Results Presentation - Redefine International PLC

redefineinternational.com

Results Presentation - Redefine International PLC

Redefine International P.L.C.

Results Presentation

Year ending 31 August 2012


Contents

Redefine International P.L.C.

Page

Financial Results 3 - 9

Operations 10 - 14

Looking Forward 15 - 19

Supplementary Information 20 - 26

2


Results Overview

Financial highlights

► Distributable earnings of 4.40 pence per share; in line with merger forecast

► Adjusted EPRA NAV of 39.06 pence per share (pre-capital raise)

► Successful restructuring or repayment of over £250m of legacy financing facilities

Operational highlights

Redefine International and Wichford businesses successfully integrated

► Full planning approval received for 287 residential units at Lyon and Equitable House, Harrow

► Malthurst petrol filling station portfolio leases extended to 2025

► Strong operating performance from Cromwell and Hotel portfolio

Post year end events

► Successful Firm Placing and Open Offer to raise £127.5m

► Take up of 96.35% under the Open Offer

► VBG restructuring completed on attractive terms

► Delta restructuring completed – key assets retained

Redefine International P.L.C.

3


Highlights

Operating FY 2012 FY 2011 Change

Occupancy (by area) 95.5% 97.0% (1.5%)

Indexation 52.0% 50.2% 1.8%

WAULT (years) 8.6 9.3 (0.7)

Financial FY 2012 FY 2011 Change

FY 2012 Pro

Forma

Distributable EPS 4.40 4.13 6.5% n/a

Dividend per share 4.40 4.13 6.5% n/a

Adjusted fully diluted EPRA NAV per share 39.06 50.72 (23.0%) 36.31

LTV 81.7% 75.4% +630 bps 50.5%

► Strong operating and earnings performance given market conditions

► Significant reduction in leverage post year end

► Valuation declines largely attributable to UK Retail and UK Stable Income portfolios

Notes:

(1) Pro-forma figures include net proceeds from capital raising of £122.5m and associated share issuance and share consolidation resulting in 962.8m shares in issue (991.9m fully

diluted)

(2) Pro-forma LTV assumes cash included in gross assets

Redefine International P.L.C.

4


Earnings available for distribution

Gross

rental

income

Redefine International P.L.C.

12.67 0.81

Operating

expenses

Income

from

associates

UK Stable Income, 56%

UK Retail, 18%

Europe, 13%

Hotels, 13%

Other income

& admin

expenses

(net)

2.13 0.06 0.94

Investment

management

fee

Notes:

(1) Income from associates includes 1.98 pence per share from investment in Cromwell

0.46

Professional

fees

0.34 7.47

Noncontrolling

interest

Net finance

charges

Tax & FX

loss

0.42

Distributable

EPS

4.40

5


Portfolio valuation

Portfolio valuation movement

£m

Redefine International P.L.C.

Proportion of

portfolio by

value

Market value

31 August 2012

Valuation

movement H2 Net initial yield

UK Stable Income 37.7% 404.7 (10.7%) 9.1%

UK Retail 20.8% 224.1 (9.4%) 7.5%

Europe 17.0% 182.9 (7.1%) 7.7%

Hotels 11.5% 123.3 0.0% 7.2%

Cromwell 1

12.3% 132.1 (0.4%) 8.3%

Total like-for-like portfolio 99.3% 1,067.1 (7.5%) 8.5%

Acquisition 2

0.7% 7.7 0.8% 6.9%

Total investment portfolio 100.0% 1,074.8 (7.4%) 8.5%

► Declines in Delta and Gamma values are largely non-recourse to equity

► UK Retail impacted by a combination of lower income and higher cap rates

► Investment demand for London-based hotels remains strong

► Europe relatively stable in local currency terms (-1.7%)

► Cromwell investment +AUD 20.3m and share price +10% since year end

Notes:

(1) Cromwell reflects investment value at a closing share price of 75.0 Australian cents per security

(2) Acquisition of Waldkraiburg

6


Adjusted NAV per share

EPRA NAV

(Aug 2011)

50.72 20.85

Redefine International P.L.C.

Portfolio

revaluation

Distributable

EPS Dividends

4.19 3.96

Other items

5.32

Restructuring completed

post year end

VBG

negative

equity

2.86

Delta

negative

equity

2.95

Gamma

negative

equity

7.22

Cromwell (1)

1.25

Adjusted

EPRA NAV

(Aug 2012)

39.06

Pro-forma

Adjusted

EPRA NAV

(Post Capital

Raise)

36.31

Notes:

(1) Cromwell adjustment reflects share price of AUD 75.0 cents per security vs. equity accounted net asset value of AUD 69.8 cents

(2) Pro-forma Adjusted EPRA NAV reflects the £122.5m net capital raising proceeds, the issuance of 490,384,616 New Ordinary Shares and the subsequent 0.9 for 1 share consolidation

(3) “Other items “ includes movement in VBG fair value interest

7


Debt Maturity

► Significant progress achieved in restructuring debt facilities - £250m of legacy facilities repaid or successfully

restructured

► Near term debt maturity profile de-risked

► Advanced negotiations to renew £70.7m of debt maturing in FY2013, balance to be refinanced or repaid

Pro-forma debt maturity (£m)

199.7

87.2

Redefine International P.L.C.

£199.7m Gamma

facility

On-going negotiations

(non-recourse)

28.7

81.1

38.1

£81.1m remaining

Delta facility to be sold

down

(non-recourse)

116.1

62.1

FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022+

Notes:

(1) Adjusted for Delta and VBG restructurings completed post year end

(2) Adjusted for repayment of Coronation facility (£7.8m) post year end

12.8

11.8

275.1

8


Reducing Leverage

► Material improvement in financial gearing despite adverse valuation movements

► Key assets retained in Delta restructuring with balance of portfolio to be sold down over 30 month period

► Optionality on Gamma portfolio given debt is non-recourse to the Group; potential downside already accounted for

► Weighted average cost of debt of 5.0% as at August 2012

Indicative Gearing

Notes:

(1) Reflects August 2012 market value of assets, €116.0m legacy debt facility and 50% share of new €57.0m debt facility

(2) Delta workout includes immediate repayment of £33.5m of debt together with £81.1m to be paid down through the sales and work-out process

(3) Remaining cash reflects £122.5m net capital raising proceeds less the repayments or investments related to the Delta facility (£33.5m), VBG (£11.5m), Coronation facility (£7.8m) and

Kaiserslautern (£0.9m)

(4) Assumes sale/workout of entire Gamma portfolio

� Unless otherwise stated balances reflect investment market values and principal unadjusted debt balances

Redefine International P.L.C.

Balances at 31

August 2012

VBG

Restructure

(net) (1) Delta Workout (2)

Other facility

changes

Remaining

Capital Raising

Cash (3)

Gamma

Workout (4)

Indicative

Impact on

Gearing

Investment property

On balance sheet 757.5 (74.6) (63.2) (155.7) 464.0

Joint ventures (economic share) 89.0 37.3 2.7 129.0

Investments (Cromwell) 132.1 132.1

Cash 5.7 68.9 74.6

Total 984.3 (37.3) (63.2) 2.7 68.9 (155.7) 799.7

Debt facilities

On balance sheet 720.0 (91.9) (114.6) (199.7) 313.8

Joint ventures (economic share) 134.5 22.6 1.8 158.8

Investments (Cromwell) 24.7 24.7

Total 879.2 (69.4) (114.6) 1.8 - (199.7) 497.3

Group gearing 83.2% 50.5%

See through gearing 89.3% 62.2%

9


Redefine International P.L.C.

Operations


3%

4%

Portfolio Overview

► Diversified portfolio united by clear income focused strategy across all business segments

► Each business segment supported by specialist asset management teams with proven track records and expertise

► Ability to recycle capital into performing sectors

Redefine International P.L.C.

Redefine

International

UK Stable Income UK Retail Europe Hotels

Gross assets: £404.7m

Gross rent: £39.0m

NIY: 9.1%

WAULT: 7.9 years

Gross assets: £224.1m

Gross rent: £20.5m

NIY: 7.5%

WAULT: 11.0 years

4%

7%

21%

19%

12%

37%

Wigan Birchwood Coventry

Seaham Crewe Harrow

Gross assets: £190.6m

Gross rent: £15.7m

NIY: 7.7%

WAULT: 7.8 years

Gross assets: £123.3m

Gross rent: £9.4m

NIY: 7.2%

WAULT: 13.3 years

Notes: 1) Property data reflects 100% ownership of property assets as at 31 August 2012. 2) Cromwell data reflects share of underlying portfolio as at 30 June 2012

9%

11%

80%

Germany Switzerland

The Netherlands

13%

87%

Greater London Reading

Cromwell

Properties Group

(Australia)

Gross assets: £259.1m

Rental income: £22.8m

NIY: 8.3%

WAULT: 6.2 years

Gross Rents Gross Rents

Gross Rents Gross Rents Gross Rents

11%

82%

Gov. Kwik Fit PFS Other

17%

20%

6%

27%

30%

Queensland Victoria

ACT New South Wales

Other

11


Portfolio Strategy

UK Stable Income

UK Retail

Europe

Hotels

Cromwell

Properties Group

• Significant reduction (25% - 35%) in exposure to regional offices targeted over the next

24 months

• Focus on fewer and higher quality assets with greater emphasis on the South East

• Reposition assets with higher value alternative uses

• Immediate focus on income and occupancy protection

• Capital expenditure projects at Birchwood and Harrow to enhance asset quality and

value

• Rebranding of centres and development of additional sources of income

• Maintain focus on discount retail market – strong multinational covenants

• Enhance income security through lease extensions and indexation

• Complete exit and restructuring of Wichford legacy assets

• Focus to remain on branded, limited service hotels in Greater London

• Capital expenditure and refurbishment programme largely complete

• Capitalise on management expertise

• Strategic shareholding of 23.08% (1)

• Providing stable and material contribution to distributable earnings (gross dividends of

£12.6m p.a.) (2)

• Recent acquisitions and asset management anticipated to drive earnings growth

Note: (1) Shareholding diluted to 22.14% post year end (2) Cromwell gross dividend based on 7.0 cents per security and GBP/AUD of 1.50.

Redefine International P.L.C. 12

Photo


Focused on Income Returns

► Portfolio indexation of 52% driving cashflow growth

► Exposure to 2018 breaks to be reduced as part of the intended Delta and Gamma restructuring

► Malthurst petrol filling station portfolio leases totalling £1.5m p.a. extended by five years to 2025

► Robust lease expiry profile

Lease Expiry Profile

Gross rental income excl. Cromwell (£m)

4.5

Redefine International P.L.C.

UK Stable Income UK Retail Europe Hotels % of total

5.3%

4.3%

3.7

4.7%

4.0

6.4%

5.4

5.2%

4.4

FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022+

18.3%

2.6%

excl.

Delta &

Gamma

Note: (1) Rental income reflects 100% of property assets including associates and joint ventures , but excluding Cromwell

15.5

£13.3m relates to

Delta and Gamma

portfolio

1.7%

1.4

5.9%

5.0

6.9%

5.8

41.2%

34.9

13


Development opportunities

Harrow Residential

Redevelopment

Birchwood,

Warrington

Extension

Southwark

Holiday Inn

Express Extension

• Converting vacated office space to higher value residential units

• Acquired neighbouring site as part of land assembly

• Partnering with Metropolitan Housing Trust on 49 affordable units

• Full planning received for a total of 287 residential units

• Process of securing a joint venture partner progressing well

• Potential for significant uplift in book value

• 50,000 sqft extension completing in March 2013

• Focus on clothing and footwear to improve and revitalise retail offer

• 28,000 sqft of phase two pre-let to Home Bargains and QVC

• Addition of 50 rooms supported by strong demand

• Underlying occupancy of 89.3% for FY2012

• Opportunity to forward fund at 9.25%

Redefine International P.L.C. 14


Redefine International P.L.C.

Looking Forward


Strategic Roadmap

Restructuring of near term

debt facilities

Reduce leverage

Streamline Business

Potential UK REIT Conversion

Simplify Corporate Structure

• VBG restructuring completed �

• Delta restructuring completed �

• Gamma restructuring discussions on-going

• Successful £127.5m capital raise completed post year end �

• Pro-forma leverage in line with short term target of less than 60% LTV �

• Disposal of major non-core assets in Europe largely complete �

• Reduction in exposure to regional, government-let offices in progress �

• Capital allocation to performing sectors �

• Potential to attract capital from a broader universe of REIT investors

• Improve market perception by aligning management and company interests

• Potential to remove intermediate shareholding of Redefine Properties International Ltd

subject to regulatory approval

• Intention to diversify shareholder base and increase liquidity and free float

Redefine International P.L.C. 16


Use of Proceeds

Use of Proceeds Description Impact on Distributable Earnings (est.)

Equity

Delta Facility Debt Repayment £33.5m

VBG Assets Acquisition £11.5m

Current Debt Repayment and

Investment

£8.6m

Future Debt Repayment £8.9m

Opportunistic Capital £60.0m

Total £127.5m

• Release of 7 assets for £33.5m repayment

• Balance of facility (£81.1m) extended to 2015

• Existing €116.0m facility settled

• Acquired 50% share of assets for €84.4m

• £17.15m Crewe facility cancelled in return for

£11.0m cash payment (part funded by

Coronation facility)

• Assumed c£70.0m of near term facilities are

refinanced at c60% LTV

• Strong pipeline of acquisition opportunities

• Provides optionality around Gamma assets

Fees and Expenses £5.0m • Capital raising costs and expenses • n/a

Results in significant reduction in gearing

• Provides opportunistic capital

Notes:

(1) Based on rental income of £7.5m subject to sales process and existing interest expense associated with the £114.6m Delta facility at 5.65% p.a.

� Analysis excludes any impact associated with the pending Gamma maturity in October 2012

• 7 retained assets provide £2.0m of rent

• Approximately £1.0m (1) of existing net

income lost post April 2015

• 19%+ yield on new equity providing

approximately £2.2m p.a.

• Reduction in interest of £1.0m p.a.

• Approximate annualised reduction in

interest charges of £0.5m p.a.

• Targeting 10% yield on equity reflecting

£6.0m p.a. in net income

Redefine International P.L.C. 17


Income focussed business model

► Portfolio and strategy focused on income within tightly defined business segments

► Diversification provides exposure to different sources of income

► Ability to allocate capital to performing business segments

► Each business segment supported by specialist and proven asset management teams

► Enhanced capital structure and lower leverage to support consistent income returns

► Policy to distribute at least 90% of distributable earnings

Redefine International P.L.C.

18


Outlook

► Focus on income and diversified business model to be maintained

► Successful capital raise allows shift in focus away from debt and back to assets

► Enhanced financial position ensures Company well placed to take advantage of investment

opportunities

► Drive to enhance portfolio quality and income security

► Redevelopment opportunities to maximise value of existing assets

► Gamma negotiations on-going; downside already fully accounted for

► Further work required to simplify corporate structure

► Strong pipeline of acquisition opportunities identified

Redefine International P.L.C.

19


Redefine International P.L.C.

Supplemental Information

Annual Results Presentation October 2012


Business Segments – Portfolio Metrics

Group Europe

Gross asset value £1,201.7m Gross asset value £190.6m

Gross rent £107.4m Gross rent £15.7m

ERV £94.0m ERV £12.6m

Ave. rent per sq. ft 12.90

Ave. rent per sq. ft 9.9

Net intial yield (%) 8.5

Net intial yield (%) 7.7

Occupancy (by area) 95.5% Occupancy (by area) 99.3%

Total area (sq. ft '000) 8,327

Total area (sq. ft '000) 1,594

No. of assets 204 No. of assets 37

WAULT 8.6 WAULT 7.8

UK Stable Income Hote ls

Gross asset value £404.7m Gross asset value £123.3m

Gross rent £39.0m Gross rent £9.4m

ERV £28.9m ERV £9.4m

Ave. rent per sq. ft 10.8 Ave. rent per sq. ft 35.1

Net intial yield (%) 9.1 Net intial yield (%) 7.2

Occupancy (by area) 93.3% Occupancy (by area) 100.0%

Total area (sq. ft '000) 3,632 Total area (sq. ft '000) 268

No. of assets 133 No. of assets 6

WAULT 7.9 WAULT 13.3

UK Re tail Cromwell Property Group

Gross asset value £224.1m Gross asset value £259.1m

Gross rent £20.5m Gross rent £22.8m

ERV £20.4m ERV n/a

Ave. rent per sq. ft 13.0 Ave. rent per sq. ft n/a

Net intial yield (%) 7.5 Net intial yield (%) 8.3

Occupancy (by area) 95.2% Occupancy (by area) 96.4%

Total area (sq. ft '000) 1,578 Total area (sq. ft '000) 1,255

No. of assets 6 No. of assets 22

WAULT 11.0 WAULT 6.2

Notes: 1) All figures as at 31 August 2012 except for Cromwell which reflects share of underlying Cromwell Property Group assets as at 30 June 2012

Redefine International P.L.C.

21


UK Stable Income Portfolio

Overview

► Geographically diversified portfolio throughout the UK

► Significant exposure to UK government tenants providing exceptional

covenant strength

► Portfolio of 27 Kwik Fit centres and 22 petrol filling stations

► Resilient, low risk source of income in a challenging investment

market

► Opportunities to reposition assets with higher value alternative uses

► Exposure to regional offices anticipated to reduce

Lease Expiry Schedule

Gross rent (£m)

1.1

0.7

Redefine International P.L.C.

2.4

3.2

2.6

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+

14.9

0.3

2.4

4.1

7.3

Assets Locations by Region

(£m unless otherwise stated)

Scotland

GAV: 45.2 Assets: 26

NIY: 10% Gross Rent: 4.6

North West

GAV: 37.8 Assets: 14

NIY: 12% Gross Rent: 4.4

East Midlands

GAV: 20.9 Assets: 5

NIY: 12% Gross Rent: 2.5

West Midlands

GAV: 28.6 Assets: 16

NIY: 12% Gross Rent: 3.4

Wales

GAV: 12.0 Assets: 6

NIY: 12% Gross Rent: 1.4

South West

GAV: 40.4 Assets: 14

NIY: 11% Gross Rent: 4.3

Jersey

GAV: 23.9 Assets: 1

NIY: 6.8% Gross Rent: 1.6

North Eas t

GAV: 22.4 Assets: 14

NIY: 11% Gross Rent: 2.4

Yorks & Humber

GAV: 62.0 Assets: 12

NIY: 9.2% Gross Rent: 5.8

Eas te rn

GAV: 9.3 Assets: 3

NIY: 10% Gross Rent: 0.9

Inner London

GAV: 14.0 Assets: 2

NIY: 8.3% Gross Rent: 1.2

Rest of London

GAV: 46.5 Assets: 8

NIY: 5.0% Gross Rent: 2.3

South East

GAV: 41.8 Assets: 12

NIY: 10% Gross Rent: 4.2

22


UK Retail Portfolio

Overview

► Five sub-regional shopping centres which dominate their catchment

areas

► Town centre redevelopment scheme in Crewe

► Push into the South East with the acquisition of St George’s, Harrow

in 2011

► Near term focus on protecting occupancy and income

► Capex initiatives at Birchwood and Harrow to drive value and

additional income

Lease Expiry Schedule

Gross rent (£m)

2.5

0.9

Redefine International P.L.C.

0.5

2.1

1.3

0.5 0.4 0.6

1.5

10.3

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+

Assets Locations by Region

(£m unless otherwise stated)

Wigan

GAV: 76.4 Ow nership: 50%

NIY: 8.1% Gross Rent: 7.6

Birchwood

GAV: 28.0 Ow nership: 100%

NIY: 6.0% Gross Rent: 2.5

Coventry

GAV: 37.0 Ow nership: 81%

NIY: 8.3% Gross Rent: 3.9

Seaham

GAV: 16.1 Ow nership: 100%

NIY: 7.5% Gross Rent: 1.4

Crew e

GAV: 9.6 Ow nership: 92%

NIY: 8.5% Gross Rent: 0.9

Harrow

GAV: 57.0 Ow nership: 100%

NIY: 6.5% Gross Rent: 4.3

23


European Portfolio

Overview

► Portfolio focused on Germany, Europe’s strongest economy

► Focus and growth in discount retail stores let to strong covenants

including Lidl, Aldi, Rewe and OBI

► Long leases and indexation providing strong income returns

► Strategic exit from legacy Wichford assets largely complete

Lease Expiry Schedule

Gross rent (£m)

0.9

2.1

Redefine International P.L.C.

1.0

0.2

0.5

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+

0.1

0.7

2.1

0.2

8.0

Assets Locations by Region

(£m unless otherwise stated)

30

32

18

2

1

25

9

26

34

35

15

20

28

11

3

7

12

4

17

29

24

21

33 22

16

8

31

Germany

23

10

27

19

36

14

9

6

5

13

1 Aachen

2 Aldenhoven

3 Aschaffenburg

4 Bad Salzuflen

5 Berlin

6 Brandenburg

7 Bremen

8 Bremenvörde

9 Brig

10 Bruckmuhl

11 Bunde

12 Delmenhorst

13 Dresden

14 Eilenburg

15 Frankfurt

16 Hamburg

17 Heilbronn

18 Herzogenrath

19 Leipzig

20 Ludw igsburg

21 Marne

22 Molln

23 Munich

24 Neumunster

25 Recklinghausen

26 Sassenberg

27 Schw andorf

28 Stuttgart

29 Tarp

30 The Hague

31 Uelzen (2 assets)

32 Vich

33 Wedel

34 Windeck

35 Wuppertal

36 Waldkraiburg

24


Hotel Portfolio

Overview

► A portfolio focused on branded, limited service hotels in

Greater London

► Simple underlying operating model with variable cost base

► Underlying occupancy 81.3% for FY2012

► Refurbishment programme largely complete

► Extension to Southwark adding 50 additional rooms

► Hotels leased to Redefine Hotel Management Limited

► Annual rent reviews based on EBITDA for each hotel

Lease Expiry Schedule

Gross rent (£m)

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+

Redefine International P.L.C.

9.4

Assets Locations by Region

(£m unless otherwise stated)

Reading

GAV: 12.0 Crow ne Plaza

NIY: 9.3% Gross Rent: 1.2

Brentford Lock

GAV: 25.0 Holiday Inn

NIY: 7.4% Gross Rent: 2.0

Brentford Lock, Holiday Inn

Southw ark

GAV: 23.4 Holiday Inn Express

NIY: 6.8% Gross Rent: 1.7

Park Royal

GAV: 16.4 Holiday Inn Express

NIY: 6.6% Gross Rent: 1.2

Royal Docks

GAV: 22.5 Holiday Inn Express

NIY: 6.8% Gross Rent: 1.6

Limehouse

GAV: 24.1 Holiday Inn Express

NIY: 7.1% Gross Rent: 1.8

25


Cromwell Properties Group

Overview

► Cromwell Properties Group is an internally managed Australian Real Estate Investment Trust (A-REIT) with a market capitalisation of approximately

A$1bn (£640m) (1)

► High quality portfolio and management team

► 84.3% of gross rental income from government or listed companies and subsidiaries

Redefine International holds a strategic 23.08% (2) shareholding and two board seats

► Strategy focused on income distribution and aligned with Redefine International

► Continued enhancement of asset quality and income security

Cromwell Group Share Price Performance

Price (A$)

0.90

0.80

0.70

0.60

0.50

0.40

0.30

0.20

0.10

0.00

Dec 2009 Mar 2010 Jun 2010 Sep 2010 Dec 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 Jun 2012 Sep 2012

Note: (1) As at 26 October 2012, AUD/GBP 0.64 2) shareholding diluted to 22.14% post year end

Redefine International P.L.C.

Cromwell ASX 200 Vol.

Vol. m

14.00

12.00

10.00

8.00

6.00

4.00

2.00

0.00

26


Contacts

Mike Watters

Chief Executive Officer, RIPML

t: +44 (0)20 7811 0100

e: mwatters@redefineinternational.com

Stephen Oakenfull

Chief Operating Officer, RIPML

t: +44 (0)20 7811 0100

e: soakenfull@redefineinternational.com

Redefine International P.L.C.

Redefine International P.L.C.

Top Floor

14 Athol Street

Douglas

Isle of Man IM1 1JA

www.redefineinternational.com

Redefine International Property Management

Limited

2nd Floor, 30 Charles II Street

London SW1Y 4AE

t: +44 (0)20 7811 0100

27

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