STENPROP LIMITED
(Incorporated in Bermuda)
(Registration number 47031)
BSX share code: STP.BH JSE share code: STP
ISIN: BMG8465Y1093
(?Stenprop? or ?the company?)


POSTING OF LETTER TO SHAREHOLDERS AND NOTICE OF SPECIAL GENERAL MEETING


Shareholders are advised that a letter (?letter to shareholders?) relating to the proposed listing on the London Stock Exchange
(?LSE?) (?LSE listing?), the conversion of the Stenprop group to a UK real estate investment trust (?REIT?) (?REIT
conversion?) and the migration of the company?s jurisdiction of incorporation from Bermuda to Guernsey (?Migration?)
together with a notice convening a special general meeting has been posted to shareholders today. The letter is available on
the company?s website, www.stenprop.com.

The directors of Stenprop (?the board?) are of the view that an LSE listing will assist the company in achieving its strategic
objective of becoming the leading multi-let industrial (?MLI?) business in the UK. Accordingly, the company intends to seek a
listing on the Specialist Fund Segment of the LSE. In the longer term, access to additional investors, including, in particular,
UK investors focused on specialist income funds, should improve liquidity in the company?s shares and provide access to
equity capital, both of which will be beneficial to the strategic aims of the company and should add value to shareholders. The
LSE listing will provide Stenprop with the further benefit of a listing in the same geographical jurisdiction as the majority of its
property assets. Following a successful listing on the LSE, the company will delist from the Bermuda Stock Exchange (?BSX?).
The Company will retain its primary listing on the Johannesburg Stock Exchange (?JSE?).

The board also believes that the Company and its shareholders would benefit significantly from the conversion of the Stenprop
group to a UK REIT structure for the reasons contained in the letter to shareholders. The conversion to UK REIT status is
subject to the satisfaction of various conditions. Confirmation that these conditions have been satisfied and the effective date
of the REIT conversion will be announced on SENS in due course.

In connection with the proposed LSE listing, it is proposed that the company migrate from Bermuda to Guernsey and adopt
new articles of incorporation.

Further details of the LSE listing, REIT conversion and Migration are contained in the letter to shareholders.

The Migration and the adoption of the new articles of incorporation are subject to Stenprop shareholders passing the requisite
resolutions at the special general meeting of Stenprop shareholders to be held at Kingsway House, Havilland Street, St Peter
Port, Guernsey, GY1 2QE on Wednesday, 7 March 2018 at 9.30 am (GMT)/11:30 am (SAST).

SALIENT DATES AND TIMES

The precise timing of the REIT conversion and the listing on the LSE are yet to be confirmed. The salient dates and times
relating to the REIT conversion and the LSE listing will be announced on SENS and the BSX website in due course. The
Migration is expected to occur in accordance with the indicative timetable below.

Record time and date for attending and voting at the special general meeting, 3.30 pm
(GMT)/5.30 pm (SAST) on                                                                         Friday, 2 March 2018
Last day to lodge forms of proxy for the special general meeting (by 3.30 pm (GMT)/5.30
pm (SAST)) on                                                                                   Friday, 2 March 2018
Forms of proxy not lodged with the transfer secretaries in time may be handed to the
chairman of the general meeting immediately before the commencement of the meeting.
Special general meeting held (at 9.30 am (GMT)/11:30 am (SAST)) on                              Wednesday, 7 March 2018
Results of the special general meeting released on SENS and the BSX website on                  Thursday, 8 March 2018
Effective date of Migration                                                                     Friday, 23 March 2018
Issue of new ISIN and finalisation announcement released on SENS and the BSX website on         Monday, 26 March 2018
Last day to trade on the JSE and BSX under the existing ISIN: BMG8465Y1093                      Tuesday, 3 April 2018
Listing and trading of the company?s shares under the new ISIN                                  Wednesday, 4 April 2018
Record date for the change in ISIN                                                              Friday, 6 April 2018
CSDP and broker accounts of dematerialised shareholders updated on                              Monday, 9 April 2018
New replacement share certificates issued, provided that old share certificates have been
lodged with the transfer secretaries by 12:00 on Friday, 6 April 2018, on (share certificates
received after this time will be posted within five business days)                              Monday, 9 April 2018

The above dates and times are subject to change. Any changes will be released on SENS and in the press. Share certificates
may not be demateriliased or rematerialised between Wednesday, 4 April 2018 and Friday, 6 April 2018, both days inclusive,
nor may transfers of shares between sub-registers in South Africa and Bermuda take place between Tuesday, 27 March 2018
and Friday, 6 April 2018, both days inclusive. Please note that the new ISIN will only be issued following the effective date of
the Migration. Details of the new ISIN will be included in the finalisation announcement, which is expected to be released on
SENS and the BSX website on Monday, 26 March 2018.

Stenprop has a primary listing on the Main Board of the JSE and a secondary listing on the BSX.


7 February 2018


JSE sponsor
Java Capital


Bermuda Stock Exchange sponsor
Estera Securities (Bermuda) Limited