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”) _________________________________________________________________________________ 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 and 28 October 2019 (“the Announcements”), advising 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 Subsequent to the Announcements, the Parties are continuing to engage major shareholders and funders to obtain support for a potential capital raise that should contribute to lowering gearing. Key stakeholders, and in particular with regards to the potential capital raise, are following their due process regarding the potential Merger terms. While they have indicated their in-principle support for the potential Merger, further information has been requested to complete their assessment. The information requested has been provided and once the process is concluded, the Parties will revert to the market with an update. 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 9 December 2019 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: 09-12-2019 09:00:00 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.