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NEW AFRICAN PROPERTIES LTD
"the Company" or "New African Properties" or "NAP"
Incorporated in the Republic of Botswana,
Company No. Co 2008/545
BSE share code: NAP
ISIN code: BW 000 000 1049

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Profile Of The Company

Key Salient Information

Returns - A Value Adding Investment

Property Portfolio

Our People

Administration

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The ownership of linked units in a variable rate loan stock company is tax efficient as profits are distributed by means of a dividend and a debenture interest payment which is larger than the dividend. The full amount of interest is deductible from income of the variable rate loan stock company as an expense incurred in the production thereof.

Dividends paid by the company are subject to withholding tax which is a final tax. Interest payable to residents which are tax paying entities is subject to 10% withholding tax, which can be credited against tax payable by the recipient. Any capital gains on disposal of linked units after one year of acquisition are exempt from taxation under the current taxation regime as the Company has offered more than 49% of its linked units to trade on the Botswana Stock Exchange. In addition to being able to vote on issues that affect them, unitholders' interests are protected through application of a code of governance and appointment of independent directors to the Board.

The listing has allowed investors to benefit from consistent increases in distributions and net asset value through the benefits of critical mass and risk diversification, all in a tax efficient entity. Since listing on 28 September 2011, NAP has generated an income return for its investors of 45% and a total return of 91% as at 31 July 2016. At a current historic yield of 7.2% on 31 July 2016, NAP units continue to provide an attractive income return together with the ability to benefit from capital growth.

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