Director, Professional Valuer NDPV, MIVSA, MRICS Experience: Mike was a partner with Magnus Penny Associates from 1989 to 1996, and presently Managing Director of Mills Fitchet Magnus Penny. He has undertaken all types of valuations throughout South Africa and Africa (Ghana, Namibia, Uganda, Mozambique and Zambia) Specifically in West Africa he has undertaken valuations on instruction from Savills (UK) for international clients acquiring leasehold rights to set up corporate offices, warehousing and factories. In Central Africa valuation work was undertaken in Uganda for international companies – mainly corporate office locations. In Southern Africa Mike has completed valuations for both South African and international clients. These locations include retail and office offerings in Lusaka (Zambia); Mozambique (hospitality along the coastline); retail, office and industrial offerings in both Windhoek and Walvis Bay (Namibia), Indian Ocean Islands such as Seychelles (Eden Island) and Mauritius (office and hospitality). South African experience includes general practise industrial, commercial, residential, agricultural and hospitality including: • Rental arbitration (market option renewals) • Assessor to the Cape High Court • Township developments • Expert Witness in High Court Cases • Due diligence reports for large property acquisitions • Advisor to fund and trust managers on acquisitions Served on the Committee of Southern Branch of the South African Institute of Valuers and served on the National Executive Committee S. A. Institute of Valuers Guest Lecturer at UCT – Property Studies. Providing expert evidence at the Cape High Court, the valuations appeal board City of Cape Town. Assessor to the High Court – Land Claims. Summary of Other Specific Work Experience: For annual financial reporting purposes, he is under scrutiny by external auditors and the need to comply with JSE standards and their listing requirements. MDA and Cougar discounted cashflow programmes are used. Associated Consulting Services Wide range of associated consulting services for our clients, which cover a wide range of property related matters including: • Property development matters • Advice on the negotiation and completion of property transfers

Director, Professional Valuer AEI (Zim), FIVSA 1976 – Employed by Reg. Hart and Sons (Pty) Ltd Valuers, Estate Agents and Property Managers in Bulawayo, Rhodesia commenced studying for the Institutes Valuation Examination. Qualified in 1980. Upon moving to Cape Town applied for and received Membership of the S. A. Institute and Council for Valuers. 1981 – Employed by RMS Syfrets as both a Valuer and Commercial/Industrial Property Broker. Appointed as a Director in 1982. 1984 – Joined Magnus Penny Associates, an old and well known property company, as a partner again as Valuer and Industrial/Commercial Broker. 1986 – Acquired Magnus Penny Associates and specialized only in property valuation. 1996 – In order to attain a national identity an association was formed with Mills Fitchet Associates in Johannesburg and Pietermaritzburg. In his years practising as a Valuer, Bobby has valued many millions of rands worth of properties – industrial, commercial and residential, not only for numerous private clients, but also prominent institutions such as:- • Syfrets • Cape of Good Hope Bank LTD • Natal Building Society • First National Bank • Nedbank • ABSA Bank • Bidvest Bank • Faircape • Garden Cities 2010 – Elevated to Fellow of the S. A. Institute of Valuers.

Registered Valuer in Training SA Council of Property Valuers Experience 1994 – 1996: Phoenix Property Management Service’s 1996 – 2001: Pam Golding Commercial:- Property Managers:- commercial portfolio management 2001 – Presen: Mills Fitchet Magnus Penny & Associates: candidate valuer. Fund Valuations: Kyle has conducted valuations for the following listed funds: • Equites Property Fund • Redefine • Ingenuity Property Fund • Growthpoint • Ipic (Unlisted) • Oasis Crescent Property Fund • Spear Property Fund • PIC • Vunani/Texton • Synergy • Investec Property Fund • Stor-Age Real Estate Others: He has also conducted numerous valuations for: • Nedbank • Investec Asset Management • ABSA • Amdec • Nedbank Private Wealth • Standard Bank • Barclays Bank International Other Specific Work Experience: Kyle has been involved in a wide range of associated consulting services including: • MDA discounted cashflow programme • Property development matters • Advice on the negotiation and completion of property transfers. • Due Diligences for acquisition purposes.