STENPROP LIMITED
(Incorporated in Bermuda)
(Registration number 47031)
BSX share code: STP.BH JSE share code: STP
ISIN: BMG8465Y1093

Provisional Annual Results
for the year ended 31 March 2016

Highlights
EUR1.67 EPRA NAV PER SHARE               
10.41 cents DILUTED ADJUSTED EPRA EARNINGS PER SHARE
7.4% INCREASE ON THE DILUTED ADJUSTED EPRA EPS FOR 2015
4.70 cents FINAL DIVIDEND PER SHARE
6% INCREASE IN DIVIDEND PER SHARE ON AN ANNUALISED BASIS

Stenprop Limited, which has dual primary listings on the Johannesburg Stock Exchange ("JSE") and the Bermuda Stock Exchange ("BSX"), presents its
results for the year ended 31 March 2016 ("the reporting date").

Financial
- Declaration of a final dividend on 8 June 2016 of 4.70 cents per share (2015: 4.2 cents) which, together with the interim
  dividend declared on 26 November 2015 of 4.2 cents, results in a total dividend for the year ended 31 March 2016 of
  8.90 cents per share. The final dividend is payable in cash, on 29 July 2016
- Diluted adjusted EPRA EPS* of 10.41 cents for the year ended 31 March 2016, representing a 7.43% increase on the
  2015 diluted adjusted EPRA EPS of 9.69 cents. IFRS EPS was 17.70 cents (2015: 28.43 cents)
- Headline earnings for the period of 9.58 cents per share (2015: 8.20 cents)
- Net rental income of EUR39.6 million (2015: EUR19.3 million**). Profit after tax of EUR49.6 million (2015: EUR37.7 million)
- EPRA net asset value of EUR1.67 per share representing a 1.2% increase over the EPRA NAV at 31 March 2015 of
  EUR1.65 per share. IFRS net asset value was EUR1.61 per share (2015: EUR1.59)
- Earnings yield of 6.8% and annualised dividend yield of 5.6% on the share price of EUR1.54^ at 31 March 2016, or 6.2%
  and 5.2% respectively on the EPRA NAV of EUR1.67 at 31 March 2016
  Operational
- Completion in May 2015 of the acquisition of a 50% interest in 25 Argyll Street, a multi-let office building located in
  London's West End, based on a valuation of the property of GBP75 million
- Refinancing of GBP64.6 million of debt on two London properties in May 2015 at reduced interest rates with no capital
  repayments
- Migration to the JSE's Main Board with effect from 5 October 2015
- Completion of the acquisition of two retail centres in central Berlin, the most recent being the Victoria Centre for
  EUR22.0 million on 24 November 2015. The first acquisition was the Hermann Quartier retail centre at a purchase price
  of EUR22.7 million in August 2015
- Disposal in January 2016 of a distribution warehouse in Leigh, north west England, at a sale price of GBP5.37 million, an
  uplift of 8.4% compared with the September 2015 valuation of GBP4.95 million

* "EPRA" means European Public Real Estate Association. 'EPS' means earnings per share.
**  Relates to the six month period.
^  JSE closing price on 31 March 2016 was ZAR25.90. ZAR:EUR rate at the same date was 16.8437

Commentary

Stenprop is pleased to report its consolidated results for the financial year ended 31 March 2016.

Investment strategy
Stenprop currently focuses on property investment in the United Kingdom, Germany and Switzerland with an emphasis on
commercial and retail assets. Its objective is to cultivate a diversified portfolio of quality investment properties delivering
sustainable and growing earnings, distributions and capital growth to shareholders. It does not generally pursue development
exposure other than value add asset management and related development of existing assets to protect and improve capital
values. It intends to distribute most of its earnings which are available for distribution on a bi-annual basis.

Business review
Portfolio Summary
Following the completion of the purchase of Trafalgar Court in March 2015 for GBP61.4 million, Stenprop concluded three further
acquisitions in the financial year ended 31 March 2016. These are detailed below and relate to two retail shopping centres in Berlin
with a total purchase price of EUR43.3 million and a 50% interest in an entity which owns an office building at 25 Argyll Street in the
West End of London, valued at acquisition at GBP75 million,

Effective asset management is an important component of driving returns through initiatives designed to increase rental returns
and valuation growth. Stenprop continues to enjoy strong relationships with its major occupiers and has seen a number of leasing
successes across the portfolio. The Group's portfolio is well positioned and the team remains focused on the careful development
of a diversified selection of properties through proactive asset management and strategic sales and acquisitions.

Stenprop currently has an interest in 55 properties with a total market value of EUR891.0 million1 (2015: EUR806.7 million), with 42% in the
United Kingdom, 41% in Germany and 17% in Switzerland (by value). The portfolio, which has a gross lettable area of approximately
254,100 m(2) (2015: 240,500) and gross annual rent of EUR52.8 million(1) (2015: EUR48.7 million) is predominantly in the office and retail
sectors which account for 51% and 38% of rental income respectively.

Top six properties by value as at 31 March 2016

                                                                                 Annualised      Weighted
                                                                               gross rental       average
                              Market      Ownership                Lettable       (Stenprop     unexpired
                               value       interest                    area          share)    lease term
Property               (EUR'million)            (%)       Sector       m(2)   (EUR'million)       (years)
Bleichenhof, Hamburg           123.7           94.9    Mixed use     20,067             6.0           4.4
Pilgrim Street, London         104.4            100       Office      9,706             5.5           5.1
Euston House, London            96.8            100       Office     10,103             4.1           5.9
Trafalgar Court, Guernsey       79.1            100       Office     10,565             5.3          11.1
Nova Eventis, Leipzig          265.0           28.4       Retail     96,387             5.7           5.8
Argyll Street, London          103.4           50.0       Office      6,008             2.3           3.7

Total                          772.4              ?            ?    152,836           28.9            6.2

These six properties account for 60% of the total portfolio asset value. The three Central London properties account for 28% of
the total portfolio asset value.

Acquisitions
The purchase of the Victoria shopping centre for EUR22.0 million excluding acquisition costs, completed on 24 November 2015.
The property is located in the Lichtenberg district of Berlin, approximately 15 minutes by underground from the city centre. The
investment is anchored by Kaufland (a hypermarket chain) on a new 17 year lease. The return on equity on this investment exceeded
8% per annum on purchase. At year end the external independent valuation of the centre was EUR31.2 million, which represents an
increase of over 42% on cost and over 78% increase on equity invested. This substantial increase was primarily driven by back to
back negotiations between Stenprop and one of the key tenants to restructure its lease following completion.

(1)Includes Stenprop's share of the properties held within the associate and joint venture investments.

The acquisition of a shopping centre known as Hermann Quartier for a purchase price of EUR22.7 million completed on 24 August
2015. The property is on a high street location of Berlin's central suburb of Neukolln with excellent public transport links, including
an underground station inside the shopping centre. The property is anchored by well-known national retailers including Kaiser's,
DM and Netto. The return on equity on this investment exceeded 7.5% per annum at inception after taking into account vacancies
of approximately 11% of all lettable space. The property is performing well and at the year end the independent valuation was
EUR22.9 million. Stenprop is now actively engaged in managing the property to let the vacant space and increase income.

On 20 May 2015, the Group acquired a 50% interest in Regent Arcade House Holdings Limited (RAHHL), which owns the property
known as 25 Argyll Street. The acquisition cost was GBP18.9 million which was based on a valuation of the property of GBP75 million.
RAHHL refinanced the property with an interest-only bank loan of GBP37.5 million at an all-in rate of 2.974% per annum, with a term
of five years. The building was independently valued at GBP82.5 million at year end.

Disposals
In January 2016 Stenprop completed the sale of a 10,000 sqm distribution warehouse in Leigh, situated in the north west of
England. The warehouse was sold for GBP5.37 million, representing an uplift of 8.4% compared with the September 2015 valuation of
GBP4.95 million. The building, although let, was not being occupied by the tenant and required significant refurbishment. As it was a
non-core asset in a marginal location Stenprop elected to take advantage of the strong market to dispose of it at a premium to the
latest valuation. The equity released from the sale is intended to be used to acquire stronger, earnings-enhancing assets.

The Nova Eventis shopping centre near Leipzig, in which the Group has a 28.4% interest, is currently being marketed for sale by
Jones Lang LaSalle GmbH. The shopping centre, which has over 200 shops and an occupancy level of 96.4%, has 96,387 m(2) of
lettable space and an annual daily footfall in excess of 15,000 people. We are satisfied with the progress of the sale process and look
forward to providing an update in our Interim Report.

Financial review
Earnings
The basic earnings attributable to ordinary shareholders for the year ended 31 March 2016 were EUR49.3 million (2015: EUR37.6 million).
This equates to a diluted IFRS EPS of 17.66 cents (2015: 28.37 cents). Headline earnings were EUR26.7 million (2015: EUR10.8 million)
equating to a diluted headline EPS of 9.56 cents (2015: 8.18 cents).

In accordance with reporting standards widely adopted across the real estate industry in Europe, the board of directors feels it is
appropriate and useful, in addition to providing the IFRS disclosed earnings, to also disclose EPRA earnings. Adjusted EPRA(2) earnings
attributable to shareholders were EUR29.0 million (2015: EUR12.8 million), equating to a diluted adjusted EPRA EPS of 10.41 cents
(2015: 9.69 cents). This represents a 7.4% increase on the diluted adjusted EPRA EPS for the year ended 31 March 2015.

Management fee income relates to fees earned by the management companies on management and administration services
provided to certain managed property syndicates and funds. During the year the Group earned fees relating to the disposal of
assets held by managed syndicates of EUR0.9 million. Ongoing management fees made up the balance of the management fee
income which totalled EUR2.9 million for the year ended 31 March 2016.

Dividends
On 8 June 2016, the directors declared a final dividend of 4.70 cents per share which, together with the interim dividend of
4.2 cents (2015: nil) declared on 26 November 2015, results in a total dividend for the year ended 31 March 2016 of 8.90 cents
(2015: 4.2 cents).

The final dividend will be a cash dividend. An announcement containing details of the dividend and the timetable will be made
separately

On 25 January 2016, the Company announced a 41.5% take-up of the interim scrip dividend of 4.2 cents declared on
26 November 2015, for which 3,253,857 new Stenprop shares were issued at a price of EUR1.49854 per share.

(2)The European Public Real Estate Association (EPRA) issued Best Practices Policy Recommendations in December 2014, which provide guidelines
   for performance measures relevant to real estate companies. Their recommended reporting standards are widely applied across this market,
   aiming to bring consistency and transparency to the sector. The EPRA earnings measure disclosed in Note 15, is intended to show the level of
   recurring earnings from core operational activities with the purpose of highlighting the Group's underlying operating results from its property
   rental business and an indication of the extent to which current dividend payments are supported by earnings. The measure excludes unrealised
   changes in the value of investment properties, gains or losses on the disposal of properties and other items that do not provide an accurate picture
   of the Group's underlying operational performance. The measure is considered to accurately capture the long-term strategy of the Group, and is
   an indication of the sustainability of dividend payments.

Net assets
The IFRS (basic and diluted) net asset value per share at 31 March 2016 was EUR1.61 (2015: EUR1.59).

As is the case with regard to the disclosure of EPRA earnings, the directors feel that it is appropriate and useful, in addition to IFRS
NAV, to also disclose EPRA NAV(3). The diluted EPRA NAV per share at 31 March 2016 was EUR1.67 (2015: EUR1.65) and represents a 1.2%
increase on the prior year end.

Foreign exchange
Foreign exchange markets have remained relatively volatile towards year end. The Sterling: Euro exchange rate at the start of April
2015 was GBP1:EUR1.36 and reached over GBP1:EUR1.44 before ending 2015 on GBP1:EUR1.35. As at 31 March 2016 Sterling had weakened further
against the Euro. Accordingly at year end, a rate of GBP1:EUR1.27 has been used to translate the Group's Sterling assets and liabilities
on the balance sheet. Foreign exchange volatility has also been seen in the Swiss Franc which began the period at CHF1:EUR0.96 and
ended the year at CHF1: EUR0.91.

The impact of the weakening of Sterling and the Swiss Franc against the Euro can be seen if one assumes that exchange rates
at 31 March 2016 had remained constant against the Euro at the level that prevailed on 31 March 2015. On this basis, the diluted
IFRS NAV net asset value per share at 31 March 2016 would have been 4.3% higher at EUR1.68 instead of EUR1.61, an increase of 5.6%
against the IFRS NAV per share of EUR1.59 at 31 March 2015. The diluted EPRA NAV per share at 31 March 2016 would have been
4.7% higher at EUR1.75 instead of EUR1.67, an increase of 6% against the IFRS NAV per share at 31 March 2015.

Stenprop's diversification across the UK, Germany and Switzerland provides a natural spread of currencies. It remains our policy not
to hedge currencies and to maintain this multi-currency exposure.

Portfolio valuation
Including the Company's share of associates and joint ventures, the portfolio valuation at year end was EUR891.0 million
(2015: EUR806.7 million). On a like for like basis, which excludes the impact of foreign exchange movements, the valuation of the
portfolio increased by EUR31.1 million. This was driven largely by the continued strength of the central London office sector as well as
gains at most of the Group's German properties.

                                                                                                              Weighted
                                                                                                               average
                     Percentage  Market value                              Annualised     Net initial        unexpired
                   of portfolio      31 March                            gross rental           yield       lease term
                      by market          2016                   Area           income       (weighted        ('WAULT')
                          value (EUR million)   Properties      m(2)    (EUR million)        average)      (by rental)

United Kingdom             36.1         321.5           13    63,506             19.0            5.32              6.8   
Germany                    28.3         252.6           23    92,041             14.5            5.18              6.9   
Switzerland                17.5         155.7           13    48,799              8.5            4.51              5.9   
Total                      81.9         729.8           49   204,346             42.0            5.10              6.7   
Share of joint ventures                                                                                                  
and associates             18.1         161.2            6    49,727             10.8            5.65              7.7   
Total                     100.0         891.0           55   254,073             52.8            5.20              6.9   


United Kingdom
The UK portfolio (excluding Argyll Street, which is discussed separately below) was independently valued at GBP254.1 million,
an increase of 5.5% on the previous year end valuations on a like for like basis. The strong growth in rental and capital values in
central London continues to be driven by a shortage of office supply which has seen these assets, being Euston House and Pilgrim
Street, increase in value by GBP12.0 million over the period. Assets elsewhere in the UK have also performed well and marginal yield
compression has seen the value of the Guernsey office property increase to GBP62.5 million from a purchase price of GBP61.4 million.

(3)The objective of the EPRA NAV measure is to highlight the fair value of net assets on an ongoing, long-term basis. EPRA NAV is used as a reporting
   measure to better reflect underlying net asset value attributable to shareholders. Assets and liabilities that are not expected to crystallise in
   normal circumstances such as the fair value of financial derivatives and deferred taxes on property valuation surpluses are therefore excluded.
   The EPRA measure thus takes into account the fair value of assets and liabilities as at the balance sheet date, other than fair value adjustments to
   financial instruments, deferred tax and goodwill. As the Group has adopted fair value accounting for investment property per IAS40, adjustments
   to reflect the EPRA NAV include only those relating to the revaluation of financial instruments and deferred tax..

Germany
The German portfolio (excluding associates and joint ventures) was independently valued at EUR252.6 million. On a like for like basis
and excluding the Hermann Quartier and Victoria Berlin retail shopping centres acquired during the year, property values rose by
3.5%, driven by a EUR3.8 million increase at the Bleichenhof mixed use property in the city core of Hamburg with a further EUR2.5 million
increase seen at our portfolio of 14 Aldi properties. As explained earlier in this report, the Victoria retail centre in Berlin was valued
at EUR31.2 million at year end representing a substantial increase of 51.4% on the purchase price of EUR20.6 million and driven primarily
by a strategic lease restructure with one of the key tenants.

Switzerland
The Swiss portfolio was independently valued at CHF170.3 million, a 2.7% decrease on the previous year end valuation of
CHF175.0 million. This decrease is almost entirely due to the Lugano property which is currently almost entirely vacant due to
anticipated lease expiries. We are in advanced negotiations on a pre-let of all of the vacant space based on a comprehensive
refurbishment and asset management repositioning of this property. Once these negotiations are finalised and the necessary
works have been completed, the value of the property and the rental income is expected to increase significantly.

Joint ventures and associates
The Care Homes portfolio valuation of EUR34.2million has increased by 2.4% on the 31 March 2015 valuation of EUR33.4 million. This
reflects a new lease at one of the four care homes. The portfolio remains fully let.

The Group's 50% interest in 25 Argyll Street has increased by 9% since its acquisition in May 2015 reflecting the strong demand for
office space in central London.

The Nova Eventis shopping centre in Leipzig, in which Stenprop holds a 28.42% interest and which is currently being marketed for
sale, was valued at EUR265.0 million (this excludes assumed selling costs of 1%), and represents a 3.6% reduction over the year end
valuation of EUR275 million.

Capital management
Based on the value of the property portfolio as at 31 March 2016 of EUR891.0 million (including the Group's share of associate and
joint venture properties) and bank debt of EUR460.2 million, the average loan to value ratio was 51.6%, compared with 53.8% at the
previous year end.

The weighted average debt maturity stood at 2.2 years at 31 March 2016, a level broadly unchanged since the previous year end.
Annual capital repayments since 31 March 2015 remain unchanged in Germany and Switzerland, but EUR3.4 million of repayments
in the UK have been eliminated following the refinancing at our Euston House and Pilgrim Street properties, resulting in total
annual loan repayments across the portfolio of EUR6.2 million. The all-in contracted weighted average cost of debt dropped to 2.8%
(including the increased cost caused by negative interest rates in Switzerland and Germany) from 3.07% at 31 March 2015. After
taking into account the amortisation of the swap contract liabilities acquired by Stenprop as part of the Stenham Transaction, the
effective weighted average cost of debt at 31 March 2016 was 2.53%, including the increased cost of negative interest rates in
Switzerland and Germany.

As previously reported, on 8 May 2015 the property known as Euston House was refinanced on favourable terms with a five year
loan to May 2020. The new facility of GBP27.5 million is interest only. A five year interest rate swap agreement was entered into to fix
the interest rate at an all-in rate of 3.02% per annum (previous facility: 4.54%). The Group incurred costs of GBP0.4 million to break the
former swap agreement.

On 29 May 2015, also as previously reported, the Group extended the existing bank loan (which was due to expire in March 2016),
on the property known as Pilgrim Street on favourable terms until March 2019. With effect from signature, the loan became
interest only. An interest rate swap agreement was entered into to fix the interest rate for the period from the prior termination
date, being 23 March 2016, until the new termination date, at an all-in rate of 2.90% per annum. An existing swap agreement
resulted in an all-in rate of 4.11% until 23 March 2016.

Stenprop has deliberately delayed refinancing its existing debt in Switzerland, which matures in March 2017, to allow the existing
swap contracts to unwind, rather than incur heavy swap break penalties. During the forthcoming financial year Stenprop intends to
focus on refinancing much of this debt, as interest rates in Switzerland are at historically low levels. For most of the current financial
year Stenprop has also been paying approximately 2.82% per annum on its Swiss debt (or 2.02% after taking into account the
capital repayments of the acquired swap contract liabilities) including an extra 0.80 basis points due to negative interest rates which
have been imposed on borrowers with swap contracts. Stenprop plans to refinance this debt for a further five years at a loan to value
ratio of 50%. This may require a capital repayment of approximately CHF 6 million at the time of such refinance as the current loan
to value on the Swiss portfolio is 55.9%. Based on discussions with our Swiss banks, the all-in cost of such finance is anticipated to
be approximately 1.50% per annum and there is likely to be no need for further capital repayments compared with current annual
capital repayments of CHF 4.02 million. Although current five year swap rates are negative, it is likely that new Swiss debt will be
taken on an unhedged floating rate basis as the risk of rates going further into negative territory is perceived as outweighing the risk
of positive rates over the next five years.

As a general policy, the Company utilises five year debt funding unless there are good reasons to take loans of longer or shorter
duration. Stenprop's current weighted average debt maturity profile of 2.2 years is temporarily skewed by three large loan structures,
being:

 - the Swiss debt totalling CHF87.1 million which, as discussed above, is intended to be refinanced during the current year on a
   five year term;
 - a loan of EUR84.9 million on our Bleichenhof property in central Hamburg. This loan matures in December 2016, and is currently
   on a short term fixed rate as the property is undergoing a refurbishment/repositioning at the rear of the property to take
   advantage of the marriage value with the large scale redevelopment of the property next door. Once the redevelopment is
   complete, estimated to be in December 2017, our plan is to refinance the property on a five year, fixed rate basis; and
 - the loan on Nova Eventis, which is held as an associate. Stenprop owns a 28.42% interest in this property which was funded
   with a four year loan expiring in July 2016. The loan is at a historically high all-in interest rate of 4% pa. As stated earlier, the
   property is currently being marketed for sale. A six month extension is in the process of being finalised with the current lender
   on the same terms. As such we will not incur any break costs on sale.

The expiry of the Swiss and Bleichenhof debt during the twelve month period after 31 March 2016 is primarily responsible
for the increased level of bank loans shown under Current Liabilities in the consolidated statement of financial position, which
at 31 March 2016 is EUR188.8 million. Stenprop has seen evidence of significant liquidity in both the German and Swiss lending
markets, particularly at the levels of gearing shown by the properties in question. Stenprop has strong refinancing experience,
having successfully negotiated GBP64.6 million of debt on two London properties in May 2015 at reduced rates and with no capital
repayments. Given the strength of the assets and the level of existing gearing, Stenprop expects to secure favourable all-in
interest rates, with no capital repayments, on refinancing.

As mentioned earlier in this report, the Nova Eventis shopping centre near Leipzig, in which the Group has a 28.4% interest,
is currently being marketed for sale. The current lenders have agreed to extend the loan, which matures on 24 July 2016 for
a period of six months to 24 January 2017 on terms which are substantially the same as the current terms. Should a decision
be taken not to sell the property for any reason, the directors of SESCF anticipate that, given the quality of the property and
the strong relationships with German lenders, a refinancing on favourable terms can be secured. Stenprop agrees with this
assessment.

Subsequent events
On 26 May 2016, the UK portfolios known as Davemount and GGP1 were refinanced. The portfolios hold 10 properties across the
UK valued at GBP32.6 million. The new GBP12.4 million five year facility was secured with the existing lender, Santander, and has an all-in
interest rate of 3.46%. This comprises a 2.25% margin and a swap of 1.21%. As part of the negotiations, it was agreed to remove
the requirement for any capital repayments

Also in May 2016, a new six year lease was signed at Euston House for 11,787 square feet, representing one floor and 11% of
the space. The new tenant will pay an annual rent of just under GBP0.7 million equating to GBP58.50 per square foot per annum from
August 2017 onwards. Prior to that the tenant will pay half rent of GBP0.345 million per annum. The previous tenant paid GBP27.50 per
square foot per annum on unrefurbished space. Stenprop spent approximately GBP1.4 million on the refurbishment of the space. The
building is now fully let.

Prospects
Stenprop's mission is to enhance and protect shareholder value by delivering sustainable growth in earnings, distributions and
net asset value through the active asset management of its carefully selected, high quality, low risk portfolio of
European property assets.

It expects to grow EPRA earnings per share and distributions by at least 1.5% per annum over the next three years, whilst
maintaining the quality of the portfolio and the long term sustainability of earnings. It is forecasting growth of 1.5% per annum in
EPRA earnings per share from active management of the existing portfolio. Additional growth of 0.5% to 1% in EPRA earnings
per share is achievable if capital can be raised for acquisitions at pricing levels which deliver enhanced earnings from targeted
acquisitions.

Fluctuations in exchange rates used in our forecast could impact earnings and distributions. 

This general forecast has been basedon the Group's forecasts and has not been reported on by the external auditors.

(3)Exchange rates used in the 2017 forecast were GBP1:EUR1.30 and CHF1:EUR0.90.

Statement of directors' responsibilities

The directors are responsible for preparing the financial statements in accordance with applicable law and regulations.

Bermudian company law requires the directors to prepare financial statements for each financial year. Under that law the
directors have elected to prepare the financial statements in accordance with International Financial Reporting Standards as
issued by the IASB. The financial statements are required to give a true and fair view of the state of affairs of the Group and of
the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue
  in business for the foreseeable future, and
- follow applicable accounting standards.

The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the
financial position of the Group and to enable them to ensure that the financial statements comply with the Companies Act 1981
of Bermuda. They are also responsible for safeguarding the assets of the Group and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information of which the Group's auditors are unaware, and each
director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit
information and to establish that the Group's auditors are aware of that information.

Approval of annual financial statements
The consolidated annual financial statements of Stenprop Limited were approved by the Board of Directors on 8 June 2016 and
are signed on their behalf by:


Michael Fienberg                  Paul Arenson                      Patsy Watson
Chairman of Audit Committee       Chief Executive Officer           Chief Financial Officer

Consolidated statement of comprehensive income
                                                              
                                                                                                                           Audited
                                                                                                                           for the
                                                                                                           Year ended   year ended
                                                                                                             31 March     31 March
                                                                                                                 2016         2015
                                                                                                    Note      EUR'000      EUR'000
                                      
Net rental income                                                                                      6       39,617       19,341   
Management fee income                                                                                           2,927        1,663   
Operating costs                                                                                        7      (9,287)      (5,576)   
Net operating income                                                                                           33,257       15,428   
Fair value movement of investment properties                                                          17       22,939       17,956   
Income from associates                                                                                19        1,075          455   
Income from joint ventures                                                                            20        7,820          778   
Profit from operations                                                                                         65,091       34,617   
Gain on acquisition                                                                                   27            ?        9,657   
Other gains and losses                                                                                 9            ?           49   
Net loss from fair value of financial liabilities                                                     26        (999)        (589)   
Net finance costs                                                                                     10     (11,091)      (5,485)   
Net foreign exchange (losses)/gains                                                                             (134)          148   
Profit for the year before taxation                                                                            52,867       38,397   
Taxation                                                                                              11      (3,284)        (705)   
Profit for the year after taxation                                                                             49,583       37,692   
Profit attributable to:                                                                                                              
Equity holders                                                                                                 49,266       37,599   
Non-controlling interest                                                                                          317           93   
Other comprehensive income                                                                                                           
Items that may be reclassified subsequently to profit or loss                                                                        
Fair value movement on interest rate swaps                                                                        519        (431)   
Foreign currency translation reserve                                                                         (20,480)       22,051   
Total comprehensive profit for the year                                                                        29,622       59,312   
Total comprehensive profit attributable to:                                                                                          
Equity holders                                                                                                 29,305       59,219   
Non-controlling interest                                                                                          317           93   
                                                                                                                Cents        Cents   
Earnings per share                                                                                                                   
IFRS EPS                                                                                              15        17.70        28.43   
Diluted IFRS EPS                                                                                      15        17.66        28.37   
Results derive from continuing operations.                                                                                      

Consolidated statement of financial position

                                                                                                                           Audited
                                                                                                                             as at
                                                                                                             31 March     31 March
                                                                                                                 2016         2015
                                                                                                   Note       EUR'000      EUR'000
                                                   
ASSETS                                                                                                                              
Investment properties                                                                                 17      729,782      695,196   
Investment in associates                                                                              19       39,298       39,652   
Investment in joint ventures                                                                          20       37,620        8,506   
Other debtors                                                                                         22        7,403            ?   
Property, plant and equipment                                                                                       3            2   
Total non-current assets                                                                                      814,106      743,356   
Cash and cash equivalents                                                                             23       36,811       80,430   
Trade and other receivables                                                                           22        6,367        8,064   
Total current assets                                                                                           43,178       88,494   
Total assets                                                                                                  857,284      831,850   
Equity and liabilities                                                                                                               
Capital and reserves                                                                                                                 
Share capital                                                                                         13            ?            ?   
Share premium                                                                                         13      389,927      374,127   
Equity reserve                                                                                        14          480            ?   
Retained earnings                                                                                              63,426       37,562   
Foreign currency translation reserve                                                                            1,664       22,144   
Cash flow hedge reserve                                                                                             ?        (519)   
Total equity attributable to equity shareholders                                                              455,497      433,314   
Non-controlling interest                                                                                        2,132        1,815   
Total equity                                                                                                  457,629      435,129   
Non-current liabilities                                                                                                              
Bank loans                                                                                            25      178,708      296,873   
Derivative financial instruments                                                                      26        4,173        5,108   
Other loan and interest                                                                                            12           23   
Deferred tax                                                                                          29        9,705        7,230   
Total non-current liabilities                                                                                 192,598      309,234   
Current liabilities                                                                                                                  
Bank loans                                                                                            25      188,785       68,058   
Derivative financial instruments                                                                      26        1,769        1,273   
Accounts payable and accruals                                                                         24       16,503       18,156   
Total current liabilities                                                                                     207,057       87,487   
Total liabilities                                                                                             399,655      396,721   
Total equity and liabilities                                                                                  857,284      831,850   
IFRS net asset value per share                                                                        16         1.61         1.59   
EPRA net asset value per share                                                                        16         1.67         1.65   
                                      
Consolidated statement of changes in equity

                                                                         Foreign                  Attri-
                                                                        currency                 butable
                                                                          trans-  Cash flow    to equity          Non-
                                 Share     Share    Equity    Retained     lation     hedge       share-  controlling        Total
                               capital   premium   reserve    earnings    reserve   reserve      holders     interest       equity
                               EUR'000   EUR'000   EUR'000     EUR'000    EUR'000   EUR'000      EUR'000      EUR'000      EUR'000  
Balance at 1 April 2015              ?   374,127         ?      37,562     22,144     (519)      433,314        1,815      435,129   
Issue of share capital               ?    15,800      (41)          ?          ?          ?       15,759            ?       15,759   
Credit to equity for                                                                                                                 
equity-settled share-based  
payments (note 14)                   ?         ?       521          ?          ?          ?          521            ?          521   
Total comprehensive                                                                                                                  
profit/(loss) for the year           ?         ?         ?     49,266   (20,480)        519       29,305          317       29,622   
Ordinary dividends                   ?         ?         ?   (23,402)          ?          ?     (23,402)            ?     (23,402)   
Balance at 31 March 2016             ?   389,927       480     63,426      1,664          ?      455,497        2,132      457,629   
Balance at 1 April 2014              ?    21,131         ?       (37)          ?          5       21,099            ?       21,099   
Issue of share capital               ?   355,854         ?          ?          ?          ?      355,854            ?      355,854   
Share issue and listing costs        ?   (2,858)         ?          ?          ?          ?      (2,858)            ?      (2,858)   
Novation of SWAP contract            ?         ?         ?          ?         93       (93)            ?            ?            ?   
Total comprehensive                                                                                                                  
profit/(loss) for the year           ?         ?         ?     37,599     22,051      (431)       59,219           93       59,312   
Acquisition of                                                                                                                       
non-controlling interest             ?         ?         ?          ?          ?          ?            ?        1,722        1,722   
Balance at 31 March 2015             ?   374,127         ?     37,562     22,144      (519)      433,314        1,815      435,129   

Consolidated statement of cash flows

                                                                                                                           Audited
                                                                                                                           for the
                                                                                                                   Year       year
                                                                                                                  ended      ended
                                                                                                               31 March   31 March
                                                                                                                   2016       2015
                                                                                                        Note    EUR'000    EUR'000
                                                
Operating activities                                                                                                                 
Profit from operations                                                                                           65,091     34,617   
Share of profit in associates                                                                             19    (1,075)      (455)   
Increase in fair value of investment property                                                             17   (22,939)   (17,956)   
Increase in fair value of joint ventures                                                                  20    (7,820)      (778)   
Exchange rate (gains)/losses                                                                                      (134)        148   
Increase in trade and other receivables                                                                           (119)    (3,925)   
(Decrease)/Increase in trade and other payables                                                                   (510)      3,724   
Interest paid                                                                                                  (10,770)    (5,292)   
Interest received                                                                                                 1,942      1,229   
Tax paid                                                                                                        (1,006)      (158)   
Net cash from operating activities                                                                               22,660     11,154   
Investing activities                                                                                                                 
Dividends received from trading activities                                                                            ?         11   
Dividends received from associates                                                                                2,268        772   
Dividends received from joint ventures                                                                              420          ?   
Proceeds on disposal of trading investments                                                               21          ?        369   
Purchases of investment property                                                                               (51,137)    (3,414)   
Proceeds on disposal of investment property                                                               17      6,701     65,274   
Acquisition of investment in an associate                                                                 19          ?    (5,411)   
Acquisition of investment in joint venture                                                                20   (26,782)          ?   
Acquisition of subsidiary                                                                                 28          ?   (83,913)   
Cash obtained on acquisition of subsidiaries                                                           27/28          ?     42,621   
Net cash (used in)/from investing activities                                                                   (68,530)     16,309   
Financing activities                                                                                                                 
Dividends paid                                                                                                 (15,070)          ?   
Repayment of borrowings                                                                                        (41,477)   (23,004)   
Proceeds on issue of ordinary share capital                                                                           ?     35,000   
Listing costs paid                                                                                                    ?    (1,688)   
Financing fees paid                                                                                             (1,246)      (846)   
Unutilised facility fee paid                                                                                          ?       (59)   
SWAP break fee                                                                                                    (571)          ?   
New bank loans raised                                                                                     25     60,368     41,016   
Repayment of loan advances                                                                                           95          ?   
Net cash from financing activities                                                                                2,099     50,419   
Net (decrease)/increase in cash and cash equivalents                                                           (43,771)     77,882   
Effect of foreign exchange rate changes                                                                             152        877   
Cash and cash equivalents at beginning of the year                                                               80,430      1,671   
Cash and cash equivalents at end of the year                                                                     36,811     80,430   


Notes to the financial statements

1.Basis of preparation
  The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as
  issued by the IASB, the requirements of IAS34: Interim Financial Reporting, the JSE Listing Requirements and the BSX
  Listing Regulations and applicable law. The financial statements have been prepared on the historical cost basis, except
  for the revaluation of investment properties and financial instruments that are measured at fair values at the end of each
  reporting period, as explained in the accounting policies below. Historical cost is generally based on the fair value of the
  consideration given in exchange for goods and services. The principal accounting policies which are consistent with those
  applied in the previous annual financial statements, and are set out below.

  This summarised report is extracted from audited information, but is itself not audited. The directors take full responsibility
  for the preparation of the provisional report and that the financial information has been correctly extracted from the
  underlying annual financial statements. The auditors, Deloitte, have reported on the audited financial statements and
  their report was unqualified. A copy is available on the Company's website: www.stenprop.com, or upon written request
  from the Company's registered office.

  In addition, for financial reporting purposes, fair value measurements are categorised into level 1, 2 or 3 based on the
  degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair
  value measurement in its entirety, which are described as follows:

  Level 1 ? Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access
  at the measurement date.

  Level 2 ? Inputs are inputs, other than quoted prices included within level 1, that are observable for the asset or liability,
  either directly or indirectly.

  Level 3 ? Inputs are unobservable inputs for the asset or liability.

  The financial statements are presented in Euros.

  Going concern
  At the date of signing these accounts, the Group has positive operating cash flow forecasts and positive net assets. The
  directors have reviewed the Group's budgets for the year to 31 March 2017, forecasts for the period to September 2017 and
  the current financial position, and, in light of this review, they are satisfied that the Company and the Group have access to
  adequate resources to meet obligations and continue in operational existence for the foreseeable future, and specifically
  the 12 months subsequent to the signing of these financial statements.

  The cash flow forecasts take into account projected income and expenses; possible changes in the investment property
  portfolio, including exposure to tenant credit risk; lease expiries; the raising of additional capital; external debt; refinancings
  which have occurred and are expected to occur subsequent to the reporting date and forecast financial loan covenants.
  The expiry of the Swiss and Bleichenhof debt during the twelve month period after 31 March 2016 is primarily responsible
  for the increased level of bank loans shown under Current Liabilities in the consolidated statement of financial position,
  which at 31 March 2016 is EUR188.8 million. Stenprop has seen evidence of significant liquidity in both the German and Swiss
  lending markets, particularly at the levels of gearing shown by the properties in question. Stenprop has strong refinancing
  experience, having successfully negotiated GBP64.6m of debt on two London properties in May 2015 at reduced rates and
  with no capital repayments. Given the strength of the assets and the level of existing gearing, Stenprop expects to secure
  favourable all-in interest rates, with no capital repayments, on refinancing.

  As mentioned earlier in this report, the Nova Eventis shopping centre near Leipzig, in which the Group has a 28.4% interest,
  is currently being marketed for sale. The current lenders have agreed to extend the loan, which matures on 24 July 2016
  for a period of six months to 24 January 2017 on terms which are substantially the same as the current terms. Should a
  decision be taken not to sell the property for any reason, the directors of SESCF anticipate that, given the quality of the
  property and the strong relationships with German lenders, a refinancing on favourable terms can be secured. Stenprop
  agrees with this assessment.

  The directors believe that it is therefore appropriate to prepare the accounts on a going-concern basis. Note 30 to the
  financial statements includes the Group's objectives, policies and procedures for managing its market, interest and
  liquidity risk.

2.Adoption of new and revised standards
  In the current period the following new and revised standards have been adopted. Their adoption has not had any material
  impact on the disclosures or the amounts reported in these financial statements:

  - Annual improvement to IFRS 2010 ? 2012 cycle
  - Annual improvement to IFRS 2011 ? 2013 cycle
  - IAS 19 Defined benefit plans: Employee contributions

  At the date of authorisation of these financial statements, the following applicable standards which have not been applied
  to these financial statements, were in issue but not yet effective. They are effective for periods commencing on or after

  the                                                                 disclosed                                         date:                                                                                               
  IFRS 9                                                              Financial instruments (1 January 2018)                                                                         
  IFRS 14                                                             Regulatory deferral accounts (1 January 2016)                                                                   
  IFRS 15                                                             Revenue from contracts with customers (1 January 2018)                                                          
  IFRS 11 (amendments)                                                Accounting for acquisitions of interests in joint operations (1 January 2016)                                   
  IFRS 16                                                             Leases (1 January 2019)                                                                                         
  IAS 1 (amendments)                                                  Disclosure initiative (1 January 2016)                                                                          
  IAS 7 (amendments)                                                  Disclosure initiative (1 January 2017)                                                                          
  IAS 12 (amendments)                                                 Recognition of deferred tax assets for unrealised losses (1 January 2017)                                       
  IAS 16 and IAS 38                                                   Clarification of acceptable methods of depreciation and amortisation (1 January 2016)                           
  IAS 27 (amendments)                                                 Equity method in separate financial statements (1 January 2016)                                                 
  IFRS 10 and IAS 28 (amendments)                                     Sale or contribution of assets between an Investor and its associate or joint venture (deferred indefinitely)   
  IFRS 10, IFRS 12 and IAS 28 (amendments)                            Investment entities: Applying the consolidation exemptions (1 January 2016)                                   
  Annual improvements to IFRS:
  2012 ? 2014 cycle (1 January 2016)                                  Amendment to: IFRS 5/IFRS 7/IAS 19/IAS 34                                                                       
  
  
  Management are in the process of assessing these standards and do not expect that the adoption of the standards listed
  above will have a material impact on the financial statements of the Group in the forthcoming period.
  
3.Significant accounting policies
  Basis of consolidation
  Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses
  control of the subsidiary. Specifically, the results of the subsidiaries acquired or disposed of during the period are included
  in the consolidated statement of comprehensive income from the date the Company gains control until the date when the
  Company ceases to control the subsidiary.

  Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to
  the non-controlling interests. Total comprehensive income of the subsidiaries is attributed to the owners of the Company
  and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.

  Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used
  into line with the Group's accounting policies.

  All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of
  the Group are eliminated on consolidation.

  When the Group loses control of a subsidiary, the gain or loss on disposal recognised in profit or loss is calculated as the
  difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained
  interest and (ii) the previous carrying amount of the assets (including goodwill), less liabilities of the subsidiary and any
  non-controlling interests.

  All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for as if the
  Group had directly disposed of the related assets or liabilities of the subsidiary (ie reclassified to profit or loss or transferred
  to another category of equity as specified/permitted by applicable IFRS). The fair value of any investment retained in
  the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent
  accounting under IAS 39 Financial Instruments: Recognition and Measurement or, when applicable, the costs on initial
  recognition of an investment in an associate or jointly controlled entity.

  Business combinations
  The Group applies the acquisition method to account for business combinations. The cost of the acquisition is measured
  at the aggregate of the fair values, at the date of completion, of assets given, liabilities incurred or assumed and equity
  instruments issued by the Group in exchange for control of the acquired. The acquiree's identifiable assets, liabilities
  and contingent liabilities that meet the conditions for recognition under IFRS 3 are recognised at their fair value at the
  acquisition.

  Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interest
  in the acquiree, and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the
  acquisition-date amounts of the identifiable assets acquired and the liabilities assumed.

  If, after reassessment, the Group's interest in the fair value of the acquiree's identifiable net assets exceeds the sum of the
  consideration transferred, the amount of any non-controlling interests in the acquisition and the fair value of the acquirer's
  previously held equity interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a gain on
  acquisition.

  Investments in associates
  An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a
  joint venture. Significant interest is the power to participate in the financial and operating policy decisions of the investee
  but is not control or joint control over those policies.
  
  The results, assets and liabilities of associates are incorporated in these financial statements using the equity method
  of accounting, except when the investment is classified as held for sale, in which case it is accounted for in accordance
  with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. Under the equity method, an investment
  in associate is initially recognised in the consolidated statement of financial position at cost and adjusted thereafter to
  recognise the Group's share of the profit or loss and other comprehensive income of the associate.
  
  Joint ventures
  The Group's investment properties are typically held in property-specific special purpose vehicles (SPVs), which may be
  legally structured as joint ventures. In assessing whether a particular SPV is accounted for as a subsidiary or joint venture,
  the Group considers all of the contractual terms of the arrangement, including the extent to which the responsibilities
  and parameters of the venture are determined in advance of the joint venture agreement being agreed between the two
  parties. The Group will then consider whether it has the power to govern the financial and operating policies of the SPV,
  so as to obtain benefits from its activities, and the existence of any legal disputes or challenges to this control in order to
  conclude on the classification of the SPV as a joint venture or subsidiary undertaking. The Group considers this position
  with the evidence available at the time.
  
  The consolidated financial statements account for interests in joint ventures using the equity method of accounting per
  IFRS 11.
  
  Revenue recognition
  The Group earns returns from investments in direct property assets and management fees. Revenue is recognised when
  it is probable that the economic benefits associated with the transaction will flow to the Group and the amount of revenue
  can be measured reliably.
  
  Revenue includes amounts receivable in respect of property rental income and service charges earned in the normal
  course of business, net of sales-related taxes.
  
  Rental income from operating leases is recognised on an accrual basis. A rent adjustment based on open market estimated
  rental value is recognised from the rent review date in relation to unsettled rent reviews. Where a significant rent-free period
  is included in a lease, the rental income foregone is allocated evenly over the period from the date of lease commencement
  to the expiry date of the lease.
  
  Rental income from fixed and minimum guaranteed rent reviews is recognised on a straight-line basis over the entire lease
  term. Where such rental income is recognised ahead of the related cash flow, an adjustment is made to ensure the carrying
  value of the investment property including the accrued rent does not exceed the external valuation. Initial significant direct
  costs incurred in negotiating and arranging a new lease are amortised on a straight-line basis over the period from the date
  of lease commencement to the expiry date of the lease.
  
  Where a lease incentive payment, or surrender premium is paid to enhance the value of a property, it is amortised on a
  straight-line basis over the period from the date of lease commencement to the expiry date of the lease. Upon receipt of
  a surrender premium for the early determination of a lease, the profit, net of dilapidations and non-recoverable outgoings
  relating to the lease concerned, is immediately reflected in income.
  
  Contingent rents, such as turnover rents, rent reviews and indexation, are recorded as income in the periods in which they
  are earned.
  
  Management fees are recognised in the income statement on an accrual basis.
  
  Service charge income is recognised in the accounting period in which the services are rendered and the related property
  expenses are recognised in the period in which they are incurred.
  
  Dividend income from listed securities is recognised at the date the dividend is declared. Interest income is recognised in
  the consolidated statement of comprehensive income under the effective interest method as it accrues.
  
  Foreign currencies
  The individual financial statements of each group company are presented in the currency of the primary economic
  environment in which it operates (its functional currency). For the purpose of the consolidated financial statements, the
  results and financial position are expressed in Euros, which is the functional currency of the Group and the presentation
  currency for the consolidated financial statements.
  
  In preparing the financial statements of the individual companies, transactions in currencies other than the entity's
  functional currency (foreign currencies) are recognised at the rates of exchange prevailing on the dates of the transactions.
  At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are translated at
  the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are
  translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured
  in terms of historical cost in a foreign currency are not retranslated. Exchange differences are recognised in profit or loss
  for the period in which they arise.
  
  For the purpose of presenting consolidated financial statements, the assets and liabilities of the Group's foreign
  operations are translated at exchange rates prevailing on the balance sheet date. Income and expense items are
  translated at the average exchange rates for the period. Exchange differences arising are recognised in other
  comprehensive income and accumulated in equity (attributed to non-controlling interests as appropriate).
  
  Borrowing costs
  Interest costs are recognised in the consolidated statement of comprehensive income using the effective interest rate
  method.
  
  Borrowing costs directly attributable to arranging finance are amortised over the facility term in the consolidated
  statement of comprehensive income.
  
  Taxation
  The tax expense represents the sum of the tax currently payable and deferred tax, in those jurisdictions where the property
  companies are registered, namely Germany, Switzerland and the United Kingdom. In addition, Stenprop Management
  Limited incurs tax in the United Kingdom.
  
  Current tax
  Tax currently payable is based on taxable profit for the year. The Group's liability for current tax is calculated using tax rates
  that have been enacted or substantively enacted by the statement of financial position date.
  
  Deferred tax
  Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the financial
  statements and the corresponding tax bases used in the computation of taxable profit.
  
  Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that
  taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax
  assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition
  (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit
  nor the accounting profit.
  
  Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries
  and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary
  difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets
  arising from deductible temporary differences associated with such investments and interests are only recognised to the
  extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary
  differences and they are expected to reverse in the foreseeable future.
  
  The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that
  it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

  Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability
  is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the
  end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that
  would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the
  carrying amount of its assets and liabilities.

  Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against
  current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to
  settle its current tax assets and liabilities on a net basis.

  Non-controlling interest
  Non-controlling interests in the net assets (excluding goodwill) of consolidated subsidiaries are identified separately from
  the Group's equity therein. Non-controlling interests consist of the amount of those interests at the date of the original
  business combination and the non-controlling interests' share of the changes in equity since the date of the combination.
  Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests
  having a deficit balance.

  Investment properties
  Properties held to earn rentals and/or for capital appreciation are classified as investment properties. Investment
  properties comprise both freehold and leasehold land and buildings.

  Investment properties are recognised as assets when:

  -    it is probable that the future economic benefits that are associated with the investment property will flow to the Group;
  -    there are no material conditions precedent which could prevent completion, and
  -    the cost of the investment property can be measured reliably.

  Investment properties are measured initially at cost, including related transaction costs. After initial recognition,
  investment properties are carried at fair value.

  The Group uses the valuations prepared by its independent valuers as the fair value of its investment properties. These
  valuations are undertaken in accordance with the appropriate sections of the current Practice Statements contained in the
  Royal Institution of Chartered Surveyors Valuation ? Professional Standards (Red Book). This is an internationally accepted
  basis of valuation. The valuations are based upon assumptions including contractual and estimated rental values, future
  rental income, anticipated maintenance costs, future development costs and appropriate discount rates. The valuers also
  make reference to market evidence of transaction prices for similar properties. 

  The difference between the fair value of a property at the reporting date and its carrying amount prior to remeasurement
  is included in the consolidated statement of comprehensive income as a valuation surplus or deficit.

  Cash and cash equivalents
  Cash and cash equivalents in the balance sheet comprise cash at banks and on hand and short-term deposits with an
  original maturity of three months or less.

  Expenditure
  Expenses are accounted for on an accrual basis.

  Financial instruments
  Classification
  A financial instrument is a contract that gives rise to a financial asset to one entity and a financial liability or equity
  instrument to another. The classification of financial assets and financial liabilities depends on the nature and purpose
  of the instrument and is determined at the time of initial recognition. Debt and equity instruments are classified as either
  financial liabilities or as equity in accordance with the substance of the contractual agreement.

  Measurement
  Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to
  the acquisition or issue of financial assets and financial liabilities (other than financial assets at fair value through profit or
  loss (FVTPL)) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on
  initial recognition.

  Transactions costs directly attributable to the acquisition of financial assets or financial liabilities at FVTPL are recognised
  immediately in the statement of comprehensive income.

  Financial assets
  The Group classifies its financial assets as either at fair value through profit and loss or as loans and receivables.

  Recognition and derecognition
  Purchases and sale of listed securities are recognised on the trade date which is when the Group commits to purchase or
  sell the assets. Other financial assets are recognised when the Group becomes party to the contractual provisions of the
  instrument.

  After initial recognition, the Group measures the financial assets designated at FVTPL at fair values without any deduction
  for transaction costs it may incur on their disposal.

  The fair value of quoted financial assets is their bid price at the financial year-end. If the market for a financial asset is not
  active, the fair value is estimated using valuation techniques. These include a review of recent arm's length transactions,
  references to current fair market value of another instrument that is substantially the same as that being valued and
  discounted cash flow analysis. Where discounted cash flow analysis is used, estimated future cash flows are based on
  management's estimates and the discount rate is a market-related rate at the financial year-end for a financial asset with
  similar terms and conditions. Where other pricing models are used, inputs are based on observable market indicators at
  the financial year-end.

  Realised and unrealised gains and losses arising from changes in fair value of financial assets at FVTPL are included in the
  statement of comprehensive income in the period in which they arise.

  Loan and receivables are measured at amortised cost using the effective interest method, less impairment losses which
  are recognised in the statement of comprehensive income. Financial liabilities are measured at amortised cost using the
  effective interest method. In the case of short-term trade receivables and payables, the impact of discounting is not
  material and cost approximates amortised cost.

  The Group derecognises a financial asset when the contractual rights to the cash flows from the asset have expired
  or have been transferred and the Group has transferred substantially all risks and rewards of ownership of the asset to
  another entity.

  Loans and receivables
  Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an
  active market. They include current assets with maturities or terms greater than 12 months after the reporting dates
  which are classified as non-current assets.

  Effective interest method
  The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest
  income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash
  receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction
  costs and other premiums or discounts) through the expected life of the debt instrument, or, where appropriate, a shorter
  period, to the net carrying amount on initial recognition.

  Impairment of financial assets
  Financial assets, other than those at FVTPL, are assessed for indicators of impairment at the end of each reporting period.
  Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that
  occurred after the initial recognition of the financial asset, the estimated future cash flows of the investments have been
  affected.

  Objective evidence of impairment could include:

  -    significant financial difficulty of the issuer or counterparty; or
  -    breach of contract, such as a default or delinquency in interest or principal payments; or
  -    it becoming probable that the borrower will enter bankruptcy or financial reorganisation.

  For financial assets carried at amortised cost, the amount of the impairment loss is measured as the difference between
  the asset's carrying amount and present value of the estimated future cash flows, discounted at the financial assets
  original effective interest rate.

  The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets, with the
  exception of trade receivables, where the carrying amount is reduced through the use of a provision account. When a trade
  receivable is considered uncollectable, it is written off against the provision account. Changes in the carrying amount of
  the provision account are recognised in the statement of comprehensive income in the period.

  For financial assets measured at amortised cost if, in a subsequent period, the amount of the impairment loss decreases
  and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously
  recognised impairment loss is reversed through the statement of comprehensive income to the extent that the carrying
  amount of the investment at the date the impairment is reversed does not exceed what the amortised cost would have
  been had the impairment not been recognised.

  Financial liabilities and equity
  Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the
  contractual agreement.

  Equity instruments
  An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all its
  liabilities. Ordinary shares are classed as equity. Equity instruments issued by the Group are recorded at the proceeds
  received, net of direct issue costs.

  Financial liabilities
  The Group's financial liabilities comprise interest-bearing borrowings, loans and payables and trade payables.

  Recognition and derecognition
  Financial liabilities are recognised when the Group becomes party to the contractual provisions of the instrument.

  The Group derecognises financial liabilities when the Group's obligations are discharged, cancelled or they expire.

  Derivatives
  Interest rate swaps have been initially recognised at fair value, and subsequently remeasured at fair value in accordance
  with IAS 39, Financial Instruments: Recognition and Measurement. They have been entered into in order to hedge against
  the exposure to variable interest rate loans as described in note 26. They have been valued by an Independent valuer in line
  with internationally accepted practice.

  A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is
  recognised as a financial liability. A derivative is presented as a non-current asset or non-current liability if the remaining
  maturity of the instrument is more than 12 months and it is not expected to be realised or settled within 12 months. Other
  derivatives are presented as current assets or current liabilities.

  Trade and other receivables
  These are valued at their nominal value (less accumulated impairment losses) as the time value of money is immaterial for
  these current assets. Impairment losses are estimated at the year-end by reviewing amounts outstanding and assessing
  the likelihood of recoverability.
  
  Trade and other payables
  Trade and other payables are valued at their nominal value as the time value of money is immaterial for these current
  liabilities.
  
  Provisions
  A provision is recognised in the statement of financial position when the Group has a present legal or constructive obligation
  as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and the
  obligation can be reliably measured. If the effect is material, provisions are determined by discounting the expected future
  cash flows at a rate that reflects the current market assessments of the time value of money and where appropriate, the
  risks specific to the obligation.
  
  Dividends
  Dividends to the Group's ordinary shareholders are recognised when they are declared. This is when they are approved by
  the board.
  
  Earnings/(loss) per share
  Earnings per share is calculated on the weighted average number of shares in issue in respect of the current period and is
  based on the profit attributable to the ordinary shareholders.
  
  Share-based payments
  Share options were granted to key management as part of the acquisition of the management companies in October
  2014, and subsequently under the Deferred Share Bonus Plan. The cost of equity settled transactions is measured with
  reference to the fair value at the date at which they were granted. The Group accounts for the fair value of these options
  at grant date over the vesting period in the income statement, with a corresponding increase to the share-based payment
  reserve, included as part of the equity reserve in the statement of financial position.
  
  The fair value of the options granted is determined using the Black-Scholes Option Pricing Model, which takes into
  account the exercise price of the option, the current share price, the risk-free interest rate, the expected volatility of the
  Group's share price over the life of the option and other relevant factors. Readers are referred to note 14 share-based
  payments, where key assumptions are further disclosed. Full IFRS 2: Share-based payments disclosure is not required as
  management considers the impact to be immaterial . The cumulative expense recognised for equity-settled transactions
  at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group's
  best estimate of the number of equity instruments that will ultimately vest.

4.Critical accounting judgements and key sources of estimation uncertainty
  Judgements and estimates
  The preparation of the financial statements in accordance with IFRS requires the use of certain critical accounting
  estimates. It also requires management to exercise judgement in the process of applying the Group's accounting policies.
  Although the estimates are based on management's best knowledge of the amount, events or actions, actual results may
  ultimately differ from those estimates.

  The key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting
  year, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the
  next financial year, are discussed below.

  Business combinations
  In accounting for the Stenham Transaction (being the acquisition of the property companies and management companies
  detailed in note 27), the directors have been required to make a number of key judgements, namely the acquisition date for
  the transaction, whether to account for the transaction as separate individual transactions or as one transaction, the fair
  value of assets and liabilities acquired, and the fair value of actual and deferred consideration.
  
  Investment properties
  The Group's investment properties are stated at estimated fair value, determined by directors, based on independent
  external appraisals. The valuation of the Group's property portfolio is inherently subjective due to a number of factors
  including the individual nature of each property, its location and the expectation of future rentals. As a result, the valuations
  placed on the property portfolio are subject to a degree of uncertainty and are made on the basis of assumptions that
  may not prove to be accurate particularly in years of volatility or low transaction flow in the market. The estimated market
  value may differ from the price at which the Group's assets could be sold at a particular time, since actual selling prices are
  negotiated between willing buyers and sellers. As a result, if the assumptions prove to be false, actual results of operations
  and realisation of net assets could differ from the estimates set forth in these financial statements, and the difference
  could be significant. In the UK, the Group's valuers, JLL have noted that the uncertainty surrounding the outcome of the
  UK's membership of the EU is impacting some occupier and investment decisions. While these influences are expected to
  lift if there is a decision to remain in the EU, if the decision is to exit, the current uncertainty may continue which could lead
  to reduced investment volumes and liquidity.
  
  Associates
  The Group holds an investment in Stenham European Shopping Centre Fund Limited ('SESCF'). In January 2016, external
  property agents were appointed to market the sole asset owned by SESCF, known as Nova Eventis, for sale. The current
  lenders have agreed to extend the loan, which matures on 24 July 2016 for a period of six months to 24 January 2017 on
  terms which are substantially the same as the current terms. Should a decision be taken not to sell the property for any
  reason, the directors of SESCF anticipate that, given the quality of the property, relationship with German lenders and the
  existing level of gearing, a refinancing on favourable terms can be secured. As such, the consolidated accounts of SESCF
  show the investment property as held for sale and its accounts have been prepared on a going concern basis. Stenprop
  Limited has therefore deemed it appropriate to continue to disclose the investment in associate relating to SESCF as a
  non-current asset. Readers are referred to the commentary (page 6) and the going concern paragraph in note 1 where this
  is discussed in further detail.
  
  Hedge accounting
  As at 31 March 2015, the Group designated certain derivative hedging instruments as cash flow hedges. The effective portion
  of changes in the fair value of derivatives that were designated and qualified as cash flow hedges were recognised in other
  comprehensive income. The gain or loss relating to the ineffective portion was recognised immediately in profit or loss.
  
  On 30 September 2015, the Group discontinued hedge accounting for all interest rate swaps and as such any gain or loss
  is recognised immediately in the statement of comprehensive income. The decision was taken in order to reduce the
  costs associated with the initial and ongoing assessment of hedge effectiveness as well as to simplify financial derivative
  reporting requirements. Whilst this is not strictly in accordance with IFRS, the directors do not consider departure to be
  material. At the time of this designation, the loss accumulated in equity of EUR519,000 was immediately recognised in the
  statement of comprehensive income.
  
  Deferred tax assets and liabilities
  Tax liabilities are recognised when it is considered probable that there will be a future outflow of funds to a taxing authority.
  In such cases, provision is made for the amount that is expected to be settled, where this can be reasonably estimated.
  This requires the application of judgement as to the ultimate outcome, which can change over time depending on facts
  and circumstances. A change in estimate of the likelihood of a future outflow and/or in the expected amount to be settled
  would be recognised in income in the period in which the change occurs.
  
  Deferred tax assets are recognised only to the extent it is considered probable that those assets will be recoverable.
  This involves an assessment of when those assets are likely to reverse, and a judgement as to whether or not there will be
  sufficient taxable profits available to offset the assets when they do reverse. This requires assumptions regarding future
  profitability and is therefore inherently uncertain. To the extent assumptions regarding future profitability change, there
  can be an increase or decrease in the amounts recognised in respect of deferred tax assets as well as in the amounts
  recognised in income in the period in which the change occurs.
  
  Deferred tax assets and liabilities are presented in note 29.
  
5.Operating segments
  The Group is focused on real estate investment in well-developed, large economies with established real estate markets.
  The investment portfolio is geographically diversified across Germany, the United Kingdom and Switzerland, and these
  geographical locations provide the basis of the business segments identified by the Group. Each segment derives its
  revenue from the rental of investment properties in the respective geographical regions.
  
  Relevant financial information is set out below:
  
i)Information about reportable segments

                                                                          United
                                                             Germany     Kingdom    Switzerland       Total
                                                             EUR'000     EUR'000        EUR'000     EUR'000
For the year ended 31 March 2016                                                                          
Net rental income                                             11,713      19,883          8,021      39,617   
Fair value movement of investment properties                  12,228      16,242        (5,531)      22,939   
Net (loss)/gain from fair value of financial liabilities       (175)     (2,319)          1,495       (999)   
Income from associates                                         1,075           ?              ?       1,075   
Income from joint ventures                                     2,569       4,826              ?       7,395   
Net finance costs                                            (2,950)     (5,626)        (2,515)    (11,091)   
Operating costs                                                (794)       (288)          (605)     (1,687)   
Total profit per reportable segments                          23,666      32,718            865      57,249   
As at 31 March 2016                                                                                           
Investment properties                                        252,510     321,532        155,740     729,782   
Investment in associates                                      39,298           ?              ?      39,298   
Investment in joint ventures                                  10,329      27,250              ?      37,579   
Cash                                                          10,435      15,053          3,395      28,883   
Other                                                          9,687       2,277          1,178      13,142   
Total assets                                                 322,259     366,112        160,313     848,684   
Borrowings ? bank loans                                    (145,913)   (134,512)       (87,068)   (367,493)   
Other                                                        (9,154)    (12,231)        (7,826)    (29,211)   
Total liabilities                                          (155,067)   (146,743)       (94,894)   (396,704)                                                                            
Net rental income                                              4,860      10,547          3,934      19,341   
Fair value movement of investment properties                   2,059      16,375          (478)      17,956   
Net loss/(gain) from fair value of financial liabilities          34         242          (865)       (589)   
Income from associates                                           246           ?              ?         246   
Income from joint ventures                                       778           ?              ?         778   
Net finance costs                                            (1,463)     (3,096)          (926)     (5,485)   
Operating costs                                                (396)       (807)          (231)     (1,434)   
Gain on acquisition                                            5,668      20,295          3,057      29,020   
Total profit per reportable segments                          11,786      43,556          4,491      59,833   
As at 31 March 2015                                                                                           
Investment properties                                        191,704     336,235        167,257     695,196   
Investment in associates                                      39,611           ?              ?      39,611   
Investment in joint venture                                    8,506           ?              ?       8,506   
Cash                                                          46,687      27,083          4,558      78,328   
Other                                                          2,763       2,111            910       5,784   
Total assets                                                 289,271     365,429        172,725     827,425   
Borrowings ? bank loans                                    (125,417)   (144,372)       (95,142)   (364,931)   
Other                                                        (5,403)    (12,892)        (9,763)    (28,058)   
Total liabilities                                          (130,820)   (157,264)      (104,905)   (392,989)   


                                                                                                    Audited
                                                                                                    for the
                                                                                    Year ended   year ended
                                                                                      31 March     31 March
                                                                                          2016         2015
                                                                                       EUR'000      EUR'000                                                                                                    
ii) Reconciliation of reportable segment profit or loss                                                     
Rental income                                                                                               
Net rental income for reported segments                                                 39,617       19,341   
Profit or loss                                                                                                
Fair value movement of investment properties                                            22,939       17,956   
Net loss from fair value of financial liabilities                                        (999)        (589)   
Income from associates                                                                   1,075          246   
Income from joint ventures                                                               7,395          778   
Net finance costs                                                                     (11,091)      (5,485)   
Operating costs                                                                        (1,687)      (1,434)   
Gain on acquisition                                                                          ?       29,020   
Total profit per reportable segments                                                    57,249       59,833   
Other profit or loss ? unallocated amounts                                                                    
Management fee income                                                                    2,927        1,664   
Income from associates                                                                       ?          209   
Income from joint ventures                                                                 425            ?      
Loss on acquisition                                                                          ?      19,364)   
Tax, legal and professional fees                                                         (446)        (213)   
Audit fees                                                                               (250)        (313)   
Administration fees                                                                      (356)        (188)   
Non-executive directors                                                                  (214)         (97)   
Staff remuneration costs                                                               (4,289)      (2,073)   
Other operating costs                                                                  (2,045)      (1,258)   
Other gains and losses                                                                       ?           49   
Net foreign exchange gain/(loss)                                                         (134)          148   
Consolidated profit before taxation                                                     52,867       38,397                                                                                             
iii) Reconciliation of reportable segment financial position                                                  
ASSETS                                                                                                        
Investment properties                                                                   729,782     695,196   
Investment in associates                                                                 39,298      39,611   
Investment in joint venture                                                              37,579       8,506   
Cash                                                                                     28,883      78,328   
Other                                                                                    13,142       5,784   
Total assets per reportable segments                                                    848,684     827,425   
Other assets ? unallocated amounts                                                                            
Investment in associates                                                                     41          41   
Cash                                                                                      7,928       2,102   
Other                                                                                       631       2,282   
Total assets per consolidated statement of financial position                           857,284     831,850   
LIABILITIES                                                                                                   
Borrowings ? bank loans                                                               (367,493)   (364,931)   
Other                                                                                  (29,211)    (28,058)   
Total liabilities per reportable segments                                             (396,704)   (392,989)   
Other liabilities ? unallocated amounts                                                                       
Other                                                                                   (2,951)     (3,732)   
Total liabilities per consolidated statement of financial position                    (399,655)   (396,721)   
                 

                                                                                                    Audited
                                                                                                    for the
                                                                                    Year ended   year ended
                                                                                      31 March     31 March
                                                                                          2016         2015
                                                                                       EUR'000      EUR'000
                                          
6.Net rental income                                                                                        
  Rental Income                                                                         43,458       20,602   
  Other income ? tenant recharges                                                        7,632        2,896   
  Other income                                                                             201          669   
                                                                                        51,291       24,167   
  Direct property costs                                                               (11,674)      (4,826)   
  Total net rental income                                                               39,617       19,341   
7.Operating costs                                                                                             
  Tax, legal and professional fees                                                       1,200          757   
  Audit fees                                                                               340          303   
  Administration fees                                                                      466          219   
  Investment advisory fees                                                                 519          641   
  Non-executive directors (refer note 8)                                                   214           97   
  Staff remuneration costs (refer note 8)                                                4,289        2,073   
  Other operating costs                                                                  2,259        1,486   
                                                                                         9,287        5,576   


8.Employees' and directors' emoluments
  The Group had 15 (2015: 20) employees at year end and incurred EUR3,942,000 (2015: EUR1,866,000) in wages and salaries and
  EUR347,000 (2015: EUR207,000) in related social security costs and pension charges during the year.

Their aggregate remuneration for the period including that of executive directors is:

                                                                                                    Audited
                                                                                                    for the
                                                                                    Year ended   year ended
                                                                                      31 March     31 March
                                                                                          2016         2015
                                                                                       EUR'000      EUR'000                                                                               
Wages and salaries (excluding key management)                                            2,396        1,456   
Key management remuneration                                                              1,546          410   
Social security costs                                                                      246          120   
Other pension costs                                                                        101           87   
                                                                                         4,289        2,073   


The comparative figures relate to the period 2 October 2014, being the effective date of the acquisition of the
management companies, to 31 March 2015. No bonuses were paid in the prior year.

As at 31 March 2016 the Group had 9 directors (2015: 9). The directors of the Company during the financial year and at the
date of this report were as follows:

                                                                                                  Change in
                                                                                   Appointed    appointment
                                              
Non-executive directors                                             
G Leissner (Chairman)                                                              03/12/2012
D Brown*                                                                           25/09/2013    04/04/2016
J Keyes                                                                            26/10/2012
M Yachad                                                                           10/12/2014
M Fienberg                                                                         02/10/2014
S Ball                                                                             02/10/2014
P Hughes                                                                           04/04/2016
                                              
Executive directors                                             
P Arenson (CEO)                                                                    02/10/2014
P Watson (CFO)                                                                     02/10/2014
N Marais                                                                           02/10/2014

* D Brown resigned on 4 April 2016

The Group pays remuneration to executive directors which amounted to EUR1,546,000 (2015: EUR410,000 ) and non-executive
directors which amounted to EUR214,000 (2015: EUR97,000) for the period. A breakdown of directors' remuneration is
provided below:

                                                                                                  Audited
                                                                                                  for the
                                                                                  Year ended   year ended
                                                                                    31 March     31 March
                                                                                        2016         2015
                                                                                     EUR'000      EUR'000
Executive directors
P Arenson (appointed 2 October 2014)                                                     718          181
P Watson (appointed 2 October 2014)                                                      574          143
N Marais (appointed 2 October 2014)                                                      254           86

                                                                                       1,546          410

Directors' emoluments include basic salary and bonus, vested share options, pension
contributions and other benefits. The comparative figures relate to the period
2 October 2014, being the effective date of acquisition of the management companies,
to 31 March 2015. No bonuses were paid in the prior year.

Non-executive directors
J Keyes                                                                                   20          12
G Leissner                                                                                50          25
D Brown (resigned 4 April 2016)                                                           14           8
M Fienberg (appointed 2 October 2014)                                                     75          23
S Ball (appointed 2 October2014)                                                          44          19
M Yachad (appointed 10 December 2014)                                                    11*          3*
P Hughes (appointed 4 April 2016)                                                          ?           ?
H Esterhuizen (resigned 2 October 2014)                                                    ?           3
C Josling (resigned 2 October 2014)                                                        ?           3
S Melnick (resigned 2 October 2014)                                                        ?           1

                                                                                         214          97
* These fees were paid to Peregrine SA Holdings Proprietary Limited.

The above non-executive fees include all management, consulting, technical or other fees paid for such services rendered,
including payments to management companies.

On 8 June 2016, the board of directors, on the recommendation of the remuneration committee, approved the following:

                                              Bonuses in respect of the year ended
                                                       31 March 2016                   Share Purchase Plan^
                                                            Deferred
                                                         Share Bonus
                                             Cash bonus        Plan*       Number of     Loans    Number of
                                                EUR'000      EUR'000          shares   EUR'000       shares                         
Executive directors                                                                           
Paul Arenson                                        158          158         115,248     2,600    1,843,972   
Patsy Watson                                        127          127          92,199     2,080    1,475,177   
Neil Marais                                          40           22          15,847       126       89,317   
                                                    325          307         223,294     4,806    3,408,466   


Based on the year end exchange rate of GBP1:EUR1.2653

On 10 June 2015, the board of directors, on the recommendation of the remuneration committee, approved the following:

                                              Bonuses in respect of the year ended
                                                       31 March 2015                   Share Purchase Plan^
                                                            Deferred
                                                         Share Bonus
                                             Cash bonus        Plan*       Number of     Loans    Number of
                                                EUR'000      EUR'000          shares   EUR'000       shares                       
Executive directors                                                                            
Paul Arenson                                        171          256         179,266     3,813    2,666,667   
Patsy Watson                                        137          205         143,413     3,122    2,183,333   
Neil Marais                                          53           21          14,341       158      110,428   
                                                    361          482         337,020     7,093    4,960,428   

Based on the year end exchange rate of GBP1:EUR1.3672

* Share options vest in three equal tranches and are accounted for as share-based payments (see note 3). The first tranche vests on grant.
  Subsequent tranches will vest in accordance with the rules of the Deferred Share Bonus Plan at the end of the relevant year.

^ Loans advanced under the share purchase plan are interest-bearing at a rate equal to the average interest rate incurred by the Group from time
  to time. Interest is payable six monthly in arrear. Loans are repayable within 30 days of cessation of employment (unless the participant ceases
  employment in circumstances beyond his or her control, in which case the loan is repayable within 12 months), and must in all circumstances
  be repaid in 10 years. All dividends paid to such employees (or his or her nominee) by virtue of their shareholding, must first be utilised to
  discharge any interest outstanding in terms of the loan advanced in terms of the Share Purchase Plan.

Directors' interests - Beneficial direct and indirect holdings in the Company
                     
                                                     Direct             Indirect                  Number
                                                  number of     % of   number of      % of      of share     % of
                                                     shares   shares      shares    shares  options held   shares
                              
31 March 2016                                                                                                   
G Leissner (Chairman)                                     ?              422,034      0.15             ?          
D Brown                                                   ?                    ?                       ?          
J Keyes                                                   ?                    ?                       ?          
M Yachad                                                  ?                    ?                       ?          
M Fienberg                                                ?              114,994      0.04             ?          
S Ball                                                    ?              250,000      0.09             ?          
P Arenson (CEO)                                      97,783     0.03   8,854,419      3.13       236,894     0.05   
P Watson (CFO)                                            ?            2,183,333      0.77       189,515     0.05   
N Marais                                                  ?              120,283      0.04        19,646            
31 March 2015                                                                                                       
G Leissner (Chairman)                                     ?              422,034      0.16             ?            
D Brown                                                   ?                    ?                       ?            
J Keyes                                                   ?                    ?                       ?            
M Yachad                                                  ?                    ?                       ?            
M Fienberg                                                ?              114,994      0.04             ?            
S Ball                                                    ?              250,000      0.09             ?            
P Arenson (CEO)                                      97,783     0.04   4,774,041      1.75      145,782*     0.05   
P Watson (CFO)                                            ?                    ?                145,782*     0.05   
N Marais                                                  ?                    ?                       ?            


* In terms of the Stenham Transaction (detailed in note 27) 145,782 ordinary share options valued at EUR200,000 at the time of the transaction,
  were awarded to each of P Watson and P Arenson on 2 October 2014 at a strike price of EUR1.37. These share options vest over a two-year period
  on 30 September 2015 and 30 September 2016 respectively, subject to the directors still being in the employ of the Group at vesting date.
  None of the options available for exercise had been exercised at 31 March 2016.

The Directors' interests have not changed to the date of the signing of these financial statements.
                                                                   
                                                                                                             Audited
                                                                                                             for the
                                                                                             Year ended   year ended
                                                                                               31 March     31 March
                                                                                                   2016         2015
                                                                                                EUR'000      EUR'000
                           
9. Other gains and losses                                                                                           
   Loss on disposal of subsidiaries                                                                   ?         (25)   
   Dividends received from investments                                                                ?            8   
   Fair value movement on financial investments (refer note 21)                                       ?           66   
                                                                                                      ?           49   
10.Net finance costs                                                                                                 
   Interest receivable:                                                                                                
   Cash and cash equivalents                                                                        174            9   
                                                                                                    174            9   
   Finance costs                                                                                                       
   Bank interest payable                                                                       (10,787)      (5,137)   
   Unutilised facility fee                                                                            ?         (59)   
   Amortisation of facility costs                                                                 (478)        (298)   
                                                                                               (11,265)      (5,494)   
   Net finance costs                                                                           (11,091)      (5,485)   
   
                                                                                                             Audited
                                                                                                             for the
                                                                                             Year ended   year ended
                                                                                               31 March     31 March
                                                                                                   2016         2015
                                                                                                EUR'000      EUR'000
11.Taxation
    (i)Tax recognised in profit and loss
       Income tax in respect of current year                                                        618          578
       Deferred tax (see note 29)                                                                 2,666          127
     
       Total tax expense                                                                          3,284          705
   
       No tax was recognised on other comprehensive income during the period (2015: nil).

       The Company is subject to the standard rate of corporate income tax of 0% in
       Bermuda. As the tax expense arises in jurisdictions outside of Bermuda, a full tax
       reconciliation of the relationship between the tax expense and accounting loss
       has not been included in these financial statements. The Group incurs tax on
       rental income from its investment properties, after deduction for allowable rental
       expenses. The rate of corporate income tax depends on the jurisdiction in which the
       property is situated being:

       -   Germany 15.825%
       -   United Kingdom 20%
           Switzerland (depending on the district in which the property is situated).
       -   Average rate of 19.6%.

   (ii)Recognition of tax charge for the year
       Profit for the year before taxation                                                         52,867     38,397
       Tax provided at applicable rate in Bermuda                                                       ?          ?
       Tax charge in respect of different jurisdictions                                           (3,284)      (705)
     
       Profit for the year after taxation                                                          49,583     37,692


                                                                                                             Audited
                                                                                                 31 March   31 March
                                                                                                     2016       2015
                                                                                                  EUR'000    EUR'000
 
12.Dividends 
   Amounts recognised as distributions to equity holders in the period: 
   Final dividend for the prior year                                                               11,654          ?
   Interim dividend for the current year                                                           11,748          ?
 
                                                                                                   23,402          ?
 
On 11 June 2015, the directors of the Company declared a final dividend of 4.2 cents per share in respect of the year ended
31 March 2015 equating to EUR11,654,000 (2014: nil). This was paid on 16 July 2015. An interim dividend of 4.2 cents per share
equating to EUR11,748,000 (2015: EURnil) was declared on 26 November 2015 and paid on 25 January 2016. Both dividends
were offered to shareholders as cash, with a scrip alternative. In respect of this scrip dividend offering, a scrip dividend
take up of 29.48% of the final dividend and 41.5% of the interim dividend was recorded and new ordinary shares issued to
shareholders accordingly. This is further detailed in note 13.

The Directors declared a final dividend on 8 June 2016 for the year ended 31 March 2016, of 4.70 cents per share which is
payable in cash, on 29 July 2016. The payment of this dividend will not have any tax consequences
for the Group.

                                                                                                            Audited
                                                                                                31 March   31 March
                                                                                                    2016       2015
                                                                                                 EUR'000    EUR'000
13.Share capital    
   Authorised    
   1,000,000,000 ordinary shares with a par value of EUR0.000001258 each                               1          1

                                                                                                            Audited
                                                                                                            for the
                                                                                          Year ended     year ended
                                                                                            31 March       31 March
                                                                                                2016           2015
                                                   
Issued share capital                                                                                                 
Opening balance                                                                          272,236,146     15,986,003   
Issue of new shares                                                                       10,748,480    256,250,143   
Closing number of shares issued                                                          282,984,626    272,236,146   
                                                                                             EUR'000        EUR'000   
Share capital                                                                                      ?              ?   
Share premium                                                                                392,785        376,985   
Less: Acquisition/transaction costs                                                          (2,858)        (2,858)   
Total share premium                                                                          389,927        374,127   


There were no changes made to the number of authorised shares of the Company during the year under review. Stenprop
Limited has one class of share; all shares rank equally and are fully paid. With effect from 5 October 2015, the Johannesburg
Stock Exchange (JSE) approved the transfer of the Company's listing from the JSE's AltX to the JSE's Main Board. The
transfer does not affect the Company's current listing on the Bermuda Stock Exchange (BSX).

The Company has 282,984,626 (March 2015: 272,236,146) ordinary shares in issue at the reporting date which have dual
primary listings on the BSX the JSE.

On 11 June 2015, a dividend of 4.2 cents per share was declared in respect of the year ended 31 March 2015. The record
date for the dividend was 10 July 2015. On the payment date, 16 July 2015 the owners of 277,463,048 shares were entitled
to receive the dividend resulting in an overall dividend payment of EUR11,654,000. From this total, 2,257,894 new ordinary
shares were issued in respect of the scrip dividend offering for the year ended 31 March 2015, representing a scrip dividend
take up of 29.48%.

On 30 June 2015, 5,209,109 and 17,793 new ordinary shares were issued on the BSX and JSE at an issue price of EUR1.43 per
share in respect of a Share Purchase Plan and Deferred Share Bonus Plan respectively.

On 31 March 2016, 9,827 new ordinary shares were issued in respect of the Deferred Share Bonus Plan. These shares
subsequently listed on the BSX and JSE at an issue price of EUR1.54 per share on 5 April 2016.

On 26 November 2015, the Company announced an interim dividend of 4.2 cents per share in respect of the six months
to 30 September 2015. On 25 January 2016, the Company announced a 41.5% take up of the scrip dividend for which
3,253,857 new Stenprop shares were issued at an issue price of EUR1.49854 per share.

Major shareholders
As at the financial year end there were 3,185 shareholders in the Company. In terms of the Companies Act 1981 of
Bermuda, there is no requirement for registered shareholders to disclose their beneficial shareholdings and accordingly,
the Company provides disclosure on the shareholdings where this information is provided to the Company. Known
shareholders holding in excess of 5% of the Company's share capital are detailed below:

Beneficial shareholder greater than 5%                          Percentage of issued share capital
Peregrine Holdings Limited (direct and indirect interest)                                     6.41

14.Share-based payments
   The Group operates two share incentive plans which are used to attract and retain high-calibre employees to help grow the
   business. Awards are recommended by the remuneration committee and are subject to board approval. The incentive plans
   are discussed in more detail below:
  
   Deferred share bonus plan
   The board may grant an award to an eligible employee following a recommendation from the remuneration committee
   over such number of shares that have an aggregate value equal to the deferred bonus. Such share options vest in three
   equal tranches. The first tranche vests on the date of grant with subsequent tranches vesting at the first and second
   anniversaries of the relevant year-end. Share options may be exercised until the tenth anniversary of the grant date, after
   which time they will lapse.
  
   The below table summarises the position at year end in terms of the number of share options granted and exercised in the
   period. All share options were granted at nil cost. Further details relating to share options issued to executive directors are
   disclosed in note 8.
                                     
                                                                                                      31 March             31 March
                                                                                                          2016                 2015
                                                         
Number of share options                                                                                                        
Outstanding at beginning of year                                                                             ?                    ?   
Granted during year                                                                                    376,059                    ?   
Exercised during year                                                                                 (27,620)                        
Other                                                                                                    7,803                    ?   
Outstanding at end of year                                                                             356,242                    ?   
Exercisable at the end of the year                                                                     225,966                    ?   


The fair value of the options was calculated using the Black Scholes pricing model. The aggregate of the fair value expense
of options granted at 31 March 2016 was EUR42,110 (2015: n/a). The table below sets out the assumptions made for the
purposes of this valuation.

Stock price at year end                                                                          (EUR) EUR1.54                   n/a   
Weighted average exercise price                                                                              ?                   n/a   
Compounded risk-free interest rate                                                                 (%)    1.50                   n/a   
Volatility                                                                                         (%)      22                   n/a   
Expected life                                                                                  (years)      10                   n/a   


The Group recognised a total share based payment expense of EUR521,000 (2015: nil) during the year relating to share-based
payment transactions and holds an Own Shares Equity Reserve at 31 March 2016 of EUR480,000 (2015: nil).

Share purchase plan
Loans advanced under the share purchase plan are interest-bearing at a rate equal to the average interest rate incurred
by the Group from time to time. Interest is payable six monthly in arrear. Loans are repayable within 30 days of cessation of
employment (unless the participant ceases employment in circumstances beyond his or her control, in which case the loan
is repayable within 12 months), and must in all circumstances be repaid in 10 years. All dividends received by such employees
(or his or her nominee) by virtue of their shareholding, must first be utilised to discharge any interest outstanding in terms
of the loan advanced in terms of the Share Purchase Plan.

The below table summarises the position at year end in terms of loans advanced and the number of shares to which they
relate. Loans relating to the Share Purchase Plan issued to executive directors are disclosed in more detail in note 8.

                                                                                         31 March    31 March
                                                                                             2016        2015
Share purchase plan (issued 30 June 2015)                          (number of shares)   5,209,109           ?
Share purchase plan loans advanced (including accrued interest)             (EUR'000)       7,403           ?

Other share options
At the time of the Stenham Transaction, 2 October 2014, the Company committed to issue 291,564 ordinary shares at a
strike price of EUR1.37 to two directors, the value of which was EUR400,000 at the time. These share options vest over a two year
period on 30 September 2015 and 30 September 2016, subject to the directors still being in the employ of the Group at
vesting date. At the year end, half of the options had vested and none had been exercised. Although this represents a
share-based payment under IFRS 2: Share-based payments, this has been treated as a cost of the shares issued as part of
the Stenprop Transaction and has been classified as a liability. This treatment is not consistent with the Group's policy to
recognise the fair value of share-based payments in a share-based payment reserve over the vesting period; however, the
directors consider the impact of the difference in treatment to be immaterial.

                                                                                                      Audited
                                                                                                      for the
                                                                                     Year ended    year ended
                                                                                       31 March      31 March
                                                                                           2016          2015
                                                                                        EUR'000       EUR'000
          
15.Earnings and net asset value per ordinary share           
   Reconciliation of profit for the period to adjusted EPRA(1) earnings          
          
   Earnings per IFRS income statement attributable to shareholders                       49,266        37,599
   Adjustments to calculate EPRA earnings exclude:          
   Changes in fair value of investment properties                                      (22,939)      (17,956)
   Reversal of provision for selling costs                                                    ?             ?
   Reversal of gain on acquisition                                                            ?       (9,657)
   Reversal of impairment of goodwill                                                         ?             ?
   Changes in fair value of financial instruments                                           999           589
   Deferred tax in respect of EPRA adjustments                                            2,666           127
   Adjustments above in respect of joint ventures and associates          
   Changes in fair value                                                                (2,959)         1,057
   Deferred tax in respect of EPRA adjustments                                               39         (158)
   EPRA earnings attributable to shareholders                                            27,072        11,601
   Further adjustments to arrive at Adjusted EPRA earnings          
   Straight-line unwind of purchase swaps                                                 1,976         1,244
   Adjusted earnings attributable to shareholders                                        29,048        12,845
   Weighted average number of shares in issue                                       278,350,720   132,254,338
   Share-based payment award (note 14)                                                  647,806       291,563
   Diluted weighted average number of shares in issue                               278,998,526   132,545,901
                
                                                                                          cents         cents
   Earnings per share          
   IFRS EPS                                                                               17.70         28.43
   Diluted IFRS EPS                                                                       17.66         28.37
   EPRA EPS                                                                                9.73          8.77
   Diluted EPRA EPS                                                                        9.70          8.75
   Adjusted EPRA EPS                                                                      10.44          9.71
   Diluted adjusted EPRA EPS                                                              10.41          9.69

(1)The European Public Real Estate Association (EPRA) issued Best Practices Policy Recommendations in December 2014, which provide
   guidelines for performance measures relevant to real estate companies. Their recommended reporting standards are widely applied across
   this market, aiming to bring consistency and transparency to the sector. The EPRA earnings measure is intended to show the level of recurring
   earnings from core operational activities with the purpose of highlighting the Group's underlying operating results from its property rental
   business and an indication of the extent to which current dividend payments are supported by earnings. The measure excludes unrealised
   changes in the value of investment properties, gains or losses on the disposal of properties and other items that do not provide an accurate
   picture of the Group's underlying operational performance. The measure is considered to accurately capture the long-term strategy of the
   Group, and is an indication of the sustainability of dividend payments.

   Straight-line unwind of purchase swaps
   A further adjustment was made to the EPRA earnings attributable to shareholders relating to the straight-line unwind of
   the value as at 1 April 2014 of the swap contracts in the property companies acquired. When the property companies
   were acquired by Stenprop with effect from 1 April 2014, it also acquired the bank loans and swap contracts which were in
   place within these property companies. As a result, Stenprop took over loans with higher swap interest rates than would
   have been the case had new loans and swaps been put in place at 1 April 2014. To compensate for this, the value of the
   swap breaks costs was calculated at 1 April 2014 and the purchase consideration for the property companies was reduced
   accordingly to reflect this liability.

                                                                                                                  Audited
                                                                                                                  for the
                                                                                                 Year ended    year ended
                                                                                                   31 March      31 March
                                                                                                       2016          2015
                                                                                                    EUR'000       EUR'000
                              
Reconciliation of profit for the period to headline earnings                                                             
Earnings per IFRS income statement attributable to shareholders                                      49,266        37,599   
Adjustments to calculate headline earnings, exclude:                                                                        
Changes in fair value of investment properties                                                     (22,939)      (17,956)   
Reversal of provision for selling costs                                                                   ?             ?   
Reversal of gain on acquisition                                                                           ?       (9,657)   
Reversal of impairment of goodwill                                                                        ?             ?   
Changes in fair value of financial instruments                                                          519         (431)   
Deferred tax in respect of headline earnings adjustments                                              2,666           127   
Adjustments above in respect of joint ventures and associates                                                               
Changes in fair value of investment properties                                                      (2,529)         1,360   
Deferred tax                                                                                          (307)         (204)   
Headline earnings attributable to shareholders                                                       26,676        10,838   
                              
                              
                                                                                                      cents         cents   
Earnings per share                                                                                                          
Headline EPS                                                                                           9.58          8.20   
Diluted headline EPS                                                                                   9.56          8.18   
                                    
                              
                                                                                                                  Audited
                                                                                                   31 March      31 March
                                                                                                       2016          2015
                                                                                                    EUR'000       EUR'000
16.Net asset value per share                              
   Net assets attributable to equity shareholders                                                   455,497       433,314
   Adjustments to arrive at EPRA net asset value:                              
   Derivative financial instruments                                                                   5,942         6,381
   Deferred tax                                                                                       9,705         7,230
   Adjustments above in respect of joint ventures and associates                                      2,838         2,504
   EPRA net assets attributable to shareholders                                                     473,982       449,429
   Number of shares in issue                                                                    282,984,626   272,236,146
   Share-based payment award (note 14)                                                              647,806       291,563
   Diluted number of shares in issue                                                            283,632,432   272,527,709
                              
                                                                                                      cents         cents
   Net asset value per share (basic and diluted)                              
   IFRS net asset value per share                                                                      1.61          1.59
   EPRA net asset value per share                                                                      1.67          1.65
                              
17.Investment property
   The fair value of the consolidated investment properties at 31 March 2016 was EUR729,782,000 (31 March 2015:
   EUR695,196,000). The carrying amount of an investment property is the fair value of the property as determined by
   registered independent appraisers having an appropriate recognised professional qualification and recent experience
   in the location and category of the property being valued (valuers).

   The fair value of each of the properties for the year ended 31 March 2016 was assessed by the valuers in accordance with
   the Royal Institute of Chartered Surveyors ('RICS') standards and IFRS 13. Valuers are qualified for purposes of providing
   valuations in accordance with the 'Appraisal and Valuation Manual' published by RICS.

   The valuations performed by the independent valuers are reviewed internally by senior management. This includes
   discussions of the assumptions used by the external valuers, as well as a review of the resulting valuations.

   Discussions of the valuation process and results are held between the senior management and the external valuers on
   a bi-annual basis. The Audit Committee reviews the valuation results and, provided the committee is satisfied with the
   results, recommends them to the board for approval.

   The valuation techniques used are consistent with IFRS13 and use significant "unobservable" inputs. There have been no
   changes in valuation techniques since the prior year.

   There are interrelationships between all these unobservable inputs as they are determined by market conditions. An
   increase in more than one unobservable input would magnify the impact on the valuation. The impact on the valuation
   would be mitigated by the interrelationship of two unobservable inputs moving in the opposite directions e.g. an increase
   in rent may be offset by an increase in yield, resulting in no net impact on the valuation. Expected vacancy rates may impact
   the yield with higher vacancy rates resulting in higher yield. All revenue is derived from the underlying tenancies given on
   the investment properties.

All investment properties are mortgaged. Details of which can be seen in note 25.

The key unobservable inputs used in the valuation of the Group's investment properties at 31 March 2016 are detailed in
the table below:

Combined portfolio (including share of jointly controlled entities)

                     Percentage
                             of        Market                           Annualised  Net initial
                      portfolio         value                                gross        yield
                      by market      31 March                               rental    (weighted    Voids by
                          value          2016                   Area        income     average)        area
                            (%) (EUR million)   Properties      m(2) (EUR million)          (%)         (%)
United Kingdom             36.1         321.5           13    63,506          19.0         5.32         1.8   
Germany                    28.3         252.6           23    92,041          14.5         5.18         2.8   
Switzerland                17.5         155.7           13    48,799           8.5         4.51        17.3   
Subtotal                   81.9         729.8           49   204,346          42.0         5.10         5.9   
Share of joint ventures                                                                                       
and associates             18.1         161.2            6    49,727          10.8         5.65         2.0   
Total                     100.0         891.0           55   254,073          52.8         5.20         5.2   


                                                                                                    Audited
                                                                                      31 March     31 March
                                                                                          2016         2015
                                                                                       EUR'000      EUR'000
                        
Opening balance                                                                        695,196       33,281
Properties acquired through the acquisition of subsidiaries                                  ?      661,151
Properties acquired                                                                     48,206            ?
Capitalised expenditure                                                                  3,604        3,414
Disposals through the sale of property                                                 (6,701)     (65,273)
Foreign exchange movement in foreign operations                                       (33,462)       44,667
Net fair value gains on investment property                                             22,939       17,956
                        
Closing balance                                                                        729,782      695,196
                                                                                                             
Acquisitions                          
United Kingdom                          
Laxton Properties Limited                                                                    ?       81,536
Normanton Properties Limited                                                                 ?       95,232
Davemount Properties Limited                                                                 ?       10,195
LPE Limited                                                                                  ?       83,919
Loveridge Properties Limited                                                                 ?       55,808
Switzerland                                
Algy Properties S.a.r.l.                                                                     ?        4,328
Bruce Properties S.a.r.l.                                                                    ?        7,910
Clint Properties S.a.r.l.                                                                    ?        5,832
David Properties S.a.r.l.                                                                    ?       12,609
Kantone Holdings Limited                                                                     ?       78,621
Polo Property GmbH                                                                           ?       35,904
Germany                                
KG Bleichenhof Grundtuscksverwaaltung GmbH & Co. KG                                          ?      119,400
Century BV                                                                                   ?       16,200
Century 2 BV                                                                                 ?        8,550
Stenham Beryl Limited                                                                        ?       10,252
Stenham Crystal Limited                                                                      ?        8,514
Stenham Jasper Limited                                                                       ?       10,341
Isabel Properties BV                                                                         ?       16,000
Stenprop Hermann Limited                                                                24,458            ?
Stenprop Victoria Limited                                                               23,748            ?                            
                                                                                        48,206      661,151                         
Disposals                                
United Kingdom                                
Loveridge Properties Limited                                                                 ?     (65,273)
GGP1 Limited, Leigh                                                                    (6,701)            ?
                             
                                                                                       (6,701)     (65,273)

Acquisitions
The acquisition of a retail centre known as Hermann Quartier for a purchase price, including acquisition costs, of
EUR24.5 million completed on 24 August 2015. The property is on a high street location in Berlin's central suburb of Neukolln
with excellent public transport links, including an underground station inside the shopping centre. The acquisition was
financed 50% by debt at an all-in interest rate of 1.42% per annum. The return on equity on this investment exceeded 7%
per annum at inception.

The acquisition of the Victoria shopping centre for EUR23.7 million, including acquisition costs, completed on 24 November 2015.
The property is located in the Lichtenberg district of Berlin, approximately 15 minutes by underground from the city
centre and is anchored by Kaufland (a hypermarket chain) on a new 17-year lease. The return on equity on this investment
exceeded 8% per annum at inception.

Disposals
On 20 January 2016, the Group disposed of one of the eight properties owned by GGP1 Limited known as Leigh, UK, for
GBP5.37 million (equating to EUR6.7 million after disposal costs). The proceeds of the sale were utilised to part pay down the
outstanding Santander facility of GBP10.4 million by GBP2.04 million.

Prior year disposals
On 23 March 2015, the Group disposed of the only property owned by Loveridge Properties Limited, known as Chiswell
Street, London for GBP48.255 million (equating to EUR65.2 million after disposal costs). The proceeds of the sale were utilised to
settle the outstanding Lloyds facility of GBP12.925 million (circa EUR18 million). At 31 March 2016, Loveridge Properties Limited
remains a dormant subsidiary of the Group.

18.Subsidiaries, associates and joint ventures
   The Group consists of a parent company, Stenprop Limited, incorporated in Bermuda, and a number of subsidiaries,
   associates and joint ventures held directly and indirectly by Stenprop Limited which operate and are incorporated around
   the world.

Details of the Group's subsidiaries as at 31 March 2016 are as follows:

                                                                                      
                                                           Place of                                     % equity owned by
Name                                                  incorporation       Principal activity          Company  Subsidiary
               
BVI                
Davemount Properties Limited                                    BVI      Property investment                       100.00
Laxton Properties Limited                                       BVI      Property investment                       100.00
Loveridge Properties Limited                                    BVI                  Dormant                       100.00
Normanton Properties Limited                                    BVI      Property investment                       100.00
Ruby Red Holdings Limited                                       BVI               Management                       100.00
SP Corporate Services Limited                                   BVI               Management                       100.00
SP Nominees Limited                                             BVI               Management                       100.00
SP Secretaries Limited                                          BVI               Management                       100.00
Stencap1 Limited                                                BVI                  Dormant                       100.00
Stencap2 Limited                                                BVI                  Dormant                       100.00
Stencap3 Limited                                                BVI                  Dormant                       100.00
Stencap4 Limited                                                BVI                  Dormant                       100.00
Stenham Property Holdings Limited                               BVI          Holding company           100.00
Stenprop (Germany) Limited                                      BVI          Holding company           100.00
Stenprop (Swiss) Limited                                        BVI          Holding company           100.00
Stenprop (UK) Limited                                           BVI          Holding company           100.00
Stenprop Trafalgar Limited                                      BVI          Holding company                       100.00
Leatherback Property Holdings Limited                           BVI          Holding company                       100.00
Stenprop Hermann Limited                                        BVI      Property investment                       100.00
Stenprop Victoria Limited                                       BVI      Property investment                       100.00
               
Curacao                
Anarosa Holdings N.V.                                       Curacao          Holding company                        94.90
C.S. Property Holding N.V.                                  Curacao          Holding company                        94.90
Lakewood International N.V.                                 Curacao          Holding company                        89.00
T.B Property Holdings N.V.                                  Curacao          Holding company                       100.00
               
Guernsey               
APF1 Limited (in liquidation)                              Guernsey                  Dormant          100.00       100.00
Bernina Property Holdings Limited                          Guernsey          Holding company                       100.00
GGP1 Limited                                               Guernsey      Property investment          100.00
Kantone Holdings Limited                                   Guernsey      Property investment                       100.00
KG Bleichenhof Grundtuscksverwaaltung                
GmbH & Co. KG                                              Germany       Property investment                        94.90
LPE Limited                                                Guernsey      Property investment                       100.00
Stenham Paramount Hotel GP Limited                         Guernsey               Management                       100.00
Stenprop Advisers Limited                
(formerly Stenham Property Finance Limited)                Guernsey               Management                       100.00

Luxembourg
Algy Properties S.a.r.l.                                 Luxembourg      Property investment                       100.00
Bruce Properties S.a.r.l.                                Luxembourg      Property investment                       100.00
Clint Properties S.a.r.l.                                Luxembourg      Property investment                       100.00
David Properties S.a.r.l.                                Luxembourg      Property investment                       100.00
Jimmy Investments S.a.r.l.                               Luxembourg          Holding company                       100.00
Spike Investments S.A.                                   Luxembourg          Holding company                       100.00

Netherlands
Century 2 BV                                            Netherlands      Property investment                        94.90
Century BV                                              Netherlands      Property investment                        94.90
Isabel Properties BV                                    Netherlands      Property investment                        94.90
Mindel Properties BV                                    Netherlands          Holding company                        94.50
Stenprop Management BV
(formerly Stenham Property Management BV)               Netherlands               Management                       100.00

Isle of Man
Stenham Beryl Limited                                           IoM      Property investment                       100,00
Stenham Crystal Limited                                         IoM      Property investment                       100.00
Stenham Jasper Limited                                          IoM      Property investment                       100.00
Gemstone Properties Limited
(formerly Stenham Properties (Germany) Limited)                 IoM          Holding company                       100.00

Switzerland
Polo Property GmbH                                      Switzerland      Property investment                       100.00

United Kingdom
ApexHi UK Limited                                                UK                  Dormant           100.00
Stenprop Management Limited
(formerly Stenham Property Limited)                         England               Management                       100.00

Details of the Group's investments in associates and joint ventures are disclosed in note 19 and note 20 respectively.

19.Investment in associates
   Details of the Group's associates at the end of the reporting period are as follows:

                                                                                                        % equity
                                                                             Place of   Principal       owned by
Name                                                                    incorporation    activity     subsidiary
                
Stenham European Shopping Centre Fund Limited ("SESCF")                      Guernsey        Fund         28.42*
Stenham Berlin Residential Fund Limited                                      Guernsey        Fund          10.44

* 28.16% of the investment in the underlying property is held through SESCF, and 0.26% of the property investment is held via a wholly-owned
  subsidiary, Leatherback Property Holdings Limited, a company incorporated in the British Virgin Islands.

The above associates are accounted for using the equity method in these consolidated financial statements as set out in
the Group's accounting policies in note 3.

Summarised financial information in respect of each of the Group's associates is set out below:

                                                                     Stenham
                                                                    European                  Stenham
                                                                    Shopping                   Berlin
                                                                      Centre    Stenpark  Residential
                                                                        Fund  Management         Fund
                                                                     Limited     Limited      Limited       Total
                                                                     EUR'000     EUR'000      EUR'000     EUR'000
31 March 2016                                                                                               
Non-current assets                                                         ?           ?       55,672      55,672   
Assets held for sale                                                 265,286           ?            ?     265,286   
Current assets                                                        15,408           ?        4,600      20,008   
Current liabilities                                                (164,318)           ?        (150)   (164,468)   
Equity attributable to owners of the Company                         116,376           ?       60,122     176,498   
Revenue                                                               20,638           ?        4,621      25,259   
Profit from continuing operations and total
comprehensive income                                                   1,343           ?        6,876       8,219   
31 March 2015                                                                                                       
Non-current assets                                                   275,000           ?       53,121     328,121   
Current assets                                                        16,188         153          562      16,903   
Non-current liabilities                                            (160,217)        (71)            ?   (160,288)   
Current liabilities                                                 (11,218)           ?        (444)    (11,662)   
Equity attributable to owners of the Company                         119,753          82       53,239     173,074   
Revenue                                                               21,122       1,159            ?      22,281   
Profit from continuing operations and total                                                                         
comprehensive income                                                   4,557         884          158       5,599   


Reconciliation of the above summarised financial information to the carrying amount of the interest in the associates
recognised in the financial statements:

                                                                         Stenham
                                                                        European                  Stenham
                                                                        Shopping                   Berlin
                                                                          Centre    Stenpark  Residential
                                                                            Fund  Management         Fund
                                                                         Limited     Limited      Limited     Total
                                                                         EUR'000     EUR'000      EUR'000   EUR'000
31 March 2016                                                                                                
Opening balance                                                           34,041          41        5,570    39,652   
Share in associates acquired during the period                               367           ?            ?       367   
Reclassification of associate to joint venture                                 ?        (41)            ?      (41)   
Share of associates' profit*                                                 366           ?          709     1,075   
Distribution received from associates                                    (1,755)           ?            ?   (1,755)   
Foreign exchange movement in foreign operations                                ?           ?            ?         ?   
Closing balance                                                           33,019           ?        6,279    39,298   
31 March 2015                                                                                                         
Opening balance                                                                ?           ?            ?         ?   
Share in associates acquired during the period                            35,704          32        5,411    41,147   
Share of associates' profit*                                                  87         209          159       455   
Distribution received from associates                                    (1,750)       (210)            ?   (1,960)   
Foreign exchange movement in foreign operations                                ?          10            ?        10   
Closing balance                                                           34,041          41        5,570    39,652   


* The share of associates' profit includes the fair value movement in the underlying investments for the period. The investment property
  in Stenham European Shopping Centre, Nova Eventis was valued by the directors of the associate at EUR265 million at 31 March 2016,
  a 3.6% reduction of the fair value at 1 April 2015 of EUR275 million. The Stenham Berlin Residential Fund share price increased by 13% from
  EUR1.10 to EUR1.24 per share during the year under review.

Stenham European Shopping Centre Fund Limited ('SESCF')
On 18 September 2015, as a result of a scrip dividend paid by SESCF, the Group's holding in the entity increased from
28.40% to 28.42%.

In January 2016, external property agents were appointed to market the sole asset owned by SESCF, known as Nova
Eventis, for sale. The current lenders have agreed to extend the loan, which matures on 24 July 2016 for a period of
six months to 24 January 2017 on terms which are substantially the same as the current terms.

Stenpark
On 30 September 2015, management reclassified Stenpark Management Limited from an associate to a joint venture to
more accurately reflect the substance of this investment. Refer note 20. The net asset value of Stenpark Management
Limited at this date was EUR41,000.

20. Investment in joint ventures
    Details of the Group's joint ventures as at 31 March 2016 are as follows:

                                                                                    
                                                         Place of                                 % equity owned by
Name                                                incorporation       Principal activity      Company   Subsidiary
Luxembourg               
Elysion Braunschweig Sarl                              Luxembourg         Property company                     50.00
Elysion Dessau Sarl                                    Luxembourg         Property company                     50.00
Elysion Kappeln Sarl                                   Luxembourg         Property company                     50.00
Elysion S.A.                                           Luxembourg          Holding company                     50.00
Elysion Winzlar Sarl                                   Luxembourg         Property company                     50.00
               
Guernsey               
Stenpark Management Limited                              Guernsey       Management company                     50.00
               
BVI               
Stenprop Argyll Limited                                       BVI          Holding company                     50.00
Regent Arcade House Holdings Limited                          BVI         Property company                     50.00

Summarised consolidated financial information in respect of the Group's joint ventures is set out below:

                                                                                Stenpark         Stenprop
                                                                   Elysion    Management           Argyll
                                                                      S.A.       Limited          Limited       Total
                                                                   EUR'000       EUR'000          EUR'000     EUR'000
31 March 2016                                                                                          
Investment property                                                 34,349             ?          103,375     137,724   
Current assets                                                         613           405            4,130       5,148   
Assets                                                              34,962           405          107,505     142,872   
Bank loans                                                        (23,222)             ?         (47,131)    (70,353)   
Shareholder loan third party                                             ?             ?         (23,851)    (23,851)   
Shareholder loan Group                                            (14,140)             ?         (23,850)    (37,990)   
Deferred tax                                                         (223)             ?                ?       (223)   
Financial liability                                                (1,068)             ?          (1,585)     (2,653)   
Current liabilities                                                  (120)         (324)          (4,290)     (4,734)   
Liabilities                                                       (38,773)         (324)        (100,707)   (139,804)   
Net assets/(liabilities) of joint ventures                         (3,811)            81            6,798       3,068   
Net assets of joint ventures excluding shareholder loans            10,329            81           54,499      64,909   
Group share of net assets                                           10,329            41           27,250      37,620   
Revenue                                                              2,797         1,115            4,990       8,902   
Interest payable                                                   (2,456)             ?                ?     (2,456)   
Tax expense                                                           (91)             ?                ?        (91)   
Profit from continuing operations and total comprehensive                                                               
income excluding interest due to Group                               2,569           848            9,654      13,071   
Share of joint ventures profit due to the Group                      2,569           424            4,827       7,820   
31 March 2015                                                                                                           
Investment property                                                 33,563             ?                ?      33,563   
Current assets                                                         339             ?                ?         339   
Assets                                                              33,902             ?                ?      33,902   
Bank loans                                                        (23,776)             ?                ?    (23,776)   
Shareholder loan                                                  (13,524)             ?                ?    (13,524)   
Deferred tax                                                         (153)             ?                ?       (153)   
Financial liability                                                (1,268)             ?                ?     (1,268)   
Current liabilities                                                  (199)                                      (199)   
Liabilities                                                       (38,920)             ?                ?    (38,920)   
Net assets/(liabilities) of joint ventures                         (5,018)             ?                ?     (5,018)   
Net assets of joint ventures excluding shareholder loans             8,506             ?                ?       8,506   
Group share of net assets                                            8,506             ?                ?       8,506   
Revenue                                                              2,796             ?                ?       2,796   
Interest payable                                                   (2,037)             ?                ?     (2,037)   
Tax expense                                                           (75)                                       (75)   
Profit from continuing operations and total comprehensive                                                               
income excluding interest due to Group                               1,314             ?                ?       1,314   
Share of joint ventures profit due to the Group                        778             ?                ?         778   


Reconciliation of the above summarised financial information to the carrying amount of the interest recognised in the
consolidated financial statements:

                                                                                Stenpark      Stenprop
                                                                   Elysion    Management        Argyll
                                                                      S.A.       Limited       Limited          Total
                                                                  31 March      31 March      31 March       31 March
                                                                      2016          2016          2016           2016
                                                                   EUR'000       EUR'000       EUR'000        EUR'000
31 March 2016                                                                                                  
Opening balance                                                      8,506             ?             ?          8,506   
Reclassification of associate to joint venture                           ?            41             ?             41   
Share in joint ventures acquired during the period                       ?             ?        26,782         26,782   
Share of joint venture profit                                        2,569           424         4,827          7,820   
Distribution received from joint venture                             (746)         (420)       (1,072)        (2,238)   
Foreign exchange movement in foreign operations                          ?           (4)       (3,287)        (3,291)   

Closing balance                                                     10,329            41        27,250         37,620   
31 March 2015                                                                                                           
Opening balance                                                          ?             ?             ?              ?   
Reclassification of associate to joint venture                           ?             ?             ?              ?   
Share in joint ventures acquired during the period                   8,948             ?             ?          8,948   
Share of joint venture profit                                          778             ?             ?            778   
Distribution received from joint ventures                          (1,220)             ?             ?        (1,220)   
Foreign exchange movement in foreign operations                          ?             ?             ?              ?   
Closing balance                                                      8,506             ?             ?          8,506   

Acquisitions
On 20 May 2015, the Group acquired a 50% interest in Regent Arcade House Holdings Limited ("RAHHL"), through
Stenprop Argyll Limited a wholly-owned subsidiary of the Group. RAHHL owns the property known as 25 Argyll Street.
The acquisition cost of this interest was GBP18.9 million which was based on a valuation of the property of GBP75 million. 
RAHHL refinanced the property with an interest-only bank loan of GBP37.5 million at an all-in rate of 2.974% per annum, 
with a term of five years.

Prior period acquisitions
On 1 October 2014 Stenprop completed the acquisition of 100% of the shares and shareholder loans in Bernina Property
Holdings Limited ("Bernina"). Bernina in turn owns 50% of the issued share capital and 100% of the shareholder loans
of Elysion S.A., a company incorporated in Luxembourg which is the beneficial owner of the Care Home portfolio.
The remaining 50% of Elysion S.A. is owned by a joint venture partner who manages the portfolio.

The acquired shareholder loans have attracted, and continue to attract, a 10% compound interest rate since inception in
2007. The outstanding shareholder loan which is wholly owned by Stenprop has been valued at the recoverable balance
which is deemed equal to the net assets of the joint venture excluding the shareholder loan.
                                                                                                                        
                                                                                                                                      Audited
                                                                                                                     31 March        31 March
                                                                                                                         2016            2015
                                                                                                                      EUR'000         EUR'000

21.Investments                                                                                                                                  
   Opening balance                                                                                                          ?             287   
   Trading investments additions at cost                                                                                    ?               ?   
   Fair value movement                                                                                                      ?              66   
   Foreign exchange movement in foreign operations                                                                          ?              16   
   Disposal                                                                                                                 ?           (369)   
   Fair value                                                                                                               ?               ?   
   Trading investments, comprising a portfolio of four listed Real Estate Investment Trusts                                                     
   ("REIT") were disposed of on 13 February 2015 for a value of EUR369,000.
                                                                          
22.Trade and other receivables                                                                                                                  
   Non-current receivables                                                                                                                      
   Other debtors                                                                                                        7,403               ?   
                                                                                                                        7,403               ?   
   Non-current other debtors relate solely to loans advanced under the Share Purchase Plan                                                      
   (see note 14, share based payments).  
                                                                                                          
   Current receivables                                                                                                                          
   Accounts receivable*                                                                                                 3,509           2,634   
   Other debtors                                                                                                        1,935           3,911   
   Prepayments                                                                                                            923           1,519   
                                                                                                                        6,367           8,064   
   * Included in this balance are provisions for doubtful debts of EUR101,000 (2015: EUR34,000).
                                                       
23.Cash and cash equivalents                                                                                                                    
   Cash at bank                                                                                                        36,811          80,430   
                                                                                                                       36,811          80,430   
   Restricted cash                                                                                                                              
   At year end funds totalling EUR11.9 million (2015: EUR9.0 million) were restricted. Tenant                                                       
   deposits of EUR2.7 million (2015:EUR1.6 million) are included in this amount as are net rents held                                               
   in bank accounts which are secured by the lenders for the purposes of debt repayments                                                        
   and redevelopment, including EUR8.5 million (2015: EUR5.8 million) for the redevelopment of                                                      
   Bleichenhof. As the Group is in compliance with all the terms and conditions of its loans as
   at the date of signing these financial statements, there are no further restrictions, and any                     
   surplus will flow to the Group. 
                                                                                                                
24.Accounts payable and accruals                                                                                                                
   Accruals                                                                                                             3,868           2,772   
   Deferred income                                                                                                      5,183           5,754   
   Taxes payable                                                                                                        1,776           2,194   
   Other payables                                                                                                       5,676           7,436   
                                                                                                                       16,503          18,156   
25.Borrowings                                                                                                                                   
   Opening balance                                                                                                    364,931          12,586   
   Acquisitions (note 27)                                                                                                   ?         313,643   
   Loan repayments                                                                                                   (30,608)        (17,774)   
   New loans                                                                                                           56,196          40,454   
   Amortisation of loans                                                                                              (7,514)         (5,416)   
   Capitalised borrowing costs                                                                                        (1,049)           (622)   
   Amortisation of transaction fees                                                                                       378              22   
   Foreign exchange movement in foreign operations                                                                   (14,841)          22,038   
   Total borrowings                                                                                                   367,493         364,931   
   Amount due for settlement within 12 months                                                                         188,785          68,058   
   Amount due for settlement between one to three years                                                                29,892         232,201   
   Amount due for settlement between three to five years                                                              139,816          56,132   
   Amount due for settlement after five years                                                                           9,000           8,540   
                                                                                                                      367,493         364,931   
   Non-current liabilities                                                                                                                      
   Bank loans                                                                                                         178,708         296,873   
   Total non-current loans and borrowings                                                                                                       
   The maturity of non-current borrowings is as follows:                                                                                        
   One year to five years                                                                                             169,708         288,333   
   More than five years                                                                                                 9,000           8,540   
                                                                                                                      178,708         296,873   
   Current liabilities                                                                                                                          
   Bank loans                                                                                                         188,785          68,058   
   Total current loans and borrowings                                                                                 188,785          68,058   
   Total loans and borrowings                                                                                         367,493         364,931   


The facilities are secured by debentures and legal charges over the properties to which they correspond. There is no cross-
collaterisation of the facilities. The terms and conditions of outstanding loans are as follows:

                                                                                                         Nominal value        Carrying value*
                                                                    Loan                            31 March   31 March  31 March    31 March     
                                                                interest                Maturity        2016      2015       2016        2015  
                                      Notes Amortising              rate   Currency         date     EUR'000   EUR'000    EUR'000     EUR'000
United Kingdom                                                                                
Laxton Properties Limited                 3         No       LIBOR  1.4%        GBP   08/05/2020      34,846    30,283     34,497      30,283   
Normanton Properties Limited              4         No       LIBOR  1.4%        GBP  29/05/ 2020      46,879    51,099     46,690      51,100   
Davemount Properties Limited              2        Yes       LIBOR  2.1%        GBP   24/04/2016       5,445     8,354      5,445       8,354   
LPE Limited                                         No         LIBOR  2%        GBP   23/03/2020      37,959    41,016     37,317      40,453   
GGP1 Limited                              1         No       LIBOR  2.5%        GBP   22/12/2016      10,578    14,219     10,563      14,181   
Switzerland                                                                                                                                     
Algy Properties S.a.r.l.                           Yes       LIBOR  1.3%        CHF   31/03/2017       3,099     3,823      3,099       3,823   
Bruce Properties S.a.r.l.                          Yes      LIBOR  1.25%        CHF   31/03/2017       4,384     4,628      4,384       4,628   
Clint Properties S.a.r.l                           Yes       LIBOR  1.3%        CHF   31/03/2017       2,820     3,044      2,820       3,044   
David Properties S.a.r.l.                          Yes       LIBOR  1.3%        CHF   31/03/2017       7,340     7,956      7,340       7,956   
Kantone Holdings Limited                           Yes      LIBOR  1.05%        CHF   31/03/2017      46,787    51,082     46,787      51,082   
Polo Property GmbH                                 Yes      LIBOR  1.15%        CHF   31/03/2017      22,639    24,609     22,639      24,609   
Germany                                                                                                                                         
Century BV                                         Yes    Euribor  1.65%        EUR   31/12/2017       9,911    10,174      9,870      10,174   
Century 2 BV                                       Yes    Euribor  1.65%        EUR   31/12/2017       4,291     4,404      4,273       4,404   
Century 2 BV                                       Yes    Euribor  1.65%        EUR   31/12/2017         898       922        894         922   
LGI Properties Beryl Limited                       Yes    Euribor  1.85%        EUR   30/04/2018       5,488     5,636      5,488       5,636   
LGI Properties Crystal Limited                     Yes    Euribor  1.85%        EUR   30/04/2018       4,583     4,707      4,583       4,707   
LGI Properties Jasper Limited                      Yes    Euribor  1.85%        EUR   30/04/2018       5,608     5,759      5,608       5,759   
Isabel Properties BV                                No    Euribor  2.50%        EUR   31/12/2021       9,000     9,000      9,000       9,000   
Bleichenhof GmbH & Co. KG                           No              1.9%        EUR   31/12/2016      84,937    84,937     84,884      84,816   
Stenprop Hermann Ltd                      5         No    Euribor  1.13%        EUR   30/06/2020      11,050         ?     11,012           ?   
Stenprop Victoria Ltd                     6         No    Euribor  1.28%        EUR   31/08/2020      10,300         ?     10,300           ?   
                                                                                                     368,842   365,652    367,493     364,931   


*  The difference between the nominal and the carrying value represents unamortised facility costs, which have arisen since the completion
   of the Stenham Transaction (note 27).
    
1. On 20 January 2016, the Group disposed of one of the eight properties owned by GGP1 Limited known as Leigh, UK , for GBP5.365 million.
   The proceeds of the sale were utilised to part pay down the outstanding Santander facility of GBP10.4 million by GBP2.04 million.

2. On 26 May 2016, Davemount Properties Limited ("Davemount") and GGP1 Limited ("GGP1") refinanced their loan facilities with Santander.
   Santander have provided a single facility with a 5 year term of GBP12,360,000 split GBP4,000,000 to Davemount and GBP8,360,000 to GGP1.
   The all-in rate on this facility is 3.46% (including a swap of 1.21%), which compares to 2.7% on the current Davemount facility and 3.72% on
   the GGP1 facility.

3. On 8 May 2015, Laxton Properties Limited refinanced the property known as Euston House on favourable terms with a five year loan to May
   2020. The new facility of GBP27,540,000 is interest only. A five year interest rate swap agreement was entered into to fix the interest rate at an
   all-in rate of 3.02% per annum (previous facility: 4.54%). The Group incurred costs of GBP413,000 to break the former swap agreement.

4. On 29 May 2015, Normanton Properties Limited extended the existing bank loan (which was due to expire in March 2016), on the property
   known as Pilgrim Street on favourable terms until March 2019. With effect from signature, the loan became interest-only. An interest rate
   swap agreement was entered into to fix the interest rate for the period from the prior termination date, being 23 March 2016, until the new
   termination date, at an all-in rate of 2.9% per annum. The previous all-in rate on the loan was 4.96%.

5. On 24 August 2015, Stenprop Hermann Limited entered into a facility agreement to borrow EUR11,050,000. An interest rate of EURIBOR plus
   a margin of 1.13% was agreed and the interest-only loan is repayable in full on 30 June 2020.
    
6. On 24 November 2015, Stenprop Victoria Limited entered into a facility agreement to borrow EUR10,300,000. An interest rate of EURIBOR
   plus a margin of 1.28% was agreed and the interest-only loan is repayable in full on 31 August 2020.

26. Derivative financial instruments
   In accordance with the terms of the borrowing arrangements and group policy, the Group has entered into interest
   rate swap agreements. The Interest rate swap agreements are entered into by the borrowing entities to convert the
   borrowings from floating to fixed interest rates and are used to manage the interest rate profile of financial liabilities and
   eliminate future exposure to interest rate fluctuations. It is the Group's policy that no economic trading in derivatives is
   undertaken. The Group recognised a total net loss from fair value of financial instruments of EUR999,000 in the current year
   (2015: EUR589,000).

The following table sets out the interest rate swap agreements at 31 March 2016.

                                                                                   Notional                 Notional
                                                                                      value   Fair value       value  Fair value
                                                                             Swap  31 March     31 March    31 March    31 March
                                                Effective         Maturity   rate      2016         2016        2015        2015
Facility                                             date             date      %   EUR'000      EUR'000     EUR'000     EUR'000
            
United Kingdom                                                                                                              
Laxton Properties Limited                      01/04/2014       08/05/2020   1.62    34,846      (1,232)      30,283       (692)   
Normanton Properties Limited                   01/04/2014       25/03/2019   1.50    46,879      (1,285)      51,099     (1,273)   
LPE Limited                                    26/03/2015       31/03/2020   1.35    37,959        (891)      41,016       (252)   
GGP1 Limited                                                                                                                       
(novated from APF1 Limited)                    02/04/2015       22/12/2016   1.70     6,630         (55)       7,164       (121)   
GGP1 Limited                                                                                                                       
(novated from APF1 Limited)                    02/04/2015       22/12/2016   1.66     1,265         (10)       1,367        (22)   
Switzerland                                                                                                                        
Algy Properties S.a.r.l.                       01/04/2014       31/03/2017   0.91     3,522         (62)       3,823       (129)   
Bruce Properties S.a.r.l.                      01/04/2014       31/03/2017   1.90     4,384        (122)       4,628       (254)   
Clint Properties S.a.r.l                       01/04/2014       31/03/2017   1.75     2,820         (74)       2,967       (135)   
David Properties S.a.r.l.                      01/04/2014       20/02/2017   1.73     7,409        (171)       7,885       (331)   
Kantone Holdings Limited                       01/04/2014       31/03/2017   0.70    46,787        (721)      51,082     (1,513)   
Polo Property GmbH                             01/04/2014       31/03/2017   0.73    22,639        (355)      24,609       (744)   
Germany                                                                                                                            
Century BV                                     01/04/2014       29/12/2017   1.00     9,911        (220)      10,174       (267)   
Century 2 BV                                   01/04/2014       29/12/2017   1.08     4,291        (102)       4,404       (126)   
Century 2 BV                                   01/04/2014       29/12/2017   1.85       898            ?         922           1   
LGI Properties Beryl Limited                   01/04/2014       30/04/2018   0.83     5,488        (125)       5,636       (135)   
LGI Properties Crystal Limited                 01/04/2014       30/04/2018   0.83     4,583        (105)       4,707       (113)   
LGI Properties Jasper Limited                  01/04/2014       30/04/2018   0.83     5,608        (128)       5,759       (138)   
Isabel Properties BV                           30/01/2015       30/12/2021   0.48     9,000        (284)       9,000       (137)   
Total swaps ? on balance sheet                                                      254,919      (5,942)     266,525     (6,381)   
Maturing within 12 months                                                                        (1,769)                 (1,273)   
Maturing after 12 months                                                                         (4,173)                 (5,108)   
Derivative financial instruments                                                                 (5,942)                 (6,381)   
   

Swaps included in investments in associates and joint ventures                                                     ?           ?
 
Regent Arcade House Holdings Limited               20/05/2015   20/05/2020   1.57    47,449      (1,585)           ?           ?   
Elysion Braunschweig S.a.r.l                       01/04/2014   29/03/2018   2.43     6,125        (240)       6,282       (302)   
Elysion Dessau S.a.r.l                             01/04/2014   29/03/2018   2.43     5,918        (230)       6,072       (287)   
Elysion Kappeln S.a.r.l                            01/04/2014   31/12/2018   2.80     6,420        (359)       6,584       (407)   
Elysion Winzlar S.a.r.l                            01/04/2014   31/12/2018   2.80     4,280        (239)       4,389       (271)   
Prejan Enterprises Limited                         01/04/2014   25/07/2016   0.80    44,380        (231)      45,897       (540)   
Total swaps                                                                         114,572      (2,884)     335,749     (8,188)   
 

27.Business combinations
   Prior period
   On 1 October 2014 and 2 October 2014 the Company completed the acquisition of:

   - Various property companies which collectively at he time of the transaction, held an interest in forty five properties in
     Germany, Switzerland and the United Kingdom (the 'property companies');
   - The Stenham Property management business;
   - Various cash holding entities, and
   - The external investment manager, Apex Hi (UK) Limited.

   The total purchase consideration for the acquisition of the property companies was calculated with reference to the net
   asset value of the property companies as at 31 March 2014 and amounted to EUR281.0 million. The purchase consideration
   for the Stenham Property management business was EUR15.6 million and the purchase consideration for Apex Hi (UK)
   Limited was EUR3.8 million. The purchase consideration for the cash holding subsidiaries was EUR18.4 million.

   The purchase consideration for the acquisitions was funded by the issue of 232,916,809 new Stenprop ordinary shares
   to the value of EUR318,791,000 on the Bermudian share register at an issue price of EUR1.37 per share, which was the Euro
   equivalent of the net asset value per share of Stenprop as at 31 March 2014.

   Deferred consideration which remains outstanding at year end, and which relates to the acquisition of the Stenham
   property management business is estimated to be EUR936,000 and relates to the vendor's right to receive a share of pre-
   existing exit and performance fees on certain assets managed by the acquired business on behalf of third parties.

The companies acquired on 1 October 2014 were:

                                                                                                       Place of   Ownership
Name                                                                                              incorporation         (%)
                          
Stencap 1 Limited                                                                                           BVI         100
Stencap 2 Limited                                                                                           BVI         100
Davemount Properties Limited                                                                                BVI         100
Loveridge Properties Limited                                                                                BVI         100
Laxton Properties Limited                                                                                   BVI         100
Normanton Properties Limited                                                                                BVI         100
Kantone Holdings Limited                                                                               Guernsey         100
Spike Investments S.A                                                                                       Lux         100
Stencap 3 Limited                                                                                           BVI         100
Stencap 4 Limited                                                                                           BVI         100
Bernina Property Holdings Limited                                                                      Guernsey         100
Lakewood International N.V                                                                              Curacao          89
TB Property Holdings N.V                                                                                Curacao         100
Leatherback Properties Limited                                                                              BVI         100
Stenham Properties (Germany) Limited                                                                        IoM         100
Anarosa Holdings N.V                                                                                    Curacao        94.9
CS Property Holding N.V                                                                                 Curacao        94.9
Stenham European Shopping Centre Fund Limited                                                          Guernsey       28.12
                          
The following management companies were acquired on 2 October 2014:                          
Stenham Property Holdings Limited                                                                          BVI          100
Stenprop Advisers Limited (formerly Stenham Property Finance Limited)                                 Guernsey          100
Stenprop Management Limited (formerly Stenham Property Limited)                                        England          100
ApexHi UK Limited                                                                                           UK          100

A summary of properties acquired as part of the Stenham Transaction is provided below:

                                                                                Stenprop     Stenprop      Stenprop
                                                                                    (UK)      (Swiss)     (Germany)
                                                                                 Limited      Limited       Limited   Total
Effective date of acquisition                                                 01/10/2014   01/10/2014    01/10/2014
Number of properties (100%)                                                            6           13            20      39
Number of properties (94.9%)                                                                                      1       1
Number of properties in joint ventures (50%)                                                                      4       4
Number of properties in associates (28%)                                                                          1       1
                          
                                                                                       6           13            26      45

Fair value on completion date of properties and management companies acquired:

A summary of the fair value of assets and liabilities and the net cash position arising from the business combination is
included in the table below:

                                                              Stenprop      Stenprop      Stenprop
                                                                  (UK)       (Swiss)     (Germany)   Management
                                                               Limited       Limited       Limited    Companies       Total
                                                               EUR'000       EUR'000       EUR'000      EUR'000     EUR'000
                          
Investment properties                                          242,771       145,204       189,570                  577,545   
Investment in associate                                                                     35,082           32      35,114   
Investment in joint venture                                                                  8,948            ?       8,948   
Property, plant and equipment                                                                    ?           10          10   
                                                               242,771       145,204       233,600           42     621,617   
Net working capital                                            (6,456)       (1,258)       (1,261)        1,385     (7,590)   
External debt                                                (102,379)      (84,197)     (127,066)            ?   (313,642)   
Deferred tax                                                         ?       (3,722)       (2,811)            ?     (6,533)   
Derivative financial instruments                               (1,773)       (1,880)         (812)            ?     (4,465)   
Non-controlling interest                                             ?             ?       (1,750)            ?     (1,750)   
                                                               132,163        54,147        99,900        1,427     287,637   
Gain on acquisition                                                                                                (9,657)*   
Net assets acquired                                                                                                 277,980   
Purchase consideration                                                                                                        
Share issue (EUR)                                                                                                   318,791   
Deferred consideration                                                                                                1,445   
Less cash                                                                                                          (42,256)   
Total consideration                                                                                                 277,980   


* The composition of the Gain on acquisition is detailed on page 99 of the 2015 Integrated Annual Report.

Stenprop (UK) Limited, Stenprop (Swiss) Limited and Stenprop (Germany) Limited were incorporated during the period to
hold the acquired assets (note 28).

Notional goodwill of EUR19,374,000 arose as a result of the acquisition of the Stenham Property Holdings Limited group and
ApexHi (UK) Limited (the management companies). The acquisition of the management companies was contingent on
the completion of the purchase of the property companies and was therefore considered a linked transaction in terms
of IFRS 3: Business combinations. From a group perspective, the fair value of the combined identifiable net assets on
acquisition date exceeded the summation of the consideration paid. A net gain on acquisition arose on acquisition date
from the internalisation of management and the uplift in the value of the various property companies in the six-month
period between the effective date of the sale (on which the assets were fair valued for purposes of the transaction), and
the acquisition date, No goodwill is therefore recognised in the Group accounts.

Intangible assets
Management have measured the fair value of all assets and liabilities acquired as at the date of acquisition, including any
assets or liabilities which may not have been recognised in the underlying company balance sheets. The value of any
intangible assets acquired as at the date of the transaction is considered immaterial and has not been recognised.

28. Acquisition of subsidiaries and joint ventures
    During the period the Group incorporated the following companies:

                                                                                                                 Net assets
                                                                                        Incorporation      Cost    acquired
Name                                                                      Jurisdiction           date   EUR'000     EUR'000
                       
Acquisition of Hermann Quartier (refer note 17):                       
Stenprop Hermann Limited                                                           BVI     24/04/2015         ?           ?
Acquisition of Victoria Centre (refer note 17):                       
Stenprop Victoria Limited                                                          BVI     24/04/2015         ?           ?
Acquisition of Regent Arcade House Holdings Limited                       
(refer below):                       
Stenprop Argyll Limited (joint venture)                                            BVI     17/02/2015         ?           ?
                     
Acquisition of 25 Argyll Street
On 20 May 2015, the Group acquired 50% of the issued share capital of the property owning company, Regent Arcade
House Holdings Limited which owns the property known as 25 Arygll Street. The interest was acquired by Stenprop Argyll
Limited, a wholly-owned subsidiary and was structured as a joint venture.

The amounts recognised in respect of the identifiable assets acquired and liabilities assumed of Regent Arcade House
Holdings Limited are as set out in the table below:

                                                                                                                     EUR'000   
Investment properties                                                                                                 94,898   
Net working capital                                                                                                    (490)   
Net identifiable assets                                                                                               94,408   
Satisfied by:                                                                                                                  
Cash                                                                                                                  47,834   
Bank loan                                                                                                             47,449   
                                                                                                                      95,283   
Less: Cash and cash equivalent balances acquired                                                                       (875)   
                                                                                                                      94,408   


Prior period
During the prior period the Group incorporated the following companies:

                                                                                                                  Net assets
                                                                                           Incorporation   Cost     acquired
Name                                                                          Jurisdiction          date      $            $
Stenham Transaction (refer note 27)                       
Stenprop (UK) Limited                                                                  BVI    01/07/2014    100          100
Stenprop (Germany) Limited                                                             BVI    01/07/2014    100          100
Stenprop (Swiss) Limited                                                               BVI    01/07/2014    100          100
Acquisition of Trafalgar Court (refer below)                       
Stenprop Trafalgar Limited                                                             BVI   07/01/2015     100          100

Acquisition of Trafalgar Court
On 26 March 2015, the Group acquired 100% of the issued share capital of the property owning company, LPE Limited,
which owns the property known as Trafalgar Court. The acquisition was funded from capital raised in the private placement
on 22 March 2015.

The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are as set out in the table
below:

                                                                                                                     EUR'000   
Investment properties                                                                                                 83,919   
Net working capital                                                                                                    (371)   
Net identifiable assets                                                                                               83,548   
Satisfied by:                                                                                                                  
Cash                                                                                                                  43,460   
Bank loan                                                                                                             41,016   
Borrowing costs*                                                                                                       (563)   
                                                                                                                      83,913   
Less: Cash and cash equivalent balances acquired                                                                       (365)   
                                                                                                                      83,548   

* The capitalised borrowing costs which will be expensed over the life of the facility, have been offset against the cost of the investment.

                                                                                                                    Audited
                                                                                                        31 March   31 March
                                                                                                            2016       2015
                                                                                                         EUR'000    EUR'000
     
29.Deferred tax                                                                                                               
   The following are the major deferred tax liabilities and assets recognised by the Group and                                
   movements thereon during the current and prior reporting period.                                                           
   Opening balance                                                                                       (7,230)          ?   
   Deferred tax recognised on investment properties                                                      (2,667)   (11,919)   
   Deferred tax recognised on revaluation of financial liabilities                                         (220)        625   
   Deferred tax on tax losses                                                                                412      4,064   
   Closing balance                                                                                       (9,705)    (7,230)   
   Deferred tax assets and liabilities are offset where the Group has a legally enforceable                                   
   right to do so. The following is the analysis of the deferred tax balances (after offset) for                              
   financial reporting purposes:                                                                                              
   Deferred tax liabilities                                                                             (14,821)   (11,943)   
   Deferred tax assets                                                                                     5,116      4,713   
   Closing balance                                                                                       (9,705)    (7,230)   
   Deferred tax opening balance                                                                            7,230          ?   
   Deferred tax liability acquired (note 27)                                                                   ?      6,533   
   Exchange movements                                                                                      (191)        570   
   Deferred tax liability closing balance                                                                (9,705)    (7,230)   
   Movement in deferred tax                                                                              (2,666)      (127)   


30.Financial risk management
   The Group is exposed to a variety of financial risks including market risk, credit risk and liquidity risk. The overall risk
   management strategy seeks to minimise the potential adverse effects on the Group's financial performance. Certain risk
   exposures are hedged via the use of financial derivatives.

   This note presents information about the Group's exposure to each of the above risks, the Group's objectives, policies
   and processes for measuring and managing these risks, and the Group's management of capital. Further quantitative
   disclosures are included throughout these audited financial statements where relevant. The Group's board of directors
   has overall responsibility for the establishment and oversight of the Group's risk management framework.

   The Board has established a Risk Committee to develop and monitor the Group's risk management policies. The Risk
   Committee participates in management's process of formulating and implementing the risk management plan and
   reports on the plan adopted by management to the board.

   The objective of risk management is to identify, assess, manage and monitor the risks to which the business is exposed,
   including, but not limited to, information technology risk. The board will is responsible for ensuring the adoption of
   appropriate risk management policies by management. The Group's risk management policies are established to identify
   and analyse the risks faced by the Group, to set appropriate risk limits and controls and to monitor risks and adherence to
   limits. Risk management policies are reviewed regularly to reflect changes in market conditions and the Group's activities.
   The Board will also ensure that there are processes in place between itself and management enabling complete, timely,
   relevant, accurate and accessible risk disclosure to shareholders.

   To enable the Risk Committee to meet its responsibilities, the Risk Committee has adopted a charter which includes
   appropriate standards and the implementation of systems of internal control and an effective risk-based internal audit,
   comprising policies, procedures, systems and information to assist in:

   - safeguarding assets and reducing the risk of loss, error, fraud and other irregularities;
   - ensuring the accuracy and completeness of accounting records and reporting;
   - preparing timely, reliable financial statements and information in compliance with relevant legislation and generally
     accepted accounting policies and practices; and
   - increasing the probability of anticipating unpredictable risk.

   The Committee oversees how management monitors compliance with the Group's risk management policies and
   procedures and reviews the adequacy of the risk management framework in relation to risks faced by the Group.

   Credit risk

   The Group's principal financial assets are cash and cash equivalents and trade and other receivables. The credit risk arising
   from deposits with banks is managed through a policy of utilising banks with acceptable credit ratings.
  
   The credit quality of cash and cash equivalents can be assessed by reference to external credit ratings of the counterparty
   where the account or deposit is placed. A summary of the Standard & Poors European financial institutions credit ratings
   for the six banks in which 78% of the Group's cash is held are as follows:

                                                                                                         31 March   31 March
                                                                                                             2016       2015
ABN AMRO Bank NV                                                                                                A          A
Barclays Private Clients International Limited                                                                 A-          A
Berliner Sparkasse                                                                                            AA-         AA
HSBC Bank plc.                                                                                                AA-        AA-
Santander UK plc.                                                                                               A          A
UBS AG                                                                                                          A          A

The directors are satisfied as to the credit worthiness of the banks where the remaining cash is held.

At the time of acquisition of a property, and from time to time thereafter, the Company reviews the quality of the contracted
tenants to ensure that the tenants meet acceptable covenants. Trade receivables are presented in the statement
of financial position net of allowances for doubtful receivables. An allowance for impairment is made where there is an
indefinable loss event, which based on previous experience, may give risk to non recovery of a receivable.

The carrying amount of financial assets represents the maximum credit exposure at the reporting date.

At 31 March 2016, trade and other receivables and cash and cash equivalents amounted to EUR43,178,000 (March 2015:
EUR88,494,000) as shown in the statement of financial position.

Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash resources, the availability of funding through
appropriate and adequate credit lines and managing the ability of tenants to settle within lease obligations. The Group
ensures, through the forecasting and budgeting of cash requirements, that adequate committed resources are available.

By its nature, the market for investment property is not immediately liquid. As a result of this illiquidity, the Group's ability to
vary its portfolio in a timely fashion and to receive a fair price in response to changes in economic and other conditions may
be limited. Furthermore, where the Group acquires investment properties for which there is not a readily available market,
the Group's ability to deal in any such investment or obtain reliable information about the value of such investment or
risks to which such property investment is exposed may be limited. The Group's short-term liquidity risk is secured by the
existence of cash balances, through the fact that rental income exceeds the Group's cost structures and through ensuring
that facilities are managed within debt covenants.

The following table details the contractual maturity date of the Group's financial liabilities. The table has been drawn up
based on the undiscounted contractual maturities of the financial liabilities, including interest that will accrue to those
liabilities, except where the Group is entitled and intends to repay the liability before its maturity. The discount column
represents the possible future cash flows included in the maturity analysis, such as future interest or potential payments
that have not been included in the carrying amount of the financial liability. The table also includes a reconciliation to the
carrying value in the statement of financial position.

                                                              Less    One to   Three to    One to    Over
                                                          than one     three    twelve       five    five
                                                             month    months    months      years   years    Discount      Total
                                                           EUR'000   EUR'000   EUR'000    EUR'000 EUR'000     EUR'000    EUR'000
                                
Interest-bearing loans                                       5,445         ?   183,340    169,708   9,000           ?    367,493
Loan interest                                                  531     2,388     6,636     14,056     203    (23,278)        536
Financial liabilities                                          199         ?     1,570      3,889     284           ?      5,942
Deferred tax                                                     ?         ?         ?      9,705       ?           ?      9,705
Other loans and interest                                         ?         ?         ?         12       ?           ?         12
Other payables                                                   ?     2,811     4,641          ?       ?           ?      7,452
(including tax)                                
Accruals                                                         ?         ?     3,332          ?       ?           ?      3,332
Deferred income                                                  ?     5,156        27          ?       ?           ?      5,183
                                
As at 31 March 2016                                           6,175   10,355   199,546    197,370   9,487    (23,278)    399,655
                                
Interest-bearing loans                                           ?         ?    68,058    288,333   8,540           ?    364,931
Loan interest                                                  510     2,736     8,177     16,217     470    (27,590)        520
Financial liabilities                                            ?         ?     1,273      4,971     137           ?      6,381
Deferred tax                                                     ?         ?         ?      7,230       ?           ?      7,230
Other loans and interest                                         ?         ?         ?         23       ?           ?         23
Other payables                                                   ?     3,122     6,508          ?       ?           ?      9,630
(including tax)                                
Accruals                                                        30       302     1,920          ?       ?           ?      2,252
Deferred income                                                919     4,835         ?          ?       ?           ?      5,754
                                
As at 31 March 2015                                          1,459    10,995    85,936    316,774   9,147    (27,590)    396,721

Fair value of financial instruments
The following table summarises the Group's financial assets and liabilities into categories required by IFRS 7 Financial
instruments disclosures. The directors consider that the carrying amounts of financial assets and financial liabilities
recorded at amortised cost in the financial statements approximate their fair values.

                                                                          Held at
                                                                       fair value           Held at               Total carrying
                                                                    through other        fair value      Held at          amount
                                                                    comprehensive    through profit    amortised        31 March
                                                                           income          and loss         cost            2016
                                                                          EUR'000           EUR'000      EUR'000         EUR'000
                                   
Financial assets                                   
Cash and cash equivalents                                                       ?                 ?       36,811          36,811
Accounts receivable                                                             ?                 ?        3,509           3,509
Other debtors                                                                   ?                 ?        9,338           9,338
                                   
                                                                                ?                 ?       49,658          49,658
Financial liabilities                                   
Loans                                                                           ?                 ?      367,493         367,493
Other loans and interest                                                        ?                 ?           12              12
Interest rate swaps                                                             ?             5,942            ?           5,942
Accounts payable and accruals                                                   ?                 ?       16,503          16,503
                                   
As at 31 March 2016                                                             ?             5,942      384,008         389,950
                                   
                                                                          Held at
                                                                       fair value           Held at               Total carrying
                                                                    through other        fair value      Held at          amount
                                                                    comprehensive    through profit    amortised        31 March
                                                                           income          and loss         cost            2015
                                                                          EUR'000           EUR'000      EUR'000         EUR'000
Financial assets                                   
Cash and cash equivalents                                                       ?                 ?       80,430          80,430
Accounts receivable                                                             ?                 ?        2,634           2,634
Other debtors                                                                   ?                 ?        3,911           3,911
                                   
                                                                                ?                 ?       86,975          86,975
Financial liabilities                                   
Loans                                                                           ?                 ?      364,931         364,931
Other loans and interest                                                        ?                 ?           23              23
Interest rate swaps                                                           519             5,862            ?           6,381
Accounts payable and accruals                                                   ?                 ?       18,156          18,156
                                   
As at 31 March 2015                                                           519             5,862      383,110         389,491

Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises three types of risk: foreign currency risk, interest rate risk and price risk. The objective
of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising
returns to shareholders.

Investment in property is subject to varying degrees of risk. The main factors which affect the value of the investment in
property include:

- changes in the general economic climate;
- local conditions in respective markets, such as oversupply, or a reduction in demand, for commercial space in a specific
  area;
- competition from other available properties; and
- government regulations, including planning, environmental and tax laws.

Whilst a large number of these factors are outside the control of the management, market and property-specific factors
relevant to maintain a sustainable income stream within the Group's yield parameters are considered as part of the initial
due diligence. Properties and tenant leases are actively managed.

Foreign currency risk
The Group's functional currency is Euros. Foreign currency risk is the risk that the fair value or future cash flows of a financial
instrument will fluctuate because of changes in foreign currency or exchange rates. At the reporting date, the below table
summarises the Group's exposure to foreign currency risk in respect of assets and liabilites held in GBP (United Kingdom)
and CHF (Switzerland).

                                                                                                                31 March    31 March
                                                                                                                    2016        2015
                                                                                                                 EUR'000     EUR'000
Assets                                        
GBP                                                                                                              371,938     367,995
CHF                                                                                                              160,313     172,725
Liabilities                                        
GBP                                                                                                              149,120     159,369
CHF                                                                                                               94,894     104,905

Foreign currency sensitivity analysis
The sensitivity analysis measures the impact on the Group's exposure in Euros (based on a change in the reporting date
spot rate) and the impact on the Group's Euro profitability, given a simultaneous change in the foreign currencies to which
the Group is exposed at the reporting date.

A 10% strengthening in the Euro exchange rate against the following currencies at year end would have decreased equity
and profits by the amounts shown below. This analysis assumes that all other variables remain constant. For a 10%
weakening of the Euro, there would be an equal but opposite impact on the profit and equity and the balance would be
positive.

                                                                                                                               Profit
                                                                                                                    Equity    or loss
                                                                                                                   EUR'000    EUR'000
GBP impact                                                                                                        (22,282)    (2,988)
CHF impact                                                                                                         (6,542)       (51)
                                                                                                                  (28,824)    (3,039)

The following exchange rates against the Euro were applied during the year:

                                                                                                                 Average
                                                                                                                rate for
                                                                                                               12 months
                                                                                                                      to   Period end
                                                                                                                31 March     31 March
                                                                                                                    2016         2016
CHF                                                                                                             0.931954     0.914700
GBP                                                                                                             1.365830     1.265300

Interest rate risk
The Group's interest rate risk is associated with cash and cash equivalents, on the one hand, and interest-bearing
borrowings, on the other. If the interest is variable, it presents the Group with a cash flow interest rate risk. Interest rate
risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
interest rates. As stated in note 26, borrowings from credit institutions are protected against movements in interest rates.
The company uses interest rate swaps to manage its interest rate exposure.

Fair value hierarchy

The table below analyses the Group's financial instruments carried at fair value, by valuation method. The different levels
have been defined as follows:

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
         (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

                                                                                   Total
                                                                               financial
                                                                             instruments         
                                                                              recognised         Designated at fair value
                                                                           at fair value    Level 1       Level 2         Level 3
                                                                                 EUR'000    EUR'000       EUR'000         EUR'000
                                          
31 March 2016                                          
Assets                                          
Investment properties                                                            729,782          ?             ?         729,782
Total assets                                                                     729,782          ?             ?         729,782
Liabilities                                          
Derivative financial liabilities                                                   5,942          ?         5,942               ?
Total liabilities                                                                  5,942          ?         5,942               ?
31 March 2015                                          
Assets                                          
Investment properties                                                            695,196          ?             ?         695,196
Total assets                                                                     695,196          ?             ?         695,196
Liabilities                                          
Derivative financial liabilities                                                    6,381         ?         6,381               ?
Total liabilities                                                                   6,381         ?         6,381               ?

Details of changes in valuation techniques
There have been no significant changes in valuation techniques during the period under review.

Significant transfers between Level, 1 Level 2 and Level 3
There have been no significant transfers during the period under review.

Unobservable inputs
Unobservable inputs for Level 3 investment properties are disclosed in note 17.

Capital risk management
The capital structure of the Group consists of debt, which includes the borrowings disclosed in note 25, cash and cash
equivalents and equity attributable to ordinary shareholders of the Company, comprising issued capital, reserves and
retained earnings as disclosed in the statement of changes in equity. Stenprop's average loan to value ratio ("LTV") ratio
at 31 March 2016 was 51.6% (2015: 53.8%), including joint ventures and associates and the Group is not subject to any
external capital requirements. The Group strategy is to maintain a debt to equity ratio and LTV to ensure that property
performance is translated into an enhanced return for shareholders whilst at the same time ensuring that it will be able
to continue as a going concern through changing market conditions. The directors are of the opinion that a 50% LTV in
respect of secured external borrowings is an appropriate target for the Group, given current market conditions.

31.Related party transactions
   Parties are considered related if one party has control, joint control or significant influence over the other party in making
   financial and operating decisions.

   P Arenson and M Fienberg, both directors of the Company, are also directors of Stenham Limited which at 31 March 2016
   had an indirect beneficial interest of 4.91% in Stenprop Limited through its wholly-owned subsidiary, Stenham Group
   Limited (March 2015: 5.1%).

   At 31 March 2016, P Arenson held an indirect 2.58% interest in the share capital of Stenham Limited (March 2015: 4.49%).
   His interest in Stenprop Limited is separately disclosed in note 8.

   M Yachad is a non-executive director of the Company and an executive director of Peregrine Holdings Limited, which has a
   beneficial interest (direct and indirect) of 6.41% in the shares of the Company at 31 March 2016.

   On 20 May 2015, the Group acquired a 50% interest in Regent Arcade House Holdings Limited ("RAHHL"), which owns the
   property known as 25 Argyll Street. SP Corporate Services Limited, the director of RAHHL is a wholly-owned subsidiary
   of the Group, as are Stenprop Management Limited and Stenprop Advisors Limited which act as Property Manager and
   Administrator respectively to RAHHL. The Group earns fees of EUR181,000 per annum for these services.


32.Operating lease commitments
   The Group earns rental income by leasing its investment properties to tenants under non-cancellable operating leases.

   At the balance sheet date the Group had contracted with tenants for the following future minimum lease payments on its
   investment properties:

                                                                                                                  Audited
                                                                                                     31 March    31 March
                                                                                                         2016        2015
                                                                                                      EUR'000     EUR'000
                                            
Within one year                                                                                        40,673      41,440
Between one and two years                                                                              38,922      39,479
Between two and five years                                                                             97,993     105,129
After five years                                                                                       86,690      98,840
                                            
                                                                                                      264,278     284,888

33. Subsequent events
   (i) Declaration of dividend after reporting date
       On 8 June 2016, the directors declared a final dividend of 4.70 cents per share, payable in cash on 29 July 2016.

       An announcement containing details of the dividend and the timetable will be made separately.

   (ii)Share incentive awards
       On 8 June 2016, the directors, on the recommendation of the remuneration committee, approved the following
       share based awards:

                                                                Bonus awards under Deferred
                                                              Share Bonus Plan in respect of the
                                                                 year ended 31 March 2016*              Share Purchase Plan^
                                                                                        Number                        Number
                                                                     EUR'000         of shares      EUR'000        of shares
                                        
Executive directors                                                      307           223,294        4,806        3,408,466
Other staff                                                               81            59,250          393          278,725
                                                                         388           282,544        5,199        3,687,191

       * Share options vest in three equal tranches. The first tranche vests on grant. Subsequent tranches will vest at the relevant year-end in
          accordance with the rules of the Deferred Share Bonus Plan.
       ^ Shares will be issued on 9 June 2016
  
       Loans advanced under the share purchase plan are interest-bearing at a rate equal to the average interest rate
       incurred by the Group from time to time. Interest is payable six monthly in arrear. Loans are repayable within 30 days
       of cessation of employment (unless the participant ceases employment in circumstances beyond his or her control,
       in which case the loan is repayable within 12 months), and must in all circumstances be repaid in 10 years. All dividends
       received by such employees (or his or her nominee) by virtue of their shareholding, must first be utilised to discharge
       any interest outstanding in terms of the loan advanced in terms of the Share Purchase Plan.

 (iii) Refinance of Davemount and GGP1 portfolios
       On 26 May 2016, Davemount Properties Limited ("Davemount") and GGP1 Limited ("GGP1") refinanced their
       loan facilities with Santander. Santander have provided a single facility of GBP12,360,000 for a five year period, split
       GBP4,000,000 to Davemount and GBP8,360,000 to GGP1. The all-in rate on this facility is 3.46% which compares to 2.7%
       on the current Davemount facility and 3.72% on the GGP1 facility.
 
  (iv) Lease signed at Euston House
       In May 2016, a new six year lease was signed at Euston House for 11,787 square feet, representing one floor and
       11% of the space. The new tenant will pay an annual rent of just under GBP0.7 million equating to GBP58.50 per square
       foot per annum from August 2017 onwards. Prior to that the tenant will pay half rent of GBP0.345 million per annum.
       The previous tenant paid GBP27.50 per square foot per annum on unrefurbished space. Stenprop spent approximately
       GBP1.4 million on the refurbishment of the space. The building is now fully let.

Property summary

                                                                                                          Annual
                                                                      Asset      Gross                     gross
                                                        Asset    value as %   lettable    Occupancy       rental        WAULT
                                                        value  of portfolio       area    (by area)       income (by revenue)
                                                (EUR million)           (%)       m(2)          (%)(EUR million)      (years)
                                
United Kingdom                                
Office                                                  354.8          39.8     44,519         97.5         19.4          6.7
Retail                                                    9.7           1.1      7,678        100.0          1.2          4.0
Industrial                                                8.7           1.0     14,313        100.0          0.7          4.4
                                    
Total                                                   373.2          41.9     66,510         98.3         21.3          6.5
                                    
Germany                                   
Retail                                                  222.3          24.9    103,063         97.4         15.1          7.4
Office                                                   53.1           6.0     15,120         94.2          2.6          4.4
Nursing Homes                                            34.2           3.8     19,330        100.0          2.8         14.7
Other                                                    52.5           5.9      1,251         94.2          2.5          4.4
                                    
Total                                                   362.1          40.6    138,764         97.4         23.0          7.6
                                    
Switzerland                                   
Office                                                   74.6           8.4     23,042         98.1          4.7          5.5
Retail                                                   80.3           9.0     24,548         68.1          3.8          6.5
Other                                                     0.8           0.1      1,209         87.6          0.0          4.9
                                    
Total                                                   155.7          17.5     48,799         82.7          8.5          5.9
                                    
Total                                   
Office                                                  482.5          54.2     82,681         97.0         26.7          6.3
Retail                                                  312.3          35.0    135,289         92.3         20.1          7.0
Industrial                                                8.7           1.0     14,313        100.0          0.7          4.4
Nursing Homes                                            34.2           3.8     19,330        100.0          2.8         14.7
Other                                                    53.3           6.0      2,460         91.0          2.5          4.4
                                    
Total                                                   891.0        100.0     254,073         94.8         52.8          6.9

Portfolio analysis

                                         Market                            Annualised  Net initial
                         Portfolio        value                                 gross        yield
                         by market     31 March                                rental    (weighted                      Voids
Combined                     value         2016                     Area       income     average)         WAULT    (by area)
portfolio                      (%)(EUR million)    Properties       m(2)(EUR million)          (%)   (by rental)          (%)
        
United Kingdom                36.1        321.5            13     63,506         19.0         5.32           6.8          1.8
Germany                       28.3        252.6            23     92,041         14.5         5.18           6.9          2.8
Switzerland                   17.5        155.7            13     48,799          8.5         4.51           5.9         17.3
        
Total                         81.9        729.8            49    204,346         42.0         5.10           6.7          5.9
        
Share of joint        
ventures        
and associates                18.1        161.2             6     49,727         10.8         5.65           7.7          2.0
           
Total                        100.0        891.0            55    254,073         52.8         5.20           6.9          5.2

Consolidated portfolio

                                                               Market                           Annualised Net initial
                                                                value                                gross       yield                                                                                      
                                              Ownership      31 March                               rental    31 March                      Void                                                                             
                                 Property/     interest          2016                    Area       income        2016         WAULT   (by area)
Company                          portfolio          (%) (EUR million)  Properties        m(2)(EUR million)         (%)   (by rental)         (%)
United Kingdom                                                                                     
Davemount Properties (BVI)       Davemount       100.00           9.7           3       7,678          1.2       11.04           4.0         0.0   
Laxton Properties Ltd (BVI)         Euston       100.00          96.8           1      10,103          4.1        3.41           5.9        10.8   
GGP1 Limited (Guernsey)               GGP1       100.00          31.5           7      25,454          2.9        8.55           4.8         0.0   
Normanton Properties (BVI)         Pilgrim       100.00         104.4           1       9,706          5.5        4.70           5.1         0.0   
LPE Limited (Guernsey)           Trafalgar       100.00          79.1           1      10,565          5.3        6.50          11.1         0.3   
Total United Kingdom                                            321.5          13      63,506         19.0        5.32           6.8         1.8   
Germany                                                                                                                                            
Stenham Gemstone Limited              Aldi       100.00          32.5          14      18,843          2.2        5.77          10.9         0.0   
Anarosa Holdings N.V (Curacao)     BikeMax       100.00          25.1           5      18,007          2.0        6.98           5.5         0.0   
KG Bleichenhof GmbH            Bleichenhof        94.90         123.7           1      20,067          6.0        4.18           4.4         5.8   
Isabel Properties B.V               Isabel       100.00          17.2           1      13,365          1.3        6.93           6.5         3.0   
                                   Hermann       100.00          22.9           1       8,250          1.3        7.00           4.8        11.0   
                                  Victoria       100.00          31.2           1      13,509          1.7        4.75          14.4         0.9   
Total Germany                                                   252.6          23      92,041         14.5        5.18           6.9         2.8   
Switzerland                                                                                                                                        
Credit Suisse                                                                                                                                      
David Properties S.a.r.l. (Lux)       Cham       100.00          13.4           1       5,330          0.8        4.46           5.0        14.9   
Bruce Properties S.a.r.l. (Lux)    Chiasso       100.00           8.8           1       4,182          0.6        4.65           2.3         0.0   
Clint Properties S.a.r.l. (Lux) Interlaken       100.00           6.2           1       1,966          0.4        4.29          12.2         7.8   
Algy Properties S.a.r.l. (Lux)     Sissach       100.00           4.3           1       1,966          0.2        4.93           4.9        58.3   
Total Credit Suisse                                              32.7           4      13,444          2.0        4.54           5.6        15.6   
Polo                                                                                                                                               
Polo Property GmbH (Swiss)       Altendorf       100.00          26.7           1       8,199          1.4        4.29          11.4         0.0   
Polo Property GmbH (Swiss)       Arlesheim       100.00          13.1           1       4,834          1.0        5.08           7.5         0.0   
Total Polo                                                       39.8           2      13,033          2.4        4.55           9.8         0.0   
Kantone                                                                                                                                            
Kantone Holdings Limited 
(Guernsey)                            Baar       100.00          21.8           1       4,114          1.3        4.56           2.5         4.2   
Kantone Holdings Limited 
(Guernsey)                         Granges       100.00          18.0           3       5,261          1.1        4.59           4.3         0.0   
Kantone Holdings Limited 
(Guernsey)                          Lugano       100.00          16.9           1       7,036          0.2        4.74           2.8        87.2   
Kantone Holdings Limited 
(Guernsey)                        Montreux       100.00          21.2           1       4,362          1.1        4.28           4.6         0.5   
Kantone Holdings Limited 
(Guernsey)                           Vevey       100.00           5.3           1       1,549          0.4        3.83           4.6         0.0   
Total Kantone                                                    83.2           7      22,322          4.1        4.49           3.8        28.4   
Total Switzerland                                               155.7          13      48,799          8.5        4.51           5.9        17.3   
Total wholly-owned portfolio                                    729.8          49     204,346         42.0        5.10           6.7         5.9   


Jointly controlled entities

                                                       Market                              Annualised  Net initial
                                                        value                                   gross        yield                                                                        
                                      Ownership      31 March                                  rental     31 March                     Voids                                                                                
                         Property/     interest          2016                        Area      income         2016       WAULT     (by area)
Company                  portfolio          (%)  (EUR million)  Properties           m(2)(EUR million)         (%) (by rental)           (%)
United Kingdom                                                                                        
                            Argyll         50.0         103.4            1          6,008         4.6         4.15         3.7           0.0   
Germany                                                                                                                                        
Elysion S.a.r.l.         Carehomes       100.00          34.2            4         19,330         2.8         6.55        14.7           0.0   
SESCF Ltd. (Guernsey)         Nova        28.42         265.0            1         96,387        19.9         6.27         5.8           3.6   
Total Germany                                           299.2            5        115,717        22.7         6.36         6.9           2.1   
Total of jointly-owned  
interests                                               402.6            6        121,725        27.3         5.75         6.4           4.9   
Total of jointly-owned  
interests (SP share)                                    161.2            6         49,727        10.8         5.65         7.7           2.0   
         

Analysis of shareholders
          
                                                                                                 Number of               Number of
Shareholder spread                                                                           shareholdings         %        shares        %
1 ? 1,000 shares                                                                                       282      8.85       140,975     0.05
1,001 ? 10,000 shares                                                                                1,370     43.01     5,366,263     1.90
10,001 ? 100,000 shares                                                                              1,013     31.81    38,152,782    13.48
100,001 ? 1,000,000 shares                                                                             474     14.88   126,849,553    44.83
1,000,001 shares and over                                                                               46      1.44   112,475,053    39.75
                                            
Total                                                                                                3,185    100.00   282,984,626   100.00
                                                                              
                                                                                                 Number of              Number of
Distribution of shareholders                                                                 shareholdings         %       shares         %                                 
Banks/Brokers                                                                                           76      2.39   29,478,946     10.42
Close Corporations                                                                                      27      0.85      884,282      0.31
Control Account                                                                                          4      0.13      969,080      0.34
Endowment Funds                                                                                         14      0.44      480,546      0.17
Individuals                                                                                          1,980     62.17   50,648,856     17.90
Insurance Companies                                                                                     15      0.47    5,076,849      1.79
Investment Companies                                                                                     2      0.06       55,563      0.02
Mutual Funds                                                                                           130      4.08   28,841,063     10.19
Other Corporations                                                                                       5      0.16      314,281      0.11
Private Companies                                                                                      232      7.28   67,131,347     23.72
Public Companies                                                                                        33      1.04   30,898,260     10.92
Retirement Funds                                                                                        44      1.38    2,752,183      0.97
Trusts                                                                                                 623     19.56   65,453,370     23.13
                                            
Total                                                                                                3,185    100.00  282,984,626    100.00                                 
                                            
                                                                                                  Number of              Number of
Public/non-public shareholders                                                                shareholdings        %        shares        %
                                            
Non-public shareholders                                                                                  12     0.38    12,042,846     4.26
Directors and Associates of the Company holdings                                                         12     0.38    12,042,846     4.26
Public shareholders                                                                                   3,173    99.62   270,941,780    95.74
                                            
Total                                                                                                3,185    100.00   282,984,626   100.00

Major shareholders
As at the financial year end there were 3,185 shareholders in the Company. In terms of the Companies Act 1981 of Bermuda,
there is no requirement for registered shareholders to disclose their beneficial shareholdings and accordingly, the Company
provides disclosure on the shareholdings where this information is provided to the Company. As at 31 March 2016 Peregrine
Holdings Limited held a direct and indirect interest of 6.41% in the issued share capital of the Company. The Company does not
know of any other shareholder which has a beneficial interest of greater than 5% of the Company's issued share capital as at
31 March 2016.

Shareholder diary                             
Financial year-end                                                           31 March   
Integrated Annual Report posted                                                August   
Annual general meeting                                                      September   
Announcement of results                                                                 
First quarter                                                               September   
Interim                                                                      December   
Second quarter                                                                  March   
Annual                                                                           June   

Dividends                                               Declared                 Paid   
Interim                                                 December              January   
Final                                                       June                 July   

Corporate information

Postal address of the Company
Kingsway House
Havilland Street
St Peter Port, GY1 2QE
Guernsey
                                                        South African corporate advisor
Registered office of the Company                        Java Capital Proprietary Limited
Stenprop Limited                                        (Registration number 2012/089864/07)
(Registration number 47031)                             6A Sandown Valley Crescent
20 Reid Street                                          Sandown
3rd Floor, Williams House                               Sandton, 2196
Hamilton, HM11                                          South Africa
Bermuda                                                 (PO Box 2087, Parklands, 2121)

Company secretary                                       BSX sponsor
Apex Corporate Services Ltd.                            Estera Securities (Bermuda) Ltd.
(Registration number 33832)                             (Registration number 25105)
3rd Floor, Williams House                               Canon's Court
20 Reid Street                                          22 Victoria Street
Hamilton HM11, Bermuda                                  Hamilton, HM12, Bermuda
(PO Box 2460 HM JX, Bermuda)                            (Postal address the same as the physical address above)

JSE sponsor                                             Bermudian registrars
Java Capital                                            Computershare Investor Services (Bermuda) Limited
6A Sandown Valley Crescent                              (Company number 41776)
Sandown                                                 Corner House
Sandton, 2196                                           20 Parliament Street
South Africa                                            Hamilton, HM12
(PO Box 2087, Parklands, 2121)                          Bermuda

SA transfer secretaries                                 Correspondence address
Computershare Investor Services (Proprietary) Limited   2nd Floor, Queensway House
(Registration number 2004/003647/07)                    Hilgrove Street
70 Marshall Street                                      St. Helier
Johannesburg, 2001                                      Jersey JE1 1ES Channel Islands
South Africa
                                                        Auditors
Correspondence address                                  Deloitte LLP
PO Box 61763                                            Regency Court
Marshalltown, 2107                                      Glategny Esplanade
South Africa                                            St Peter Port, GY1 3HW, Guernsey
                                                        Channel Islands
Legal advisors
Berwin Leighton Paisner LLP
Adelaide House
London Bridge
London, EC4R 9HA
United Kingdom

www.stenprop.com