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From: "Ronica Ragavan<ronica@oakbay.co.za>" <MAILER-DAEMON>

To: "Tony Gupta"
Date: 7/10/2014 12:55:47 PM
Subject: Fwd: REGIMENT NAV CALCS.xlsx
Attachments: .hxd

Sir

Elana and vidya did the calcs with the info we got. Eric can only send June account in 2 days time it's not yet
ready.

None the less we can discuss this on our call with our views on the matter

Thanks

Ronica

Sent from my iPhone

Begin forwarded message:

From: Elana Van Wyk <elanavw@oakbay.co.za >

Date: 10 July 2014 at 16:48:27 SAST
T o : Ronica Ragavan <ronica@oakbay.co.za >
Cc: Vidya Mudaliar <vidyam@oakbay.co.za >
Subject: REGIMENT NAV CALCS.xlsx

Hi Ronica,

I adjusted my initial calculation to give different scenarios regarding what the effect will be on the NAV when certain items
are excluded.

Please note that this is far from a complete picture, due to no June 2014 figures being available.

Also, when you exclude the property out of the NAV, the NAV drops but unfortunately the benefits thereof as well.

It does not make sense to me to exclude the property, but rather work in a clause that they will be remunerated for the
actual NAV once they dispose of the property.

If they do not want to settle for that but rather exclude the property from the deal, then obviously they dont have
confidence in their projected NAVs.

Kind Regards
Elana Van Wyk
Oakbay Investments (Pty) Ltd
(011) 542 2000
Ext : 901032
071 671 0370

10/4/2017