Grit Real Estate Income : Integrated Annual Report 2023

INTEGRATED ANNUAL REPORT

2023

	STRATEGIC	RESPONSIBILITY	CORPORATE	ANNUAL FINANCIAL	ADDITIONAL
	REPORT	REPORT	GOVERNANCE	STATEMENTS	INFORMATION
GRIT						01

04 REPORT STRATEGIC

Delivering against our strategy How we performed in 2023 Chairman's statement

Grit at a glance

Strong foundation for growth Our tenant proposition Our shareholder proposition Our business model Portfolio update

EPRA disclosures

Chief Executive Officer's statement Chief Financial Officer's statement Viability statement

Risk management framework

EPORT

08

06 97

12

14

16

18

19

20

22

24

32

36

48

50

CORPORATE GOVERNANCE REPORT

Chairman's introduction	96
Corporate governance at a glance	97
Board of directors	98
Organisational structure	100
Corporate governance statement	102
Nomination committee report	119
Audit committee report	128
Risk committee report	132
Responsible business committee report	136
Remuneration committee report	138
Investment committee report	154
Directors' report	156
Statement of directors' responsibilities	160
Statement of compliance	161
Certificate from the company secretary	161
Certificate from the corporate service	161
provider

162 STATEMENTS FINANCIALANNUAL

Independent auditor's report

Annual financial statements

164 REPORTS

172 ADDITIONAL

RMATION

Integrated Annual Report

Sustainability Report

Responsible business	62
60 RESPONSIBILITY disclosures (TCFD)	78
Snapshot of our sustainability	63
performance
Our sustainability framework and	64
strategy
Environment	68
Social	73
Governance	77
Task force on climate-related financial
REINVENTION	REVOLUTION

274 ADDITIONAL Forward looking statements	282
	Analysis of ordinary shareholders	276
	Shareholder diary	277
	Company information and advisors	278
	List of definitions	279
BUILT TO LAST	BEYOND BUILDINGS

		STRATEGIC	RESPONSIBILITY	CORPORATE	ANNUAL FINANCIAL	ADDITIONAL
		REPORT	REPORT	GOVERNANCE	STATEMENTS	INFORMATION
02	GRIT Integrated Annual Report 2023						03

Stakeholder MESSAGE

Dear Stakeholders,

The Board is pleased to present the Integrated Annual Report of Grit Real Estate Income Group Limited for the year ended 30 June 2023. This report was approved by the Board of Directors on 31 October 2023 and is available on our website at https://grit.group/investor-relations/financial- results/

Peter Todd	Bronwyn Knight
Chairman	Chief Executive Officer

ABOUT THIS REPORT

Grit Real Estate Income Group Limited ("GRIT" or "Grit" or the "Group" or the "Company") was incorporated in Bermuda in May 2012. Grit was registered by continuation in Mauritius as a public company limited by shares in March 2015. On 4 February 2021, Grit successfully migrated its corporate domicile to Guernsey from Mauritius (the "Migration"). The Company was registered as a Non Cellular Company limited by shares with registration number 68739.

The Company's operations, physical head office and domicile of the main operational company, Grit Services Limited, remain in Mauritius along with the majority of the Company's staff and its place of effective management. The Company has been granted a certificate of local registration as a foreign company

in Mauritius on 6 July 2021 with company number C180791 GBC. With this registration in Mauritius, Grit has been also granted by the Financial Services Commission ("FSC") a Global Business Licence bearing licence number GB21100306 on 9 August 2021.

In spite of the Migration, the Company has its central control and management in Mauritius through its foreign company and accordingly is treated as tax resident in Mauritius.

GRIT has been listed on the Stock Exchange of Mauritius (the "SEM") since 30 March 2015 and on the London Stock Exchange ("LSE") since 31 July 2018.

On 22 January 2021, the Financial Conduct authority ("FCA") approved the transfer of the listing category of Grit's ordinary shares of no par value (the "Ordinary Shares") from a standard listing (a "Standard Listing") to a premium listing on the Official List of the FCA in accordance with Rule 5.4A of the Listing Rules issued by the FCA (a "Premium Listing") (the "Transfer").

Grit remains proudly African and provides access to exciting and growing African markets via its Premium Listing on the LSE and its secondary listing on the Official Market of the SEM, where it is a constituent of the SEM10 Index.

To assist the Group's stakeholders to make an informed assessment of the Group and its ability to create and sustain value over the short, medium and long terms, GRIT is pleased to present its 2023 Integrated Annual Report ("IAR" or "Integrated Report" or "report").

The information in this report also provides stakeholders with an overview of our business model, performance, governance framework, strategy, risks and opportunities of the Group, its subsidiaries and entire portfolio for the financial year ended 30 June 2023.

This report also sets out how opportunities and risks to the future success of the business have been considered and addressed, the sustainability of the Company's business model and how its governance contributes to the delivery of its strategy.

Framework, Assurance and Compliance Reporting

The information included in this Integrated Report has been provided in accordance with and is in compliance with the:

• International Financial Reporting Standards ("IFRS");
• UK Corporate Governance Code 2018 ("the UK Code");
• FCA Disclosure Guidance and Transparency Rules;
• The Companies (Guernsey) Law, 2008;
• Mauritian Securities Act 2005;
• UK Listing Rules;
• SEM Listing Rules;
• Integrated Reporting Framework (the "Framework"); and
• National Code of Corporate Governance for
  Mauritius (2016).

Since Grit is not a UK company, it is not required to comply with the UK's Companies Act 2006, including Section 172. Refer to comments on page 115.

Targeted Audience

This report has been prepared primarily for the stakeholders of Grit, including but not limited to shareholders, the Government, regulatory bodies, prospective investors amongst others, and any other stakeholder who has an interest in the performance of the Group.

Integrated Reporting Principles

This report has been developed and prepared following the guidelines of the Integrated Reporting framework for the benefit of all our stakeholders with the aim of providing a more comprehensive reporting on our strategy, business model, operating context, sectors' performance, risk management and governance.

DTR Statement

Together, the Strategic Report and other sections of the Corporate Governance section incorporated by reference, when taken as a whole, form the Management Report as required under Rule 4.1.5R of the UKLA Disclosure and Transparency Rules (DTR).

		STRATEGIC	RESPONSIBILITY	CORPORATE	ANNUAL FINANCIAL	ADDITIONAL
		REPORT	REPORT	GOVERNANCE	STATEMENTS	INFORMATION
04	GRIT Integrated Annual Report 2023						05

STRATEGIC REPORT

Delivering against our strategy	06
How we performed in 2023	08
Chairman's statement	12
Grit at a glance	14
Strong foundation for growth	16
Our tenant proposition	18
Our shareholder proposition	19
Our business model	20
Portfolio update	22
EPRA disclosures	24
Chief Executive Officer's statement	32
Chief Financial Officer's statement	36
Viability statement	48
Risk management framework	50

		STRATEGIC	RESPONSIBILITY	CORPORATE	ANNUAL FINANCIAL	ADDITIONAL
		REPORT	REPORT	GOVERNANCE	STATEMENTS	INFORMATION
06	GRIT Integrated Annual Report 2023						07

DELIVERING AGAINST OUR STRATEGY

Our business model

Our business model is designed around unlocking value for all our stakeholders, including the people of Africa.

Core Principles

Deep Local and International Relationships

Strong Tenants

(Multinational Blue-chip)

Hard Currency Leases

(USD/Euro)

Diversification

(Sector and Geography)

IMPACT REAL ESTATE

beyond buildings

Our strategy

We focus on attracting high-quality and resilient multinational tenants, engaging directly to grow and maintain income and capital values through active management, and delivering sustainable real estate solutions that create positive IMPACT to the community and the environment.

Strategic objectives

Strong Stakeholder Relationships

Scalable Real Estate Value Chain in Africa

Sustainable Superior Returns

Refer to page 20 for more details on our business model.

Refer to page 13 for more details on our strategy.

The value we create

By successfully implementing our strategy, we create value for all our stakeholders:

Our ESG strategy

Our sustainability framework and strategy are built on the foundations of the United Nations' Sustainable Development Goals (SDGs) Our sustainability policy encompasses our sustainability objectives and targets, which are monitored and reported quarterly, by our Sustainability Committee to the Company's Responsible Business Committee as well as to the board of directors. We have defined six major pillars and focus areas when it comes to sustainability that provide a clear focus on how Grit sets out to conduct a sustainable and responsible business.

Our Tenants

In line with our purpose, we work closely with our tenants to develop, the space they need to operate on the African continent and help them own and manage such space.

Our Shareholders/

Investors

Grit is a specialist real estate platform

dedicated to investing in and

developing high-quality impact assets and providing smart business solutions on the African continent (excluding South Africa). We offer investors

a sustainable blend of long-term growing hard currency income and capital growth.

Our Local Communities

We continuously engage various NGOs and local communities and authorities with the objective of delivering real and measurable impact. Our social initiatives empower people to make a real and lasting difference in their own lives and the communities around them.

Pillars

Core UNSDGs

1

Managing our assets responsibly

2

Designing

and delivering environmentally conscious and safe, healthy, and efficient spaces

3

Uplifting

communities

4

Developing our

employees

5

Setting the

highest

standards of

health & safety

6

Protecting

human rights

Refer to pages 18 and 19 for more details on our value proposition to our tenants and shareholders respectively.

Refer to pages 73 to 76 for the value we create (Impact) in our local communities through our various CSR projects.

Refer to pages 64 to 67 for more details on our ESG strategy and sustainability framework, and for our full Sustainability Report, visit our website on https://grit.group/responsible-business/sustainability-report/

08	GRIT Integrated Annual Report 2023

STRATEGIC	RESPONSIBILITY	CORPORATE	ANNUAL FINANCIAL	ADDITIONAL
REPORT	REPORT	GOVERNANCE	STATEMENTS	INFORMATION

09

PERFORMED
	Portfolio Highlights
			Growth in Gross Property Income from ongoing operations1
			+7.3%
			FY2022: +3.3%
			EPRA cost ratio2
WE			13.3%
		FY2022: 13.0%
HOW			WALE3
		4.4 years
			FY2022: 4.8 years
			Cash collection rate
			101.3%
			FY2022: 92.8%
			Collections represent the amount of cash received as a percentage of contractual income.
			Contractual income is stated before the effects of any rental deferment and concessions
			provided to tenants.
			EPRA portfolio occupancy4
2023			93.6%
		FY2022: 95.3%
		Income earned in hard currency5
			94.5%
			FY2022: 91.5%
			Grit proportionately owned lettable area ("GLA")
			298,962m2
			FY2022: 366 926m2
			Weighted average annual contracted rent escalations
			3.0%
			FY2022: 5.4%
	1.	Gross Property Income from continuing operations is an APM and is derived from IFRS NOI adjusted for the
			results of associates and joint ventures. A full reconciliation is provided in the Chief Financial Officer's Statement
			and excludes the impact of disposals of BHI and LLR and increased shareholding in GREA. The increase
			predominantly driven by reduced vacancies, annual contractual lease escalations & asset acquisitions.
	2.	Based on EPRA cost to income ratio calculation methodology shown on page 24.
	3.	Weighted Average Lease Expiry (''WALE'').
	4.	Property occupancy rate based on EPRA calculation methodology (Includes associates and excludes direct
			vacancy cost). Please see calculation methodology shown on page 24.
	5.	Hard (US$ and EUR) or pegged currency rental income.

Financial Highlights

Total income producing assets6

US$862.0m

FY2022: US$856.7m

Net Property Income7

US$52.0m

FY2022: US$49.2m

IFRS Net Property Income

US$46.6m

FY2022: US$43.3m

IFRS diluted (loss) / earnings per share

(US$4.90 cps)

FY2022: US$2.62 cps

EPRA NRV per share8

US$72.8 cps

FY2022: US$79.4 cps

Adjusted EPRA Earnings per share8

US$0.72 cps

FY2022: US$3.13 cps

WACD9

8.4%

FY2022: 7.1%

Group LTV10

44.3%

FY2022: 46.7%

Dividend per share

US$2.0 cps

FY2022: US$4.5 cps

Distributable earnings per share11

US$4.29 cps

FY2022: US$5.08 cps

1. Includes controlled Investment properties with Subsidiaries, Investment Property owned by Associates and Joint Ventures, Deposits paid on Investment properties and other investments, property plant and equipment, intangibles, and related
   party loans - Refer to Chief
   Financial Officer's Statement for reconciliation.
2. Property portfolio net operating income ("NOI") from ongoing operations is an APM and is derived from IFRS NOI adjusted for the results of associates and joint ventures excluding the impact of disposals of BHI and LLR. A full reconciliation is provided in the Chief Financial
   Officers Statement.
3. Explanations of how EPRA figures are derived from IFRS are shown on pages 24 to 30 (unaudited).
4. Weighted Average Cost of Debt (''WACD'') increased as a result of the global increase in interest rates and the Company's refinancing activity.
5. Group Loan to Value (''LTV'') reduced as a result of the decrease in interest bearing borrowing during the year. Refer to CEO's statement.
6. Distributable earnings per share is an APM derived from IFRS and shown on page 37 (unaudited).

10	GRIT Integrated Annual Report 2023

STRATEGIC	RESPONSIBILITY	CORPORATE	ANNUAL FINANCIAL	ADDITIONAL
REPORT	REPORT	GOVERNANCE	STATEMENTS	INFORMATION

11

HOW WE PERFORMED

ESG Highlights

Achievement across all jurisdictions

84%

employee satisfaction

847

hours of leadership programs

Achievements

5-star Green Rating

• c

EcoDistricts

e e

Achievements FY2022/2023

7%

reduction	25%
Carbon emissions	7%
25% Reduction by 20251
On track

10%

improvement	25%
effic e c 2	10%

25% Reduction by 20251

On track

43%

>40%

Exceeded target

Gender Equality

43%

EDGE

Ce e

ISO 450001

e e

>40% women in leadership positions

81%

>65%

Exceeded target

2023

EPRA sBPR and BPR

Awards

Local Representative

>65% local employees

81%

EPRA sBPR and BPR

Most Improved

1. Using FY2019 as a base year, including air travel and portfolio building carbon emissions for the following properties (Ghana: 5th Avenue, Capital Place) (Kenya: Buffalo Mall) (Morocco: AnfaPlace Mall)
   (Mozambique: Acacia Estate, Hollard Building, Vodacom Building, Commodity Phase 1, Commodity
   Phase 2, Vale Housing Estate, Mall de Tete, Zimpeto Square) (Zambia: Cosmopolitan Mall, Kafubu Mall, Mukuba Mall).
2. Building efficiency is an internal target and is a factor of electricity consumption and water consumption reductions that allow us to monitor effectiveness of initiatives implemented.

		STRATEGIC	RESPONSIBILITY	CORPORATE	ANNUAL FINANCIAL	ADDITIONAL
		REPORT	REPORT	GOVERNANCE	STATEMENTS	INFORMATION
12	GRIT Integrated Annual Report 2023						13

CHAIRMAN'S STATEMENT

Grit is a prominent, woman-led real estate platform providing property investment and associated real estate services across the African continent. The Group recognises its role in transforming the design of buildings and developments for long-term sustainability, especially with Africa rapidly urbanising, and focuses on impact, energy efficiency and carbon reduction in its activities. In addition to environmental responsibility, the Group prides itself on achieving more than 40% of women in leadership positions and the significant support it provides to local communities in Africa through extensive CSR and upliftment programmes. More information on Grit's Environmental, Social and Governance initiatives is available in the Responsible Business Committee's report.

Peter Todd

Chairman

31 October 2023

Robust operational performance and record development activity

Operationally and strategically, 2023 was a challenging yet productive year and was characterised by disposals of non-core assets and substantial progress on the acquisition of a controlling interest GREA. Global interest rate volatility offset the strong performance from the property portfolio, where net operating income from ongoing operations increased 5.7%. We enjoyed good leasing and cash collections while GREA successfully delivered the Precinct office park, the first 5-star green rated development in the Indian Ocean region, and the Artemis Curepipe Hospital in Mauritius.

We aim to enhance our income and protect value through the active management of our high-quality portfolio. We are well positioned to deliver the Grit 2.0 strategy which is underpinned by long-term structural African demand drivers and the need for high quality real estate and infrastructure.

Macroeconomic factors impacting property valuations

A significant adjustment in global interest rates during the year caused a sharp increase in our overall cost of capital and impacted property yields across the global real estate sector. Our higher quality assets, underpinned by strong tenant covenants, are more resilient in the face of potentially weaker leasing markets which has largely been recognised by the valuers in our year-end property valuations. However, there remains near term uncertainty on market yields and valuations which is only expected to moderate once peak interest rates are reached.

The corporate accommodation and light industrial sectors experienced some valuation pressure which contributed to a negative 0.8% movement in fair values on the property portfolio, offsetting gains on completed developments. We expect growth sectors to stabilise, and given the favourable long-term African fundamentals, should continue to see considerable investment over the medium term.

A high-quality, diverse, and resilient platform

We benefit from having built a business focused on quality real estate assets with strong ESG credentials, long leases to a resilient and diverse customer base that comprise more than 85% of strong multinational and investment grade tenants. Revenue from ongoing operations grew by 7.3% in the financial year to 30 June 2023, with contractual lease escalations, which are predominantly inflation-linked, helping to offset the impacts of rising interest rates in the portfolio. We notably collected 101.3% (FY22: 92.8%) of the value of contracted revenue. In the financial year we reduced exposures to the hospitality sector and now have 33 assets across 7 sectors with 94.5% of our leases in hard currency. This provides a strong foundation to our income generation and a resilient platform from which to pursue growth opportunities through active management, sector focused development substructures and external fee generation from our professional services.

Capital recycling

In the prior financial year, the Board set an asset recycling target of 20% of the value of the property portfolio, equivalent to approximately US$160 million worth of property assets, by 31 December 2023. I am pleased to report that we have already achieved gross property disposals of US$135.2 million and are making good progress on further disposals which are hoped to be announced in late 2023 or early 2024. Given the success of the current disposal programme, the Board is considering extending the targets, including co-investors into sub- structures, and will make further announcements in due course.

Notable disposals in the financial year included the disposal of the minority interest in 3 hotels to Beachcomber Hotels International and the exit

of the Group's remaining 25.1% in Letlole la Rona, a listed Botswanan property company.

Proceeds from asset recycling have principally been applied towards Group debt reduction and to the increased shareholding in GREA and APDM. Since acquiring an increased interest in APDM and GREA, Grit has combined and integrated the professional teams and continues to drive operating efficiencies through the establishment of a centralised treasury programme, shared professional services and integration of other head office support functions.

Grit 2.0 strategy

At a capital markets day hosted in May 2023, we unveiled the Grit 2.0 strategy, which set our vision for the Group post the acquisition of GREA and APDM. We described the Group as "moving from income to impactful income", which is underpinned by the value we create in new developments and with our various professional services.

Post the acquisition, the Group will continue to deploy its resources within the following principal strategic areas:

1. Owning and managing a well-diversified portfolio of high- quality real estate assets across the African continent (excluding
   South Africa) - which are resilient to macro-economic challenges.
2. Pursuing limited risk-mitigated real estate developments for existing and target tenants, predominantly focused on the industrial, embassy accommodation and data centres sectors, driving accelerated NAV growth into the future. Development exposure will not exceed more than 20% of Group gross asset value, and upon completion, will be included in the income producing portfolio of the Group thereby underpinning future income growth - leading to an expectation of enhanced yield and income upon completion of the developments.
3. Generation of additional fee income from real estate, facilities, and development management services to both internal clients and to third party clients and co-investors - expected to result in enhanced income, with a contribution to earnings for the year of
   US$4.7 million.

Grit's strategy is to organise the Group's real estate assets into logical sector groupings and to pursue development activities, wherever possible, through GREA, and focusing on the following:

1. Developing industrial and logistics assets across Africa which are then held as investments or sold to other investors; and
2. The establishment of a substructure that holds our diplomatic housing portfolio across the African continent for the US Government, other countries and multinational companies which are either held as investments or sold to investors.

The Group has made substantial progress in recapitalising GREA and have obtained shareholders' Investment Committee approval for the cash injection of US$48.5 million. While a number of administrative processes need to be concluded, the Board is confident that the targeted date of drawdown of December 2023 will be met. The capital injection will initially be utilised to temporarily reduce debt and associated financing costs before being deployed towards the Group's pipeline in due course.

The Group has made significant progress in sourcing funding for growth projects, with the targeted issuance of financing instruments in Bora to the IFC, a division of the World Bank. The IFC board approved transaction is set to close imminently providing additional growth capital for Bora to fund industrial and impact focused acquisitions and developments.

Financial results

The financial results to 30 June 2023 have been impacted by the corporate actions, rising interest rates and sluggish property valuations. EPRA NRV per share declined 8.3% to US$72.8cps (versus prior year NRV of US$79.4cps) predominantly due to property

valuations, write offs and provisions against delayed property projects and transaction costs related to the GREA acquisition and the syndicated loan.

Grit's LTV improved from 46.7% in the prior financial year to 44.3%, predominantly from debt reductions related to asset disposals and active decisions by management to reduce the more expensive facilities in the face of rising interest rates. LTV is expected to fall further upon the planned consolidation of GREA.

Interest rates have remained higher, and for longer, than we initially anticipated introducing increased risks to the Group's financial performance in the near term. These risks are covered in more detail in the Chief Financial Officer's report below but has influenced the Board's assessment of liquidity risks when assessing current dividend levels.

Dividends

During the financial year the Group had a number of cash requirements to support the Board's strategic objectives and capital projects. The group successfully increased its shareholding in GREA (US$56.4 million), repaid overall quantum of debt by US$35.1 million and funded the upfront debt costs of the US$306 million syndicated loan (US$7.4 million). The bulk of the capital for these strategic and risk mitigating actions were funded from the asset recycling program that generated US$86.8 million, while US$12.0 million was funded from operational cashflows. The current transition from cash generative assets sold in the year to assets within the increased GREA portfolio, has resulted in a temporary disruption of normalised dividend flows from underlying properties that are expected to normalise by the end of the year. The current volatility of interest rates and continuing inflationary pressures combined with the rising tensions in the Middle East have additionally heightened the macro-economic risks faced by the Group. While we understand the importance of dividends to our shareholders, the Board has elected against declaring a second half dividend. Therefore the total dividend for the year amounts to US$2.00 cps following the interim dividend of US$2.00cps declared for the six months ended 31 December 2022. The full year distribution represents an 46.6% pay-out of distributable earnings.

A number of initiatives, including the implementation of a formal GREA dividend policy, normalisation of dividends from recently completed GREA portfolio assets and proceeds from further asset recycling, are expected to largely replenish the operational cashflows utilised to close the strategic objectives discussed above. The Board will consider either a special dividend later this year or an increased H1 dividend dependant on the progress it makes on all, or some, of these initiatives.

Changes to the Board

In February 2023 Nomzamo Radebe resigned off the Board. We thank Nomzamo for her valuable input she added to the Board.

We welcomed Lynette Finlay to the Board in March 2023 as an independent non-executive director. Lynette brings a wealth of property market experience, and we look forward to further engagements with her.

Outlook

Management and the Board will continue to focus on ongoing reduction in LTV, the asset recycling programme, and the expansion of Grit's investments in specialist development focused investment vehicles. The Board has identified a cost optimisation programme on Group administrative expenses, targeting a sustainable US$4.0 million reduction by December 2024.

Grit 2.0 positions the Group for growth, and with strong current cash collection, increased leasing activity, resilient assets and the potential for stronger NAV and fee income growth, the Board affirms the total return target of between 13% and 15% per annum over the medium term.

		STRATEGIC	RESPONSIBILITY	CORPORATE	ANNUAL FINANCIAL	ADDITIONAL
		REPORT	REPORT	GOVERNANCE	STATEMENTS	INFORMATION
14	GRIT Integrated Annual Report 2023						15

GRIT AT A GLANCE

1

Geographic & sectoral diversification

	11
2		#	Country	Property*
		6
		5

Portfolio Exposure

ee e e ee e ece e e ecc

which provides a cushion in times of volatility. The Board reviews this strategy annually and objectives are set with regards to acquisitions and disposals, based on the business assessments that the Company would have performed. Refer to our investment activity on

e

e

e

e e

c

e e

e e e

4				1	Morocco	AnfaPlace Mall
		7
			2	Senegal	Club Med Cap Skirring Resort
		8
				3	Mauritius	Tamassa Resort | The Precinct | Curepipe Artemis Hospital
	9	10
		4	Ghana	Capital Place | 5th Avenue Corporate Offices | CADS 2 Building
				| Adumuah Place
				3
				5	Nigeria	Africa Data Centres
				6	Ethiopia	Elevation Diplomatic Residence
				7	Uganda	Metroplex Shopping Centre
33
		8	Kenya	Buffalo Mall | Imperial Distribution Centre | Orbit Complex
		| Rosslyn Grove | Eneo at Tatu Central
properties
		9	Zambia	Kafubu Mall | Mukuba Mall | Cosmopolitan Mall
(including land)
	7
						Commodity House Phase 1 | KPMG/Hollard Building | Vodacom
			10	Mozambique	Building | Zimpeto Square | VDE Housing Compound | Mall de
			Tete | Bollore Warehouse | Commodity House Phase 2 | Acacia
sectors						Estate | Tulip Stations
ffice e	e	c	ce e
hospitality, and corporate accommodation	11	Mali	DH4 Bamako | GUL** | TIP**
11
		* Includes lands
		** Land
jurisdictions

Sectoral split1 as at 30 June 2023 (%)

1.8 1.4

20.9	28.6

10.2

10.0

	27.1
Office	Corporate
Retail	Accomidation
Light Industrial	Data Centre
Hospitality	Medical

Geographical split as at 30 June 2023 (%)

1.43.2 0.9 2.4 1.8

13.1

38.1

12.9
9.3		6.4
	10.5
Mozambique	Zambia	Mali
Ghana	Kenya	Ethiopia
Mauritius	Uganda	Nigeria
Morocco	Senegal

1. Split by asset value; Grit economic interest.

OUR TENANTS

Top 15 Tenants

Our tenant-mix is a rational blend of multinationals from various industries, contributing circa 69% of the Company's monthly portfolio income as at 30 June 2023.

			Income (% of	Tenant	Lease	Lease
Rank Tenant	Industry	Group total) Grading	Covenant	Currency
1	US Embassy	Consular	10,4%	Other Global	Gross	USD
2	Total Group	Mining and Natural Resources	9,8%	Forbes	Gross	USD
3	VULCAN	Mining and Natural Resources	9,8%	Other Global	Gross	USD
4	Vodacom Group	Communication	6,9%	Forbes	Triple Net	USD
5	LUX*	Hospitality	5,7%	Other Global	Triple Net	EUR
6	Orbit	Industrial / Manufacturing	4,9%	National	Triple Net	USD
7	Shoprite Holdings	Retail	3,7%	Forbes	Gross	USD
8	Club Med Cap Skirring**	Hospitality	2,9%	Other Global	Triple Net	EUR
9	Hollard	Services	2,9%	Other Global	Gross	USD
10	Imperial Health Services	Logistics	2,5%	Forbes	Triple Net	USD
11	ExxonMobil	Mining and Natural Resources	2,5%	Forbes	Gross	USD
12	GAME	Retail	2,4%	Forbes	Gross	USD
13	International Retail Morocco	Retail	1,9%	Other Global	Gross	MAD
14	Falcon Healthcare Group	Medical	1,5%	National	Triple Net	EUR
15	Africa Global Logistics	Logistics	1,3%	Other Global	Triple Net	USD
		Total	69.1%

Our prime tenants

While maintaining a diversified portfolio of properties (refer to portfolio exposure above), we also ensure a diversified mix of investment grade or multinational tenants, with specific emphasis on ensuring we are not exposed to concentration risks to any particular industry or client.

Grit has been included on SEM indices as per below:

Stock Exchange of Mauritius

		SEM-AFRIDEX
	SEM10	Index	SEMSI
GRIT Included	Yes	Yes	Yes

SEM101

The SEM-10 consists of the largest 10 companies by market value (subject to Section 2) which qualify under Section 1 as eligible for inclusion in the SEM-10. The SEM-10 includes rupee denominated companies, foreign-currency denominated GBC 1 companies and international companies.

SEM-AFRIDEX INDEX2

The SEM-AFRIDEX tracks the performance of listed equity securities on the SEM that have a focus on the African continent (except Mauritius).

SEM Sustainability Index (SEMSI)3

SEMSI provides a robust measure of listed companies against a set of internationally aligned and locally relevant environmental, social and governance (ESG) criteria. It offers a useful tool for domestic and international investors with an appetite for responsible investment in frontier markets.

1. https://www.stockexchangeofmauritius.com/products-market-data/indices/sem10
2. https://www.stockexchangeofmauritius.com/products-market-data/indices/sem-afridex
3. https://www.stockexchangeofmauritius.com/products-market-data/indices/semsi

• Clubmed includes development rental

		STRATEGIC	RESPONSIBILITY	CORPORATE	ANNUAL FINANCIAL	ADDITIONAL
		REPORT	REPORT	GOVERNANCE	STATEMENTS	INFORMATION
16	GRIT Integrated Annual Report 2023						17

STRONG FOUNDATION FOR GROWTH

4000 incremental new jobs expected to be created for localized communities within this ENEO campus

Targeted final completion Q2 2024

Industrial

Call Center		Kenya - Eneo Tatu City				Diplomatic Housing
			EXCITING CAPITAL ALLOCATION
Medical		East Africa & Indian Oceans				Data & Cell Centres

EXCITING CAPITAL ALLOCATION

East Africa

IMPACT GROWTH

Africa

IMPACT GROWTH

West and East Africa