RESULTS PRESENTATION for the year ended 28 February 2018

88 Field Street, Durban RESULTS PRESENTATION for the year ended 28 February 2018 www.deltafund.co.za Sleepy Hollow, Pietermaritzburg

88 Field Street, Durban AGENDA 01 02 03 04 05 06 Introduction, Updates & Highlights Financial Review Portfolio Review Conclusion Questions & Answers Annexures

INTRODUCTION, UPDATES AND HIGHLIGHTS Sandile Nomvete Liberty Towers, Durban

INTRODUCTION TO DELTA Sovereign underpinned JSE listed REIT 77.9% Dominant in of revenue from sovereign tenants Pretoria & Durban CBDs Most empowered fund Level 2 B-BBEE Maintained on new sector codes Average property value of R109.6m 2017: R101.6M Market capitalisation of R4.3bn as at 28 February 2018 Assets under management of R11.9bn by 100% black-owned asset manager 4

UPDATE ON DELTA Update on lease negotiations Leasing policy promulgated in January 2018, favouring empowered landlords Bulk lease negotiations progressing in earnest with renewals expected before December 2018 Proactive and pragmatic engagement from the DPW and the user departments in structuring solutions Year under review 21.6% of sovereign leases month-to-month (2017: 26.8%) Total exposure to sovereign leases: 77.9% (2017:76.4%) by rental income R941 million debt refinanced Average debt facility expiry period contracting to 1.5 years (2017: 1.9 years) Ongoing interactions with debt providers confirms WALE as a strong influencer of refinance terms & costs LTV less impactful at 41.3% levels Recapitalisation Awaiting final funding terms from consortium Reduce debt funding, facilitate index inclusion and provide a platform for growth 5

UPDATE ON DELTA Capital recycling Disposal of non-strategic assets continued, portfolio down to 105 buildings from 112 as at 28 February 2017 Vacancies increased slightly Eskom consolidation in Sunninghill node Local supplier preferences impacting Free State portfolio Short-term performance Exogenous impacts to short-term performance and forecasts: Clarity and implementation of DPW leasing policy Successful implementation of recapitalisation transaction Strong macro-economic growth that will support capital recycling and tenant demand 6

CORPORATE HIGHLIGHTS 2018 Distribution for FY2018 Distributable earnings for FY2018 Debtors well managed at 97.24 cents per share R691.6 million 18.0 days Vacancy at Renewed Concluded 11.8% 93 144m 2 53 774m² SAPOA: 11.2% of existing leases of new leases 7

FINANCIAL REVIEW Shaneel Maharaj Delta Towers, Durban

FINANCIAL HIGHLIGHTS 2018 Loan to value of 41.3% Successfully refinanced and settled R941m Fixed debt of 85.4% (Feb 2017: 41.5%) of debt facilities (Feb 2017: 85.1%) Debtors well managed at 18.0 days Property operating margin at 73.5% in tough economic environment Interest cover ratio 2.4 (Feb 2017: 2.5) 9

FIVE YEAR REVIEW 2018 2017 2016 2015 2014 Revenue (R 000) 1 564 053 1 617 344 1 247 582 1 009 207 654 023 Net property income (R 000) 1 149 885 1 153 341 925 531 764 884 502 503 Finance costs (R 000) 482 179 470 580 412 713 316 380 151 149 Cost to income ratio - gross method 26.5% 28.8% 26.4% 26.0% 25.5% Cost to income ratio - net method 12.1% 12.4% 12.2% 10.2% 10.8% Investment property (R 000) 11 507 600 11 381 421 10 095 181 8 420 400 6 965 730 Investment in listed securities (R 000) 381 868 429 588 472 546 502 986 333 637 Borrowings (R 000) 4 952 690 5 099 227 5 094 310 4 508 565 3 197 742 Gearing level # 41.3% 41.5% 47.2% 49.9% 47.5% Weighted average interest rate 9.2% 9.2% 8.8% 8.1% 7.5% Average debt expiry period (years) 1.5 1.9 2.3 2.4 2.8 Average debt fix expiry period (years) 1.5 2.2 2.1 2.4 3.0 Fixed : floating debt (excluding revolvers) 85.4% 85.1% 83.5% 78.0% 36.0% Net asset value per share (exclusive of deferred tax) R10.06 R9.91 R10.61 R10.02 R9.28 10

DISTRIBUTABLE INCOME STATEMENT- NON IFRS 28 Feb 2018 28 Feb 2017 29 Feb 2016 Net property income (excl. straight line accrual) 1,147,865 1,148,478 898,581 Administration expenses (53,329) (68,169) (82,744) Realised foreign exchange loss - - (39) Net finance costs (462,483) (443,412) (386,120) Dividend income - GRIT 35,666 37,990 36,779 Sundry income 20,287 6,215 7,266 Add back debt structuring fee - - 6,141 Antecedent interest 257-9,010 Distributable earnings paid/(retained) 3,378 (3,378) (912) Distributable income for the period 691,641 677,724 481,822 Number of shares in issue 711,844,486 710,632,182 533,097,436 Number of shares entitled to distribution 711,844,486 710,632,182 533,097,436 Distribution per share (cents) 97.24 97.24 90.79 11

GROWTH IN DISTRIBUTIONS HISTORIC DISTRIBUTION PER SHARE (CENTS/SHARE) H1 Interim H2 Final Total Full year 15.6% 84.1 8.0% 90.8 7.1% 97.24 0% 97.24 32.5 40.2 72.7 23.1% 40.0 9.6% 7.2% 44.1 42.9 8.7% 7.1% 47.9 45.9 7.1% 51.3 1.0% 46.4 (1.0)% 50.8 23.7 FY2013 H1 Aug-13 H2 Feb-14 FY2014 H1 Aug-14 H2 Feb-15 FY2015 H1 Aug-15 H2 Feb-16 FY2016 H1 Aug-16 H2 Feb-17 FY2017 H1 Aug-17 H2 Feb-18 FY2018 12

DISTRIBUTABLE EARNINGS BRIDGE R 000 850,000 800,000 96 483 15 896 3 378 14 072 257 (2) (19 070) (97 096) 750,000 700,000 677 724 691 641 650,000 600,000 550,000 500,000 450,000 400,000 H2 Feb 2017 Existing portfolio Admin cost saving Prior year retained earnings distributed Other income Antecedent dividend Dividends received (GRIT) Net finance costs Disposals and noncore assets H2 Feb 2018 13

LIKE-FOR-LIKE NET PROPERTY INCOME (NPI) ANALYSIS Description Amount (R 000) % NPI Feb 2017 (excl. straight line rental income accrual) 1 148 478 Increased NPI from base portfolio held at 28 Feb 2017 96 483 8.4% NPI attributable to disposals and non-core assets FY17 (97 096) (8.5)% NPI Feb 2018 (excl. straight line rental income accrual) 1 147 865 (0.1)% Increased NPI from base portfolio held at 28 Feb 2017 96 483 NPI attributable to disposals and non-core assets FY18 (36 304) Like-for-like increase in NPI 60 179 5.2% 14

SUMMARISED STATEMENT OF FINANCIAL POSITION R 000 28 Feb 2018 28 Feb 2017 Change % ASSETS Non-Current assets 10 919 425 10 448 271 15,0% Investment property 10 535 000 10 053 921 15,8% Fair value of property portfolio 10 342 418 9 861 449 16,0% Straight line rental income accrual 192 582 192 472 4,3% Investment in associate 381 868 391 013 2.0% Other non-current assets 2 557 3 337 (81,2%) Current assets 543 256 583 563 12,4% Non-current assets held-for-sale 972 600 1 327 500 (6,0%) Total assets 12 435 281 12 359 334 12,2% EQUITY AND LIABILITIES Total equity 7 158 592 7 041 571 24,5% Liabilities 5 272 068 5 317 763 (0,8%) Non-current liabilities 2 720 230 4 142 269 14,7% Current liabilities 2 556 459 1 175 494 (32,8%) Total equity and liabilities 12 435 281 12 359 334 12,2% 15

NET ASSET VALUE BRIDGE RANDS 11.50 0.37 0.02 0.01 (0.98) 11.00 0.83 10.50 (0.11) 10.06 10.00 9.91 9.50 28 Feb 2017 Contribution from operations Fair value of investment property Fair value of financial instruments & forex gains Contribution of associate after impairment Dividend paid Disposals 28 Feb 2018 16

DEBT SUMMARY As at 28 February 2018 Facility Type R m Weighted Ave. Rate Floating bank facilities 3,483 9.2% Fixed bank facilities 796 8.9% Revolving bank facilities 629 9.1% Total borrowings, net of accrued interest 4,908 9.2% Accrued interest 64 - Debt structuring fees (19) - TOTAL 4,953 Total fixed bank facilities 796 8.93% Interest rate swap contracts 2,720 7.83% Cross currency swaps 125 Libor + 2.89% Total fixed 3,641 Fixed % (excluding revolvers) 85.4% 9.2% 17

GRAPHICAL DEBT ANALYSIS SOURCE OF DEBT 2.9% TOTAL: R4,908M ZAR Banking Facilities (R4,767m) DEBT CLASSIFICATION TOTAL: R4,908M 12.8% Floating Bank Facilities (R3,483m) 16.2% Fixed Bank Facilities (R,796m) 97.1% USD Banking Facilities (R141m) 71.0% Revolving Bank Facilities (R,629m) FINANCIER SPLIT 2.9% 13.8% TOTAL: R4,908M Nedbank (R3,213m) FIXED DEBT BREAKDOWN R3,641M 3.4% TOTAL: Swap Contracts (R2,720m) 17.9% Standard Bank (R,878m) Investec (R,676m) 21.9% Fixed Banking Facilities (R,796m) 65.4% Bank of China (R,141m) 74.7% Cross Currency Swaps (R,125m) 18

Rand (million) DEBT EXPIRY PROFILE Fixed Bank Facilities Floating Bank Facilities Revolving / Liquidity Bank Facilities Swap Contracts 1,700 1,600 1,500 1,400 1,300 1,200 1,100 1,000 900 800 700 600 500 400 300 200 100 0 28-FEB-19 28-FEB-20 28-FEB-21 28-FEB-22 19

DEBT COMMENTARY The weighted average all-in cost of funding is 9.2% (2017: 9.2%) 85.4% (2017: 84.1%) of borrowings fixed for an average period of 1.5 years (2017: 2.2 years). The average debt facility expiry period is 1.5 years (2017: 1.9 years) Interest cover ratio at 2.4 (2017: 2.5) Intention is to term out the debt expiry profile once the bulk lease renewals are implemented. R941 million was refinanced at a blended margin of 2.6% R125 million commercial paper settled 20

PORTFOLIO REVIEW Otis Tshabalala Embassy Building, Durban

OPERATIONS HIGHLIGHTS FY2018 A distinct focus on sovereign tenants 72.8% Rental income attributed to sovereign tenants 77.9% Total lease renewals in a challenging environment 93 144m² being sovereign tenants (by GLA) Vacancies of Total new leases concluded (GLA) 11.8% 53 774m² 227 550m² (SAPOA average 11.2%) Bulk lease renewal proposal to DPW (PMTE) 59 leases nationally 22

A STRATEGY DESIGNED TO MAXIMISE ON SECURE AND STABLE INCOME BUILDINGS REPRESENTED BY PROVINCE No of Buildings GLA (m 2 ) Gauteng 36 404 721 KwaZulu-Natal 17 278 404 Free State 17 85 507 Mpumalanga 11 30 251 Limpopo 7 44 885 Northern Cape 7 37 275 Western Cape 5 41 889 Eastern Cape 3 23 717 North West 2 5 780 Total 105 952 428 North West Gauteng Limpopo Mpumalanga REPRESENTATIVE TENANTS Northern Cape Free State KwaZulu Natal Western Cape Eastern Cape 23

GOVERNMENT PRECINCT PRETORIA 24

PORTFOLIO BREAKDOWN Office - Sovereign * Office - Other Industrial Retail Total Number of properties 77 21 4 3 105 Gross lettable area (m 2 ) 637,246 251,208 40,258 23,716 952,428 Vacancy (%) 7.2% 23.0% 19.0% 3.1% 11.8% Value R8.3bn R2.7bn R0.2bn R0.3bn R11.5bn Average rental (R/m 2 ) # 118.4 $ 86.2 53.1 118.8 110.6 Weighted ave. escalation (%) # 5.8% 7.0% 3.0% 7.3% 6.0% Weighted ave. lease expiry (by revenue) - by building type 1.4years 1.6years 1.3years 5.4years 1.5years Weighted ave. lease expiry (by revenue) - tenant specific # 1.3years 1.7years 1.3years 3.2years 1.5years Cost to income ratio (net) 8.7% 22.9% 5.9% 23.7% 12.1% Cost to income ratio (gross) 22.5% 38.4% 25.4% 35.8% 26.5% * Multi tenant buildings are classified according to majority tenant type. Office Other buildings therefore contain a minority element of sovereign tenants # This classification looks specifically at the tenant type within each building $ Rental as at interim, renewals not yet in effect 25

SECTORAL SPLIT GLA - BY BUILDING 4.2% 2.5% GLA - BY TENANT* 6.9% 3.9% Office - Sovereign (66.9%) Office - Sovereign (72.8%) 26.4% 66.9% Office - Other (26.4%) Industrial (4.2%) Retail (2.5%) 16.4% Office - Other (16.4%) Retail (6.9%) Industrial (3.9%) RENTAL - BY BUILDING 72.8% RENTAL - BY TENANT 19.5% 2.2%1.9% Office - Sovereign (76.4%) Office - Other (19.5%) 12.8% 7.5% 1.8% Office - Sovereign (77.9%) Office - Other(12.8%) Retail (2.2%) Retail (7.5%) 76.4% Industrial (1.9%) 77.9% Industrial (1.8%) * Excludes vacancies. Analysis focuses on what category the specific tenant falls into, rather than the category of the building 26

DETAILED TENANT BREAKDOWN TENANT PROFILE BY GLA TENANT PROFILE BY RENTAL 16.4% 3.9% 6.9% 38.2% Office - Sovereign Office - Other National Government Provincial Government 6.9% 12.8% 1.9% 7.4% 37.5% Retail Local Government 6.6% 12.1% 16.0% 72.8% Industrial State-Owned Enterprise 11.9% 21.6% 77.9% Excludes vacancies. Total occupied GLA = 840,203m2 27

UPDATE ON SOVEREIGN TENANTS Update on the DPW Leasing Policy The policy was signed by the Minister of DPW on 31st January 2018. The policy takes into account the following 3 axes - Ownership, Management and Board Control. Delta scores highly on the Management and Board Control The Policy favours transformed companies and rewards them with longer term leases. What does this mean for Delta The Negotiating Team that will finalize the Bulk Lease Proposals with the Top 80 Landlords has been set up. The Delta Operations Team has had various meetings with the joint DPW & Treasury Negotiating Team and had fruitful engagements i.r.o the 59 leases totalling 227,550m 2. Stage 2 - User Departments Pricing Maintenance plan BEE scorecard Stage 3 - Bid Adjudication Committee 104 DPW leases already concluded which incudes 59 Delta leases Changes in DPW 28

LEASING UPDATE Major leases concluded A total of 95 leases were renewed measuring 93,144m 2 for the value of R309 million. Our most notable renewals are : Building Tenant GLA Rate/m² Escalation Term Capital Towers Dept. of Health 13 484 m² R 100.00 6.0% 24 months Smart Exchange Durban Technology 7 940 m² R 69.28 8.0% 36 months Temo Towers Dept. of Agriculture 7 668 m² R 135.00 8.0% 36 months Treasury House Dept. of Finance 7 243 m² R 96.59 7.0% 24 months Std Bank Greyville Standard Bank 6 491 m² R 60.00 6.0% 60 months 88 Field Dept. of Justice 5 932 m² R 120.19 7.5% 12 months Liberty Towers Comit Technologies 5 550 m² R 110.66 7.0% 36 months SARS Sleepy Hollow SARS 4 022 m² R 120.00 7.5% 60 months Total 58 330 m² 29 29

LEASING UPDATE cont. A total of 65 new leases were concluded measuring 53 774m 2 for value of R 199million. Our most notable new leases are : Building Tenant GLA Rate/m² Escalation Term Embassy & Delta Towers Tenant retention Ethekwini Municipality 14 680 m² R 80.00 7,5% 36 months Delta Heights Compensation Fund 14 229 m² R 114.57 7,5% 36 months Commission House Dept. of Pubic Enterprises 6 157 m² R 105.00 7,5% 36 months Liberty Towers Mr Price 2 667 m² R 80.00 6,5% TOTAL 37,733 m² 120 months plus 2 437m² from 01-Oct-18 Thanks to the hands on approach of the Delta team and the external property managers we have managed to achieve a high tenant retention rate and to conclude the abovementioned deals 30 30

REVERSION Sector Total leases concluded 1 March 2017 28 February 2018 No of Leases Total Area (m 2 ) Renewals by Sector No of Leases W.A Term (months) Total Area W.A. Expiry Rate (R / m 2 ) * W.A. Term (months) W.A. Achieved Rate (R / m 2 ) * W.A. Expiry Rate / m 2 * W.A. Achieved Rate / m 2 * Escalation / (Reversion) Escalation / (Reversion) W.A. Esc. achieved Renewed leases # 95 93 144 33.07 107.46 101.36 (5.68%) 7.06% W.A. Esc. achieved National Government 2 7 808 23.53 106.56 113.16 6.19% 7.14% Provincial government 4 31 883 25.57 120.74 111.84 (7.37%) 7.99% State-owned enterprise 6 13 516 30.95 123.90 101.51 (18.07%) 7.81% Office - other 40 31 478 39.78 83.53 80.46 (3.68%) 6.57% Retail 43 8 457 46.95 118.50 125.35 5.78% 7.80% Total 95 93 142 33.07 107.46 101.36 (5.68%) 7.06% * All rentals quoted are gross rentals 31

GEOGRAPHICAL AND GRADE SPLIT GLA - BY BUILDING RENTAL - BY BUILDING OFFICE GRADE - BY GLA Gauteng (42.5%) Kwazulu-Natal (29.2%) Free State (9.0%) Limpopo (4.7%) Western Cape (4.4%) Northern Cape (3.9%) Mpumalanga (3.2%) Eastern Cape (2.5%) North West (0.6%) OFFICE GRADE BY RENTAL Gauteng (44.2%) Kwazulu-Natal (24.6%) Limpopo (9.3%) Free State (6.6%) Western Cape (5.3%) Northern Cape (3.7%) Eastern Cape (3.0%) Mpumalanga (2.8%) North West (0.5%) A (13.7%) B (85.7%) C (0.6%) A (20.8%) B (78.7%) C (0.5%) 32

ACQUISITIONS Delta did not embark on any new acquisitions during the current year, choosing to rather focus inwardly on acquisitions, filling up vacancies and renewal of leases Investment strategy Strategy is to continue to focus on: Significant assets (> R100million) Underpinned by (or have potential for) long term sovereign leases Located in nodes attractive to sovereign tenants 33

DISPOSAL OF NON-CORE ASSETS 34 Property Sector Location GLA Sales price (R) Transfer Date Transferred 35 403 316 000 000 Samora House Office - Sovereign Durban 6 920 45 238 000 07-Mar-17 Damelin Building Office - Other Durban 3 933 55 000 000 05-Jul-17 1 Ferreira Street Office - Other Nelspruit 961 11 300 000 20-Jun-17 3 Ferreira Street Office - Other Nelspruit 2 282 26 700 000 20-Jun-17 Presidia Office - Other Pretoria CBD 12 656 115 000 000 13-Oct-17 14 New Street Office - Other Johannesburg CBD 2 463 16 762 000 28-Nov-17 Edcon Building Office - Other Johannesburg South 6 188 46 000 000 28-Jan-18 Sale agreements concluded 31 035 325 800 000 12 New Street Office - Sovereign Johannesburg CBD 2 368 17 000 000 End June 2018 Top Trailers site 1 Industrial Wadeville, Johannesburg 15 741 50 000 000 End June 2018 Broadcast House Office - Sovereign Mthatha, Eastern Cape 4 934 33 000 000 Early June 2018 Block G Office - Sovereign Pretoria CBD 7 992 225 800 000 End August 2018 7 other non-core assets 59 096 644 100 000 # # Total book value at Feb 2018 34

REDEVELOPMENT STRATEGY Delta to deploy CAPEX into portfolio Create value uplift to assets Securing long term stable returns Provide improved accommodation offering to tenants Long term benefit to portfolio Lease driven to identify assets where greatest value can be added, through value enhancing developments, and activation of under-utilised area or available bulk Three tier approach to CAPEX Defensive compliance Tenant installation new and renewed leases Project specific value uplift 35

CAPEX EXISTING PORTFOLIO Property 88 Field Commission House Embassy Building Beacon Hill Sleepy Hollow Poyntons Fire Project 17 Harrison Street Approved budget 89 400 000 12 340 750 28 000 000 40 000 000 4 500 000 32 500 000* 4 500 000 Spent in FY2017 85 628 700 19 194 559 1 232 000 - - Spent in FY2018 3 771 300 6 619 950 6 296 862 12 702 969 4 500 000 3 932 935 830 108 Remaining budget Completed 5 720 800 2 508 579 26 065 031 Completed 28 567 065 3 669 892 Description Internal refurbishment of tenanted floors for DPW. Project complete. Tenant installation to all floors for new tenant secured Façade Upgrade, Lifts and Tenant Installation. Complex project. Weather dependant Internal refurbishment of tenant space Turnkey contractor appointed Façade Upgrade Creating fire lobbies, sprinklers, hydrant system and smoke detection compliance Tenant installation and replacement of escalators * Fire compliance 36

CONCLUSION Sandile Nomvete Harlequins, Pretoria

CONCLUSION Focus on property fundamentals by renewing leases, reducing vacancies and refinancing debt Increase WALE, reduce gearing and improve credit rating Investment in both defensive and accretive capital lease renewals and retention Recapitalise the business to inject much needed capital Create a healthier balance sheet with opportunities for growth Expect that the domestic-focused listed property market will continue to face head-winds up-to 2019 Board and management remain committed to Delta s sovereign strategy 38

88 Field Street, Durban THANK YOU Questions & Answers www.deltafund.co.za Sleepy Hollow, Pietermaritzburg

88 Field Street, Durban ANNEXURES www.deltafund.co.za Sleepy Hollow, Pietermaritzburg

88 Field Street, Durban ANNEXURES 01 02 03 04 05 06 07 08 09 10 Executive management Board of directors Shareholder Profile Snapshot Disposal of non-core assets Top 10 properties by value GLA and vacancy reconciliation Leasing Outlook Lease Expiry Profile Nodal Analysis

EXECUTIVE MANAGEMENT EXECUTIVE DIRECTORS Sandile Nomvete Chief Executive Officer Exec Dep. & Prop Dev. Prog. (Wits & UCT Business Schools) Otis Tshabalala Chief Operating Officer Prop Dev. Prog, CCPP Appointed: 7 June 2016 Shaneel Maharaj Chief Financial Officer BCom (Acc) (Hons) (Univ. of Natal), CA(SA), HDipTax Sandile cofounded Delta Property Fund in 2002, which would go on to list on the Johannesburg Stock Exchange in 2012. He has since led the company to be a predominately sovereign under-pinned fund that is represented in all 9 of South Africa s provinces, growing the value of its asset base from R2,1 billion at the time of listing to its current value of R11.5 billion. Through his leadership, Sandile has managed to position Delta as one of the most prominent black-owned and black-managed property funds for government and state owned enterprises across South Africa. Sandile serves as a director on a number of other listed entities, including KAP Limited. He has more than a decade and a half of experience in executive and non-executive positions. He is a graduate of the Property Development Programme from the University of Cape Town Graduate School of Business. He also holds an Executive Development Programme and Finance for non-financial managers Diploma from the University of Witwatersrand s Graduate School of Business. Mr Otis Tshabalala was appointed as COO and an executive director of Delta with effect from 7 June 2016. Otis is a graduate of the Property Development Programme from the University of Cape Town and holds a CCPP from the University of Pretoria and holds several certificates in real estate. Apart from heading up the task team that manages Deltas account with the Department of Public Works, Otis has over 25 years experience in the commercial property sector, with more than 12 years spent in the property finance space at Absa Property Finance where he excelled as a Top Dealmaker prior to joining Delta as a Senior Asset Manager. He has a thorough understanding of the business and its strategy. He is a key member of the team that grew Delta from listing with 20 properties to its current portfolio of 105 assets and has also been instrumental in assisting with Delta s funding and capital raising. Shaneel completed his BCom (Honours) degree at the University of Natal and articled at Deloitte & Touche. He started his career with Imperial Fleet Services followed by JSE-listed Cargo Carriers Limited, where he was the Group Financial Manager for three years before assuming the role as CFO. He spent six years as CFO of Cargo, assuming a significant role in its overall management including its subsidiary companies within South Africa and sub-saharan Africa. Shaneel joined Delta in December 2015 as CFO assuming a strategic role in Delta s overall financial, procurement and IT management. He was appointed to the board at year end February 2016. 42

BOARD OF DIRECTORS Non-Executive directors Board Committees IC = Investment Committee, ARC = Audit, Risk and Compliance Committee, NRC = Nomination and Remuneration Committee, SETC = Social, Ethics & Transformation Committee * Denotes chairperson JB Magwaza Mfundiso JJ Njeke Caswell Rampheri Nooraya Khan Independent Non-Executive Chairman Committees: NRC* (Nomination) Lead Independent Non-Executive Director Appointed 01 April 2017 Appointed LID 30 June 2017 Committees: ARC* Independent Non-Executive Director Appointed 01 June 2017 Committees: IC* Non-Executive Director Committees: NRC* (Remuneration), SETC Dumo Motua Nombuso Afolayan Ian Macleod Independent Non-Executive Director Independent Non-Executive Director Independent Non-Executive Director Committees: NRC, SETC* Committees: IC, ARC Committees: IC, ARC 43

SHAREHOLDER PROFILE As at Feb 2018 Units held Holding Cornwall Crescent (Pty) Ltd 162 043 079 22.8% Bridge Fund Managers 84 077 968 11.8% Public Investment Corporation 70 435 240 9.9% Director's holdings 58 444 308 8.2% Coronation Fund Managers 50 645 566 7.1% Stanlib Asset Management 48 992 066 6.9% Kagiso Asset Management 36 261 026 5.1% Sanlam Investment Management 31 651 093 4.4% Mazi Capital 29 948 109 4.2% Investec Asset Management 18 390 135 2.6% Old Mutual Investment Group 12 235 830 1.7% Vunani Fund Managers 9 754 089 1.4% Sub Total 612 878 509 86.1% Other 98 965 977 13.9% Total 711 844 486 100.0% 44

SNAPSHOT Listing date: 02 November 2012 JSE classification: Real Estate Holdings & Development Asset manager: Delta Property Asset Management (Pty) Ltd JSE code: DLT Asset management fee: 0.35% of enterprise value 28 February 2018 31 August 2017 28 February 2017 Shares in issue 711,844,486 710,632,182 710,632,182 Market capitalisation R4.3 billion R5.3 billion R5.9 billion NAV per share R10.05 R9.74 R9.9 No. of properties 105 108 112 Valuation of property portfolio R11.5 billion R11.3 billion R11.4 billion Average value per property R109.6 million R104.9 million R101.6 million Gross lettable area 952,428 m² 973,431 m² 981,777 m² Tenant Sectorial profile (GLA) Office - Sovereign: 72.8% Office - Sovereign: 71.7% Office - Sovereign: 70.7% Office - Other: 16.4% Office - Other: 17.8% Office - Other: 19.4% Industrial: 3.9% Industrial: 3.8% Industrial: 3.1% Retail: 6.9% Retail: 6.7% Retail: 6.8% Vacancy rate 11.8% 11.3% 10.7% Weighted average rent (per m 2 ) R110.6 R108.1 R105.2 Weighted Average Lease Expiry # (years) 1.5 1.8 1.7 Weighted average in force escalation* 6.0% 7.3% 6.9% Loan to value 41.3% 42.3% 41.5% Fixed % 85.4% 82.3% 81.5% Weighted Average Cost of Debt 9.2% 9.2% 9.2% # By revenue * Rate pre bulk renewals 45

TOP 10 PROPERTIES Forum Building Poyntons Liberty Towers Hallmark Building Delta Towers Location Pretoria Location Pretoria Location Durban Location Pretoria Location Durban Sector* Office - Sovereign Sector* Office - Sovereign Sector* Office - Other Sector* Office - Sovereign Sector* Office - Other GLA 41 003 m 2 GLA 73 396 m 2 GLA 40 093 m 2 GLA 40 080 m 2 GLA 41 707m 2 Valuation R676 mil Valuation R535 mil Valuation R422 mil Valuation R409 mil Valuation R397 mil * Building sector determined by majority occupation of a tenant type. Some buildings have different types in occupation 46

TOP 10 PROPERTIES Cont. Embassy Building Isivuno House Hensa Towers Phomoko Towers The Marine Location Durban Location Pretoria Location Durban Location Pretoria Location Polokwane Sector* Office - Other Sector* Office - Sovereign Sector* Office - Sovereign Sector* Office - Sovereign Sector* Office - Other GLA 32 788 m 2 GLA 23 694 m 2 GLA 13 675m 2 GLA 13 058m 2 GLA 24 655 m 2 Valuation R336 mil Valuation R328 mil Valuation R306 mil Valuation R272 mil Valuation R258 mil * Building sector determined by majority occupation of a tenant type. Some buildings have different tenant types in occupation 47

GLA AND VACANCY RECONCILIATION Properties (No.) Total GLA (m 2 ) Vacant GLA (m 2 ) Vacancy (%) As at 28 February 2017 112 981 777 105 119 10.7% Disposals (7) (36 013) (9 331) Acquisitions - - - Leases terminated - - 64 200 New letting of vacant space - - (47 763) Adjustments Commission House * - 6 157 Adjustments - 507 - - As at February 2018 105 952 428 112 225 11.8% * Commission House was previously moth-balled due to renovations, building now functional and occupied by DPW 48

LEASING OUTLOOK Anticipated budgeted sovereign renewals Sector No of Leases Total Area W.A. Expiry Rate / m 2 * W.A. Proposed Rate / m 2 * Escalation / (Reversion) Leases on month-to-month or expiring by 31 August 2018 National government 39 187 718 99.03 97.87 (1.17%) Provincial government 9 36 149 133.51 119.77 (10.29%) Local government 2 34 977 132.26 112.85 (14.68%) State-owned enterprise 9 13 988 98.58 93.84 (4.81%) TOTAL 59 272 833 105.64 100.43 (4.93%) * All rentals quoted are gross rentals 49

LEASE EXPIRY PROFILE AT 28 FEBRUARY 2018 TOTAL PORTFOLIO - BY GLA TOTAL PORTFOLIO - BY RENTAL Vacant (11.8%) Month to Month (16.8%) 28 Feb 19 (29.1%) 29 Feb 20 (12.2%) 28 Feb 21 (19.6%) 28 Feb 22 (5.4%) 28 Feb 23 (1.5%) Beyond 28 Feb 2023 (3.6%) Month to Month (18.1%) 28 Feb 19 (33.9%) 29 Feb 20 (13.9.%) 28 Feb 21 (21.5%) 28 Feb 22 (7.0%) 28 Feb 23 (1.6%) Beyond 28 Feb 2023 (4.0%) 50

NODAL ANALYSIS PRETORIA 1 8 Delta owned properties 9 ABSA Towers 13 CGI Building (DPW Head Office) 14 AVN Building (DPW occupied) 10 Momentum building 15 State Theatre 11 Treasury 12 Telkom Towers 16 Sammy Marks Shopping Centre 17 Intended new municipal HQ 51

NODAL ANALYSIS DURBAN 1 12 Delta owned properties 13 Durban International Convention Centre 17 SAHARA Park Kingsmead 18 South Beach 14 Durban City Hall 19 Redefine Towers 15 Workshop Mall (Old Railway Workshop) 20 Commercial City Building 16 Durban Marina 21 Durban Bay House 52

NODAL ANALYSIS BLOEMFONTEIN 1 13 Delta owned properties 14 Hoffman Square 19 Fourth Raadsaal 20 Bloemfontein City Hall 15 Sand du Plessis Theatre 21: CR Swart Building 16 Waterfront Mall 22 Lebohang Building 17 Loch Logan 23 Bram Fisher Building 18 Appeal Court 24 Liberty Life Building 53

NOTES

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