Unaudited interim results for the six month period ended 31 August 2020 and cash dividend declaration Balwin Properties Limited (Incorporated in the Republic of South Africa) (Registration number:2003/028851/06) Share code: BWN ISIN: ZAE000209532 (“Balwin” or “the Group”) Unaudited interim results for the six month period ended 31 August 2020 and cash dividend declaration Balwin is a specialist, national residential property developer of large-scale sectional title estates with a focus on high quality, affordable apartments with an innovative lifestyle offering for clients. Balwin’s results for the six month period ended 31 August 2020 reflect the unprecedented and evolving market conditions brought about by the coronavirus pandemic. As a result of the outbreak and the response implemented by the South African government to best contain the Covid-19 virus, no construction activity took place from the enforcement of the national lockdown on 26 March 2020 until the easing of the restrictions to alert level 3 on 1 June 2020. The start-up of construction was conducted on a phased basis in line with national regulations and accordingly it is estimated that, in total, construction activity was adversely impacted for approximately 3 months. FINANCIAL HIGHLIGHTS Revenue Decrease of 35% to R930 million Profit for the year Decrease 56% to R81 million Earnings per share Decrease 56% to 17 cents per share Headline earnings per share Decrease 56% to 17 cents per share Net asset value per share Increase 9% to 631 cents per share CASH RESOURCES AND FUNDING STRUCTURE The Group continued its focus on capital allocation and is pleased to report that cash on hand for the Group improved to R427.7 million at interim period end, an increase of R153.8 million from the prior corresponding period. It is noted that the deferral of the final dividend for the year ended 29 February 2020 (dividend of R68.5 million paid for year ended 28 February 2019) contributed to the increased cash on hand at period end. The Group’s long-term debt-to-equity ratio at the end of the reporting period was 25% compared to 23% in the prior corresponding period, well within the Board threshold of 50%. The group measures long-term debt as all land and infrastructure debt. The Board believes that this is an appropriate metric as development finance is specific to a development, short-term in nature and secured by existing pre-sales. DIVIDEND Notice is hereby given that the Board has declared an interim gross dividend of 19.6 cents per ordinary share (H12020: 11.7 cents). This includes the dividend pertaining to the final results for the year ended 29 February 2020 which was previously deferred. The dividend is payable out of income reserves for the period ended 31 August 2020 to ordinary shareholders in accordance with the time table below: Declared Monday, 12 October 2020 Last day to trade (Cum dividend) Tuesday, 8 December 2020 Ex dividend Wednesday, 9 December 2020 Record date Friday, 11 December 2020 Payment date Monday, 14 December 2020 Dividend tax amounting to 3.92 cents per ordinary share will be withheld in terms of the Income Tax Act. Ordinary shareholders who are not exempt from dividends tax will therefore receive a dividend of 15.68 cents net of dividends tax. The company has 472 192 592 ordinary shares in issue. Balwin’s income tax reference number is 9058216848. Share certificates may not be dematerialised or rematerialised between Wednesday, 9 December 2020 and Friday, 11 December 2020, both days inclusive. SHORT-FORM ANNOUNCEMENT This short-form announcement is the responsibility of the Board of Directors of Balwin. It contains only a summary of the information in the full announcement (“full announcement”) and does not contain full or complete details. The full announcement can be found at: https://senspdf.jse.co.za/documents/2020/jse/isse/BWNE/interim.pdf Copies of the full announcement are also available for viewing on the group’s website at https://balwin.co.za/investor-relations/results-reports-webcasts/financial-results/interim- results/ or may be requested in person, at the group’s registered office or the office of the sponsor, Investec Bank Limited, 100 Grayston Drive, Sandown, at no charge, during office hours. Any investment decisions by investors and/or shareholders should be based on consideration of the full announcement, as a whole. The financial information contained in this publication has not been reviewed or reported on by the company’s external auditors. 12 October 2020 Sponsor Investec Bank Limited Date: 12-10-2020 07:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 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