Garvin Bernstein Family Office

GBFH · Key Performance Indicators

Tap any card for full detail · Bluff SC is the only wholly-owned property · All syndications managed by MaxProp / AvdV

Bluff SC Revenue · YTD

R 18.65M

Budget R 16.49M · YTD budget R 15.17M

▲ R 2.16M above YTD budget

Net Income Before Interest · YTD

R 7.00M

Full-year budget R 7.04M · 99.5% in 11 months

On track to exceed FY budget

Repairs & Maintenance · YTD

R 848K

Annual budget R 550K · 141% of full year spent

▲ R 298K over budget

Electricity Net Surplus

+R 930K

Recovery R 6.29M vs Cost R 5.36M

Revenue-positive · Solar saving R 275K

Working Capital · Call Account

R 13.70M

Valgro call account · rate: Prime − 3.45% (6.80%)

Rehoming to Investec April 2026

GBFH Net Worth

R 125.0M

Total assets R 179.7M · Liabilities R 54.7M

Deferred tax R 15.3M non-cash

Investment Portfolio

R 80.0M

Listed shares R 11.04M + Syndications R 69.0M

14 investment entities · JSE REIT portfolio

Dividends Declared · FY2026

R 6.0M

To GBFT · 20% dividend withholding tax

Provision R 1.2M · YTD net profit R 6.54M

Bluff Shopping Centre · Income Statement vs Budget

YTD 11 months · 1 Mar 2025 – 31 Jan 2026

Bluff Shopping Centre — GBFH's Wholly-Owned Property Budget is Bluff SC specific · Investment income tracked separately

Line Item	Jan Actual	Jan Budget	Jan Var	YTD Actual (11M)	YTD Budget (11M)	YTD Variance	vs FY Budget
INCOME
Rent Receivable	961,978	957,882	+4,096	10,404,992	10,395,308	+9,684	91% FY
Electricity Recovery OUTPERFORMER	618,370	410,000	+208,370	6,290,323	4,264,000	+2,026,323	148% FY
Rates Recovery	47,077	47,715	−638	501,668	509,334	−7,666	89%
Water Recovery	40,067	38,700	+1,367	429,133	409,500	+19,633	95%
Refuse Recovery	39,204	40,932	−1,728	411,074	436,731	−25,657	86%
Security Recovery	28,779	28,475	+304	316,219	308,125	+8,094	92%
Sewerage Recovery	13,190	10,350	+2,840	139,507	109,800	+29,707	116%
Interest on Arrears DEBTOR STRESS INDICATOR	21,181	5,000	+16,181	157,107	55,000	+102,107	286%
Total Income	1,769,846	1,539,054	+230,792	18,650,021	16,487,798	+2,162,224	+13%
EXPENDITURE
Electricity Cost	524,294	500,000	−24,294	5,360,001	5,200,000	−160,001	94%
Rates (Municipal)	83,887	84,667	+780	903,725	909,181	+5,456	90%
Accounting & Professional Fees	82,661	79,661	−3,000	900,274	876,271	−24,003	93%
Repairs & Maintenance OVER BUDGET	36,223	50,000	+13,777	848,107	550,000	−298,107	141% FY
Management Fees (MaxProp / AvdV) AvdV CEO	79,209	61,907	−17,302	624,719	663,194	+38,476	85%
Security	30,498	33,500	+3,002	343,777	362,500	+18,723	86%
Water Cost	46,640	43,000	−3,640	418,639	455,000	+36,361	83%
Cleaning	26,231	37,000	+10,769	375,475	391,000	+15,525	87%
Refuse Cost	42,874	43,086	+212	461,135	459,714	−1,421	91%
Salaries	13,197	12,625	−572	169,746	161,500	−8,246	95%
Depreciation	25,712	25,712	—	282,829	282,832	—	92%
Total Expenditure	1,079,875	1,055,423	−24,452	11,646,590	11,338,357	−308,233	93%
Net Income Before Interest · Bluff SC	689,971	483,631	+206,340	7,003,432	5,149,441	+1,853,991	99.5% FY
Bond Interest (Investec) FACILITY BEING RESTRUCTURED	146,159	950	−145,209	360,512	9,965	−350,547	budget error ①

① Bond interest budget: The R950/month budget figure is a known preparation error. Actual annualised cost is approximately R390K/year on the R17M Investec facility. As the bond is being paid down and the facility restructured, the FY2027 budget should reflect the revised position once confirmed. · Investment income (dividends from syndications, interest on loans) is tracked in the GBFT tab and the Consolidated view, not in this Bluff SC budget.

Working Capital & Loan Book

Position at 31 Jan 2026

Liquid Assets — GBFH

Call Account (Investec bond facility) REHOMING APR 2026R 13,699,740

Rate: Prime – [TBC]% · Confirm with InvestecAnnual yield TBC post-April rehoming

Investec Current AccountR 312,320

Investec Wealth & Investment accountR 127,593

Maxprop Trust AccountR 15,795

Total Liquid AssetsR 14,155,448

SARS Tax Refund Receivable (pursue urgently)R 1,776,467

Foregone income while at SARS (monthly)−R 13,700/month

Related-Party Loan Book

Loan to Dumbass (Pty) Ltd — 40% equity co-investor GROWINGR 13,699,740

Rate (as at reporting): Prime – 3.45% = 6.80%Annual interest ≈ R 932K

Dumbass (Pty) Ltd equity investment (40% at balance sheet value)R 42,467,347

Total GBFH exposure to Dumbass (Pty) LtdR 56,167,087

Bluff Retail (Pty) Ltd loanR 1,237,673

Rate: Prime + 2% = 12.25% · Repayments R 70K/monthWell-structured

Investec Bond on Bluff SC (liability)−R 17,030,103

Net loan book position (loans receivable less bond)−R 2,092,690

Syndicated Property Investments

All managed by MaxProp / AvdV as trustee · GBFH holds % interests

Property Syndications — Balance Sheet Values Jan 2026 All co-investments structured as property vehicles with similar assets; managed by AvdV / Aldaveen

Entity	Equity Value	Loan Advanced	Total Exposure	FY Income
Dumbass (Pty) Ltd 40% INTEREST	42,467,347	13,699,740	56,167,087	Divs + Int
Bluff Shopping Centre 100% OWNED	72,050,000	−17,030,103 bond	55,019,897	Core operating
Genna-Wae Properties (Pty) Ltd	5,070,516	—	5,070,516	Dividends
117 Old Main Rd Investments (Pty) Ltd NEW · MIDRAND Direct R5.25M + 40% of Dumbass R5.25M = R2.1M → total 21% = R6,615,000 · Brenntag SA anchor	6,615,000	—	6,615,000	Rental income
Mpinvestone Investments (Pty) Ltd	4,578,792	2,603,600	7,182,392	Divs + Int
Aldaveen Investments (Pty) Ltd AvdV CO-INV	2,700,000	—	2,700,000	Divs + Int
Patamar Holdings 4 (Pty) Ltd	—	3,000,000	3,000,000	Interest
108 Old Main Road Investments	139,490	180,643	320,133	Interest
Prophold 102 (A & B)	146,570	146,570	146,640	Interest
Total GBFH Property & Syndication Exposure	135,232,794	2,600,450	137,686,744

All syndicated investments are managed by AvdV as trustee/CEO of MaxProp · Dumbass (Pty) Ltd (40% share) represents the single largest combined exposure at R56.2M · The intercompany loan rate (Prime – [TBC]%) should be reviewed once April Investec restructure is complete · 117 Old Main Rd is a new investment in Midrand with anchor tenant Brenntag SA · GBFH's listed share portfolio (Investec) valued at R 11.04M Jan 2026 is shown in the Consolidated view

GBFH · Balance Sheet Summary

31 Jan 2026

Assets

Fixed Assets (Bluff SC + other)R 76,299,015

Investments (syndications + listed shares)R 80,012,150

Loans Receivable (Dumbass intercompany, Bluff Retail, etc)R 19,867,216

Current Assets (cash + debtors + SARS)R 23,389,022

Total AssetsR 179,700,187

Liabilities

Investec Bond (secured on Bluff SC)R 17,030,103

Group Company Loans (owed to GBFT)R 16,145,420

Deferred Taxation (non-cash; FV adjustments)R 15,300,190

Current Liabilities (creditors, VAT, tenant deps)R 6,207,398

Total LiabilitiesR 54,683,111

GBFH Net Equity

R 125.0M

YTD Net Profit (FY2026): R 6.54M

Share Capital & Reserves: R 53.86M
Retained Income + YTD: R 71.16M
Deferred tax is non-cash & unlikely to crystallise

GBFH · 117 Old Main Rd — Brenntag Investment

New Midrand industrial property · Anchor tenant: Brenntag South Africa · GBFH direct R5.25M + 40% of Dumbass R5.25M = R2.1M → total R6,615,000 (21% of R31.5M S/H loan)

Property & Lease Summary — Midway Place 247 Fifteen Road, Randjespark, Midrand · Forecast updated 04/04/2025

Parameter	Detail
Property Name	Midway Place, 247 Fifteen Road, Randjespark, Midrand
Tenant	Brenntag South Africa (sole anchor tenant)
Gross Lettable Area	9,834 m² — Warehouse 7,655 / Office 1,450 / Other 729 / Surplus Yard 3,000
Lease Expiry (prior)	31 December 2025 (renewed)
Renewed Rate (Jan 2026+)	R70/m² gross · Total monthly rental R 725,329
Prior Rate (to Dec 2025)	R80.05/m² · Total monthly rental R 824,143
Escalation	7% per annum
Monthly Recoveries (Jan 2026)	Rates R124,844 · Insurance R30,794 · Electricity R94,742 · Other R16,425
Total Gross Monthly Income (Jan 2026)	R 993,353 (rental + all recoveries)
Net Profit before interest & tax (forecast p.a.)	R 7,945,255 (19-month forecast total R7.945M)
Total Forecast Gross Revenue (to Dec 2026)	R 11,995,144

Funding Structure & GBFH Economic Exposure GBFH direct R5.25M + via Dumbass 40% × R5.25M = R2.1M → total R6,615,000 (21% of R31.5M)

Funding Line	Balance	Rate
Institutional Bond	R 35,000,000	10.5% p.a.
Shareholder Loan (total)	R 31,500,000	10.5% — rolled up & capitalised
GBFH direct S/H loan holding	R 5,250,000	10.5% — rolled up & capitalised
Dumbass (Pty) Ltd S/H loan holding	R 5,250,000	10.5% — rolled up & capitalised
GBFH indirect share (40% × R5.25M Dumbass)	R 2,100,000	40% of Dumbass holding
Total GBFH economic exposure (21% of R31.5M)	R 6,615,000	Direct R5.25M + indirect R2.1M
S/H interest treatment	Capitalised into S/H loan balance — not cash-paid until exit/refinance
Property asking price	R 65,000,000	Cap rate ~12.22%
GBFH implied equity upside at asking price	(R65M − R35M) × 21% = R 6,300,000	vs book R6.615M

Investment Advisory Notes

LEASE RENEWAL	Lease renewed at R70/m² — down from R80.05. Confirm signed lease received. Single-tenant property carries binary vacancy risk. Next renewal cycle should be monitored from 2027.
S/H LOAN ROLL-UP	S/H loan interest capitalising at 10.5% — growing from R31.5M toward R33.5M+ by Jan 2026. Redemption must be covered by sale or refinance. Monitor S/H loan balance annually.
HOLDING STRUCTURE	GBFH holds R5,250,000 directly in 117 Old Main Rd Investments (Pty) Ltd plus a further R2,100,000 indirectly via its 40% stake in Dumbass (Pty) Ltd, which also invested R5,250,000 in the same S/H loan. Combined GBFH economic exposure = R5.25M + R2.1M = R6,615,000 (21% of the R31.5M S/H loan). Confirm GBFH has board representation in Dumbass and receives annual audited accounts from both entities.
VALUATION NOTE	GV (COJ 2023 industrial): R59.7M. Asking price R65M implies total equity above bond of R30M. GBFH 21% economic share (direct + via Dumbass) = book R6.615M vs R6.3M implied equity at asking price — broadly in line. Independent valuation recommended at next FY-end.

GBFT · Key Performance Indicators

The Garvin Bernstein Family Trust · Pure investment entity · Beneficiaries: JB & MR Gamsu · AvdV is co-trustee (CEO MaxProp)

Total Income · YTD

R 7.21M

Budget R 2.21M · Above-budget dividends from Tapa

+327% vs YTD budget

Dividends Received · YTD

R 6.74M

Tapa R 1.62M · Aldaveen R 121K · GBFH R 4.29M

404% of budget

Distributions to Beneficiaries

R 4.80M

JB Gamsu R 2.40M · MR Gamsu R 2.40M

20% dividend withholding tax applies

Net Income · YTD

R 2.14M

After expenses R 269K and distributions R 4.80M

110% of full-year budget

Listed Share Portfolio

R 12.15M

Investec Wealth · JSE listed equities

36 holdings · Unrealised gain R 2.13M

Tapa Property Holdings

R 23.64M

Largest GBFT holding · Industrial property vehicle

Managed by AvdV · Alrode properties

GBFT Net Worth

R 50.78M

Assets R 53.20M · Liabilities R 2.42M

Trust Capital: R 16.29M

Investment in GBFH

R 16.15M

Group company loan · GBFT → GBFH intercompany

Ordinary shares R 1.8K + Preference R 2.2K

GBFT · Income Statement vs Budget

YTD 11 months · 1 Mar 2025 – 31 Jan 2026

The Garvin Bernstein Family Trust Investment entity — income from dividends (Tapa, Aldaveen), interest, and listed shares

Line Item	Jan Actual	Jan Budget	Jan Var	YTD Actual (11M)	YTD Budget (11M)	YTD Variance	vs FY Budget
INCOME
Dividends — Tapa Property Holdings MAIN SOURCE	318,000	258,000	+60,000	1,620,000	1,548,000	+72,000	95%
Dividends — Aldaveen Investments	0	0	—	121,212	121,210	+2	96%
Dividends — Other property vehicles ABOVE BUDGET	6,850	0	+6,850	4,996,579	0	+4,996,579	unbudgeted
Interest Received (Aldaveen / Tapa)	23,000	23,000	—	138,000	138,000	—	91%
REIT Dividends (listed portfolio)	0	10,000	−10,000	113,818	110,000	+3,818	95%
Local & Foreign Dividends (listed)	4,277	15,000	−10,723	34,079	165,000	−130,921	21%
Interest on Bank Accounts	3,750	0	+3,750	283,503	0	+283,503	above budget
Total Income	355,877	306,000	+49,877	7,307,191	2,082,210	+5,224,981	+327%
EXPENSES
Accounting Fees (Tome & Associates)	6,525	6,525	—	71,772	71,772	—	92%
Administration & Management Fees	54	250	+196	115,823	108,000	−7,823	107%
Audit Fees	5,978	5,978	—	65,762	65,758	−4	91%
Trustees Fees	0	0	—	11,500	11,500	—	100%
Dividend Tax (20% on taxable portion)	0	0	—	72,217	0	−72,217	on distributions
Distribution to JB Gamsu BENEFICIARY	0	0	—	2,400,000	0	−2,400,000	unbudgeted
Distribution to MR Gamsu BENEFICIARY	0	0	—	2,400,000	0	−2,400,000	unbudgeted
Total Expenses incl. Distributions	12,557	13,003	+446	5,137,074	257,030	−4,880,044
Net Income (GBFT) after distributions	343,320	292,997	+50,323	2,170,117	1,825,180	+344,937	+19%

Distributions of R2.4M each (R4.8M total) to JB & MR Gamsu are fully funded by the strong above-budget dividend performance from Tapa Property Holdings and other property vehicles · Dividend tax at 20% on the taxable portion is R 72,217 shown in the trial balance; total effective tax on distributions ≈ R 960K · The R4.996M "other dividends" above budget reflects exceptional distributions from Tapa and associated property vehicles — confirm sustainability for FY2027 budget · Local/foreign listed dividends tracking below budget as portfolio was partially repositioned (Anglogold partially sold, new positions in Goldfields and Glencore)

GBFT · Portfolio Holdings

As at 31 Jan 2026 · Investec Wealth Management

JSE Listed Shares Jan 2026 market values · Monthly FVA +R 156,175

Share	Dec 2025	Jan 2026	Move
Naspers Ltd	1,789,949	1,596,316	−193,633
Standard Bank Group	719,807	737,863	+18,056
FirstRand Ltd	666,856	680,909	+14,053
Anglogold Ashanti (partial sale)	952,176	708,694	partial sold
Anglo American Plat	455,300	477,280	+21,980
Northam Platinum	461,724	528,538	+66,814
Capitec Bank	318,402	330,693	+12,291
ABSA Group	373,504	395,819	+22,315
BHP Billiton	310,868	342,198	+31,330
Glencore PLC NEW POSITION	198,662	329,520	+130,858
Goldfields Ltd NEW POSITION	—	372,173	New
Prosus N.V.	495,600	439,040	−56,560
Other (12+ holdings)	3,248,218	3,208,198	mixed
Total Listed Portfolio	11,991,066	12,147,241	+156,175

GBFT Private & Unlisted Investments

Tapa Property Holdings (Pty) Ltd PROP VEHICLER 23,640,956

Investment in GBFH (group company loan)R 16,149,420

Aldaveen Investments (Pty) LtdR 900,040

Prophold 102 LimitedR 346,446

Total Private & UnlistedR 41,036,862

GBFT Net Equity

R 50.78M

Total Assets R 53.20M · Liabilities R 2.42M

Trust Capital: R 16.29M
Accumulated Surplus: R 32.35M
YTD Net Income: R 2.14M

GBCT · Garvin Bernstein Family Charitable Trust

Charitable purpose trust · 11 months YTD to 31 Jan 2026 · Prepared by Tome & Associates CC

Net Worth (Equity)

R 549K

Trust Capital R1K · Accumulated Surplus R213K · YTD Profit R335K

Fully solvent · surplus-generating

Listed Share Portfolio

R 1.528M

12 JSE-listed REITs & property funds · Investec Wealth Management

+R 22,238 FVA in Jan 2026

YTD Net Profit (FY2026)

R 335,486

Income R 398,700 · Expenses R 63,214 (incl. R23K donations)

Driven by FVA + REIT dividends

January Net Profit

R 22,172

Income R 24,048 · Expenses R 1,875

Clean month · FVA + interest + foreign divs

Loan to GBFH (Intercompany)

R 1.000M

GBCT has lent R1M to Garvin Bernstein Family Holdings P/L

Confirmed · rate & terms to be formalised

Donations Made YTD

R 23,000

7 charitable beneficiaries · community & welfare focus

See donation analysis below

Cash & Bank

R 45,560

Investec Wealth Trading R22,489 · Investec Current R23,071

Adequate working capital

REIT Dividend Income YTD

R 67,380

REIT portfolio distributing well across 12 holdings

+ R 2,943 foreign dividends YTD

GBCT · Balance Sheet

As at 31 January 2026

Assets

Listed Shares (REIT/property portfolio)R 1,528,285

Investec Current AccountR 23,071

Investec Wealth – Trading AccountR 22,489

Total AssetsR 1,573,845

Liabilities & Equity

Loan — Garvin Bernstein Family Holdings P/LR 1,000,000

Sundry CreditorsR 2,326

Provision for Audit FeesR 22,063

Total LiabilitiesR 1,024,389

Trust CapitalR 1,000

Accumulated SurplusR 212,971

Net Profit this yearR 335,486

Total Equity & LiabilitiesR 1,573,845

GBCT · Income Statement

January 2026 (month) & YTD 1 Mar 2025 – 31 Jan 2026

Garvin Bernstein Family Charitable Trust Investment income + FVA + charitable donations · Prepared by Tome & Associates CC · 23/02/26

Line Item	Jan 2026 Actual	YTD Actual (11M)	Notes
INCOME
Interest Received	424.98	2,786	Investec accounts · Current + Wealth Trading
Foreign Dividends Received	1,384.60	2,943	Sirius Real Estate (foreign REIT)
Fair Value Adjustments (FVA)	22,238.00	325,591	Mark-to-market gain on listed portfolio
REIT Dividends Received	—	67,380	12 SA REIT holdings · quarterly distributions
Total Income	24,048	398,700
EXPENSES
Accounting Fees	1,162.82	12,791	Tome & Associates · monthly
Administration & Management Fees	—	19,586	Annual admin costs
Audit Fees	712.50	7,838	Monthly provision
Donations Paid	—	23,000	7 beneficiaries · see analysis below
Total Expenses	1,875	63,214
Net Profit / (Loss)	22,172	335,486	Primarily FVA-driven · R67K cash dividend yield

YTD net profit of R335,486 is dominated by fair value adjustments (R325,591) on the listed REIT portfolio. Cash income (interest + dividends) is R73,109 YTD — modest but consistent. Donations of R23,000 represent 35% of cash income, which is healthy for a charitable trust of this scale. The large FVA gain should be viewed as unrealised until shares are sold.

GBCT · Listed Share Portfolio

12 JSE REIT & property fund holdings · Investec Wealth Management · 31 Jan 2026

REIT & Property Fund Holdings Jan 2026 · FVA +R 22,238 vs Dec 2025

Share	Dec 2025	Jan 2026	Move
Nepi Rockcastle PLC	326,588	333,178	+6,590
Growthpoint Properties Ltd	208,859	211,851	+2,992
Vukile Property Fund Ltd	121,327	122,165	+838
Redefine Properties Ltd	190,744	197,714	+6,970
Hyprop Investments Ltd	94,385	94,734	+349
MAS Real Estate Inc	105,519	103,089	−2,430
Resilient REIT Limited	93,434	96,852	+3,418
Attacq Limited	72,254	76,195	+3,941
Burstone Group Limited	93,629	94,239	+610
Equites Prop Fund Ltd	71,104	69,975	−1,129
Sirius Real Estate Ltd FOREIGN	52,641	53,674	+1,033
Stor-Age Prop REIT Ltd	46,170	45,349	−821
Total Portfolio	1,506,047	1,528,285	+22,238

FY2026 Donations Analysis

7 beneficiaries · R23,000 total · Community & welfare focus

Beth ShalomR 5,400

Durban Child Youth Care CentreR 2,000

Durban Jewish Social ServicesR 3,600

Durban United Hebrew CongregationR 3,600

HIAS South AfricaR 3,000

Royal Durban Golf ClubR 3,600

Sandringham GardensR 1,800

Total Donations FY2026R 23,000

Donations concentrated in Apr, Jul & Sept 2025 · No donations in Jan 2026 · Confirm approved donation list for remainder of FY2026

Intercompany: GBCT → GBFH Loan

Principal OutstandingR 1,000,000

Interest RateNot confirmed

Interest Earned YTDNot in GBCT income statement

In GBFH books asCurrent liability

⚠ The loan does not earn interest per the GBCT income statement. If confirmed interest-free, section 7C of the Income Tax Act may apply — SARS could deem a donation equal to foregone interest and levy donations tax. Confirm with Tome & Associates before FY-end.

GBCT · Advisory Notes

01 · Section 7C — Interest-Free Loan Risk

The R1M GBCT loan to GBFH appears to be interest-free — no interest appears in GBCT income or GBFH expenses. If GBCT is a "connected person" to GBFH, section 7C deems foregone interest as a donation. At the official SARS rate (SA Prime – [applicable margin]), the deemed donation and resulting donations tax exposure should be quantified once the Prime rate adjustment is confirmed. Small but should be formalised.

Confirm with Tome & Associates

02 · FVA vs Cash Income — Portfolio Quality

Of the R335K YTD profit, R326K is fair value adjustments (unrealised). Cash income is only R73K (interest + REIT dividends). The REIT portfolio is performing well on paper but the trust's ability to fund donations relies on cash income. At current donation levels (R23K/year) vs cash income (R73K/year), there is comfortable headroom. Monitor if donation commitments increase.

Cash cover ratio: 3.2× current donations

03 · PBO Status & Donation Eligibility

Confirm whether GBCT holds Public Benefit Organisation (PBO) status with SARS. If registered as a PBO, donations made to GBCT by donors are section 18A-deductible and the trust's own investment income may be exempt from income tax up to the approved purposes. Annual reporting to SARS is required to maintain status. Review the list of beneficiaries for PBO compliance.

Confirm PBO registration with Tome

Combined Family Office · Summary

GBFH + GBFT · Both entities managed separately · Shareable easily

GBFH

Net Equity

R 125.02M

Total Assets: R 179.70M

YTD Net Profit: R 6.54M
Bluff SC NIBI: R 7.00M

GBFT

Net Equity

R 50.78M

Total Assets: R 53.20M

YTD Net Profit: R 2.14M
Distributions: R 4.80M

COMBINED

Combined Net Worth

R 175.80M

Combined Assets: R 232.90M

Combined YTD Profit: R 8.68M
Total Distributions FY2026: R 4.80M net

Consolidated Income · FY2026 YTD

Consolidated Income Statement · 11 Months to 31 Jan 2026 GBFH Bluff SC operations + all investment income (GBFH & GBFT)

Source	Entity	YTD Actual	FY Budget	Annualised Run-rate	Status
OPERATING — BLUFF SC
Total Revenue (rent + recoveries)	GBFH	18,650,021	18,061,600	20,345,478	+3% ahead
Total Expenditure (Bluff SC)	GBFH	−11,646,590	−11,020,994	−12,705,008	R&M overrun
Bluff SC Net Income Before Interest		7,003,432	7,040,606	7,640,834	on budget
INVESTMENT INCOME
Dividends (syndicated property — GBFH)	GBFH	4,294,335	3,204,485	4,684,729	+34%
Call Account Interest (Prime – [TBC]%)	GBFH	1,267,225	est.	1,382,427	rate TBC post-April
Loan Interest (Dumbass (Pty) Ltd + Bluff Retail)	GBFH	308,992	145,726	336,900	+212%
GBFT Total Income	GBFT	7,307,191	2,082,210	7,971,481	+327%
OUTFLOWS
Bond Interest (Bluff SC)	GBFH	−360,512	−9,965	−393,286	budget error
GBFH Admin, Audit & Professional	GBFH	−1,076,170	est.	−1,174,003	tracking ok
GBFT Expenses (fees, trustees)	GBFT	−269,074	−257,030	−293,535	on budget
Distributions — JB & MR Gamsu	GBFT	−4,800,000	0	−4,800,000	unbudgeted
GBFH Dividends Declared (R6M to GBFT)	GBFH	−6,000,000	0	−6,000,000	unbudgeted
Combined Net Income (after distributions)		8,675,419	—	9,464,094	strong

Distribution Structure

FY2026 Actual Distributions

GBFH declares dividends → flows to GBFT (as GBFH shareholder)R 6,000,000

Dividend tax withheld on 20% taxable portion≈ R 1,200,000

GBFT distributes to JB Gamsu (beneficiary)R 2,400,000

GBFT distributes to MR Gamsu (beneficiary)R 2,400,000

AvdV (co-trustee / CEO MaxProp) — trustee feesR 11,500

Total cash to beneficiaries (net)R 4,800,000

The R6M GBFH dividend cascades through GBFT to the beneficiaries. The 20% dividend withholding tax applies to the taxable portion of dividends. This structure is tax-efficient for a family office context — both entities are separated and the flow is clean.

Sustainable Distribution Capacity (FY2027 outlook)

Bluff SC net operating (annualised after bond interest)≈ R 7.2M

Less: R&M revised provision (R 900K annual)≈ −R 300K additional

GBFH syndication dividends (sustainable floor)≈ R 1.5–2.5M/year

Call account income (post-April rehoming)≈ R 1.2–1.4M/year

GBFT income (Tapa + Aldaveen + listed divs)≈ R 2.0–3.0M/year sustainable

Implied SARS refund recovery (one-off boost)R 1.78M

Sustainable annual distributionsR 8–10M/year

Current R4.8M beneficiary distributions are well within sustainable capacity. A modest increase is supportable once the April rehoming confirms the new call account yield and Dumbass (Pty) Ltd capital requirements are known.

Family Office Structure

The Garvin Bernstein Family Trust & Subsidiaries · Structure at 29/02/2024 · Click any node to expand detail

Trusts Operating Cos Property Assets Charitable Personal Sold/Inactive Last updated 14/05/2024 · Prepared by Nafisa Chetty, Tome & Associates CC

Beneficiaries of GBFT: Joel Gamsu (50%) and Mark Gamsu (50%) · Bluff Shopping Centre belongs to Joel and Mark directly per amended trust deed (not held by GBFH) · Major Trust sold Nov 2020 · Structure accurate as at 29/02/2024 · Click any entity node to view holding detail

Working Capital & Distribution Advisory

CONFIDENTIAL · FOR BENEFICIARIES (JB & MR GAMSU) AND AVDV AS MANAGING TRUSTEE · FY2026 YEAR-END REVIEW

01 · Call Account Rehoming — April 2026 (Priority Action)

The R13.7M currently sitting in the Investec bond facility call account is earning Prime – [TBC]% — well-structured, but Investec does not want excess cash parked in a revolving credit facility. This capital must move by April 2026.

When selecting the new structure, the following priority order is recommended:

Negotiate Prime – 0.5% or better on a dedicated money market or call account. Every 50bps on R13.7M = R68,500/year at zero risk.
Avoid long lock-ups. A 32-day notice at +40–60bps over call is sensible; a 3–6 month fixed deposit makes sense only if the rate premium exceeds 100bps. Capital may be needed for R&M capex at Bluff SC or for Dumbass (Pty) Ltd if AvdV calls for capital.
Consider a split: R3–4M in 32-day notice (higher rate) and R10M in instant-access call (operational buffer and liquidity for unforeseen needs).
Formalise Dumbass (Pty) Ltd before deploying further: If any of this capital is intended for Dumbass (Pty) Ltd (which already holds R13.7M in loans from GBFH), the loan rate should be renegotiated to at least match the new Investec call account rate (Prime – [TBC]%) before advancing additional funds. This is a governance and tax compliance matter.

Action: Confirm new Investec structure and rate before April. Clarify Dumbass (Pty) Ltd capital needs with AvdV in March/April. Do not commit to a new structure without this input.

02 · Dumbass (Pty) Ltd Loan Rate — Review Warranted

GBFH has R56.2M total exposure to Dumbass (Pty) Ltd (R42.5M equity + R13.7M intercompany loan). In addition, Dumbass holds R5.25M in the 117 Old Main Rd Investments S/H loan — giving GBFH a further R2.1M indirect exposure (40% × R5.25M). GBFH also holds R5.25M directly in 117 Old Main Rd, bringing total exposure to R6,615,000 (21% of the R31.5M S/H loan). The Dumbass intercompany loan earns 6.80% (Prime – 3.45%). By comparison, the Bluff Retail loan earns 12.25% (Prime + 2%) — a significant spread that should be reviewed annually.

At the current balance, aligning the Dumbass (Pty) Ltd loan rate to match the new Investec call account rate (Prime – [TBC]%) would generate material additional annual income for GBFH with no capital deployment required.
If the loan is expected to grow (R4M was advanced in Dec/Jan alone), formalising the rate and repayment schedule is important for both transfer pricing compliance and GBFH's income base.
As a 40% equity participant managed by AvdV, GBFH should receive Dumbass (Pty) Ltd's annual audited financial statements. The equity value of R42.5M implies a total entity value of ~R106M — has this been independently verified recently?

03 · SARS Tax Refund — Urgently Pursue

GBFH has a R1,776,467 tax refund due from SARS (Tax Control Account DR balance). A R318K partial recovery was received in January 2026. At the current Investec call account rate, R1.78M earns GBFH meaningful monthly income while it remains with SARS. Recovering this within 60–90 days should be a priority for Tome & Associates.

Action: Instruct Tome & Associates to confirm whether a formal refund claim has been lodged and to provide an expected recovery timeline. This is low-risk, near-certain cash.

04 · Bluff SC Repairs & Maintenance — Budget Needs Revision

The R&M register reveals a sustained structural maintenance programme — primarily CBBA Building Contractors (waterproofing, spalling repairs, roof leaks, painting) and Pixelpop (signage, gate, boom). YTD spend of R848K against a R600K full-year budget confirms the R600K figure is no longer adequate for a 1970s/80s-era shopping centre.

FY2027 recommendation: Budget R900K–R1.0M for R&M. Consider identifying any items (lift upgrades, HVAC, structural) that could be capitalised rather than expensed.
Review insurance programme — confirm Bluff SC is insured for full replacement value (building currently at R72M carrying value; replacement cost may be higher).
A multi-year capital maintenance plan (even informal) from AvdV would allow for better cash flow planning and may improve the asset's yield over time.

05 · Distribution Planning — Beneficiary Perspective

The FY2026 distribution of R2.4M each to JB and MR Gamsu (R4.8M total net) is funded from GBFT which received the R6M dividend from GBFH. The 20% dividend withholding tax is correctly applied to the taxable portion.

Looking ahead to FY2027, distributions can potentially be increased, subject to:

Confirmation of the new Investec call account yield in April (this determines the sustainable annual interest income from the R13.7M).
Dumbass (Pty) Ltd capital requirements — if further loan advances are expected, some liquidity needs to be preserved.
The R&M programme being adequately funded (avoid a situation where distributions are made but the property asset deteriorates).
SARS R1.78M refund recovery — once received, this is available for distribution or reinvestment.

Sustainable annual distribution capacity: R8–10M/year (R4–5M to each beneficiary). Current R4.8M is conservative. A R500K–R1M increase per beneficiary per year is achievable within the next 12–24 months as the call account is repositioned and Dumbass (Pty) Ltd income is formalised.

06 · Electricity Recovery — 148% of Budget Warrants Review

Bluff SC is generating a R930K net electricity surplus (recovery R6.29M vs cost R5.36M) plus R275K in solar savings. While positive, the over-recovery at 148% of budget warrants understanding:

Is the recovery calculated on the current eThekwini tariff schedule? If tariffs increased materially above budget assumptions, the FY2027 budget should be revised upward.
The Energy Capital metering contract shows billing adjustments and reversals in January — confirm with AvdV that the methodology is correct and compliant with leases.
Ensure the electricity debtor balance (R618K as at Jan 2026) is being recovered monthly and is not accumulating into a bad debt.

07 · FY2027 Budget Preparation (March/April)

When the new budget is drafted the following adjustments from the FY2026 budget are recommended:

R&M: Increase from R600K to R900K–R1.0M
Bond interest: Correct from R950/month to actual annualised cost (or remove if restructured)
Electricity recovery: Revise to R5.0M+ based on current tariff and consumption
Interest on arrears: Revise from R60K to R150K+ based on FY2026 actual run-rate
Call account income: Add a specific budget line for interest on the rehomed R13–14M at the confirmed new Investec rate (insert once April structure is confirmed)
Dumbass (Pty) Ltd loan interest: If rate is renegotiated, budget at the new rate
Distributions: Include budgeted distributions in both GBFH and GBFT budgets for transparency and cash flow planning
R&M capital items: Identify any items to be capitalised (cost vs budget will look cleaner)

Open Items for April Resolution

Items to confirm before FY2027 budget is finalised

Capital & Structural

Q1Call account rehoming: What is the confirmed new Investec structure for the R13.7M? What rate (Prime – [X]%) has been negotiated? Will any portion be directed to Dumbass (Pty) Ltd? This determines FY2027 investment income budgeting.

Q2Dumbass (Pty) Ltd total entity value: The 40% equity value is shown at R42.5M, implying a total entity value of approximately R106M. Has this been independently confirmed (audited accounts) recently? AvdV manages this entity — annual accounts should be available.

Q3Dumbass (Pty) Ltd loan rate formalisation: Should the loan rate be renegotiated to align with the new Investec call account rate (Prime – [TBC]%) before any further advances? A formal loan agreement (if not already in place) is important for SARS transfer pricing compliance.

Q4SARS refund: Estimated at less than R2M remaining. Has Tome & Associates lodged the formal refund claim? What is the expected recovery timeline? Prioritise as zero-risk cash.

Operational

Q5Bluff SC capital maintenance plan: Is there a 3–5 year maintenance plan for the centre? Knowing which major items (lift, HVAC, electrical) are upcoming allows the budget to be set more accurately and ensures the asset value is maintained.

Q6Electricity over-recovery: Is the 148% recovery vs budget due to tariff increases, higher consumption, or a methodology change with Energy Capital? The metering contract reversals in January need clarification.

Q7Tenant arrears: Debtors have grown from R1.34M to R2.04M. Interest on arrears is running at 286% of budget. Which tenants are in arrears and is any amount at risk of being irrecoverable? A provision may be needed in the FY2027 budget.

Dashboard Maintenance Guide

Monthly Update (10–15 mins from Tome & Associates reports)

This is a self-contained HTML file — open in any text editor or browser. To update:

KPI cards: Find the .k-val div for each card and update the number. Update the sub-text and badge text for the new variance.
Income statement tables: Find the row by line item name. Update Jan Actual (new month), YTD Actual (running total), and recalculate YTD Variance. Update Jan Budget from the budget Excel for the new month column.
Progress bars: Update style="width:XX%" on each .ubar-fill div. Use class ov (red) for over 100%, ok (amber) for 80–99%, default for under 80%.
Loan balances: Update Dumbass (Pty) Ltd and Bluff Retail balances from the LOAN schedule page in the monthly pack.
Listed shares: Update the GBFT portfolio table from the Investec "Analysis of Listed Shares" page at the back of the GBFT PDF.

FY2027 Budget Update (April 2026)

Open the new Excel workbook. The INCOME STATEMEN- BLUFF (linked) tab is the master source for Bluff SC budgets; INCOME STATEMEN- GBFT for trust budgets.
Replace all "Budget" column values in the income statement tables.
Update full-year budget totals in KPI card sub-text lines.
Change the reporting period pills in the top navigation: FY 01 MAR 2026 – 28 FEB 2027
Reset all YTD Actual columns to zero and progress bars to 0% width at year start.
Update the Advisory tab recommendations with the new call account rate and distribution policy once confirmed.

Sharing: Save as PDF from any browser (File → Print → Save as PDF) for distribution to beneficiaries and AvdV. The HTML file is fully self-contained — no internet connection or software required to view.

Growth & New Investments

Pipeline tracking for new investment properties · Tap any card for full detail

Active Acquisitions

1

117 Old Main Rd / Midway Place · Midrand

Industrial · Brenntag SA anchor

Total New Investment Exposure

R 6.615M

GBFH direct R5.25M + via Dumbass R2.1M

21% of R31.5M S/H loan

Forecast Gross Revenue (19M)

R 11.99M

Jun 2025 – Dec 2026 · Brenntag SA sole tenant

Net profit R 7.95M before interest & tax

S/H Loan Outstanding (Total)

R 31.5M

10.5% p.a. · Interest rolling up

Bond R 35M · Total funding R 66.5M

Active Investment · 117 Old Main Road Structure

Midway Place, 247 Fifteen Road, Randjespark, Midrand · Brenntag South Africa anchor tenant

Midway Place

247 FIFTEEN ROAD, RANDJESPARK, MIDRAND · HELD VIA 117 OLD MAIN RD INVESTMENTS (PTY) LTD

INDUSTRIAL · ACTIVE

Property Detail

TenantBrenntag South Africa

Property typeIndustrial / Logistics

GLA Total9,834 m²

Warehouse7,655 m²

Office1,450 m²

Other / Ancillary729 m²

Surplus Yard3,000 m²

COJ GV (2023 Industrial)R 59,700,000

Asking / Purchase priceR 65,000,000

Lease Summary

Prior rate (to Dec 2025)R 80.05/m²

Prior monthly rentalR 824,143

Lease expiry (original)31 Dec 2025

Renewed rate (Jan 2026+)R 70/m²

Renewed monthly rentalR 725,329

Annual escalation7%

Monthly recoveries (Jan 2026)R 268,024

Total gross monthly incomeR 993,353

GBFH Holding Structure

Total S/H loanR 31,500,000

Institutional bondR 35,000,000

GBFH direct in S/H loanR 5,250,000

Dumbass S/H loan holdingR 5,250,000

GBFH 40% of DumbassR 2,100,000

Total GBFH exposure (21%)R 6,615,000

Interest rate (S/H loan)10.5% p.a. rolled up

GBFH implied equity (at asking)(R65M−R35M)×21% = R6.3M

Brenntag Forecast — Revenue & Cost Summary (Jun 2025 – Dec 2026) 19-month forecast · Updated 04/04/2025

Category	Total Forecast	Monthly (Jan 2026)	Note
INCOME
Warehouse rental (7,655m²)	6,430,200	535,850	R70/m² from Jan 2026
Office rental (1,450m²)	1,218,000	101,500	R70/m²
Other / Ancillary (729m²)	612,360	51,030	R70/m²
Parking (covered + open)	443,384	36,948	Fixed monthly
Total Rental Income	8,703,944	725,328
Rates Recovery	1,573,036	124,844	R113K (Jun–Dec 25) / R125K (2026)
Insurance Recovery	369,531	30,794
Electricity Recovery	1,136,904	94,742	Pass-through
Water / Sewerage / Refuse	197,100	16,425	Municipal recoveries
Total Recovery Income	3,276,571	268,024
GROSS INCOME	11,995,144	993,353
OPERATING EXPENSES
Admin / Accounting / Audit / Bank	394,288	28,747	Admin at 2% of gross
Insurance	369,531	30,794	0.35% of insured value
Rates	1,573,036	124,844	COJ municipal rates
Repairs & Maintenance (General + Roof)	180,000	15,000	R10K + R5K/month
Directors & Secretarial Fees	52,000	2,167	Quarterly directors
Electricity	1,136,904	94,742	Pass-through to tenant
Utilities (water/refuse/sewage/meter)	197,100	16,425	Pass-through
Sundry	120,000	10,000
TOTAL OPERATING EXPENSES	4,049,859	322,719
NET PROFIT BEFORE INTEREST & TAX	7,945,255	670,634	NOI yield on R65M = ~12.2%

WATCH ITEMS

Lease renewal confirmed at R70/m² (down from R80.05). Confirm signed lease is in place. Next escalation cycle to R74.90/m² effective Jan 2027.

S/H loan interest rolling up at 10.5% — balance growing from R31.5M. Redemption must be covered by refinance or sale. Review balance annually.

Single-tenant risk — binary vacancy risk if Brenntag vacates. Industrial park has strong logistics demand drivers in Midrand corridor.

INVESTMENT THESIS

Cap rate ~12.22% at R65M purchase price on NOI of ~R7.95M p.a. Attractive for Midrand industrial.

7% annual escalation provides strong inflation-beating income growth. At 7% esc., rental reaches ~R93/m² by 2030.

Brenntag SA is a global chemical distributor — investment-grade anchor in a prime Gauteng industrial node.

Watchlist & Pipeline

Prospective acquisitions — update as opportunities are identified

NO ACTIVE PIPELINE

Add prospective investments here as they are identified. Include property name, location, asking price, cap rate, proposed funding, and target completion date.