REBOSIS PROPERTY FUND LIMITED
(Rebosis or the company or the group or the fund)
(Registration number 2010/003468/06)
(Approved as a REIT by the JSE)
JSE share code Rebosis A share: REA
JSE share code Rebosis Ordinary share: REB
ISIN Rebosis A share: ZAE000240552
ISIN Rebosis Ordinary share: ZAE000201687

Portfolio WALE                     New vacancy letting
2.4                                9 833 m(2)

Total Assets                       Trading density growth
R13 billion                        7.4%

Revised portfolio disposal         Lease renewals
R3.3 billion                       95 930m(2)

UNAUDITED RESULTS For the 6 months ended 28 February 2022

INTRODUCTION
Rebosis is a JSE listed real estate investment trust (REIT) with a high quality diversified portfolio across
commercial and retail assets. The majority of its commercial income enjoys a sovereign underpin from national,
provincial and local government departments across 35 buildings. The retail portfolio has a mix of regional and
super regional malls, spread across Gauteng and the Eastern Cape.

FINANCIAL RESULTS
Net property income decreased by 6% when compared on a like-for-like basis to the comparative period. This is
mainly due to vacancies on spaces that were occupied in February 2021.

The distributable income before tax excluding once-off items increased from a R71.3 million loss to a R72.5 million
income. The increase in the distributable income is due to the lower finance costs when comparing year on year
R358 million (2021: R516 million), this was mainly driven by the lower repo rate. Other operating expenses also
decreased to R76 million (2021: R94.5 million), this was driven by no expenses being incurred for the deferred
payment liability.

All interest-bearing borrowings have been disclosed as short-term portion due to the group breaching its loan covenants.
Management has successfully renewed its facilities with Nedbank, Standard Bank and Investec for a further 6 months, the
extension was negotiated in March and April 2022.

The loan with Rand Merchant Bank of R242.9 million expired on 31 August 2021 (February 2022: R242.9 million) and the
facility has not been renewed. Negotiations are still underway to renew the facility up to 31 August 2022. At the
time of the release of the interim results, the loan had not been recalled.

The uncertainty of the renewal of the loan may cast significant doubt on the entity's ability to continue as a
going concern.

The portfolio including investment property held for sale is valued at R13.0 billion (2021: R13.1 billion).
This signifies a R156 million drop in the value of the properties. The commercial portfolio is reflecting a R22 million
decrease in value. This is attributable to reversionary rentals on government tenanted properties as well as vacancies
that have taken longer to materialise.

The retail portfolio has the most significant change with a negative fair value adjustment of R134 million. The decline
is mainly due to an increase in vacancies that were not previously anticipated predominantly in Forest Hill City and
Sunnypark shopping center.
As previously announced via a SENS "Update on the disposal of a portfolio of property assets" released 25 March 2022,
the disposal transaction value had decreased to an aggregate cash consideration of R3.35 billion (Aug 21: R6.3 billion)
due to the reduction in the sale portfolio through the 11 rental enterprises (Originally 32 rental enterprises).

The fair value figures reflect a sum effect of R3.3 billion which is lower than the aggregate cash consideration.

DECLARATION AND PAYMENT OF CASH DIVIDEND
The Rebosis board has resolved not to declare an interim dividend for the 6 months ended 28 February 2022
(28 February 2021: Nil). As per the REIT requirements the board is required to perform the solvency and liquidity
test (as defined in the Companies Act) when considering payment of a distribution. This test was performed and based
on management's assessment, the company is currently solvent but not liquid and therefore unable to make payment.

SHORT-FORM ANNOUNCEMENT
This Short-form Announcement has been prepared by Ms A.L. Magwentshu CA (SA), in her capacity as Chief Financial Officer
of the company, and is the responsibility of the directors of Rebosis. The Full Announcement ("Full Announcement") was released
on the JSE's website on 27 May 2022 and can be found on the company's website at http://www.rebosis.co.za/#investor-relations.
The Full Announcement is also available on the JSE's website at https://senspdf.jse.co.za/documents/2022/jse/isse/REB/ie2022.pdf

The information contained in this Short-form Announcement is only a summary of the information in the Full Announcement
and does not contain full or complete details.

Any investment decision by investors and/or shareholders should be based on consideration of the Full Announcement
published on the JSE's website and on the company's website as a whole. A copy of the Full Announcement is available
for inspection, and may be requested, by investors and/or shareholders at the company's registered office, Office 95 & 95A,
Forest Hill City, 6922 Forest Beech Street, Monavoni Centurion, 0157, Attention: Asathi Magwentshu, and at the offices of
the Sponsor (Nedbank Corporate and Investment Banking, a division of Nedbank Limited).

By order of the Board

27 May 2022

                                                                                                       Group
                                                                  Unaudited for the        Unaudited for the
                                                                     6 months ended           6 months ended
                                                                   28 February 2022         28 February 2021
                                                                               R000                     R000
Revenue (R'000)                                                             822 086                  835 732
Distributable income per A Share (cents)                                     153.68                   146.36
Distributable loss per B Share (cents)                                       (3.54)                  (23.53)
Basic and diluted earnings per A Share (cents)                               153.68                   146.36
Basic and diluted loss per B Share (cents)                                  (24.20)                  (23.05)
Basic and diluted headline earnings per A Share (cents)                      153.68                   146.36
Basic and diluted headline loss per B Share (cents)                          (4.68)                  (20.72)
Net asset value per A Share (R)                                                2.70                     0.75
Net asset value per B Share (R)                                                4.23                     4.51

Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited

REBOSIS.CO.ZA