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")

HALF YEARLY REPORT 2015

Stenprop Limited ("Stenprop" or "the Company" or "the Group") is a European property investment
group focused on cultivating a diversified portfolio of quality investment properties delivering
sustainable and growing earnings, distributions and capital growth to shareholders. Our existing
portfolio is located primarily in major cities in the UK, Germany and Switzerland with an emphasis
on commercial and retail assets. Stenprop is dual-listed on the Bermuda Stock Exchange and the
Johannesburg Stock Exchange. We are experts in our field and are committed to the next phase
of value enhancement for our shareholders.

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

STENPROP HALF YEARLY REPORT 2015

HIGHLIGHTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2015
                                                
EUR1.68 EPRA NAV per share        
1.8% increase in EPRA NAV per share since year-end                                       
5.17 cents diluted adjusted EPRA earnings per share            
5.5% increase on the pro forma** diluted adjusted EPRA EPS at 2 October 2014     
4.2 cents interim dividend per share declared

- Declaration of interim dividend on 25 November 2015 of 4.2 cents per share for the six months
  ended 30 September 2015, payable with a scrip alternative on 28 January 2016.

- Diluted adjusted EPRA EPS* of 5.17 cents for the period ended 30 September 2015
  representing a 5.5% increase on the pro forma** diluted adjusted EPRA EPS at 2 October 2014.
  Diluted IFRS EPS was 9.86 cents.

- EPRA net asset value per share of EUR 1.68, an increase of 1.8% since the year-end. IFRS net
  asset value per share was EUR 1.62 per share.

- Completion in May 2015 of the acquisition of a 50% interest in 25 Argyll Street, a multi-let
  office building located in London's West End, based on a purchase price of the property of
  GBP75 million (EUR 101.2 million).

- Completion of refinancing of GBP64.6 million (EUR 87.1 million) of debt on two London properties in
  May 2015.

- Completion in August 2015 of the acquisition of the Hermann Quartier retail centre in Berlin at
  a purchase price of EUR 22.7 million.

- Migration to the JSE's Main Board with effect from 5 October 2015.

- Notarisation in June 2015 of the Victoria retail centre in Berlin at a purchase price of
  EUR 20.6 million, with completion on 24 November 2015.

COMMENTARY

Stenprop is pleased to announce its consolidated
results for the first half of the financial year.

INVESTMENT STRATEGY

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

BUSINESS REVIEW

Portfolio summary
Stenprop has an interest in 56 properties valued at
EUR 907 million(1), with 44% in the United Kingdom,
39% in Germany and 17% in Switzerland (by value).
The portfolio, which has a gross lettable area of
approximately 266,000(1) m(2) and gross annual rent of
EUR 58.6 million(1), is predominantly in the office and retail
sectors which account for 51% and 35% of rental
income respectively.

Six properties accounts for 60% of the total portfolio
asset value. The value of the three Central London
properties accounts for 30% of the total portfolio asset
value.

Top six properties by value as at 30 September 2015
                                                                                               Weighted
                                                                                                average
                          Market      Ownership                 Lettable      Annualised      unexpired
                           value       interest                     area    gross rental     lease term
Property          (EUR 'million)            (%)         Sector      (m2)  (EUR 'million)        (years)
Bleichenhof  
Hamburg                    121.9           94.9      Mixed use    21,721            6.12            4.3
Pilgrim Street  
London                     112.3          100.0         Office     9,719            6.06            5.4
Euston House  
London                      99.1          100.0         Office     9,974            5.19            5.3
Trafalgar Court  
Guernsey                    82.8          100.0         Office    10,565            5.86           11.6
Nova Eventis  
Leipzig                 267.7(2)           28.4         Retail    95,472            5.88            3.7
Argyll Street  
London                     111.3           50.0         Office     5,941            5.05            3.4
Total                      795.1                                 153,392           34.16            5.7

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 was GBP18.9 million which was based
on a valuation of the property of GBP75 million. RAHHL
refinanced the property with an interest only bank loan
of GBP37.5 million at an all-in rate of 2.974% per annum
and a term of five years.

The acquisition of a shopping centre known
as Hermann Quartier for a purchase price of
EUR 22.7 million completed on 24 August 2015. The
property is on a high street location of Berlin's central
suburb of Neukolln with excellent public transport links,
including an underground station inside the shopping
centre. The property is anchored by strong tenants
including Kaiser's, DM and Netto. The return on equity on
this investment exceeded 7.5% per annum at inception.
The purchase of the Victoria shopping centre for
EUR 20.6 million was notarised on 18 June 2015 and
completed on 24 November 2015. The property
is located in the Lichtenberg district of Berlin,
approximately 15 minutes by underground from the
city centre and is comprised of two buildings. The
investment is anchored by Kaufland (a hypermarket
chain) on a new 17 year lease. The return on equity on
this investment exceeded 8% per annum at inception.

FINANCIAL REVIEW

Earnings
The basic earnings attributable to ordinary shareholders
for the six-month period to 30 September 2015 were
EUR 27.3 million (2014 pro forma: EUR 9.2 million). This equates
to a diluted IFRS EPS of 9.86 cents (2014 pro forma:
3.69 cents). Headline earnings were EUR 13.5 million (2014
pro forma: EUR 11.2 million) equating to diluted headline
EPS of 4.88 cents (2014 pro forma: 4.48 cents).

In accordance with reporting standards widely adopted
across the real estate industry in Europe, the directors
feel it is appropriate and useful, in addition to providing
the IFRS disclosed earnings, to also disclose EPRA(3)
earnings. Adjusted EPRA earnings attributable to
shareholders were EUR 14.3 million (2014 pro forma:
EUR 12.2 million), equating to diluted adjusted EPRA EPS of
5.17 cents (2014 pro forma: 4.90 cents). This represents
a 5.5% increase on the pro forma diluted adjusted EPRA
EPS at 2 October 2014.
  
Management fee income relates to fees earned by
the management companies on management and
administration services provided to certain managed
property syndicates and funds, the assets of which did
not form part of the Stenham Transaction. During the
period the Group earned fees relating to the disposal
of assets held by managed syndicates of EUR 0.7 million.
Ongoing management fees made up the balance of the
management fee income which totalled EUR 1.8 million for
the six month period.

Management fee income is a source of income that will
diminish over time.

Dividends
On 25 November 2015, the directors declared a
dividend of 4.2 cents per share, relating to the six
months to 30 September 2015. The directors intend
to offer shareholders the option to receive in respect of
all or part of their Stenprop shareholding either a scrip
dividend by way of an issue of new Stenprop shares, or
a cash dividend. An announcement containing details of
the dividend, the timetable and the scrip dividend will be
made on 11 December 2015. The record date for the
dividend is 22 January 2016 and the dividend payment
date is 28 January 2016.

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 either a scrip dividend by way of
an issue of new Stenprop 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, for
which 2,257,894 new Stenprop shares were issued.
  
Balance sheet
The IFRS (basic and diluted) net asset value per share at
30 September 2015 was EUR 1.62 (2014 pro forma: EUR 1.41).
As is the case with regard to the disclosure of EPRA
earnings, the directors feel that it is appropriate
and useful, in addition to IFRS NAV, to also disclose
EPRA NAV. The diluted EPRA NAV per share at
30 September 2015 was EUR 1.67 (2014 pro forma: EUR 1.46).
This represents a 1.2% increase on 31 March 2015
diluted EPRA NAV per share of EUR 1.65.

Foreign exchange
Foreign exchange markets have been relatively volatile
over the six-month period under review. Euro rates
against Sterling at the start of April were GBP1:EUR 1.36 and
reached over GBP1:EUR 1.44 before ending the period on
GBP1:EUR 1.35. Foreign exchange volatility has also been
seen with the Swiss Franc which began the period at
CHF1:EUR 0.96 and ended the period at CHF1: EUR 0.91. The
Euro has weakened against both Sterling and the Swiss
Franc since 30 September 2015.
  
Stenprop's diversification across the UK, Germany and
Switzerland provides a natural spread of currencies.
It remains our policy not to hedge currencies and to
maintain this multi-currency exposure.

PORTFOLIO VALUATION
On a like for like basis, the valuation of the portfolio
increased by EUR 18 million (including the Company's
share of joint ventures and associates), driven largely
by the continuing strength of the prime office sector in
London. The investment property balance has increased
as a result of the purchase of Hermann Quartier for
EUR 22.7 million which completed at the end of August
2015.

United Kingdom
The UK portfolio (excluding 25 Argyll Street discussed
separately below) was independently valued at
GBP256.9 million, an increase of 4.5% on the year end
valuations on a like for like basis. The strong growth in
rental and capital values in central London is driven
by a continued shortage of office supply which has
seen these assets increase in value by GBP11.0 million
over the period.

Germany
The German portfolio (excluding associates and joint
ventures) was independently valued at EUR 218.8 million.
On a like for like basis and excluding the Hermann
Quartier Berlin retail shopping centre acquired in
August 2015, property values rose by 2.2%. This was
driven by a EUR 2 million increase at the Bleichenhof mixed
use property in Hamburg with a further EUR 2 million
increase seen at our portfolio of 14 Aldi properties.

Switzerland
The Swiss portfolio was independently valued at
CHF171.4 million, a 2% decrease on the year-end
valuation of CHF175.0 million. This was driven by two
properties, the most notable being at Lugano where
we are engaged in a repositioning of the property. Two
of the main tenant leases expire shortly and we are in
negotiations with a national retailer to potentially take
a new lease over the entire building. The valuation has
reduced by CHF2.6 million to take account of this. When
the repositioning is complete we expect the value to
increase materially.

Joint ventures and associates
The Care Homes portfolio valuation of EUR 33.6 million
remains broadly unchanged at the end of the period.
The portfolio was valued at EUR 33.4 million as at
31 March 2015 and remains fully let.
The property valuation of 25 Argyll Street, in which
Stenprop holds a 50% interest has increased by 10%
since its acquisition.
The Nova Eventis shopping centre in Leipzig, in which
Stenprop holds a 28.42% interest, was valued at
EUR 267.7 million (excluding assumed selling costs of
1%), a 2.7% reduction over the year-end valuation of
EUR 275 million.

Capital management
The value of the property portfolio as at
30 September 2015, including the Group's share
of associate and joint venture properties, was
EUR 886.6 million (excluding the Victoria Centre which
completed on 24 November 2015). Bank debt at the
same date was EUR 465.2 million resulting in an average
loan to value ratio of 52.4%, down from 53.8% at year
end. Stenprop is targeting an average loan to value ratio
of 50%.

The weighted average debt maturity stood at 2.8 years
at 30 September 2015 compared with 2.2 years at the
year-end and reflecting the refinancing activities
undertaken in the period and detailed below. Annual
amortisation payments since the year end remain
unchanged in Germany and Switzerland but have been
reduced in the UK to GBP0.7 million following the refinancing
at our Euston House and Pilgrim Street properties,
resulting in total annual amortisation payments of
EUR 7.2 million. The all-in contracted weighted average
cost of debt dropped to 2.86% from 3.07% at 31 March
2015. After taking into account the amortisation of the
swap contract liabilities acquired by Stenprop as part
of the Stenham Transaction, the effective weighted
average cost of debt at 30 September 2015 was 2.44%.

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

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

Subsequent events
As announced on 25 September 2015, the JSE
approved the transfer of Stenprop's listing from the
JSE's AltX to the JSE's Main Board with effect from
Monday, 5 October 2015. The transfer will not affect
the Company's current listing on the Bermuda Stock
Exchange.
On 24 November 2015, Stenprop completed the
acquisition of the Victoria shopping centre for
EUR 20.6 million.

Prospects
As announced on SENS in the Forecast Financial
Information announcement published on 14 August 2015, 
the Group expected adjusted diluted EPRA earnings per 
share for the year ended 31 March 2016 of 10.32 cents per share. 
We remain on track to achieve our forecast. However, fluctuations
in exchange rates used in our forecast5 will impact earnings.

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

(1) Includes Stenprop's share of the properties held within the associate and joint venture investments 
    and the Victoria Centre, Berlin which completed on 24 November 2015.
(2) Nova Eventis valuation excluding selling costs assumed at 1%.
(3) The European Public Real Estate Association ("EPRA") issued Best Practices Policy Recommendations in December 2014, which provide guide-
    lines for performance measures relevant to real estate companies. Their recommended reporting standards are widely applied across this mar-
    ket, 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.
(4) 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
    IAS 40, adjustments to reflect the EPRA NAV include only those relating to the revaluation of financial instruments and deferred tax.
(5) Exchange rates used in the forecast were GBP1:EUR 1.42 and CHF1:EUR 0.96

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 2015 which comprises the condensed
consolidated income statement, the condensed
consolidated statement of financial position, the
condensed consolidated statement of changes
in equity, the condensed consolidated cash flow
statement and related notes. 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 in accordance with the Listings Requirements of
the Johannesburg Stock Exchange.

As disclosed in note 1, the annual financial statements
of the Group are prepared in accordance with IFRSs
as issued by the International Accounting Standards
Board. 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," as issued by
the International Accounting Standards Board.

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, but we will issue a review report addressed
to the members of the entity. In order to comply
with Rule 8.60 of the JSE Listings Requirements, this
review report will be referred to in the interim financial
information and will be made available by the Company
for inspection at its registered office.

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 2015 is not
prepared, in all material respects, in accordance with
International Accounting Standard 34 as issued by the
International Accounting Standards Board.
   
Deloitte LLP
Chartered Accountants
Guernsey

25 November 2015

CONDENSED CONSOLIDATED
STATEMENT OF COMPREHENSIVE INCOME

                                                                                                         *Restated     **Pro forma
                                                                                      Unaudited          Unaudited       Unaudited
                                                                                        for the            for the         for the
                                                                                     six months         six months      six months
                                                                                          ended              ended           ended
                                                                                   30 September       30 September       2 October
                                                                                           2015               2014            2014
                                                                            Note       EUR '000           EUR '000        EUR '000
Net rental income                                                             3          19,625              1,705          16,382
Management fee income                                                                     1,786                  ?              67
Operating costs                                                               4         (4,650)              (360)         (2,602)
Net operating income                                                                     16,761              1,345          13,847
Fair value movement of investment properties                                  8          11,982              1,305          12,497
Reversal of provision for selling costs                                                       ?                  ?           5,612
Investment in associates                                                      9         (1,016)                  ?           1,161
Investment in joint ventures                                                 10           6,410                  ?           1,108
Impairment of notional goodwill                                                               ?                  ?        (19,374)
Profit from operations                                                                   34,137              2,650          14,851
Other gains and losses                                                                        ?                 15              23
Net (loss)/gain from fair value of financial liabilities                                  (180)                  ?             214
Net finance costs                                                                       (5,577)              (279)         (5,051)
Net foreign exchange gain                                                                    81                  ?               ?
Profit for the period before taxation                                                    28,461              2,386          10,037
Taxation                                                                                (1,030)              (156)           (774)
Profit for the period after taxation                                                     27,431              2,230           9,263
Profit attributable to:
Equity holders                                                                           27,254              2,230           9,188
Non-controlling interest                                                                    177                  ?              75
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Fair value movement on interest rate swaps                                                  519                 13              13
Foreign currency translation reserve                                                    (6,539)              1,283           2,648
Total comprehensive profit for the period                                                21,411              3,526          11,924
Total comprehensive profit attributable to:
Equity holders                                                                           21,234              3,526          11,899
Non-controlling interest                                                                    177                  ?              25

Earnings per share
IFRS EPS                                                         (cents)      5            9.88              13.95            3.69
Diluted IFRS EPS                                                 (cents)      5            9.86              13.95            3.69
EPRA EPS                                                         (cents)      5            4.81               5.79            4.39
Diluted EPRA EPS                                                 (cents)      5            4.80               5.79            4.39
Adjusted EPRA EPS                                                (cents)      5            5.18               5.79            4.91
Diluted adjusted EPRA EPS                                        (cents)      5            5.17               5.79            4.90

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

Results derive from continuing operations.

CONDENSED CONSOLIDATED
STATEMENT OF FINANCIAL POSITION

                                                                                                                       **Pro forma
                                                                                             Unaudited     Audited       Unaudited
                                                                                                 as at       as at           as at
                                                                                          30 September    31 March       2 October
                                                                                                  2015        2015            2014
                                                                                    Note      EUR '000    EUR '000        EUR '000
ASSETS                                
Investment properties                                                                 8        722,117     695,196         614,089
Investment in associates                                                              9         38,085      39,652          35,113
Investment in joint ventures                                                         10         39,610       8,506           8,948
Investments                                                                                          ?           ?             314
Other debtors                                                                                    7,500           ?               ?
Property, plant and equipment                                                                        3           2              10
Total non-current assets                                                                       807,315     743,356         658,474
Cash and cash equivalents                                                                       45,420      80,430          44,532
Accounts receivable                                                                              2,363       2,634           2,944
Other debtors                                                                                    2,259       3,910             546
Prepayments                                                                                      1,658       1,519             411
Total current assets                                                                            51,700      88,493          48,433
Total assets                                                                                   859,015     831,849         706,907
EQUITY AND LIABILITIES                                
Capital and reserves                                
Share capital                                                                         7              ?           ?               ?
Share premium                                                                         7        385,036     374,127         339,898
Equity reserve                                                                                     303           ?               ?
Retained earnings                                                                               53,162      37,561          11,945
Foreign currency translation reserve                                                            15,604      22,143              66
Cash flow hedge reserve                                                                              ?       (519)            (80)
Total equity attributable to equity shareholders                                               454,105     433,312         351,829
Non-controlling Interest                                                                         1,992       1,815           1,750
Total equity                                                                                   456,097     435,127         353,579
Non-current liabilities                                
Bank loans                                                                           11        360,648     296,873         292,079
Derivative financial instruments                                                                 4,624       5,108           4,376
Other loan and interest                                                                             23          23              22
Deferred tax                                                                                     7,653       7,230           6,532
Total non-current liabilities                                                                  372,948     309,234         303,009
Current liabilities                                
Bank loans                                                                           11         10,791      68,058          34,830
Derivative financial instruments                                                                   738       1,273             169
Accounts payable and accruals                                                                   18,441      18,157          15,320
Total current liabilities                                                                       29,970      87,488          50,319
Total liabilities                                                                              402,918     396,722         353,328
Total equity and liabilities                                                                   859,015     831,849         706,907
IFRS net asset value per share                                                        6           1.62        1.59            1.41
EPRA net asset value per share                                                        6           1.68        1.65            1.46

* 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.

CONDENSED CONSOLIDATED
STATEMENT OF CHANGES IN EQUITY

                                                                                                      Attri-
                                                                              Foreign      Cash      butable
                                                                             currency      flow    to equity        Non-
                                    Share     Share     Equity  Retained  translation     hedge       share- controlling     Total
                                  capital   premium    reserve  earnings      reserve   reserve      holders    interest    equity
                                 EUR '000  EUR '000   EUR '000  EUR '000     EUR '000  EUR '000     EUR '000    EUR '000  EUR '000
Balance at 1 April 2015                 ?   374,127          ?    37,561       22,143     (519)      433,312       1,815   435,127
Issue of share capital                  ?    10,909       (25)         ?            ?         ?       10,884           ?    10,884
Credit to equity for       
equity-settled       
share-based payments                    ?         ?        328         ?            ?         ?          328           ?       328
Total comprehensive        
profit for the period                   ?         ?          ?    27,254      (6,539)       519       21,234         177    21,411
Ordinary dividends                      ?         ?          ?  (11,653)            ?         ?     (11,653)           ?  (11,653)
Balance at       
30 September 2015                       ?   385,036        303    53,162       15,604         ?      454,105       1,992   456,097
Balance at 1 April 2014                 ?    21,131          ?      (37)            ?         5       21,099           ?    21,099
Novation         
of swap contract                        ?         ?          ?        98            ?      (98)            ?           ?         ?
Listing costs                           ?      (36)          ?         ?            ?         ?         (36)           ?      (36)
Total comprehensive        
profit for the period                   ?         ?          ?     2,230        1,283        13        3,526           ?     3,526
Balance at       
30 September 2014                       ?    21,095          ?     2,291        1,283      (80)       24,589           ?    24,589
       
CONDENSED CONSOLIDATED
STATEMENT OF CASH FLOWS

                                                                                                                         *Restated
                                                                                                       Unaudited         Unaudited
                                                                                                         for the           for the
                                                                                                      six months        six months
                                                                                                           ended             ended
                                                                                                    30 September      30 September
                                                                                                            2015              2014
                                                                                               Note     EUR '000          EUR '000
Operating activities
Profit from operations                                                                                    34,137             2,650
Share of loss in associates                                                                      9         1,016                 ?
Increase in fair value of investment property                                                    8      (11,982)           (1,344)
Increase in fair value of joint venture                                                         10       (6,410)                 ?
Exchange rate gains                                                                                           81                 ?
Decrease/(increase) in trade and other receivables                                                           373              (16)
Increase/(decrease) in trade and other payables                                                              896             (398)
Interest paid                                                                                            (5,320)             (248)
Interest received                                                                                            520                 1
Net tax paid                                                                                               (263)              (11)
Net cash from operating activities                                                                        13,048               634
Investing activities
Dividends received from trading activities                                                                     ?                 8
Dividends received from associates                                                                         1,388                 ?
Dividends received from joint ventures                                                                       210                 ?
Capital expenditure on investment properties                                                     8      (26,902)                 ?
Acquisition of investment in joint venture                                                      10      (26,782)                 ?
Net cash (used in)/from investing activities                                                            (52,086)                 8
Financing activities
Repayment of borrowings                                                                                 (36,437)                 ?
Dividends paid                                                                                           (8,198)
Listing costs paid                                                                                             ?             (113)
Financing fees paid                                                                                        (945)              (55)
Unutilised facility fee paid                                                                                   ?              (44)
Payments made on swap break                                                                                (571)                 ?
New bank loans raised                                                                                     50,069                 ?
Net cash from/(used in) financing activities                                                               3,918             (212)
Net (decrease)/increase in cash and cash equivalents                                                    (35,120)               430
Effect of foreign exchange rate changes                                                                      110               175
Cash and cash equivalents at beginning of the period                                                      80,430             1,671
Cash and cash equivalents at end of the period                                                            45,420             2,276

* The comparatives have been restated to reflect the change in presentational currency, see note 1.

NOTES TO THE CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS

1. BASIS OF PREPARATION

   These unaudited condensed consolidated financial results (the "IFRS Statements") for the six months ended
   30 September 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"), specifically IAS 34 "Interim Financial Reporting" and the listing requirements of the Bermuda
   Stock Exchange and the Johannesburg Stock Exchange 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 2015 which were audited and reported on by the Group's external
   auditors, except for the new standards adopted during the period.

   Going concern
   At the date of signing these accounts, the Group has positive operating cash flow forecasts and positive net assets.
   Management have reviewed the Group's cash flow forecasts for the 18 months to 30 September 2016 and, in the light of
   this review and the current financial position, they are satisfied that the Company and the Group have access to adequate
   resources to meet the obligations and continue in operational existence for the foreseeable future, and specifically the
   12 months subsequent to the signing of these financial statements. The directors believe that it is therefore appropriate to
   prepare the accounts on a going concern basis.

   COMPARATIVE PRO FORMA INFORMATION
   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 presented for
   the comparative period an unaudited pro forma statement of comprehensive income for the six months ended
   2 October 2014 and an unaudited pro forma consolidated statement of financial position as at 2 October 2014. The
   comparative pro forma statements, which are denominated in EUR, are for illustration purposes only and may not fairly
   represent the Group's financial position or results of operations.
   
   The main difference between the comparative pro forma statements 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
   pro forma statements, which are denominated in EUR, are for illustration purposes only and may not fairly represent the
   Group's financial position or results of operations.

   The comparative pro forma statement of comprehensive income therefore separately shows trading profits, property
   revaluations and other adjustments for the six months ended 30 September 2014. 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 report 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 spot rate of GBP1:EUR 1.28 being the exchange rate prevailing at
   30 September 2014 and an average rate of GBP1:EUR 1.243. For the purposes of changing the currency denomination of the
   share capital of the Company, a GBP:EUR exchange rate of GBP1:1.2102 was used at 31 March 2014.
   
   ADOPTION OF NEW AND REVISED STANDARDS
   In the current period the following new and revised Standards and Interpretations have been adopted:
   
   -  IAS 19                            Defined benefit plans: Employee contributions
   -  Annual improvements to IFRSs: 2010 ? 2012 Cycle
   
   At the date of authorisation of these financial statements, the following applicable standards which have not been applied
   to these financial statements, were in issue but not yet effective. They are effective for periods commencing on or after
   the disclosed date:

   -  IFRS 9                            Financial instruments (1 January 2018)
   -  IFRS 14                           Regulatory Deferral Accounts (1 January 2016)
   -  IFRS 15                           Revenue from Contracts with Customers (1 January 2018) 
   -  IFRS 11 (amendments)              Accounting for acquisitions of interests in joint operations (1 January 2016)
   -  IFRS 12 (amendments)              Disclosure of interest in other entities (1 January 2016)
   -  IAS 16 and IAS 38                 Clarification of acceptable methods of depreciation and amortisation (1 January 2016)
   -  IAS 27 (amendments)               Equity method in separate financial statements (1 January 2016)
   -  IFRS 10 and IAS 28 (amendments)   Sale or contribution of assets between an Investor and its Associate or Joint
                                        Venture (1 January 2016) (amendments)
   -  Annual improvements to IFRSs:     2014 Cycle (1 January 2016)
   -  IAS 1 (amendments)                Disclosure Initiative (1 January 2016)
   -  IFRS 10 (amendments)              Investment entities: applying the Consolidation Exception (1 January 2016)

   The directors are looking into whether the new standards listed above will have a material impact on the financial
   statements of the Group in the future period.
   
   Share-based payments
   Share options have been granted to key management 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.
   
   Reclassification of associates
   As of 30 September 2015, management agreed to reclassify Stenpark Management Limited from an associate to a joint
   venture to more accurately reflect the substance of this investment. The net asset value of Stenpark Management Limited
   at this date was EUR 41,000. The impact of this transfer can be seen in notes 9 and 10.
   
   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.
   
   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.
   
   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, determined by directors, 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.
   
   Hedge accounting
   As at 31 March 2015, the Group designated certain derivative hedging instruments as cash flow hedges. The effective
   portion of changes in the fair value of derivatives that were designated and qualified as cash flows hedges were recognised
   in other comprehensive income. The gain or loss relating to the ineffective portion was recognised immediately in profit
   or loss. During the period to 30 September 2015, the Group discontinued hedge accounting for all interest rate swaps and
   as such any gain or loss is recognised immediately in the statement of comprehensive income. The decision was taken in
   order to reduce the costs associated with the initial and ongoing assessment of hedge effectiveness as well as to simplify
   financial derivative reporting requirements. At the time of this designation, the loss accumulated in equity of EUR 518,000 was
   immediately recognised in the statement of comprehensive income.

2. OPERATING SEGMENTS

   The Group is focused on real estate investment in well-developed, large economies with established real estate markets.
   The investment portfolio is geographically diversified across Germany, the United Kingdom and Switzerland, and these
   geographical locations provide the basis of the business segments identified by the Group. Each segment derives its
   revenue from the rental of investment properties in the respective geographical regions.
   Relevant financial information is set out below:
 
i) Information about reportable segments
                                                                            United  
                                                               Germany     Kingdom    Switzerland         Total
                                                              EUR '000    EUR '000       EUR '000      EUR '000
   Unaudited  
   for the period ended 30 September 2015  
   Net rental income                                             5,431      10,194          4,000        19,625
   Fair value movement of investment properties                  2,641      13,050        (3,709)        11,982
   Net loss/(gain) from fair value of financial liabilities         51       (985)            754         (180)
   Investment in associates                                    (1,016)           ?              ?       (1,016)
   Investment in joint venture                                   1,099       5,093              ?         6,192
   Net finance costs                                           (1,431)     (2,879)        (1,267)       (5,577)
   Operating costs                                               (307)       (150)          (326)         (783)
   Total profit per reportable segments                          6,468      24,323          (548)        30,243
   As at 30 September 2015  
   Investment properties                                       218,802     346,494        156,821       722,117
   Investment in associates                                     38,085           ?              ?        38,085
   Investment in joint venture                                   9,125      30,438              ?        39,563
   Cash                                                         23,570      15,430          3,797        42,797
   Other                                                         9,666       1,573            958        12,197
   Total assets                                                299,248     393,935        161,576       854,759
   Borrowings ? bank loans                                   (135,967)   (146,654)       (88,818)     (371,439)
   Other                                                       (6,576)    (13,206)        (8,401)      (28,183)
   Total liabilities                                         (142,543)   (159,860)       (97,219)     (399,622)
   Unaudited  
   for the period ended 30 September 2014  
   Net rental income                                                 ?       1,705              ?         1,705
   Fair value movement of investment properties                      ?       1,305              ?         1,305
   Net finance costs                                                 ?       (279)              ?         (279)
   Operating costs                                                   ?       (360)              ?         (360)
   Total profit per reportable segments                              ?       2,371              ?         2,371
     
   Pro forma unaudited  
   for the period ended 2 October 2014   
   Net rental income                                             4,609       8,187          3,586        16,382
   Fair value movement of investment properties                      4      12,439             54        12,497
   Net loss/(gain) from fair value of financial liabilities      (394)         598             10           214
   Investment in associates                                      1,161           ?              ?         1,161
   Investment in joint venture                                   1,108           ?              ?         1,108
   Net finance costs                                           (1,688)     (2,513)          (850)       (5,051)
   Operating costs                                               (818)     (1,156)          (558)       (2,532)
   Total profit per reportable segments                          3,982      17,555          2,242        23,779
   Pro forma as at 2 October 201   
   Investment properties                                       189,570     279,315        145,204       614,089
   Investment in associates                                     35,082           ?              ?        35,082
   Investments                                                       ?         314              ?           314
   Investment in joint venture                                   8,948           ?              ?         8,948
   Cash                                                         16,602      24,592          3,310        44,504
   Other                                                           817       1,037            518         2,372
   Total assets                                                251,019     305,258        149,032       705,309
   Borrowings ? bank loans                                    127,066)   (115,646)       (84,197)     (326,909)
   Other                                                       (5,700)    (10,545)        (7,377)      (23,622)
   Total liabilities                                          132,766)   (126,191)       (91,574)     (350,531)

   ii) Reconciliation of reportable segment profit or loss
                                                                                        *Restated   **Pro forma
                                                                         Unaudited      Unaudited     Unaudited
                                                                           for the        for the       for the
                                                                        six months     six months    six months
                                                                             ended          ended         ended
                                                                      30 September   30 September     2 October
                                                                              2015           2014          2014
                                                                           EUR'000        EUR'000       EUR'000
   Rental income      
   Net rental income for reported segments                                  19,625          1,705        16,382
   Profit or loss       
   Fair value movement of investment properties                             11,982          1,305        12,497
   Net (loss)/gain from fair value of financial liabilities                  (180)              ?           214
   Investment in associates                                                (1,016)              ?         1,161
   Investment in joint venture                                               6,192              ?         1,108
   Net finance costs                                                       (5,577)          (279)       (5,051)
   Operating costs                                                           (783)          (360)       (2,532)
   Total profit per reportable segments                                     30,243          2,371        23,779
   Other profit or loss ? unallocated amounts      
   Management fee income                                                     1,786              ?            67
   Investment in joint venture                                                 218              ?             ?
   Tax, legal and professional fees                                          (202)              ?          (39)
   Audit fees                                                                (158)              ?             ?
   Administration fees                                                       (156)              ?           (4)
   Non-executive directors' fees                                             (128)              ?             ?
   Staff remuneration costs                                                (1,847)              ?             ?
   Other operating costs                                                   (1,376)              ?          (27)
   Reversal of provision for selling costs                                       ?              ?         5,612
   Impairment of goodwill                                                        ?              ?      (19,374)
   Other gains and losses                                                        ?             15            23
   Net foreign exchange losses                                                  81              ?             ?
   Consolidated profit before taxation                                      28,461          2,386        10,037
        
   *  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.

   iii) Reconciliation of reportable segment financial position
                                                                                                     *Pro forma
                                                                                        Unaudited     Unaudited
                                                                                            as at         as at
                                                                                     30 September     2 October
                                                                                             2015          2014
                                                                                          EUR'000       EUR'000
    Assets             
    Investment properties                                                                 722,117       614,089
    Investment in associates                                                               38,085        35,082
    Investments                                                                                 ?           314
    Investment in joint venture                                                            39,563         8,948
    Cash                                                                                   42,797        44,504
    Other                                                                                  12,197         2,372
    Total assets per reportable segments                                                  854,759       705,309
    Other assets ? unallocated amounts             
    Investment in associates                                                                    ?            31
    Investment in joint venture                                                                47             ?
    Cash                                                                                    2,623            28
    Other                                                                                   1,585         1,539
    Total assets per consolidated statement of financial position                         859,014       706,907
    Liabilities             
    Borrowings ? bank loans                                                             (371,439)     (326,909)
    Other                                                                                (28,183)      (23,622)
    Total liabilities per reportable segments                                           (399,622)     (350,531)
    Other liabilities ? unallocated amounts                                               (3,296)       (2,797)
    Total liabilities per consolidated statement of financial position                  (402,918)     (353,328)

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

3.  NET RENTAL INCOME
                                                                                         *Restated   **Pro forma
                                                                          Unaudited      Unaudited     Unaudited
                                                                            for the        for the       for the
                                                                         six months     six months    six months
                                                                              ended          ended         ended
                                                                       30 September   30 September     2 October
                                                                               2015           2014          2014
                                                                            EUR'000        EUR'000       EUR'000
    Rental income                                                            21,763          1,708        18,582
    Other income ? tenant recharges                                           2,577             41         1,081
    Other income                                                                178              ?           105
    Rental income                                                            24,518          1,749        19,768
    Direct property costs                                                   (4,893)           (44)       (3,386)
    Total net rental income                                                  19,625          1,705        16,382

    *  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.

4.  OPERATING COSTS
                                                                                         *Restated   **Pro forma
                                                                          Unaudited      Unaudited     Unaudited
                                                                            for the        for the       for the
                                                                         six months     six months    six months
                                                                              ended          ended         ended
                                                                       30 September   30 September     2 October
                                                                               2015           2014          2014
                                                                            EUR'000        EUR'000       EUR'000
    Tax, legal and professional fees                                            505             54           393
    Audit and professional fees                                                 164              8            14
    Administration fees                                                         211             61           318
    Investment advisory fees                                                    198            218           218
    Asset management fees^                                                        ?              ?         1,633
    Non-executive directors' fees                                               131             17            18
    Staff remuneration costs                                                  2,176              ?             ?
    Other operating costs                                                     1,265              2             8
                                                                              4,650            360         2,602

^   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 were payable by Stenprop. Stenprop therefore bears the direct costs of management from
    2 October 2014.
*   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.

5.  EARNINGS PER ORDINARY SHARE

    Reconciliation of profit for the period to adjusted EPRA earnings
                                                                                         *Restated   **Pro forma
                                                                          Unaudited      Unaudited     Unaudited
                                                                            for the        for the       for the
                                                                         six months     six months    six months
                                                                              ended          ended         ended
                                                                       30 September   30 September     2 October
                                                                               2015           2014          2014
                                                                            EUR'000        EUR'000       EUR'000
    Earnings per IFRS income statement attributable to shareholders          27,254          2,230         9,188
    Adjustments to calculate EPRA earnings, exclude:                                                           ?
    Changes in fair value of investment properties                         (11,982)        (1,305)      (12,497)
    Reversal of provision for selling costs                                       ?              ?       (5,612)
    Reversal of impairment of goodwill                                            ?              ?        19,374
    Changes in fair value of financial instruments                              180              ?         (214)
    Deferred tax in respect of EPRA adjustments                                 609              ?           574
    Adjustments above in respect of joint ventures and associates:
    Changes in fair value                                                   (2,478)              ?           146
    Deferred tax in respect of EPRA adjustments                               (318)              ?          (22)
    EPRA earnings attributable to shareholders                               13,265            925        10,937
    Further adjustments to arrive at adjusted EPRA earnings
    Straight-line unwind of purchase swaps                                    1,021              ?         1,273
    Adjusted EPRA earnings attributable to shareholders                      14,286            925        12,210
    Weighted average number of shares in issue                          275,801,583     15,986,003   248,902,812
    Share-based payment award                                               652,799              ?       291,563
    Diluted weighted average number of shares in issue                  276,454,382     15,986,003   249,194,375
    Earnings per share
    IFRS EPS                                                  (cents)          9.88          13.95          3.69
    Diluted IFRS EPS                                          (cents)          9.86          13.95          3.69
    EPRA EPS                                                  (cents)          4.81           5.79          4.39
    Diluted EPRA EPS                                          (cents)          4.80           5.79          4.39
    Adjusted EPRA EPS                                         (cents)          5.18           5.79          4.91
    Diluted adjusted EPRA EPS                                 (cents)          5.17           5.79          4.90

    *  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.

    Straight-line unwind of purchase swaps
    A further adjustment was made to the EPRA earnings attributable to shareholders relating to the straight line unwind of
    the value as at 1 April 2014 of the swap contracts in the property companies acquired. When the property companies
    were acquired by Stenprop with effect from 1 April 2014, it also acquired the bank loans and swap contracts which were in
    place within these property companies. As a result, Stenprop took over loans with higher swap interest rates than would
    have been the case had new loans and swaps been put in place at 1 April 2014. To compensate for this, the value of the
    swap 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
                                                                                         *Restated   **Pro forma
                                                                          Unaudited      Unaudited     Unaudited
                                                                            for the        for the       for the
                                                                         six months     six months     six month
                                                                              ended          ended       s ended
                                                                       30 September   30 September     2 October
                                                                               2015           2014          2014
                                                                            EUR'000        EUR'000       EUR'000
    Earnings per IFRS income statement attributable to shareholders          27,254          2,230         9,188
    Adjustments to calculate headline earnings, exclude:
    Changes in fair value of investment properties                         (11,982)        (1,305)      (12,497)
    Reversal of provision for selling costs                                       ?              ?       (5,612)
    Reversal of gain on acquisition                                               ?              ?        19,374
    Changes in fair value of financial instruments                              519             13            13
    Deferred tax in respect of headline earnings adjustments                    609              ?           574
    Adjustments above in respect of joint ventures and associate
    Changes in value of investment properties                               (2,551)              ?           146
    Deferred tax                                                              (367)              ?          (22)
    Headline earnings attributable to shareholders                           13,482            938        11,164
    Earnings per share
    Headline EPS                                               (cents)         4.89           5.87          4.49
    Diluted headline EPS                                       (cents)         4.88           5.87          4.48

    *  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.

6.  NET ASSET VALUE PER ORDINARY SHARE

    Net asset value per share
                                                                                                      *Pro forma
                                                                          Unaudited        Audited     Unaudited
                                                                              as at          as at         as at
                                                                       30 September       31 March     2 October
                                                                               2015           2015          2014
                                                                            EUR'000        EUR'000       EUR'000
    Net assets attributable to equity shareholders                          454,105        433,312       351,829
    Adjustments to arrive at EPRA net asset value:
    Derivative financial instruments                                          5,362          6,381         4,545
    Deferred tax                                                              7,653          7,230         6,532
    Adjustments above in respect of non-controlling interests                 2,343          2,504         1,067
    EPRA net assets attributable to shareholders                            469,463        449,427       363,973
    Number of shares in issue                                           279,720,942    272,236,146   248,902,812
    Share-based payment awards                                              652,799        291,563       291,563
    Diluted number of shares in issue                                   280,373,741    272,527,709   249,194,375
    Net asset value per share
    IFRS net asset value per share                             (cents)         1.62           1.59          1.41
    Diluted IFRS net asset value per share                     (cents)         1.62           1.59          1.41
    EPRA net asset value per share                             (cents)         1.68           1.65          1.46
    Diluted EPRA net asset value per share                     (cents)         1.67           1.65          1.46

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

7.  SHARE CAPITAL
                                                                                                      *Pro forma
                                                                          Unaudited        Audited     Unaudited
                                                                              as at          as at         as at
                                                                       30 September       31 March     2 October
                                                                               2015           2015          2014
                                                                                EUR            EUR           EUR
    Authorised 
    1,000,000,000 ordinary shares with a par value of EUR0.000001258 each     1,258          1,258         1,258
   
  
                                                                                                      *Pro forma
                                                                          Unaudited                    Unaudited
                                                                            for the        Audited       for the
                                                                         six months        for the    six months
                                                                              ended     year ended         ended
                                                                       30 September       31 March     2 October
                                                                               2015           2015          2014
    Issued share capital
    Opening balance                                                     272,236,146     15,986,003    15,986,003
    Issue of new shares                                                   7,484,796    256,250,143   232,916,809
    Closing number of shares issued                                     279,720,942    272,236,146   248,902,812
    Share capital 
    Share premium                                            (EUR'000)      387,895        376,986       341,985
    Less: Acquisition/transaction costs                      (EUR'000)      (2,859)        (2,859)       (2,087)
    Total share premium                                                     385,036        374,127       339,898

    * Readers are referred to note 1 where the basis of preparation of the pro forma information is explained.
    
    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 has 279,720,942 (March 2015: 272,236,146) ordinary shares in issue at the reporting date which have a primary
    listing on the BSX and a secondary listing on the JSE.
    
    On 11 June 2015, a dividend of 4.2 cents per share was declared in repsect of the year ended 31 March 2015. The record
    date for the dividend was 10 July 2015 and the payment date was 16 July 2015. 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. On 16 July 2015, the owners of 277,463,048 shares were entitled to receive the
    dividend of 4.2 cents resulting in an overall dividend payment of EUR11,653,000. From this total, 2,257,894 new ordinary shares
    were issued in respect of the scrip dividend offering for the year ended 31 March 2015, representing a scrip dividend take up
    of 29.48%.
    
    Subsequent to the period end, and with effect from 5 October 2015, the JSE approved the transfer of Stenprop's listing
    from the JSE's AltX to the JSE's Main Board. The transfer will not affect the Company's current listing on the Bermuda
    Stock Exchange.

8.  INVESTMENT PROPERTY

    The fair value of the consolidated investment properties at 30 September 2015 was EUR722,117,022 (31 March 2015:
    EUR695,196,554). The carrying amount of investment property is the fair value of the property as determined by registered
    independent appraisers having an appropriate recognised professional qualification and recent experience in the location and
    category of the property being valued ("valuers").
  
    The fair value of each of the properties for the period ended 30 September 2015 was assessed by the valuers in accordance
    with the RICS standards and IFRS 13. The fair value represents the highest and best use.
  
    The valuations performed by the independent valuers are reviewed internally by senior management. This includes discussions
    of the assumptions used by the external valuers, as well as a review of the resulting valuations.
  
    Discussions of the valuations process and results are held between the senior management and the external valuers on a bi-
    annual basis. The Audit Committee reviews and approves the valuation results.
  
    The valuation techniques used are consistent with IFRS13 and use significant "unobservable" inputs. There have been no
    changes in valuation techniques since the prior year.
  
    There are interrelationships between all these unobservable inputs as they are determined by the market conditions. The
    effect of an increase in more than one unobservable input would be to magnify the impact on the valuation. The impact on
    the valuation will be mitigated by the interrelationship of two unobservable inputs moving in the opposite directions e.g. an
    increase in rent may be offset by an increase in yield, resulting in no net impact on the valuation. Expected vacancy rates may
    impact the yield with higher vacancy rates resulting in higher yield. All revenue is derived from the underlying tenancies given
    on the investment properties.
  
    The key unobservable inputs used in the valuation of the Group's investment properties at 30 September 2015 are detailed
    in the table below:
                                                                                                 Net   Weighted
                                     % of      Market                         Annualised     initial    average       Voids
                                portfolio       value                              gross       yield      lease   (by gross
    Combined portfolio          by market      30 Sep                             rental   (Weighted     length      rental
    (including share of jointly     value        2015                   Area      income    average)  by rental     Income)
    controlled entities)              (%)   (EUR'000)  Properties      (sqm)      (EURm)         (%)    (years)         (%)
    UK                                 39     346,494          14     73,737        22.2        5.43        6.6         1.9
    Germany                            25     218,802          22     80,528        13.3        5.21        5.7         5.9
    Switzerland                        18     156,821          13     48,506        10.2        3.57        4.3         5.5
    Sub-total                          81     722,117          49    202,771        45.7        4.96        6.0         3.9
    Share of joint ventures        
    and associates                     19     164,505           6     49,415        11.2        5.42        5.6         1.2
    Total                             100     886,622          55    252,186        56.9        5.17        5.9         3.3
      
                                                                                                   *Pro forma
                                                                       Unaudited      Audited       Unaudited
                                                                           as at        as at           as at
                                                                    30 September     31 March       2 October
                                                                            2015         2015            2014
                                                                         EUR'00       EUR'000         EUR'000
    Opening balance                                                      695,196       33,281          35,239
    Properties acquired through the acquisition of subsidiaries           24,485      661,151         577,545
    Capitalised expenditure                                                2,417        3,414               ?
    Disposals through the sale of property                                     ?     (65,273)               ?
    Foreign exchange movement in foreign operations                     (11,963)       44,667               ?
    Net fair value gains on investment property                           11,982       17,956           1,305
    Closing balance                                                      722,117      695,196         614,089
  
    * Readers are referred to note 1 where the basis of preparation of the pro forma information is explained.
    
    Acquisitions
    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 exceeded 7.5% per annum at inception.

9.  INVESTMENT IN ASSOCIATES

    Details of the Group's associates at the end of the reporting period are as follows:
                                                                                                             % equity
                                                                              Place of        Principal      owned by
                                                                         incorporation         activity    subsidiary
    Stenham European Shopping Centre Fund Limited ("SESCF")                   Guernsey             Fund         28.42
    Stenham Berlin Residential Fund Limited                                   Guernsey             Fund         10.44
  
    28.16% of the investment in the underlying property is held through Stenham European Shopping Centre Fund Limited
    ("SESCF"), and 0.26% of the property investment is held via a wholly-owned subsidiary, Leatherback Property Holdings
    Limited incorporated in BVI.

    Summarised financial information in respect of the Group's associates is set out below
                                                                                                  Total         Total
                                                                                           30 September      31 March
                                                                                                   2015          2015
                                                                                                EUR'000       EUR'000
    Non-current assets                                                                          318,760       328,121
    Current assets                                                                               14,171        16,903
    Non-current liabilities                                                                   (161,636)     (160,288)
    Current liabilities                                                                         (3,197)      (11,662)
    Equity attributable to owners of the company                                                168,098       173,074
    Revenue                                                                                      10,000        22,281
    (Loss)/profit from continuing operations and total comprehensive income                     (3,351)         5,599
    Reconciliation of the above summarised financial information to the carrying amount
    of the interest in the associates recognised in the financial statements:
    Opening balance                                                                              39,652             ?
    Reclassification of associate as joint venture                                                 (41)
    Share in associates acquired during the period                                                  365        41,146
    Share of associates profit                                                                  (1,016)           456
    Distribution received from associates                                                         (875)       (1,960)
    Foreign exchange movement in foreign operations                                                   ?            10
    Closing balance                                                                              38,085        39,652

10. INVESTMENT IN JOINT VENTURES

    Details of the Group's joint ventures at the end of the reporting period are as follows:
 
                                                                                                             % equity
                                                                                Place of      Principal      owned by
                                                                           incorporation       activity    subsidiary
    Elysion S.A.                                                              Luxembourg        Holding            50
                                                                                                Company
    Stenpark Management Limited                                                 Guernsey     Management            50
                                                                                                Company
    Stenprop Argyll Limited                                                          BVI        Holding            50
                                                                                                Company
    Summarised financial information in respect of the Group's joint ventures is set out below
                                                                                                  Total         Total
                                                                                           30 September      31 March
                                                                                                   2015          2015
                                                                                                EUR'000       EUR'000
    Investment property                                                                         145,009        33,563
    Net working capital                                                                             953           140
    Assets                                                                                      145,962        33,703
    Bank loans                                                                                 (73,695)      (23,776)
    Shareholder loan third party                                                               (25,494)             ?
    Shareholder loan Group                                                                     (39,214)      (13,524)
    Deferred tax                                                                                  (196)         (153)
    Financial liability                                                                         (1,973)       (1,268)
    Liabilities                                                                               (140,572)      (38,721)
    Net assets/(liabilities) of joint ventures                                                    5,390       (5,018)
    Net assets of joint ventures excluding loans due to Group                                    44,605         8,506
    Revenue                                                                                       4,548         2,796
    Profit from continuing operations and total comprehensive income excluding interest          11,720         1,314
    due to Group 
    Share of joint ventures profit due to the Group                                               6,410           778
    Reconciliation of the above summarised financial information to the carrying amount 
    of the interest recognised in the consolidated financial statements: 
    Opening balance                                                                               8,506             ?
    Reclassification of associate to joint venture                                                   41             ?
    Share in joint ventures acquired during the period                                           25,494         8,948
    Share of joint venture profit                                                                 6,410           778
    Distribution received from joint venture                                                      (690)       (1,220)
    Foreign exchange movement in foreign operations                                               (151)             ?
    Closing balance                                                                              39,610         8,506
    
    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.
    
11. BORROWINGS  
                                                           Unaudited      Audited
                                                        30 September     31 March
                                                                2015         2015
                                                             EUR'000      EUR'000
    Opening balance                                          364,931       12,586
    Acquisitions                                              11,050      313,643
    Loan repayments                                         (29,874)     (17,774)
    New loans                                                 37,143       40,453
    Amortisation of loan                                     (5,055)      (5,416)
    New transaction fees                                       (898)        (622)
    Amortisation of transaction fees                             167           22
    Foreign exchange movement in foreign operations          (6,025)       22,039
    Total borrowings                                         371,439      364,931
    Amount due for settlement within 12 months                10,791       68,058
    Amount due for settlement between 1 to 3 years           214,276      232,201
    Amount due for settlement between 3 to 5 years           137,372       56,132
    Amount due for settlement after 5 years                    9,000        8,540
                                                             371,439      364,931

    The facilities are secured by debentures and legal charges over the properties to which they correspond. There is no cross-
    collaterisation of the facilities.
    
                                                                               Weighted      Weighted
                                                                                average       average
                                             Property         Loan  Loan to    interest   duration to
                                                value        Value    value        rate        expiry
    Property/portfolio                        EUR'000      EUR'000        %           %       (years)
    United Kingdom                            346,495    (146,654)     42.3        3.22          4.10
    Switzerland                               156,820     (88,817)     56.6        2.80          1.50
    Germany                                   218,802    (135,968)     62.1        2.12          2.13
    Total                                     722,117    (371,439)     51.4        2.72          2.76
    Held in associate and joint venture: 
    Stenprop Argyll Limited                    55,634     (25,098)     45.1        2.97          4.64
    Nova Eventis                               75,313     (45,123)     57.8        4.00          0.82
    Care Homes Portfolio                       33,558     (23,499)     70.0        2.61          2.86
    Potfolio total                            886,622    (465,159)        ?           ?             ?
    Less minority interest                    (6,217)        4,327        ?           ?             ?
    Portfolio total (excluding minorities)    880,405    (460,832)     52.2        2.86          2.79

12. FINANCIAL RISK MANAGEMENT

    The Group is exposed to a variety of financial risks including market risk, credit risk and liquidity risk. The overall risk management
    strategy seeks to minimise the potential adverse effects on the Group's financial performance. Certain risk exposures are
    hedged via the use of financial derivatives. The risks faced by the Group have not significatly changed compared to those
    disclosed in the consolidated financial statements for the year ended 31 March 2015.
  
    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                                          Total
                                    fair value           Held at                     carrying
                                 through other        fair value       Held at         amount
                                 comprehensive           through     amortised   30 September
                                        income   profit and loss          cost           2015
                                       EUR'000           EUR'000       EUR'000        EUR'000
    30 September 
    Financial assets
    Cash and cash equivalents                ?                 ?        45,420         45,420
    Accounts receivable                      ?                 ?         2,362          2,362
    Other debtors                            ?                 ?         9,759          9,759
                                             ?                 ?        57,541         57,541
    Financial liabilities
    Loans                                    ?                 ?       371,439        371,439
    Other loans and interest                 ?                 ?            23             23
    Interest rate swaps                      ?             5,362             ?          5,362
    Accounts payable                         ?                 ?        18,441         18,441
                                             ?             5,362       389,903        395,265
    
    
                                       Held at                                          Total
                                    fair value           Held at                     carrying
                                 through other        fair value       Held at         amount
                                 comprehensive           through     amortised       31 March
                                        income   profit and loss          cost           2015
                                       EUR'000           EUR'000       EUR'000        EUR'000
    31 March 2015
    Financial assets
    Cash and cash equivalents                ?                 ?        80,430         80,430
    Accounts receivable                      ?                 ?         2,634          2,634
    Other debtors                            ?                 ?         3,910          3,910
                                             ?                 ?        86,974         86,974
    Financial liabilities
    Loans                                    ?                 ?       364,931        364,931
    Other loans and interest                                                23             23
    Interest rate swaps                    519             5,862             ?          6,381
    Accounts payable                         ?                 ?        18,157         18,157
                                           519             5,862       383,111        389,492

    Fair value hierarchy
    The table below analyses the Group's financial instruments carried at fair value, by valuation method. The different levels have
    been defined as follows:
 
    Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
 
    Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
    (i.e. as prices) or indirectly (i.e. derived from prices).
 
    Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
    
                                     Total financial
                                         instruments       Designated
                                          recognised    at fair value
                                       at fair value          Level 1    Level 2     Level 3
                                             EUR'000          EUR'000    EUR'000     EUR'000
    30 September 2015
    Assets
    Investment properties                    722,117                ?          ?     722,117
    Total assets                             722,117                ?          ?     722,117
    Liabilities  
    Derivative financial liabilities           5,362                ?      5,362           ?
    Total liabilities                          5,362                ?      5,362           ?
    31 March 2015 
    Assets 
    Investment properties                    695,196                ?          ?     695,196
    Total assets                             695,196                ?          ?     695,196
    Liabilities  
    Derivative financial liabilities           6,381                ?      6,381           ?
    Total liabilities                          6,381                ?      6,381           ?
      
    Details of changes in valuation techniques
    There have been no significant changes in valuation techniques during the period under review.
    
    Significant transfers between Level, 1 Level 2 and Level 3
    There have been no significant transfers during the period under review.

13. RELATED PARTY TRANSACTIONS

    Parties are considered related if one party has control, joint control or significant influence over the other party in making
    financial and operating decisions. Transactions with related parties are made on terms equivalent to those that prevail in an
    arm's length transaction.
  
    Other than those further referred to below, there were no other related party transactions during the period ended
    30 September 2015.

    Share Incentive Plans
                           Deferred Share                       Share Purchase
                               Bonus Plan                           Plan Loans
    Executive directors               EUR   Number of shares               EUR   Number of shares
    Paul Arenson                  256,350            179,266         3,813,333          2,666,667
    Patsy Watson                  205,080            143,413         3,122,166          2,183,333
    Neil Marais                    20,508             14,341           157,912            110,428
                                  481,938            337,020         7,093,411          4,960,428

    Deferred Share Bonus Plan
    Share options vest in three equal tranches. The first tranche of 125,353 shares was granted on 10 June 2015 and vested on
    11 June 2015. Subsequent tranches will vest in accordance with the rules of the Deferred Share Bonus Plan on 31 March 2016
    and 31 March 2017.
 
    On 30 June, Neil Marais, an executive director of Stenprop, exercised options on 4,780 shares for a total value of EUR6,835.
 
    Share Purchase Plan
    Shares were issued on 30 June 2015 in relation to the Share Purchase Plan. All three executive directors listed above took
    their full entitlement of shares under the Share Purchase Plan, as detailed above. At the same date loans were advanced by
    Stenprop to the participants.
 
    Loans advanced under the Share Purchase Plan are interest-bearing at a rate equal to the average interest rate incurred by
    the Group from time to time. Interest is payable six-monthly in arrear. Loans are repayable within 30 days of cessation of
    employment (unless the participant ceases employment in circumstances beyond his or her control, in which case the loan
    is repayable within 12 months), and must in all circumstances be repaid in 10 years. All dividends paid to such employees (or
    their nominees) by virtue of their shareholding, must first be utilised to discharge any interest outstanding in terms of the loan
    advanced in terms of the Share Purchase Plan.
 
    Director share dealings
    Other than to elect to receive a scrip dividend in accordance with the circular issued to shareholders on 19 June 2015,
    no directors have had dealings in the shares of the Company in the period.
 
    Acquisition of 25 Argyll Street
    During the period, 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. Both the vendor and RAHHL
    were, and continue to be, managed by the Group and the Group will continue to earn property management fees for
    managing the 50% currently owned by a third party.
 
14. EVENTS AFTER THE REPORTING PERIOD

    The JSE approved the transfer of the Company's listing from AltX to the Main Board with effect from 5 October 2015.
    The transfer will not affect the Company's current listing on the Bermuda Stock Exchange.
 
    The purchase of the Victoria Shopping Centre for EUR20.6 million was notarised on 18 June 2015 and completed on
    24 November 2015. The property is located in the Lichtenberg district of Berlin, approximately 15 minutes by underground
    from the city centre and is comprised of two buildings. The investment is anchored by Kaufland (a hypermarket chain) on a
    new 17-year lease. The return on equity on this investment exceeded 8% per annum at inception.

CORPORATE INFORMATION


REGISTERED OFFICE OF THE COMPANY                        POSTAL ADDRESS OF THE COMPANY
Stenprop Limited                                        Kingsway House
(Registration number 47031)                             Havilland Street
20 Reid Street                                          St Peter Port, GY1 2QE
3rd Floor, Williams House                               Guernsey
Hamilton, HM11
Bermuda                                                 SOUTH AFRICAN CORPORATE ADVISOR
                                                        Java Capital Proprietary Limited
COMPANY SECRETARY                                       (Registration number 2012/089864/07)
Apex Corporate Services Ltd.                            6A Sandown Valley Crescent
(Registration number 33832)                             Sandown
3rd Floor, Williams House                               Sandton, 2196
20 Reid Street                                          South Africa
Hamilton HM11, Bermuda                                  (PO Box 2087, Parklands, 2121)
(PO Box 2460 HM JX, Bermuda)
                                                        BSX SPONSOR
JSE SPONSOR                                             Appleby Securities (Bermuda) Ltd.
Java Capital                                            (Registration number 25105)
6A Sandown Valley Crescent                              Canon's Court
Sandown                                                 22 Victoria Street
Sandton, 2196                                           Hamilton, HM12, Bermuda
South Africa                                            (Postal address the same as the physical address above)
(PO Box 2087, Parklands, 2121)
                                                        BERMUDIAN REGISTRARS
SA TRANSFER SECRETARIES                                 Computershare Investor Services (Bermuda) Limited
Computershare Investor Services (Proprietary) Limited   (Company number 41776)
(Registration number 2004/003647/07)                    Corner House
70 Marshall Street                                      20 Parliament Street
Johannesburg, 2001                                      Hamilton, HM12
South Africa                                            Bermuda

Correspondence address                                  Correspondence address
PO Box 61763                                            2nd Floor, Queensway House
Marshalltown, 2107                                      Hilgrove Street
South Africa                                            St. Helier
                                                        Jersey JE1 1ES Channel Islands
LEGAL ADVISORS
Berwin Leighton Paisner LLP                             AUDITORS
Adelaide House                                          Deloitte LLP
London Bridge                                           Regency Court
London, EC4R 9HA                                        Glategny Esplanade
United Kingdom                                          St Peter Port, GY1 3HW, Guernsey
                                                        Channel Islands

www.stenprop.com