Nepi Rockcastle N.v · JSE:NRP

Nepi Rockcastle — H2 2011 Earnings Presentation

27 slides from Nepi Rockcastle's earnings presentation, December 2011

1. Slide 1: Results presentation December 2011

   • Click to edit Master text styles – Second level • Third level – Fourth level » Fifth level Results presentation December 2011 1 1

2. Slide 2: Introduction

   •Introduction Click to edit Master text styles – Second level • Third level  A Romanian-based property investment company – Fourth level  Distributes» dividends Fifth level on a semi-annual basis  Focus on properties with long term multinational leases in Euro  Property portfolio of €341.8 milli

3. Slide 3: Highlights

   •Highlights Click to edit Master text styles – Second level • Third  Growth in level distribution by 15% – Fourth level » Fifth level  Vendor settlement  Two capital raisings and improved liquidity  Completion of four redevelopments  Expansion of development and investment pipeline 3 3

4. Slide 4: Romania – Macro economic

   •Romania – Macro Click to edit economic Master text styles – Second level  Credit rating improved to investment grade • Third level  2011 GDP growth better than expected – Fourth level  Impact of Eurozone » Fifth levelrecession  2012 elections Key indicators* 2010 2011 2012 2013 2014 Real GDP gr

5. Slide 5: Financial performance

   •Financial performance Click to edit Master text styles – Second level • Third level 31 Dec 11 30 Jun 11 31 Dec 10 30 Jun 10 31 Dec 09 30 Jun 09 Distribution per – Fourth 10.48level 9.77 9.26 8.35 8.11 7.66 share (€ cents) » Fifth level Adjusted NAV 2.43 2.33 2.22 2.03 1.97 1.93 per share Gearing* 3

6. Slide 6: Interest rate hedge position

   •Interest Click torate edithedge Masterposition text styles 6% – Second level 5 year Swap 3M Euribor Cap 5% • Third level 4% – Fourth level 3% 2% » Fifth level 1% 0% Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec 2006 2007 2008 2009 2010 2011 2.5% 2.0% 1.5% 1.0% 0.5% Yield curve Swap Cap 0.0% Jan J

7. Slide 7: Debt repayment profile

   •Debt Clickrepayment profile to edit Master text styles – Second Bank € million levelloans reimbursement schedule 90 • Third level Alpha Bank 80 – Fourth level Eurohypo » Fifth level 70 Nord LB 60 KBC Bank 50 Unicredit/Banca 40 Romaneasca Raiffeisen 30 20 10 - 2012 2013 2014 2015 7 7

8. Slide 8: Contracted rent profile

   •Contracted rent Click to edit profile Master per text sector styles – Second level Expiry profile - gross rentals € million • Third level 30 – Fourth Retail level Office Industrial 25 » Fifth level 20 15 10 5 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Tenant profile - gross rentals 83% 6%

9. Slide 9: Operational performance

   •Operational Click to editperformance Master text styles – Second level • Third level  Receivables – Fourth level » Fifth level  Vacancies  Retail  Office  Industrial 9 9

10. Slide 10: Completed property initiatives

    Completed property initiatives 10

11. Slide 11: Braila leisure opening & furniture reconfiguration

    •Braila Clickleisure to edit Master opening text styles & furniture reconfiguration – Second level • Third level – Fourth level » Fifth level 11 11

12. Slide 12: Brasov office building refurbishment

    •Brasov office Click to edit building refurbishment Master text styles – Second level • Third level – Fourth level » Fifth level 12 12

13. Slide 13: Brasov strip mall

    •Brasov strip Click to editmall Master text styles – Second level • Third level – Fourth level » Fifth level 13 13

14. Slide 14: Pitesti redevelopment

    •Pitesti redevelopment Click to edit Master text styles – Second level • Third level – Fourth level » Fifth level 14 14

15. Slide 15: City Business Centre acquisition

    •City Business Click Centre acquisition to edit Master text styles – Second level • Third level – Fourth level » Fifth level 15 15

16. Slide 16: Ongoing property initiatives

    • Click to edit Master text styles – Second level • Third level – Fourth level » Fifth level Ongoing property initiatives 16 16

17. Slide 17: Ploiesti Shopping City

    •Ploiesti Click toShopping Citytext styles edit Master – Second level • Third level – Fourth level » Fifth level 17 17

18. Slide 18: Ploiesti Shopping City

    •Ploiesti Click toShopping Citytext styles edit Master – Second level • Third level – Fourth level » Fifth level 18 18

19. Slide 19: Ploiesti Shopping City

    •Ploiesti Click toShopping Citytext styles edit Master – Second level • Third level – Fourth level » Fifth level 19 19

20. Slide 20: Victoria City Centre

    •Victoria Click toCity editCentre Master text styles – Second level • Third level – Fourth level » Fifth level 20 20

21. Slide 21: Victoria City Centre

    •Victoria Click toCity editCentre Master text styles – Second level • Third level – Fourth level » Fifth level 21 21

22. Slide 22: Victoria City Centre

    •Victoria Click toCity editCentre Master text styles – Second level • Third level – Fourth level » Fifth level 22 22

23. Slide 23: Bucharest office land

    •Bucharest office Click to edit landtext styles Master – Second level • Third level – Fourth level » Fifth level M 23 23

24. Slide 24: Prospects

    • Click to edit Master text styles – Second level • Third level – Fourth level » Fifth level Prospects 24 24

25. Slide 25: Investment pipeline

    •Investment Click to editpipeline Master text styles – Second level • Third level  Mobexpert buy and leaseback – Fourth level » Fifth level  CBC forward purchase  Other 25 25

26. Slide 26: Objectives

    •Objectives Click to edit Master text styles – Second level • Third level  Pursue further retail redevelopment and – Fourth level development » Fifthopportunities level in Romania  Opportunistic acquisitions  Expansion beyond Romania 26 26

27. Slide 27: Questions & Answers

    • Click to edit Master text styles – Second level • Third level – Fourth level » Fifth level Questions & Answers 27 27

Nepi Rockcastle — H2 2011 Earnings Presentation on 6ix