MAS P.L.C. Registered in Malta Registration number C 99355 JSE share code: MSP ISIN: VGG5884M1041 LEI code: 213800T1TZPGQ7HS4Q13 (‘MAS’, ‘the Group’ or ‘the Company’) VOLUNTARY TRADING AND STRATEGY UPDATE Introduction This trading announcement is a pre-closing update prior to the release of MAS’ financial results for the financial year to 30 June 2023 and details developments in the Group’s markets, strategy and operations. Unless otherwise stated, figures are presented on a proportionate consolidated basis. The Group is a green property owner and operator focused on Central and Eastern Europe (‘CEE’), with investments in retail assets in Romania, Bulgaria, and Poland. MAS also benefits from exposure to high-quality commercial and residential developments via the Development Joint Venture (‘DJV’)1 with developer and general contractor Prime Kapital. MAS aims to maximise total long-term returns from property investments, on a per share basis, by focusing on capital allocation, operational excellence, sensible leverage and cost efficiency, sustainably growing distributable earnings per share. Market considerations Inflation remains above target rates in Europe and in the Group’s markets. Central banks, including the European Central Bank (‘ECB’), continued tightening monetary policies by adjusting reference interest rates to address this. Currently, the ECB key interest rate on main refinancing operations is 3.50% (up from 2% in December 2022). While a slower pace of increases has been indicated, the ECB signalled it may further lift interest rates to curb inflation, and retain interest rates at higher levels for longer than previously anticipated. This has a direct impact on the cost and availability of debt. In MAS’ largest market, Romania, the European Commission continues to forecast real GDP growth to outpace most EU economies. The latest estimates, despite continuing macroeconomic challenges and further expected interest rate increases, project real GDP to grow by 3.2% in 2023 and 3.5% in 2024 (compared to EU averages of 1% and 1.7%, respectively). The European Commission’s latest forecast estimates annual EU inflation for 2023 at 5.8% and at 2.8% in 2024. In Romania, year-on-year average RON-denominated wages have continued to increase in excess of inflation (15.0% versus 11.2% inflation) up to April 2023. Private consumption remained robust, and consumers’ purchasing power outpaced increased inflation and rising interest rates. 1 DJV is an abbreviation for a separate corporate entity named PKM Development Limited (PKM Development), an associate of MAS since 2016, with independent governance. MAS owns 40% of PKM Development’s ordinary equity (€20million), an investment conditional on it irrevocably undertaking to provide preferred equity to PKM Development on notice of drawdown. By 31 May 2023, MAS had invested €309.5million in preferred equity and had an obligation of €160.5million outstanding. In addition, MAS has committed to provide PKM Development a revolving credit facility of €30million at a 7.5% fixed rate, of which €29.3million was undrawn on 31 May 2023 (figures not proportionally consolidated). The balance of the ordinary equity in PKM Development (€30million) was taken up by Prime Kapital in 2016 in cash. In terms of applicable contractual undertakings and restrictions, Prime Kapital: (i) is not permitted to undertake real estate development in CEE outside of PKM Development until the earliest of the DJV’s capital commitments being fully drawn and invested, or 2030; (ii) contributes secured development pipeline to PKM Development at cost; (iii) takes responsibility for sourcing further developments, and (iv) provides PKM Development with all necessary construction and development services via an integrated in-house platform. 1 Operations There was excellent trading in all Central and Eastern European countries where the Group operates during the first five months of the 2023 calendar year, with all the Group’s properties benefiting from robust footfall and tenant sales. MAS progressed well with asset management initiatives aimed at achieving previously stated asset management targets. Overall like-for-like (‘LFL’) footfall for the five months to 31 May 2023 was 11% above the same period in 2019, and tenants’ turnovers per m2 significantly exceeded pre-pandemic levels by 29%, both in enclosed malls (31% increase) and in open- air malls (28% increase). Information regarding MAS’ Central and Eastern European LFL footfall and tenants’ sales (compared to the same period of the previous financial year), and collection rates for the five months to 31 May 2023, is detailed in Table 1. Figures in respect of January to March 2023 benefit from, and reflect a lower comparative base as social distancing restrictions were in place up to March 2022. All figures are reported on 26 June 2023. Table 1: Jan 23 Feb 23 Mar 23 Apr 23 May 23 Total Footfall (2023 compared to 2022) % 139 134 118 110 109 120 Open-air malls % 138 133 121 112 111 121 Enclosed malls % 141 136 113 106 106 118 Tenants’ sales per m2 (2023 compared to % 129 125 115 108 107 115 2022) Open-air malls % 123 121 115 109 109 114 Enclosed malls % 143 134 113 106 103 117 Collection rate % 99 99 99 99 98 99 Collection rates, which include rent indexation of 9.5% applied since January 2023, were excellent for the five-month period. The collection process is still ongoing for May 2023. Occupancy cost ratios (excluding certain tenant categories: supermarkets, DIYs, entertainment and services) to 31 May 2023 were stable at 10.7% (10.6% on 31 December 2022). Excellent tenants’ sales performance comfortably allowed tenants to absorb the higher total occupancy costs resulting from increased rentals due to indexation. In addition, occupancy of Central and Eastern European assets increased to 97.1% on 31 May 2023 (96.3% on 31 December 2022). At Flensburg Galerie (Germany), by 31 May 2023 occupancy increased to 90% (87.7% on 31 December 2022). As a result, footfall (18.5% increase) and tenants’ sales (16.3% increase) have outperformed those in the same five months to 31 May 2022. The disposal of this asset, as well as that of Arches street retail units (UK), progresses and it is expected that the Group will conclude the sales processes before the end of the calendar year. Developments, extensions, and refurbishments Construction works in respect of the Slobozia Strip Mall extension were substantially finalised, and additional retail units have become operational, as scheduled, on 31 May 2023. The additional 4,300m2 retail GLA will transform the strip mall into a value centre and position it as the dominant retail destination in its catchment area for the foreseeable future. Other ongoing developments previously reported on continue broadly in accordance with expectations, and further details will be made available in due course. 2 Liquidity and funding commitments MAS held €116.5million in cash, listed securities and undrawn revolving credit facilities on 31 May 2023 (figures not proportionally consolidated), and, as a result, is in a strong position to meet day-to-day financial obligations. At the same time, the Group had ongoing undrawn commitments to the DJV of €189.8million, of which €29.3milion in undrawn revolving credit facility. Strategy updates MAS published, with the release of the Group’s 30 June 2021 financial statements, four quantified strategic objectives set to be achieved over five years (by the end of the 2026 financial year). Achieving these targets is expected to lead to substantial improvements in total returns per share, and implied an increase in scale that would have positioned the Company well for an investment-grade credit rating. An investment-grade credit rating would have potentially enabled MAS to have flexible access to debt finance at optimal cost, which is integral to this long-term strategy. The Board had, at the same time, resumed dividend payments with the intention of maintaining a full pay-out of distributable earnings over the five financial years to 30 June 2026, in the absence of unforeseen circumstances and provided that the Company's long-term objectives, including self-imposed gearing limitations, fulfilling MAS’ commitments and achieving an investment grade credit rating by the end of the 2026 financial year at the latest, were not considered at any point during this period to be at undue risk. MAS continues to make significant progress in respect of the stated strategic objectives. However, significant changes, which have affected the underlying assumptions in respect of debt financing cost and availability, have taken place. Rating agencies have become more conservative, demand for bond issues has softened significantly and funding costs are significantly higher, especially in the sub-investment grade bond market. The probability of achieving an investment grade credit rating within an acceptable timeframe prior to the maturity date of the bond in issue has deteriorated. As previously stated, MAS will not hesitate to adopt changes in strategy if this is considered appropriate from a long-term, risk-adjusted, total return perspective. In light of changes in the debt markets and the increased cost of current and future anticipated debt funding, MAS’ board of directors (‘Board’) is currently undertaking a comprehensive process of reviewing the Company’s strategy. In keeping with the Group’s long-term investment approach of maximising risk-adjusted total long- term returns from investments on a per share basis, the Board is considering the appropriateness of the Company’s capital structure, its planned capital and debt management initiatives, its self-imposed debt limitations and dividend policy. This will likely lead to the adoption of more stringent self-imposed debt limitations than those currently applicable and the implementation of a process to ensure the refinancing of its bond (due May 2026), should the bond market remain unfavourable, with secured debt finance. The adoption of more stringent self-imposed debt limitations will reduce the upper limit of debt finance capacity to be utilised for capital and debt management, which will possibly lead to the reduction of dividend pay-out relative to diluted adjusted distributable earnings. Strategy changes are subject to final determination by the Board and the outcome of the review will be announced with the release of MAS’ financial results for the financial year ending on 30 June 2023. Prospects It is expected that CEE fundamentals, especially long-term consumption growth in Romania and other CEE countries, will remain robust and outperform growth in Western European countries for the foreseeable future, despite the current macroeconomic uncertainty. The Company expects to achieve its diluted adjusted distributable earnings guidance for the financial year to 30 June 2023, ranging from 8.85-9.34eurocents per share (of this, 4.36eurocents per share related to the six-month period to 31 December 2022). The Board and management are confident that MAS’ strategy to continue investing in CEE by concentrating on capital allocation, operational excellence, sensible leveraging and cost efficiency will sustainably grow distributable earnings per share and maximise total long-term returns from investments on a per share basis. 29 June 2023 3 For further information please contact: Leon Alison, MAS P.L.C. +27 82 307 3667 Dan Petrisor, MAS P.L.C. +356 77 186 791 Java Capital, JSE Sponsor +27 11 722 3050 4