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, 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 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.