Joint cautionary announcement – Potential merger of Delta and Rebosis 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”) JOINT CAUTIONARY ANNOUNCEMENT – POTENTIAL MERGER OF DELTA AND REBOSIS Shareholders of Delta and Rebosis (the “Parties”) are advised that their respective boards have, in- principle, agreed to enter into exclusive merger discussions in order to affect a potential transaction, subject to various outstanding matters and stakeholder engagement and support (“Merger”). Transaction Rationale Delta and Rebosis are well respected Real Estate Investment Trusts with a focus on retail and commercial property in South Africa. The Merger represents a natural consolidation of the Parties' shared vision and strategy for the South African real estate market and represents a mutually beneficial step in unlocking value for shareholders. It is envisaged that the Merger will result in, inter alia, the following benefits: - provide scale and diversification in the sector through consolidation of the individual balance sheets of the Parties; - enhance the Parties relationship with the Department of Public Works and Government; - provide scale for restructuring the Parties’ balance sheets, particularly as it relates to managing the loan-to-value ratio to an optimal level; - provide for the reduction in capital costs through credit profile enhancement; and - bolster tradability and improve liquidity for shareholders through the creation of a significant player of scale. Next Steps As is standard with a transaction of this nature, the next steps include a reciprocal due diligence, discussions with key stakeholders, finalisation of the transaction structure, decisions around the new management team and board composition. Shareholders and the market will be updated on the process in this regard. Cautionary Accordingly, Delta and Rebosis shareholders are advised that, as discussions between the Parties are ongoing, shareholders should exercise caution when dealing in the securities of Delta and Rebosis, until a further announcement is made. Johannesburg 6 August 2019 Transaction Advisor and Transaction Sponsor to Transaction Advisor to Rebosis Delta YW Capital PSG Capital Sponsor to Delta and Rebosis Nedbank Corporate and Investment Banking Date: 06/08/2019 08:49:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.