PUTPROP LIMITED
Incorporated in the Republic of South Africa
(Registration number 1988/001085/06)
Share code: PPR ISIN: ZAE000072310
("Putprop" or "the Company")

MAMELODI AND DOBSONVILLE DEVELOPMENT UPDATE AND WITHDRAWAL OF CAUTIONARY

1. INTRODUCTION

Shareholders are referred to the cautionary announcement dated 17 October 2018, the subsequent
renewal of cautionary announcements, the last of which was dated 27 May 2019 and the terms
announcement dated 9 April 2019 ("Terms Announcement"), and using the terms defined therein
unless otherwise stated, are hereby provided with an update thereto.

2. UPDATES TO THE DETAILS OF THE DEVELOPMENT

Shareholders are advised of the following updates to the Development arising from the latest version of
the Feasibility Study:

2.1   GLA of the Development
      2.1.1. The Mamelodi Shopping Centre is expected to constitute approximately 14 655 m2 of GLA.
      2.1.2. The Dobsonville Shopping Centre is expected to constitute approximately 17 851 m2 of GLA.

2.2   Sale Consideration
      2.2.1. Based on the current total expected GLA of the Properties of 32 506 m2, the aggregate
             effective sale consideration payable by McCormick to Putprop for its 50% undivided share in
             and to the Properties should not exceed R17 878 300.

2.3   Development Consideration
      2.3.1. Subject to finalisation of the Feasibility Study, the anticipated 50% (fifty percent) equity
             contribution payable by Putprop:
             2.3.1.1. in respect of the development of the Mamelodi Shopping Centre is an amount of
                      R5 910 per square meter of GLA and, based on expected GLA of 14 655 m2,
                      equates to an amount of R86 615 547; and
             2.3.1.2. in respect of the development of the Dobsonville Shopping Centre is an amount of
                      R6 979 per square meter of GLA and, based on expected GLA of 17 851 m 2,
                      equates to an amount of R124 587 106.

2.4. Feasibility Study
     As disclosed to shareholders in the Terms Announcement, the Dobsonville Property is currently
     under investigation for possible Dolomite risk implications, the outcome of which may affect the
     final buildable GLA of the Dobsonville Shopping Centre and the costs associated with the
     development thereof.

     A Dolomite geotechnical study is in the process of being completed in order for the final report and
     proposed GLA of the Dobsonville Shopping Centre to be submitted to the Council for Geoscience
     for formal findings and signoff. Development of the Dobsonville Shopping Centre may only proceed
     once such signoff has been obtained. This process is currently ongoing. Should the Dolomite
     geotechnical study be unfavourable or result in feasibility costings that do not meet desired
     yields, Putprop is entitled to not proceed with development of the Dobsonville Property. The
     Company will keep shareholders appraised via SENS as to the acceptance or non-acceptance of
     the feasibility of the Dobsonville Shopping Centre and the findings made by the Council for
     Geoscience and any implications on the Development.

3. PROPERTY SPECIFIC INFORMATION

3.1. Mamelodi Shopping Centre
     The expected weighted average monthly rental per square metre for the Mamelodi Property
     assumed from the date of completion is R114.00 per m2. The expected average annualised
     property yield in respect of the Mamelodi Property from the date of completion is 10.5%. The GLA
     of the Mamelodi Shopping Centre will be 100% weighted towards the Retail sector.

3.2. Dobsonville Shopping Centre
     The expected weighted average monthly rental per square metre for the Dobsonville Property
     assumed from the date of completion is R122.01 per m2. The expected average annualised
     property yield in respect of the Dobsonville Property from the date of completion is 9.5%. The GLA
     of the Dobsonville Shopping Centre will be 100% weighted towards the Retail sector.

4. FURTHER DOCUMENTATION

     The Circular is expected to be distributed to shareholders on or about 19 July 2019. Putprop will, at the
     general meeting of shareholders convened in terms of the Circular, seek authority from shareholders to
     fund the equity contribution payable by Putprop in terms of the Development over the Development
     Period.

5. WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT

     Further to the cautionary announcement dated 17 October 2018 and the subsequent renewal of
     cautionary announcements, the last of which was dated 27 May 2019, shareholders are advised that as
     a result of the disclosure of the information contained in this announcement, caution is no longer
     required to be exercised when dealing in the Company's securities.

Johannesburg
9 July 2019

Sponsor and Corporate Advisor
Merchantec Capital

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