AUDITED SUMMARY CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2022 AND CASH DIVIDEND DECLARATION SA Corporate Real Estate Limited (“SA Corporate” or “the Company”) (Incorporated in the Republic of South Africa) (Registration number 2015/015578/06) Approved as a REIT by the JSE Share code: SAC ISIN code: ZAE000203238 Introduction SA Corporate is a JSE-listed Real Estate Investment Trust (“REIT”) and together with all its subsidiaries (“the Group”) owns a focused portfolio of quality industrial, retail and residential buildings located primarily in the major metropolitan areas of South Africa with a secondary node in Zambia. As at 31 December 2022, the property portfolio consisted of 157 properties, with 1 350 666 m2 of gross lettable area (“GLA”), valued at R15.2 billion, a 50% joint venture interest in three Zambian entities with properties valued at R1.4 billion and listed investments valued at R169.0 million. Overview Salient features 4 Distributable income 5.5% R674.8 million or 26.83 cps The salient features of the Group annual financial results for the year ended 31 December 2022, as compared to (2021: R639.5 million or 25.43 cps) the year ended 31 December 2021, are set out below: 4 Total net property income (“NPI”) of R1.2 billion Revenue of R2 042.5 million (2021: R1.1 billion) (2021: R2 121.5 million) 4 Total like-for-like NPI increased by 6.7% to R1.1 billion Operating profit of R1 037.9 million (2021: R1.0 billion) (2021: R617.5 million) 4 Disposal pipeline contracted and still to transfer and Headline earnings per share of 30.65 cents divestments transferred since January 2022 of R1.4 billion (2021: 48.44 cents) 4 Loan to value (“LTV”) ratio of 38.1%* Basic earnings per share of 32.58 cents (2021: 24.69 cents) (2021: 37.4%*) * Net debt LTV excluding derivatives, which if included would be 37.8% (2021: 38.5%) Net asset value per share of 410 cents (2021: 400 cents) 4 Traditional portfolio vacancies of 2.3% of GLA (2021: 3.3%) Distribution declared 5.5% to 24.15 cps at 90% 4 Afhco residential portfolio vacancies of 2.9% of total units payout ratio (2021: 8.5%) (2021: 22.89 cps at 90% payout ratio) Distribution declaration and important dates Notice to non-resident shareholders Notice is hereby given of the declaration of distribution number 15 in respect of the Distributions received by non-resident shareholders will not be taxable as income and income distribution period 1 July 2022 to 31 December 2022. The distribution amounts instead will be treated as ordinary dividends which are exempt from income tax in terms to 11.17938 cps (December 2021: 12.61570 cps). The source of the distribution comprises of the general dividend exemption in section 10(1)(k)(i) of the Income Tax Act. Distributions net income from property rentals. Please refer to the Consolidated Statement of received by a non-resident from a REIT are subject to dividend withholding tax at 20%, Comprehensive Income for further details. 2 514 732 095 of the Company’s shares are in unless the rate is reduced in terms of any applicable agreement for the avoidance of double issue at the date of this distribution declaration and the Company’s income tax reference taxation (“DTA”) between South Africa and the country of residence of the shareholder. number is 9179743191. Assuming dividend withholding tax will be withheld at a rate of 20%, the net dividend amount due to non-resident shareholders is 8.94350 cents per SA Corporate share. A reduced dividend withholding rate, in terms of the applicable DTA, may only be relied on Last date to trade cum distribution Monday, 3 April 2023 if the non-resident shareholder has provided the following forms to the CSDP or broker, Shares will trade ex-distribution Tuesday, 4 April 2023 as the case may be, in respect of uncertificated shares, or the transfer secretaries, in respect of certificated shares: Record date to participate in the distribution Thursday, 6 April 2023 (a) a declaration that the dividend is subject to a reduced rate as a result of the application of a DTA; and Payment of distribution Tuesday, 11 April 2023 (b) a written undertaking to inform the CSDP, broker or the transfer secretaries, as the case may be, should the circumstances affecting the reduced rate change or the Share certificates may not be dematerialised or rematerialised between Tuesday, 4 April beneficial owner ceases to be the beneficial owner, both in the form prescribed by 2023 and Thursday, 6 April 2023, both days inclusive. the Commissioner for the South African Revenue Service. Tax implications Non-resident shareholders are advised to contact the CSDP, broker or the transfer In accordance with the Company’s REIT status, shareholders are advised that the secretaries, as the case may be, to arrange for the above-mentioned documents to be distribution meets the requirements of a “qualifying distribution” for the purposes of submitted prior to payment of the distribution if such documents have not already been submitted, if applicable. section 25BB of the Income Tax Act, No 58 of 1962 (“Income Tax Act”). The distributions on the Company’s shares will be deemed to be dividends, for South African tax Short-form notice purposes, in terms of section 25BB of the Income Tax Act. The distributions received The Company’s auditors, PricewaterhouseCoopers Inc. have issued an unqualified by or accrued to South African tax residents must be included in the gross income of audit opinion on the audited annual financial statements for the year ended such shareholders and are not exempt from income tax (in terms of the exclusion to the 31 December 2022. The audited annual financial statements for the year ended general dividend exemption, contained in paragraph (aa) of section 10(1)(k)(i) of the 31 December 2022 and the auditor’s opinion, including key audit matters, are available Income Tax Act) because they are dividends distributed by a REIT, with the effect that on the Company’s website at www.sacorporatefund.co.za. The contents of this short- the distribution is taxable in the hands of the shareholder. form announcement are the responsibility of the Board of Directors of the Company. Shareholders are advised that this short-form announcement represents a brief These distributions are, however, exempt from dividend withholding tax in the hands summary of the information contained in the full announcement, which is published on of South African tax resident shareholders, provided that the South African resident https://senspdf.jse.co.za/documents/2023/jse/isse/SACE/ye2023.pdf shareholders have provided the following forms to their Central Securities Depository and on SA Corporate’s website https://www.sacorporatefund.co.za. Any investment Participants (“CSDP”) or broker, as the case may be, in respect of uncertificated shares, decisions by investors and/or shareholders should be based on a consideration of or the transfer secretaries, in respect of certificated shares: the full announcement as a whole and shareholders are encouraged to review the full announcement as directed above. Investors and/or shareholders may request (a) a declaration that the distribution is exempt from dividends tax; and copies of the full announcement by contacting the registered office, details of (b) a written undertaking to inform the CSDP, broker or the transfer secretaries, as which are set out below. The announcement is available for inspection at the the case may be, should the circumstances affecting the exemption change or the registered office of the Company or the Company’s sponsor at no charge during beneficial owner ceases to be the beneficial owner, both in the form prescribed by business hours, by prior appointment. the Commissioner for the South African Revenue Service. For a more comprehensive analysis of SA Corporate’s results and outlook, please refer to https://www.sacorporatefund.co.za/ The Company’s shareholders are advised to contact the CSDP, broker or transfer Johannesburg secretaries, as the case may be, to arrange for the above-mentioned documents to be submitted prior to payment of the distribution, if such documents have not already 17 March 2023 been submitted. Sponsor: Nedbank Corporate and Investment Banking, a division of Nedbank Limited DIRECTORATE AND STATUTORY INFORMATION Registered office Registered auditors Transfer secretaries Sponsor Directors N Ford-Hoon(Fok) GreenPark Corner PricewaterhouseCoopers Inc. Computershare Investor Nedbank Corporate MA Moloto (Chairman) EM Hendricks 16th Floor 5 Silo Square Services Proprietary Ltd and Investment OR Mosetlhi (Lead GJ Heron Corner Lower Road V&A Waterfront Rosebank Towers Banking, a division of Independent Director) SS Mafoyane and West Road South Cape Town 15 Biermann Avenue Nedbank Limited TR Mackey NNN Radebe Morningside 8002 Rosebank 135 Rivonia Road (Chief Executive Officer)* (Chief Operating Officer)* 2196 2196 Sandton SY Moodley (appointed 1 February 2023) Tel 010 020 2530 2196 (Chief Financial Officer)* GZN Khumalo (appointed 1 March 2022) (appointed 1 February 2023) RJ Biesman-Simons * Executive (retired 6 June 2022)