature of the business
Resilient is a retail-focused Real Estate Investment Trust ("REIT") listed
on the JSE Limited ("JSE"). Its strategy is to invest in dominant retail
centres with a minimum of three anchor tenants and let predominantly to
national retailers. A core competency is its strong development skills
which support new developments and the reconfiguration of existing shopping
centres to adapt to structural changes in the market. Resilient also
invests directly and indirectly in offshore property assets.

The Company's focus is on regions with strong economic fundamentals, either
with mineral resources or export quality agricultural products. Resilient
generally has the dominant offering in its target markets with a strong grocery
and convenience offering.

Distributable earnings and dividend declared
The Board has declared a dividend of 234,05 cents per share for the six months
ended June 2022. This represents an increase of 3,5% compared to the dividend
of 226,11 cents per share for the six months ended June 2021 ("comparable
dividend").

Resilient distributed 170 554 201 Lighthouse shares to its shareholders in May
2022. As such, no dividends from these shares were included in distributable
earnings for this interim period. Had Resilient retained these shares, the
interim dividend would have been 10,2% higher than the comparable dividend.

Commentary on results
The COVID-19 pandemic no longer has a significant impact on the Group's
shopping centres and no further discounts were provided to leisure-focused
tenants. New rental agreements (base rental plus a turnover clause) have
been agreed with Ster-Kinekor. A similar arrangement has been proposed to
NuMetro. Following the release of a number of "blockbuster" films, the
performance of the cinemas has been encouraging.

Resilient continues to engage with SASRIA. The only outstanding insurance claim
regarding damages and expenses suffered during the riots of July 2021 amounts
to approximately R1,3 million. This amount was not accrued for in this interim
period.

Resilient's portfolio achieved strong comparable sales growth of +9,9% for the
six months ended June 2022 compared to the six months ended June 2021 (+16,6%
compared to the six months ended June 2019 pre-COVID performance).

Resilient continues to actively address the structural changes in the retail
environment, in particular the downsizing of department stores and increasing
the grocery offering. Four additional full-offering grocery stores and a Food
Lover's Market are being introduced.

The South African property portfolio recorded comparable net property income
growth of 7,7% for the reporting period (excluding COVID-19 rental discounts
granted in the comparable period).

Resilient owns 27 retail centres in South Africa with a gross lettable area
of 1,2 million square metres. Resilient's pro rata share of the vacancy in
the portfolio was 2,0% at June 2022. This includes space held vacant to
accommodate the new grocery stores.

Financial performance
                                        Unaudited       Restated
                                          for the        for the
                                       six months     six months
                                            ended          ended
                                         Jun 2022       Dec 2021           Movement
IFRS information
Total revenue (R'000)*                  1 536 595      1 539 748             (3 153)
Basic earnings per share (cents)*          484,90         511,06             (26,16)
Diluted earnings per share (cents)*        483,11         509,52             (26,41)
Headline earnings per share (cents)*       220,82         217,06               3,76
Diluted headline earnings per share
(cents)*                                   220,01         216,41               3,60
Dividend (cents per share)                 234,05         226,62               7,43
Net asset value per share (R)**             54,16          56,58              (2,42)
Management account information
Net asset value per share (R)               58,23**        64,96              (6,73)
Loan-to-value ratio (%)                      32,1           28,8                3,3
Gross property expense ratio (%)             35,0           38,1               (3,1)
Percentage of direct and indirect
property assets offshore (%)                 21,3           29,3               (8,0)

* Represents continuing operations. The Nigerian operations are classified as
discontinued operations at the reporting date.
** The net asset value per share at June 2022 would have been R3,34 higher if
Resilient retained the 170 554 201 Lighthouse shares it distributed to its
shareholders in May 2022.

Changes to the Board and sub-committees
Shareholders and noteholders are referred to the SENS announcement of
20 June 2022 regarding the passing of David Brown on 19 June 2022.

Thembi Chagonda formally retired from the Board and her positions as chairperson
of the Social and Ethics Committee and member of the Nomination Committee at
the annual general meeting of 22 June 2022. As a consequence, changes to the
sub-committees were announced on SENS on 22 June 2022.

Shareholder engagement
Resilient’s property portfolio appeals to investors seeking predictable and
sustainable cash flows from real estate exposure without volatility in capital
value. Reflecting global trends, it is no longer a given that a JSE-listing enhances
access to capital, particularly for a property company such as Resilient. With its
advisors, Resilient is evaluating its listing on the JSE and all alternatives, with
the objective of maintaining high standards of governance and reporting, but with
greater efficiency and focus on investor interests, with a view to reducing
volatility for investors. Resilient now intends to engage with its shareholders
and to take their views into account in its evaluations.

Prospects
Resilient's properties continue to perform strongly. Substantial progress
has been achieved in addressing the structural challenges of department
stores. The introduction of additional grocers will further increase the
dominance of the Group's properties. These initiatives are yield-dilutionary,
however, are partially offset by increased solar capacity which is
yield-accretive.

The Board intends to resume providing distribution guidance in 2023.

Payment of interim dividend
The Board has approved and notice is hereby given of an interim dividend of
234,05000 cents per share for the six months ended 30 June 2022.

The dividend is payable to Resilient shareholders in accordance with the
timetable set out below:
Last date to trade cum dividend                     Tuesday, 6   September   2022
Shares trade ex dividend                          Wednesday, 7   September   2022
Record date                                          Friday, 9   September   2022
Payment date                                        Monday, 12   September   2022

Share certificates may not be dematerialised or rematerialised between
Wednesday, 7 September 2022 and Friday, 9 September 2022, both days inclusive.

In respect of dematerialised shareholders, the dividend will be transferred to
the Central Securities Depository Participant ("CSDP") accounts/broker accounts
on Monday, 12 September 2022. Certificated shareholders' dividend payments will
be posted on or about Monday, 12 September 2022.

This short-form announcement is the responsibility of the directors and is only
a summary of the information in the full announcement and does not include full
or complete details. The information regarding the tax treatment of the
dividend is included in the full announcement. The full announcement has been
released on SENS and is available on the JSE website at
https://senspdf.jse.co.za/documents/2022/JSE/isse/RESE/HYJun22.pdf, and on the
Company's website at www.resilient.co.za. The full announcement is available
for inspection at the registered offices of the Company or its sponsor, at no
charge, during office hours. Any investment decision should be based on the
full announcement available on the Company's website.

By order of the Board

Des de Beer                           Monica Muller
Chief executive officer               Chief financial officer

12 August 2022

Dividend tax treatment
In accordance with Resilient's status as a REIT, shareholders are advised that
the dividend of 234,05000 cents per share for the six months ended 30 June 2022
("the dividend") meets the requirements of a "qualifying distribution" for the
purposes of section 25BB of the Income Tax Act, 58 of 1962 ("Income Tax Act").
The dividend will be deemed to be a dividend, for South African tax purposes,
in terms of section 25BB of the Income Tax Act.

The dividend received by or accrued to South African tax residents must be
included in the gross income of such shareholders and will not be exempt from
income tax (in terms of the exclusion to the general dividend exemption,
contained in paragraph (aa) of section 10(1)(k)(i) of the Income Tax Act)
because it is a dividend distributed by a REIT. This dividend is, however,
exempt from dividend withholding tax in the hands of South African tax resident
shareholders, provided that the South African resident shareholders provide
the following forms to their CSDP or broker, as the case may be, in respect of
uncertificated shares, or the Company, in respect of certificated shares:
a) a declaration that the dividend is exempt from dividends tax; and
b) a written undertaking to inform the CSDP, broker or the Company, as the case
may be, should the circumstances affecting the exemption change or the
beneficial owner ceases to be the beneficial owner,

both in the form prescribed by the Commissioner for the South African Revenue
Service. Shareholders are advised to contact their CSDP, broker or the Company,
as the case may be, to arrange for the above-mentioned documents to be
submitted prior to payment of the dividend, if such documents have not already
been submitted.

Dividends received by non-resident shareholders will not be taxable as income
and instead will be treated as an ordinary dividend which is exempt from income
tax in terms of the general dividend exemption in section 10(1)(k)(i) of the
Income Tax Act. Any distribution received by a non-resident 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 residence of the shareholder. Assuming dividend
withholding tax will be withheld at a rate of 20%, the net dividend amount due
to non-resident shareholders is 187,24000 cents per share.

A reduced dividend withholding rate in terms of the applicable DTA may only be
relied on if the non-resident shareholder has provided the following forms to
their CSDP or broker, as the case may be, in respect of uncertificated shares,
or the Company, in respect of certificated shares:
a) a declaration that the dividend is subject to a reduced rate as a result of
the application of a DTA; and
b) a written undertaking to inform their CSDP, broker or the Company, as the
case may be, should the circumstances affecting the reduced rate change or the
beneficial owner ceases to be the beneficial owner,

both in the form prescribed by the Commissioner for the South African Revenue
Service. Non-resident shareholders are advised to contact their CSDP, broker or
the Company, as the case may be, to arrange for the above-mentioned documents
to be submitted prior to payment of the dividend if such documents have not
already been submitted, if applicable.

Shares in issue at the date of declaration of this dividend: 375 521 874

Resilient's income tax reference number: 9579269144

Directors
Alan Olivier (chairman); Stuart Bird; Des de Beer*; Des Gordon;
Nick Hanekom*; Johann Kriek*; Dawn Marole; Monica Muller*; Protas Phili;
Thando Sishuba; Barry van Wyk
(* executive director)

Company secretary
Hluke Mthombeni CA(SA)

Registered address
4th Floor, Rivonia Village, Rivonia Boulevard, Rivonia, 2191

Transfer secretaries
JSE Investor Services Proprietary Limited
13th Floor, 19 Ameshoff Street, Braamfontein, 2001

Sponsor
Java Capital Trustees and Sponsors Proprietary Limited
6th Floor, 1 Park Lane, Wierda Valley, Sandton, 2196

Debt sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited)
1 Merchant Place, corner of Fredman Drive and Rivonia Road, Sandton, 2196

www.resilient.co.za