Restructuring of Director’s interest in Balwin Properties Limited 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”) RESTRUCTURING OF DIRECTOR’S INTEREST IN BALWIN PROPERTIES LIMITED Shareholders are advised that Stephen Volker Brookes (“Mr Brookes”), the Chief Executive Officer of Balwin, restructured his shareholding in the company by disposing all of his shareholding to Volker Holdings (Pty) Ltd, of which Mr Brookes and his family are the sole beneficial holders. The rationale for the restructuring is that Mr Brookes is consolidating all of his South African assets into a holding company to be managed by his family office. In compliance with the JSE Limited Listings Requirements, the following information regarding the dealing in securities is disclosed: Name of director Stephen Volker Brookes Company of which a director Balwin Properties Ltd Status: Executive/Non-executive Executive Type and class of securities Ordinary shares Nature of transaction Disposal of shares by Mr Brookes to his associate (off- market transaction) Date of transaction 06 December 2019 Price per security 326 cents Number of securities transacted 167,635,659 Total rand value of transaction R546,492,248.34 Nature and extent of interest in the transaction Change from direct beneficial to indirect beneficial Clearance obtained Yes Shareholders are advised that Rodney Norman Gray (“Mr Gray”), the Managing Director of Balwin, restructured his shareholding in the company by disposing all of his shareholding to Rodna Investments (Pty) Ltd, of which Mr Gray and his family are the sole beneficial holders. The rationale for the restructuring is that Mr Gray is consolidating all of his South African assets into a holding company to be managed by his family office. Name of director Rodney Norman Gray Company of which a director Balwin Properties Ltd Status: Executive/Non-executive Executive Type and class of securities Ordinary shares Nature of transaction Disposal of shares by Mr Gray to his associate (off market transaction) Date of transaction 06 December 2019 Price per security 326 cents Number of securities transacted 47,221,798 Total rand value of transaction R153,943,061.48 Nature and extent of interest in the transaction Change from direct beneficial to indirect beneficial Clearance obtained Yes Bedfordview 06 December 2019 Sponsor: Investec Bank Limited Date: 06-12-2019 12:30:00 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.