DELTA PROPERTY FUND LIMITED - Renewal of joint cautionary announcement

Renewal of joint cautionary announcement

 DELTA PROPERTY FUND LTD                                                  REBOSIS PROPERTY FUND LTD
 (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                                        JSE share codes: REA ISIN: ZAE000240552
 JSE Alpha code: DLTI                                                        REB ISIN: ZAE000201687
 (Approved as a REIT by the JSE)                                               JSE alpha code: REBI
 (“Delta”)                                                          (Approved as a REIT by the JSE)
                                                                                        (“Rebosis”)
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RENEWAL OF JOINT CAUTIONARY ANNOUNCEMENT
__________________________________________________________________________________

Shareholders of Delta and Rebosis (the “Parties”) are referred to the joint cautionary announcements
released on SENS on 6 August 2019, 18 September 2019, 28 October 2019 and 9 December 2019 that
the respective boards of the Parties have, in-principle, agreed to enter into exclusive merger
discussions in order to effect a potential transaction, subject to various outstanding matters,
stakeholder engagement and support (“Merger”).

Merger progress

The Parties continue to engage certain major shareholders and funders (“Potential Funders”) in
support of a potential capital raise that should contribute to lowering gearing. The Potential Funders
continue to follow their due diligence process regarding the potential capital raise. Since the last
update to the market the Potential Funders have requested further information in order to complete
their assessment. We anticipate this to be the final round of diligence and the market will be kept
informed of the outcome in due course. Should the Parties and the Potential Funders not reach
agreement within the next 6 weeks, the Parties agree to withdraw the joint cautionary.

Renewal of Cautionary Announcement

Accordingly, Delta and Rebosis shareholders are advised that, as discussions between the Parties are
still ongoing, shareholders should continue to exercise caution when dealing in the securities of Delta
and Rebosis, until a further announcement is made.

Johannesburg

24 January 2020

Transaction Advisor and Transaction Sponsor to                  Transaction Advisor to Rebosis
Delta

PSG Capital                                                     YW Capital

Sponsor to Delta and Rebosis

Nedbank Corporate and Investment Banking
Date: 24-01-2020 09:00:00
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