Changes to the Board of Directors Balwin Properties Limited (Incorporated in the Republic of South Africa) Registration number 2003/028851/06 Share code: BWN ISIN: ZAE000209532 (“Balwin” or “the company” or “the group”) CHANGES TO THE BOARD OF DIRECTORS In accordance with paragraph 3.59 of the JSE Limited Listings Requirements, the board of directors of the company (“the Board”) wishes to advise shareholders that Messrs Duncan Westcott and Julian Scher were appointed as independent non-executive directors to the Board with effect from 9 October 2019. Mr Rodney Gray stepped down as an Executive Director of the Board on the same date to focus on the operational daily running of Balwin Properties as the Managing Director. Mr Duncan Westcott (CA(SA)) served as a partner of PricewaterhouseCoopers for over 20 years where his roles included national staff partner, national head of small business practice and lead partner of transaction services in the Western Cape. He also has extensive financial and commercial experience. Mr Westcott is chairman of Standard Bank Mauritius as well as an independent non-executive director and chairman of the audit committee at Lewis Group Limited. Mr Westcott will also be appointed as a member of the audit and risk committee of Balwin Properties Limited. Mr Julian Scher (B.Com, LLB) was articled and an associate at Webber Wentzel. Subsequently, Mr Scher expanded his experience spending a few years at UAL Merchant Bank. Mr Scher’s focus is predominantly on the commercial aspects of property development, sectional title, property litigation, town planning work and conveyancing. In 1994, he and Johan Strauss founded Strauss Scher Attorneys and he is still practicing law as the Senior Director at Strauss Scher. The Board welcomes Duncan and Julian and look forward to benefiting from their vast experience. The Board also thanks Rodney for his contributions at board level and look forward to his continued contributions on an operational level as the Managing Director of Balwin Properties. Board composition Following the above changes the composition of the Board is as follows: Mr Hilton Saven Independent non-executive/Chairman Ms Kholeka Mzondeki Independent non-executive director Ms Thoko Mokgosi/Mwamtembe Independent non-executive director Mr Tomi Amosun Independent non-executive director Mr Arnold Shapiro Independent non-executive director Mr Julian Scher Independent non-executive director Mr Duncan Westcott Independent non-executive director Mr Ronen Zekry Non-executive director Mr Steven Brookes Chief executive officer Mr Jonathan Weltman Chief financial officer Bedfordview 11 October 2019 Sponsor: Investec Bank Limited Date: 11/10/2019 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.