Audited summarised consolidated results
                                                     for the year ended 31 March 2022



                                                                                                                                                                  www.vukile.co.za




CONTINUED STRONG OPERATING RESULTS AND FINANCIAL
POSITION LAY THE PLATFORM FOR FUTURE GROWTH                                                                                                                              www.vukile.co.za

         STRONG PERFORMANCE WITH INCREASED COMPETITION                                               FINANCIAL PERFORMANCE
         FOR SPACE IN SOUTH AFRICA
                                                                                                     Gross property revenue for the period increased from R3.1 billion
▄ Normalised like-for-like NOI growth of 3.9%
▄ Retail vacancies reduced to 2.6%                                                                   for the year ended 31 March 2021 to R3.5 billion for the year
▄ Like-for-like trading density growth up by 6.1%                                                    ended 31 March 2022. Operating profit before finance costs
▄ Retention rate improved to 93% with a 100% collection rate                                         increased to R2 251 million (31 March 2021: R1 796 million),
▄ Like-for-like retail valuation increase of 4.6%                                                    while the profit for the year attributable to owners of the parent
                                                                                                     amounted to R1 909 million (31 March 2021: R584 million)
         MARKET LEADING PERFORMANCE FROM CASTELLANA                                                  resulting in basic earnings per share increasing to 199.10 cents
▄ Positive reversions of 3.12%                                                                       per share (31 March 2021: 61.04 cents per share). Headline
▄ Vacancies reduced to 1.6%                                                                          earnings reduced to 134.25 cents per share (31 March 2021:
▄ Rent collection rate at 98.7%                                                                      137.26 cents per share).
▄ Portfolio WALE of 13.2 years

▄ Retail sales ahead of 2019 levels                                                                  The group’s net asset value per share at 31 March 2022 was
▄ Successful completion of redevelopment projects with a 10% cash-                                   R17.92 per share, down marginally from R18.16 per share at
    on-cash return                                                                                   31 March 2021.
         STRONG BALANCE SHEET WITH WELL-DIVERSIFIED
         FUNDING BASE
                                                                                                     The group’s direct property investments amount to R30.8 billion
                                                                                                     at 31 March 2022 (31 March 2021: R32.6 billion), located in
▄ Interest cover ratio (ICR) of 3.4 times highlights a strong cash flow
▄ LTV ratio maintained at 43%
                                                                                                     South Africa and Spain.
▄ 66% of debt expiring in FY23 has already been repaid or extended
                                                                                                     Total indirect property holdings (listed property investments),
▄ Undrawn debt facilities increased to R3.1 billion
                                                                                                     increased to R1.8 billion at 31 March 2022 (31 March 2021:
                                                                                                     R0.8 billion), following an investment in Lar España Real Estate
         ACTIVE ASSET ROTATION
                                                                                                     SOCIMI. This was offset by the reduction of Vukile’s interest
▄ Sale of non-core direct property assets of R798 million in South Africa
  and €26.5 million in Spain
                                                                                                     in Fairvest.
▄ Sale of 64% shareholding in the Namibian portfolio generating
                                                                                                     The total dividend for the year ended 31 March 2022 is
  c.R700 million in cash
▄ Sale of Fairvest shares for R504 million                                                           105.84518 (31 March 2021: 101.04391). A final dividend
▄
    Castellana acquired 21.7% shareholding in Lar España for c.€100 million
                                                                                                     amounting to 65.28653 cents per share has been declared
                                                                                                     for the year ended 31 March 2022 (31 March 2021: 101.04391).
         CASH DIVIDENDS
                                                                                                     For the year ended 31 March 2021, there was no interim
                                                                                                     dividend paid. A separate announcement in this regard,
▄   Total FFO of 136.3 cents per share, up 6.8% on prior year
▄   Total dividend of 105.8 cents per share, with final dividend                                     including details relating to the taxation treatment of the
    of 65.3 cents per share to be paid in July 2022                                                  dividend, will be released on SENS.


PROSPECTS FOR THE GROUP                                                                              ABOUT THIS ANNOUNCEMENT
Having successfully navigated the ongoing challenges of the COVID-19 pandemic                        This short-form announcement is the responsibility of the directors of the company.
and unrest in South Africa during the past financial year, we are delighted with the                 The announcement is only a summary of the full announcement and does not
results produced and the extremely strong position of the business going forward.                    contain full or complete details. Any investment decision by investors and/or
While there remains uncertainty to the global growth outlook fuelled by the war in                   shareholders should be based on consideration of the full announcement. The
Ukraine, ongoing supply chain dislocations, inflation fears and a rising interest rate               annual financial statements were audited by PricewaterhouseCoopers Inc., who
cycle, our business model has been proven to be resilient, sustainable and well                      expressed an unqualified opinion thereon. As is common with audits of property
positioned to withstand potential volatility.                                                        companies, the auditors included in their audit opinion a reference to investment
                                                                                                     property as a ‘key audit matter’. A copy of the auditor’s opinion, the full
Retail sales and footfall have returned to pre-COVID-19 levels and we are very                       announcement and the underlying audited annual financial statements, is available
encouraged by the strong trading environment in both Spain and South Africa,                         on the company’s website
where we are seeing good demand and competition from retailers to expand                             (https://www.vukile.co.za/cmsAdmin/uploads/results2022.pdf) and on the
in our portfolios. We continue to see benefits from our retail specialisation model                  JSE website at https://senspdf.jse.co.za/documents/2022/jse/isse/vke/FY2022.pdf.
and data-driven asset management capabilities.                                                       Copies of the full announcement may be requested by emailing Johann Neethling,
The balance sheet remains strong, with a long expiry profile and significant                         at Johann.Neethling@Vukile.co.za or the company’s sponsor, Java Capital at
support from our funders. Interest rate exposure in both Vukile and Castellana                       sponsor@javacapital.co.za from Thursday, 9 June 2022 to Friday, 17 June 2022.
is well hedged and a rising interest rate environment should not have a material                     On behalf of the board
impact on earnings or outlook in the short to medium term.
Based on our current forecasts, an assumed ZAR/EUR exchange rate of R16.80
and maintaining a similar payout ratio to the current year, we expect to deliver
growth in FFO per share and dividend per share of between 5% to 7% for the year
ending 31 March 2023. This will equate to a full year dividend per share of between                  NG Payne                 LG Rapp
111 and 113 cents (FY22: 105.8 cents), to be paid with an interim and a final dividend.              Chairman                 Chief executive officer
The forecast also assumes no material adverse change in trading conditions or                        Houghton Estate
large corporate failures, contracted escalations and market-related renewals.                        9 June 2022
This forecast has not been reviewed or audited by the company’s external                             Sponsor
auditors.                                                                                            Java Capital


    CORPORATE INFORMATION
    Vukile Property Fund Limited (Incorporated in the Republic of South Africa) (Registration number 2002/027194/06) JSE share code: VKE ISIN: ZAE000056370 Debt company code: VKEI
    NSX share code: VKN (Granted REIT status with the JSE) (Vukile or the group or the company)
    Executive directors: LG Rapp (chief executive), LR Cohen (chief financial officer), IU Mothibeli (managing director: South Africa)
    Non-executive directors: NG Payne (chairman)*, SF Booysen*, RD Mokate*, AMSS Mokgabudi*, GS Moseneke, B Ngonyama*, H Ntene* * Independent
    Registered office: 4th Floor, 11 Ninth Street, Houghton Estate, 2198 Company secretary: J Neethling JSE sponsor: Java Capital NSX sponsor: IJG Group, Windhoek, Namibia
    Transfer secretaries JSE Investor Services (Pty) Ltd, Braamfontein, Johannesburg Investor relations: Instinctif Partners, The Firs, 3rd Floor, Corner Craddock Avenue and Biermann Road,
    Rosebank, Johannesburg, South Africa, Tel: +27 11 447 3030 Media relations: Marketing Concepts, 8 Redhill, Morningside, Sandton, Johannesburg South Africa,
    Tel: +27 11 783 0700, Fax: +27 11 783 3702