PUTPROP LIMITED

Incorporated in the Republic of South Africa

(Registration number 1988/001085/06)

Share code: PPR ISIN: ZAE000072310

(“Putprop” or “the Group” or “the Company)

Summarised Consolidated Results for the year ended

30 June 2017 and Dividend Declaration

These summarised consolidated Group financial statements for the

year ended 30 June 2017 have been extracted from the audited annual

financial statements upon which Mazars have issued an unqualified

audit report, but is not itself audited. The directors take full

responsibility for the preparation of the summarised financial

statements and confirm that the financial information has been

correctly extracted from the underlying annual financial statements.

The Group annual financial statements are available for inspection

at the Company’s registered office. The auditor’s report does not

necessarily report on all of the information contained in this

announcement/financial results. Shareholders are therefore advised

that in order to obtain full understanding of the nature of the

auditor’s engagement they should obtain a copy of the auditor’s

report together with the accompanying financial information from the

Company’s registered office. This report contains the information

required by IAS34 Interim Financial Reporting.

Preparation of Annual Financial Statements for the year ended

30 June 2017

The annual financial statements contained in this report are also

available on the Group’s website, www.putprop.co.za, and have been

prepared by the Chief Financial Officer, James E. Smith B.Sc, B.

Acc, CIEA. The annual financial statements have been audited in

compliance with the requirements of the Companies Act.

James E. Smith

Chief Financial Officer

19 September 2017

FINANCIAL HIGHLIGHTS

Gross property revenue up 12.3% to R73.8 million

Net Asset value of 1 252 cents per share

Annual escalation on contractual rental income maintained at 8%

in difficult rental market

Market value per m2 of property portfolio up 15% to R7 030 per m2

OPERATIONAL HIGHLIGHTS

Dividend distribution of 13 cents per share, the 30th

consecutive year of a dividend pay-out to shareholders

Acquisition of Parktown Towers for R93.6 million

Additional investments in associate companies, Belle Isle and

Pilot Period of R44.9 million

Future minimum lease rentals between one to five years increased

by 33% to R158 million

STATEMENTS OF FINANCIAL POSITION

As at 30 June 2017

Group

2016

2017 Restated*

R’000 R’000

ASSETS

Non-current assets

Net investment property 571 941 454 071

Gross investment

property 582 758 459 878

Straight-line rental

income adjustment (10 817) (5 807)

Other non-current

assets

Straight-line rental

income asset 9 355 4 492

Furniture, fittings

computer equipment and

motor vehicles 80 96

Investment in

associates 117 244 102 076

Loan to associate 1 616 –

Cumulative redeemable

preference shares in

associate 32 783 -

733 019 560 735

Current assets

Straight-line rental

income asset 1 462 1 314

Trade and other

receivables 6 137 21 962

Current taxation

receivable 811 -

Cash and cash

equivalents 25 490 153 608

33 900 176 884

Total assets 766 919 737 619

Equity and liabilities

Equity attributable to

owners of the parent

Stated capital 101 969 101 969

Accumulated profit 460 051 426 551

Total Equity 562 020 528 520

Non-current liabilities

Deferred taxation 42 434 37 859

Loan liabilities 146 711 86 636

189 145 124 495

Current liabilities

Current taxation

payable - 10 503

Loan Liabilities 2 909 2 292

Dividend payable - 40 000

Trade and other

payables 12 845 31 809

15 754 84 604

Total equity and

liabilities 766 919 737 619

*No third statement of financial position is presented as the

restatement only impacts 2016.

STATEMENTS OF COMPREHENSIVE INCOME

for the year ended 30 June 2017

Group

2017 2016

R’000 R’000

Property rental

revenue 57 281 51 374

Operating cost

recoveries 16 584 14 381

Gross property

revenue 73 865 65 755

Property expenses (20 074) (17 617)

Net profit from

property operations 53 791 48 138

Corporate

administration

expenses (7 187) (10 185)

Investment and other

income 3 788 8 754

Share of associates’

Profits/(loss) 3 049 (5 942)

Operating profit

before finance costs 53 441 40 765

Finance costs (9 448) (6 820)

Operating profit

before capital items 43 993 33 945

Loss on sale of

assets - (4 850)

Profit before fair

value adjustments 43 993 29 095

Fair value

adjustments 9 104 11 284

Profit before

taxation 53 097 40 379

Taxation (13 790) (19 259)

Profit and total

comprehensive income

for the year 39 307 21 120

Attributable to

owners of parent 39 307 20 787

Attributable to non

controlling interest - 333

Earnings and diluted

earnings per share

(cents) 87.99 46.5

STATEMENTS OF CHANGES IN EQUITY

for the year ended 30 June 2017

Attributable to owners of

the parent

Stated

Accumu-

lated

Share-

holders’

Non

controlli

ng

interest

capital profit interest Total Total

R’000 R’000 R’000 R’000 R’000

GROUP

Balance at 1 July

2015 101 969 443 074 545 043 26 780 571 823

Retained earnings

obtained from

acquisition of

joint operation - 1 195 1 195 - 1 195

Minority

shareholder loans -

Non controlling

interest

(Restated)* - - - 7 866 7 866

Profit and total

comprehensive

income for the year - 20 787 20 787 333 21 120

Change in %

ownership under

common control

(Restated)* - 12 663 12 663 (34 979) (22 316)

Dividends paid - (51 168) (51 168) - (51 168)

Balance at 30 June

2016 101 969 426 551 528 520 - 528 520

Profit and total

comprehensive

income for the year - 39 307 39 307 - 39 307

Dividends paid - (5 807) (5 807) - (5 807)

Balance at 30 June

2017 101 969 460 051 562 020 - 562 020

*No changes to opening balance retained earnings as at 1 July 2015

were made as the restatement only impacts 2016.

Statements of cash flows for the year ended 30 June 2017

Group

2017 2016

R’000 R’000

Cash flow (utilised

in)/generated from

operating activities (19 291) 5 932

Net cash generated from

operations 53 018 28 368

Finance costs (9 448) (6 820)

Investment income 3 475 6 009

Taxation paid (20 529) (10 457)

Dividends paid (45 807) (11 168)

Cash flow (utilised

in)/generated from

investing activities (147 202) 12 806

Additions and

improvements to

investment property (108 766) (37 254)

Additions to investment

in associates (36 797) (15 035)

Loan advanced to

associates (1 616) -

Acquisition of

furniture, fittings

computer equipment and

motor vehicles (23) (27)

Cash from joint

operation - 1 288

Proceeds on sale of

investment properties - 61 076

Cash received from

associates - 2 758

Cash flow from

financing activities 38 375 31 219

Additions to the

investment in (5 942) –

subsidiary paid to

minority shareholders

Cash paid to assume the

loans of minority

shareholders in the

subsidiary (16 375) -

Payments made on

borrowings (4 155) (11 292)

Proceeds received on

borrowings 64 847 42 511

Net (decrease)/increase

in cash and cash

equivalents (128 118) 49 957

Cash and cash

equivalents at

beginning of year 153 608 103 651

Cash and cash

equivalents

at end of year 25 490 153 608

BASIS OF PREPARATION AND ACCOUNTING POLICIES

1.1 Basis of preparation

The financial statements have been prepared using a combination of

the historical cost and fair value basis of accounting.

Prepared in accordance with the:

International Financial Reporting Standards (IFRS), consistent

with those applied in the annual financial statements for the

year ended 30 June 2016;

Contains as a minimum the information required by IAS34, Interim

Financial Reporting

SAICA Financial Reporting Guides, as issued by the Accounting

Practices Committee;

Financial Reporting Pronouncements as issued by the Financial

Reporting Standards Council;

JSE Listings Requirements;

Companies Act, 71 of 2008, as amended; and

Going concern principles.

Functional - and presentation currency

* South African Rand

Rounding principles

* R’000 (Thousand)

These financial statements comprise the financial statements of

Putprop Limited, its subsidiary companies and equity accounted

associates and joint operations together referred to as the Group.

STANDARDS AND INTERPRETATIONS EFFECTIVE AND ADOPTED IN THE CURRENT

YEAR

In the current year, the Group has adopted the amendment to IAS 1

which resulted in us reassessing our annual financial statements to

ensure only material items have been detailed.

1.2 SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS

In preparing the financial statements, management are required to

make estimates and assumptions that affect reported income,

expenses, assets, liabilities and disclosure of contingent assets

and liabilities. Use of available information and the application

of judgement are inherent in the formation of estimates. Judgement

in these areas is based on historical experience and reasonable

expectations relating to future events. Actual results in the future

could differ from these estimates, which may be material to the

financial statements. Significant estimates made relate to the

determination of fair values of investment properties, joint

operations and joint ventures, debtors and collections, taxation and

trade receivables. Management discusses with the Audit Committee the

development, selection and disclosure of the Group’s critical

accounting policies and estimates and the application of such

policies and estimates

1.3 CONSOLIDATION

Basis of consolidation

The consolidated financial statements comprise the financial

statements of the group and its subsidiary as at 30 June 2017.

The results of the subsidiary are included in the consolidated annual

financial statements from the effective date that control was acquired

to the effective date that control is disposed of or lost.

All intra-group transactions, balances, income and expenses are

eliminated in full on consolidation. Non-controlling interest is

recognised on a proportionate basis.

1.4 Related parties

Type of

transaction

Amounts

received

2017

R’000

Amounts

received

2017

R’000

Amounts

received

2016

R’000

Amounts

received

2016

R’000

Larimar

Limited

Lease

rentals

received 27 013 - 34 509 -

Larimar

Limited

Operating

lease

recoveries 6 092 - 11 763 -

Larimar

Limited

Trade

receivables

due /trade

payables

payable 791 - 5349 1 560

Larimar

Limited

Commissions

paid on

sale of

property - - - 4 000

Amounts outstanding between related parties are unsecured,

bear no interest and have no fixed terms of repayment.

Larimar Limited is a fellow subsidiary of Carleo Enterprises

Proprietary Limited Putprop’s Holding Company

The key management are the directors and prescribed officers

and their remuneration is R3.215 million (2016: R3.099

million).

Loans to and investments in associates and subsidiary are

R11.925 million (2016: R16.213 million for Belle Isle

Investments (Pty) Ltd and R83.607 million (2016: R58.710

million) for Pilot Peridot One (Pty) Ltd (“Pilot Peridot”).

In addition there is an interest bearing loan to Pilot

Peridot of R1.616 million (2016:R Nil).

The guarantee offered to Standard Bank for the loan to

Neotrend Properties 1 (Pty) Ltd is R9 million (2016: Nil).

The guarantee offered to Nedbank for the loan to Secunda

Value Centre (Pty) Ltd is R12 million (2016: R12 million).

The guarantee offered to Standard Bank for the loan to Pilot

Peridot is R50.283 million (2016: R34.033 million).

There have been no breaches in the loan terms as per the loan

contracts and therefore the guarantees have not been called

upon as at the date of issuing these Annual Financial

Statements.

There is a commitment after year end as per the signed

purchase agreement to assume and settle the purchase amount

for the remainder of the shareholder loans purchased in Pilot

Peridot to the value of R15 893 987. The commitment only

becomes a liability on the statement of financial position as

the loans are ceded to Putprop, which occurs as the payment

is released in terms of the purchase contract. As such this

portion of the purchase consideration is an off-balance sheet

liability at year end.

1.5 Significant Movements

(i) Trade and Other Receivables

Includes rental receivables from Khala Cose Fumani Property

Development (Pty) Ltd of R5.1 million in June 2016.

(ii) Cumulative redeemable preference shares in associate

The amalgamation transaction in Belle Isle was effective on

31 August 2016 at which date Putprop owned 47 808 569

preference shares at R1 each. These shares were obtained

through conversion of original share capital and premium as

well as the shareholder loans contributed to Belle Isle by

Putprop into preference shares, conversion of retained

earnings to the value of R8 489 819 into preference shares

(a dividend in specie) as well as an additional cash

investment of 20 004 781.

(iii) Trade and Other Payables

Trade and other payables for the financial year ended

30 June 2016 reflects amounts payables for the acquisition

of an additional 5.219% in Summit Place and 49% in Secunda

Value Centre, totalling R22.3 million.

(iv) Loan Liabilities

increased liabilities arose as a result of the acquisition

of Parktown Towers, a property situated in Johannesburg for

an amount of R92.6 million. The amount of the mortgage on

this property is R60.5 million.

1.6 Prior Year Error

As at 30 June 2016, Putprop acquired the remaining 49% share in

Secunda Value Centre (Pty) Ltd (previously known as Neo Trend

Khala Cose (Pty) Ltd).

The purchase consideration for the transaction was R22 316 846.

The purchase contract was incorrectly interpreted by the contract

parties.

The contract parties interpreted the purchase consideration to be

for the 49% share equity only.

The purchase consideration was, however, for the 49% share in

equity as well as the shareholder loan accounts with the two

minority shareholders.

The two minority shareholders were Bremer Investments (Pty) Ltd

and Khala Cose Fumani Property Developers (Pty) Ltd, each

previously holding 24.5%.

Further to the above mentioned error, the minority shareholder

loan with Khala Cose Fumani Property Developers (Pty) Ltd was

misstated by R5 060 344.

This is due to the fact that the two minority shareholders agreed

as at 30 June 2016 that Khala Cose Fumani Property Developers

(Pty) Ltd would increase their loan to be equal in value to that

of the minority shareholder loan from Bremer Investment (Pty) Ltd.

The above mentioned increase as agreed was accounted for by

raising a receivable as at 30 June 2016, which was settled during

the current financial year by Khala Cose Fumani Developers (Pty)

Ltd.

The above mentioned errors have no effect on the figures in the

statements of comprehensive income as previously reported and the

error is limited to the 2016 financial year, as such no third

statements of financial positions are presented.

Before

adjustment Adjustment

After

adjustment

R’000 R’000 R’000

GROUP

Statement of Financial Position

Trade and other receivables 16 902 5 060 21 962

Accumulated profit (410 176) (16 375) (426 551)

Non-current loan liabilities (97 951) 11 315 (86 636)

Statement of Changes in Equity:

Non-controlling interest

Minority shareholder loans -

non-controlling interest (2 483) (5 383) (7 866)

Change in % ownership under

common control 29 596 5 383 34 979

Statement of changes in Equity:

Accumulated profit

Change in % ownership under

common control 3 712 (16 375) (12 663)

Balance at 30 June 2016 (410 176) (16 375) (426 551)

COMMENTARY

INTRODUCTION

On behalf of the board of directors of the company (“the Board) I

am pleased to report to our shareholders and other stakeholders on

the 30th annual financial results of the Group for the year ended

30 June 2017.

Putprop has delivered steadily over the past decade in terms of

returns, sustainable profitability and distributions. Our approach

has always been one of conservative growth with the primary

objective of building a quality property portfolio evenly spread

over all three operating segments, with strong contractual cash

flows and capital appreciation. Our dividend distribution policy,

with our 30th consecutive pay-out, continues to provide

consistency and certainty to our shareholders as well as reward

them for the trust and confidence they have given to the Group

over many years.

OPERATING ENVIRONMENT

The year again reflected a continuation of the volatile markets of

the previous year, with stagnant economic growth in the developed

economies and reduced growth in emerging markets. South Africa

again struggled to achieve any meaningful impact with a growth of

0.5% to 1% forecast for 2017/2018. The uncertainty of the United

Kingdom’s exit from the European Union continues to play out, with

unknown consequences. Lower growth forecasts in China, possible

future interest rate hikes in the United States will result in a

period of flux and uncertainty in all of the markets. The property

sector will be no exception.

The South African environment remains challenging with a weakening

economy, high political volatility, a fast depreciating currency

and the recent sovereign credit down grade, combined with high

youth unemployment diminishing both business and consumer

confidence.

Following on, the local property sector’s operating environment

remains difficult to do business in, with new market forces and

variables evident in the trading year.

Operating conditions remained difficult with rising vacancies,

longer collection times and a deterioration of rental escalations

on new leases and renewals.

Competition for stable, low risk tenants remains fierce, with

resultant downward pressure on both new rentals and renewals. High

value tenants are in an enviable position when both contracting

for new leases or when renewing existing contacts with, in some

cases, extended payment holidays or large discounts to current

market rates being offered to secure or retain such tenants.

We continue to experience demand from new tenant sign-ups as well

as those leases up for renewal for short term leases of 12 to 24

months, down from 36 to 60 months achieved in previous periods.

With Eskom’s continued above inflation tariff increases and

tenants in the majority of our leases, no longer contributing to

fixed municipal costs (rates), downward pressure on profitability

is inevitable.

Putprop was not immune to the effects of these market conditions;

we are, however, fortunate to have a stable portfolio of mainly

listed national and blue chip tenants, allowing some protection

against the factors mentioned above.

RESULTS

Although the year under review presented challenges for Putprop,

the Group produced results that showed a satisfactory increase in

operating profit before capital adjustments for property portfolio

revaluations.

The review period reflects an increase of 31.5% on Putprop’s profit

before taxation with headline earnings at 55.9 cents per share

(2016: 69.4 cents per share). Group net profit after taxation was

also up by 86.2% to R39.3 million (2016: R21.1 million).

The Group again actively pursued potential acquisitions during the

year in terms of its long-term objective of diversifying its

property portfolio further into commercial and retail properties

and also of reducing the risk of its dependence on its major

tenant, Larimar Limited. The acquisition of Parktown Towers, an

office block in Johannesburg and further investment in our retail

associated companies, are actions resulting from this policy.

The directors have decided to declare a final dividend of 7 cents

per share payable after 30 June 2017. (30 June 2016: 7 cents). The

total declared dividend for the year is 13 cents per share (2016:

17 cents).

PROPERTY PORTFOLIO

At 30 June 2017 our property portfolio consisted of 18 (2016: 16)

properties, situated primarily in the Johannesburg and Pretoria

metropolitan areas of Gauteng valued at R582.8 million

(2016: R459.9 million). The performance of the investment property

portfolio was strong with average annual property yields of over

9% (2016: 9.5%). The portfolio has a total gross lettable area of

82 890 m2 (2016: 75 003 m2).

During this review period, the Group acquired a large commercial

property, Parktown Towers, situated in the Johannesburg area. This

property, with a 10 year head lease has added substantially to the

Group’s commercial weighting in its portfolio.

The Group also added to its holdings in two of its associated

companies. An additional investment of R24.9 million (2016: R11

million) was made in Pilot Peridot One (Pty) Ltd and R20 million

(2016: Nil) in Belle Isle Investments (Pty) Ltd. Both of these

spends were made to enhance the Group’s equity position in both

companies.

BOARD CHANGES

There were no changes to the Board in this review period. The

Board will continue to place emphasis on corporate governance,

sustainability and transparency. Our Board committees continue to

be active and effective.

PROSPECTS

Our strategy continues to be that of enhancing our property

portfolio by investing in suitable industrial, retail and

commercial properties to improve our income streams. To this end,

the Group will continue to actively pursue the acquisition of

additional investments.

Available cash resources together with controlled gearing will be

utilised to acquire suitable rental generating properties to

achieve one of the Group’s main strategies that of further

diversification of its rental stream base in order to reduce risk.

Looking ahead, we believe property fundamentals will be under

pressure for the foreseeable future. Growth, if any, in gross

domestic product is forecast by most economists to be in the

region of 1.5% for the 2018 year. Trading conditions in the year

ahead are expected to remain challenging.

Going forward it is the Group’s intention to continue to uphold

its policy of strong tenant retention and focus on cost controls,

whilst maintaining the value of its existing portfolio through

aggressive maintenance and renovation policies. We will strive to

establish and build sustainable partnerships and joint ventures

with organisations of a similar philosophy.

The Group continues to be in discussions with several parties to

investigate the possibility of developing certain of our

geographically well-positioned properties into large retail

outlets or residential areas, with a view to unlocking greater

value for shareholders. Progress has been made in this endeavour,

and a decision as to the feasibility of progressing with these

projects is expected in the 2018 year.

IN CLOSING

Given the current business climate, I wish to thank the people who

contributed to the Group’s success and performance, in particular

our tenants for their continued support, as well as all our

shareholders and other stakeholders.

Finally, I thank my fellow directors for their contributions,

insights, judgments and support, and the management and staff for

their work in delivering another set of impressive results, under

difficult conditions.

Daniele Torricelli

Chairman

Johannesburg

6 September 2017

Reconciliation of Group net profit to headline earnings

GROUP GROUP GROUP GROUP

2017 2017 2016 2016

R’000

Cents per

share R’000

Cents per

share

Reconciliation of group net

Profit to headline earnings

Earnings per share 39 307 87.99 20 787 46.5

Adjusted for:

Net change in fair value of

investment property (14 115) (31.59) (12 306) (27.5)

Tax effects of fair value

adjustments to property 3 162 7.07 2 757 6.2

Equity accounting earnings of

associates and joint

operations (4 352) (9.74) 1 833 4.1

Tax effect of equity

accounting 975 2.18 970 2.2

Loss/(Profit) on disposal of

assets – – 4 850 10.8

Compensation from third

parties insurance payouts

received – – (41) (0.1)

Capital gain on disposal

investment property – – 6 394 14.3

Change in deferred tax balance

due to tax rate change – – 5 782 12.9

Headline earnings and diluted

earnings per share 24 977 55.91 31 026 69.4

Weighted average number of shares 44 672 279

Retail Commercial Industrial Corporate Total

R’000 R’000 R’000 R’000 R’000

Segmental

Information

30 June 2017

Segment revenue

Contractual rental

income and

recoveries 29 403 5 696 38 765 - 73 865

Total revenue 29 403 5 696 38 765 - 73 865

Share of associates

profits (losses) 4 978 (1 929) - - 3 049

Segmental result

Operating

profit/(loss) 20 142 4 625 29 619 (7 783) 46 603

Finance costs (8 734) (648) - (66) (9 448)

Investment and

other income

received - - - 3 788 3 788

Fair value

adjustments to

investment

properties 5 133 6 272 2 710 - 14 115

Straight line

rental adjustment (1 886) (742) (2 382) - (5 010)

Net profit/(loss)

before tax 19 633 7 578 29 947 (4 061) 53 097

Other information

Property assets 210 357 29 472 234 164 - 473 993

Property assets -

additions 15 237 93 528 - - 108 765

Investment in

associates 31 139 86 105 - - 117 244

Loan to associate - 1 616 - - 1 616

Cumulative

redeemable

preference shares 32 784 - - - 32 784

in associate

Trade and other

receivables 1 592 154 2 607 1 785 6 138

Cash and cash

equivalents - - - 25 490 25 490

Segment assets 291 108 210 875 236 771 27 275 766 030

Loan liabilities 88 998 60 622 - - 149 620

Trade and other

payables 740 - 816 11 289 12 845

Segment liabilities 89 738 60 622 816 11 289 162 165

One of the Groups tenants, Larimar Limited contributes

approximately 48% of the total revenue received.

This revenue falls within the industrial segment.

Retail Commercial Industrial Corporate Total

R’000 R’000 R’000 R’000 R’000

Segmental

Information

30 June 2016

Segment revenue

Contractual rental

income and

recoveries 16 379 2 723 46 653 – 65 755

Total revenue 16 379 2 723 46 653 – 65 755

Share of associates

profits (losses) 4 502 (10 444) – – (5 942)

Segmental result

Operating

profit/(loss) 14 694 2 278 30 896 (9 915) 37 953

Finance costs (6 820) – – – (6 820)

Investment and

other income

received – – – 8 754 8 754

Fair value

adjustments to

investment

properties (3 130) 1 700 13 736 – 12 306

Loss on sale

investment property – – (4 850) – (4 850)

Straight line

rental adjustment (1 576) 3 551 – (1 022)

Net profit/(loss)

before tax 7 670 (6 463) 40 333 (1 161) 40 379

Other information

Property assets 134 943 23 200 227 656 – 385 799

Property assets -

additions 70 281 – 3 798 – 74 079

Investment in

associates 37 894 64 182 – – 102 076

Trade and other

receivables

(Restated) 8 090 86 5 294 8 493 21 963

Cash and cash

equivalents – – – 153 608 153 608

Segment assets 251 208 87 468 236 748 162 101 737 525

Loan liabilities 88 929 – – – 88 929

Trade and other

payables 4 944 – 3 595 23 272 31 811

Segment liabilities 93 873 – 3 595 23 272 120 740

Subsequent Events

There are no significant subsequent events arising between this

reporting date and its release to shareholders.

DECLARATION OF FINAL DIVIDEND NO 56

The Board is pleased to announce the declaration of a dividend of 7

cents per ordinary share in respect of the year ended 30 June 2017

(2016: 7 cents), thus bringing the total dividend payable for the

year to 13 cents (2016: 17 cents).

Additional information:

This is a dividend as defined in the Income Tax Act, 1962, and is

payable from income reserves. The dividend withholding tax (“DWT”)

rate is 20%. The net amount payable to shareholders who are not

exempt from DWT is 5.60 cents per share, while the gross amount is

7 cents per share to those shareholders who are exempt from DWT.

There are 44 672 279 (2016: 44 672 279) ordinary shares in issue.

The total dividend amount payable is R3 127 059.

(2016: R3 127 059). Putprop’s tax reference number is 9100097717,

and its company registration number is 1988/001085/06.

The salient dates are as follows:

Declaration date Tuesday, 19 September 2017

Last date to trade to participate Tuesday, 10 October 2017

Trading commences ex dividend Wednesday, 11 October 2017

Record date Friday, 13 October 2017

Date of payment Monday, 16 October 2017

Share certificates may not be dematerialised or rematerialised

between Wednesday, 11 October 2017 and Friday, 13 October 2017, both

days inclusive.

By order of the Board

J E Smith

Chief Financial Officer

Sandton

19 September 2017

SHAREHOLDERS’ DIARY

Financial year end 30 June 2017

Release of audited results

on SENS 19 September 2017

Dispatch of annual report on

or about 26 September 2017

Annual general meeting 8 November 2017

Release of unaudited interim

results 31 December 2017 on

or about 22 March 2018

Dividend 56 payment 16 October 2017

Dividend 2017 Declared Paid

Interim – Dividend no 55 28 March 2017 3 April 2016

Final – Dividend no 56 19 September

2017 16 October 2016

Registered Office

91 Protea Road,

Chislehurston,

Sandton, 2196

Transfer Secretaries

Computershare Investor Services Proprietary Limited

15 Biermann Avenue,

Rosebank Towers,

Rosebank

Sponsor

Merchantec Capital