ShortForm: Summarised Unaudited Consolidated Results for the Three Months & Nine Months Ended 31 May 2020 New Frontier Properties Ltd (Incorporated in the Republic of Mauritius on 5 June 2014) (Registration number 123368C1/GBL) SEM share code: NFP.N0000 JSE share code: NFP ISIN: MU0453N00004 ("New Frontier” or "the Company” or "the Group”) SHORT-FORM: SUMMARISED UNAUDITED CONSOLIDATED RESULTS FOR THE THREE MONTHS AND NINE MONTHS ENDED 31 MAY 2020 The Company was established in Mauritius as a public company limited by shares holding a Global Business License. The Company has primary listings on the Official Market of the Stock Exchange of Mauritius Ltd ("SEM”) and the Alternative Exchange ("AltX”) of the JSE Limited (“the JSE”). The primary objective of the Company is to acquire good quality, income-generating retail and logistics/warehouse property assets in the United Kingdom (“UK”) and mainland Europe. FINANCIAL RESULTS The Group results are prepared in accordance with International Financial Reporting Standards (“IFRS”). The profit after taxation for the nine-month period ended 31 May 2020 (“Q3”) was GBP 6.270 million (2019: loss of GBP 60.05 million). The Group’s loss after taxation for the three-month period ended 31 May 2020 was GBP 0.775 million (2019: loss of GBP 49.05 million). The profit after taxation for Q3 is primarily due to the gain recognised following the foreclosure of Houndshill Shopping Centre, Blackpool and associated liquidation of that part of the Group structure. The impact of COVID-19 continues to be assessed. However, recent indications are that the property portfolio may be at value or undervalued and thus the Board has deferred a decision to process any impairment of the property portfolio in these quarterly results until a better understanding of any lasting impact can be obtained. This assessment will be undertaken for the year ending 31 August 2020. There is no related party information that is material to an understanding of these results. No dividend declaration has been made for the period under review. Extracts from the financial results are set out below: 9 months 9 months ended ended 31 May 2020 31 May 2019 Percentage GBP’000 GBP’000 Change Rental Income 7 815 11 280 (30.72%) Basic profit/(loss) per share (GBP) 0.039 (0.373) 110.46% Headline earnings per share (GBP) 0.050 0.018 177.78% Dividend per share (GBP) - - - Owner’s (deficit) (37 251) (36 802) (1.22%) BUSINESS REVIEW AND OUTLOOK Retail sector overview Due to the effects of Covid-19 the Group has been affected by the restricted operation of its shopping centres and the UK government’s economic measures to protect operating businesses. These measures have had a detrimental impact on income particularly car parking and commercialisation revenue and have caused an increase in the amount of bad debts. The lockdown measures introduced in the UK have meant that all but essential shops were closed for the majority of the three months to 31 May 2020. In addition, the UK government introduced a moratorium preventing landlords from taking recovery action against retailers which has hampered the collection of rent from tenants with many retailers taking advantage of the moratorium to preserve their cash resources. Rent collection for the second calendar quarter of 2020 is around 73%. However, despite the reduction in cash flow, the Group has met its interest payment obligations to its lenders during the quarter. On a positive note, retailers have been exempted from the payment of business rates until at least 31 March 2021 which should help to reduce the level of insolvencies resulting from this pandemic. This short-form announcement is the responsibility of the directors. This short-form announcement is only a summary of the information in the full announcement and does not contain full or complete details. Any investment decisions by investors and/or shareholders should be based on consideration of the full announcement published on SENS and the issuer’s website as a whole. It is available on the Company’s website www.newfrontierprop.com/investorrelations. The full announcement has been released on the JSE’s website: https://senspdf.jse.co.za/documents/2020/JSE/isse/NFPE/NFLVQ3_20.pdf Copies of this report will be available to the public at the registered office of the Company, 3rd Floor, 355 NEX, Rue du Savoir, Cybercity Ebene, 72201, Mauritius and are available on the website of the Company at https://newfrontierprop.com/. Copies of the statement of direct or indirect interest of the Senior Officers of the Company pursuant to rule 8(2)(m) of the Securities (Disclosure of Obligations of Reporting Issuers) Rules 2007 are available to the public upon request to the company secretary at the Registered Office of the Company at 3rd Floor, 355 NEX, Rue du Savoir, Cybercity Ebene, 72201, Mauritius. These summarised unaudited financial statements are issued pursuant to SEM Listing Rule 12.20 and the Securities Act 2005 of Mauritius as well as the JSE Listings Requirements. The Board of Directors of the Company accepts full responsibility for the accuracy of the information contained therein. For further information please contact: JSE Sponsor Arbor Capital Sponsors +27 11 480 8500 SEM Authorised Representative and Sponsor Perigeum Capital Limited +230 402 0890 Company Secretary Vistra (Mauritius) Limited +230 260 7275 Date: 22-07-2020 11:45:00 Produced by the JSE SENS Department. 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