H Y S T E A D L I M I T E D Early Look March Presentation 2018 - - PowerPoint PPT Presentation

Early Look Presentation March 2018

H Y S T E A D L I M I T E D

HYSTEAD LIM IT E D

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2 3 4 5 6 7 8 9 10 Hystead at a Glance Investment Case Macro-economic Comparison Portfolio Overview Financial Overview Relationship with Hyprop and PDI Management Team Board of Directors Growth and Prospects Capital Raise

Contents

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Hystead at a Glance

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High quality dominant shopping centres Six shopping centres in capital cities in SEE Hyprop and PDI are strategic shareholders Income growth Continental Europe with focus on SEE / Balkans Internally managed by in-country people (property management, asset management and executives) Listing in next 6 months

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Investment Case

Favourable macroeconomics in SEE

• Markets catching up in terms of development to Western peers
• EU member countries (or candidates for inclusion)
• Strong macroeconomics and favourable retail environment
• Stable currencies closely linked to Euro (or Euro itself)
• Political stability
• Well established property rights

High quality properties

• Large, dominant shopping centres in urban areas
• Located in capital cities or main commercial hubs
• Sustainable, growing income with contractual escalations
• Flagship and international retailers with diverse offering

Strong management

• European based CEO, CFO and COO
• Local on-site property management staff retained for continuity

Strategic relationship with Hyprop and PDI

• Skin in the game
• Source of deal flow
• Provision of capital
• Support services

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Assets to be acquired or developed at attractive yields with significant potential for yield compression

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Macroeconomic Comparison

Source: IMF WEO database – Oct-17 Note: (1) Data for Montenegro and EU not available (2) Reflects annual average rates

S&P Moody’s Fitch Croatia BB (positive) Ba2 (stable) BB+ (stable) Serbia BB- (stable) Ba3 (stable) BB- (stable) Montenegro B+ (negative) B1 (negative) - Bulgaria

BB+ (positive)

Baa2 (stable)

BBB- (positive)

FYR Macedonia BB- (stable)

• BB (negative)

South Africa

BB+ (negative)

Baa3 (negative)

BB+ (stable)

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Nominal GDP per Capita USD Inflation(2) % Unemployment(1) % Real GDP Growth % Government Bond Yields % Credit Ratings

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EUR million Sofia, Bulgaria Zagreb, Croatia Zagreb, Croatia Belgrade, Serbia Skopje, Macedonia Podgorica, Montenegro Property name The Mall CCO West CCO East Delta City Skopje City Mall Delta City Acquisition date Oct-17 Mar-18 Mar-18 Apr-16 Oct-16 Feb-16 Ownership % 100

(3)90 (3)90

100 100 100 Valuation(1)(4) 160 146 135 130 93 77 % of total 21.6 19.7 18.2 17.5 12.6 10.4 GLA (m²)

(5)51 211

46 759 48 574 29 850 37 000 23 245 % of total 21.6 19.8 20.6 12.6 15.6 9.8 Stores 182 140 140 124 135 80 Occupancy rate %(1) 99.2 99.9 99.5 100.0 100.0 100.0 WALE (years)(2) 5.0 6.0 6.5 4.9 4.3 5.0 Weighted ave. rental (EUR/m²) 18 15 16 30 19 22

Notes: (1) As at 31-Dec-17 (2) Weighted based on GLA (3) 10% held by WKB3 GmbH, an Austrian company associated with the property manager of the Croatian properties, CC Real (4) Weighted for ownership % (5) Excludes seating area of 483m²

Portfolio Overview

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Macedonia Serbia Montenegro Bulgaria Croatia

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Financial Overview

Notes: (1) Weighted for ownership (2) Attributable to Hystead shareholders (i.e. excl. minorities) (3) Calculated based on GAV and proportional gross debt (i.e. weighted for ownership)

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GAV(1)

EUR741 million

Target LTV(3) at listing

c.35%

Weighted ave. cost of debt

3.9%

WALE

5.4 years

Euro based or linked leases

99%

Leases indexed to CPI or fixed escalations

72%

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Relationship with Hyprop and PDI

Strategic Relationship

• Long-term strategic relationships with founders Hyprop and PDI (associated with Louis Norval)
• Hyprop and PDI have extensive real estate and shopping centre experience, and proven track

records in South Africa and SEE

• Hyprop and PDI currently own 60% and 40% of Hystead, respectively, and will invest

c.EUR240 million on listing

• Hyprop and PDI will retain meaningful equity stakes (49% and 12%, respectively) in Hystead

post-listing and it is their intention to hold such stakes in the long-term

• Neither Hyprop nor PDI will realise any cash on listing

Lock-ins

• Hyprop and PDI may not dispose of any Hystead shares in the first year after JSE listing
• For the first three years after listing Hyprop’s and PDI’s shareholding may not drop below 30%

and 5%, respectively

Exclusivity

• For a minimum period of three years from listing, all shopping centre investment opportunities

within continental Europe available to Hyprop or PDI must be referred to and pursued exclusively via Hystead

Supplementary support

• Hystead may (if it so requires and Hyprop is able) obtain certain back-office, financial,

administrative and other support from Hyprop, on a cost-recovery + a nominal margin basis

• The arrangement may be terminated on three months’ notice and without any penalties

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On-site Management

The Mall CCO West CCO East Delta City Skopje City Mall Delta City Staff 23 5(3) 5(3) 18(2) 22 4 General manager Vladimir Kolev Helena Krstulovic(3) Marin Simic(3) Zorana Lazarevic Ebru Radevski

Zorica Miskovic Pavicevic

Financial manager Vesselin Glavchev

Neda Buljevic-Vlacic(3) (4) Neda Buljevic Vlacic(3) (4))

Marko Grudic Aleksandar Lesovski Stanka Jovanović Operations manager Nikolay Geshev Kruno Belic(3) Petar Miric(3) Zoran Rankovic Toma Argir Boban Adžić Leasing manager Dimitar Kiferov

Krunoslav Dominikovic(3) Krunoslav Dominikovic(3)

Maja Pavlovic Olga Dervendzi Maja Pavlovic Marketing manager

Tsvetelina Vladimirova

Anamarija Persin(3)

Ivana Matijašević(3)

Dijana Hrubik Darko Pancevski Dragan Perišić

Management Team

Yvette vd Merwe COO Rabia Shihab CFO Alex Papageorgiou CEO Notes: (1) CC Real has been providing management services since the malls opened. CC Real was the developer of the Croatian properties (2) Includes two part-time staff members (3) Staff employed by CC Real. Reflects onsite staff only and excludes CC Real’s central overhead team that also provides support (4) Neda is the Executive Director of Finance for CC Real, and has a team of 8 people supporting her Executive and Asset Management

• Three senior, experienced executives, based in Europe

Property management (excl. Croatia)

• Internally managed by Hystead
• Experienced in-country teams retained
• 70 employees

Property management (Croatia)

• Outsourced to CC Real(1)
• CC Real has more than 140 employees and strong on-site staff

with local expertise in Croatia

Executive Management

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9 West Zagreb, Croatia Belgrade, Serbia Sofia, Bulgaria East Zagreb, Croatia Macedonia Podgorica, Montenegro

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Louis was a co-founder, Executive Chairman and CEO of Attfund Ltd (one of the largest private property investment companies in South Africa) until the company was sold to Hyprop in 2011. Louis is also MD of the Parkdev Group of Companies, Executive Chairman of Homestead Group Holdings Ltd and serves on the board of a number of

• ther companies including

Hyprop and Capital and Regional plc Pieter is the CEO of Hyprop, serving as such from 2002 to 2009 and reappointed in May 2011. A quantity surveyor, he has been involved in every aspect of property development, management and finance for over 21 years, including senior positions at Sanlam Properties, Standard Bank Properties and Absa Commercial Property Finance James is a real estate and private equity investment professional with extensive transaction and portfolio management experience, particularly in the CEE

• region. He is a partner and

director of Stage Capital Management, a leading CEE real estate fund

Alex has more than 20 years’ experience in capital markets and real estate. Alex previously founded and served as CEO of Assos Capital Ltd, a real estate private equity firm with a focus on central and south eastern Europe, as well as of Assos Property Management Services EOOD. Prior to this, Alex served as CFO of Golden Energy Marine

• Corp. (Athens), Director in the

Global Equities Division at CitiGroup (London) and Vice- President in the Global Equities Division at Morgan Stanley & Co (London)

Wessel is the founder and CEO of Clearance Capital Ltd, a UK FCA authorised and regulated investment manager specialising in the management of real estate securities funds. Prior to founding Clearance Capital, Wessel served for 2 years as CFO of Equities Division, and for 8 years as Head of Corporate Arbitrage business unit, at

• RMB. He is a non-

executive director of Sirius Real Estate Ltd and Capital & Regional plc

Board of Directors

Kenneth was formerly a partner in a retail brokerage firm before helping to establish a private development company that eventually became associated with Capital & Regional plc, where he served on the board of directors from 1997 to 2017. In 2002 Kenneth led the creation of The Mall Fund. Co-invested in and managed by Capital & Regional, The Mall was the UK’s largest community shopping centre fund with assets in excess of GBP3.0bn Rabia joined Hystead on 1 February 2018 as CFO. Rabia has 10 years’ experience in the commercial real estate market in the CEE

• region. From 2008 to early

2018, Rabia worked at Plaza Centres N.V. subsidiaries in Romania, Serbia, Czech Republic and Bulgaria in various capacities: financial director, CFO and Country

• Manager. Prior joining

Plaza Centers, Rabia served as financial controller for Tefron Ltd

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Louis Norval Pieter Prinsloo James Huckle Alex Papageorgiou Wessel Hamman Kenneth Ford Rabia Shihab Non-executive director Non-executive director Independent non-executive director Executive director CEO Independent non-executive director Independent non-executive director Executive director CFO

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• Combination of organic and acquisitive growth
• Organic growth

− Positive rent reversions − Contractual escalations − Extensions and active asset management (as further detailed in the property slides) − Continuously improving tenant profile − Leverage portfolio and platform with regional tenants

• Improved access to expansionary capital and a lower LTV post-listing, allowing Hystead to grow acquisitively in

line with its strategy

• Reduce cost of debt
• Proximity to strong deal pipeline

− Optionality over City Center One Split, Croatia − Targeting acquisitions whilst maintaining focus and quality − Deals to be sourced via the networks of Louis Norval, Alex Papageorgiou and Austrian JV partner

• Broadening of geographic scope to include continental Europe (over time)
• Differentiated strategy supported by experienced in-country management team and long-term strategic

shareholders, with distinguished and proven track records in the retail property sector

Growth and Prospects

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Capital Raise

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Listing by private placement (incl. Hyprop and PDI) aims to raise c.EUR410million Hyprop and PDI will not realise any cash on listing, and are committed to be long-term shareholders Hyprop and PDI to commit c.EUR240 million in capital raise Sourcing additional underwrite/ pre-commitments in respect of c.EUR170 million Proceeds to be used to repay existing debt (so as reduce the LTV to c.35%) Any additional capital raise will be deployed to acquire City Center One Split and the extension pipeline REIT-like structure with a dual primary listing on LuxSE and JSE Main Board Listing in next 6 months

Sofia, Bulgaria

The Mall – Sofia, Bulgaria

GLA (m²) 51 211 Stores 182 Parking bays 1 840 Occupancy(1) 99.2% Footfall 8.7 million p.a. | Daily ave. = 24 012 Trading density (EUR/m²) 1 780 Rent-to-sales 12.3% Catchment area 0.5 million people within a min drive 1.7 million people with a 1 hour drive Staff 23 WALE (years)(2) 5.0 Weighted ave. rental (EUR/m²) 19 Valuation(1)(3) 160

Notes: (1) As at 31-Dec-17 (2) Weighting based on GLA (3) Weighted for ownership %

• The Mall, which opened in 2010, is the dominant shopping centre in Sofia
• Tenants include the Inditex Group (Zara and five other brands), Peek & Cloppenburg, H&M,

Reserved, LC Waikiki, Arena Cinemas, Cortefiel Group (three brands) and Starbucks

• The Mall is strategically located in the eastern part of Sofia, on Tsarigradsko Shose

(the busiest boulevard in Bulgaria), which connects the city centre with the Trakia Highway

• The surrounding node consists of numerous high-rise office and residential complexes with

more developments currently underway

International direct International franchise National Macedonia Serbia Montenegro Bulgaria Croatia

Tenant Mix

(% of leased area)

A

57% 7% 36%

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Sofia, Bulgaria

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Growth and asset management opportunities

Redevelopment of the -2 level

• Exclusive right to purchase the vacant and separately owned hypermarket space, formerly
• ccupied by Carrefour, which forms part of the complex. GBA is 14 500m², adding

approximately 12 000m² of GLA and increasing total size by approximately 23%

• The refurbished new mall level will comprise more than 30 new stores anchored by a

supermarket of up to 2 500m² and new market entries for international retailers

• Supermarket is expected to be income generating in 1Q19
• Head of agreement have been signed with new tenants representing c.43% of the new GLA
• Planned renovations include an escalator connection to the back corridor of the ground floor

to improve circulation

• Redevelopment is subject to planning permission (building permit application process has

been initiated)

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The Mall – Sofia, Bulgaria (continued)

Rent growth

• Strong projected GDP growth of 2.9% and 3.3% for 2017 and 2018 respectively
• Retail market improving, increasing turnover rents
• Strengthened position due to redevelopment of old Carrefour space and improved economic
• utlook will contribute to new leases being signed at higher base rentals.

Tenancy mix management

• Strengthen presence of the anchoring international brands by enlarging their units to match

the group’s latest concepts

• one of the main traffic contributors for The Mall
• Currently only two retail units are vacant (0.8% of GLA), demonstrating the centre’s trading strength
• As tenants are looking to maximize their units’ performance in terms of sales/m² the downsizing of

certain large units is being explored to accommodate smaller units at higher rentals to new tenants

Zagreb, Croatia

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Croatia

City Center One (West) – Zagreb, Croatia

GLA (m²) 46 759 Stores 140+ Parking bays 2 100 Occupancy(1) 99.9% Footfall 5.5 million p.a. | Daily ave. = 15 280 Trading density (EUR/m²) 3 421 Rent-to-sales 7.4% Catchment area 0,4 million people within a 15min drive Staff (employed by CC Real) 5 WALE (years)(2) 6.0 Weighted ave. rental (EUR/m²) 15 Valuation(1)(3) 146

Notes: (1) As at 31-Dec-17 (retail only) (2) Weighting based on GLA (3) Weighted based on ownership % (4) 10% held by WKB 3, an Austrian company associated with the property manager of the Croatian properties, CC Real

66% 30%

4% International National Local

• CCO (West), which opened in 2006, is located in Jankomir in western Zagreb, along the main

transit road connecting the eastern and western parts of the city

• CCO (West) has been extended in 2009 and the interior completely revamped in 2016.
• Occupies a dominant position in the retail market in Zagreb
• The mall’s catchment area is anticipated to further improve, with approximately 2 500 flats under

development in the neighbourhood

• Tenants: SPAR, Peek & Cloppenburg, C&A, Elipso, Muller, Hervis and H&M and Inditex brands
• Hystead has a 90% interest in the property, with the remaining 10% held by WKB3(4)

B

Tenant Mix

(% of leased area)

Zagreb, Croatia

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Growth and asset management opportunities

Extension potential

• CCO West has extension potential of 13 600m² GLA (including the

first “high class boulevard” for upper-class brands in Croatia)

• By utilising this extension potential, CCO West Zagreb would increase

its GLA to c.60 000m², making it the dominant centre in Zagreb

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City Center One (West) – Zagreb, Croatia (continued)

Zagreb, Croatia

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City Center One (East) – Zagreb, Croatia

GLA (m²) 48 574 Stores 140 Parking bays 2 400 Occupancy(1) 99.5% Footfall 6.5 million p.a. | Daily ave. = 18080 Trading density (EUR/m²) 3 211 Rent-to-sales 7.1% Catchment area 0.3 million people within a 10 min drive 0.35 million people within a 30 min drive Staff (employed by CC Real) 5 WALE (years)(2) 6.5 Weighted ave. rental (EUR/m²) 16 Valuation(1)(3) 135

Notes: (1) As at 31-Dec-17 (retail only) (2) Weighting based on GLA (3) Weighted for ownership % (4) 10% held by WKB 3, an Austrian company associated with the property manager of the Croatian properties, CC Real

72% 27%

1% International Local National

• CCO (East), which opened in 2012, is the dominant and only large shopping centre in eastern

Zagreb, providing a quality shopping and entertainment destination for residents of the suburban eastern part of the city and surrounds

• CCO (East) has a catchment area within Zagreb of approximately 270 000 inhabitants, as well

as being easily accessible by residents of nearby towns

• CCO (East) tenants include most Inditex brands, Interspar, Peek & Cloppenburg, Superdry,

C&A, Elipso, Muller, Esprit and H&M. The mall also includes a state of the art Cineplexx seven- screen movie theatre

• Hystead has a 90% interest in the property, with the remaining 10% held by WKB3(4)

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Croatia

Tenant Mix

(% of leased area)

Zagreb, Croatia

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Growth and asset management opportunities

Extension potential

• Construction of an extension to CCO (East) is expected to be completed

in 2019. It will increase GLA by 10 000m² and include a larger entertainment area, an extended food court and new fashion anchors

• A planned extension will make use of expansion potential in the existing

parking lot, with parking places moved to the roof of the extension area, thereby ensuring no parking spaces are lost

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City Center One (East) – Zagreb, Croatia (continued)

Belgrade, Serbia

GLA (m²) 29 850 Stores 124 Parking bays 1 135 Occupancy(1) 100% Footfall 10 million p.a. | Daily ave. = 27 470 Trading density (EUR/m²) 3 673 Rent-to-sales 12.5% Catchment area 0.6 million people within a 15 min drive 4.1 million people with a 1 hour drive Staff 18 (2 part time) WALE (years)(2) 4.9 Weighted ave. rental (EUR/m²) 30 Valuation(1)(3) 130

• Delta City (Belgrade), which opened in 2007, is a modern, well-established shopping centre
• The mall is located in New Belgrade (Novi Beograd), the most densely populated municipality in

Belgrade

• Delta City (Belgrade)’s primary catchment area is inhabited by 290 000 people, many within

walking distance. Planned internal changes will improve the tenant mix and capitalise on demand for space

• Delta City (Belgrade) has a high occupancy and footfall, as well as a balanced tenant mix that

includes key retailers H&M and Zara, as well as Maxi, Sportsvision, Dexy Co and New Yorker

• Hystead is exploring reconfiguring existing space at Delta City (Belgrade) with a view to
• ptimising the yield achieved on the property

Delta City – Belgrade, Serbia

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Notes: (1) As at 31-Dec-17 (2) Weighting based on GLA (3) Weighted for ownership %

66% 10% 24%

International Local

National

Serbia

Tenant Mix

(% of leased area)

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Belgrade, Serbia

Delta City – Belgrade, Serbia (continued)

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• Hystead is exploring the opportunity of increasing the GLA by

closing some voids, and

• Relocating and right-sizing tenants on the second floor to further

strengthen the tenant mix

Growth and asset management opportunities D

Skopje, Macedonia

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70% 12% 18%

Skopje City Mall – Skopje, FYR Macedonia

GLA (m²) 37 000 Stores 135 Parking bays 920 Occupancy(1) 100% Footfall 8.0 million p.a. | Daily ave. = 22 400 Trading density (EUR/m²) 2 937 Rent-to-sales 10.1% Catchment area 0.3 million people within a 15 min drive 3.0 million people with a 1 hour drive Staff 22 WALE (years)(2) 4.25 Weighted ave. rental (EUR/m²) 19.26 Valuation(1)(3) 93

• Skopje City Mall, which opened in 2012, is a modern, multilevel centre located approximately 3km west of

the city centre of Skopje, the capital city of Macedonia. Skopje City Mall is the dominant mall in Skopje and the largest in the country

• The mall is also located in the wealthiest municipality in Macedonia and offers a strong mix of international

and national tenants, anchored by Zara, Mango, New Yorker, Bershka and Massimo Dutti. Excellent growth in the centre’s catchment area is expected to increase disposable income and improve turnover

• In Skopje, modern retail stock (including smaller schemes) is limited, at an estimated 80 000m². Supply

has remained stable with a few new mixed-use projects planned in future, but there is ultimately limited scope for significant further retail development. This positions Skopje City Mall – the biggest retail centre in the city and one of only six major shopping centres in Skopje – very defensively

Notes: (1) As at 31-Dec-17 (2) Weighting based on GLA (3) Weighted for ownership % International direct National Local Republic of Macedonia

Tenant Mix

(% of leased area)

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Skopje, Macedonia

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Rent growth

• Increased GLA, improved tenant mix and steady growth should boost turnover rent

Tenant mix improvement

• Hystead will continue to substitute low performance tenants with international high

performance brands by increasing the number of fashion shops including well known mono brands

Growth and asset management opportunities

Increasing GLA

• Hystead plans to convert common area to leasing area in Skopje City Mall creating

c.930m² retail space

• Further opportunities exist to:

– enlarge key anchor tenant to make a flagship store in line with latest concepts; and – reconfigure the second floor of the centre by right-sizing some anchor tenants

Skopje City Mall – Skopje, FYR Macedonia (continued)

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Podgorica, Montenegro

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53% 37% 10%

National Local International

GLA (m²) 23 245 Stores 80 Parking bays 950 Occupancy(1) 100% Footfall 5.8 million p.a. | Daily ave. = 16 140 Trading density (EUR/m²) 3 204 Rent-to-sales 11.5% Catchment area 0.2 million people within a 15 min drive 0.8 million people with a 1 hour drive Staff 4 WALE (years)(2) 5.0 Weighted ave. rental (EUR/m²) 22 Valuation(1)(3) 77

• Delta City (Podgorica), which opened in 2008, is located in Podgorica, the capital city of Montenegro.

It is a contemporary and dominant shopping centre, the largest in the country and dominant in the region

• The centre is on Podgorica’s main boulevard, with a catchment area of over

210 000 people

• Delta City Podgorica’s two levels offer 80 retail units are occupied by various international and local

brands, including Zara, Guess, Tommy Hilfiger, Nike, Bata, Aldo, Gant and Orsay

• Hystead is seeking approval from local authorities for an expansion of Delta City (Podgorica), which

if approved in its current form, would increase GLA by 9 000m² (36.5%) over the next two years

Notes: (1) As at 31-Dec-17 (2) Weighting based on GLA (3) Weighted for ownership %

Delta City – Podgorica, Montenegro

Tenant mix

(% of leased area)

Montenegro

F

Podgorica, Montenegro

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Growth and asset management opportunities

Expansion

• Plans to expand the GLA by 9 000m² of retail space (growth of 37.5%) and

10 000m² of parking space - planning approval pending

• Special attention paid to the expansion’s design, in order to retain and improve the

node Other

• Capitalise on Podgorica becoming a major regional shopping destination

(foreign visitors increasing - primarily from Albania and other countries in the region)

F

Delta City – Podgorica, Montenegro (continued)

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Regional Snapshot

EU Status Schengen Currency Language Capital Population

(1)million

GDP

(1)USDbn

Baltics 1 Estonia Joined ‘04 Yes EUR Estonian Tallinn 1.3 26 2 Latvia Joined ‘04 Yes EUR Latvian Riga 2.0 30 3 Lithuania Joined ‘04 Yes EUR Lithuanian Vilnius 2.9 47 Central Europe 4 Poland Joined ‘04 Yes PLN Polish Warsaw 38.0 510 5 Czech Republic Joined ‘04 Yes CZK Czech Prague 10.6 210 6 Slovakia Joined ‘04 Yes EUR Slovak Bratislava 5.4 95 7 Hungary Joined ‘04 Yes HUF Hungarian Budapest 9.8 132 Eastern Europe 8 Belarus

• No

BYN Russian Minsk 9.5 53 9 Ukraine

• No

UAH Belarusian Kiev 42.3 104 10 Moldova

• No

MDL Romanian Chisinau 3.5 8 South Eastern Europe / Balkans 11 Slovenia(2) Joined ‘04 Yes EUR Slovene Ljubljana 2.1 53 12 Croatia(2) Joined ’13 No HRK Croatian Zagreb 4.2 48 13 Romania Joined ’07 No RON Romanian Bucharest 19.8 205 14 Serbia Candidate No RSD Serbian Belgrade 7.0 39 15 Bosnia Potential No BAM Bosnian Sarajevo 3.8 17 16 Montenegro Candidate No EUR

Montenegrin

Podgorica 0.6 4 17 Kosovo Potential No EUR Serbian Pristina 1.9 7 18 Bulgaria Joined ‘07 No BGN Bulgarian Sofia 7.1 56 19 FYR Macedonia Candidate No MKD

Macedonian

Skopje 2.1 11 20 Albania Candidate No ALL Albanian Tirana 2.9 13 21 Turkey Candidate No TRY Turkish Ankara 80.6 841

Notes: (1) 2017 estimates (source: IMF WEO database – Oct-17) (2) Slovenia and Croatia are also considered to be part of the central European region

1 2 3 4 5 6 7 8 9

10 12 15 14 19 13 18 21 11 16 17 20

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Thank You Contact Details

Carl Esterhuysen

Director Java Capital +2711 722 3025 cesterhuysen@javacapital.co.za

Kevin Joselowitz

Director Java Capital +2711 722 3052 kjoselowitz@javacapital.co.za

Alex Papageorgiou

CEO Hystead +3592 878 7810 alex@hysteadlimited.com

Wilhelm Nauta

Investment Executive Hyprop +2711 447 0090 Wilhelm@hyprop.co.za

Thabo Ndimande

Executive Java Capital +2711 722 3082 tndimande@javacapital.co.za