Short-form condensed consolidated financial statements for the six months ended 30 June 2019 EPP N.V. (Incorporated in The Netherlands) (Company number 64965945) JSE share code: EPP ISIN: NL0011983374 LEI code: 7245003P7O9N5BN8C098 ("EPP" or "the company" or "the group") SHORT-FORM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2019 Registered office Rapenburgerstraat 175 M 1011VM Amsterdam The Netherlands JSE sponsor Java Capital 6A Sandown Valley Crescent Sandton 2196 FINANCIAL HIGHLIGHTS Net property income up 8.5% to EUR71.8 million (June 2018: EUR66.2 million) Distributable earnings up 9% to EUR52.6 million (June 2018: EUR48.3 million) Distribution per share flat at EUR5.80 cents (June 2018: EUR5.82 cents) Total investment properties and joint ventures increased to EUR2.46 billion up 6% (December 2018: EUR2.34 billion) LTV reduced to 49.8% (December 2018: 51.9%) NAV per share EUR1.33 (December 2018: EUR1.35) OPERATIONAL HIGHLIGHTS Footfall up 2% Tenant sales up 6% Successfully acquired tranche 2 of the M1 portfolio, adding 141 000 m2 Flagship Galeria Mlociny opened May 2019 - first entry into the lucrative retail market Disposal of 70% share in 86 000 m2 GLA offices and formation of JV partnership This short-form announcement is the responsibility of the directors and is only a summary of the information in the full announcement and does not contain full or complete details. The full announcement is available on the JSE website at https://senspdf.jse.co.za/documents/2019/jse/isse/EPPE/interims19.pdf and on the company website at https://www.epp-poland.com/s,91,financial-statements.html. Copies of the full announcement may also be requested at the company's registered office and at the office of the sponsor, Java Capital, at no charge, during office hours from Friday, 6 September 2019 to Friday, 13 September 2019. Any investment decision should be based on the full announcement published on the JSE and company websites. EPP is one of the leading owners of retail space in Poland. At 30 June 2019 the company manages a portfolio of 24 retail centres and six high-quality offices located in the majority of regional cities in Poland. In addition to these income-generating properties, EPP owns the Towarowa 22 development in Warsaw. The flagship Warsaw development Galeria Mlociny successfully opened in May 2019. By the end of 2020 EPP expects to own 28 shopping centres post the conclusion of the final tranche of the M1 transaction. The net profit for the period amounted to EUR34.4 million and distributable income totalled EUR52.7 million. Net asset value ("NAV") excluding deferred tax amounted to EUR1 208.6 million equating to an NAV per share of EUR1.33. The net loan-to-value ratio as of 30 June 2019 was 49.8%. Prospects EPP has a quality portfolio of dominant retail properties complemented by high-quality office properties. The company remains focused on integrating its recent acquisitions into the portfolio, exploring asset management opportunities and implementing its asset recycling strategy. The Polish economy continues to perform well and the current property fundamentals remain favourable. The EPP board of directors remains confident that EPP will deliver on its previously stated full-year distribution per share guidance of flat or better. HY2019 HY2018 Rental income and recoveries EUR'000 101 194 92 449 Net operating profit EUR'000 64 248 59 249 Profit from operations EUR'000 73 007 88 051 Profit for the period EUR'000 34 428 79 399 HEPS EUR cents per share 3.0 6.4 EPS EUR cents per share 4.0 10.0 Dividend distribution EUR cents per share 5.80 5.82 30 June 31 December 2019 2018 Investment properties EUR million 2 294 2 202 Investment in JVs EUR million 170 139 Net asset value excluding deferred tax EUR million 1 209 1 118 Net asset value per share EUR 1.33 1.35 Loan-to-value net % 49.8 51.9 Dividend The board has declared an interim dividend of EUR5.80000 cents per ordinary share for the six months ended 30 June 2019. A further announcement informing shareholders of the salient dates and tax treatment of the dividend will be released in due course. 6 September 2019 www.epp-poland.com Date: 06/09/2019 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.