UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2022 AND CASH DIVIDEND DECLARATION SA Corporate Real Estate Limited (“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 The Company is a JSE-listed Real Estate Investment Trust (“REIT”) and together with all its subsidiaries (“the Group” or “SA Corporate”) 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 2022, the property portfolio consisted of 160 properties, with 1 365 366m2 of gross lettable area (“GLA”), valued at R15.1 billion, a 50% joint venture (“JV”) interest in three Zambian entities with properties valued at R1 131.4 million, a 90% JV interest in The Falls Lifestyle Estate with property valued at R312.3 million and listed investments valued at R161.9 million. Overview Salient features 4 Interim distributable income 5.2% to The salient features of the Group condensed consolidated interim financial results for the six R362.3 million or 14.41 cps months ended 30 June 2022, as compared to the six (June 2021: R344.5 million or 13.70 cps) months ended 30 June 2021, are set out below: 4 Total net property income (“NPI”) of R594.8 million Gross rental income of R1 030.1 million (June 2021: R1 055.4 million) (June 2021: R589.8 million) Operating profit of R631.9 million 4 Total like-for-like NPI increased 7.2% to R588.4 million (June 2021: R354.9 million) (June 2021: R548.9 million) Headline earnings per share of 17.55 cents (June 2021: 23.82 cents) 4 Traditional portfolio vacancies of 2.7% of GLA (June 2021: 3.6%) Basic earnings per share of 23.16 cents (June 2021: 11.39 cents) 4 Afhco residential portfolio vacancies of 4.0% of total Net asset value per share of 412 cents units (June 2021: 8.4%) (June 2021: 393 cents) 4 Disposal pipeline contracted and still to transfer and Distribution declared 26.3% to 12.97 cps divestments transferred since January 2022 R1.3 billion at 90% payout ratio (June 2021: 10.27 cps at 75% payout ratio) (Transferred to 30 June 2022: R128.8 million; Contracted not yet transferred: R1 134.3 million, Loan to value (“LTV”) ratio of 37.9%* of which R317.7 million has transferred after (December 2021: 37.4%*) 30 June 2022) * Net debt LTV excluding derivatives, which if included would be 37.8% (December 2021: 38.5%) Distribution declaration and important dates Notice to non-resident shareholders Notice is hereby given of the declaration of distribution number 14 in respect of the Distributions received by non-resident shareholders will not be taxable as income income distribution period 1 January 2022 to 30 June 2022. The payment amounts and instead will be treated as ordinary dividends which are exempt from income to 12.96668 cps (June 2021: 10.27368 cps). The source of the distribution comprises tax in terms of the general dividend exemption in section 10(1)(k)(i) of the net income from property rentals. Please refer to the Condensed Consolidated Income Tax Act. Distributions received by a non-resident from a REIT are subject Interim Statement of Comprehensive Income for further details. 2 514 732 095 of to dividend withholding tax at 20%, unless the rate is reduced in terms of any the Company’s shares are in issue at the date of this distribution declaration and applicable agreement for the avoidance of double taxation (“DTA”) between the Company’s income tax reference number is 9179743191. South Africa and the country of residence of the shareholder. Assuming dividend withholding tax will be withheld at a rate of 20%, the net Last date to trade cum distribution Tuesday, 18 October 2022 dividend amount due to non-resident shareholders is 10.37334 cents per SA Corporate share. A reduced dividend withholding rate, in terms of the applicable Shares will trade ex-distribution Wednesday, 19 October 2022 DTA, may only be relied on if the non-resident shareholder has provided the following forms to the CSDP or broker, as the case may be, in respect of uncertificated Record date to participate in the distribution Friday, 21 October 2022 shares, or the transfer secretaries, in respect of certificated shares: (a) a declaration that the dividend is subject to a reduced rate as a result of the Payment of distribution Monday, 24 October 2022 application of a DTA; and (b) a written undertaking to inform the CSDP, broker or the transfer secretaries, Share certificates may not be dematerialised or rematerialised between Wednesday, as the case may be, should the circumstances affecting the reduced rate 19 October 2022 and Friday, 21 October 2022, both days inclusive. change or the beneficial owner ceases to be the beneficial owner, both in the form prescribed by the Commissioner for the South African Revenue Service. Tax implications In accordance with the Company’s REIT status, shareholders are advised that Non-resident shareholders are advised to contact the CSDP, broker or the transfer the distribution meets the requirements of a “qualifying distribution” for the secretaries, as the case may be, to arrange for the above-mentioned documents purposes of section 25BB of the Income Tax Act, No 58 of 1962 (“Income Tax to be submitted prior to payment of the distribution if such documents have not Act”). The distributions on the Company’s shares will be deemed to be dividends, already been submitted, if applicable. for South African tax purposes, in terms of section 25BB of the Income Tax Act. The distributions received by or accrued to South African tax residents Short-form notice must be included in the gross income of such shareholders and are not exempt The contents of this short-form announcement are the responsibility from income tax (in terms of the exclusion to the general dividend exemption, of the Board of Directors of the Company. Shareholders are advised contained in paragraph (aa) of section 10(1)(k)(i) of the Income Tax Act) because that this short-form announcement represents a brief summary of the they are dividends distributed by a REIT, with the effect that the distribution is information contained in the full announcement, which is published on taxable in the hands of the shareholder. https://senspdf.jse.co.za/documents/2022/jse/isse/SACE/ie2022.pdf and on These distributions are, however, exempt from dividend withholding tax in the SA Corporate’s website https://www.sacorporatefund.co.za. Any investment hands of South African tax resident shareholders, provided that the South African decisions by investors and/or shareholders should be based on a consideration resident shareholders have provided the following forms to their Central Securities of the full announcement as a whole and shareholders are encouraged to Depository Participants (“CSDP”) or broker, as the case may be, in respect of review the full announcement as directed above. Investors and/or shareholders uncertificated shares, or the transfer secretaries, in respect of certificated shares: may request copies of the full announcement by contacting the registered office, details of which are set out below. The announcement is available (a) a declaration that the distribution is exempt from dividends tax; and for inspection at the registered office of the Company at no charge during (b) a written undertaking to inform the CSDP, broker or the transfer secretaries, business hours, by prior appointment. as the case may be, should the circumstances affecting the exemption change For a more comprehensive analysis of SA Corporate’s results and outlook, please or the beneficial owner ceases to be the beneficial owner, both in the form refer to https://www.sacorporatefund.co.za prescribed by the Commissioner for the South African Revenue Service. Johannesburg The Company’s shareholders are advised to contact the CSDP, broker or transfer 15 September 2022 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 Sponsor: Nedbank Corporate and Investment Banking , a division of Nedbank Limited already been submitted. DIRECTORATE AND STATUTORY INFORMATION Registered office Registered auditors Transfer secretaries Sponsor Directors RJ Biesman-Simons (retired 6 June 2022) GreenPark Corner PricewaterhouseCoopers Inc. Computershare Investor Nedbank Corporate MA Moloto (Chairman) and Investment OR Mosetlhi (Lead N Ford-Hoon(Fok) 16th Floor 5 Silo Square Services Proprietary Ltd Banking, a division Independent Director) EM Hendricks Corner Lower Road V&A Waterfront Rosebank Towers of Nedbank Limited TR Mackey GJ Heron and West Road South Cape Town 15 Biermann Avenue 135 Rivonia Road (Chief Executive Officer)* SS Mafoyane Morningside 8002 Rosebank * Executive Johannesburg 2196 Sandton SY Moodley 2196 2196 (Chief Financial Officer)* Tel 010 020 2530 (appointed 1 March 2022)