Putprop : Mandatory Rotation of Auditor

Putprop Limited Incorporated in the Republic of South Africa

(Registration number 1988/001085/06) Share code: PPR ISIN: ZAE000072310 ("Putprop" or "the Group")

MANDATORY ROTATION OF AUDITOR

The board of directors of Putprop Limited ("the Board") hereby notifies its shareholders that BDO South Africa Incorporated have been appointed as Putprop's external auditor, with Vincent Ngobese as designated audit partner for the financial year ending 30 June 2022, replacing Mazars with effect from 9 March 2022. The appointment is subject to shareholder approval at the Group's next annual general meeting.

The change in the audit firm was initiated by the Group to comply with the Independent Regulatory Board for Auditors' 2017 ruling on mandatory audit firm rotation, which requires a company to rotate its external auditor where it has held such appointment for ten consecutive financial years. Such mandatory audit firm rotation is effective for financial years commencing on or after 1 April 2023. Mazars has been the Group's external auditor since 2009, hence the Group's decision to implement the rotation for the 30 June 2022 financial year.

The Board would like to extend its appreciation to Mazars for their long-standing service to Putprop.

Johannesburg

9 March 2022

Sponsor

Merchantec Capital