Nepi Rockcastle N.v · JSE:NRP

Nepi Rockcastle — NEPI — H2 2012 Earnings Presentation

41 slides from Nepi Rockcastle's earnings presentation, December 2012

1. Slide 1: Results presentation

   Results presentation December 2012 1

2. Slide 2: Introduction

   Introduction  A Romanian focused property investment company  Distribute dividends (or return of capital & share subscription) on a semi-annual basis  Focus on properties with long term multinational leases in Euro  In-house property management, asset management, property investment & property d

3. Slide 3: Romania – Macro economic

   Romania – Macro economic  Low 2012 growth due to EU slow-down and drought  Stable economic outlook  Election year Key indicators 2012 2013 2014 2015 2016 2017 Real GDP growth (%) 0.5 1.3 4.0 4.2 4.6 4.9 General gov. budget balance (2.2) (2.4) (2.3) (2.2) (2.2) (2.1) (% of GDP) General gov. debt (

4. Slide 4: Highlights

   Highlights  Distribution per share 15.0%  Recurring distributable income per share 12.6%  Adjusted NAV per share 18.5%  No. of shareholders 79.0%  Cost : income ratio 11.7%  Conclusion of office acquisition  Completion of major retail development  Expansion of development pipeline 4

5. Slide 5: General strategy

   General strategy  The relationship between retained distributable earnings, property developments, cash holdings & distribution growth per share  Listed securities  Retail – regional dominance  Office – A-grade in prime locations, cities with significant multi-national tenant presence  Increase

6. Slide 6: Financial performance

   Financial performance 31 Dec 12 30 Jun 12 31 Dec 11 30 Jun 11 31 Dec 10 30 Jun 10 Distribution per 12.05 11.24 10.48 9.77 9.26 8.35 share (€ cents) Adjusted NAV 2.88 2.63 2.43 2.33 2.22 2.03 per share Gearing* 25.0% 33.9% 32.1% 41.9% 49.0% 42.3% Shares in issue 144 362 152 125 461 951 102 783 693 88

7. Slide 7: Interest rate hedge position

   Interest rate hedge position 6% 5 year SWAP 3month Euribor CAP SWAP 5% 4% 3% 2% 1% 0% Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec 2006 2007 2008 2009 2010 2011 2012 2.5% Yield Curve SWAP rate Cap rate 2.0% 1.5% 1.0% 0.5% 0.0% 2013 2014 2015 2016 2017 7

8. Slide 8: Debt repayment profile

   Debt repayment profile € million Bank loans reimbursement schedule 120 Alpha Bank Morgan Stanley (listed shares facility) 100 BRD BCR 80 Investkredit Eurohypo 60 Nord LB KBC Bank Unicredit/Banca Romaneasca 40 Raiffeisen 20 0 2013 2014 2015 2016 2016 and beyond 8

9. Slide 9: Contracted rent profile per sector

   Contracted rent profile per sector Expiry profile – contractual rental income € million 35 Retail Office Industrial 30 25 20 15 10 5 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Tenant profile – contractual rental income 80% 5% 15% Type A Type B Type C Weighted average duration of 6.5 years 9

10. Slide 10: Operational performance

    Operational performance  Receivables  Vacancies  Renewals  Retail  Office  Industrial 10

11. Slide 11: Completed property initiatives

    Completed property initiatives 11

12. Slide 12: Ploiesti Shopping City

    Ploiesti Shopping City 12

13. Slide 13: Ploiesti Shopping City

    Ploiesti Shopping City 13

14. Slide 14: Ploiesti Shopping City

    Ploiesti Shopping City 14

15. Slide 15: Ploiesti Shopping City

    Ploiesti Shopping City 15

16. Slide 16: Ploiesti Shopping City

    Ploiesti Shopping City 16

17. Slide 17: Ploiesti Shopping City

    Ploiesti Shopping City 17

18. Slide 18: Ploiesti Shopping City

    Ploiesti Shopping City 18

19. Slide 19: Ploiesti Shopping City

    Ploiesti Shopping City 19

20. Slide 20: Ploiesti Shopping City

    Ploiesti Shopping City ei Zs wi g! | BO! w 4

21. Slide 21: Promenada Mall Braila

    Promenada Mall Braila 21

22. Slide 22: City Business Centre acquisition (Timisoara)

    City Business Centre acquisition (Timisoara) 22

23. Slide 23: Ongoing property initiatives

    Ongoing property initiatives 23 23

24. Slide 24: Brasov Shopping City

    Brasov Shopping City 24

25. Slide 25: Brasov Shopping City

    Brasov Shopping City Fashion & Food & Home & Accessories Entertainment Services Decoration Hyper Adjacent Retail Parking TOTAL GLA EXISTING 4,850m² 60m² 1,200m² 8,600m² 14,700m² 13,200m² 1,300bays 42,610m² ADDED 25,550m² 6,940m² 500m² 2,400m² - - 800bays 35,390m² TOTAL 30,400m² 7,000m² 1,700m² 11,00

26. Slide 26: Galati Shopping City

    Galati Shopping City 26

27. Slide 27: Galati Shopping City

    Galati Shopping City Galati 27

28. Slide 28: Galati Shopping City

    Galati Shopping City HYPERMARKET 13,000 m² HYPER GALLERY 3,000 m² SHOPPING MALL PHASE I 14,000 m² SHOPPING MALL PHASE II + Upper 17,000 m² TOTAL GLA 47,000 m² PARKING 1,800 bays 28

29. Slide 29: Vulcan Value Centre - Bucharest

    Vulcan Value Centre - Bucharest Vulcan 29

30. Slide 30: Vulcan Value Centre - Bucharest

    Vulcan Value Centre - Bucharest 30

31. Slide 31: Vulcan Value Centre - Bucharest

    Vulcan Value Centre - Bucharest 31

32. Slide 32: Kaufland Value Extensions - Sf Gheorghe

    Kaufland Value Extensions - Sf Gheorghe 32

33. Slide 33: City Business Centre - Building D

    City Business Centre - Building D 33

34. Slide 34: City Business Centre - Building D

    City Business Centre - Building D 34

35. Slide 35: The Office Cluj-Napoca

    The Office Cluj-Napoca Railway Intl Station Airport The Office Business Centre Old City Centre Cluj-Napoca 35

36. Slide 36: The Office Cluj-Napoca

    The Office Cluj-Napoca 36

37. Slide 37: The Office Cluj-Napoca

    The Office Cluj-Napoca 37

38. Slide 38: The Lakeview - Bucharest

    The Lakeview - Bucharest 38

39. Slide 39: Prospects

    Prospects 39 39

40. Slide 40: Investment pipeline

    Investment pipeline  Two retail development opportunities (Romania)  Two retail acquisition opportunities (Romania) with extension potential  Retail acquisition opportunities in Central Europe (outside Romania) 40

41. Slide 41: Questions & Answers

    Questions & Answers 41

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