Annual Results Presentation - VukilePRESENTATION SOUTHERN AFRICAN RETAIL PORTFOLIO / PRE-CLOSE31 MARCH 2021 Shoppers back at malls with footfall at 93% compared to February 2020 >

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FY202131 March 2021

PRE-CLOSERESULTSPRESENTATION

SOUTHERN AFRICAN RETAIL PORTFOLIO / PRE-CLOSE 31 MARCH 2021

Shoppers back at malls with footfall at 93% compared to February 2020

> Rural centres exhibit the most significant improvement, now at 104% compared to February 2020. Township and commuter centres are at 90% and urban centres 88% of feet relative to February 2020

Like-for-like growth in trading densities positive at 0.6%

Divergence in category performance in favour of essential non discretionary spend as well as specific geographical locations

> Groceries, pharmacies, homeware and electronics showing positive growth

> Fashion, bottle stores, restaurants, department stores showing negative growth

> Particular concern is Edgars, with significantly lower turnover since the transaction

> Rural, townships, commuter and value centres (82% of portfolio) showing positive growth of 2.9%

> Urban contracting by 9.2%

NOI growth -9.9% including COVID-19 impact> Like-for-like NOI growth 3.8% excluding COVID-19 impact (concessions, COVID-19 expenses, increased

bad debt and longer downtime)

Marginal increase in vacancies to 3.3% from 3.0% at HY21

> Increased vacancies experienced in the urban portfolio, with reduced vacancies in rural areas

> Continue to experience robust leasing activity with regards to vacant space. Let 10 484m² of previously vacant space (1.7% of total GLA) for the period to February 2021, predominantly in the Rural and Township portfolio.

Retail reversions at -3.1% from -2.0% at HY21

> 74% of all leases signed either positive or flat

> Regional centres and Namibia remain under pressure with fashion, restaurants and department stores the largest contributors to negative reversions.

> Positive reversions achieved in the financial and medical sector, unlisted fashion retailers, cell phones and electronics

R133m of concessions offered in H1, with R9m in H2 > Majority of H2 concessions granted to gyms, liquor stores and hospitality industry

HIGHLIGHTSDIRECT SOUTHERN AFRICAN RETAIL PORTFOLIO

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Continued progress on customer centricity journey

> 3m+ customers on our digital captive portal database providing great potential for future direct marketing opportunities

> Appointed a dedicated resource to focus on customer insights

> Proprietary use of leading edge geolocation technology to drive investment and asset management strategies and add unique value to our tenants

Continued focus on operational efficiency optimisation

> Three additional PV plants increased installed capacity from 11.6MW to 13.9MW; 8% of the portfolio’s electricity now generated from renewables

> Tariff change optimisation, bulk and high voltage conversion projects to produce additional sustainable annual savings of R3m into the future

> Two additional boreholes have been connected to the domestic water system at Highland Mews and Giyani Plaza, providing a saving of 16 425kl (300 swimming pools) per annum.

Commenced with the redevelopment of Daveyton Mall driven by strong tenant demand

> R90m Capital Expenditure

> 73% pre let on reconfiguration and expansion

> Yield 8.6%

Prospects

> Challenging environment to persist into medium term

> Anticipate limited concessions and deferrals in year ahead compared to FY21

> WALE to come under pressure as negotiations with tenants become challenging and protracted – expect more short term renewals

> Rural, value, township and commuter portfolio to hold up well over this time

DIRECT SOUTHERN AFRICAN RETAIL PORTFOLIOHIGHLIGHTS CONTINUED

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KEY RETAIL PORTFOLIO METRICS

Vacancies

3.3% GLA3.4% Rent

PERFORMANCE OVERVIEW

Reversions

-3.1% out of 279 leases

renewed 60% were positive, 14% flat and 26% were negative

Contractual escalations

6.7%

Baserentals

R146.80/m²

Like-for-like net income growth-9.9% incl COVID3.8% excl COVID

Annualised growth in trading densities0.6%

EFFICIENCYRent-to-sales ratio

6.3%

Average annual trading densityR28 896/m2

Net cost to property revenue18.9% incl COVID15.3% excl COVID

National exposure84% GLA81% Rent

Top 10 tenants52% GLA44% Rent

TENANT PROFILE

WALE

3.1 years

Tenantretention 90%

Rentcollection rate98%

DIRECT SOUTHERN AFRICAN RETAIL PORTFOLIO

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FINANCE AND TREASURY / PRE-CLOSE 31 MARCH 2021

88%

176%

151%

108%

0%

141%

COLLECTIONSCOLLECTED R1.938 BN (98%) OF R1.984 BN BILLED (NET OF COVID CONCESSIONS GRANTED C. 1 MONTH’S RENT)

Other (97%)

Groceries (99%)

Fashion, Department and Home (99%)

SMME (94%)

Mid-tier tenants (96%)

National tenants (99%)

Billed Collected

COVID-19 concession as percentage of

monthly rent

Collections to February 2021. Excluding Edcon and co-owned properties Thavhani, Springs, Maake and Modjadji5


RETAIL CATEGORY PERFORMANCEAVERAGE TRADING DENSITIES SHOWED GROWTH OF 0.6%; ANNUAL TURNOVER CONTRACTED BY 3.3%

FashionDensity (3.7%)

Turnover (9.8%)

Grocery/ SupermarketDensity 7.1%

Turnover 7.6%

OtherDensity (7.3%)

Turnover (16.5%)

Home Furnishings/ Art/ Antiques/

DécorDensity 10.5%Turnover 5.4%

Department Stores

Density (17.2%)Turnover (18.4%)

FoodDensity 7.7%

Turnover 2.6%

Sports Utilities/Gyms/Outdoor

Goods & WearDensity (4.9%)

Turnover (11.7%)

PharmaciesDensity 12.1%

Turnover 13.3%

Bottle StoresDensity (17.8%)

Turnover (38.5%)

Cell PhonesDensity 9.4%

Turnover 1.6%

ElectronicsDensity 5.7%

Turnover 1.0%

Health & BeautyDensity (14.8%)

Turnover (17.4%)

AccessoriesDensity (9.8%)

Turnover (7.2%)

Year

-on

-yea

r tu

rno

ver

gro

wth

Average annual trading density growth

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FOOTFALLRECOVERED TO 93% OF PRIOR YEAR

85% 33% 58% 71% 80% 81% 83% 88% 83% 90% 86% 93%

Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21

> Rural centres recovered to 104% compared to prior year and are performing well

> Township centres at 98% of prior year, with community centres first to recover post COVID-19 lockdowns

> Urban centres recovered to 88% compared to prior year. Regional centres exhibiting the greatest lag in improvement

> Commuter centres remain under pressure with current footfall at 72% of prior year

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FOOTFALL AND SALESRURAL AND VALUE CENTRES SHOWING SIGNIFICANT GROWTH IN BASKET SIZE

104%

85%

33%

58%

71%

80% 81% 83%

88% 83%

90%

86%

104% 97%

46%

92%95% 98%

101% 99%118%

104%

105%

98%

Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan

Sales

Footfall

> Sales have rebounded faster than footfall continuing the trend of larger basket sizes, less frequent visits and more focused shopping

> Rural centres show consistent outperformance on both sales and footfall

> Value centres, with large exposure to grocers and essential services, weathered the storm well during the COVID-19 lockdown levels with strong sustainable sales growth

> Commuter and urban centres remain under pressure with reduced sales and footfall

> Regional shopping centres are the largest contributor to softer sales and footfall in the portfolio, with value, community and neighbourhood centres showing consistent improved performance

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CASTELLANA PROPERTIES / PRE-CLOSE 31 MARCH 2021

First Wave Summer Break Second Wave

State of Alarmdeclared

– hard national lockdown

“New normal”

Announcement ofde-escalation plan

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COVID-19 IN SPAINSPAIN IS EXITING A “THIRD WAVE” WITH MORE TESTING, LOWER DEATH COUNT, AND 3% OF THE POPULATION VACCINATED

Source: Ministry of Health, Government of Spain.NOTES: (1) Confirmed by Ministry of Health

COVID-19 DEATHS CONFIRMED BY THE SPANISH MINISTRY OF HEALTH

Spain under curfew

Main restrictions: trading hours,

capacity limits and non-essential

closures

Third Wave

1 Jan 2020

31 Jan2020

1 Mar2020

31 Mar2020

30 Apr2020

30 May2020

29 Jun2020

29 Jul2020

28 Aug2020

27 Sep2020

27 Oct2020

26 Nov2020

26 Dec2020

25 Jan2021

24 Feb2021

De-escalationdriven byregional

governments


Phase 1 Phase 2 Phase 3

> Rest > 64 years of age

> People with high-risk conditions

> Vulnerable populations

> Essential workforce

> People susceptible to outbreaks or in a situation of high incidence

> Pregnant and breastfeeding mothers

> Elderly and disabled in care homes

> Health workers

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COVID-19 IN SPAINOBJECTIVE: REACH GROUP IMMUNITY BY SEPTEMBER 2021 WITH AT LEAST 70% OF THE POPULATION VACCINATED

Source: Ministry of Health, Government of Spain, European Commission.NOTES: (1) Confirmed by Ministry of Health

> Acquisition of the vaccine is coordinated and authorized for use by the European Commission, as established by the European Medicines Agency (EMA).

> Spain is entitled to receive c. 10% of total EU purchases equivalent to c. 250 million doses. Excess supply could be donated to lower-income countries or redirected to other European countries

> Doses secured by European Commission for Spain (to date):

> Rest > 16 years of age

> People who already have immunisation for previous contagion

VACCINATION PROGRAM

60 M

46 M

40 M

40 M

256 MTOTAL

1 January 31 March 30 June

6.5 million (13%)

19 million (40%)

31 August

Population Vaccinated:

33 million (70%)

SPAIN VACCINATION TIMETABLE

40 M

30 M

AUTHORIZED VACCINES

146 million

AWAITING APPROVAL

(efficacy and safety yet to be

demonstrated)

110 million


SAFE AND SECURE EVENTS AND PROMOTIONSCUSTOMERS HAVE RETURNED TO OUR CENTRES AS SOON AS RESTRICTIONS WERE LIFTED

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> We strive to provide safe spaces our customers can enjoy

> Health and hygiene protocols continue to follow best practices

> Our customers have been able to attend Halloween, Christmas and TV character themed promotional events throughout the year


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SHOPPING CENTRE FOOTFALL & SALES

(1) Footfall Data includes the following shopping centres: El Faro, Bahía Sur, Los Arcos, Vallsur, Habaneras, Puerta Europa and Granaíta Retail Park. There are no counters in the rest of the retail park assets. Granaita Retail Park only counts cars, so we have estimated an average of 2 people per car. Monthly information: evolution of month in 2020 vs the same month in 2019

(2) Castellana’s portfolio includes all retail assets. Monthly information: evolution of month in 2020 vs the same month in 2019(3) Regional restrictions during 2º and 3º wave: town perimeter closures, trading hours capped, curfews, non-essentials retails closures…)

> Larger basket sizes contributing to good sales performance and higher conversion rates despite lower footfall than previous year

> Retail park sales are above pre-covid levels. Retail parks comprise 42% of Castellana’s portfolio by GLA

> Despite restrictions imposed on shopping malls since November, footfall has recovered to 80% of pre-covid levels over Christmas

STRONG REBOUND IN FOOTFALL AND SALES AS SOON AS CUSTOMERS ARE ABLE TO RETURN - LARGE RETAIL PARK EXPOSURE CONTRIBUTING TO SALES OUTPERFORMANCE

-5%

15%

35%

55%

75%

95%

115%

0

2

4

6

8

10

12

14

16

18

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dic Jan Feb

Nº assets open and without highly restricted mobility Footfall Sales

1ST WAVE

2020

3RD WAVE (3)

2021

Essential services only

2ND WAVE (3)

Partial restrictions and trading hour limitations

(lhs) (rhs) (rhs)


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DISCOUNTSINITIAL COOPERATION WITH TENANTS IN FIRST WAVE HAS ENSURED A SMOOTH AND COLLABORATIVE RELATIONSHIP OVER THE PAST 12 MONTHS WHILE MAINTAINING HIGH OCCUPANCY RATE

Early action enabled tenants to plan effectively and continue to partner with Castellana in expanding their businesses

> Majority of tenant relief granted up until September 2020

> Tenants have continued to pay invoiced rents despite a difficult trading period – collection rate is maintained at 94% of invoiced amounts

> Anticipating an amount of additional relief going forward due to regional restriction measures

> Castellana’s proactive approach with its tenants has ensured a cooperative response to the pandemic and more income security through longer WAULTs

c. 33%of MGR expected to be granted as pandemic

discounts until 31 March 2021


LEASING ACTIVITY(1)

€5.7mNEW RENT SIGNED

99 LEASES SIGNED

42No. STORES OPENED

25,666 m²GLA SIGNED

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OCCUPANCY RATE 97%2)

CONTINUOUSLY CLOSING AGREEMENTS OPENING NEW STORES DURING THE PANDEMIC DUE TO THE STRENGH OF OUR ASSETS’ RELATIONSHIPS AND RETAIL EXPERTISE

ZARA YELMO CINES

MEDIA MARK FOSTER HOLLYWOOD

MANGO

> With more stores to follow over the coming weeks …

LEFTIES

(1) Period between April 2020 and February 2021(2) As at February 2021

(45% since October) Reversion +2.08%

(54% since October)

(44% since October)


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TREASURY UPDATE AT 28 FEBRUARY 2021

> MEREV Option extended for 3 years (term sheet agreed and legal agreements being finalised)

> Effective 1 February 2021;

> New maturity 31 July 2024;

> No adjustment in Sales Price of €6.50 (Strike Price);

> Vukile to guarantee a 6% yield on Castellana’s dividend; and

> RMB have provided R1.0bn of new facilities as part of the MEREV extension, which allows Vukile to acquire a portion of Merev’s Castellana shares, if desired.

> Balance sheet metrics remain stable compared to 30 September 2020 reporting:

> Group LTV ratio expected to be unchanged at c.44%;

> Group ICR ratio remains above c.3 times;

> R270m of benefit in CCIRS movement (net nominal exposure), due to currency strengthening (R845m to R575m); and

> Expect to settle ±R420m MtM on termination of June 2021 CCIRS maturities.

> Good progress on the sale of non-core assets:

> R199m of industrial properties unconditional and expect transfer in Q2 2021 (sales price +5.5% above book value); and

> R467m of non-core retail approved and subject only to Competition Commission approval (offer price +4.9% above book value).

SIGNIFICANT PROGRESS IN MANAGING REFINANCING AND FURTHER IMPROVING LIQUIDITY


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TREASURY UPDATE AT 28 FEBRUARY 2021

> Majority of FY2022 debt expiries in Q4 2021:

> €56.8m of Vukile EUR bank debt maturing after 30 September 2021 – will evaluate conversion into ZAR debt, leaving in Euros or repaying with sale proceeds;

> R270m of Vukile ZAR bank debt maturing after 31 December 2021 – to be renewed closer to maturity;

> R685m of Debt Capital Market maturities (R150m in May and R535m August 2021) – to be rolled with existing noteholders or repaid with existing undrawn access facilities;

> €43.8m of Castellana bank debt maturing in June 2021 – to be renewed, currently being negotiated; and

> Sufficient cash resources to repay €5.5m of Castellana bank debt as part of normal amortisation schedule.

> Quantum of undrawn debt facilities:

> R1.8bn in Vukile for general corporate purposes;

> €20.1m (R370m) in Castellana for current development projects; and

> R1.0bn new RMB facility as part of MEREV extension, available for the acquisition of Castellana shares, if desired.

> 12% of Group debt in corporate bonds (R1.9bn):

> R6.0bn unencumbered assets with unsecured debt to unencumbered assets ratio c.37%;

> DMTN Programme Memorandum updated to align with latest JSE Debt Listing Requirements (DLR); and

> GCR reaffirmed corporate long-term credit rating of AA-(ZA) in September 2020.

SIGNIFICANT PROGRESS IN MANAGING REFINANCING AND FURTHER IMPROVING LIQUIDITY


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APPROACH TO DIVIDEND PAYMENTS

> Given ongoing Covid uncertainty, it is difficult to provide guidance to the market in respect of an event four months hence

> However, assuming things remain as is, we would expect Vukile to meet the solvency and liquidity tests and therefore be requiredunder REIT legislation to pay a dividend in respect of FY2021

> Our preference is to keep things simple and would not look to use any structured product to pay the dividend

> Not keen on deep discounted DRIPS as they can be value destructive (effectively issuing shares at a deep discount to NAV)

> Would therefore look to pay a cash dividend in July 2021

EXPLAINING OUR THINKING, NOT PROVIDING GUIDANCE


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> In terms of JSE rules, an SA REIT must distribute at least 75% of distributable profits, subject to the solvency and liquidity test per the SA Companies Act

‒ expect company to be solvent and liquid at dividend declaration date

> The JSE defines distributable profit as:‒ gross income, as defined in terms of the SA Income Tax Act‒ less deductions and allowances that are permitted to be deducted by a REIT (in terms of the SA Income Tax Act)

> Distributable profits of an SA REIT is determined on a basis consistent with the SA Income Tax Act

> In terms of JSE rules, only South African property subsidiaries are required to distribute 75% of their distributable profits‒ Castellana is not compelled to distribute and may elect to distribute only the amount required to retain Spanish REIT status,

which is a distribution equal to at least 80% of Spanish GAAP‒ If Castellana only distributes 80% of Spanish GAAP, this will approximate 50% to 60% of Castellana FFO‒ Castellana does not pay tax on the distributable profits it retains, provided it pays out at lease 80% of Spanish GAAP income

> To meet JSE REIT distribution requirements, Vukile can distribute:‒ 75% of SA FFO; plus‒ 75% of Castellana dividends received, where Castellana dividends can be restricted to 80% of Spanish GAAP

> Therefore, the cash dividend to be paid from FY2022 onwards can potentially amount to ±60% to 65% of total group FFO, allowing for greater cash retention, whilst still complying with REIT Legislation.

> However, due to having received a dividend from Castellana in December 2020, the pay-out ratio for FY2021 will be closer to the 75% minimum REIT pay-out ratio

APPROACH TO DIVIDEND PAYMENTSPOTENTIAL FLEXIBILITY IN CASH RETENTION RATIO WHILST STILL RETAINING OUR REIT STATUS

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Annual Results Presentation - VukilePRESENTATION SOUTHERN AFRICAN RETAIL PORTFOLIO / PRE-CLOSE31 MARCH 2021 Shoppers back at malls with footfall at 93% compared to February 2020 >