UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2023 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 30 June 2023, the property portfolio consisted of 151 properties, with 1 301 270m2 of gross lettable area (“GLA”), valued at R14.9 billion, a 50% joint venture (“JV”) interest in three Zambian entities with properties valued at R1.6 billion and listed investments valued at R52.8 million. Overview Salient features 4 Interim Distributable Income R318.2 million or 12.65 cps The salient features of the Group 12.2% vs six months to 30 June 2022 (2022 H1) condensed consolidated interim financial 1.8% vs six months to 31 December 2022 (2022 H2) results for the six months ended 30 June (2022 H1: R362.3 million or 14.41 cps) (2022 H2: R312.5 million or 12.42 cps) 2023, as compared to the six months ended June 2022, are set out below: 4 Total net property income (“NPI”) of R592.6 million Revenue of R1.1 billion (2022 H1: R594.8 million) (2022 H2: R577.8 million) (June 2022: R972.5 million) 4 Total like-for-like NPI increased by 2.5% to R561.9 million Operating profit of R567.6 million (2022 H1: R548.3 million) (2022 H2: R526.6 million) (June 2022: R631.9 million) 4 Disposal pipeline contracted and still to transfer, and divestments Headline earnings per share of 14.29 cents transferred since January 2023 of R1.1 billion (June 2022: 17.55 cents) 4 Loan to value (“LTV”) ratio of 36.9%* Basic earnings per share of 16.63 cents (December 2022: 38.1%*) (June 2022: 23.16 cents) * Net debt LTV excluding derivatives, which if included, would be 36.3% (31 December 2022: 37.8%) Net asset value per share of 417 cents (31 December 2022: 410 cents) 4 Traditional portfolio vacancies of 2.1% of GLA (30 June 2022: 2.7%) (31 December 2022: 2.3%) Distribution declared 11.39 cps at 90% payout ratio 4 Afhco residential portfolio vacancies of 3.1% of total units (2022 H1: 12.97 cps at 90% payout ratio) (30 June 2022: 4.0%) (31 December 2022: 2.9%) (2022 H2: 11.18 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 16 in respect of the Distributions received by non-resident shareholders will not be taxable as income and income distribution period 1 January 2023 to 30 June 2023. The distribution amounts instead will be treated as ordinary dividends which are exempt from income tax in terms to 11.38911 cps (June 2022: 12.96668 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 Condensed Consolidated Interim received by a non-resident from a REIT are subject to dividend withholding tax at 20%, Statement of Comprehensive Income for further details. 2 514 732 095 of the Company’s unless the rate is reduced in terms of any applicable agreement for the avoidance of double shares are in issue at the date of this distribution declaration and the Company’s income taxation (“DTA”) between South Africa and the country of residence of the shareholder. tax reference number is 9179743191. Assuming dividend withholding tax will be withheld at a rate of 20%, the net dividend Last date to trade cum distribution Tuesday, 17 October 2023 amount due to non-resident shareholders is 9.11129 cents per SA Corporate share. A Shares will trade ex-distribution Wednesday, 18 October 2023 reduced dividend withholding rate, in terms of the applicable DTA, may only be relied on if the non-resident shareholder has provided the following forms to the CSDP or Record date to participate in the distribution Friday, 20 October 2023 broker, as the case may be, in respect of uncertificated shares, or the transfer secretaries, Payment of distribution Monday, 23 October 2023 in respect of certificated shares: (a) a declaration that the dividend is subject to a reduced rate as a result of the Share certificates may not be dematerialised or rematerialised between Wednesday, application of a DTA; and 18 October 2023 and Friday, 20 October 2023, both days inclusive. (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 Tax implications beneficial owner ceases to be the beneficial owner, both in the form prescribed by In accordance with the Company’s REIT status, shareholders are advised that the the Commissioner for the South African Revenue Service. distribution meets the requirements of a “qualifying distribution” for the purposes of Non-resident shareholders are advised to contact the CSDP, broker or the transfer section 25BB of the Income Tax Act, No 58 of 1962 (“Income Tax Act”). The distributions secretaries, as the case may be, to arrange for the above-mentioned documents to be on the Company’s shares will be deemed to be dividends, for South African tax submitted prior to payment of the distribution if such documents have not already purposes, in terms of section 25BB of the Income Tax Act. The distributions received been submitted, if applicable. by or accrued to South African tax residents must be included in the gross income of such shareholders and are not exempt from income tax (in terms of the exclusion to the Short-form notice general dividend exemption, contained in paragraph (aa) of section 10(1)(k)(i) of the The contents of this short- form announcement are the responsibility of the board of Income Tax Act) because they are dividends distributed by a REIT, with the effect that directors of the Company. Shareholders are advised that this short-form announcement the distribution is taxable in the hands of the shareholder. represents a brief summary of the information contained in the unaudited condensed consolidated interim financial statements, which is published on These distributions are, however, exempt from dividend withholding tax in the hands https://senspdf.jse.co.za/documents/2023/jse/isse/SACE/ie2023.pdf of South African tax resident shareholders, provided that the South African resident and on SA Corporate’s website https://www.sacorporatefund.co.za. Any investment shareholders have provided the following forms to their Central Securities Depository decisions by investors and/or shareholders should be based on a consideration of Participants (“CSDP”) or broker, as the case may be, in respect of uncertificated shares, the unaudited condensed consolidated interim financial statements as a whole and or the transfer secretaries, in respect of certificated shares: shareholders are encouraged to review the unaudited condensed consolidated (a) a declaration that the distribution is exempt from dividends tax; and interim financial statements as directed above. Investors and/or shareholders may request copies of the unaudited condensed consolidated interim financial (b) a written undertaking to inform the CSDP, broker or the transfer secretaries, as statements by contacting the registered office, details of which are set out below. the case may be, should the circumstances affecting the exemption change or the beneficial owner ceases to be the beneficial owner, both in the form prescribed by For a more comprehensive analysis of SA Corporate’s results and outlook, please the Commissioner for the South African Revenue Service. 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 14 September 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 EM Hendricks GreenPark Corner PricewaterhouseCoopers Inc. Computershare Investor Nedbank Corporate MA Moloto (Chairman) GJ Heron 16th Floor 5 Silo Square Services Proprietary Ltd and Investment OR Mosetlhi (Lead SS Mafoyane Corner Lower Road V&A Waterfront Rosebank Towers Banking, a division of Independent Director) NNN Radebe and West Road South Cape Town 15 Biermann Avenue Nedbank Limited TR Mackey (Chief Operating Officer)* Morningside 8002 Rosebank 135 Rivonia Road (Chief Executive Officer)* (appointed 1 February 2023) 2196 2196 Sandton SY Moodley GZN Khumalo Tel 010 020 2530 2196 (Chief Financial Officer)* (appointed 1 February 2023) N Ford-Hoon(Fok) * Executive