Dealings in securities by Executive Directors: Award of long-term incentive shares Balwin Properties Limited (Incorporated in the Republic of South Africa) Registration number 2003/028851/06 Share code: BWN ISIN: ZAE000209532 (“Balwin” or “the Group”) DEALINGS IN SECURITIES BY EXECUTIVE DIRECTORS: AWARD OF LONG-TERM INCENTIVE SHARES In compliance with the JSE Listings Requirements, shareholders are advised of the acceptance of bonus shares by executive directors of the company that were issued in terms of the companies conditional share plan (“CSP”). CSP awards are subject to retention. In compliance with rules 3.63 to 3.66 of the JSE Listings Requirements, the following information is disclosed: Name of director: Stephen Volker Brookes Designation: Chief Executive Officer Name of company: Balwin Properties Limited Number of shares: 1 220 156 Deemed price: 2.54 Deemed value: R3 099 196 Acceptance of award: 26 February 2019 Nature of transaction: Off-market acceptance of allocation of CSP awards Nature of interest: Direct beneficial Clearance obtained: Yes Name of director: Rodney Norman Gray Designation: Managing Director Name of company: Balwin Properties Limited Number of shares: 845 204 Deemed price: 2.54 Deemed value: R2 146 818 Acceptance of award: 26 February 2019 Nature of transaction: Off-market acceptance of allocation of CSP awards Nature of interest: Direct beneficial Clearance obtained: Yes Name of director: Jonathan Weltman Designation: Chief Financial Officer Name of company: Balwin Properties Limited Number of shares: 431 745 Deemed price: 2.54 Deemed value: R1 096 632 Acceptance of award: 26 February 2019 Nature of transaction: Off-market acceptance of allocation of CSP awards Nature of interest: Direct beneficial Clearance obtained: Yes Bedfordview 27 February 2019 Sponsor Investec Bank Limited Date: 27/02/2019 09:42:00 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.