SA CORPORATE REAL ESTATE LIMITED (Incorporated in the Republic of South Africa) (Registration number 2015/015578/06) JSE share code: SAC ISIN: ZAE000203238 (Approved as a REIT by the JSE) (SA Corporate) FINANCIAL AND PROPERTY SPECIFIC INFORMATION IN RESPECT OF THE PROPOSED CATEGORY 2 ACQUISITION BY SA CORPORATE OF INDLUPLACE PROPERTIES LIMITED BY WAY OF A SCHEME OF ARRANGEMENT 1. Introduction Shareholders are referred to the firm intention announcement (FIA) released jointly by SA Corporate and Indluplace Properties Limited (Indluplace) on SENS today in terms of which SA Corporate has expressed its firm intention to make an offer, either itself or via a nominated group company (the SAC Offeror), to acquire the entire issued ordinary share capital of Indluplace (excluding treasury shares) (the Proposed Transaction or SAC Offer). The Proposed Transaction will be implemented by way of a scheme of arrangement (Scheme) in terms of section 114(1)(c) of the Companies Act, No. 71 of 2008 (Companies Act), to be proposed by Indluplace to its shareholders, and to which the SAC Offeror will be a party. The SAC Offer will be made at a cash price of R3.40 per Indluplace ordinary share (Indluplace Share) acquired in terms of the Scheme (Scheme Shares). The effective purchase consideration for the Indluplace property portfolio (calculated on the Scheme Shares net of the Indluplace share scheme shares and Buffet group shares as per notes 9 and 14 respectively of the Indluplace audited annual financial statements for the year ended 30 September 2022 (Indluplace AFS)), amounts to R1 007 million. The Proposed Transaction is subject to the fulfilment/waiver of the conditions precedent set out in paragraph 4.4 of the FIA. Paragraph 5 of the FIA describes the commercial effective date of the Proposed Transaction should it become operative in accordance with its terms. In the event that the Scheme is implemented, Indluplace will become a wholly owned subsidiary of SA Corporate and accordingly, the listing of Indluplace Shares on the Main Board of the JSE Limited (JSE) will be terminated. 2. Financial information of Indluplace The value of the net assets and the profits attributable to the net assets of Indluplace, are R2.1 billion and R11.2 million, respectively. The financial information in this announcement has been extracted from the Indluplace AFS, which were prepared in terms of International Financial Reporting Standards and the requirements of the Companies Act. 3. Property specific information of Indluplace Shareholders are referred to pages 133 to 137 of Indluplace’s integrated annual report for the year ended 30 September 2022 (Indluplace IAR), available at https://www.indluplaceproperties.co.za/5-annual- reports.php, for the Indluplace property specific information required to be disclosed by SA Corporate, as a result of the Proposed Transaction being a category 2 transaction for SA Corporate in terms of the JSE Listings Requirements, together with the information set out in the table below: Building name Location Valuation Residential Retail Retail (R’000) units GLA weighted (m2) average rental per m2 (R) One Eloff Inner City 81 000 320 320 Bree Street Inner City 60 4 943 101 49 864 Cheryl Court Inner City 36 Agatha Windsor 3 539 16 Airfield Towers Jhb East 33 18 177 Rhodes Court Jhb East 30 Amberfield Village Vanderbijlpark 111 300 204 Arches Jhb East 14 299 42 Arvin Court Hillbrow 8 529 48 Avril Gardens Windsor 3 860 13 Balnagask Hillbrow 56 058 191 Beacon Royal Hillbrow 8 292 30 1 97 Belgrade Jhb West 8 442 44 Blauwberg Hillbrow 53 900 103 Cedar Valley Jhb South 28 600 58 Charlotte Jhb East 18 Harolean Jhb East 10 240 12 Irmgaurd Jhb East 17 Chronicles Jhb East 5 241 24 Cranborough Mews Windsor 21 774 48 Curzon Court Hillbrow 5 926 36 Dalem Mews Windsor 3 921 12 Deuteronomy Jhb East 4 800 72 Dukes Lodge Windsor 3 981 11 Earls Den Windsor 10 020 24 Elizabeth Gardens Windsor 1 750 7 Empire Gardens Hillbrow 27 800 84 En Gedi Jhb East 23 600 70 Exodus Jhb East 4 700 24 Ezra Jhb East 5 840 24 Fairway View Jhb East 25 500 105 Fasser House Pretoria 48 039 152 702 110 Frangipani Jhb North 22 950 40 781 89 Franschoek Jhb North 11 859 35 Frederick House Inner City 54 451 139 789 97 Garden View Jhb North 26 554 64 Genesis Jhb East 5 500 24 Geraldine Hillbrow 15 454 87 Golden Oaks Jhb East 145 315 375 Golden Views Jhb East 52 772 157 1 97 Greenshank Villas Jhb West 34 581 119 Highveld View Emalahleni 224 200 450 Hillandale Hillbrow 6 300 27 Ilanga Windsor 2 429 10 Building name Location Valuation Residential Retail Retail (R’000) units GLA weighted (m2) average rental per m2 (R) Ironwood Jhb West 39 803 97 92 97 Jackson's Cove Jhb South 30 600 88 Janin Windsor 4 030 12 Joshua Jhb East 5 321 72 Jozi House Inner City 106 257 244 1150 188 Judges Jhb East 5 443 21 Karen Place Windsor 4 890 13 Kenwyn Windsor 4 052 13 Kevrab Manor Windsor 2 206 6 Khaya Square Windsor 9 590 31 631 90 Kilimanjaro Jhb South 35 200 92 Kings Jhb East 6 193 21 Kings Ransom Inner City 121 300 319 1656 68 Kingston Windsor 4 890 16 Lana Lee Windsor 3 730 10 Leviticus Jhb East 4 881 24 Lionsgate Windsor 5 880 12 Logan's View Jhb South 24 120 42 Longfellow Village Vanderbijlpark 37 800 51 Margedale Windsor 6 882 20 Maria Mansions Jhb East 11 330 33 Marwyn Windsor 3 772 13 Matroosberg Hillbrow 56 424 164 81 97 Midhill Gardens Hillbrow 24 840 80 Molrow House Jhb East 9 000 72 650 109 Monsmeg Hillbrow 17 300 62 105 97 Montere Jhb North 13 366 34 Morgenster Hillbrow 10 222 45 Mount Bradley Windsor 2 077 7 My Place on 6th Jhb West 6 170 27 Nehemiah Jhb East 8 816 30 Neilsway Windsor 5 192 13 Noordheuwel Heights Jhb West 27 902 51 Northways Hillbrow 13 500 40 Numbers Jhb East 6 231 71 Park Crescent Pretoria 38 776 143 Park Mews Hillbrow 14 684 84 413 83 Park Village Vanderbijlpark 195 200 225 Parnon Bloemfontein 23 498 71 Philwade Manor Windsor 1 941 7 Pomegranate Heights Inner City 21 755 116 Prince Allan Windsor 1 986 6 Progress House Jhb North 28 840 75 1204 59 Protea Glen Jhb South 56 355 149 Quagga Pretoria 86 900 247 9 97 Rand President Jhb North 20 328 48 Redwood Jhb West 59 700 136 91 97 Robwill Mansions Jhb East 17 475 54 Rosdin Windsor 5 475 13 Rosewood Jhb West 43 800 100 91 97 Rothchild Manor Jhb West 26 551 74 Samuel Jhb East 5 723 21 Sefton Court Inner City 25 000 70 368 212 Building name Location Valuation Residential Retail Retail (R’000) units GLA weighted (m2) average rental per m2 (R) Selwood Place Hillbrow 18 969 55 Selwyn Hall Windsor 8 420 25 Sentinel Hillbrow 100 654 410 1013 82 Seswick Court Hillbrow 8 181 30 Sixty One Contessa Windsor 4 600 15 Sparrow Hawk Jhb East 45 770 97 Springbok Court Jhb East 13 900 41 1 97 Stone Arch Jhb East 84 958 222 Sue Mark Court Inner City 11 100 53 Summer Place Jhb West 34 019 60 Summer Place Pretoria 19 000 49 Sunset View Jhb South 14 310 30 Surrey Jhb North 30 023 62 Syringa Jhb East 59 800 146 Telmond Jhb North 26 35 596 Hollyland Jhb North 28 Toronto Heights Inner City 16 000 48 496 55 Trejon Jhb West 10 216 34 Upper East Side Jhb East 22 610 52 Villa Borghese Windsor 2 088 8 Villa Kazi Inner City 4 208 99 81 291 Villa Mia Jhb East 31 170 81 Waterfront Jhb East 12 761 30 Willanda Hillbrow 8 262 37 Willowbrooke Pretoria 38 935 100 Windmill Inner City 23 135 91 200 97 Wonderpark Pretoria 42 561 180 Notes: 1. The Indluplace property portfolio consists of 9 189 residential units across 124 buildings, and 15 549m² of retail space, collectively valued at R3.3 billion. As at 30 September 2022, 10.7% of the residential portfolio was vacant and 8.9% of the retail space was vacant. The portfolio described excludes Annlin Place which is currently in a process of disposal and was held for sale by Indluplace as at 30 September 2022. 2. The Indluplace IAR reflects the following weighted average monthly rentals for the various unit types within the residential portfolio: Residential unit type Average monthly rental (R) Rooms 1 617 Bachelors 3 022 One Bed 4 000 Two Bed 5 113 Three Bed 5 661 Four Bed 6 892 3. In terms of Indluplace’s accounting policies, the property portfolio is valued annually. Independent valuations are obtained on a rotational basis, ensuring that every property is valued at least once every three years by an external independent valuer. As at 30 September 2022, one third of the properties were valued by Real Insight and Yield Enhancement Solutions, registered valuers in terms of Section 19 of the Property Valuers Professional Act (Act No. 47 of 2000), and the remaining properties were valued by the Indluplace directors. The valuations were performed using the net income capitalisation methodology. 4. Responsibility statement The board of directors of SA Corporate (the SA Corporate Board) accepts responsibility for the information contained in this announcement insofar as it relates to SA Corporate. To the best of the SA Corporate Board's knowledge and belief, the information contained in this announcement is true and the announcement does not omit anything likely to affect the importance of the information. 14 March 2023 Johannesburg Corporate advisor and transaction sponsor to SA Corporate Nedbank Corporate and Investment Banking, a division of Nedbank Limited Legal advisor to SA Corporate Cliffe Dekker Hofmeyr Incorporated Mandated lead arranger and guarantee bank to SA Corporate Absa Corporate and Investment Banking, a division of Absa Bank Limited