DELTA PROPERTY FUND LIMITED - Delta Prop Fund \Rebosis Prop Fund -Update regarding the proposed merger and renewal of cautionaries

Delta Prop Fund \Rebosis  Prop Fund -Update regarding the proposed merger and renewal of cautionaries

DELTA PROPERTY FUND LIMITED                                  REBOSIS PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)               (Incorporated in the Republic of South Africa)
(Registration number 2002/005129/06)                         (Registration number 2010/003468/06)
JSE share code: DLT ISIN: ZAE000172052                       JSE share code: REB ISIN: ZAE000156147
(Approved as a REIT by the JSE)                              (Approved as a REIT by the JSE)
(“Delta”)                                                    (“Rebosis”)


UPDATE REGARDING PROPOSED MERGER AND RENEWAL OF CAUTIONARIES


On 25 February 2014, Delta, Rebosis and Ascension Properties Limited (“Ascension”) announced the conclusion of a
cooperation agreement in terms of which they would explore a tripartite merger.

While each of Delta and Rebosis is satisfied with the outcome of their due diligence investigations, they have agreed
that a tripartite merger is not currently opportune. Rebosis will continue to consider whether or not to make any
general offer to Ascension or its linked unitholders and in the event that an offer is made, Delta has resolved to
support Rebosis in any transaction relating to Ascension.

Accordingly, Delta has sold to Rebosis its entire holding of linked units in Ascension, being 28 001 628 Ascension A
linked units and 82 575 341 Ascension B linked units, for a consideration of R4.76 per Ascension A linked unit and
R2.61 per Ascension B linked unit, payable in cash. Each party to this transaction will announce separately the details
relevant to its linked unitholders and, in the meantime, linked unitholders are advised to continue to exercise caution
when dealing in their Delta or Rebosis linked units.

24 June 2014


Joint transaction advisor to the parties and sponsor to Delta     
Nedbank Capital


Joint transaction advisors to the parties and sponsor to Rebosis
Java Capital

Legal advisors to Delta                                    
Bowman Gilfillan 


Legal advisors to Rebosis
Cliffe Dekker Hofmeyr

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