Dealings in securities by Executive Directors and Prescribed Officers: Vesting 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" or "the Company")

DEALINGS IN SECURITIES BY EXECUTIVE DIRECTORS AND PRESCRIBED OFFICERS: VESTING OF LONG- TERM INCENTIVE SHARES

In compliance with the JSE Listings Requirements, shareholders are advised of the vesting of bonus shares to executive directors and prescribed officers of the Company. The bonus shares were issued in terms of the Company's conditional share plan ("CSP") on 31 July 2019 as pertaining to the financial year ended 28 February 2019. Details of the CSP are included in the Remuneration Report as contained in the Group's Integrated Annual Report.

In compliance with rules 3.63 to 3.66 of the JSE Listings Requirements, the following information is disclosed:

(*) the disposal of shares is to settle tax obligations arising from the vested bonus shares.

Directors of Balwin Properties Limited

Name of director:	Stephen Volker Brookes
Designation:	Chief Executive Officer
Name of associate:	Volker Holdings Pty Limited
Name of company:	Balwin Properties Limited
Date of vesting:	30 June 2022
Number of shares:	615 355
Deemed price:	R2.55
Total value:	R1 570 632.84
Nature of transaction:	Off-market vesting of CSP awards
Nature of interest:	Indirect beneficial
Clearance obtained:	Yes
Name of prescribed officer:	Rodney Norman Gray
Designation:	Managing Director
Name of associate:	Rodna Investments Pty Limited
Name of company:	Balwin Properties Limited
Date of vesting:	30 June 2022
Number of shares:	468 396
Deemed price:	R2.55
Total value:	R1 195 534.51
Nature of transaction:	Off-market vesting of CSP awards
Nature of interest:	Indirect beneficial
Clearance obtained:	Yes
Name of prescribed officer:	Rodney Norman Gray
Designation:	Managing Director
Name of company:	Balwin Properties Limited
Date of transaction:	2 August 2022
Number of shares:	217 804

Weighted average price per share:

Price per share - high: Price per share - low: Total value:

Nature of transaction:

Nature of interest: Clearance obtained:

Name of director: Designation:

Name of company: Date of vesting: Number of shares: Deemed price: Total value:

Nature of transaction: Nature of interest: Clearance obtained:

Name of prescribed officer: Designation:

Name of company: Date of vesting: Number of shares: Deemed price: Total value:

Nature of transaction: Nature of interest: Clearance obtained:

Name of prescribed officer: Designation:

Name of company: Date of transaction: Number of shares:

Weighted average price per share:

Price per share - high: Price per share - low: Total value:

Nature of transaction:

Corlett Drive

4 August 2022

Sponsor

Investec Bank Limited

R2.55

R2.70

R2.44

R555 923

On-market disposal (*) of shares that have vested in respect of the CSP for the 2019 financial year

Direct beneficial Yes

Jonathan Bigham

Chief Finance Officer

Balwin Properties Limited

30 June 2022

46 667

R2.55

R119 112.91

Off-market vesting of CSP awards accepted Direct beneficial

Yes

Ulrich Gschnaidtner

Chief Projects Officer

Balwin Properties Limited

30 June 2022

383 289

R2.55

R978 307.30

Off-market vesting of CSP awards Direct beneficial

Yes

Ulrich Gschnaidtner

Chief Projects Officer

Balwin Properties Limited

2 August 2022

383 289

R2.55

R2.70

R2.44

R978 307.30

On-market disposal of shares that have vested in respect of the CSP for the 2019 financial year