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 group. The bonus shares were issued in
terms of the group’s conditional share plan (“CSP”) on 1 July 2022 as pertaining to the financial year
ended 28 February 2022. 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 Proprietary Limited
 Name of company:                        Balwin
 Date of delivery:                       5 August 2025
 Number of shares:                       1 716 640
 Deemed price:                           R2.3118
 Total value:                            R3 968 528.35
 Nature of transaction:                  Off-market vesting and acceptance of CSP awards,
                                         transfer deferred
 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
 Date of delivery:                       5 August 2025
 Number of shares:                       753 803
 Deemed price:                           R2.3118
 Total value:                            R1 742 641.78
 Nature of transaction:                  Off-market vesting, acceptance and transfer 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
Date of transaction:     6 August 2025
Number of shares:        655 173
Price per share:         R2.3118
Total value:             R1 514 628.94
Nature of transaction:   On-market disposal (*) of shares that have vested in
                         respect of the CSP for the 2022 financial year
Nature of interest:      Indirect beneficial
Clearance obtained:      Yes

Name of director:        Jonathan Bigham
Designation:             Chief Finance Officer
Name of company:         Balwin
Date of delivery:        5 August 2025
Number of shares:        315 273
Deemed price:            R2.3118
Total value:             R728 848.12
Nature of transaction:   Off-market vesting and acceptance of CSP awards, transfer
                         deferred
Nature of interest:      Direct beneficial
Clearance obtained:      Yes


Corlett Drive
13 August 2025
Sponsor
Investec Bank Limited