OASIS CRESCENT PROPERTY FUND - Short-Form Announcement: Reviewed Condensed Consolidated Interim Results For The Six-Months Ended 30 September 2023

Short-Form Announcement: Reviewed Condensed Consolidated Interim Results For The Six-Months Ended 30 September 2023

OASIS CRESCENT PROPERTY FUND
A property fund created under the Oasis Crescent Property
Trust Scheme registered in terms of the Collective
Investment Schemes Control Act (Act 45 of 2002) having
real estate investment trust ("REIT") status with the JSE
Share code: OAS
ISIN: ZAE000074332
("Oasis", "OCPF" or the "Fund")


SHORT-FORM ANNOUNCEMENT: REVIEWED CONDENSED CONSOLIDATED INTERIM
RESULTS FOR THE SIX-MONTHS ENDED 30 SEPTEMBER 2023 AND DISTRIBUTION
DECLARATION


OASIS PHILOSOPHY & STRATEGY

The Fund is a well-diversified REIT invested in South African direct property investments and
high quality global listed REITS. The Fund invests in the best global cities and the highest
quality properties without the use of leverage. The Fund is focused on meeting the tenant
needs and maintaining world-class facilities.

1.   THE PERIOD IN BRIEF

Unitholder return of 10.3% per annum since inception compared to inflation of 5.9% per annum.

Distribution including non-permissible income increased by 12.7% to 54.0 cents per unit relative
to 47.9 cents in the prior year corresponding period.

Global investment income increased significantly due to higher dividend payout ratios from the
underlying global REITs, combined with the weakening of ZAR/US$ exchange rate during the
period.

Solid progress in securing cash flows by lengthening the lease expiry profile over the past six
months resulting in the portion of revenue expiring within 3 or more years increasing from 48%
to 59% of Revenue.

A key differentiator in this volatile economic environment is that the Fund has no debt and its
tenant profile remains low-risk as 91% of tenants are multi-national, national, or government-
related.

2. KEY FINANCIAL HIGHLIGHTS

Total income increased by 31.7% to R64.6 million, from R49.0 million in the prior
corresponding period.

Distributable income increased by 13.2% to R35.3 million, from R31.2 million in the prior
corresponding period.

Distribution per unit ("DPU") increased by 13% to 53.2 cents per unit, from 47.1 cents per unit
in the prior corresponding period.

Net asset value per unit ("NAVPU") increased by 5.7% to 2,423 cents per unit, from 2,293
cents per unit in the prior corresponding period.
Headline earnings per unit ("HEPU") increased by 176.0% to 90.1 cents per unit, from -118.6
cents per unit in the prior corresponding period, due to adjustments on financial assets at fair
value through profit or loss.

Earnings per unit ("EPU") increased by 175.7% to 88.5 cents per unit, from -117.0 cents per
unit in the prior corresponding period, due to adjustments on financial assets at fair value
through profit or loss.

3.   DECLARATION ANNOUNCEMENT IN RESPECT OF THE DISTRIBUTION FOR THE 6
     MONTHS ENDED 30 SEPTEMBER 2023

Notice is hereby given that a distribution of 5,323.75911 cents (in aggregate), after non-
permissible income, for every 100 (one hundred) units so held, has been approved and
declared by the board to unitholders recorded in the register of OCPF at close of business
on Friday, 1 December 2023, from income. Unitholders may elect to receive the distribution
in cash or to reinvest the distribution by the purchase of new units at a rate of 2.19715 units
at 2,423 cents per unit (in aggregate), for every 100 (one hundred) units so held.

Trading in the electronic Strate environment does not permit fractions and fractional
entitlements in respect of units. Accordingly, should a unitholder's entitlement to new units,
calculated in accordance with the ratio mentioned above, give rise to a fraction of a new unit,
such fraction will be rounded down to the nearest whole number, resulting in allocations of
whole units and a payment to the unitholder in respect of the remaining cash amount due to
that unitholder under the distribution.

The publication of this announcement and/or applicable documents and the right to reinvest
the distribution in jurisdictions other than South Africa may be restricted by law and a failure
to comply with any of these restrictions may constitute a violation of the securities laws of any
such jurisdictions. OCPF units have not been and will not be registered for the purposes of
the election under the securities laws of the United Kingdom, European Economic Area or
EEA, Canada, United States of America, Japan or Australia and accordingly are not being
offered, sold, taken up, re-sold or delivered directly or indirectly to recipients with registered
addresses in such jurisdictions.

In respect of the distribution, unitholders who will receive the distribution are hereby informed
that, for taxation purposes, OCPF is a REIT as defined in the Income Tax Act as from 1 April
2013 and, accordingly, the tax implications of the distribution have changed as from that date.
The distribution will not be exempt from income tax in terms of section 10(1)(k) of the Income
Tax Act.

For South African tax residents, the distribution will be exempt from dividends tax in terms of
section 64F(1) of the Income Tax Act, provided that you, as unitholder, provide the transfer
secretary or your nominee, custodian or central securities depository participant ("CSDP")
with confirmation of your tax residence status in the prescribed form. If you do not provide
the required residence status, they will have no choice but to withhold dividends tax at a rate
of 20%.

For non-resident unitholders, for South African tax purposes, the distribution received by a
non-resident unitholder from a REIT will be subject to dividend withholding tax at 20%, unless
the rate is reduced in terms of any applicable agreement for the avoidance of double taxation
("DTA") between South Africa and the country of tax residence of the unitholder. Non-resident
unitholders that believe that a reduced rate of tax applies in respect of their applicable DTA
should contact the transfer secretaries or their nominee, custodian or CSDP for the
prescribed form to record the reduced rate of tax.
Where dividends tax is withheld at 20%:
- the reinvestment ratio for non-resident unitholders will be 1.75772 units at 2,423 cents
   per unit, for every 100 (one hundred) units held on the record date; and
- should such unitholders elect to receive the distribution in cash, they will receive
   4,259.00729 cents per 100 (one hundred) units held on the record date.

Kindly contact the transfer secretaries, or your nominee, custodian or CSDP for a copy of
the prescribed declaration form.

The Income Tax Act sections applicable to the distributions made are as follows:

-         Property income distribution from a REIT – section 10(1)(k) and section 64F(1)

Both resident and non-resident unitholders are encouraged to consult their professional tax
advisors with regard to their individual tax liability in this regard.

A circular, together with a form of election, will be posted out to unitholders on
Friday, 3 November 2023, in respect of the unit and income distribution.

Units in issue at the date of declaration of the distribution: 66 627 017

Income tax reference number: 3354212148

The salient dates of the distribution declaration are:

                                                                                2023
    Release of results and declaration announcement on SENS             Tuesday, 24 October
    of distribution and right of election to purchase new units or
    receive a cash payment
    Circular and form of election posted to unitholders                 Friday, 3 November
    Finalisation announcement on SENS in respect of cash                Friday, 3 November
    distribution and right of election to purchase new units or
    receive a cash payment
    Last day to trade in order to be eligible for the distribution      Tuesday, 28 November
    Trading commences ex-entitlement to the distribution                Wednesday, 29
                                                                        November
    Listing of maximum possible number of units that may be             Friday, 1 December
    purchased at commencement of trade
    Closing date for the election of cash distribution or to reinvest   Friday, 1 December
    at 12:00 p.m. on
    Record date for the distribution                                    Friday, 1 December
    Electronic payment and CSDP/broker accounts updated with            Monday, 4 December
    cash
    Announcement of the results of the distribution on SENS             Monday, 4 December
    Unit certificates posted and CSDP/broker accounts updated           Wednesday, 6 December
    with units
    Adjustment of number of new units listed on                         Friday, 8 December

Notes:
1.   Unitholders reinvesting their distribution in new units are alerted to the fact that
     the new units will be listed 3 business days after the last day to trade and that
     these new units can only be traded 3 business days after the last day to trade, due
     to the fact that settlement of the units will be 3 business days after the record
     date, which differs from the conventional one business day after the record date
     settlement process.
2.   Units may not be dematerialised or rematerialised between Wednesday, 29 November
     2023 and Friday, 1 December 2023, both days inclusive.
3.   The above dates and times are subject to change. Any changes will be announced on
     SENS.
4.   All times quoted above are South African times.
5.   Dematerialised unitholders should provide their CSDP or broker with their election
     instructions by the cut-off time stipulated in terms of their custody agreement with such
     CSDP or broker.
6.   If no election is made, the distribution accrued to the unitholder will be used to purchase
     additional units.

4.   SHORT-FORM ANNOUNCEMENT

This short-form announcement is the responsibility of the directors of the Fund's manager,
Oasis Crescent Property Fund Managers Limited. It contains only a summary of the
information in the Full Announcement ("Full Announcement") and does not contain full or
complete details. The full Announcement can be found at:

https://senspdf.jse.co.za/documents/2023/JSE/ISSE/OAS/1H24INT.pdf

Copies of the Full Announcement are also available for viewing on the Fund's website at
https://www.oasis.co.za/annual-financial-statements.

Any investment decisions by investors and/or shareholders should be based on consideration
of the Full Announcement, as a whole.

These condensed consolidated interim results have been reviewed by the Fund's auditors,
Nexia SAB&T, who expressed an unmodified review opinion thereon.


Cape Town
24 October 2023

Corporate Advisor and Designated Advisor
PSG Capital

Date: 24-10-2023 05:30:00
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