STENPROP LIMITED
(Incorporated in Bermuda)
(Registration number 47031)
BSX share code: STP.BH JSE share code: STP ISIN: BMG8465Y1093
("Stenprop" or "the Company" or "the Group")

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL RESULTS
for the three months ended 30 June 2016

EUR1.61             2.62 CENTS           2.7%
DILUTED EPRA2 NAV   DILUTED ADJUSTED     INCREASE ON THE
PER SHARE           EPRA EARNINGS        DILUTED ADJUSTED
                    PER SHARE            EPRA EPS AT JUNE 2015

Stenprop Limited, a Bermuda company which has dual primary listings on the Johannesburg Stock Exchange ('JSE') and the
Bermuda Stock Exchange ('BSX'), today announces its results for the three months ended 30 June 2016.

The company is required to publish financial results for the three months ended 30 June 2016 in terms of the rules of the BSX.
Accordingly, this announcement presents the unaudited condensed consolidated financial results of the Group in respect of
the financial period from 1 April 2016 to 30 June 2016 in a form compliant with the requirements of the BSX.


FINANCIAL REVIEW
Earnings
The basic earnings attributable to ordinary shareholders for the three month period to 30 June 2016 were EUR6.7 million1
(2015: EUR7.1 million). This equates to a diluted IFRS EPS of 2.35 cents (2015: 2.60 cents). The headline earnings were EUR6.7 million
(2015: EUR8.3 million) equating to a diluted headline EPS of 2.35 cents (2015: 3.04 cents).

Net operating income for the period was EUR8.7 million, 6.7% higher than the same period in the previous financial year
(2015: EUR8.1 million). Income from associates was EUR1.8 million (2015: EUR1.0 million) and income from joint ventures was EUR0.6 million
(2015: EUR0.6 million).

Net finance costs of EUR2.4 million were 11.8% lower than the previous year (2015: EUR2.8 million). Interest swap rates were significantly
lower when compared with the same period last year. The associated fair value adjustment to the Group's interest rate hedges
resulted in an expense of EUR1.2 million (2015: EUR0.6 million credit).

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


(1)
    Average foreign exchange rates in period: GBP1:EUR1.270; CHF1:EUR0.912 (2015: GBP1:EUR1.384; CHF1:EUR0.960).
(2)
    European Public Real Estate Association

Adjusted EPRA earnings attributable to shareholders for the three month period were EUR7.4 million (2015: EUR7.0 million), equating to
a diluted adjusted EPRA EPS of 2.62 cents (2015: 2.55 cents).

Net assets
                                                                   (3)
The basic and diluted IFRS NAV per share at 30 June 2016 was EUR1.55 (2015: EUR1.61 basic; EUR1.60 diluted). The basic and diluted EPRA
NAV per share was EUR1.62 and EUR1.61 respectively (2015: EUR1.66).

REFINANCING
On 26 May 2016, two Stenprop subsidiaries, Davemount Properties Limited ('Davemount') and GGP1 Limited ('GGP1') refinanced
their loan facilities with Santander. Santander has provided a single facility of GBP12.4 million for a five year period, split GBP4.0 million to
Davemount and GBP8.4 million to GGP1. The all-in rate on this facility is 3.46% which compares to 2.7% on the previous Davemount
facility and 3.72% on the previous GGP1 facility.

DIVIDENDS AND SHARE REPURCHASES
On 8 June 2016, the directors declared a final cash dividend of 4.7 cents per share in respect of the year ended 31 March 2016. The
final dividend was paid on 29 July 2016.
Towards the end of June 2016 the Company began a limited programme of share repurchases and during the period to
30 June 2016, the Company repurchased 471,912 shares for an aggregate purchase price of EUR653,000. In July 2016 the Company
repurchased a further 884,655 shares for an aggregate purchase price of EUR1,161,000. The combined average price per share of
the repurchased shares was EUR1.337. The shares were purchased with the benefit of the dividend thereby effectively reducing the
average price per share to EUR1.290. All shares repurchased are held as treasury shares.

PROSPECTS
Stenprop published its 2016 Integrated Annual Report (the 'Report') just over a month ago on 10 August 2016. The Report
considered, inter alia, the potential impact of Brexit on its base case forecast of a minimum growth of 1.5% per annum on EPRA
earnings per share and distributions. This would have resulted in diluted adjusted EPRA earnings per share of at least 10.58 cents
for the year ending 31 March 2017. The Report commented that at an exchange rate of EUR1.20:GBP1 and with all other assumptions
remaining constant, its forecast adjusted annual EPRA EPS for 2017 would drop from 10.58 cents to 10.29 cents per share. At an
exchange rate of EUR1:15:GBP1.00, the number would drop further to 10.15 cents per share. Since the Report was published, Sterling
has continued to come under downward pressure and Stenprop's assumptions will be reviewed over time once markets have been
given time to absorb and react to the new environment.

Stenprop expects to declare an interim dividend in November 2016, which maintains the historic payout ratio of 85% of diluted
adjusted EPRA EPS.

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

3
    Quarter end foreign exchange rates: GBP1:EUR1.206; CHF1:EUR0.920 (2015: GBP1:EUR1.417; CHF1:EUR0.965).


CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

                                                                                     Unaudited        Unaudited
                                                                                       for the          for the
                                                                                  three months     three months
                                                                                         ended            ended
                                                                                       30 June          30 June
                                                                                          2016             2015
                                                                          Note         EUR'000          EUR'000

Net rental income                                                                        9,656            9,768
Management fee income                                                                      737            1,192
Operating costs                                                                        (1,706)          (2,821)

Net operating income                                                                     8,687            8,139
Income from associates                                                                   1,829            1,035
Income from joint ventures                                                                 586              599

Profit from operations                                                                  11,102            9,773
Net (loss)/gain from fair value of financial liabilities                               (1,228)              564
Net finance costs                                                                      (2,433)          (2,757)
Net foreign exchange gains                                                                  72               68

Profit for the period before taxation                                                    7,513            7,648
Taxation                                                                                 (782)            (502)

Profit for the period after taxation                                                     6,731            7,146

Profit attributable to:
Equity holders                                                                           6,694            7,099
Non-controlling interest                                                                    37               47

Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Fair value movement on interest rate swaps                                                   ?              853
Foreign currency translation reserve                                                   (9,579)            8,525

Total comprehensive (loss)/profit for the period                                       (2,848)           16,524

Total comprehensive (loss)/profit attributable to:
Equity holders                                                                         (2,885)           16,476
Non-controlling interest                                                                    37               48

Earnings per share
IFRS EPS                                                        (cents)     2             2.36             2.61

Diluted IFRS EPS                                                (cents)     2             2.35             2.60

Results derive from continuing operations


CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
                                                                 
                                                                        Unaudited    Unaudited     Audited
                                                                            as at        as at       as at
                                                                          30 June      30 June    31 March
                                                                             2016         2015        2016
                                                                 Note     EUR'000      EUR'000     EUR'000
                 
ASSETS                                                                                                  
Investment properties                                                     715,891      708,988     729,782   
Investment in associates                                                   41,125       40,952      39,298   
Investment in joint ventures                                               36,243       35,887      37,620   
Other debtors                                                              12,677            ?       7,403   
Property, plant and equipment                                                   3            1           3   
Derivative financial instruments                                                ?          496           ?   
Total non-current assets                                                  805,939      786,324     814,106   
Cash and cash equivalents                                                  41,392       64,420      36,811   
Trade and other receivables                                                 6,387       13,320       6,367   
Total current assets                                                       47,779       77,740      43,178   
Total assets                                                              853,718      864,064     857,284   
Equity and liabilities                                                                                       
Capital and reserves                                                                                         
Share capital and share premium                                     4     395,141      381,601     389,927   
Equity reserve                                                                 23          303         480   
Retained earnings                                                          56,710       33,008      63,426   
Foreign currency translation reserve                                      (7,915)       30,668       1,664   
Cash flow hedge reserve                                                         ?          334           ?   
Total equity attributable to equity shareholders                          443,959      445,914     455,497   
Non-controlling interest                                                    2,169        1,862       2,132   
Total equity                                                              446,128      447,776     457,629   
Non-current liabilities                                                                                      
Bank loans                                                                187,741      362,586     178,708   
Derivative financial instruments                                            5,566        3,959       4,173   
Other loan and interest                                                        12           25          12   
Deferred tax                                                                9,855        7,627       9,705   
Total non-current liabilities                                             203,174      374,197     192,598   
Current liabilities                                                                                          
Bank loans                                                                172,457       11,447     188,785   
Derivative financial instruments                                            1,201        1,030       1,769   
Accounts payable and accruals                                              30,758       29,614      16,503   
Total current liabilities                                                 204,416       42,091     207,057   
Total liabilities                                                         407,590      416,288     399,655   
Total equity and liabilities                                              853,718      864,064     857,284   
IFRS net asset value per share                                      3        1.55         1.61        1.61   
EPRA net asset value per share                                      3        1.62         1.66        1.67   



CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
                                       
                                          Share                                                  Attri-
                                        capital                           Foreign       Cash    butable
                                            and                          currency       flow  to equity        Non-
                                          share     Equity   Retained translation      hedge     share- controlling      Total
                                        premium    reserve   earnings     reserve    reserve    holders    interest     equity
                                        EUR'000    EUR'000    EUR'000     EUR'000    EUR'000    EUR'000     EUR'000    EUR'000

Balance at 1 April 2016                 389,927        480     63,426       1,664          ?    455,497       2,132    457,629   
Issue of share capital                    5,214       (72)          ?           ?          ?      5,142           ?      5,142   
Credit to equity for                                                                                                             
equity-settled share
based payments                                ?        268          ?           ?          ?        268           ?        268   
Purchase of
 treasury shares                              ?      (653)          ?           ?          ?      (653)           ?      (653)   
Total comprehensive                                                                                                              
profit/(loss) for                                                                                                                
the period                                    ?          ?      6,694     (9,579)          ?    (2,885)          37    (2,848)   
Ordinary dividends                            ?          ?   (13,410)           ?          ?   (13,410)           ?   (13,410)   
Balance at 30 June 2016                 395,141         23     56,710     (7,915)          ?    443,959       2,169    446,128   
Balance at 1 April 2015                 374,127          ?     37,561      22,143      (519)    433,312       1,815    435,127   
Issue of share capital                    7,474       (25)          ?           ?          ?      7,449           ?      7,449   
Credit to equity for                                                                                                             
equity-settled share                                                                                                             
based payments                                ?        328          ?           ?          ?        328           ?        328   
Total comprehensive                                                                                                              
profit for the period                         ?          ?      7,099       8,525        853     16,477          47     16,524   
Ordinary dividends                            ?          ?   (11,652)           ?          ?   (11,652)           ?   (11,652)   
Balance at 30 June 2015                 381,601        303     33,008      30,668        334    445,914       1,862    447,776   



CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
                                                 
                                                     Unaudited        Unaudited
                                                       for the          for the
                                                  three months     three months
                                                         ended            ended
                                                       30 June          30 June
                                                          2016             2015
                                                       EUR'000          EUR'000

Operating activities                                                        
Profit from operations                                  11,102            9,773   
Share of profit in associates                          (1,829)          (1,035)   
Increase in fair value of joint ventures                 (586)            (599)   
Exchange rate gains                                         72               68   
(Increase)/decrease in trade and other receivables        (20)              783   
Increase in trade and other payables                       546              502   
Interest paid                                          (2,494)          (2,713)   
Interest received                                          580                8   
Net tax (paid)/received                                  (172)               48   
Net cash from operating activities                       7,199            6,835   
Investing activities                                                              
Dividends received from associates                           2              617   
Dividends received from joint ventures                     100                ?   
Purchases of investment property                         (216)                ?   
Acquisition of investment in joint venture                   ?         (26,782)   
Net cash used in investing activities                    (114)         (26,165)   
Financing activities                                                              
New bank loans raised                                        ?           39,019   
Repayment of borrowings                                (1,453)         (35,401)   
Purchase of treasury shares                              (653)                ?   
Financing fees paid                                      (192)            (740)   
SWAP break fee                                            (63)            (571)   
Net cash (used in)/from financing activities           (2,361)            2,307   
Net increase/(decrease) in cash and cash equivalents     4,724         (17,023)   
Effect of foreign exchange rate changes                  (143)            1,013   
Cash and cash equivalents at beginning of the period    36,811           80,430   
Cash and cash equivalents at end of the period          41,392           64,420   


NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. BASIS OF PREPARATION
   These unaudited condensed consolidated financial results (the 'IFRS Statements') for the three months ended 30 June
   2016 have been prepared in accordance with the recognition and measurements principles of the International Financial
   Reporting Standards ('IFRS') and its interpretations adopted by the International Accounting Standards Board ('IASB'),
   specifically IAS 34 'Interim Financial Reporting' and the JSE Listings Requirements and the BSX Listing Regulations
   as applicable.

   The accounting policies and methods of computation are consistent with those applied in the preparation of the annual
   financial statements for the year ended 31 March 2016 which were audited and reported on by the Group's external
   auditors, except for the new standards adopted during the period.

   These financial results have not been audited or reviewed by the Company's external auditors. They have been prepared
   by, and are the responsibility of, the directors of Stenprop.

2. EARNINGS PER ORDINARY SHARE

  Reconciliation of profit for the period to adjusted EPRA1 earnings
                                                                                      Unaudited       Unaudited
                                                                                        for the         for the
                                                                                   three months    three months
                                                                                          ended           ended
                                                                                        30 June         30 June
                                                                                           2016            2015
                                                                                        EUR'000         EUR'000

Earnings per IFRS income statement attributable to shareholders                           6,694           7,099   
Adjustments to calculate EPRA earnings, exclude:                                                                  
Changes in fair value of financial instruments                                            1,228           (564)   
Deferred tax in respect of EPRA adjustments                                                 122             355   
Adjustments above in respect of joint ventures and associates                                                     
Changes in fair value                                                                   (1,039)           (503)   
Deferred tax in respect of EPRA adjustments                                                 142              75   
EPRA earnings attributable to shareholders                                                7,147           6,462   
Further adjustments to arrive at adjusted EPRA earnings                                                           
Straight-line unwind of purchased swaps                                                     300             505   
Adjusted EPRA earnings attributable to shareholders                                       7,447           6,967   
Weighted average number of shares in issue (excluding treasury2 shares)             283,625,775     272,236,146   
Share-based payment award                                                               920,287         649,829   
Diluted weighted average number of shares in issue                                  284,546,062     272,885,975   
Earnings per share                                                                                                
IFRS EPS                                                                  (cents)          2.36            2.61   
Diluted IFRS EPS                                                          (cents)          2.35            2.60   
EPRA EPS                                                                  (cents)          2.52            2.37   
Diluted EPRA EPS                                                          (cents)          2.51            2.37   
Adjusted EPRA EPS                                                         (cents)          2.63            2.56   
Diluted adjusted EPRA EPS                                                 (cents)          2.62            2.55   


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

2   As at 30 June 2016, the Company held 471,912 treasury shares (June 2015: nil).

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

Reconciliation of profit for the period to headline earnings
                                                                                       Unaudited        Unaudited
                                                                                         for the          for the
                                                                                    three months     three months
                                                                                           ended            ended
                                                                                         30 June          30 June
                                                                                            2016             2015
                                                                                         EUR'000          EUR'000
Earnings per IFRS income statement attributable to shareholders                            6,694            7,099
Adjustments to calculate headline earnings, exclude:
Changes in fair value of financial instruments                                                 ?              853
Deferred tax in respect of headline earnings adjustments                                       ?              355
Headline earnings attributable to shareholders                                             6,694            8,307
Earnings per share
Headline EPS                                                      (cents)                   2.36             3.05
Diluted headline EPS                                              (cents)                   2.35             3.04


3. NET ASSET VALUE PER SHARE
                                                                                       Unaudited        Unaudited       Audited
                                                                                           as at            as at         as at
                                                                                         30 June          30 June      31 March
                                                                                            2016             2015          2016
                                                                                         EUR'000          EUR'000       EUR'000
  Net assets attributable to equity shareholders                                         443,959          445,914       455,497
  Adjustments to arrive at EPRA net asset value:
  Derivative financial instruments                                                         6,767            4,493         5,942
  Deferred tax                                                                             9,855            7,627         9,705
  Adjustments above in respect of non-controlling interests                                3,110            2,401         2,838
  EPRA net assets attributable to shareholders                                           463,691          460,435       473,982
   Number of shares in issue (excluding treasury shares)                             286,209,968      277,463,048   282,984,626
   Share-based payment award                                                             920,287          649,829       647,806
   Diluted number of shares in issue                                                 287,130,255      278,112,877   283,632,432
  Net asset value per share (basic and diluted)1
  IFRS net asset value per share                                       (cents)              1.55             1.61          1.61
  Diluted IFRS net asset value per share                               (cents)              1.55             1.60          1.61
  EPRA net asset value per share                                       (cents)              1.62             1.66          1.67
  Diluted EPRA net asset value per share                               (cents)              1.61             1.66          1.67

 
 1 As at 30 June 2016, the Company held 471,912 treasury shares (June 2015 and March 2016: nil).

                                                                          Unaudited    Unaudited     Audited
                                                                              as at        as at       as at
                                                                            30 June      30 June    31 March
                                                                               2016         2015        2016
                                                                            EUR'000      EUR'000     EUR'000


4. SHARE CAPITAL
   Authorised
   1,000,000,000 ordinary shares with a par value of EUR0.000001258 each          1            1           1

                                                  Unaudited     Unaudited       Audited
                                                      as at         as at         as at
                                                    30 June       30 June      31 March
                                                       2016          2015          2016 
Issued share capital                                                                      
Opening balance                                 282,984,626   272,236,146   272,236,146   
Issue of new shares                               3,697,254     5,226,902    10,748,480   
Closing number of shares issued                 286,681,880   277,463,048   282,984,626   
Share capital                                                                             
Share premium                         (EUR'000)     397,999       384,459       392,785   
Less: Acquisition/transaction costs   (EUR'000)     (2,858)       (2,858)       (2,858)   
Total share premium                   (EUR'000)     395,141       381,601       389,927   


  There were no changes made to the number of authorised shares of the Company during the period under review.
  Stenprop Limited has one class of share; all shares rank equally and are fully paid.

  The Company had 286,681,880 (March 2016: 282,984,626) ordinary shares in issue at the reporting date. On 9 June 2016,
  3,687,191 and 10,063 new ordinary shares were issued on the JSE and the BSX at an issue price of EUR1.41 per share in respect
  of the Share Purchase Plan and Deferred Share Bonus Plan respectively.

  As at 30 June 2016, the Company held 471,912 treasury shares (June 2015 and March 2016: nil).

5.EVENTS AFTER THE REPORTING PERIOD
  On 8 June 2016, the directors declared a final cash dividend of 4.7 cents per share in respect of the year ended
  31 March 2016. The final dividend was paid on 29 July 2016.

  The Company began a limited programme of share repurchases towards the end of June 2016 and, during the period to
  30 June 2016, the Company repurchased 471,912 shares for an aggregate purchase price of EUR653,000. In July 2016 the
  Company repurchased a further 884,655 shares for an aggregate purchase price of EUR1,161,000. The combined average
  price per share of the repurchased shares was EUR1.337. The shares were purchased with the benefit of the dividend thereby
  effectively reducing the average price per share to EUR1.290. All shares repurchased are held as treasury shares.

On 4 April 2016 David Brown resigned from the Board as non-executive director. On the same date Peter Hughes was appointed
as a non-executive director.

Stenprop has dual primary listings on the BSX and the JSE.

Date: 15 September 2016

JSE sponsor
Java Capital

BSX sponsor
Estera Securities (Bermuda) Limited

www.stenprop.com