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 six months ended ended 30 June 2015

Stenprop Limited, a Bermuda company 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 three months ended 30 June 2015.

The Company is required to publish financial results for the three months ended 30 June 2015 in terms of the rules of the Bermuda Stock
Exchange ("BSX"). Accordingly, this announcement presents the unaudited condensed consolidated financial results of the Group in
respect of the financial period from 1 April 2015 to 30 June 2015 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 2015 are EUR7,098,805. This equates to a
diluted EPS of 2.60 cents. The headline earnings are EUR8,306,922 equating to a diluted headline EPS of 3.04 cents.

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

Adjusted EPRA earnings attributable to shareholders are EUR6,967,239, equating to a diluted adjusted EPRA EPS of 2.55 cents.

Stenprop intends to declare an interim dividend in December 2015 relating to the six months to 30 September 2015. It expects this
dividend to be 4.2 cents per share.

Prospects
As announced on the JSE News Service in the Forecast Financial Information announcement published on 14 August 2015, the Group
expects adjusted diluted EPRA earnings per share for the year ended 31 March 2016 of 10.32 cents. The Group expects to make two
distributions during the current financial year totalling 8.5 cents per share.

Stenprop intends to migrate to the Main Board of the JSE in the third quarter of the current financial year.

* European Public Real Estate Association.

Net assets
The basic and diluted IFRS NAV per share at 30 June 2015 is EUR1.61 and EUR1.60 respectively. The basic and diluted EPRA NAV per share is
EUR1.66.

The Group's investment properties are stated at their 31 March 2015 valuations. The period end balance sheet includes investment
properties of EUR709.0 million and investments in associates and joint ventures of EUR76.8 million. Loan obligations outstanding, net of
capitalised loan transaction costs, were EUR374.0 million.

Acquisitions
On 20 May 2015, the Group acquired a 50% interest in Regent Arcade House Holdings Limited ("RAHHL"), which owns the property known
as 25 Argyll Street. The acquisition cost of this interest was #18.9 million which was based on a valuation of the property of #75 million.
RAHHL refinanced the property with an interest only bank loan of #37.5 million at an all-in rate of 2.974% per annum, with a term of five
years.

The acquisition of a retail centre known as Hermann Quartier for a purchase price of EUR22.7 million completed on 24 August 2015. The
property is on a high street location of Berlin's central suburb of Neukolln with excellent public transport links, including an underground
station inside the shopping centre. The acquisition was financed 50% by debt at an all-in interest rate of 1.42% per annum. The return on
equity on this investment is expected to exceed 7% per annum at inception.

The purchase of the Victoria retail centre for EUR20.6 million was notarised on 18 June 2015 and is expected to complete later in September.
The property is located in the Lichtenberg district of Berlin, approximately 15 minutes by underground from the city centre. The property
is anchored by Kaufland (a hypermarket chain) on a 17 year lease. Based on indicative five-year swap rates, the return on equity on this
investment is expected to achieve circa. 8% per annum at inception.

Refinancing
On 8 May 2015, the Group refinanced the property known as Euston House on favourable terms with a five year loan to May 2020. The new
facility of #27,540,000 is interest only. A five year interest rate swap agreement was entered into to fix the interest rate at an all-in rate of
3.02% per annum (previous facility: 4.54%). The Group incurred costs of #413,000 to break the former swap agreement.

On 29 May 2015, the Group extended the existing bank loan (which was due to expire in March 2016), on the property known as Pilgrim
Street on favourable terms until March 2019. With effect from signature, the loan became interest only. An interest rate swap agreement
was entered into to fix the interest rate for the period from the prior termination date, being 23 March 2016, until the new termination date,
at an all-in rate of 2.90% per annum. An existing swap agreement results in an all-in rate of 4.11% until 23 March 2016. The previous all-in
rate on the loan was 4.96%.

Dividends
On 11 June 2015, the Company announced a final distribution of 4.2 cents per share in respect of the year ended 31 March 2015
and offered shareholders the option to receive in respect of all or a part of their Stenprop shareholding either a scrip dividend by way
of an issue of new Stenprop shares (of the same class as existing shares) credited as fully paid up, or a cash dividend. On 13 July 2015,
the Company announced a 29.48% take up of the scrip dividend by shareholders, for which 2,257,894 new Stenprop shares have
been issued at an issue price of EUR1.52142 per share.


Condensed consolidated statement of comprehensive income

                                                                                                *Restated      **Pro forma
                                                                               Unaudited        Unaudited        Unaudited
                                                                                 for the          for the          for the
                                                                            three months     three months     three months
                                                                                   ended            ended            ended
                                                                               30/6/2015        30/6/2014        30/6/2014
                                                                    Note             EUR              EUR              EUR
Net rental income                                                              9,767,807          855,654        8,190,849
Management fee income                                                          1,192,294                ?           33,525
Operating costs                                                              (2,820,694)        (188,254)      (1,300,830)
Net operating income                                                           8,139,407          667,400        6,923,544
Fair value movement of investment properties                                           ?                ?        6,248,324
Reversal of provision for selling costs                                                ?                ?        2,806,229
Investment in associates                                                       1,034,973                ?          580,485
Investment in joint ventures                                                     599,105                ?          554,174
Impairment of goodwill                                                                 ?                ?      (9,687,000)
Profit from operations                                                         9,773,485          667,400        7,425,756
Other gains and losses                                                                 ?           12,323           11,641
Net gain from fair value of financial liabilities                                563,730                ?          106,891
Net finance costs                                                            (2,756,874)        (142,053)      (2,525,391)
Net foreign exchange gain                                                         67,639                ?                ?
Profit for the period before taxation                                          7,647,980          537,670        5,018,897
Taxation                                                                       (501,513)         (80,724)        (386,957)
Profit for the period after taxation                                           7,146,467          456,946        4,631,940
Profit attributable to:
Equity holders                                                                 7,098,805          456,946        4,594,619
Non-controlling interest                                                          47,662                ?           37,321
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Fair value movement on interest rate swaps                                       853,308           39,838            6,714
Foreign currency translation reserve                                           8,524,597          679,735        1,323,921
Total comprehensive profit for the period                                     16,524,372        1,176,519        5,962,575
Total comprehensive profit attributable to:
Equity holders                                                                16,476,710        1,176,519        5,949,951
Non-controlling interest                                                          47,662                ?           12,624

Earnings per share
IFRS EPS                                                 (cents)      2             2.61             2.86             1.85
Diluted IFRS EPS                                         (cents)      2             2.60             2.86             1.85
EPRA EPS                                                 (cents)      2             2.37             2.86             2.20
Diluted EPRA EPS                                         (cents)      2             2.37             2.86             2.20
Adjusted EPRA EPS                                        (cents)      2             2.56             2.86             2.45
Diluted adjusted EPRA EPS                                (cents)      2             2.55             2.86             2.45

* The comparatives have been restated to reflect the change in presentational currency. See note 1.
** Readers are referred to note 1 where the basis of preparation of the comparative pro forma information is explained.


Condensed consolidated statement of financial position
    
                                                                                                Unaudited          Audited
                                                                                                    as at            as at
                                                                                                30/6/2015        31/3/2015
                                                                                   Note               EUR              EUR
ASSETS                                       
Investment properties                                                                         708,987,939      695,196,554
Investment in associates                                                                       40,952,144       39,651,808
Investment in joint ventures                                                                   35,886,843        8,505,605
Property, plant and equipment                                                                         906            1,805
Derivative financial instruments                                                                  495,865                ?
Total non-current assets                                                                      786,323,697      743,355,772
Current assets                                       
Cash                                                                                           64,420,003       80,430,326
Accounts receivable                                                                             1,471,718        2,633,857
Other debtors                                                                                  10,210,946        3,910,244
Prepayments                                                                                     1,637,137        1,518,633
Total current assets                                                                           77,739,804       88,493,060
Total assets                                                                                  864,063,501      831,848,832
EQUITY AND LIABILITIES                                       
Capital and reserves                                       
Share capital                                                                         4               349              342
Share premium                                                                         4       381,601,025      374,126,562
Equity reserve                                                                                    303,190                ?
Retained earnings                                                                              33,006,736       37,561,379
Foreign currency translation reserve                                                           30,667,933       22,143,336
Cash flow hedge reserve                                                                           334,444        (518,864)
Total equity attributable to equity shareholders                                              445,913,677      433,312,755
Non-controlling interest                                                                        1,862,499        1,814,837
Total equity                                                                                  447,776,176      435,127,592
Non-current liabilities                                       
Bank loans                                                                                    362,585,582      296,872,794
Derivative financial instruments                                                                3,959,355        5,108,197
Other loan and interest                                                                            24,583           22,843
Deferred tax                                                                                    7,627,145        7,230,161
Total non-current liabilities                                                                 374,196,665      309,233,995
Current liabilities                                       
Bank loans                                                                                     11,446,956       68,057,714
Derivative financial instruments                                                                1,030,189        1,272,534
Accounts payable and accruals                                                                  29,613,515       18,156,997
Total current liabilities                                                                      42,090,660       87,487,245
Total liabilities                                                                             416,287,325      396,721,240
Total equity and liabilities                                                                  864,063,501      831,848,832
IFRS net asset value per share                                                        3              1.61             1.59
EPRA net asset value per share                                                        3              1.66             1.65
   
Condensed consolidated statement of changes in equity

                                                                        Foreign   Cash flow   Attributable          Non-  
                     Share          Share     Equity      Retained  translation       hedge      to equity   controlling          Total
                   capital        premium    reserve      earnings      reserve     reserve   shareholders      interest         equity
                       EUR            EUR        EUR           EUR          EUR         EUR            EUR           EUR            EUR
Balance at        
1 April 2015           342    374,126,562          ?    37,561,379   22,143,336   (518,864)    433,312,755     1,814,837    435,127,592

Issue of        
share capital            7      7,474,463   (25,444)             ?            ?           ?      7,449,026             ?      7,449,026

Credit to equity        
for equity-settled        
share based        
payments                 ?              ?    328,634             ?            ?           ?        328,634             ?        328,634

Total        
comprehensive        
profit for        
the period               ?              ?          ?     7,098,805    8,524,597     853,308     16,476,710        47,662     16,524,372

Ordinary        
dividends                ?              ?          ?  (11,653,448)            ?           ?   (11,653,448)             ?   (11,653,448)

Balance at        
30 June 2015           349    381,601,025    303,190    33,006,736   30,667,933     334,444    445,913,677     1,862,499    447,776,176


                                                                        Foreign   Cash flow   Attributable          Non-  
                     Share          Share     Equity      Retained  translation       hedge      to equity   controlling          Total
                   capital        premium    reserve      earnings      reserve     reserve   shareholders      interest         equity
                       EUR            EUR        EUR           EUR          EUR         EUR            EUR           EUR            EUR
Balance at        
1 April 2014            19     21,131,499          ?      (37,425)            ?       4,501     21,098,594             ?     21,098,594

Total        
comprehensive        
profit for        
the period               ?              ?          ?       456,946      679,735      39,838      1,176,519             ?      1,176,519

Balance at        
30 June 2014            19     21,131,499          ?       419,521      679,735      44,339     22,275,113             ?     22,275,113
  

Condensed consolidated statement of cash flows
      
                                                                                     *Restated
                                                                 Unaudited           Unaudited
                                                                   for the             for the
                                                              three months        three months
                                                                     ended               ended
                                                                 30/6/2015           30/6/2014
                                                                       EUR                 EUR
Operating activities         
Profit from operations                                           9,773,485             667,400
Share of profit in associates                                  (1,034,973)                   ?
Increase in fair value of joint venture                          (599,105)                   ?
Exchange rate gains                                                 67,639                   ?
Decrease in trade and other receivables                            783,032              68,330
Increase/(decrease) in trade and other payables                    501,917           (149,429)
Interest paid                                                  (2,713,031)           (112,053)
Interest received                                                    7,900                  34
Net tax received                                                    48,229                   ?
Net cash from operating activities                               6,835,093             474,282
Investing activities         
Dividends received from trading activities                               ?               7,384
Dividends received from associates                                 617,423                   ?
Acquisition of investment in a joint venture                  (26,782,133)                   ?
Net cash (used in)/from investing activities                  (26,164,710)               7,384
Financing activities         
Repayment of borrowings                                       (35,401,162)                   ?
Financing fees paid                                              (740,095)            (54,048)
Unutilised facility fee paid                                             ?            (15,744)
Payments made on swap break                                      (571,216)                   ?
New bank loans raised                                           39,018,672                   ?
Net cash from/(used in) financing activities                     2,306,199            (69,792)
Net (decrease)/increase in cash and cash equivalents          (17,023,418)             411,874
Effect of foreign exchange rate changes                          1,013,095              53,827
Cash and cash equivalents at beginning of the period            80,430,326           1,670,754
Cash and cash equivalents at end of the period                  64,420,003           2,136,455
   
* The comparatives have been restated to reflect the change in presentational currency. See note 1.

Notes to the unaudited condensed consolidated financial results

1.  Basis of preparation
    These unaudited condensed consolidated financial results (the "IFRS Statements") for the three months ended 30 June 2015 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"). 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
    2015 which were audited and reported on by the Group's external auditors. Readers are referred to the published Annual Results for the
    year ended 31 March 2015 which contain further detail including details regarding events subsequent to that reporting date.
  
    The condensed consolidated financial results prepared in accordance with IFRS and the pro forma statement of comprehensive
    income have not been reviewed or reported on by the Group's external auditors. They have been prepared by, and are the responsibility
    of the directors of Stenprop who approved the report on 9 September 2015.
  
    Comparative pro forma
    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 for the comparative period an unaudited
    pro forma statement of comprehensive income for the three months ended 30 June 2014.
  
    The main difference between the comparative pro forma statement of comprehensive income and the comparative IFRS statements
    is that the comparative pro forma statement of comprehensive 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 comparative IFRS statements use the completion date of the acquisition
    (date that control passes), being 2 October 2014, to account for these investments.
  
    The comparative pro forma statement of comprehensive income therefore separately shows trading profits, property revaluations and
    other adjustments for the three months ended 30 June 2014. This has been calculated by halving the pro forma unaudited results for
    the six month period to 2 October 2014, as disclosed in the 2014 Interim Results. In addition, the comparative 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.
  
    Comparative presentational currency
    The functional currency of the Group is the Euro and all amounts referred to in this announcement are, unless otherwise stated, in
    Euros. The change from GBP to Euro was implemented with effect from 1 October 2014 as from this date the Euro was considered to
    be the currency which best reflects the primary economic environment in which the Group operates. All prior period comparatives have
    been restated at a rate of #1:EUR1.2492 being the exchange rate prevailing at 30 June 2014. For the purposes of changing the currency
    denomination of the share capital of the Company, a GBP:EUR exchange rate of #1:1.2102 was used at 31 March 2014.


2.  Earnings per ordinary share
                                                                                                   *Restated      **Pro forma
                                                                                  Unaudited        Unaudited        Unaudited
                                                                                    for the          for the          for the
                                                                               three months     three months     three months
                                                                                      ended            ended            ended
                                                                                  30/6/2015        30/6/2014        30/6/2014
    Reconciliation of profit for the period to adjusted EPRA earnings                   EUR              EUR              EUR
    Earnings per IFRS income statement attributable to shareholders               7,098,805          456,946        4,594,619
    Adjustments to calculate EPRA earnings, exclude:                                                                        ?
    Changes in fair value of investment properties                                        ?                ?      (6,248,324)
    Reversal of provision for selling costs                                               ?                ?      (2,806,229)
    Reversal of impairment of goodwill                                                    ?                ?        9,687,000
    Changes in fair value of financial instruments                                (563,730)                ?        (106,891)
    Deferred tax in respect of EPRA adjustments                                     354,809                ?          286,775
    Adjustments above in respect of joint ventures and associates:
    Changes in fair value                                                         (503,143)                ?           72,888
    Deferred tax in respect of EPRA adjustments                                      75,471                ?         (10,933)
    EPRA earnings attributable to shareholders                                    6,462,212          456,946        5,468,905
    Further adjustments to arrive at Adjusted EPRA earnings 
    Straight-line unwind of purchase swaps                                          505,027                ?          636,421
    Adjusted earnings attributable to shareholders                                6,967,239          456,946        6,105,326
    Weighted average number of shares in issue                                  272,236,146       15,986,003      248,902,812
    Share-based payment awards                                                      649,829                ?                ?
    Diluted weighted average number of shares in issue                          272,885,975       15,986,003      248,902,812
    Earnings per share
    IFRS EPS                                                        (cents)            2.61             2.86             1.85
    Diluted IFRS EPS                                                (cents)            2.60             2.86             1.85
    EPRA EPS                                                        (cents)            2.37             2.86             2.20
    Diluted EPRA EPS                                                (cents)            2.37             2.86             2.20
    Adjusted EPRA EPS                                               (cents)            2.56             2.86             2.45
    Diluted adjusted EPRA EPS                                       (cents)            2.55             2.86             2.45

    Straight-line unwind of purchase swaps
    A further adjustment 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 break costs was calculated at 1 April 2014 and the purchase
    consideration for the property companies was reduced accordingly to reflect this liability.
  
                                                                                                   *Restated      **Pro forma
                                                                                  Unaudited        Unaudited        Unaudited
                                                                                    for the          for the          for the
                                                                               three months     three months     three months
                                                                                      ended            ended            ended
                                                                                  30/6/2015        30/6/2014        30/6/2014
    Reconciliation of profit for the period to headline earnings                        EUR              EUR              EUR
    Earnings per IFRS income statement attributable to shareholders               7,098,805          456,946        4,594,619
    Adjustments to calculate headline earnings, exclude:  
    Changes in fair value of investment properties                                        ?                ?      (6,248,324)
    Reversal of provision for selling costs                                               ?                ?      (2,806,229)
    Reversal of gain on acquisition                                                       ?                ?        9,687,000
    Changes in fair value of financial instruments                                  853,308           39,838            6,714
    Deferred tax in respect of headline earnings adjustments                        354,809                ?          286,775
    Adjustments above in respect of joint ventures and associates:  
    Changes in value of investment properties                                             ?                ?           72,888
    Deferred tax                                                                          ?                ?         (10,933)
    Headline earnings attributable to shareholders                                8,306,922          496,784        5,582,510
    Earnings per share 
    Headline EPS                                                    (cents)            3.05             3.11             2.24
    Diluted headline EPS                                            (cents)            3.04             3.11             2.24

    *  The comparatives have been restated to reflect the change in presentational currency. See note 1.
    ** Readers are referred to note 1 where the basis of preparation of the pro forma information is explained.


3.  Net asset value per ordinary share
                                                                                                   Unaudited          Audited
                                                                                                   30/6/2015        31/3/2015
    Net asset value per share                                                                            EUR              EUR
    Net assets attributable to equity shareholders                                               445,913,677      433,312,755
    Adjustments to arrive at EPRA net asset value:      
    Derivative financial instruments                                                               4,493,679        6,380,731
    Deferred tax                                                                                   7,627,145        7,230,161
    Adjustments above in respect of non-controlling interests                                      2,401,412        2,504,354
    EPRA net assets attributable to shareholders                                                 460,435,913      449,428,001
    Number of shares in issue                                                                    277,463,048      272,236,146
    Share-based payment awards                                                                       649,829          291,563
    Diluted number of shares in issue                                                            278,112,877      272,527,709
    Net asset value per share      
    IFRS net asset value per share                                                   (cents)            1.61             1.59
    Diluted IFRS net asset value per share                                           (cents)            1.60             1.59
    EPRA net asset value per share                                                   (cents)            1.66             1.65
    Diluted EPRA net asset value per share                                           (cents)            1.66             1.65
  

4.  Share capital         
                                                                                                   Unaudited          Audited
                                                                                                       as at            as at
                                                                                                   30/6/2015        31/3/2015
                                                                                                         EUR              EUR
                                                                                  Authorised 
    1,000,000,000 ordinary shares with a par value of EUR0.000001258 each                              1 258            1 258
                                                                                                   Unaudited 
                                                                                                     for the          Audited
                                                                                                three months          for the
                                                                                                       ended       year ended
                                                                                                   30/6/2015        31/3/2015
    Issued share capital         
    Opening balance                                                                              272,236,146       15,986,003
    Issue of new shares                                                                            5,226,902      256,250,143
    Closing number of shares issued                                                              277,463,048      272,236,146
    Share capital                                                                      (EUR)             349              342
    Share premium                                                                      (EUR)     384,459,860      376,985,397
    Less: Acquisition/transaction costs                                                (EUR)     (2,858,835)      (2,858,835)
    Total share premium                                                                (EUR)     381,601,025      374,126,562

    There were no changes made to the number of authorised shares of the Company during the period under review. Stenprop has one
    class of share; all shares rank equally and are fully paid.
 
    The Company had 277,463,048 (March 2015: 272,236,146) ordinary shares in issue at the reporting date which have a primary listing
    on BSX and a secondary listing on JSE. On 30 June 2015, 5,209,109 and 17,793 new ordinary shares were issued on the BSX and JSE at
    an issue price of EUR1.43 per share in respect of the Share Purchase Plan and Deferred Share Bonus Plan respectively.

5.  Events after the reporting period
    The acquisition of a retail centre known as Hermann Quartier for a purchase price of EUR22.7 million completed on 24 August 2015.
    The property is on a high street location of Berlin's central suburb of Neukolln with excellent public transport links, including an
    underground station inside the shopping centre. Based on indicative five-year swap rates, the return on equity on this investment is
    expected to exceed 7% per annum at inception.

    On 11 June 2015, the Company announced a final distribution of 4.2 Euro cents per share in respect of the year ended 31 March 2015
    and offered shareholders the option to receive in respect of all or a part of their Stenprop shareholding either a scrip dividend by way
    of an issue of new Stenprop shares (of the same class as existing shares) credited as fully paid up, or a cash dividend. On 13 July 2015,
    the Company announced a 29.48% take up of the scrip dividend by shareholders, for which 2,257,894 new Stenprop shares have been
    issued at an issue price of EUR1.52142 per share, resulting in the number of shares in issue, at the date of this announcement, being
    279,720,942.

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

Date: 10 September 2015

South African corporate advisor and JSE sponsor
Java Capital

BSX sponsor
Appleby Securities (Bermuda) Limited