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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Wednesday, 26 August 2026, Johannesburg
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Welcome Strategic overview and capital allocation South Africa property asset platform South Africa retail overview South Africa office overview South Africa industrial overview Poland EPP overview Poland logistics and self-storage Sourcing capital Financial outlook Closing 01 04 07 02 05 08 03 06 09 10 11
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Gugulethu Mfuphi, Host
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption The evolution of the Upside A strong call to action in challenging times 2023 2024 2025 2026 Strengthening real estate fundamentals Building confidence Accelerating technological adoption 2027 4
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Andrew König, Chief executive officer Being comfortable with being uncomfortable
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption A clearer, simpler Redefine – where we are and what has shifted Value creation is built on high-quality assets, balance sheet strength and technology-enabled productivity Creates an opportunity for organic NOI growth, occupancy gains, positive rental outcomes, targeted capital deployment Operational fundamentals continue to strengthen The asset platform is increasingly consumer-driven, with approximately 75.4% of assets linked to consumer activity Active asset management is the principal source of value creation Continuous repositioning, intensification and recycling of assets Disciplined capital allocation and simplification Occupancy increased, renewal reversions improved, and tenant retention healthy South African retail is the strongest operating sector Market underpinned by strong demographics and economic resilience – target 40% of capital allocation Poland remains strategically important as a long-term growth market Energy resilience and ESG Energy infrastructure is a sustainability initiative and a source of margin protection – FY28 target of 40% renewable energy Redefine is not simply adopting AI Unlike previous years where technology was supportive, technology is now a strategic growth driver Balance sheet strength is an enabler of growth Continuous focus on lower and less complex leverage, predictable funding costs and greater financial flexibility Occupancy higher than national average, large renewals secured and single-digit vacancy expected in FY27 Local office sector recovery continues Occupancy increased, positive reversions, and strong demand for logistics and modern industrial space Domestic industrial sector has the best structural growth story
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption When How Our purpose is to create and manage spaces in a way that transforms lives Our vision is to be the BEST South African REIT Our mission in this decade to deliver the smartest and most sustainable spaces Who Why Our primary goal is to grow and improve cash flow to create sustained value for all our stakeholders Our BEST VALUES are what connect us and guide our behaviour Where What Our MINDSET enables us to be comfortable with being uncomfortable Our approach is purposeful, adaptable and inclusive Putting people at the heart of what we do 7
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Megatrends redefining commercial real estate To create a future-ready Redefine, the strategy is centred around fundamentals, confidence and technology Source: Colliers AI enablement AI is the top driver of business transformation Demographic shifts Spaces will need to cater to a wider range of generations Global order transition Regulatory and supply chain risk, as well as military conflict, feeds directly into real estate strategies Climate change Cities vulnerable to extreme climate scenarios will affect their appeal and resilience as commercial destinations Energy security Renewables are unlikely to make up the shortfall arising from the phasing out of fossil-based fuel and rollout of data centres 8
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption The operating environment is a recurring game of snakes and ladders Trigger events seem to arise every March with uncanny regularity RDF share price (cps) FIND YOUR UPSIDE START200-250 250-300 300-350 350-400 400-450 450-500 500-550 600-650 650-700 700-750 750-800 800-850 850-900 950-1 000 550-600 FEB-19 AUG-19 FEB-20 AUG-20 FEB-21 AUG-21 FEB-22 AUG-22 FEB-23 AUG-23 FEB-24 AUG-24 FEB-25 AUG-25 FEB-26 AUG-26 COVID-19 Post-pandemic recovery Civil unrest Ukraine war Energy crisis Elevated inflation Formation of GNU Progress in economic reforms Trade tariffs Middle East conflict Interest rates easing Grey list exit Credit rating upgrade US-Iran MOU Ceasefire over 9
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Investors and funders Enhancing investor confidence in the property sector Employees Harnessing improved digital transformation for improved employee performance Shoppers Improving the holistic shopper experience Tenants Improving the tenant experience Enhancing impact-driven stakeholder engagement is central to durability Strategic drivers to enhance our mutually beneficial relationships Property brokers Improving the ease with which we do business Suppliers Promoting and fostering enterprise development Communities Striving to be a responsible community participant 10
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Execution is more important than the strategy itself Operational discipline starts with people Leadership capability Strengthen leadership capability in core property disciplines Internal mobility Targeted development to ensure the right skills are deployed to the right work at the right time Performance management Embed performance management linked to business outcomes Succession planning Use development plans to close gaps in scarce and critical skills Buildings do not create value, people do Workforce capability Align workforce capability to occupancy, tenant retention, rental growth, cost discipline and portfolio optimisation Leadership development plans Enhance capability linked to future-fit business-critical roles and scarce skills Clarity and accountability Clarify roles and accountabilities around active asset management 11
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption 2026 strategic outcomes Disciplined execution positioning Redefine for sustainable growth in a structurally changing market ▪ On track to achieve higher science-based targets for greenhouse gas (GHG) emission reductions ▪ First three net zero buildings recertified utilising offsets from our embedded solar plants ▪ EPP placed ninth nationally in Poland’s ESG ranking: Responsible Management hub ▪ Maintained “Good” staff engagement score and improved AI adoption to 76% of employees ▪ Participated for the sixth year in UN Global Compact SDG Innovation Accelerator for Young Professionals ▪ Internal promotions were 100% ACI employees, demonstrating diversity of talent ▪ On track to achieve upper end of market guidance with growth of 6.5% to 7% in distributable income per share (DIPS) ▪ Group net operating profit margin (NOPM) lifting towards medium-term target of 80% ▪ Occupancy advanced across South African and Polish portfolios ▪ 75.4% of the group asset base is consumer-driven, the balance is services-driven ▪ Significant progress made to reduce complexity of Polish joint ventures (JVs) ▪ Realised R1.2bn and €56m from the sale of South African and Polish non-core assets, respectively ▪ Group loan-to-value (LTV) ratio improved to lower end of target range of 38% to 41% ▪ EPP’s debt amortisation of €14.2m in FY25 eliminated by 30.0% in FY26 with a further 50% reduction is expected in FY27 ▪ Renewed debt on favourable terms totalling R6.2bn in South Africa and €544m in Poland Investing strategically Optimising capital Operating efficiently Engaging talent Growing reputation 12
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Measuring the efficacy of our long-term strategy Making our mission a reality Our MISSION in this decade is to deliver the smartest and most sustainable spaces Embedding diversity, equity and inclusion Have our people and value chain fully representative of the society in which we operate Employment equity improved from 49.6% to 58.4% Being curious innovators Achieve a NOPM greater than 80% on a sustainable basis Group NOPM improved from 76.7% to 77.2% Being a catalyst for good Achieve the 2030 United Nations Sustainable Development Goals (UN SDGs) to which we are committed Five UN SDGs are most aligned with our ESG strategy Nurturing and optimising our ecosystems Achieve > 50% digital ratio Digital ratio has increased from 29.7% to 35.5% Mobilising digital transformation Achieve a product-service hybrid revenue model that will attract and retain tenants and entrench the continued relevance of our asset platform Evolution of stakeholder engagement (measured through scorecards) FY30 targets Our progress to date 13
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Our strategic focus is on the variables under our control It is how we adapt to capture the opportunities that will set us apart DIRECT INFLUENCE on value creation INDIRECT INFLUENCE on value creation The variables under our control Investing strategically (capital allocation) Optimising capital (capital sourcing) Operating efficiently (rental growth and cost containment) Engaging talent (team and culture) Growing reputation (stakeholder experience) 14
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Our future is shaped by fundamentals, technology and confidence These trends are driving capital decisions and how buildings are managed ▪ Operational excellence ▪ High-quality assets ▪ Low-cost capital Strengthening real estate fundamentals ▪ Stakeholder experience ▪ Data-driven decisions ▪ Innovation Accelerating technological adoptions ▪ Consistent execution ▪ Growth durability ▪ Transparency Building confidence 15
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Tracking capital allocation through a three-year review of impacts Selective non-core asset disposals combined with strategic allocation of capital Deployed R2.5bn into South African acquisitions Spent R4.2bn on local developments and capital expenditure (capex) Deployed R0.6bn into Polish acquisitions Realised R1.2bn from Polish disposals Raised R2.2bn from the sale of local non-core assets Invested R1.4bn on Polish developments and capex Separated ELI’s assets from Madison Establishing a market-leading presence in Polish self-storage Property asset platform increased by R4.4bn to R101.2bn 16
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Group property asset platform A platform built to sustain and grow cash flow with 75.4% consumer-driven and 24.6% services-driven Income yield on gross asset value South Africa Retail Offices Industrial Specialised South Africa 7.8% 7.7% 8.0% 12.3% 7.8% 32.8% R0.1bn0.2% 65.8% R101.2bn 56.9% Retail 23.9% Office 17.4% Industrial 1.8% Other 26.6% Retail 0.8% Office 4.3% Industrial 1.1% Other 30.3% Retail 23.1% Office 13.1% Industrial 0.6% Other Group Income yield on gross asset value Poland EPP core Community…Horse JV Mlociny Henderson ELI Poland 5.9% 8.2% 6.9% 5.0% 5.8% 4.9% 6.3% EPP Core Office Community properties R33.3bn Poland R67.8bn South Africa 115 West Street, Gauteng, South Africa 17
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption The case for geographic and sectoral diversification Commercial real estate is a cyclical asset class anchored to confidence, interest rates and economic activity Economic risk CEE investment volumes ▪ GDP per capita to exceed the UK in 2030 ▪ Well-educated and productive people ▪ Solid public infrastructure ▪ Liquid real estate market – the largest in Central and Eastern Europe (CEE) ▪ Solid relationships and alignment with in-country partners ▪ Strategically located ▪ EU-aligned regulatory framework ▪ No limits on capital flows ▪ Economic resilience and growth potential ▪ Political stability and democratic government ▪ Most diversified economy in Africa ▪ Resilient economy despite energy and infrastructure headwinds ▪ Progressive constitution and independent judiciary ▪ Established asset base with scale in mature sectors ▪ A young talent pool that is resourceful and adaptable ▪ Liquid capital markets and advanced banking sector ▪ Abundant natural resources ▪ Mature and liquid capital market ▪ Strategically located Total returns – the pulse of economic growth Why diversify ▪ Provides exposure to the real estate market ▪ Offers a stable income and capital complement to traditional fixed income portfolios ▪ Counteracts domestic economic and political risk ▪ Mitigates the cyclicality of a single sector ▪ Creates scale in a market constrained of opportunities to attract capital ▪ Anchors the development of new assets and expansion into emerging asset classes Total returns – the pulse of economic growth source: MSCI | Economic risk source: Oxford Economics | CEE investment volumes source: JLL Why South Africa Why Poland With Redefine’s current capital structure, the target is to build an asset platform that is 60% local and 40% Polish 18
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Recycling non-core assets generates capital that can be used to reinvest in growth assets or repay debt CORE ASSETS NON-CORE AND OTHER ASSETS 4.2% 8.1% 58.1% 24.5% 4.8% 0.2% 0.1% GROWTH ASSETS Our growth assets are high-potential properties that we improve through refurbishment or development activity to optimise their attractiveness and long-term earning potential As growth assets stabilise, they become core assets As core assets mature, we consider asset optimisation initiatives to ensure they continue to deliver value. Once all opportunities have been exhausted, they become non-core assets Asset optimisation to construct a platform capable of delivering target returns A key element of active asset management is the recycling on non-core assets into growth assets Delivery of sustainable net asset value (NAV) total return Local total returns Source: MSCI Polish total returns Income return % Capital growth % Income return % all property Capital growth % all property Composition of the asset base South Africa Other Poland On a see-through basis, Redefine’s asset platform is 86% consumer-driven and 14% services-driven Poland Group Current income yield 7.0% 6.7% 7.0% Target income yield 7.7% 7.0% 7.5% Current capital growth 1.5% 0.7% 1.2% Target capital growth 3.0% 1.5% 2.6% SA POLAND GROUP Target total return is SA long bond yield plus 150 basis points 19
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Simplifying the existing platform, then grow selectively where returns justify it Optimising EPP’s dominant retail portfolio, transitioning ELI to operating cash generation and building the self-storage platform to institutional scale JV EPP Community JV with Castleview extended for five years – medium-term exit Henderson Look to dispose this portfolio – effective rentals are commercially unsustainable Galeria Młociny The asset is beginning to stabilise and provides us with optionality – sell at a net operating income (NOI) yield of 6.5% or buy at 7.5% – sell or buy at the right price ELI Separating the JV provides us with flexibility – attractive asset profile and weighted average unexpired lease term ( WAULT) of 5.8 years – potential source of cost-effective liquidity Horse Group Replacement of PIMCO with simplified distribution waterfall at an advanced stage, assisted by sale of Power Parks and surplus land – medium-term hold JV Strategic view See-through LTV bridge Q3 FY26 SA REIT LTV Horse ELI Community Młociny Henderson Talis Q3 FY26 See-through LTV 39.0% 2.1% 1.6% 1.3% 0.8% 0.4% 45.1% (0.1%) Polish investment activity recovery (€’m) Source: JLL, July 2026 € million - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 2018 2019 2020 2021 2022 2023 2024 2025 1H 2026Office Retail Industrial Hotel Living Mixed 20
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Yield: 9.0% Once-off boost to NAV and DIPS Increases LTV Yield: 9.0% Once-off boost to NAV and DIPS Increases LTV Every opportunity competes for capital Trade-off considerations are a vital component of a disciplined capital allocation process High risk and return Moderate risk and return Low risk and return Defensive (low-yielding) capex is funded from retained distributable income Highest and best use of capital Internal allocation Pay down debt Buy back shares Grow and protect asset platform Self-storage Warsaw Mini units Poland P Grade offices Gauteng Capital uplift: 55% Yield: 7.25% 0.5-year stabilisation period Expansion into new asset class Capital uplift: 77% Yield: 7.25% 4.5-year stabilisation period Development of asset class Capital uplift: 20% Yield: 8.5% Three-year stabilisation period Subject to pre-let derisk Rural/township retail Local industrial Energy investments Yield: 8 to 8.5% Capital uplift: 5% Strong trading metrics Limited opportunities Yield: 8.5 to 9.0% Capital uplift: 2% Durable income stream Infrastructure vulnerabilities Yield: 15 to 20% Capital uplift: -5% Improves sustainability Regulatory approvals Income growth acquisitions Capital uplift developments External allocation 21
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Investing in resilience, operational excellence and sustainable growth Leon Kok, Chief operating officer
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Market shifts shaping South African property and our strategic response Disciplined asset management is translating improving fundamentals into stronger occupancy, rental outcomes and earnings quality Consumer resilience Grocery, convenience, value and experiential retail continue to support physical stores Quality-led office recovery Hybrid work is stabilizing and demand is concentrating in Premium and A Grade assets Structural industrial demand Logistics, hi-tech and well-located warehousing remain supported by low vacancies Total occupancy cost matters Utilities, resilience and service increasingly influence tenant decisions Infrastructure remains a property variable Energy, water and municipal reliability affect margins and competitiveness What we are seeing Our response Retail Optimise tenant and category mix; expand convenience and township exposure; reconfigure space to improve trading density Office Secure large renewals proactively; focus capital on high -quality nodes; reposition viable assets and recycle weaker stock Industrial Prioritise logistics and modern industrial assets; unlock strategic land; grow value density rather than footprint Portfolio Expand solar and BESS, scale wheeling, drive water resilience; integrate digital platforms to lower cost and improve service 23
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Trends informing capital allocation and operational execution in FY27 Improve the quality, resilience and earnings durability of the portfolio rather than simply growing its size Sector divergence Concentrate capital in sectors, nodes and assets with durable demand Occupier priorities Differentiate our assets through energy resilience, digital capability, operational efficiency and service delivery Infrastructure resilience Expand solar, wheeling, BESS and water initiatives to improve asset resilience and reduce cost pressures Technology at scale Scale data-driven decision making, automate workflows and enhance stakeholder experience through technology Capital allocation discipline Prioritise organic NOI growth, recycle non -core assets and maintain balance-sheet flexibility Expected trend Execution focus Retail and industrial should remain supportive; office recovery will stay selective Quality, flexibility, resilience and total occupancy cost will drive choices Energy tariffs, water security and municipal performance will shape competitiveness and operating margins AI, automation and integrated property data will transform leasing, operations and tenant engagement Global market volatility and funding conditions will continue to influence valuations and transaction activity 24
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption 219 No. of properties FY25 | 228 4 109 No. of tenants FY25 | 4 200 3.2 years WAULT FY25 | 3.0 years 45% 34% 20% 1% South Africa portfolio key outcomes A well-diversified portfolio anchored by high-quality assets and a resilient blue-chip tenant base R66.2bn Carrying value of properties FY25 | R65.5bn R302.4m Average value per property FY25 | R287.4m 6.3% Weighted average lease escalation FY25 | 6.3% 94.9% Active occupancy FY25 | 93.5% -3.9% Renewal reversions FY25 | -5.2% 3 583 714m² Total gross lettable area (GLA) FY25 | 3 658 479m² Geographic split by value 72% 18% 5%5% Gauteng Western Cape KwaZulu-Natal Other Sectoral split by value Retail Office Industrial Specialised Active vacancy 1.8% 4.8% 7.8% 10.7% 1.2% 1.8% GMR % GLA %Vacancy by GMR Vacancy by GLA Retail Office Industrial 3.7% 5.1% 2% 2% 19% 17% 20% 11% 29% Monthly 202608 202708 202808 202908 203008 Beyond 2030 Lease expiry profile by GMR Renewal reversion analysis 224 429 67 623 102 664 521 Positive reversions 123 Flat reversions 100 Negative reversions GLA (m²) 521 Positive reversions 123 Flat reversions 100 Negative reversions Number of leases 25
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Our energy transition map Building a resilient, lower-carbon and cost-efficient energy future Municipal wheeling Unlocking local renewable opportunities Battery energy storage (BESS) Peak shaving, standby and energy arbitrage Solar carports Next phase of on-site generation expansion Virtual wheeling Scalable, flexible renewable procurement Demand flexibility Smart energy management across assets Future enablers 90 Grayston Drive, Gauteng, South Africa Projected annual energy Footprint 525.5GWh 12% 17% 7% 4% 60% Eskom grid electricity 330.4GWh Embedded solar 87.9GWh Virtual wheeling 60.2GWh Traditional wheeling 37.2GWh Gen-wheeling (Massmart) 9.8GWh Lower emissions Meaningful reduction in Scope 2 emissions Asset value enhancement Stronger, future-ready property assets Stakeholder value Creating long-term value for investors, tenants and communities Cost resilience Mitigating tariff volatility and energy inflation Energy security Reduced reliance on a constrained grid Strategic outcomes of total electricity demand projectable met through renewable sources (embedded and wheeled) 40% Currently, 23% of energy demand is met through renewable sources Redefine’s energy strategy for 2028 Grid dependent Our energy transition journey Pre- 2016 2016 to 2019 2020 to 2023 2024 to 2026 2027+ Start of embedded solar deployment Accelerated solar rollout and energy efficiency Scale wheeling and explore virtual wheeling Integrated hybrid energy future Strengthening real estate fundamentals Building confidence Accelerating technological adoption 26
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Buildings included in phase 1 20 Total BESS capacity 20MWh Total capex R117m Year-one savings (when total deployed) R19m First-year return on investment (ROI) 16.9% BESS rollout plan phase 1 Battery energy storage as a strategic value driver Capturing tariff opportunities, strengthening energy resilience, and improving asset performance Why arbitrage makes sense today Eskom time-of-use tariffs create wide price spreads between off peak and peak periods Network constraints and loadshedding drive peak price spikes BESS provides fast, flexible response without relying on new generation Works behind-the- meter or at scale to support portfolios Time-of-use illustrative load profile What is energy arbitrage? Charge when prices are low Store energy efficiently Discharge when prices are high Arbitrage is the practice of charging a battery when electricity prices are low and discharging when prices are high to capture the spread Tariff levels Higher peak tariffs increase spreads and savings Municipal variations Savings vary by council based on tariff differentials and charges Time-of-use structure Larger peak/off- peak differentials drive greater arbitrage value Key sensitivities 27
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption 66% 18% 16% Retail Commercial Industrial Act and optimise Implement targeted interventions to reduce consumption and improve efficiency Build resilience Increase water security through backup storage and diversified water sources Augment sources Augment water supply through groundwater and rainwater harvesting Benchmark and identify Benchmark water usage across assets to identify buildings outside expected usage levels Measure and monitor Install smart water meters to capture accurate, real-time data Review and improve Continuously review performance, refine actions and drive improvement Our strategy framework Metering is foundational: Installing water meters across our top 60 water-consuming assets Our commitment: Reduce portfolio-wide water withdrawal by 10% by 2030 (230ML against baseline) The outcome: A water-resilient, efficient and intelligent portfolio that reduces costs, protects value, and secures our future Our water strategy, from data to operational impact Transforming water management through real-time intelligence, efficiency measures and resilient infrastructure of total water usage 74% Top 60 properties comprise Our baseline Low water consuming sanitary ware Dual flush toilets, low flow urinals Tap aerators and flow restrictors Reduce flow at the point of use Leak detection and rapid repair Proactive detection, fast remediation Smart irrigation and controls Weather-based, moisture sensing Grey water systems where viable Reuse appropriate non-potable water Water-efficient landscaping Indigenous plants, efficient design Tenant awareness and engagement Drive responsible water behaviour Targeted water- wise interventions 28
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption 163 1 33 112 17 2 Star 3 Star 4 Star 5 Star Our environmental performance over time Delivering measurable reductions and advancing resource efficiency 0 200,000 400,000 600,000 800,000 Scope 1 Scope 2 Scope 3 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Waste by number of buildings Embedded solar capacity growth and production Carbon footprint GHG emissions (CO₂e) Municipal collection Internally managed Other (outside/body corporate managed) Bulk water usage per sector (ML) Percentage diversion from landfill Existing building Green Star certificates 0.00 200.00 400.00 600.00 800.00 1,000.00 1,200.00 Retail Office Industrial Specialised YTD FY23 YTD FY24 YTD FY25 YTD FY26 6% 11 % 59 % 79% 66% 8% 15% 23% 33% - 20 40 60 80 100 120 Retail Office Industrial 100 90 80 70 60 50 40 30 20 10 0 29 2.7 2.3 13.0 1.0 2.6 0.7 12.7 5.2 4.4 13.9 6.73.7 6.8 24.4 25.8 29.3 30.2 47.4 54.4 60.3 79.1 88.2 2.7 5.1 18.1 19.1 21.7 22.4 35.0 40.3 44.7 58.6 65.3 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Annual installed Capacity MWP Modelled Yield MWh Cumulative Installed Capacity MWPAnnual installed capacity (MWp) Modelled yield (MWh) Cumulative installed capacit (MWp) YTDFY23 YTDFY24 YTDFY25 50 55 60 65 70 75 80 85 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Leveraging digital capabilities to improve tenant experience and asset performance Simplifying the tenant experience through scalable digital solutionsDigital platforms in action Tenant app Enhancing our tenant app to become the single source/primary digital engagement platform (currently 26 000 users). Pilot of new solution in place at Black River Office Park and Centurion Mall Lead generation app Our custom-built tool for tracking and managing leads generated from multiple platforms to engage and secure new tenants and fill vacant space. Over 2 400 quality leads generated with a conversion rate of 19% since FY24 WhatsApp for business Shopper pilot project at Centurion Mall. Over 33 000 active users with an average read rate of over 74% On Key Facilities Management system Tenant portal Web-based self-service platform with access to statements and utility data and ability to log customer relationship management cases (average usage of 600 per month) Brokers Custom-built broker portal to improve ease of doing business (over 20 900 sessions since launch in October 2025 and over 630 registrations) Adoption has grown (over 116 000 jobs logged since March 2024). The self- service platform streamlines work orders, improves maintenance visibility, and enhances tenant service 30
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Nashil Chotoki, Retail asset manager Unlocking sustainable growth across our retail portfolio
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption 77% 21% 2% South Africa retail portfolio profile overview Diversification and tenant strength anchoring our growth profile R30.5bn Carrying value FY25 | R29.8bn R585.9m Average value per property FY25 | R 552.0m 52 Number of properties FY25 | 54 2 661 Number of tenants FY25 | 2 697 1 170 598m² GLA FY25 | 1 195 116m² R223.9/m² Average gross rent FY25 | R 212.9/m2 2.9 years WAULT FY25 | 3.0 years GMR business type and rent ratios Super regional shopping centre Regional shopping centre Convenience shopping centre Other Value by type GMR 5.8% Weighted average lease escalation FY25 | 5.9% 13% 41% 42% 4% National Independent Government % GMR Government Motor related Furniture Focused Homeware Hardware Electronics Financial Services Food & Entertainment Pharmacy & Personal Care Grocery & Supermarkets Apparel Consolidated Balance of Business Types 32 9.7% 3.5% 14.8% 6.8% 9.4% 9.7% 7.6% 13.3% 13.0% 4.5% 0% 10% 20% 30% 40%
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption South Africa retail portfolio key outcomes Income growth driven by renewal reversion rates and operating cost efficiencies July 26 FY25 Active occupancy (%) 95.2 94.1 Renewal reversions (%) 3.2 1.0 Tenant retention by GMR (%) 94.1 92.6 Renewal success rate by GLA (%) 88.2 86.6 Tenant turnover growth (%) 2.4 4.0 Rent-to-turnover ratio (%) 7.7 7.4 Trading density growth (%) 2.0 4.7 Trading statistics Lease expiry profile by GMR Activity during the period Disposals ▪ Disposed 320 West Street at R70.8m ▪ East End head lease with Transnet was not renewed Trading activities Developments ▪ East Rand Mall: (50.0%) Cinema-to-retail reconfiguration completed for Dis-Chem and restaurants R37.4m capex ▪ Chris Hani Crossing: (50.0%) Apparel enhancement and food court refurbishment completed R22.8m capex ▪ Renewal reversions improved, driven by apparel ▪ NOI margin improved to 90% driven by rental growth and solar ▪ Grocery led turnover growth with reconfigured stores delivering 36% turnover uplift ▪ Turnover and trading density growth moderated by store reconfiguration downtime 2% 1% 22% 21% 21% 14% 19% Monthly 202608 202708 202808 202908 203008 Beyond 2030 0.2% 0.2% 0.2% 0.1% 0.1% 0.1% 0.2% 1.7% 2.4% 1.7% 0.8% 1.1% 0.5% 0.7% 1.2% 0.4% 0.6% 1.6% 1.6% 2.0% 0.1% 0.1% 0.5% 0.2% 0.4% 0.2% 2.1% 1.5% 1.4% 1.9% 0.1% 0.9% 0.6% 0.3% 0.3% 0.3% 1.3% 1.2% 0.9% 0.7% 0.4% 0.7% 0.4% 0.9% 0.5% 0.8% 0.4% 0.3% 2.8% 3.5% 0.5% 1.5% 0.7% 0.4% 0.5% 7.7% 7.2% 6.6% 6.4% 5.2% 3.0% 2.8% 2.7% 2.7% 2.2% Foschini Mr Price Pepkor Shoprite Pick n Pay Woolworths Massmart Dis-Chem Truworths Clicks Group Monthly 202608 202708 202808 202908 203008 Beyond 2030 National retailer expiry profile 33 2026/08 2027/08 2028/08 2029/08 2030/08 2026/08 2027/08 2028/08 2029/08 2030/08
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Annualised trading density – growth and R/m² Restaurant spending continues to grow Clothing spending slightly ahead of 2025 Source: Keillen Ndlovu Research, June 2026 Retail trends Online as a % of total sales and new stores planned 123 180 200 0 10 25 35 50 55 6 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% Shoprite Mr Price Pepkor TFG (SA) Pick n Pay Boxer Dischem Clicks Woolworths (SA) Truworths (SA) NOT DISCLOSED ▪ Increased grocery exposure by 4 500m² in FY26 ▪ Executing apparel store optimisations and reconfigurations across 7 700m² to strengthen performance and relevance ▪ Expanding experiential retail exposure by 4 000m² across key regional shopping centres ▪ Continuing to invest in centre enhancements focused on convenience and customer experience Our response South Africa retail trends Stores enable online and experiential demand keeps retailers opening new space ▪ Grocery and apparel continue to drive turnover growth, expected to normalise at 3.0% to 3.5% ▪ Apparel sales remain resilient, but discounting and online value competition may pressure margins ▪ Restaurant growth reflects the recovery of large-format centres and demand for experiential retail ▪ Continued store investment, especially by grocers and pharmacies, signals confidence in physical retail despite online growth 34 Source: MSCI March 2026 Source: RLC, SBG Securities analysis
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption NOI growth Blue Route Mall, Western Cape, South Africa Positioned for durable, quality-driven growth Active asset management to drive improved total returns ▪ Maintain renewal reversion rates at 3.0% to 3.5% ▪ Store optimisation – 18 700m² planned for 2027 ▪ Store upgrades – grocer upgrades planned 28 900m² ▪ Solar expansion and BESS rollout ▪ Dispose non-retail assets approximately R769m ▪ Continue turnaround on under-performing assets or dispose where possible ▪ Develop vacant land with book value of approximately R56.3m ▪ Increase exposure to township and convenience centres ▪ National retailers occupy GLA 72% and 69% of GMR ▪ Grocers and pharmacies occupy GLA 20% and 16% of GMR ▪ Positioned for durability ▪ Yielding projects in progress approximately R92.4m ▪ Centre upgrades: approximately R285m on five shopping centres ▪ More convenient parking systems Non-yielding assets Diversification Exposure of rentals and tenure Investing in our assets for growth Strengthening real estate fundamentals Building confidence Accelerating technological adoption 35
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Scott Thorburn, Office asset manager Shaping future-fit workspaces
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption South Africa office portfolio profile Primed for sustainable growth Value by grade 58% 38% 4% Premium Grade A Grade Secondary Grade R22.2bn Carrying value FY25 | R22.1bn R271.3m Average value per property FY25 | R 257.1m 82 Number of properties FY25 | 86 1 175 Number of tenants FY25 | 1 233 959 499m² GLA FY25 | 992 455m² R192.9/m² Average gross rent FY25 | R 186.3/m² 3.5 years WAULT FY25 | 3.5 years 6.9% Weighted average lease escalation FY25 | 6.9% Portfolio composition by value 26% 31% 31% 54% 58% 25% 34% 46% 41% 38%49% 35% 23% 5% 4% 2014 2018 2022 2024 2026 Premium grade (%) A Grade (%) Secondary Grade (%) Top current vacancies Lakeview Office Park 14 815 12 154 11 13 1006 On the Lake 6 715 6 506 4 7 Constantia Kloof 3 15 905 5 944 3 6 Commerce Square 15 936 4 939 6 5 90 Grayston Drive 18 426 4 429 6 5 Magnolia Close 10 292 4 292 4 4 29 Scott Street 7 866 4 228 4 4 Vacant GLA (m2) % of total rand value vacancies % of total GLA vacancy Target total return is RSA long bond yield plus 150 basis points Total GLA (m2)Property 37 Premium grade A grade Secondary grade
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption 20% 62% 18% Premium Grade A Grade Secondary Grade South Africa office portfolio key outcomes Large tenant renewals concluded, historically low growth properties sold or under agreement, reduced vacancies Activity during the period Developments ▪ Hertford Office Park, Building H, is under construction at a total cost of R65.5m (33.3% share), with completion expected by 30 November 2026 ▪ Media Building in Black River Office Park to be refurbished, adding 385m² of GLA. Completion expected in October 2026 ▪ 3 & 5 Sturdee refurbished to standard office space R10.5m, Diamond-related tenants given notice Renewal reversion rates At -12.7% due to renewals/pre-empted renewals of larger tenants, ▪ Webber Wentzel: 90 Rivonia (26 126m²) ▪ Virgin Active: Alice Lane (3 611m²) July 26 FY25 Active occupancy (%) 89.3 87.0 Renewal reversions (%) -12.7 -12.9 Tenant retention by GMR (%) 94.2 89.1 Renewal success rate by GLA (%) 85.6 77.5 Trading statistics Priorities ▪ Vacancies are expected to reduce to below 10% by year end on the back of leasing and the sale of non-core properties with vacancies ▪ Improving market conditions with lower vacancy rates are expected to drive year-on-year NOI and valuation growth Lease expiry profile by GMR 2% 2% 16% 14% 25% 11% 30% Monthly 202608 202708 202808 202908 203008 Beyond 2030 13.0% 5.1% 28.1% 10.7% Contribution to vacancy Vacancy by type Renewal reversion analysis 63 978 93 180 108 Positive reversions 24 Flat reversions 68 Negative reversions GLA (m²) 15 227 108 Positive reversions 24 Flat reversions 68 Negative reversions Number of leases 38 2026/08 2027/08 2028/08 2029/08 2030/08 Disposals De Beers R48.8m 16 Fredman R122.5m Rosebank Corner R78.4m Centurion Gym R14.0m 150 Rivonia (Bld) R38.3m Grayston Ridge* R75.0m The Avenues* R 34.0m 18 The Boulevard R 41.9m *Subject to zoning
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Renewal growth Vacancy 10.7% Vacancy opportunity ▪ 80 770m² active vacancy post sales and held for development ▪ R144 385 200 revenue per annum opportunity ▪ Expected vacancy of 10.5% by year end with target of 7.5% Q427 Lease escalations 6.9% ▪ Maintain and improve lease escalation ▪ Lease escalations under pressure due to slow market rental growth in Gauteng ▪ Split operating costs with a higher escalation rate Tenant retention to be maintained by ▪ Pre-empted renewals ▪ Green/BEE/ESG credentials ▪ Offering green incentives ▪ Anticipated to be -12.5% by year end ▪ Expectations of -10.0% in 2027 due to Alice Lane tenant Expense reduction ▪ Optimise utility costs ▪ Wheeling initiatives ▪ Embedded BESS ▪ Embedded solar ▪ Common area lighting upgrade projects WALE 3.5 years Maintain and improve weighted average lease expiry (WALE) ▪ Pre-empt renewals of A Grade larger tenants ▪ Link longer tenure to electrical cost benefit from wheeling Office portfolio NOI drivers Driving income and expense opportunities in a challenging environment Tenant retention 94.5% Renewal success rate 85.6% Rental reversion reduction ▪ Limited large tenant reversion risk in the next 24 months ▪ Two renewals of 9 542m² and 9 490m² ▪ Two renewals of 5 004m² and 5 020m² ▪ Three renewals of 4 183m², 4 123m² and 3 827m² ▪ Seven renewals between 3 000m² and 3 500m² 39
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption DevelopmentDevelopment/ purchase Development Development Development Development New lets Rosebank Towers, Gauteng, South Africa Opportunity to unlock further portfolio value Converting income upside into growth Rosebank TowersHertford Old Match Factory vacant land Galleria Loftus Park Black River Office Park Vacancies Building H under construction (33.3%) ▪ 6 693m² ▪ R65.5m (R29 350/m²) excl. land Remaining bulk building M (33.3%) ▪ 6 530m² ▪ R63.9m (R29 350/m²) excl. land Buy out Hertford Office Park co-owners Unused parking conversion to offices (42.5%) ▪ 4 135m² additional GLA ▪ R22.4m (42.5%) Phase 1 development 15 640m² ▪ R469m (R30 000/m²) development cost 75 000m² available bulk assuming 1/3 is developed, balance sold to mixed use ▪ 25 000m² ▪ R875m (R35 000/m²) development cost Building C (50.0%) – approved subject to pre-let ▪ 6 247m² ▪ R69.8m (R22 334/m²) excl. land Building D (50.0%) – approved ▪ Shareholding to reduce to 25.0% ▪ Cure Hospital to take up shareholding ▪ R37.4m (R29 891/m²) Available bulk 105 000m² Utilise 1/4 of bulk ▪ 26 250m² ▪ R945m (R35 000/m²) development cost ▪ 25.0% drop in vacancies These opportunities have R299m incremental NOI potential Strengthening real estate fundamentals Building confidence Accelerating technological adoption 40
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Alice Lane, Gauteng, South Africa The future of office The office sector has reset creating a platform for sustainable growth Hybrid work stabilising: The post-COVID downsizing phase is largely complete. More companies are adopting structured hybrid arrangements and requiring staff to be in the office more frequently Rental growth should remain positive, particularly in Premium and A Grade stock Limited new development will support landlord pricing power Older B and C Grade assets will continue to underperform unless repositioned or converted Cape Town remains the strongest office market nationally. Underpinned by the BPO sector Gauteng, particularly Sandton and Rosebank, offers the greatest upside if economic growth and municipal service delivery improve Offices with higher vacancy percentages make up most of the long-term vacancies. This tendency increases the lower the grade of the office The cost of occupancy, not only the rental cost, is increasingly pivotal to larger corporates’ accommodation negotiations Strengthening real estate fundamentals Building confidence Accelerating technological adoption 41
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Johann Nell, Development and industrial asset manager Expanding and optimising logistics/industrial for competitive advantage
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption S&J Business Park, Gauteng, South Africa South Africa industrial portfolio profile Fundamentals remain resilient with low vacancies, strong tenant retention, and positive rental reversions 15% 6% 20% 12% 24% 15% 1% 7% Value by type Warehousing Light manufacturing Heavy Grade industrial Industrial units Modern logistics Hi-tech industrial Retail warehouse Vacant land/sites R13.0bn Carrying value FY25 | R13.1bn R159.0m Average value per property FY25 | R 154.2m 82 Number of properties FY25 | 85 272 Number of tenants FY25 | 269 1 440 800m² GLA FY25 | 1 458 091m² R72.0/m² Average gross rent FY25 | R 71.0/m² 3.9 years WAULT FY25 | 4.6% 6.4% Weighted average lease escalation FY25 | 6.5% 4% 0% 18% 11% 8% 6% 53% Monthly 202608 202708 202808 202908 203008 Beyond 2030 Lease expiry profile by GMR 43 2026/08 2027/08 2028/08 2029/08 2030/08
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption 58% 6% 31% 5% South Africa industrial portfolio key outcomes Solid performance with high demand for well-located industrial space Activity during the period Disposals New developments in progress ▪ Two properties sold for combined proceeds of R268.3m ▪ Six land parcels in extent of 61 748m² were sold at an average rate of R1 180/m² July 26 FY25 Active occupancy (%) 98.2 97.3 Renewal reversions (%) 4.4 0.8 Tenant retention by GMR (%) 94.4 94.4 Renewal success rate by GLA (%) 91.5 70.4 Trading statistics Priorities ▪ Unlock land holdings and dispose of non-core assets ▪ Strategic redevelopment of well-located assets ▪ Commission the City of Cape Town-based wheeling plant in August 2026 ▪ Expand water security measures for Gauteng assets Contribution to vacancy 1.8% Skyhawk Park 15 826m² | August 2026 Skyhawk Close 8 260m² | August 2027 NINE at S&J 22 450m² | October 2026 Brackengate 2 minis 9 873m² | August 2027 S&J Erf 270 – spec 15 105m² | September 2027 Vacancy by type Warehousing Industrial Units HiTech Industrial Retail Warehouse Renewal reversion analysis 46 316 14 568 35 Positive reversions 14 Flat reversions 2 Negative reversions GLA (m²) 1 696 35 Positive reversions 14 Flat reversions 2 Negative reversions Number of leases 44 Warehousing Industrial units Hi-tech industrial Retail warehouse 5.4% 0.7% 5.5% 7.6%
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption +R3.43bn Portfolio value R8.65bn R12.08bn +40.0% +20 000m² GLA 1.43m m² 1.45m m² +1.4% +R2 282/m² Value per m² R6 049 R8 331 +37.7% Where the value moved: 2021 to 2026 Core portfolio movement and change percentage by grade – excludes developments in progress and land +1.09bn +0.61bn +0.57bn +0.53bn +0.30bn +0.28bn +0.05bn Modern Logistics +55% HiTech Industrial +51% Industrial Units +49% Heavy Industrial +26% Warehousing +19% Light Manufacturing +53% Retail Warehouse +33% GLA movement by grade (m²’000, with change %) +17k +11k +7k 0k 0k -11k -18k HiTech Industrial +13.7% Warehousing +4.1% Modern Logistics +2.3% Light Manufacturing 0.0% Retail Warehouse 0.0% Industrial Units -4.4% Heavy Industrial -5.0% Source: Core industrial portfolio, February 2021 vs February 2026. F a +40% value uplift on just +1.4% more GLA. Modern logistics and hi-tech drove both value and space growth, while heavy industrial and industrial units shrank in GLA yet gained value – repositioning, not expansion Value grew almost 29x faster than space Value movement by grade (R’bn, with change %) 45 Hi-tech industrial +13.7% Warehousing +4.1% Modern logistics +2.3% Light manufacturing +0.0% Retail warehouse +0.0% Industrial units -4.4% Heavy industrial -5.0% Modern logistics +55% Hi-tech industrial +51% Industrial units +49% Heavy industrial +26% Warehousing +19% Light manufacturing +53% Retail warehouse +33% +17 000 +11 000 +7 000 -11 000 -18 000
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption 9 Old Pretoria Road, Gauteng, South Africa Where we intend to allocate future capital Dispersion by grade Source: Core industrial portfolio, February 2021 vs February 2026. Value per m² derived from reported value and GLA. Value by movement by Grade (R’bn, with change %) Modern logistics Hi-tech industrialWarehousing Industrial units Light manufacturing Heavy industrial Retail warehouse 5% 15% 25% 35% 45% 55% 65% 3,000 5,000 7,000 9,000 11,000 13,000 15,000 Change in value per m², 2021–2026 (%) Value per m² in 2026 (R) Grade 2021 2026 Change Modern logistics 6 387 9 685 +51.6% Hi-tech industrial 9 677 12 837 +32.7% Warehousing 5 970 6 810 +14.1% Industrial units 4 643 7 220 +55.5% Light manufacturing 5 300 8 100 +52.8% Heavy industrial 5 611 7 456 +32.9% Retail warehouse 10 000 13 333 +33.3% Portfolio R6 049 R8 331 +37.7% Value per m² by grade (R) F Industrial units, light manufacturing and modern logistics lifted value per m² by more than 50% – industrial units did it while shedding GLA. Hi-tech and retail warehouse remain the highest - value space at roughly R13 000/m², while warehousing lags at +14.1% Density, not footprint, is the story Strengthening real estate fundamentals Building confidence Accelerating technological adoption 46
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Macsteel overview Why this is not a typical single-tenant concentration risk Attribute Evidence Established business Over 120 years of operating history in Southern Africa Market position Leading merchandiser and distributor of steel and value-added steel products in Southern Africa National footprint Network of 40+ service centres, branches, warehouses and distribution facilities Vertical integration Active across trading, processing, manufacturing, logistics, distribution, and international steel procurement International reach Global trading operations spanning Africa, Americas, Asia, Middle East, Europe and Australia Supply chain depth Diverse supplier network across 30+ countries and customers in 50+ countries through the broader Macsteel Group Operational infrastructure Significant investment in specialised processing, laser cutting, coil processing, tube manufacturing, and value-added steel products At a glance Steelpark, Western Cape, South Africa Countering concentration risk Diversified revenue sources Macsteel is not reliant on a single plant, product line or customer segment Many facilities are highly specialised industrial assets incorporating: Relocation costs and operational disruption would be significant, creating strong occupancy stickiness ▪ Sheeting ▪ Tube and pipe manufacturing ▪ Fluid dynamics ▪ Specialised steel components ▪ Wholesale and retail National footprint The business operates from numerous strategic facilities across South Africa, creating operational redundancy and geographic diversification Significant fixed-capital investment Macsteel continues to invest capital into facilities, utilities, solar installations, equipment and operational upgrades, indicating long-term commitment to its operating footprint Mission-critical occupation Proven through economic cycles ▪ Asian financial crisis ▪ Global financial crisis ▪ COVID-19 pandemic Demonstrating an ability to adapt through commodity and industrial cycles The broader Macsteel Group highlights resilience through multiple global downturns, including: 47
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Invest Optimise Reposition / recycle Differentiating assets to drive growth Identifying strong performers Retail warehousing Modern logistics Heavy Grade industrial Warehousing 33 Green Star ratings | 26 PV installations 8.33MWp | ROI: 19.1% Hi-tech industrial Industrial units Light manufacturing ▪2% of asset value (R201m) ▪High capital growth potential #Properties 3 ▪1% of GMR ▪1% of GLA #Tenants 4 ▪21% of asset value (R2.5bn) ▪Low capital growth potential #Properties 9 ▪21% of GMR ▪24% of GLA #Tenants 9 ▪27% of asset value (R3.2bn) ▪High capital growth potential #Properties 14 ▪25% of GMR ▪23% of GLA #Tenants 17 ▪16% of asset value (R1.9bn) ▪Moderate capital growth potential #Properties 17 ▪16% of GMR ▪20% of GLA #Tenants 23 ▪15% of asset value (R1.8bn) ▪High capital growth potential #Properties 13 ▪14% of GMR ▪9% of GLA #Tenants 16 ▪7% of asset value (R809m) ▪Moderate capital growth potential #Properties 7 ▪7% of GMR ▪7% of GLA #Tenants 12 ▪13% of asset value (R1.57bn) ▪High capital growth potential #Properties 15 ▪15% of GMR ▪16% of GLA #Tenants 196 48
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Agata Sekuła, EPP investment officer Tomasz Trzósło, Chief executive officer The stability of retail
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption EPP Core portfolio profile overview A portfolio dominant in its respective nodes and located in cities with the strongest consumer demand 0.5% 1.1% 1.3% 1.5% 1.5% 1.6% 1.6% 1.7% 1.8% 1.8% 2.3% 2.5% 2.7% 2.8% Italy Switzerland Portugal Spain Eurozone France Germany United Kingdom Netherlands Finland Ireland Belgium Sweden Poland R17.6bn Value of directly held property assets FY25 | R19.0bn Galeria Echo, Kielce, Poland Retail purchasing power Wrocław 128.7, Poznań 120.5, Szczecin 113.7, Kielce 108.4 (Poland 100)¹ 659 Number of tenants FY25 | 668 250 076m² GLA FY25 | 250 651 m² Trade volume growth forecast 2026-20301 1Source: JLL, July 2026 50¹ Note: Assets in EPP Core portfolio are located in cities with high retail spending power that significantly exceeds the Polish average
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Market overview Operational update EPP is well positioned to benefit from solid market fundamentals Recovery of retail driven by growth in household spend on the back of improved disposable income ▪ Retail sales grew by between 1.3% and 8.7% over the period from September 2025 to June 2026 ▪ E-commerce accounted for between 8.6% and 11.0% of total retail sales from September 2025 to June 2026 ▪ Brands such as MR.DIY, HalfPrice, CentrumRowerowe.pl, Rituals, Sostrene Grene and dm opened new stores, while Lululemon, 8a.pl, Miniso, Ximi-V and Nikon announced plans to continue expanding. New fast-food operator including Taco Bell announced return to Poland and will open its first restaurants before year end ▪ The rapid expansion of retail parks continues across Poland, although signs of saturation are emerging in some catchment areas ▪ No new shopping centres (except 25 000m² Galeria Podhalanska in Nowy Targ) are currently under construction ▪ Footfall across the portfolio increased by 1% for the period from 1 September 2025 to 31 July 2026, compared with the prior comparable period ▪ Like-for-like turnover increased by 0.9% for the period from 1 September 2025 to 31 July 2026, compared with the prior comparable period ▪ Rent collection across both the retail and office portfolios remained strong, with a collection rate of 99.3% for the period from 1 September 2025 to 31 July 2026 (FY25: 99.7%) ▪ Occupancy increased in retail portfolio, rising from 98.2% to 98.6% and remained at almost the same level of 84.1% in office portfolio ▪ Rent-to-sales and occupancy cost ratios were 7.7% and 11.0%, respectively, for the period from 1 September 2025 to 31 July 2026 (improved from 8.2% and 11.5% at FY25) Environmental, social and governance ▪ EPP ranked ninth in Poland’s ESG Ranking for Responsible Management ▪ EPP won the ESG Compass Award for its people-centred strategy ▪ Achieved a CDP “B” rating ▪ All eligible properties achieved BREEAM In-Use ratings of Very Good or above ▪ EPP was named among Poland’s leading diversity and inclusion employers and received the Diversity IN Check Certificate EPP retail sales trends by category1 Category 2026 vs 2025 Fashion and accessories -1% Health and beauty 4% Services 4% Speciality goods 4% Food court 4% DIY -3% Electronics -7% Food/groceries/supermarkets -2% Household appliances and accessories 4% Value retailers -4% Entertainment 11% Café 5% Restaurants 3% Total weighted average 1% 1 September 2025 to 31 July 2026 compared to 1 September 2024 to 31 July 2025 51
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption EPP Core assets have grown consistently over recent years, with strong prospects ahead Shifting our focus to asset optimisation and operational efficiency King Cross Marcelin, Poznań, Poland July 26 FY25 Active occupancy (%) 99.6 99.4 Renewal reversions (%)1 0.9 0.4 Tenant retention by GMR (%) 94.9 95.1 Renewal success rate by GLA (%) 71.2 77.4 Weighted average rent indexation rate (%) (January 2026)2 2.0 2.1 Weighted average unexpired lease term by GMR (years) 3.8 3.8 Like-for-like footfall (%)3 0.2 -2.1 Rent-to-sales ratio (%)4 8.6 9.0 EPP Core portfolio trading statistics 1 Renewal reversions based on 15.7% of the core portfolio 2 Indexation occurs once a year, during the first calendar quarter. For the 2025 calendar year, the EICP inflation rate (all EU countries) printed at 2.5%, while the MUIP inflation rate (Eurozone countries) printed at 2.1% 3 Footfall data available from 1 September 2025 to 31 July 2026 and compared to the period 1 September 2024 to 31 July 2025 4 Data available from 1 September 2025 to 31 July 2026 Leasing update ▪ Since the beginning of the 2026 financial year, 51 new lease agreements have been signed, covering 10 448m² (4.2%) of the core portfolio, while 109 lease agreements covering 19 877m² (7.9%) of the core portfolio have been prolonged. In total, 160 lease agreements covering 30 325m² (12.1%) of the core portfolio have been executed ▪ Major new retailers include Fabryka Formy (1 789m²) in King Cross Marcelin, Worldbox (1 153m²) in Galaxy, Sportsdirect (1 288m²) in Pasaż Grunwaldzki, Worldbox (819m²) in Echo Kielce, and GAP (340m²) in Outlet Park ▪ Major lease agreement prolongations include Media Markt (2 625m²) in King Cross Marcelin, Komfort (2 285 m²) in Echo Kielce, Media Expert (905 m²) in Outlet Park, RTV Euro AGD (700m²) in Galaxy, and Pepco (561m²) in Pasaż Grunwaldzki 52
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption EPP JV portfolio overview Solid retail operating metrics driven by active asset management Horse Group EPP Community Galeria Młociny Henderson EPP % shareholding 50.0% 47.2% 70.0% 30.0% July 26 FY25 July 26 FY25 July 26 FY25 July 26 FY25 Active occupancy (%) 98.2 98.3 97.6 96.8 97.3 97.1 79.2 77.3 Renewal reversions (%)1 2.1 -3.9 -2.1 -0.1 -1.7 -9.1 -16.0 -8.7 Tenant retention by GMR (%) 98.0 96.1 96.1 95.8 94.3 93.2 94.0 95.0 Renewal success rate by GLA (%) 84.2 80.8 82.1 81.2 85.8 90.9 66.5 89.7 Weighted average rent indexation rate (%)2 1.9 2.0 2.3 2.3 2.0 2.4 1.8 2.1 Weighted average unexpired lease term by GMR (years) 4.2 4.9 3.1 3.1 3.7 3.6 3.1 3.0 Like-for-like footfall (%)3 1.0 -5.2 1.1 0.1 -2.0 1.4 n/a n/a Rent to sales ratio (%)4 6.9 7.4 7.1 7.4 8.4 9.8 n/a n/a EPP joint venture portfolio trading statistics 1 Renewal reversions based on 13.0% of Horse Group portfolio, 19.3% of EPP Community portfolio, 25.2% of Galeria Młociny and 23% of Henderson portfolio 2 Indexation occurs once a year, during the first calendar quarter. For the 2025 calendar year, the EICP inflation rate (all EU countries) printed at 2.5%, while the MUIP inflation rate (Eurozone countries) printed at 2.1% 3 Footfall data available from 1 September 2025 to 31 July 2026 and compared to the period 1 September 2024 to 31 July 2025 4 Data available from 1 September 2025 to 31 July 2026 53
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Structure optimisation General and administrative costs ESG Energy consumption Growing consumer purchasing power stimulates the retail sector Optimise debt funding Improved sales efficiency Business digitalisation ▪ Transition to interest-only structures on recent credit facilities, including part of the core portfolio – with margin reduction where achievable ▪ Actively sourcing additional revenue from alternative (non-rental) streams by leveraging the potential of our assets and operations ▪ New internal systems supporting operations ▪ Digital ratio in EPP improved to 48.9% (plan for year end of 48.2% versus 41.8% at year end FY25) ▪ Disciplined cost management across HR, communications, marketing, events and beyond ▪ A range of projects improving assets’ energy performance, waste management, biodiversity and climate resilience ▪ Advanced work underway on the net zero transition plan ▪ Reduction of the management board ▪ Optimisation of property management and head office structures initiated in 2024 and ongoing – with prudent headcount management maintained ▪ Building a sustainable and cost -efficient energy mix through AI-powered consumption analysis and BMS control, strategic energy tranche purchasing, PPAs and solar installations, and thermal modernisation of assets Bolstering income durability Pursing operational excellence in a dynamic environment 54
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Refining the portfolio to grow cashflow Translating opportunities into growth Unlocking assets’ potential Adding retail park space where appropriate, converting non- revenue-generating space into additional retail space, and utilising surplus land plots for residential development M1 portfolio Comprehensive re-tenanting of the M1 portfolio – introducing new brands and entertainment functions into spaces vacated by hypermarkets and electronics retailers, improvement of asset appearance and environmental performance Office portfolio Prudent management of fitout expenditure while leasing office space, majority of the assets’ improvements included in operating expenditure Debt structure Optimising debt structure – LTV, interest-only (no amortisation), and overall cost of debt JV operating profit margin Operating profit margin at EPP is impacted by JV consolidation structures – the calculation methodology for EPP Core only (as reported to the JSE) does not reflect the true underlying business performance Disposal of non-core assets Return analysis on a per-asset basis, disposal of non-core properties where competitive pricing can be achieved Alternative income Multiple alternative income initiatives: paid parking, advertising space, car washes, padel courts and container units Pasaż Grunwaldzki, Wrocław, Poland Strengthening real estate fundamentals Building confidence Accelerating technological adoption 55
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Adopting technology solutions to solve real business challenges Embracing digital transformation to drive new ways of doing business Business digitalisation ▪ New internal systems have been introduced to support performance and cost monitoring, interest charging on receivables, debt collection, and alternative income tracking ▪ Several HR processes have been digitalised, including electronic employee files, e-signatures, and other related workflows AI adoption ▪ CampusAI is a company-wide programme designed to build employees’ AI knowledge and skills ▪ AI is being used to support content creation, including written and visual materials, translations, and data analysis ▪ AI-based models are being piloted to identify discrepancies between databases, input documents and reports ▪ AI-driven energy management is being piloted through consumption analysis and BMS control E-invoicing ▪ Fully prepared, operationally and technologically, for Krajowy System e-Faktur (KSeF) national e-invoicing system compliance ▪ All invoices received and issued are processed electronically WasteTracker digital waste management tool ▪ Improves transparency and operational efficiency across waste management operations ▪ Two projects are live, with six more in the pipeline ▪ Achieved a 20%+ improvement in waste-sorting performance ▪ AI deployment is planned to support performance analysis and digital reporting 56
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption EPP priorities are focused on revenue growth and cost optimisation Driving continuous year-on-year improvement Improve operating profit margin to 75% to 80% Continuously assess options to simplify JVs Optimise debt funding profile to eradicate debt amortisation and reduce cost Distribute 80% to 90% of distributable income in cash to Redefine Priorities for EPP Galaxy, Szczecin, Poland 57
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Pieter Prinsloo, Redefine Europe CEO Optimising the logistics platform and creating an Investment Grade self-storage platform
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption ELI portfolio profile overview A developed portfolio in key logistics locations R9.7bn Carrying value FY25 | R10.5bn 513 287m² Active income producing GLA FY25 | 514 638m2 46.6% of GLA Diverse tenant base let to last-mile and distribution operators 74.6% by value located in major logistics hubs Standing asset Western Poland Szczecin Tricity Poznań Białystok Bydgoszcz- toruń Warsaw (inner city + suburbs) Lublin Rzeszów Kraków Central Poland (Łódź) Wrocław Upper Silesia Land acquired 59 Wrocław, Lower Silesia, Poland
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption ELI transitioning from rapid expansion to structural maturity The logistics market remains dynamic with increasing investment activity and rental growth ▪ Poland’s logistics market grew to 38.0 million m² and strengthened its status as a top European hub with strong occupier demand and high pre -letting levels ▪ Developers are maintaining a cautious approach, with a strong focus on pre-letting, resulting in lower expected supply ▪ Leasing activity surged in 2026, driven by strong growth in new leases and expansions, highlighting robust tenant demand across key logistics hubs ▪ Falling vacancy rates and stable rents indicate a tightening market creating more predictable leasing conditions ▪ Logistics investments increased significantly, reflecting investor confidence, improved liquidity, and the return of portfolio transactions Environmental, social and governanceESG Torun, Poland ▪ As at 31 July 2026, the GLA of the operating portfolio was 513 287m², with 32 370m² of undeveloped land1 ▪ The vacancy rate decreased from 3.2% as at 31 August 2025 to 1.9% as at 31 July 2026 ▪ Lease renewals totalling 60 262m² were recorded at an average rent of €5.2 per m², achieving rental growth of 2.3% ▪ New lettings of 6 443m² were recorded at an average rent of €5.1 per m², reflecting a -0.6% decrease over the expiring rental rates 2 ▪ First-time lettings of 8 732m² were recorded in developments at an average initial rent of €4.1 per m²3 ▪ 100.0% (FY25: 98.2%) of the portfolio has secured BREEAM certifications for new buildings – 70.8% of the certifications obtained fall within the Very Good or Excellent categories ▪ The calculation of GHG emissions (Scope 1, 2 and 3) for FY25 is complete and below the benchmark ▪ Energy performance certificates (EPCs) have been finalised, and all buildings fall into energy classes ranging from A to C ▪ Implementation of the Energy Performance of Buildings Directive (EPBD) ordinance in Poland (which will impose energy classes) by the ministry is targeted for 2026, with the EU mandatory deadline being 29 May 2026 Market overview Operational update 1 The decrease of 1 535m² since FY25 is due to the reduction in previously estimated office space due to the letting of vacant areas 2 New lettings form part of a major existing tenant renewal and expansion where the rentals were aligned 3 Excludes any lettings of office space 60
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Shifting ELI’s focus from development-led expansion to operational excellence Continued operational improvement driven by higher occupancy levels Bielsko Biala, Upper Silesia, Poland Actively pursue asset management opportunities Secure pre-letting agreements for undeveloped land to enable further development at favourable yields or sell remaining two land parcels Dispose of two non-core properties located in Warsaw and Krakow Improve dividend yield to 6.0% Priorities for ELI July 26 FY25 Active occupancy (%) 98.1 96.8 Renewal reversions (%)1 2.0 6.9 Tenant retention by GMR (%) 90.5 66.7 Renewal success rate by GLA (%) 86.1 64.6 Weighted average rent indexation rate (%) 2.3 2.3 WAULT by GMR (years) 5.8 5.0 ELI portfolio trading statistics 1 Renewal growth is based on 13% (FY25: 5.6%) of the portfolio 61
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Blonie North, Warsaw, Poland Renewals Reduce vacancies Improving the income yield is a key strategic priority Refining the portfolio by being proactive Administration cost reduced Reduction in management fees Refinancing complete Refinancing at lower interest rate and no amortisation Cost savings achieved Future opportunities Improve Lublin lease profile Convert some of the short-term leases at Lublin with low rental to longer-term leases at better rentals as market improves Two old existing buildings at Wrocław with an associated uplift in rental and occupancy Unlock the well-below-market rent at Zabrze to improve the distribution -25% discount to market rent Renew leases early, where possible, at higher rents to narrow the gap to market rental rates and save on void periods and expensive capex Let the balance of the vacancies Upgrade older buildings Zabrze (Weber) low rental 62
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Ruda Slaska, Upper Silesia, Poland Shifting the focus as market dynamics evolve Building a durable logistics platform Portfolio overview ▪ Focused, stabilised logistics portfolio with a proven track record of converting developments into strong operating assets ▪ Portfolio is internally managed with dedicated asset and leasing managers Market overview ▪ Market growth driven by infrastructure investment, cost-driven relocation of European and Asian manufacturing to Poland and cross-border e-commerce with neighbouring countries ▪ Flat market rental growth expected due to continued new supply What success looks like ▪ Stable and growing distributions from the portfolio ▪ Investment gains realised through asset disposals ▪ Diverse investment exposure to higher-income-yielding logistics formats, including mini logistics/SBUs Strengthening real estate fundamentals Building confidence Accelerating technological adoption 63
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Creating a more responsive portfolio with data-driven decision-making Harnessing technology to improve efficiency Internal knowledge agent A secure AI agent trained on internal data (teasers, investment memos, historical leases, valuations) to answer queries such as average rents, deal metrics, and historical performance by location Potential impact Faster investment performance analysis and better use of institutional knowledge for decision-making Automated modelling and screening AI to extract financial data from PDFs and Word files directly into Excel models, validate complex formulas, and screen the market for investment opportunities Potential impact Reduced manual errors, more consistent assumptions, and accurate forecasting Smart rent roll analysis Use technology to analyse rent rolls in real time, identifying over- and under-rented tenants, lease break options, and extension opportunities across the portfolio Potential impact Improved leasing strategy and enhanced income optimisation Commercial and investment 64
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Self-storage portfolio profile overview Establishing an Institutional Grade platform exposed to markets with growth potential 23 581 (68.7%) Occupied NLA1 FY25 | 20 292 (66.4%) R1.3bn Carrying value FY25 | R993.0m 20 Number of properties FY25 | 21 34 320m² Active income producing NLA FY25 | 30 543 m2 R449m Three development completed, total cost Adding NLA of 13 187m² 20 324m² Four developments in progress will increase NLA in FY27 and FY28 1 Net lettable area Tricity Zielona Góra Wrocław Upper Silesia Warsaw Kraków Bydgoszcz Legnica Poznań Operating Under Construction Land securedLegend: Geographical spread 65 Kraków Nowohucka (M1), Poland
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Market overview The self-storage opportunity Poland’s urbanisation drives demand in the underserved self-storage market ▪ Poland remains significantly underserved in the European self-storage sector ▪ Accelerated residential growth in major cities including Warsaw, Kraków and Wrocław is resulting in smaller apartments, driving sustained demand for flexible, supplementary household storage ▪ The continued rise of e-commerce is increasing demand from small businesses and entrepreneurs seeking affordable, flexible storage for inventory ▪ Growing adoption of online booking and digital management systems improves customer convenience and accessibility, thereby enhancing occupancy rates and operational efficiency in modern facilities Operational update ▪ The technology platform and executive team are now well positioned to drive tenant acquisition and operational performance through effective marketing and brand building ▪ Leasing performance at our three newly developed self-storage facilities, opened in Kraków and Warsaw, is in line with expectations, with steady growth in occupancy ▪ During the reporting period, three small self-storage facilities, resulting in a net reduction in containers of 1 615m² NLA and units of 560m² NLA were closed, with the associated land leases cancelled ▪ At 31 July 2026, the total NLA of the active portfolio (operating assets) was 34 320m² spread across 20 locations. This comprises 13 474m² of NLA in containers and 20 846m² of NLA in internal units ▪ Average occupancy of the portfolio was at 68.7%, with occupancy of internal units at 65.5% (excluding new developments 85.4%) and occupancy of containers at 73.7% Developments ▪ Two developments, located in Warsaw and Krakow, comprising 1 528 units with a total NLA of 8 172m² and a total cost of €15.1m, opened in February and April 2026 ▪ Two developments, located in Warsaw and Wrocław, areunder construction, comprising a total of 1 995 units with 10 645m² of NLA and a total cost of €18.4m ▪ Two new developments located in Warsaw and Gdansk, comprising 1 766 units with an NLA of 9 679m² and a cost of €21.1m are planned for construction over the next 12 months (subject to approvals) ▪ BREEAM certifications for self-storage operators in Europe, with a certification level of Very Good being the most common ▪ New developments include energy-efficient solutions such as PV rooftop panels, heat pumps, and energy-saving LED lights ▪ BREEAM certification positively impacts financing costs, valuations, and the potential of securing co-investors in the future Environmental, social and governance ESG 66
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Operational priorities to unlock income growth Developing an immature sector with high capital growth prospects Cost-effective marketing to drive performance Portfolio optimisation Cost control and organisational structure Site-specific performance improvement Self-storage market penetration remains at a fraction of Western European levels Dedicated campaigns for B2B clients Improved sales efficiency Ancillary revenue growth ▪ Maintain lead generation above 1 400 qualified leads per month ▪ Achieve an average conversion rate consistently above 35% ▪ Increase the share of e-rental contracts to 40% across the entire portfolio ▪ Implement a recovery plan to improve revenues at the Warsaw Modlińska ▪ Provide dedicated storage solutions for B2B clients that the competition is not offering ▪ Develop new sales support tools – paperless communications ▪ Simplify contract signing process – complete fully digitalised e-rental ability ▪ Introduce remote customer tours ▪ Lease unfitted floor space to bulk storage operators ▪ Rent out underutilised parking spaces ▪ Planned disposal of two underperforming sites: Zabrze and Poznań ▪ Stokado Services SPV, improve oversight and control head office costs ▪ Structure designed to support completed developments without significant increase in administrative expenses ▪ Achieve 100m² NLA net lease up per month ▪ Generate more B2B clients to lease the 8m² to 15m² unit sizes 67
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Capital deployed ▪ Fully deployed the €50m capital commitment into new developments Creating an institutional grade self-storage platform Building scale in high-demand locations Meet lease-up targets ▪ Reach stabilised occupancy of 85% to 90% for new developments Achieve scale and institutional quality ▪ Target an NLA of 75 000m²+ ▪ Develop 11 institutional- quality buildings with an average GLA of 5 000m² per location ▪ Reach a total portfolio value of €200m in five years Secure capital sources ▪ Utilise the two portfolio bank funding facilities ▪ Secure further bank funding as required ▪ New minority shareholder secured with a €10m investment, enabling further three developments ▪ Ultimately secure an institutional investor Achieve investment returns ▪ Capital growth through valuation uplift upon completion of developments ▪ Target development yield that is supported by stabilised income Kraków Sosnowiecka, Poland 68
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Stokado’s competitive advantage is a 360-degree service through their mobile application Managing the business to consumer relationship through technology AI agent for collection processes Cost optimisation An AI agent to automate outbound calls to clients with late payments. The solution will reduce reliance on external providers, lower costs, and provide greater transparency through access to call analytics and client insights. The AI agent will handle payment reminders and support clients by explaining the payment process when needed Potential impact Decrease the cost of debt collection processes and improve the efficiency of collections AI agent for inbound call centre Revenue generation Implement an AI agent as an internal call centre to handle customer enquiries outside working hours and on weekends. The agent will manage repetitive service- related questions, reduce the workload on staff, and provide insights into the most common customer issues through call tracking and analysis Potential impact Optimise cost related to inbound call centre Warsawa Lazarowa, Warsaw, Poland 69
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Business plan size (equity) €50m Entry yield on cost (trended EBITDA 1 yield for development projects) c.10% High demand for modern premises with low stabilisation period 6 months Internal rate of return 29.0% Cash-on-cash return 2.3x Investment horizon 5 years Expanding and diversifying the self-storage platform in Poland An asset class is emerging as a champion of risk-adjusted high-yielding returns – mini unit real estate The mini unit warehouse, typically 5 000m² to 6 000m² with individual tenant suites ranging from 40m² to 150m² appealing to small enterprises, is delivering superior performance Major demand drivers for mini units are flexibility and remote accessibility, meaning the offering must feature 24/7 online booking and access functionalities Mini units are complimentary to self-storage and provide an expansion opportunity in core markets without increasing market saturation Currently, there is only one institutional operator in the Polish market, and the current product offering is outdated Stokado’s competitive advantage is 360° service through their mobile application, which no one in the Polish market has From Stokado’s perspective, expanding into the mini unit sector provides diversification, creates economies of scale by using its existing technology and human capital to build a new revenue stream, reduces the risk of market saturation, and is defensive by providing its own small business tenants alternative premises to meet their growing needs as they develop into SMEs Overview of inside area Sample use case – auto detailing Common sanitary room View from mezzanine – gate, door Outside view Return metrics 1 Earnings before interest, taxes, depreciation and amortisation 70
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Our 2027 focus areas Creating smart, sustainable and relevant spaces Refine and expand the portfolio mix Simplify offshore JVs Respond to users' evolving needs M1, Poznan, Poland 71
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Ntobeko Nyawo, Chief financial officer Efficiently sourcing capital to drive our long-term growth
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Tracking strategic progress through a three-year review of impacts The funding base has broadened and concentration risk lowered on a self-help basis Reduced see-through LTV ratio to 45% (2023: 48%) Restored interest cover ratio to 2.3 times (FY24: 2.1 times) Net interest paid and debt has increased by 20% and 4%, respectively Recycled capital totalling R3.4bn Maturing debt of R26bn repaid with R28bn of new debt raised EPP core debt of R6bn early refinanced achieving 56bps reduction in margin Reduced margin on South African debt by 50bps, achieving an annualised saving of R147m R15bn green funding, which is 38% of group debt €327m (R6.2bn) SA banks directly funded in country debt of EPP in Poland 73
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Our clear, consistent and prudent risk management Strengthening the balance sheet to withstand cyclical events and drive our sustainable long-term growth Stable asset valuation uplift and maintaining our consistent 80% to 90% payout ratio, these are expected to gradually reduce gearing levels Focus on reducing the gap between the see-through LTV and the group LTV in the medium term The simplification of our Polish JVs is a catalyst for reducing our see-through gearing levels Recycling of capital into higher-quality yielding assets is a key part of our active asset management both in SA and Poland, and is expected to continue driving our long-term growth 50.0% 42.6% 40.4% 41.4% 42.5% 41.2% 40.3% 39.0% 54.5% 49.8% 47.0% 47.5% 48.2% 47.3% 46.1% 45,1% FY20 FY21 FY22 FY23 FY24 FY25 HY26 Q32026 Group LTV and see-through LTV SA REIT LTV See-through LTV FY26 74
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption A stable pathway to our LTV target Strong cash generation, asset valuation trajectory, and foreign exchange will set pace towards 38% to 41% LTV range No decrease or increase in SA and Polish property valuations Key assumptions No foreign exchange impacts of rand depreciation or appreciation against euro 41.2% 0.3% 0.5% 1.8% 39.0% 0.1% 0.2% 1.5% 39.7% (2.7%) (0.8%) (0.7%) (0.3%) (0.2%) (0.1%) (1.1%) FY25: Op Cashflow Valuations Forex SA disposals ELI repayment RET repayment International capex SA capex Dividend Q3 FY26 Op Cashflow International capex SA capex Dividend FY26 FC H1 distribution H2 distribution LTV sensitivity analysis Investment property valuations Impact SA property values ± by 1% (R0.7bn) 0.3% EPP property values ± by 1% (R0.2bn) 0.1% Valuation ± by 3% (R0.4bn) 0.2% Investment in JVs ZAR depreciates/appreciates by 5% 0.1% Foreign exchange movements 75 FY25 Op cash flow Op cash flow
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Hedging for certainty, not timing Extending tenor to reduce near-term earnings sensitivity to changes in interest rates Cross-currency swaps Interest rate swaps 4.2% 7.1% 3.0% RDF-EUR (CCS) RDF-ZAR IRS EPP-EUR Weighted average hedge rate Hedge ratioCumulative FX hedgesCumulative ZAR hedges 26.9 20.5 11.912.4 11.8 10.3 4.9 4.9 81.1% 67.8% 54.6% 15.8% 22.8% 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 0 5E+09 1E+10 1.5E+10 2E+10 2.5E+10 3E+10 FY26 FY27 FY28 FY29 FY30 Weighted average hedge profile Year-to-date R7.25bn interest rate swaps matured at an average fixed rate of 7.36% Earnings certainty is central to our strategy with hedging target of 75% debt over a rolling 3-year period R7.5bn of new interest rate swaps were executed at an average fixed rate of 6.75% for a tenor of two years €237.5m cross-currency swaps matured at an average fixed rate of 4.2% €205m cross-currency swaps were executed at an average fixed rate of 4.3% for a tenor of two years EPP entered into a €259m five-year interest rate collar with a 2.0% floor and a cap of 3.0% for a tenor of five years 76
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Debt margins continue to improve Proactively managing the cost of debt through market cycles Focusing on broadening our funding sources to drive healthy long-term market appetite levels F Weighted average cost of ZAR debt construct analysis Base rate Margin Hedging 80.4% 18.3% 1.3% F Maintain low counterparty concentration risk with < 15% per exposure F Leverage our strategic presence in debt capital markets to continue capturing the improving liquidity Diversify funding sources through cross-jurisdiction financing initiatives between South Africa and Poland while preserving balance sheet ring-fencing Strengthening real estate fundamentals Building confidence Accelerating technological adoption 2.50% 1.80% 1.93% Analysis of group debt margins Analysis of weighted average cost of debt FY24 2.50% 1.70% 1.84% 2.10% 1.60% 1.71% FY25 Q3 2026 5.10% 9.20% 7.47% FY24 4.50% 8.90% 7.01% 4.40% 8.60% 7.00% FY25 Q3 2026 GRP SA EPP GRP ZAR FX 77
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Debt maturity profile is healthy No near-term liquidity risks while maintaining our stable liquidity levels Group debt maturity profile Proactively extending debt tenor with healthy market appetite levels both in SA and Poland Sources of debt Q3FY26 1% 1% 1% 2% 2% 2% 4% 4% 4% 5% 5% 5% 7% 9% 10%11% 12% 13% Strengthening real estate fundamentals Building confidence Accelerating technological adoption During the period Settled R170m listed bond with margin of 1.80% Early settled R100m of secured term facility with margin of 1.79% Privately placed R1.25bn unsecured unlisted note for a seven-year tenor at margin of 1.35% EPP refinanced €323.9m secured facilities for a five-year tenor at a margin of 2.0%, achieving a 56bps reduction in funding margin Concluded M1 tranche 2 JV debt refinance of R2.1bn, on a bullet profile for a five-year tenor at a margin of 2.1% with no debt amortisation 0.2 5.4 5.8 9.6 6.9 8.1 3.2 3.4 1.0 2.0 0.3 1.8 1% 13% 16% 21% 18% 17% 7% 7% – 5% 10% 15% 20% 25% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY32> Figues in ZAR billions Debt balance Available balance Debt limit % Top 5 funders by exposure SA institutional funders International funders 78
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Our 2027 focus areas Efficiently sourcing capital through market cycles is fundamental to our long-term value creation Broaden our sources of capital Reduce see-through LTV by recycling non-core Polish assets Tailor hedging strategy to reduce earnings sensitivity to interest rate movements 90 Rivonia Road, Gauteng, South Africa 79
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Ntobeko Nyawo, Chief financial officer Positive organic growth driving our medium-term earnings performance
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Tracking strategic progress through a three-year review of impacts We have endured elevated inflation and steep finance costs, which have since eased but remains volatile Group net operating profit margin grew to 77.2% (FY23: 76.7%) Exceeded 10% target of new development spend in under-resourced areas Local solar PV capacity of 67.8MWp with 62.2MWp installed and a further 5.6MWp in progress (FY23: 34.9MWp) and 7.1MWp in progress in Poland Distributable income restored to R3.9bn (2023: R3.5bn) International contribution to distributable income improved to 28% (2023: 25%) NAV grew to 815.1 cents per share (2023: 765.9 cents per share) Digital ratio improved from 23.0% to 35.5% 81
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Operating margins stabilising Innovation, efficiencies and a high-quality property portfolio underpin our growth profile Focus on improving group NOPM towards our +80% medium-term target Sustainable rental income growth in SA’s retail and industrial sectors while office sector continues to stabilise Positive trading metrics in Poland, driven by high occupancy levels and indexation Continue with our group-wide disciplined cost management and drive innovative operational efficiencies in both SA and Poland, such as renewable energy solutions and digital transformation to better serve our tenants Focusing on high-quality earnings that drive sustainable organic growth through market cycles ¹ NOPM is calculated after administration costs but before funding costs 75.1% 78.5% 66.4% 76.2% 78.4% 71.4% 77.2% 79.5% 72.0% Group SA EPP Core Analysis of NOPM¹ FY24 FY25 HY26 International SA 67% 33% Assets 72% 28% Distributable income Earnings quality Recuring Non-recuring 0.2% 99.8% 82
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Organic growth profile continues to improve Focusing on variables under our control enables innovation that offsets operating headwinds and delivers durable growth Solar savings as a % of groups distributable income 2.1% 3.6% 4.3% 5.7% FY23 FY24 FY25 HY26 Operating segment Forward looking organic growth contribution to earnings assessment Expected medium-term NOI organic growth rate Key risks SA Retail +3% to +6% Changes to consumer’s underlying disposable income SA Industrial +4% to +8% Changes to modern logistics demand in key economic notes SA Office 0% to +3% SA’s GPD growth trajectory and employment EPP Core +2% to +4% Changes to consumer’s underlying disposable income EPP JVs +0% to +3% Changes to consumer’s underlying disposable income and pace of simplification ELI +2% to +4% Changes to Polish modern logistics demand in key economic hubs and Western Europe trade patterns Self-storage +0% to +15% Poland’s self-storage development and modernisation pace, largely a capital uplift play once occupancy stabilises Our organic growth profile is principally rooted in sound property fundamentals, dynamic capital allocation, and continued innovation around our business model Legend: Flat to muted growth Positive growth 83
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption NAV total return correlate to market in the long run Income is more durable than capital through market cycles 1.0% 10.8% 12.5% 8.4% 9.4% -0.8% 1.2% 3.2% 5.2% 7.2% 9.2% 11.2% 13.2% NAV total return Income Capital NAV total return 81.6% 2.5% -1.5% 31.0% 25.8% -20.0% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% FY21 FY22 FY23 FY24 FY25 Total shareholder return FY21 FY22 FY23 FY24 FY25 84
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Accelerating AI, but cybersecurity is vital Reimagining our core domains of leasing, operations and asset management through AI-enabled data insights AI focus areas Partnered with Microsoft and property-focused fin-tech players to scale AI to: ▪ Support tenant acquisition and transform experience ▪ Drive proactive utilities and demand management ▪ Enhance property management through deep insights 36.1% 41.0% 53.7% 77.3% 79.8% 81.2% 5.0% 14.0% 23.0% 29.7% 33.7% 35.5% 2021 2022 2023 2024 2025 2026 Cybersecurity score Digital ratio Cybersecurity score Digital ratio Cloud infrastructure health Network security protocols Data governance AI and tech investment Stakeholder adoption Process re-engineering 85
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption AI impacts of our technological adoption Scaling business transformation with AI to deliver a differentiated business model that is efficient and better serve our tenants Redefine’s AI foundational approach aims to transform how we operate and deliver a better tenant experience In line with our values, we would deploy and scale AI in a responsible, ethical and well-governed manner ▪ Generates meaningful business value ▪ Enhances human talent productivity profile ▪ Transform our tenant experience Our focus remains to evolve the operating model through a fit-for-purpose hybrid AI approach, harnessing cloud-enabled capabilities to deliver scalable innovation, enterprise-grade security, sound governance, and measurable business transformation AI-enabled ways of working Operational excellence drives transformation AI tooling 100.0% Copilot rollout AI adoption 76% Usage rate Digital engagement +30% AI-powered chat bots Workflow >2x Faster completion speed 47 263 AI-enabled and secured payment transactions since September 2025 97.8% tenant app refreshed pilot adoption and now scaling it across tenant base 108 403 automated facilities management workflow orders since March 2024 580 AI-generated qualified leads for new space since September 2025 86
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Trading update FY26 Improving property fundamentals playing through despite volatile macroeconomic environment Upper end of guidance Guidance of 6.5% to 7.0% growth in distributable income per share Positive organic growth Macroeconomic volatility SA and Polish operations continue delivering positive like-for-like growth Unpredictable global geopolitical risks distort inflation and rates cycle Focus on JV simplification Progressing the restructure of Polish JVs and recycling capital Local government elections Disciplined capital allocation Impact on Government of National Unity stability and pace of SA’s structural reforms agenda Proactive asset management to drive sustainable growth 87
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Financial outlook Positive organic growth continues to drive our medium-term earnings performance Payout ratio considerations consistently applied to distributable income ▪ Maintaining relevance and defensively repositioning our properties ▪ Proactively managing liquidity through market cycles ▪ Preserve shareholder value by minimising tax leakage ▪ Reducing the LTV towards our 38% to 41% medium target range ▪ Monitoring interest cover ratio (ICR) covenant levels proactively towards our target > 2.5 level The merits of a dividend reinvestment plan are considered on a case-by-case basis per each distribution event FY26 distributable income per share guidance Consistent payout policy 55.8 cents 56.1 cents 80% 90% 88
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Our 2027 focus areas Operational excellence and innovation translating into durable growth Improve group NOPM towards 80% medium-term target Drive distributable income growth Accelerate technology adoption to identify and enhance operational efficiencies 62 Umlambo Street Coega, Eastern Cape, South Africa 89
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Andrew König, Chief executive officer Delivering consistent value through focused execution
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Durability is not built in a crisis: It is revealed in one Structural shifts will outpace cyclical events Structural market fundamentals Cyclical Middle East conflict Shaping our future Fitch rating upgrade Accelerating technological adoption Building confidence Sustained distributable income growth Stable interest rates Strengthening real estate fundamentals Momentum maintained 91
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Capital allocation Capital sourcing Rental growth and cost containment Stakeholder experienceTeam and culture Our strategy in a nutshell Focusing relentlessly on the variables within ourcontrol to sustain value creation We will continue to focus on the variables under our control Build a quality, diversified portfolio that delivers durable growth Focus on conservative balance sheet management to optimise the cost of capital Accelerate new data and digital platforms to lift operating profit margin Direct influence on value creation Invest in and transform our human capital to empower creativity and drive innovation Embed ESG as an operational imperative by fostering stakeholder collaboration Indirect influence on value creation 92
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Anticipated outcomes from executing our strategic priorities in FY27 Strategic executions translate momentum into durable growth Investing strategically ▪ Reposition portfolio bias to consumer-driven ▪ Bolster an appropriate capital allocation risk profile ▪ Maintain durability of asset base ▪ Lower cost of internal sources of capital ▪ Improve equity risk profile ▪ Maintain predictable funding costs ▪ Deliver organic NOI growth ▪ Improve cost of external sources of capital ▪ Improve efficiency and strengthen decision- making processes Optimising capital Operating efficiently Engaging talent Growing reputation ▪ Foster diversity of thought ▪ Harness technology to improve productivity ▪ Deepen the leadership bench ▪ A stronger Redefine brand ▪ Deepen relationship with stakeholders ▪ Enhance our stakeholder and user experiences 93
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption 94 Why Redefine, why now? A clearer, simpler Redefine with exposure to the earnings durability of a diversified consumer-led asset platform Our equity story Rental growth Organic NOI growth Lower cost of capital Targeted capital allocationHigher occupancy Improved operating profit margin Durable earnings Higher shareholder returns Inorganic growth Organic growth Improving real-estate fundamentals A simpler portfolio and balance sheet Identifiable internal growth opportunities Disciplined capital deployment The translation of strategic execution into durable distributable income
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Wednesday, 26 August 2026, Johannesburg
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Strengthening real estate fundamentals Building confidence Accelerating technological adoption Wednesday, 26 August 2026, Johannesburg This presentation may include forward-looking statements which statements are not based on historical information, but rather premised on certain assumptions, risks, estimates and/or uncertainties (“risks and uncertainties”), which are taken into consideration as at date of this presentation. All figures presented are as at 31 July 2026, unless stated otherwise. Should these risks and uncertainties prove inaccurate, or should unknown risks and uncertainties affecting Redefine’s business materialise, the actual results may differ materially from Redefine’s expectations. As a result of risks and uncertainties falling outside of our control, Redefine is not able to guarantee that any forward-looking statements will materialise. Attendees are accordingly cautioned in this regard and in respect of reliance placed on forward-looking statements as predictors of future events. Redefine assumes no obligation and disclaims any intention to update or revise any forward-looking statements (even in the event of new information or change in risks and uncertainties), save to the extent required by the JSE. Disclaimer Please follow our LinkedIn page for more details For any questions please email: investorenquiries@redefine.co.za