DELTA PROPERTY FUND LIMITED - Update on retirement of director and appointment of new director

Update on retirement of director and appointment of new director

DELTA PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2002/005129/06)
JSE share code: DLT
ISIN: ZAE000194049
(Approved as a REIT by the JSE)
("Delta" or the "Company")


UPDATE ON RETIREMENT OF DIRECTOR AND APPOINTMENT OF NEW DIRECTOR


Shareholders are referred to previous announcements, the last of which was published on 11 August 2025, regarding the
ongoing process to identify and appoint Ms Phumzile Langeni's successor as Chairman of the board of directors of
Delta (the "Board").

To that end, Delta is pleased to announce the appointment of Mr Mpho Makwana as an independent non–executive
director to the Board with effect from 28 October 2025. Mr Makwana will assume the role of Chairman of the Board on
28 February 2026. Ms Langeni will retire from the Board on the same day.

Mr Makwana holds a B.Admin Hons (Public Management) degree from the University of Pretoria and a PG Dip (Retail
Management) from the University of Stirling. His professional and board leadership experience spans over thirty-three
years, covering state-owned entities, listed companies, and global businesses.

Mr Makwana was appointed as a non-executive director of Eskom in 2002. In 2009, he held both the Chair and CEO
positions during a demanding period where Eskom maintained electricity supply throughout the FIFA World Cup while
also navigating the development of the fourth largest build project in the world – Medupi Power Station. Commencing
in February 2013, he chaired ArcelorMittal South Africa for nine years, effectively guiding the organisation through
intricate import tariff challenges and spearheading a strategic turnaround that restored the company's profitability. 
He also served as Chair of SAFCOL, where, following State Capture, the company returned to financial stability, paying
dividends to the fiscus for two consecutive years. It was in this same period that Cabinet appointed him as Chair of
Eskom and where the current Board laid the building blocks to restore Energy Availability to the current stable security
of electricity supply in the country. At Illovo Sugar SA, he chaired the South African operations, leading the board and
executive management through complex transformation initiatives and stakeholder engagement regarding sugar tax
matters. His tenure at Nedbank Limited and Nedbank Group Limited included roles as Lead Independent Director and
subsequently Chairman, overseeing one of South Africa's top four banks under SARB regulation. Mr Makwana
presently sits on the boards of Invicta Holdings Limited and Platinum Group Metals Limited. On 3 October 2025, he
was appointed Chair of the Board of Trustees for the Nelson Mandela Children's Fund.

The Board welcomes Mr Makwana and looks forward to his contributions to the Company.


Johannesburg
28 October 2025


Sponsor
Java Capital

Date: 28-10-2025 05:20:00
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