PROPOSED DEVELOPMENT - AREA 12

RENTAL PROJECTIONS FO
Lease Length
Unit Tenant Name Lease Start Next Rent Review (Years)

1 SPAR 1/1/2021 1/1/2022 20

2 Office 1 1/1/2021 1/1/2022 20
3 Office 2 1/1/2021 1/1/2022 20
4 Office 3 1/1/2021 1/1/2022 20
5 Office 4 1/1/2021 1/1/2022 20
6 Office 5 1/1/2021 1/1/2022 20
7 Office 6 1/1/2021 1/1/2022 20
8 Flat 1 1/1/2021 1/1/2022 20
9 Flat 2 1/1/2021 1/1/2022 20
10 Flat 3 1/1/2021 1/1/2022 20
11 Flat 4 1/1/2021 1/1/2022 20
DEVELOPMENT - AREA 12 CONVINIENCE CENTRE
RENTAL PROJECTIONS FOR YEAR 1
Rent (per
Expiry Date Total Area (Sq M) Rent MK per Sq M Month)

12/31/2041 592 6,000.00 3,552,000.00

12/31/2041 98 5,500.00 539,000.00
12/31/2041 98 5,500.00 539,000.00
12/31/2041 98 5,500.00 539,000.00
12/31/2041 98 5,500.00 539,000.00
12/31/2041 98 5,500.00 539,000.00
12/31/2041 98 5,500.00 539,000.00
12/31/2041 142 3,400.00 482,800.00
12/31/2041 142 3,400.00 482,800.00
12/31/2041 142 3,400.00 482,800.00
12/31/2041 142 3,400.00 482,800.00

8,717,200.00
 Annual Rent
MK per Sq M

42,624,000.00
6,468,000.00
6,468,000.00
6,468,000.00
6,468,000.00
6,468,000.00
6,468,000.00
5,793,600.00
5,793,600.00
5,793,600.00
5,793,600.00

104,606,400.00
 PAYBACK ANALYSIS

Initial Investment (MK) (1,300,000,000.00)

Initial Operating Cost (MK) (15,000,000.00)

Annual Ops Escalation 10%

Annual Rent Escalation 12%

END OF YEARINVESTMENT (MK)NNUAL RENTAL (MK)ET CASHFLOW (MK)

0 ### 0 (1,300,000,000.00)
1 (15,000,000.00) 104,000,000.00 (1,211,000,000.00)
2 (16,500,000.00) 116,480,000.00 (1,111,020,000.00)
3 (18,150,000.00) 130,457,600.00 (998,712,400.00)
4 (19,965,000.00) 146,112,512.00 (872,564,888.00)
5 (21,961,500.00) 163,646,013.44 (730,880,374.56)
6 (24,157,650.00) 183,283,535.05 (571,754,489.51)
7 (26,573,415.00) 205,277,559.26 (393,050,345.25)
8 (29,230,756.50) 229,910,866.37 (192,370,235.38)
9 (32,153,832.15) 257,500,170.33 32,976,102.81
10 (35,369,215.37) 288,400,190.77 286,007,078.22
11 (38,906,136.90) 323,008,213.67 570,109,154.98
12 (42,796,750.59) 361,769,199.31 889,081,603.70
13 (47,076,425.65) 405,181,503.22 1,247,186,681.27
14 (51,784,068.22) 453,803,283.61 1,649,205,896.67
15 (56,962,475.04) 508,259,677.65 2,100,503,099.28
16 (62,658,722.54) 569,250,838.96 2,607,095,215.70
17 (68,924,594.80) 637,560,939.64 3,175,731,560.54
18 (75,817,054.27) 714,068,252.39 3,813,982,758.66
19 (83,398,759.70) 799,756,442.68 4,530,340,441.64
20 (91,738,635.67) 895,727,215.80 5,334,329,021.77

Payback 9 Years

Gross Yield 8%
 NPV / IRR CALCULATION

Data Table
Date of Appraisal 7/17/2019 Holding Period (Years) 20
Development Cost (1,300,000,000.00) Acquisition Fees 0.00%
Operating Costs (Year 1) (15,000,000.00) Operating Cost Escalation (Per annum) 10.00%
Floor area (Sq m) 1,749 Discount Factor 15.00%
Projected Rentals (Year 1) 104,000,000.00 Rental Growth (per annum) 12.00%
Estimated Value Movement (Year 12.00% Management Contract Fee -
Rent Review Fees -
Net Initial Yield Exit Yield
Reversionary Yield

End of Annualised Discounted Cash

year Investment Rental Growth Sale Net Cashflow Discount Factor @ Flow
MK 12.00% MK MK 15.00% MK
0 (1,300,000,000.00) - ### 1.00 ###
1 (15,000,000.00) 104,000,000.00 89,000,000.00 0.87 77,391,304.35
2 (16,500,000.00) 116,480,000.00 99,980,000.00 0.76 75,599,243.86
3 (18,150,000.00) 130,457,600.00 112,307,600.00 0.66 73,844,070.03
4 (19,965,000.00) 146,112,512.00 126,147,512.00 0.57 72,125,249.41
5 (21,961,500.00) 163,646,013.44 141,684,513.44 0.50 70,442,243.83
6 (24,157,650.00) 183,283,535.05 159,125,885.05 0.43 68,794,511.33
7 (26,573,415.00) 205,277,559.26 178,704,144.26 0.38 67,181,507.01
8 (29,230,756.50) 229,910,866.37 200,680,109.87 0.33 65,602,683.89
9 (32,153,832.15) 257,500,170.33 225,346,338.18 0.28 64,057,493.64
10 (35,369,215.37) 288,400,190.77 253,030,975.41 0.25 62,545,387.30
11 (38,906,136.90) 323,008,213.67 284,102,076.77 0.21 61,065,815.96
12 (42,796,750.59) 361,769,199.31 318,972,448.72 0.19 59,618,231.38
13 (47,076,425.65) 405,181,503.22 358,105,077.57 0.16 58,202,086.54
14 (51,784,068.22) 453,803,283.61 402,019,215.40 0.14 56,816,836.20
15 (56,962,475.04) 508,259,677.65 451,297,202.61 0.12 55,461,937.39
16 (62,658,722.54) 569,250,838.96 506,592,116.42 0.11 54,136,849.88
17 (68,924,594.80) 637,560,939.64 568,636,344.84 0.09 52,841,036.57
18 (75,817,054.27) 714,068,252.39 638,251,198.12 0.08 51,573,963.95
19 (83,398,759.70) 799,756,442.68 716,357,682.98 0.07 50,335,102.39
20 (91,738,635.67) 895,727,215.80 ### ### 0.06 220,204,707.54
NPV ###
IRR 16%
 RATE OF RETURN

Data Table
Date of Appraisal 7/17/2019 Holding Period (Years) 20
Development Cost (1,300,000,000.00) Acquisition Fees 0.00%
Operating Costs (Year 1) (15,000,000.00) Operating Cost Escalation (Per annum) 10.00%
Floor area (Sq m) 1,749 Discount Factor 15.00%
Projected Rentals (Year 1) 104,000,000.00 Rental Growth (per annum) 12.00%
Estimated Value Movement 12.00% Management Contract Fee -
Rent Review Fees -
Net Initial Yield Exit Yield
Reversionary Yield

End of Total Rate of

year Investment Annualised Rental GrowthNet Operating Income Capital Value Rate of Return Return
MK 12.00% MK MK
0 (1,300,000,000.00) - - ### -
1 (15,000,000.00) 104,000,000.00 89,000,000.00 ### 7% 19%

1 Net Operating Income 89,000,000.00

2 Revaluation Increase 156,000,000.00
3 Total Income 245,000,000.00
4 Initial Investment 1,300,000,000.00
5 Return 19%