Stenprop Limited
(formerly GoGlobal Properties Limited)
(Incorporated in Bermuda)
(Registration number 47031)
BSX share code: STP.BH     JSE share code: STP
ISIN: BMG8465Y1093
("Stenprop" or "the Company")

UNAUDITED INTERIM RESULTS
for the six months ended 30 September 2014, including major subsequent events

EUR1.46            6.6%                    9.80 cents                   7.1%
EPRA NAV           INCREASE IN             PRO FORMA DILUTED            PRO FORMA
PER SHARE          NAV OVER ISSUE          ADJUSTED EPRA EARNINGS       EARNINGS YIELD
                   PRICE OF EUR1.37        PER SHARE                    ON ISSUE PRICE

Stenprop Limited, a Bermuda company (previously called GoGlobal Properties Limited) which holds a primary listing on 
the Bermuda Stock Exchange and a secondary listing on the Alternative Exchange of the Johannesburg Stock Exchange ("JSE"), 
today announces its results for the six months ended 30 September 2014 ("the reporting date"), and details of events 
which occurred subsequent to that date. 

HIGHLIGHTS
-  Profit after tax of GBP1,793,732 for the six months to 30 September 2014 compared with a loss for the same period last
   year of GBP13,872, delivering Adjusted EPRA earnings per share(1) of 9.30 pence. These earnings only include the results
   for the eight properties acquired by Stenprop on 25 March 2014 ("the existing properties") and are expressed in pounds
   sterling since the presentation and functional currency only changed to Euros (EUR or EUR) after the reporting date.

-  Completion on 1 October 2014 of the acquisition of various property companies which collectively have an interest in
   45 buildings in Germany, Switzerland and the United Kingdom ("the acquired properties") with a gross value on the date of
   completion of EUR683.5 million(2), in return for 218,794,917 Stenprop shares issued at EUR1.37 per share.

-  Completion on 2 October 2014 of the acquisition of the management company of the acquired properties, as well as the
   management company of the existing properties, in return for 14,121,892 Stenprop shares issued at EUR1.37 per share,
   resulting in full internalisation of management.

-  EUR pro forma diluted Adjusted EPRA EPS ("pro forma" means calculated as if the purchase of the property companies
   had completed at the start of the period under review) of 9.80 cents, equating to a 7.1% earnings yield on the issue 
   price of EUR1.37 per share.

-  Pro forma EPRA net asset value on 2 October 2014 of EUR1.46 per share after accounting for the net gain on acquisition
   arising from the internalisation of management and the uplift in value of the various property companies acquired.

-  Board and management team strengthened with the appointment of Paul Arenson as CEO, Patsy Watson as CFO and
   Neil Marais as executive director following completion of the acquisitions.

   (1)'EPS' means earnings per share.
   (2)Includes Stenprop's share of properties owned by associate and joint venture investments.

Commentary
General information
Stenprop was incorporated in Bermuda on 26 October 2012. It was listed on the Bermuda Stock Exchange on 15 March 2013 and, 
following approval from the South African Reserve Bank, it concluded an inward listing on the Alternative Exchange of the 
Johannesburg Stock Exchange on 29 April 2013. Formerly known as GoGlobal Properties Limited, it changed its name to Stenprop 
Limited on 9 October 2014. The functional and presentation currency of Stenprop and its subsidiaries ("the Group") has been 
redenominated from GBP to Euro (EUR) from 2 October 2014.

Investment strategy
Stenprop currently focuses on property investment in the United Kingdom, Germany and Switzerland. It does not intend to 
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.

Performance
The earnings for the period to 30 September 2014 only include the results for the eight properties acquired by Stenprop on 
25 March 2014. Profit after tax was GBP1,793,732 compared with a loss of GBP13,872 for the same six-month period last year, 
as a result of the acquisition of the eight properties.

Acquisitions subsequent to 30 September 2014
Shareholders are referred to the announcements released on 7 August 2014 and 2 October 2014 setting out the details of the 
following acquisitions:

-  various property companies which collectively have an interest in 45 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 EUR318,791,449 on the Bermuda Stock Exchange 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 in relation to the acquisition of the Stenham Property management business is estimated to be 
EUR1,444,969 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 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 
and no goodwill has been recognised.

Following the completion of the acquisition of the property companies on 1 October 2014, Stenprop has an interest in 
53 properties valued at EUR720 million3 with 39% in the United Kingdom, 41% in Germany and 20% in Switzerland (by value). 

The portfolio, which has a gross lettable area of approximately 230,000(3) m(2) and net annual rent of EUR41 million(3), is 
predominantly in the office and retail sectors which account for 47% and 37% of rental income respectively.

Top five properties by value following completion of the acquisitions on 1 October 2014

                                                                                    Annualised                  Weighted
                                                                                  gross rental                   average
                                  Market     Ownership                               (Stenprop       Let by     unexpired
                                   value      interest                   Lettable         share)       area    lease term
Property                   (EUR'million)             %        Sector  area (m(2))  (EUR'million)        (%)       (years)
Pilgrim Street, London              95.5           100        Office        9,668           5.41      100.0           6.6
Euston House, London                81.7           100        Office        9,947           3.64       84.5           4.3
Chiswell Street, London             55.9           100        Office        7,039           3.02      100.0           1.7
Nova Eventis, Leipzig              279.7          28.1        Retail       96,403           5.96       98.6           3.4
Bleichenhof, Hamburg               119.4          94.9     Mixed use       20,041           5.97       98.3           5.0

(3)Includes the eight properties acquired by Stenprop on 25 March 2013 and Stenprop's share of the properties held within 
the associate and joint venture investments.

The net asset value of the investment in these five properties accounts for 60% of the total IFRS net asset value. 
The net asset value of the investment in the three Central London properties accounts for 40% of the total IFRS 
net asset value.

Financial review
Earnings
The earnings for the period to 30 September 2014 only include the results for the eight properties acquired by 
Stenprop on 25 March 2014. They are expressed in GBP. Basic earnings attributable to shareholders was GBP1,793,732 
(Headline earnings: GBP743,732) compared with a basic and Headline loss of GBP13,872 for the same six-month period last year, 
delivering a basic EPS of 22.40 pence and Headline EPS of 9.30 pence (30 September 2013: basic and Headline loss per 
share of 10.02 pence).

Whilst the completion date of the acquisition by Stenprop of the various property companies was 1 October 2014, 
which is when all material conditions were met, the transaction was effective from 1 April 2014, which is the date at 
which the price of the property companies was determined. All trading results for the six months from 1 April 2014 in 
the property companies, and any changes in values, were therefore for the benefit of Stenprop. As a result, the fair
value of the net assets acquired was greater than the consideration paid and hence this has been recorded as a Gain on 
Acquisition in the pro forma consolidated statement of comprehensive income on the acquisition date. In order to provide 
more transparency on the performance of the acquired properties and to provide a more comprehensive view of the composition 
of the Gain on Acquisition, a pro forma condensed consolidated statement of comprehensive income in EUR for the six-month 
period to 2 October 2014, being the date on which the acquisition of the various property companies and the management 
companies completed, has been presented.

Earnings per share is calculated on the weighted average number of shares in issue and the profit/(loss) attributable 
to shareholders. 

The EUR pro forma basic earnings attributable to ordinary shareholders for the six-month period to 
2 October 2014 are EUR9,189,237, after accounting for the net gain on acquisition arising from the internalisation of 
management and the uplift in value of the various property companies acquired. This equates to a basic EPS of 7.38 cents. 
The earnings for the two days between the reporting date (30 September 2014) and 2 October 2014 have not been included 
as they are considered immaterial. The EUR pro forma Headline earnings are EUR11,165,017 equating to a Headline diluted 
EPS of 8.96 cents.

In accordance with reporting standards widely adopted across the real estate industry in Europe, the board of directors 
feels it appropriate and useful, in addition to providing the IFRS disclosed earnings, to also disclose EPRA earnings(4).

Pro forma adjusted EPRA earnings attributable to shareholders are EUR12,210.651, equating to a pro forma Adjusted EPRA 
diluted EPS of 9.80 cents. This represents a 7.1% yield on the issue price of EUR1.37.

Stenprop's policy is to distribute the majority of its earnings available for distribution in the form of 
bi-annual dividends. It intends to declare its first dividend in the second quarter of 2015, relating to the 
six months to 31 March 2015, being the first period of trading following the acquisitions.

Net assets
The net asset value ("NAV") at 30 September 2014 only includes the eight properties acquired by Stenprop on 25 March 2014, 
expressed in GBP. The property portfolio owned by Stenprop prior to the acquisition was valued by Jones Lang La Salle ("JLL") 
at time of acquisition and again at the reporting date. As at 30 September 2014, JLL valued the properties at GBP28.5 million 
(March 2014: GBP27.5million). IFRS (basic and diluted) NAV per share (in GBP) at 30 September 2014 is GBP1.20 
(30 September 2013: GBP0.85 per share).

The pro forma (basic and diluted) IFRS NAV per share after completion of the acquisitions at 2 October 2014 was EUR1.41.

As is the case with regard to the disclosure of EPRA earnings the board of directors feels that it is appropriate and useful, 
in addition to IFRS NAV, to also disclose EPRA NAV5. The diluted EPRA NAV per share (in GBP) at 30 September 2014 is GBP1.21 
(30 September 2013: GBP0.85 per share).

The pro forma diluted EPRA NAV per share (in EUR) at 2 October 2014 after completion of the acquisitions is EUR1.46, which 
includes the net gain on acquisition arising from the internalisation of management and uplift in value of the various 
property companies acquired. This compares with the issue price of EUR1.37 per share at which the consideration shares were 
issued, representing a 6.6% uplift in value.

(4)The European Public Real Estate Association (EPRA) issued Best Practices Policy Recommendations in August 2011, 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 a 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. 

(5)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.

Net debt
Stenprop's loan to value ratio ("LTV") on 30 September 2014 before the acquisitions was 36% (31 March 2014: 37.8%). Following completion
of the acquisitions on 2 October, the LTV was 54.6%. This has declined from the estimated LTV of 56.7%6 at the effective date of the
acquisitions as a result of amortisation of loans and an increase in values. Stenprop is targeting an LTV of no more than 50%. 
The net debt to value ratio, being net liabilities over total property value at 2 October 2014 is 47.8%.

The all-in contracted weighted average cost of debt is 3.06%. After taking into account the amortisation of the swap contract liabilities
acquired by Stenprop as part of the acquisition of the various property companies, the effective weighted average cost of debt is 2.3%.

Stenprop does not take speculative positions on interest rate contracts and generally takes interest rate hedges on all of its debt.

The weighted average duration to expiry of the current debt packages is 2.18 years from 30 September 2014, and includes amortisation
payments of EUR9.8 million per annum. Stenprop is currently in discussions with the lenders on the Swiss properties to reduce gearing,
remove amortisation and extend the debt from maturity in 2017 for up to a further four years to 2021. It is intended that all 
new debt will be taken on a non-amortising basis.

Prospects
Should current economic conditions prevail, net operating income for the next six months is expected to be broadly similar to that 
reflected in the pro forma income statement for the first six months to 2 October 2014. This general forecast has not been reported 
on by the external auditors.

Changes to the board
Upon completion of the acquisition of the property companies and management companies on 1 and 2 October 2014 respectively,
Paul Arenson was appointed CEO of Stenprop, Patsy Watson was appointed CFO and Neil Marais was appointed executive director.
All were key members of the management team of Stenham Property, the management company acquired by Stenprop, and have strong
track records in the real estate environment. Michael Fienberg and Stephen Ball were appointed as independent non-executive 
directors on 2 October 2014, both of whom previously served on the boards of the various entities which owned the acquired properties.

Gerald Leissner remains as non-executive Chairman of the board, and James Keyes and David Brown remain as non-executive directors.
Sean Melnick, David Smith, Hennie Esterhuizen and Cobus Josling all resigned from the board on 2 October 2014.

On 10 December 2014 Mandy Yachad was appointed to the board as a non-executive director.

Independent review report to Stenprop Limited
We have been engaged by the Company to review the condensed set of financial statements in the half-yearly financial report for
the six months ended 30 September 2014 which comprises the consolidated income statement, the consolidated balance sheet,
the consolidated statement of financial position, statement of changes in equity, the cash flow statement and related notes 1 to 13. 
We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent 
misstatements or material inconsistencies with the information in the condensed set of financial statements.

This report is made solely to the Company in accordance with International Standard on Review Engagements (UK and Ireland) 2410 "Review
of Interim Financial Information performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board. Our work has
been undertaken so that we might state to the Company those matters we are required to state to it in an independent review report and
for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company,
for our review work, for this report, or for the conclusions we have formed.

Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for 
preparing the half-yearly financial report.

As disclosed in note 1, the annual financial statements of the group are prepared in accordance with International Financial Reporting
Standards. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with
International Accounting Standard 34, "Interim Financial Reporting,".

Our responsibility
Our responsibility is to express to the company a conclusion on the condensed set of financial statements in the half-yearly financial report
based on our review.

Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 "Review of Interim
Financial Information performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United
Kingdom. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become
aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the
half-yearly financial report for the six months ended 30 September 2014 is not prepared, in all material respects, in accordance with
International Accounting Standard 34.

Deloitte LLP
Chartered Accountants and Statutory Auditor
St Peter Port, Guernsey
10 December 2014

Condensed consolidated statement of comprehensive income
                                                                       IFRS         IFRS                     IFRS     Pro forma*      
                                                                  Unaudited    Unaudited        IFRS     Unaudited     Unaudited      
                                                                    for the      for the     Audited       for the       for the      
                                                                  six-month    six-month     for the     six-month     six-month      
                                                                     period       period      period        period        period      
                                                                     ending       ending       ended        ending        ending      
                                                                  30/9/2014    30/9/2013   31/3/2014     2/10/2014     2/10/2014      
                                                     Notes              GBP          GBP         GBP           EUR           EUR 
Net rental income                                         2       1,371,599            ?      45,052     1,704,899    16,381,698      
Management fee income                                                     ?            ?           ?             ?        67,049      
Operating costs                                           3       (289,455)     (30,042)    (91,168)     (359,795)   (2,601,659)      
Net operating income/(loss)                                       1,082,144     (30,042)    (46,116)     1,345,104    13,847,088      
Fair value movement on investment properties              4       1,050,000            ?           ?     1,305,150    12,496,648      
Reversal of provision for selling costs                   4               ?            ?           ?             ?     5,612,458      
Income from associates                                    5               ?            ?           ?             ?     1,160,970      
Fair value movement in joint venture                      6               ?            ?           ?             ?     1,108,348      
Impairment of goodwill                                   13               ?            ?     (8,038)             ?  (19,374,000)      
Profit from operations                                            2,132,144     (30,042)    (54,154)     2,650,254    14,851,512      
Gain on acquisition                                      13              ?            ?           ?     9,656,861             ?      
Other gains and losses                                               12,030       16,170      39,937        14,954        23,281      
Net gain from fair value of financial liabilities                         ?            ?           ?             ?       213,781      
Net finance costs                                                 (224,682)            ?    (10,164)     (279,278)   (5,050,782)      
Profit/(loss) for the period before taxation                      1,919,492     (13,872)    (24,381)    12,042,791    10,037,792      
Taxation                                                          (125,760)            ?     (6,543)     (156,320)     (773,914)      
Profit/(loss) for the period after taxation                       1,793,732     (13,872)    (30,924)    11,886,471     9,263,878      
Profit/(loss) attributable to:                                                                                                 
Equity holders                                                    1,793,732     (13,872)    (30,924)    11,886,471     9,189,237      
Non-controlling interest                                                  ?            ?           ?             ?        74,641      
Other comprehensive income:                                                                                                            
Fair value movement on interest rate swaps                           10,490            ?       3,719        13,427        13,427      
Foreign currency translation reserve                                      ?            ?           ?             ?     2,647,841      
Total comprehensive profit/(loss) for the period                  1,804,222     (13,872)    (27,205)    11,899,898    11,925,146      
Total comprehensive profit/(loss) attributable to:                                                                        
Equity holders                                                    1,804,222     (13,872)    (27,205)    11,899,898    11,899,898      
Non-controlling interest                                                  ?            ?           ?             ?        25,248      
Earnings per share                                                    pence        pence       pence         cents         cents      
IFRS EPS                                                  7           22.44      (10.02)      (5.80)          9.55          7.38      
IFRS Diluted EPS                                          7           22.44      (10.02)      (5.80)          9.54          7.38      
Adjusted EPRA EPS                                         7            9.30      (10.02)      (5.80)          1.77          9.81      
Adjusted EPRA Diluted EPS                                 7            9.30      (10.02)      (5.80)          1.76          9.80      
Headline EPS                                              7           9.30      (10.02)      (4.29)          0.74          8.97      
Headline Diluted EPS                                      7            9.30      (10.02)      (4.29)          0.74          8.96      

The accompanying notes form an integral part of these condensed interim financial statements.

*Readers are referred to note 1 where the basis of preparation of the pro forma information is explained.

Consolidated statements of financial position
                                                                     IFRS        IFRS         IFRS       Pro forma*      
                                                                Unaudited   Unaudited      Audited        Unaudited      
                                                                30/9/2014   30/9/2013    31/3/2014        2/10/2014      
                                                   Notes              GBP         GBP          GBP              EUR      
ASSETS                                                                                                            
Investment properties                                   4      28,550,000           ?   27,500,000      614,089,164      
Investment in associates                                5               ?           ?            ?       35,113,357      
Investment in listed securities                                   245,466     216,767      236,766          314,196      
Investment in joint venture                             6               ?           ?            ?        8,947,650      
Property, plant and equipment                                           ?           ?            ?            9,801      
Total non current assets                                       28,795,466     216,767   27,736,766      658,474,168      
Cash                                                            1,778,344     273,443    1,380,526       44,532,483      
Accounts receivable                                               143,213           ?      212,931        2,944,198      
Other debtors                                                      20,643           ?            ?          546,559      
Prepayments                                                        58,500         895            ?          410,637      
Total current assets                                           2,000,700     274,338    1,593,457        48,433,877      
Total assets                                                   30,796,166     491,105   29,330,223      706,908,045      
Equity and liabilities                                                                                            
Capital and reserves                                                                                              
Share capital                                           8              16           1           16              319      
Share premium                                           8      17,432,936     439,999   17,460,730      339,898,351      
Retained earnings                                               1,839,428    (13,872)     (30,924)       11,944,962      
Profit and loss for the period                                  1,839,428    (13,872)     (30,924)        2,288,101      
Profit and loss ? Gain on acquisition                                   ?           ?            ?        9,656,861      
Hedging and translation reserve                                         ?           ?            ?           66,368      
Cash flow hedge reserve                                          (62,411)           ?        3,719         (79,886)      
Total equity attributable to equity shareholders               19,209,969     426,128   17,433,541      351,830,114      
Non-controlling Interest                                                ?           ?            ?        1,749,801      
Total equity                                                   19,209,969     426,128   17,433,541      353,579,915      
Non-current liabilities                                                                                           
Bank loans                                              9      10,364,606           ?   10,400,000      326,909,275      
Derivative financial instruments                                   62,411           ?       72,901        4,544,753      
Other loan and interest                                                 ?           ?            ?           22,093      
Total non-current liabilities                                  10,427,017           ?   10,472,901      331,476,121      
Current liabilities                                                                                               
Deferred tax                                                            ?           ?            ?        6,532,235      
Accounts payable and accruals                                   1,159,180      64,977    1,423,781       15,319,774      
Total current liabilities                                       1,159,180      64,977    1,423,781       21,852,009      
Total liabilities                                              11,586,197      64,977   11,896,682      353,328,130      
Total equity and liabilities                                   30,796,166     491,105   29,330,223      706,908,045      
IFRS net asset value per share                          7            1.20        0.85         1.09             1.41      
EPRA net asset value per share                          7            1.21        0.85         1.10             1.46          

The accompanying notes form an integral part of these condensed interim financial statements.

*Readers are referred to note 1 where the basis of preparation of the pro forma information is explained.

The condensed consolidated interim financial statements were approved by the Board of Directors on 10 December 2014.

Condensed consolidated statement of changes in equity

                                                                     Cash flow               Attributable      
                                                 Share        Share       hedge    Retained   to owners of      
                                               capital      premium     reserve     surplus    the company      
                                                   GBP          GBP         GBP         GBP            GBP      
Balance at 1 April 2014                             16   17,460,730       3,719    (30,924)     17,433,541      
Novation of swap contract                            ?            ?    (76,620)      76,620              ?      
Acquisition/transaction costs                        ?     (27,794)           ?           ?       (27,794)      
Total comprehensive profit for the period            ?            ?      10,490   1,793,732      1,804,222      
Balance at 30 September 2014                        16   17,432,936    (62,411)   1,839,428     19,209,969 

                                                                      Cash flow               Attributable      
                                                 Share        Share       hedge    Retained   to owners of      
                                               capital      premium     reserve     deficit    the company      
                                                   GBP          GBP         GBP         GBP            GBP      
Balance at 26 October 2012                           ?            ?           ?           ?              ?      
Issue of share capital                               1      499,999           ?           ?        500,000      
Listing costs                                        ?     (60,000)           ?           ?       (60,000)      
Total comprehensive income for the period            ?            ?           ?    (13,872)       (13,872)      
Ordinary dividends paid                              ?            ?           ?           ?              ?      
Balance at 30 September 2013                         1      439,999           ?    (13,872)        426,128 

                                                                      Cash flow               Attributable      
                                                 Share        Share       hedge    Retained   to owners of      
                                               capital      premium     reserve     deficit    the company      
                                                   GBP          GBP         GBP         GBP            GBP      
Balance at 26 October 2012                           ?            ?           ?           ?              ?      
Issue of share capital                              16   17,534,587           ?           ?     17,534,603      
Share issue and listing costs                        ?     (73,857)           ?           ?       (73,857)      
Total comprehensive loss for the period              ?            ?       3,719    (30,924)       (27,205)      
Balance at 31 March 2014                            16   17,460,730       3,719    (30,924)     17,433,541      

The accompanying notes form an integral part of these condensed interim financial statements.

Condensed consolidated statement of cash flows 

                                                              IFRS         IFRS        IFRS    Pro forma*      
                                                         Unaudited    Unaudited     Audited     Unaudited      
                                                         30/9/2014    30/9/2013   31/3/2014     2/10/2014      
                                                               GBP          GBP         GBP           EUR      
Operating activities                                                                                       
Operating profit/(loss)                                  2,132,144     (30,042)    (54,154)     2,650,254      
Impairment of goodwill                                           ?            ?       8,038             ?      
Increase in fair value of investment property          (1,050,000)            ?           ?   (1,305,150)      
Increase in trade and other receivables                   (12,394)        (895)    (42,855)      (15,864)      
Increase/(decrease) in trade and other payables          (310,852)       11,606     166,135     (357,851)      
Interest paid                                            (193,503)            ?           ?     (247,684)      
Interest received                                              829            ?         191         1,061      
Tax paid                                                   (8,719)            ?           ?      (11,160)      
Net cash from operating activities                         557,505     (19,331)      77,355       713,606      
Investing activities                                                                                       
Dividends received from trading activities                   6,299        8,162       8,961         8,063      
Purchases of trading investments                                 ?    (208,759)   (208,759)             ?      
Cash obtained on acquisitions                                    ?            ?   1,016,287    42,256,201      
Net cash used in investing activities                        6,299    (200,597)     816,489    42,264,264      
Financing activities                                                                                       
Proceeds on issue of ordinary share capital                      ?      500,000     500,000                   
Listing costs paid                                        (88,333)      (6,629)    (13,318)     (113,066)      
Financing fees                                            (43,265)            ?           ?      (55,377)      
Unutilised facility fee paid                              (34,388)            ?           ?      (44,017)      
Net cash from financing activities                       (165,986)      493,371     486,682     (212,460)      
Cash and cash equivalents at beginning of the period     1,380,526            ?           ?     1,767,073      
Net increase in cash and cash equivalents                  397,818      273,443   1,380,526    42,765,410      
Cash and cash equivalents at end of the period           1,778,344      273,443   1,380,526    44,532,483      

*Readers are referred to note 1 where the basis of preparation of the pro forma information is explained. Material non-cash flow 
 transactions which occurred on acquisition included the issue of 232,916,798 shares in consideration for the purchase of various 
 property and management companies.

Notes to the condensed consolidated interim financial statements
1. Basis of preparation
   Statement of compliance
   The IFRS unaudited condensed interim financial results (hereafter the 'IFRS statements') for the six months ended 30 September
   2014 have been prepared in accordance with the recognition and measurement criteria of the International Financial Reporting
   Standards ('IFRS') and its interpretations adopted by the International Accounting Standards Board ('IAB'), specifically IAS34
   "Interim Financial Reporting" and the listing requirements of the Bermuda Stock Exchange and the Johannesburg Stock Exchange
   as applicable.

   Pro forma fnancial information
   In the interests of consistency in those areas of reporting that are seen to be of most relevance to investors and of providing a
   meaningful basis of comparison for users of the financial information, the Group has prepared an unaudited pro forma statement of
   comprehensive income for the six months ended 2 October 2014, and an unaudited statement of financial position and statement
   of cash flow at 2 October 2014, being the date by which completion of the acquisition of the various property and management
   companies had occurred. The pro forma statement of cash flow represents the Group's cash flow for the period, and takes into
   account the cash obtained on acquisition. The pro forma statements, which are denominated in EUR, are for illustration purposes
   only and may not fairly represent the Group's fnancial position, changes in equity, results of operations, or cash flow.
   
   The main difference between the pro forma statement of comprehensive income and the IFRS statement is that the pro forma
   statement of income has been prepared as if completion of the acquisition of the property owning companies had taken place on
   1 April 2014, which was the effective date on which risk and reward passed to Stenprop in the purchase of the various property
   companies, while the IFRS statements use the completion date of the acquisition (date that control passes), being 1 October 2014,
   to account for these investments.

   The pro forma statement of comprehensive income therefore separately shows trading profits, property revaluations and other
   adjustments for the six-month financial period ended 30 September 2014. In addition, the pro forma statement of comprehensive
   income discloses the notional goodwill arising on the purchase of the management companies, the gain arising on the purchase of
   the property companies (which under IFRS is treated as one linked transaction), and the recognition of the amount of the deferred
   consideration which is reasonably expected to become payable.

   Selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in
   financial position and performance of the Group since the last annual consolidated financial statements as at and for the year ended
   31 March 2014.

   Significant accounting policies
   The accounting policies applied by the Group in these consolidated interim financial statements are the same as those applied by the
   Group in its audited consolidated financial statements as at 31 March 2014, except for the new standards adopted during the period.
   
   New standards adopted during the period
   In the current period the following new and revised Standards and Interpretations have been adopted:
   -   IFRS 10 Investment entities: exemption from consolidation requirements;
   -   IAS 32 Offsetting financial assets and financial liabilities;
   -   IAS 36 Recoverable amount disclosure for non-financial assets;
   -   IAS 39 Novation of derivatives and continuation of hedge accounting; and
   -   IFRIC 2 Levies.

   At the date of authorisation of these financial statements, the following standards and interpretations 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: classification and measurement (no mandatory effective date); and
   -   IAS 9 Defined benefit plans: employee contributions (1 July 2014).

   In addition the IASB completed its annual improvements to IFRS 2010 ? 2012 cycle and 2011 ? 2013 cycle, which have amended a
   number of existing standards commencing on or after 1 July 2014.
   The directors 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 future period.

   Arising from the adoption as set out above and the changes in the business in the period, the following are the revised accounting
   policies applicable in the period:

   Share-based payments
   Share options have been granted to key management as as part of the acquisition of the management companies. 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.

   Joint ventures
   The Group's investment properties are typically held in property specific special purpose vehicles ("SPVs"), which may be legally
   structured as a joint venture. 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.
   Any premium paid for an interest in a jointly controlled entity above fair value of identifiable assets, liabilities and contingent liabilities
   is accounted for in accordance with the goodwill accounting policy.

   Dividends
   Dividends to the Company's shareholders are recognised when they become legally payable. In the case of interim dividends, this is
   when paid. In the case of final dividends, this is when approved by the board.

   Associates
   Associates are accounted for under the equity method, whereby the consolidated balance sheet incorporates the Group's share
   (investor's share) of the net assets of its associates. The consolidated income statement incorporates the Group's share of associate
   profits after tax.

   Judgements and estimates
   The preparation of the condensed consolidated interim financial statements requires the use of judgements and estimates that
   affect the reported amounts of assets and liabilities at the reporting date and the reported amounts of revenues and expenses
   reported during the period. Although these estimates are based on the directors' best knowledge of the amount, event or actions,
   actual results may 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 Transaction, being the acquisition of the property companies and management companies detailed in note 13,
   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.

   Having reviewed the characteristics of the Transaction, this has been accounted for as one transaction as the directors consider that
   the components of the Transaction are part of a linked transaction in creating an integrated property business with fully internalised
   management, business systems and strategic objectives. The acquired assets were selected in order to fulfil a total return strategy
   for the business, comprising both dividend yield and growth in value, and are viewed by management and the board as one business
   delivering returns from a European portfolio of commercial properties. The fair value of assets and liabilities acquired and the fair
   value of consideration are shown in note 13.

   Investment properties
   The preparation of the financial statements requires management to make estimates affecting the reported amounts of assets
   and liabilities, of revenues and expenses, and of gains and losses. As described below, the Group's investment properties are stated
   at estimated fair value, based on an independent external appraisal. The valuation of the Group's property portfolio is inherently
   subjective due to a number of factors including the individual nature of the 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 times 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 different, 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.

2. Net rental income                                                                                                                  
                                                                 IFRS            IFRS                          IFRS      Pro forma*      
                                                            Unaudited       Unaudited           IFRS       Unaudited       Unaudited      
                                                              for the         for the        Audited         for the         for the      
                                                            six-month       six-month        for the       six-month       six-month      
                                                               period          period         period          period          period      
                                                               ending          ending          ended          ending          ending      
                                                            30/9/2014       30/9/2013      31/3/2014       2/10/2014       2/10/2014      
                                                                  GBP             GBP            GBP             EUR             EUR
   Rental Income                                             1,373,774               ?         45,053       1,707,601      18,582,386      
   Other income ? tenant recharges                              33,253               ?          1,072          41,335       1,081,433      
   Other income                                                      ?               ?              ?               ?         104,538      
   Rental income                                             1,407,027               ?         46,125       1,748,936      19,768,357      
   Direct property costs                                      (35,428)               ?        (1,073)        (44,037)     (3,386,659)      
   Total net rental income                                   1,371,599               ?         45,052       1,704,899      16,381,698  

3. Operating costs                                                                                                                    
                                                                  IFRS            IFRS                          IFRS       Pro forma*      
                                                             Unaudited       Unaudited           IFRS       Unaudited       Unaudited      
                                                               for the         for the        Audited         for the         for the      
                                                             six-month       six-month        for the       six-month       six-month      
                                                                period          period         period          period          period
                                                                ending          ending          ended          ending          ending   
                                                             30/9/2014       30/9/2013      31/3/2014       2/10/2014       2/10/2014      
                                                                   GBP             GBP            GBP             EUR             EUR      
   Significant expenses included in operating costs:                                                                                  
   Tax, legal and professional fees                             43,092          30,042         35,669          53,564         392,621      
   Administration fees (including director emoluments)          62,750               ?         38,123          77,999         335,511      
   Investment advisory fees                                    175,531               ?          5,830         218,185         218,185      
   Asset management fees*                                            ?               ?              ?               ?       1,632,832      

   * Asset management fees were paid for the six months from 1 April 2014. With effect from 2 October 2014, management was internalised and no further
   asset management fees are payable by Stenprop. Stenprop will therefore bear the direct costs of management.

4. Investment property
   The property portfolio owned by the Group prior to the acquisition was valued by Jones Lang La Salle ("JLL") at time of acquisition and
   again at the reporting date. As at 30 September 2014, the fair value of the consolidated investment properties was GBP28.55 million
   (March 2014: GBP27.5 million).

   The fair value of each of the properties for the year ended 31 March 2014 was assessed by the valuers in accordance with the
   Appraisal and Valuation Standards of the Royal Institution of Chartered Surveyors. For the six months ended 30 September 2014,
   the independent valuers performed a desktop review to update the 31 March 2014 valuations to reflect movements in the market
   and guidance in IFRS 3.

                                                                  IFRS            IFRS            IFRS         Pro forma      
                                                             Unaudited       Unaudited         Audited         Unaudited      
                                                             30/9/2014       30/9/2013       31/3/2014         2/10/2014      
                                                                   GBP             GBP             GBP               EUR
   Opening balance                                          27,500,000               ?               ?        35,238,850      
   Properties acquired during the period                             ?               ?      27,500,000       577,545,164      
   Net fair value gains/losses on investment property        1,050,000               ?               ?         1,305,150      
   Closing balance                                          28,550,000               ?      27,500,000       614,089,164      

   On 1 October 2014, the Group, through the purchase of various property companies, completed the acquisition of its investment
   properties to the value of EUR577,545,164. The acquisition date of the transactions was 1 October 2014, which is when all material
   conditions were met. The acquisition was determined with effect from 1 April 2014 and the price of the property companies was
   determined with reference to the fair values at 31 March 2014. As a result, all trading results for the six months to acquisition date in
   the property companies, and any changes in values, are for the benefit of the Group. Over the six month period to 2 October 2014
   the Group benefited from an uplift in the fair value of the properties to the value of EUR12,496,648 (including existing properties) and
   a reversal of the provision for selling costs to the value of EUR5,612,458 both of which are recognised in gain on acquisition (note 13).

5. Investment in Associate                                 
                                                                                Pro forma   
                                                                                Unaudited   
                                                                                2/10/2014   
                                                                                      EUR

   Opening balance                                                                       ?   
   Share in associate acquired during the period                                35,113,357   
   Closing balance                                                              35,113,357   
   
   As detailed in the subsequent event note (note 13), the acquisition of the investment in associate which completed on 1 October
   2014 reflects the 28% shareholding acquired in Stenham European Shopping Centre Fund Limited, acquired as part of the purchase
   of various property companies. The effective date of the acquisition was 1 April 2014 at which date the fair value of the associate was
   determined for purposes of the transaction. Over the six-month period to acquisition date, 1 October 2014, the Group benefitted
   from an uplift in the fair value of the associate to the value of EUR1,160,970 which is recognised in gain on acquisition (note 13).

6. Investment in joint venture                                                  
   The joint venture is made up of the following:                                               
                                                                                Pro forma      
                                                                                Unaudited      
                                                                                2/10/2014      
                                                                                      EUR

   Investment property                                                          33,603,678      
   Net working capital                                                             890,798      
   Assets                                                                       34,494,476      
   Bank loans                                                                 (24,035,968)      
   Deferred tax                                                                  (151,235)      
   Financial liability                                                         (1,359,624)      
   Liabilities                                                                (25,546,826)      
   Net assets excluding loan due to Group                                        8,947,650      
   Balance and loan due to Group (capital plus accrued interest)                14,073,309      
   Fair value of loan due to Group/Investment in joint venture                   8,947,650      

   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% compounded 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. Over the six-month period to acquisition date, 1 October
   2014, the Group benefitted from an uplift in the fair value of the joint venture to the value of EUR1,108,348 which is recognised in gain
   on acquisition (note 13).

7. Earnings and net asset value per ordinary share
   Earnings per ordinary share

   Earnings per share is calculated on the weighted average number of shares in issue and the profit/(loss) attributable to shareholders.
   Reconciliation of profit for the period to adjusted EPRA earnings  
                                                                                                                   IFRS      Pro forma*
                                                                   Unaudited      Unaudited                   Unaudited       Unaudited
                                                                     for the        for the      Audited        for the         for the
                                                                  six months     six months       period     six months      six months
                                                                       ended          ended        ended          ended           ended
                                                                   30/9/2014      30/9/2013    31/3/2014      2/10/2014       2/10/2014
                                                                         GBP            GBP          GBP            EUR             EUR
   Earnings/(loss) per IFRS income statement 
   attributable to shareholders                                    1,793,732       (13,872)     (30,924)     11,886,471       9,189,237
   Adjustments to calculate EPRA earnings, exclude:                                                                                   
   Changes in fair value of investment properties                (1,050,000)              ?            ?    (1,305,150)    (12,496,648)
   Reversal of provision for selling costs                                 ?              ?            ?              ?     (5,612,458)
   Reversal of gain on acquisition                                         ?              ?            ?    (9,656,861)      19,374,000
   Changes in fair value of financial instruments                          ?              ?            ?              ?       (213,781)
   Deferred tax in respect of EPRA adjustments                             ?              ?            ?              ?         573,550
   Adjustments above in respect of non-controlling
   interests                                                                                                                      
   Changes in value of investment properties                               ?              ?            ?              ?         145,775
   Deferred tax in respect of EPRA adjustments                                                                                 (21,866)
   EPRA earnings/(loss) attributable to shareholders                743,732        (13,872)     (30,924)        924,460      10,937,809
   Further adjustments to arrive at Adjusted EPRA earnings                                                                        
   Straight-line unwind of purchased swaps                                ?               ?            ?      1,272,842       1,272,842
   Adjusted earnings/(loss) attributable to shareholders            743,732        (13,872)     (30,924)      2,197,302      12,210,651
   Weighted average number of shares in issue(7)                 15,986,003         276,897      533,175    248,902,812     248,902,812
   Deferred consideration                                                    ?              ?           ?       291,563         291,563
   Diluted weighted average number of shares in issue            15,986,003         276,897      533,175    249,194,375     249,194,375
   Earnings per share                                                 pence           pence        pence          cents           cents
   IFRS EPS                                                           22.44         (10.02)       (5.80)           9.55            7.38
   IFRS Diluted EPS                                                   22.44         (10.02)       (5.80)           9.54            7.38
   EPRA EPS                                                            9.30         (10.02)       (5.80)           0.74            8.79
   EPRA Diluted EPS                                                    9.30         (10.02)       (5.80)           0.74            8.78
   Adjusted EPRA EPS                                                   9.30         (10.02)       (5.80)           1.77            9.81
   Adjusted EPRA Diluted EPS                                           9.30         (10.02)       (5.80)           1.76            9.80
    
   * Readers are referred to note 1 where the Basis of Preparation of the proforma information is explained.

   A further adjustment of EUR1,272,842 was made to the EPRA earnings attributable to shareholders and relates 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.
   Applying IFRS treatment, these acquired swaps are required to be valued at each reporting date and the change in value taken to
   profit and loss. Given that these swaps will unwind to zero at the relevant maturity dates, an Adjustment has been made to reflect
   an unwind of the value at 1 April 2014 of the acquired swap contracts on a straight line basis to maturity, such that EPRA adjusted
   earnings more accurately reflect the lower effective interest cost. Therefore, the change in the value of these swaps included in the
   IFRS earnings has been removed (in the EPRA calculation) and replaced with the straight line swap unwind adjustment to arrive at
   adjusted EPRA earnings.
   
   (7)For purposes of calculating the Earnings per share at 2 October 2014, the total number of shares at this date was used.

   Reconciliation of profit for the period to Headline earnings  
                                                                                                                IFRS     Pro forma*
                                                             Unaudited      Unaudited                      Unaudited      Unaudited
                                                               for the        for the       Audited          for the        for the
                                                            six months     six months        period       six months     six months
                                                                 ended          ended         ended            ended          ended
                                                             30/9/2014      30/9/2013     31/3/2014        2/10/2014      2/10/2014
                                                                   GBP            GBP           GBP              EUR            EUR
   Earnings/(loss) per IFRS income statement
   attributable to shareholders                              1,793,732       (13,872)      (30,924)       11,886,471      9,189,237
   Adjustments to calculate Headline Earnings, exclude:                                                                          
   Changes in fair value of investment properties          (1,050,000)              ?             ?      (1,305,150)   (12,496,648)
   Reversal of provision for selling costs                           ?              ?             ?                ?    (5,612,458)
   Reversal of gain on acquisition                                   ?              ?        8,038       (9,656,861)     19,374,000
   Changes in fair value of financial instruments                                   ?             ?                ?         13,427
   Deferred tax in respect of Headline earnings  
   adjustments                                                                      ?             ?                ?        573,550
   Adjustments above in respect of non-controlling  
   interests                                                                                                                  
   Changes in value of investment properties                                        ?             ?                ?        145,775
   Deferred tax in respect of EPRA adjustments                                                                             (21,866)
   Headline/EPRA earnings/(loss) attributable to  
   shareholders                                                743,732       (13,872)      (22,886)          924,460     11,165,017
   Earnings per share                                            pence          pence         pence            cents          cents
   Headline EPS                                                   9.30        (10.02)        (4.29)             0.74           8.97
   Headline Diluted EPS                                           9.30        (10.02)        (4.29)             0.74           8.96
    
   * Readers are referred to note 1 where the Basis of Preparation of the pro forma information is explained.
    
   Net asset value per share
   The calculation of net asset value per share at the reporting date and acquisition date is set out below:
    
                                                                      IFRS          IFRS          IFRS      Pro forma*
                                                                 Unaudited     Unaudited       Audited       Unaudited
                                                                 30/9/2014     30/9/2013     31/3/2014       2/10/2014
                                                                       GBP           GBP           GBP             EUR
    Net assets attributable to equity shareholders              19,209,969       426,128    17,433,541     351,830,114
    Adjustments to arrive at EPRA net asset value:                                                               
    Derivative financial instruments                                62,411             ?        72,901       4,544,753
    Deferred tax                                                         ?             ?             ?       6,532,235
    Adjustments above in respect of non-controlling interests            ?             ?             ?       1,067,207
    EPRA net assets attributable to shareholders                19,272,380       426,128    17,506,442     363,974,309
    Number of shares in issue                                   15,986,003       500,000    15,986,003     248,902,812
    Deferred consideration                                                                                     291,563
    Diluted number of shares in issue                           15,986,003       500,000    15,986,003     249,194,375
    Net asset value per share (basic and diluted)                    pence         pence         pence           cents 
    IFRS net asset value per share                                    1.20          0.85          1.09            1.41
    EPRA net asset value per share                                    1.21          0.85          1.10            1.46
    
    *Readers are referred to note 1 where the basis of preparation of the pro forma information is explained.
    
8.  Share capital
    Issue of shares to acquire various property companies, the Stenham Property management business and the current investment
    manager, Apex Hi (UK) Limited.

    The company had 15,986,003 (March 2014: 15,986,003) ordinary shares in issue at the reporting date. On 2 October 2014 the
    company completed the acquisition of the various property and management companies in consideration for an issue of new
    ordinary shares in the company. On 1 October 2014 and 2 October 2014 respectively, 218,794,917 and 14,121,892 new ordinary
    shares were issued on the Bermuda Stock Exchange at an issue price of EUR1.37 per share as consideration for the purchase of the
    property and management companies.

                                                                            IFRS          IFRS           IFRS       Pro forma
                                                                       Unaudited     Unaudited        Audited       Unaudited
                                                                       30/9/2014     30/9/2013      31/3/2014       2/10/2014
                                                                             GBP           GBP            GBP             EUR
    Authorised                                                                                                           
    1,000,000,000 ordinary shares with a par value of GBP0.000001 each      1,000         1,000          1,000           1,258
  
                                                                             IFRS          IFRS           IFRS       Pro forma
    Issued share capital                                                Unaudited     Unaudited        Audited       Unaudited
                                                                        30/9/2014     30/9/2014      31/3/2014       2/10/2014
                                                                           Number        Number         Number          Number
                                                                        of shares     of shares      of shares       of shares
    Opening balance                                                    15,986,003       250,000        250,000      15,986,003
    Issue of new shares                                                         ?       250,000     15,736,003     232,916,809
    Closing number of shares issued                                    15,986,003       500,000     15,986,003     248,902,812
                                                                              GBP           GBP            GBP             EUR
    Share capital                                                              16             1             16             319
    Share premium                                                      17,460,730       499,999     17,534,587     341,985,423
    Less: Acquisition/transaction costs                                  (27,794)      (60,000)       (73,857)     (2,087,071)
    Total share premium                                                17,432,936       439,999     17,460,730     339,898,351

    In terms of the acquisition, the company committed to issue 291,563 ordinary shares to directors (the estimated value of which
    was EUR400,000 at the time) over a two-year period subject to those directors still being employed. Although this represents a share
    based payment under IFRS 2: Share Based Payments this has been treated as a cost of the shares issued 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, management considers the impact of the difference in treatment to
    be immaterial.

    Translation of share capital
    Shareholders are referred to the announcement dated 24 October 2014 confirming that, for the purposes of changing the currency
    denomination of the share capital of the company, a GBP:EUR exchange rate of GBP1.00:EUR1,258 was used at acquisition date,
    resulting in an authorised share capital of EUR1,258.00 comprising 1,000,000 common shares of EUR0.000001258 each.

9.   Bank loans                                                                            
                                                                           IFRS        IFRS           IFRS      Pro forma      
                                                                      Unaudited   Unaudited        Audited      Unaudited      
                                                                      30/9/2014   30/9/2013      31/3/2014      2/10/2014      
                                                                            GBP         GBP            GBP            EUR      
     Opening balance                                                  10,400,000           ?              ?     13,312,000      
     Acquisitions                                                              ?           ?     10,396,777    313,642,579      
     Amortisation of transaction fees                                   (35,394)                     3,223       (45,304)      
     Closing balance                                                  10,364,606           ?     10,400,000    326,909,275      
     
     Pro forma debt at 2 October 2014:                                                          
                                                                                                                                    Weighted
                                                                                                               Net    Average        average
                                                    Property               Loan                  Loan to   debt to   interest    duration to
                                                       value              value          Cash      value     value       rate         expiry
     Property/Portfolio                                  EUR                EUR           EUR          %         %          %        (years)
     United Kingdom                              279,315,200      (115,645,513)    24,620,617       41.4      32.6       4.38           1.52
     Switzerland                                 145,204,324       (84,197,385)     3,310,251       58.0      55.7       1.97           2.50
     Germany                                     189,569,641      (127,066,378)    16,601,615       67.0      58.3       2.29           2.39
     Total                                       614,089,165      (326,909,276)    44,532,483       53.2      46.0       2.95           2.11
     Held in associate and joint venture:                                                                                            
     Nova Eventis                                 78,651,640       (46,211,171)     3,380,425       58.8      54.5       4.00           1.82
     Care Homes Portfolio                         33,412,000       (24,035,967)       895,613       71.9      69.3       2.61           3.86
     Portfolio total                             726,152,805      (397,156,414)    48,808,521          ?         ?          ?              ?
     Less minority interests                     (6,089,400)          4,331,787     (224,741)          ?         ?          ?              ?
     Portfolio total (excluding 
     minorities)                                 720,063,405      (392,824,627)    48,583,780       54.6      47.8       3.06           2.18
  
10.  Financial risk management
     The Group is exposed to a variety of financial risk: 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. The risks faced by the Group have not significantly changed compared to those disclosed in the consolidated
     financial statements for the year ended 31 March 2014 with the exception of the following.

     Fair value of financial instruments
     The following table summarises the Group's financial assets and liabilities into categories required by IFRS7 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
                                                         through     fair value                         carrying
                                                      other com-        through         Held at           amount
                                                      prehensive         profit       amortised        2 October
                                                          income       and loss            cost             2014
                                                             EUR            EUR             EUR              EUR
     Financial assets
     Trading instruments                                       ?        314,196               ?          314,196
     Cash and cash equivalents                                 ?              ?      44,532,483       44,532,483
     Accounts receivable                                       ?              ?       2,944,198        2,944,198
     Other debtors                                             ?              ?         546,559          546,559
     Prepayments                                               ?              ?         410,637          410,637
                                                               ?        314,196      48,433,877       48,748,073
     Financial liabilities
     Loans                                                     ?              ?     326,909,275      326,909,275
     Other loans and interest                                  ?              ?          22,093           22,093
     Interest rate swaps                                  79,886      4,464,867               ?        4,544,753
     Accounts payable                                          ?              ?      15,319,774       15,319,774
                                                          79,886      4,464,867     342,251,142      346,795,895

                                                         Held at  
                                                      fair value        Held at                            Total
                                                         through     fair value                         carrying
                                                      other com-        through         Held at           amount
                                                      prehensive         profit       amortised     30 September
                                                          income       and loss            cost             2014
                                                             GBP            GBP             GBP              GBP
     Financial assets  
     Trading instruments                                       ?        245,466               ?          245,466
     Cash and cash equivalents                                 ?              ?       1,778,344        1,778,344
     Accounts receivable                                       ?              ?         143,213          143,213
     Other debtors                                             ?              ?          20,643           20,643
     Prepayments                                               ?              ?          58,500           58,500
                                                               ?        245,466       2,000,700        2,246,166
     Financial liabilities   
     Loans                                                     ?              ?      10,364,606       10,364,606
     Interest rate swaps                                  62,411              ?               ?           62,411
     Accounts payable                                          ?              ?       1,159,180        1,159,180
                                                          62,411              ?      11,523,786       11,586,197

    
                                                         Held at
                                                      fair value        Held at                              Total
                                                         through     fair value                           carrying
                                                      other com-        through         Held at             amount
                                                      prehensive         profit       amortised           31 March
                                                          income       and loss            cost               2014
                                                             GBP            GBP             GBP                GBP
    Financial assets
    Trading instruments                                        ?        236,766               ?            236,766
    Cash and cash equivalents                                  ?              ?       1,380,526          1,380,526
    Accounts receivable                                        ?              ?         212,931            212,931
                                                               ?        236,766       1,593,457          1,830,223
    Financial liabilities  
    Loans                                                      ?              ?      10,400,000         10,400,000
    Interest rate swaps                                   72,901              ?               ?             72,901
    Accounts payable                                           ?              ?       1,423,781          1,423,781
                                                          72,901              ?      11,823,781         11,896,682


     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
    30 September 2014                                         GBP             GBP             GBP                GBP
    Assets                  
    Investment properties                              28,550,000               ?               ?         28,550,000
    Investment in listed securities                       245,466         245,466               ?                  ?
    Total assets                                       28,795,466         236,766               ?         28,550,000
    Liabilities                  
    Derivative financial liabilities                       62,411               ?          62,411                  ?
    Total liabilities                                      62,411               ?          62,411                  ?
    30 September 2013                  
    Assets                  
    Investment in listed securities                       216,767        216,767                ?                  ?
    Total assets                                          216,767        216,767                ?                  ?
    31 March 2014               
    Assets               
    Investment properties                              27,500,000               ?               ?         27,500,000
    Investment in listed securities                       236,766         236,766               ?                  ?
    Total assets                                       27,736,766         236,766               ?         27,500,000
    Liabilities               
    Derivative financial liabilities                       72,901               ?          72,901                  ?
    Total liabilities                                      72,901               ?          72,901                  ?
    
    Interest Rate Swap Agreements:
    In order to manage the interest rate risks arising from the Group's operations and its sources of finance the Group enters into interest
    rate swap agreements. The interest rate swaps are employed by the Group to convert the Group's borrowings from floating to
    fixed interest rates and are detailed below. It is the Group's policy that no economic trading in derivatives is undertaken.

    In accordance with the terms of the borrowing arrangements, the Group has entered into interest rate swap agreements.
    The interest rate swaps are used to manage the interest rate profile of financial liabilities and eliminate future exposure to interest
    rate fluctuations.

    The following table sets out the interest rate swap agreements that have a Group company as the counter-party to the commercial
    bank providing the interest rate swap swap at 2 October 2014. Prior to the acquisition of the property companies on 2 October 2014,
    the only existing swap agreement was held by the AprexHi Portfolio which is separately disclosed under Existing swap in the
    table below.

                                                                                                             Pro forma
                                                                                                Swap         Unaudited      
                                                                      Effective    Maturity     rate        fair value      
    Facility                                                               date         date       %         10/2/2014      
    UK                                                                                                                      
    Euston House                                                     01/04/2014   31/10/2016    2.04         (486,193)      
    Pilgrim Street                                                   01/04/2014   29/03/2016    2.71       (1,223,523)      
    Hollandbay Portfolio                                             01/04/2014   25/03/2015    2.86          (63,479)      
    SWISS                                                                                                                   
    Algy ? Sissach                                                   01/04/2014   31/03/2017    0.91          (78,989)      
    Bruce ? Chiasso                                                  01/04/2014   31/03/2017    1.90         (197,873)      
    Clint ? Interlaken Part 1                                        01/04/2014   31/03/2015    1.48          (21,294)      
    Clint ? Interlaken Part 2                                        01/04/2014   31/03/2017    1.75          (81,963)      
    David ? Cham Part 1                                              01/04/2014   31/03/2015    1.56          (57,195)      
    David ? Cham Part 2                                              01/04/2014   31/03/2017    1.73         (201,518)      
    Kantone                                                          01/04/2014   31/03/2017    0.70         (827,826)      
    Polo                                                             01/04/2014   31/03/2017    0.73         (413,016)      
    Germany                                                                                                                 
    Bikemax Century 1                                                01/04/2014   31/12/2017    1.00         (278,129)      
    Bikemax Century 2                                                01/04/2014   31/12/2017    1.08         (132,430)      
    Bikemax Century 2 Cap                                            01/04/2014   31/12/2017    1.85             1,273      
    Aldi Portfolio                                                   01/04/2014   30/04/2018    0.83         (375,798)      
    Neukolln                                                         01/04/2014   31/12/2014    1.13          (26,914)      
    Total acquired swaps ? on balance sheet                                                                (4,464,867)      
    Existing swap:                                                                                                          
    ApexHi Portfolio                                                 01/04/2014   22/12/2016    1.70          (79,886)      
    Total swaps ? on balance sheet                                                                         (4,544,753)      
    Swaps included in Investments in associates and
    joint ventures                                                              
    Care Homes ? Braunshweig                                         01/04/2014   31/03/2018    2.43         (332,739)      
    Care Homes ? Dessau                                              01/04/2014   31/03/2018    2.43         (315,172)      
    Care Homes ? Keppeln                                             01/04/2014   31/12/2018    2.80         (427,028)      
    Care Homes ? Winzlar                                             01/04/2014   31/12/2018    2.80         (284,685)      
    Nova Eventis                                                     01/04/2014   24/07/2016    0.80         (586,998)      
    Total swaps                                                                                            (6,491,375)      

11. Investment in subsidiaries
    During the period the  Group incorporated the following companies:
                                                                                                            Net assets
                                                                                                     Cost     acquired
    Name                                                             Jurisdiction                     USD          USD
    Stenprop (UK) Limited                                                     BVI     01/7/2014       100          100
    Stenprop (Germany) Limited                                                BVI     01/7/2014       100          100
    Stenprop (Swiss) Limited                                                  BVI     01/7/2014       100          100

    The principal activity for each of these companies was to hold shares in the underlying property companies acquired.

12. Related parties 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.

    Related parties transactions in the six months prior to completion of the Stenprop Transaction

    An entity in which Gerald Leissner and Pauline Goetsch have a direct and indirect beneficial interest respectively is one of the
    promoters of Stenprop (formally GoGlobal Properties Limited ("the Company").

    An entity in which Sean Melnick has an indirect beneficial interest, arising from his indirect beneficial interest in Peregrine Holdings
    Limited, was one of the promoters of the Company.

    In undertaking due diligence prior to 30 September 2014 on a portfolio of properties in Germany, the promoters provided GBP300,000 to
    Stenprop. At 30 September 2014 estimated costs incurred amounted to GBP238,489 (March 2014: GBP271,088). The balance of GBP61,510
    was repayable to the promoters. In addition, the promoters have paid and underwritten further expenses and costs associated
    with the issue and listing of shares on the BSX and AltX in the amount of GBP206,132 (an additional GBP73,857 having been borne by
    the Group). Following the acquisition of ApexHi (UK) Limited, none of these costs is refundable and Stenprop has no outstanding
    liabilities to the promoters.

    ApexHi UK Limited ("APUK"), the investment advisor to the Group

    Pauline Goetsch, Gerald Leissner and Sean Melnick were directors of APUK, until their resignation on 2 October 2014.

    Under the terms of a property advisory agreement entered into between ApexHi and APUK, which was novated to the Company
    on 26 March 2014, APUK was responsible for advising the Group in relation to its financial strategy and business plans, including all
    aspects of investment in property and for managing the properties acquired by the Group. In respect thereof, APUK was paid a fee
    equal to one quarter of 1.25% of the aggregate of the Group's net asset value and the Group's indebtedness which was payable
    quarterly in arrears. The agreement terminated with effect from 2 October 2014.

    During the period, the Group was charged GBP175,531 (March 2014: GBP5,830) by APUK for investment advisory services in accordance
    with the agreement. Unpaid fees at 30 September amount to GBPNil (March 2014: GBP87,282). The entity was acquired by the Group on
    2 October 2014.

    Apex Fund Services Limited ("AFSL"), the Bermudian Company Secretary

    Sharon Ward resigned as a director on 25 September 2013. David Brown who is also an employee of AFSL was appointed on the
    same day.

    During the period AFSL charged fees of GBP1,755 (March 2014: GBP1,838) to the Group. At 30 September 2014, the Group owed AFSL
    GBP2,618 (March 2014: GBP1,226).

    Acquisition by Stenprop of the Stenham Property Portfolio ('Stenprop Transaction')

    It was the aligned and common interests amongst the parties which gave rise to the opportunity for the transaction to be structured.
    Nevertheless, in several cases various ownership interests and/or directors have an interest which falls to be disclosed in relation to
    the three principal aspects of the Stenprop Transaction, as described below.

    The three principal aspects are:

    -  the sale to Stenprop by the various funds managed by Stenham Property of the interests in the 45 properties previously managed
       by Stenham Property by the various funds managed by Stenham Property and owned by the various funds;
    -  the sale to Stenprop of Stenham Property by, firstly, Stenham Group Limited, a wholly owned subsidiary of Stenham Limited,
       which in turn is indirectly held as to 70.78% by Peregrine Holdings Limited (which owned 29.14% of the issued share
       capital in Stenprop at 30 September 2014), and, secondly, Paul Arenson, who had an effective 10% interest in Stenham
       Property. The aggregate consideration for the sale was EUR15,600,000 settled in Stenprop Shares at the Issue Price. These
       shares comprise 4.6% of the Share Capital of Stenprop; and
    -  the sale to Stenprop of ApexHi UK Limited, being the company managing the ApexHi Portfolio. The consideration for the sale
       was EUR3,774,000 settled in Stenprop shares at the Issue Price. These shares comprise 1.1% of the share capital of Stenprop.

    Shareholders should note the following in relation to persons or entities having potential conflicts of interest:

    Peregrine Holdings Limited ("Peregrine")
    Peregrine had an indirect interest of 63.7% in Stenham Property Holdings Limited and (before implementation of the Stenprop
    Transaction) a 29.4% interest in Stenprop. Peregrine also had an interest of 40% in ApexHi UK Limited.

    Sean Melnick
    Sean Melnick is the non-executive chairman of Peregrine and Stenham Limited and has a 12.3% interest in the share capital
    of Peregrine.

    Paul Arenson
    Paul Arenson is a director of Stenham Limited and Stenprop Management Limited and has an indirect 7.85% interest in the share
    capital of Stenham Limited and an effective 10% interest in Stenprop Management Limited. He also has indirect interests in various
    companies which were acquired by Stenprop as set out below:

    Company                                               Effective indirect percentage ownership   
    Bavaria Property Company Limited                                                       11.64%   
    Branthill Holdings Limited                                                             18.04%   
    Maplebeck Properties Limited                                                            0.71%   
    Southwell Property Company Limited                                                      0.95%   
    Stenham German Property Portfolio 2 Limited                                             0.36%   
    Stenham German Property Portfolio 3 Limited                                             0.82%   
    Stenham Swiss Property Portfolio Limited                                                0.60%   
    Stenham UK Property Portfolio 2 Accumulator Limited                                     0.43%   
    Stenham UK Property Portfolio 2 Limited                                                 3.58%   
    Stenham UK Property Portfolio 3 Limited                                                 1.39%   

    Gerald Leissner
    As a promoter of Stenprop, Gerald Leissner had an indirect 13.3% interest in the share capital of ApexHi UK Limited. He is also the
    non-executive Chairman of Stenprop.
    
    Michael Fienberg
    Michael Fienberg is a director of Stenham Limited and of Stenprop Advisors Limited (formerly Stenham Property Finance Limited).
    He is also a director a number of the funds who sold their underlying properties to Stenprop and has an indirect interest in one of the
    companies which was acquired by Stenprop as set out below:
    
    Company                                                Effective indirect percentage ownership
    Branthill Holdings Limited                                                               1.49%
    
    Neil Marais
    Neil Marais is a director Stenprop Advisors Limited and a number of the funds who sold their underlying properties to Stenprop.

    Directors' interests in the Company at 2 October 2014:
    
    Director                       Shares held in Stenprop   
    Paul Arenson                              5,017,606.00   
    Steve Ball                                  323,542.00   
    Michael Fienberg                             78,498.00   
    Gerald Leissner                             422,034.00   
    
13. Subsequent events
    Changes in functional and presentation currency
    effective 2 October 2014, the company changed its functional and presentation currency from British Pounds (GBP) to Euro (EUR).
    Going forward, the financial statements will be presented in Euro because that is the currency of the primary economic environment
    in which the Group operates. The functional currency of the Group is also considered to be Euro and was implemented from
    acquisition date being the 1 October 2014. This is a change in the functional currency from the prior reporting period.
    
    Prior to 2 October 2014, the Group reported its annual, interim and quarterly Consolidated Statements of Financial Position
    and related Consolidated Statements of Comprehensive Income, Consolidated Statements of Cash Flows and Consolidated
    Statements of Changes in Equity in GBP. In making this change in functional and presentation currency, the Group followed the
    recommendations set out in IAS 21, The effects of Changes in Foreign Exchange Rates. The audited and unaudited IFRS financial
    statements before and for the six months ended 30 September 2014 were prepared in GBP. All pro forma references included herein
    were calculated by translating the IFRS unaudited GBP amounts at 30 September 2014 at an agreed GBP:EUR exchange rate of
    GBP1.00:EUR1.258. The average exchange rate of EUR1.243:GBP1 for the six-month period was used to translate the Consolidated
    Statements of Comprehensive Income.

    Acquisitions
    On 1 October 2014, the above subsidiaries acquired the following companies:
    
                                                                         Place of   Ownership      
    Name                                                             incorporation         (%)

    Stencap 1 Limited                                                          BVI         100      
    Stencap 2 Limited                                                          BVI         100      
    Stencap 3 Limited                                                          BVI         100      
    Stencap 4 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      
    Bernina Property Holdings Ltd                                         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  
 
    On 2 October 2014, the Group acquired the following companies:                                  
                                                                         Place of   Ownership      
    Name                                                             incorporation         (%)

    Stenham Property Holding Limited                                           BVI         100      
    Stenham Property Finance Limited                                      Guernsey         100      
    Stenham Property Limited                                               England         100      
    ApexHi UK Limited                                                           UK         100      
 
    The fair value of assets acquired and liabilities assumed were as follows:
    
                                                    Stenprop      Stenprop       Stenprop
                                                        (UK)       (Swiss)      (Germany)     Management
                                                     Limited       Limited        Limited      companies      
    Effective date of acquisition                 01/10/2014    01/10/2014     01/10/2014     02/10/2014      Total

    Number of properties (100%)                           6*            13             20                       39
    Number of properties (94.9%)                                                        1                        1
    Number of properties in joint venture (50%)                                         4                        4
    Number of properties in associates (28%)                                            1                        1
                                                                                                                45
   * This figure excludes the eight properties owned by the company before completion.

   Fair value on acquisition completion date of properties and management companies acquired (EUR)**:
   
                                              Stenprop       Stenprop        Stenprop                                 
                                                  (UK)        (Swiss)       (Germany)   Management                     
                                               Limited        Limited         Limited    companies            Total

   Investment properties                    242,771,200    145,204,324     189,569,641                  577,545,165      
   Investment in associate                                                  35,081,558       31,799      35,113,357      
   Investment in joint venture                                               8,947,650            ?       8,947,650      
   Property, plant and equipment                                                    24        9,777           9,801      
                                            242,771,200    145,204,324     233,598,872       41,576     621,615,972      
   Net working capital                      (6,456,115)    (1,257,665)     (1,260,573)    1,384,941     (7,589,412)      
   External debt                          (102,378,817)   (84,197,385)   (127,066,377)            ?   (313,642,579)      
   Deferred tax                                       ?    (3,721,641)     (2,810,594)            ?     (6,532,235)      
   Derivative financial instruments         (1,773,194)    (1,879,675)       (811,998)            ?     (4,464,867)      
   Non-controlling interest                           ?              ?     (1,749,801)            ?     (1,749,801)      
                                            132,163,074     54,147,958      99,899,529    1,426,517     287,637,078      
   Gain on acquisition                                                                                  (9,656,861)      
   Net assets acquired                                                                                  277,980,217      
   Purchase consideration                                                                                           
   Share issue (EUR)                                                                                    318,791,449      
   Deferred consideration                                                                                 1,444,969      
   Less cash                                                                                           (42,256,201)      
                                                                                                        277,980,217      
   
   **In terms of IFRS3: business combinations an acquirer has a period of 12 months from the date of acquisition to finalise 
     the acquisition accounting. Any reference to fair value of the net assets acquired is therefore subject to finalisation.
   
   Stenprop (UK) Limited, Stenprop (Swiss) Limited and Stenprop (Germany) Limited were incorporated during the period to hold the
   acquired assets. Refer note 11.

13. Subsequent events
                                                                                             IFRS       Pro forma*
                                                                                        Unaudited        Unaudited
                                                                                          for the          for the
                                                                                        six-month        six-month
                                                                                    period ending    period ending
                                                                                        2/10/2014        2/10/2014
    Gain on acquisition                                                                       EUR              EUR
    Net property income movement for the period between effective date of sale and                      12,501,984
    acquisition date  
    Net gain from financial assets and liabilities                                                         213,781
    Fair value movement of investment properties                                                        11,191,498
    Reversal of provision for selling costs on acquired properties                                       5,612,458
    Fair value of investment in associate                                                                1,160,970
    Fair value of investment in joint venture                                                            1,108,348
    Impairment of goodwill arising on acquisition of management companies                             (19,374,000)
    Net finance costs and taxation                                                                     (4,771,504)
    Other gains                                                                                              8,327
    Taxation                                                                                             (617,594)
    Non-controlling interest                                                                              (25,248)
    Foreign currency translation reserve                                                                 2,647,841
    Gain on acquisition                                                                  9,656,861                 
                                                                                         9,656,861       9,656,861

    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.

    Increase in holding in Associate
    
    On the 29 October 2014, as a result of a scrip dividend paid by Stenham European Shopping Fund Limited, an associate of the
    Group, the Group's holding in the entity increased from 28.12% to 28.14%. This will have the impact of increasing the Investment in
    Associate and subsequent net asset value of the company by EUR318,219.

    Disposals and held for sale assets
    The Board is considering whether the value of the London office building located in Chiswell Street could be best accessed by a sale
    of the property for redevelopment.

    Stenprop has a primary listing on the Bermuda Stock Exchange and a secondary listing on the Alternative Exchange of the
    JSE Limited.

    Note: All times indicated in this announcement are Greenwich Mean Time ("GMT").
    Date: 11 December 2014

    South African corporate advisor and JSE sponsor: JAVA CAPITAL
    BSX sponsor: LOM