Interim Results Presentationfor the 6 months ended 31 August 2015

Proceedings

Introduction Sandile Nomvete

Highlights

Unitholder profile

Delta Africa

Financial review Greg Booyens

Investment portfolio Bronwyn Corbett

Leasing

Capex

Headwinds Sandile Nomvete

Prospects

Embassy Building, Durban

2

Introduction

Unisa House, Johannesburg

3

Introduction to Delta

Black managed REIT

Predominantly invested in office buildings in Durban and Pretoria with diversifying

investments in other sectors and Delta Africa

Secure long term sovereign underpin, with sovereign tenants occupying 60% of total GLA

Average property value of R106.8 million

Market capitalisation of R4.5 billion (Aug 2014 – R3.54 billion)

Contract commenced with new asset manager which is 100% owned by black employee

share trust

*Includes investment in Delta Africa

4

31 August 2015 28 February 2015Shares in issue 543 558 733 458 409 836

Market capitalisation R4.5 billion R4.1 billion

Share price (closing) R8.20 R8.90

NAV per share R9.62 R10.02

No. of properties 85 82

Valuation of property portfolio R9.1 billion* R8.4 billion

Average value per property R106.8 million R102.4 million

Gross lettable area 723,929 m² 703,103 m²

Sectorial profile (Building - GLA) Office - Government: 53.9% Office - Government: 52.8%

Office - Other: 36.8% Office - Other: 39.6%

Industrial: 5.5% Industrial: 5.7%

Retail: 3.8% Retail: 1.9%

Occupancy rate 91.6% 92.9%

Weighted average net rent (per m2) R 101.49 R 95.84

Weighted average escalation 7.88% 7.97%

Loan to value 46.0% 49.9%

Fixed : Floating 69% 70%

Funding costs Ave all in rate 8.09% Ave all in rate 8.10%

*Portfolio is only revalued once annually in February

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%

5

Management structure

JB MagwazaNon-Executive Chairman

Sandile NomveteChief Executive Officer

Bronwyn CorbettChief Investment Officer & Chief Operating Officer

Jorge Da CostaIndependent Non-ExecutiveDirector

Chairman of the InvestmentCommittee

Greg BooyensChief Financial Officer(outgoing)

Nooraya KhanLead IndependentNon-Executive Director

Chairman of the Audit, Risk and ComplianceCommittee, Nomination andRemuneration Committee

Paul SimpsonIndependent Non-ExecutiveDirector

Executive directors Non-Executive directors

Dumo MotuaIndependent Non-ExecutiveDirector

Ian MacleodIndependent Non-ExecutiveDirector

Delta Property Asset ManagementAppointed Asset Manager of Delta Property Fund. Owned by trust with BEE staff as beneficiaries, and employs asset management staff

Property Managing Agent CompaniesVarious property management companies appointment to administer day-to-day functions of the property portfolio, including JHI, Braamcor, Moolman, Broll and an internal property management division of Delta Property Asset Management

6

Highlights

Sleepy Hollow, Pietermaritzburg

Delta Towers, Durban 88 Field Street, Durban

7

Highlights

7.2% increase in interim distribution to 42.89 cents (Aug 2014 - 40.01 cents)

More than quadrupled total investment portfolio to R9.47 billion* in 34

months since listing in Nov 2012

Gearing ratio reduced from 49.9% to 46.0%

Level 2 B-BBEE rating achieved

Capital raise of R780.3 million during the period in the form of share

subscriptions

Achieved A2 (ZA) short term GCR credit rating

8

Unitholder profile

Mayor’s Walk, Pietermaritzburg

9

Unitholder profile

As at 31 Aug 2015 Units held Holding

Coronation Fund Managers 84 232 877 15.50%

Public Investment Corporation 76 388 306 14.05%

Stanlib Asset Management 70 368 154 12.95%

Sanlam Investment Management 45 282 259 8.33%

Grindrod Asset Management 41 144 741 7.57%

Kagiso Asset Management 26 927 801 4.95%

Directors 26 205 707 4.82%

Prudential Portfolio Management 19 178 721 3.53%

Investec Asset Management 17 900 244 3.29%

Subtotal 378 224 034 74.99 %

Other 135 929 923 25.01 %

Total 543 558 733 100%

10

Delta Africa

Samora House, Durban

KPMG / Hollard Building, MaputoVodacom Building, Maputo

11

Delta Africa

In line with investment strategy, rebranded Delta International to

Listed on main board of JSE and Stock Exchange of Mauritius

Delta’s shareholding of 31.78% valued at R386 million

Second distribution of US$ 4.65 cents per share declared in August 2015

Zimpeto Square transferred in September, increasing total portfolio to $220 million

Deal concluded for 50% stake in Kafubu and Kitwe Malls in Zambia

Current exposure in Mozambique and Morocco, pipeline in Mauritius, Zambia and Tanzania

Bronwyn Corbett appointed as CEOVodacom Building, Maputo

12

Financial Review

Samora House, Durban

13

Financial review

Growth in distributions of 7.20%

Cost to Income ratio well contained at 11.63%

Total acquisitions of R492.3 million completed in the period

First disposal concluded with process underway to dispose of other non-core

assets

Gearing reduced to 46.0%, and expected to decrease further by Feb 2016 with

disposals

Maintained fixed : floating ratio at 69:31 and competitive cost of debt funding of

8.09%

Shares repurchased at average price of R8.12, a 15.9% discount to NAV

14

Financial overview

31 Aug 2015 31 Aug 2014 28 Feb 2015

Distribution per share (cents) 42.89 40.01 84.071

Cost to income ratio (net) 11.4% 10.2% 10.2%

Cost to income ratio (gross) 27.3% 26.4% 26.0%

Gearing level 46.0% 48.2% 49.9%

Weighted average interest rate 8.09% 8.07% 8.10%

Average debt expiry period (years) 2.60 2.17 2.37

Average debt fix expiry period (years) 1.91 3.04 2.36

Fixed vs. floating 69 : 31 70 : 30 70 : 30

Net asset value per share (excl deferred tax) R9.62 R9.072 R10.02

Average rental/m² R101.49 R93.66 R95.84

Average escalation 7.88% 8.00% 7.97%

1 40.01 cpu for 6 months ended 31 Aug 2014 and 44.06 cpu for 6 months ended 28 Feb 20152Aug 2014 NAV per share restated from R8.67 to R9.07 to take into account the elimination of 2014 unitholders for distribution liability for comparison purposes

15

31 Aug 2015(R’000)

31 Aug 2014 (R’000)

28 Feb 2015(R’000)

Change % (Aug 2015

vs Aug 2014)

Net property income 420 484 325 590 696 300 29.15%

Rental income 578 502 442 291 940 623 30.80%

Property operating expenses (158 018) (116 701) (244 323) 35.40%

Administration expenses (excluding forex losses) (36 366) (25 213) (51 008) 44.24%

Net finance costs (180 657) (139 888) (312 415) 29.14%

Dividend received from Delta Africa 14 057 - 18 247 100%

Accrued distribution from other listed investments - - 11 905 100%

Sundry income 6 080 464 13 590 1,210.34%

Antecedent interest 9 010 13 702 3 425 (34.24%)

Taxation - 5 814 2 381 (100%)

Distributable income for the period 232 608 180 469 382 425 32.2%

Number of shares in issue 1 543 558 733 451 042 442 458 409 836

Distribution per linked unit / share (cents) 42.89 40.01 84.07 7.20%

Cost to income ratio (gross) % 27.3% 26.39% 26.0%

Cost to income ratio (net) % 11.63% 10.16% 10.16%

1Shares in issue at reporting date. Total distribution of R232,607,998 (42.89 cents per unit) will be allocated to 542 316 733 shares in issue at record date

Distributable income statement (extract)

16

Statement of financial position (extract)

31 Aug 2015 (R’000)

31 Aug 2014(R’000)

28 Feb 2015 (R’000)

Change % (Aug‘15 vs Feb’15)

Assets

Non-Current assets 9 227 782 7 701 707 8 396 823 9.90%

Investment property 8 816 434 7 180 373 8 393 900 5.03%

Fair value of property portfolio 8 633 026 7 030 190 8 213 035 5.11%

Straight line rental income accrual 183 408 150 183 180 865 1.41%

Other non-current assets 411 348 521 334 2 923 13,973%

Current assets 456 639 197 197 345 919 32.01%

Non-current assets held for sale 265 630 - 26 500 902.38%

Assets associated with disposal group held for sale - - 2 110 030 (100%)

Total assets 9 950 051 7 898 904 10 879 272 (8.54%)

Equity and liabilities

Total Equity 5 231 003 1 522 954 5 074 171 3.09%

Equity 5 231 003 1 522 954 4 620 981 13.20%

Non-controlling interests - - 453 190 (100%)

Liabilities 4 719 048 6 375 950 4 632 758 1.86%

Non-current liabilities 3 697 715 5 463 129 3 673 309 0.66%

Current liabilities 1 021 333 912 821 959 449 6.45%

Liabilities associated with disposal group held for sale - - 1 172 343 (100%)

Total equity and liabilities 9 950 051 7 898 904 10 879 272 (8.54%)

17

Debt summary

As at 31 Aug 2015

Type R'm 1 Weighted Ave. Rate

Revolving / Liquidity Bank Facilities 637 8.03%

Floating Bank Facilities 1,478 7.79%

Fixed Bank Facilities 1,676 8.29%

Total Bank Facilities 3,791 8.05%

DMTN Programme 738 7.85%

Total Drawn Facilities 4,529 8.02%

Accrued Interest 43 N/A

TOTAL 4,573

Swap Contracts 2 1,222 7.68%

Cross Currency Swaps 225 LIBOR + 2.89%

Fixed : Floating & Total WACC 69 : 31 8.09%1

Reflects balances of facilities and excludes accrued interest at 31 Aug 20152

R362m of the Swap Contracts relates to the DMTN programme, whilst the remainder relates to bank facilities.

18

Debt maturity profile

0 50 100 150 200 250 300 350 400 450 500 550 600 650 700

28-Feb-16

28-Feb-17

28-Feb-18

28-Feb-19

28-Feb-20

28-Feb-21

28-Feb-22

R’ millions

DMTN Programme Fixed Bank Facilities

Floating Bank Facilities Revolving / Liquidity Bank Facilities

Swap Contracts

19

Portfolio growth analysis

R’bn LTV %

Comparison of market cap, investment portfolio value and LTV

1,35

1,39

3,00 3,39 3,54

4,08 4,46

2,10 2,12

4,80

6,97 7,18

8,90

9,47

40,0% 38,7%

41,0%47,5%

48,2%

49,9%

46,0%

30%

40%

50%

60%

70%

80%

-

1,00

2,00

3,00

4,00

5,00

6,00

7,00

8,00

9,00

10,00

Nov-12 (Listing) Feb-13 Aug-13 Feb-14 Aug-14 Feb-15 Aug-15

Market cap Investment portfolio LTV %

20

Investment portfolio

Block G, DTI Campus, Pretoria

21

Portfolio breakdown

Property portfolio by sector (building)*

Office -Government

Office -Other

Industrial Retail Total

Number of properties 50 29 2 4 85

Gross lettable area (m2) 389 948 266 606 39 955 27 420 723 929

Vacancy (%) 5.9% 8.9% 31.6% 5.4% 8.4%

Value R 5.41 billion R 3.00 billion R 0.14 billion R 0.53 billion R 9.08 billion

Average rental (R/m2) 113.86 89.45 37.21 106.88 101.49

Average escalation (%) 8.1% 7.5% 5.8% 7.5% 7.9%

Weighted ave. lease expiry (by revenue) 2.69 years 2.21 years 1.95 years 6.09 years 2.67 years

Cost to income ratio (net) 9.57% 34.67% 7.10% 16.94% 11.63%

Cost to income ratio (gross) 22.86% 15.37% 20.15% 36.56% 27.31%

*Sectors of buildings are determined by the classification of majority of tenants within the building

22

Property portfolio analysis

SECTORAL PROFILE: GLA*

54%

37%

6%

4%

Office - Government (53.9%)Office - Other (36.8%)Industrial (5.5%)Retail (3.8%)

41,1%

34%

6%5%

5%4%3%1%

0,8%

Gauteng (41.1%) Kwazulu-Natal (33.9%)

Limpopo (6.2%) Northern Cape (5.4%)

Western Cape (4.6%) Mpumalanga (3.6%)

Eastern Cape (3.3%) Free State (1.0%)

North West (0.8%)

24%

76%

A (24,1%) B (75,9%)

30%

70%

A (31,4%) B (68,6%)

GEOGRAPHIC PROFILE: GLA OFFICE BUILDING GRADE: GLA

SECTORAL PROFILE: RENTAL* GEOGRAPHIC PROFILE: RENTAL OFFICE BUILDING GRADE: RENTAL

40%

27%

12% 6%5%

4%

4%1%

0,7%

Gauteng (39.8%) Kwazulu-Natal (27.4%)

Limpopo (12.0%) Northern Cape (6.1%)

Western Cape (4.9%) Eastern Cape (4.1%)

Mpumalanga (3.9%) Free State (1.1%)

North West (0.7%)

63%

31%

4%

2%

Office - Government (63.3%)Office - Other (30.9%)Retail (4.2%)Industrial (1.6%)

* Based on building classifications

23

Delta’s performance per IPD1

Delta PortfolioListed Fund Benchmark2 Percentile

All Fund Benchmark3 Percentile

Total Return (%) 17.9 13.9 0 12.8 6

Income Return (%) 9.3 9.0 44 8.4 31

Capital Growth (%) 7.9 4.6 11 4.1 19

Basic Rental Growth (%) 6.1 7.0 38 6.6 40

Capital Value per sqm 11 971 10 802 33 12 536 44

Basic Rental Yield (%) 8.9 9.4 78 9.0 63

Net Income Yield (%) 8.5 8.6 N/A 8.1 N/A

Vacant Floor space (%) 7.5 5.1 100 5.2 81

1 Measured annually in December

2Listed Fund Benchmark is constituted by the ten listed property funds that are IPD Measured Funds

3All Fund Benchmark is constituted by the 18 property owners that are IPD Measured Funds

24

Pipeline

Orthotouch Portfolio Chambers of Change Barrack House

Description 15 government tenanted offices Redevelopment of 4 inner city offices Multi-story office building

Location Bloemfontein, Welkom, Nelspruit Johannesburg CBD Cape Town CBD

Lease ExpiryVarious from month-to-month to 24

months4 year head lease 5 years

Anchor Tenant National & Provincial DPW Propertuity Development (Pty) Ltd Department of Home Affairs

GLA 84,405 m2 5,200 m2 4,350 m2

Purchase Price R507,000,000 R79,985,000 R60,500,000

Acquisition Yield 11.5% 11% 10.6%

Status Expected transfer in November 2015 Expected transfer in December 2015 Expected transfer in November 2015

Delta to continue to focus on sovereign underpin.

Acquisition of 15 properties from Orthotouch Limited (as announced on SENS 02 June 2015)

is expected to transfer by the end of November 2015.

25

Disposals

Management has embarked on a disposal programme

Rationale is that certain assets are viewed as non-core, or that the capital from the core assets (where

strong offers have been received) can be better deployed in higher yielding assets

Proceeds will primarily be used to reduce gearing levels

1 disposal concluded, 3 in progress, 15 properties on market with total asking price of R1.25 billion

Richmond Forum Block G - DTI Campus 7 Bell Street Yarona Shopping Centre

Location Auckland Park - JHB Pretoria Nelspruit Tembisa - Midrand

Description Multi-tenanted office Multi-tenanted office Office and workshop Open-air neighbourhood centre

Selling Price R22,500,000 R225,800,000 R5,087,000 R80,000,000

GLA 3,968 m2 7,992 m2 590 m2 5,979 m2

Disposal Yield 6.8% 7.5% N/A, vacant 9.07%

Status TransferredExpected transfer before

February 2016Expected transfer in

November 2015Expected transfer in

November 2015

26

Leasing

Mayor’s Walk, PietermaritzburgThe Marine, Durban

Hallmark Building, Pretoria

27

Leasing

Total leases concluded since 1 March 2015

No of Leases Total AreaWeighted Ave.

Rate / m2

Weighted Ave. Escalation

Renewals 75 24,666 m2 (3.4%1) R 99.32 8.12%2

Historic exit rentals R92.62

New Deals 45 6,566 m2 (1%1) R 97.97 7.01%

Top 3 deals by area

Property Tenant Type Total Area Term Rate / m2 Escalation

Delta Towers Ithala Soc Limited Renewal 3,021 m2 36 months R60.00 8.00%

Protea Coin PTA Fidelity Security Services Renewal 1,914 m2 36 months R37.61 7.50%

The Marine Sasol Solvents Renewal 1,339 m2 60 months R65.00 8.00%

1% of total fund GLA as at 31 August 2015 - 723,929 m2

2Excludes short term renewals of 12 months or less that are not subject to escalation. If these leases are included, the weighted average escalation is 4.85%

28

Capex

CMH Redevelopment, Durban

29

Property

(All figures in Rands)

CMHDealership

88 FieldCommission

HouseEmbassy Building

The Forum Total

Approved budget 156,000,000 85,000,000 28,250,000# 21,843,000 - 291,093,000

Spent in FY2015 37,976,214 - - - - 37,976,214

Spent in H1 2016 93,541,892 34,847,997 - - - 128,389,889

Budget for H2 2016 24,481,894 23,580,254 18,185,050 16,917,584 - 83,164,782

Budget for FY2017 - 26,571,749 10,039,286 4,925,416 30,000,000* 71,536,421

Description

Development of new dealership showroom and parking facilityOpening 1 November 2015

Internal refurbishment of tenanted floors for DPW

Internal refurbishment

# budget reduced in line with tenant driven project

Façade Upgrade Façade Upgrade

* pending approval

Significant Capex projects

30

Headwinds

Capital Towers, Pietermaritzburg

31

Risks / Challenges Mitigants

Treasury Directive - 3 year, 5.5% escalation Market seeing renewals at 7.5% Level 2 B-BBEE status allows the ability to renew

leases Discussions on 10 - 20 year lease terms

Interest rate environment Liquidity in Debt Capital Markets Gearing Foreign currency movements

Fixed rate instruments Optimal use of assets as collateral through flexible

security structures Multibanked Potential disposals Capital raise completed New acquisitions include large equity component Cross currency swaps

Government renewals below historic rental Renewals achieved at market or escalated rentals

Municipal Rates Continued management Adequate forecasts of escalations

Headwinds

32

Prospects

NPA Building, Cape Town

33

Potential upside in DLT

cpu R billion

Historic share price, NAV and distribution per share

23,69

32,51

40,18

72,69

40,01

44,05

84,06

42,89

47,89

90,78

8,067,89 7,96

8,87 8,87 8,67

10,05

10,05

9,62

8,32 8,40 8,30

7,90 7,90 7,85

8,90

8,90

8,20

9,08 9,08

9,62 9,62

6

7

8

9

10

11

12

20,00

30,00

40,00

50,00

60,00

70,00

80,00

90,00

Nov-12(Listing)

FY2013 HY Aug-14 HY Feb-15 FY2014 HY Aug-14 HY Feb-15 FY2015 HY Aug-15 HY Feb-16(Target)

FY Feb-16(Target)

Distribution NAV Share Price

15.6%

8%

34

Positioning against peers

Information from Catalyst Fund Managers September 2015 monthly report and BloombergSector weighted index excludes Attacq, Pivotal, Resilient and Nepi

Historic yield comparison and weight in SAPY index

12,1%11,4%

10,6%

9,7%

8,2% 8,0% 7,9% 7,8% 7,8% 7,7% 7,6%7,0% 6,9%

Sector Weighted Average - 5,8%

1.3%

1.5%

N/A

N/A1.3% 3.5% 2.5% 1.4% 1.1% 3.2%

15.2% 20.1%

N/A% Weight in SAPY index

35

DLT vs R186 Long term bond

6,5%

7,0%

7,5%

8,0%

8,5%

9,0%

9,5%

10,0%

10,5%

11,0%

Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15

DLT Yield R 186 Yield

36

Replacement of CFO

Disposal of non-core assets

Strengthening of balance sheet

• Reduce gearing

• Improve credit rating

“Inward” focused asset management of existing portfolio

• Deployment of CAPEX improve quality and lower costs

• Improving cost to income ratio through streamlined and efficient property management

Inner city focus

• Partnerships with developers, tenants, property owners and government to improve and maintain attractive and safe nodes

Continued focus on Sovereign Underpin

• Further parastatal exposure

International diversification

Priorities going forward

Short term

Long term

37

Q & A

38

Annexure 1 - Directors of Delta Property Fund

Sandile Hopeson Nomvete – Chief Executive Officer

Exec Dep. & Prop Dev. Prog. (Wits & UCT Business Schools)

He co-founded Motseng Investment Holdings which eventually became the empowerment partner to Marriot Property Group. A series of mergers and acquisitions within the sector provided the opportunity for Motseng to become the largest 100% black-owned property management company in South Africa.

Sandile serves as a director on a number of other listed entities, including KAP Limited. He has nearly a decade and a half of experience in executive and non executive positions.

Sandile is a graduate of the Property Development Programme from the University of Cape town Graduate School of Business, and holds an Executive Development Programme and Finance for non-financial managers Diploma from the University of Witwatersrand Graduate School of Business.

Bronwyn Anne Corbett – Chief Investment Officer / Chief Operating Officer

BCom (Acc) (Univ. of Natal, PMB), CA(SA)

She has over ten years experience in the property sector with a specific focus on property ownership. Prior to joining Motseng in April 2009 as the Chief Financial Officer, Bronwyn was the Financial Director and joint founder of Universal Retail Construction Company and also the Financial and Operations Director for Universal Property Professionals, a development and property ownership company with a portfolio in excess of R12 billion.

When joining Motseng in April 2009 Bronwyn was integral in the establishment of Tuffsan 89 Investment Holdings (now Delta Property Fund) and built the property portfolio to R2.6 billion which ultimately led to the listing of Delta Property Fund on the JSE. Bronwyn has the ability to secure essential finance and seller relationships which has been paramount to the success of Delta Property Fund.

She holds a Bachelor of Commerce in Accounting from the University of Natal and is a member of the Institute of Chartered Accountants. Bronwyn is also a registered auditor.

Greg Booyens – Chief Financial Officer (outgoing)

Bcom, Diploma in Advanced Banking, Certificate in Business Project Management (UNISA, RAU & Wits)

Greg has spent over 10 years in the finance industry and was appointed as CFO on 01 July 2015 having previously held a senior financial role at Delta’s Asset Manager. Greg completed his articles at PKF South Africa and in 2004 joined UBS (London) as a financial accountant in their fixed income division. Thereafter, Greg spent time at Barclays Plc in their treasury before joining Evolution Group Plc in 2006 where he spent six years in their finance department. He returned to South Africa in 2011. He holds a BCom (Honours) degree in Accounting from the University of Port Elizabeth. Greg is a qualified Chartered Accountant.

39

Directors of Delta Property Fund (cont.)

Johannes Bhekumuzi Magwaza – Non-Executive Chairman

BA, MA (UK)

JB has many years’ experience as a board representative for various JSE listed and non-listed entities including chairmanships at Tongaat Hullet Limited, PamodziInvestment Holdings Proprietary Limited, Motseng, Mutual & Federal Limited and Nkunzi Investment Holdings Proprietary Limited.

He was the founder chairman of the National Economic Initiative and served on the executive committee of the Urban Foundation and the Development Bank of Southern Africa. JB has been the recipient of numerous provincial, national and international prestigious awards and brings a wealth of fiduciary experience to the board of Delta.

Since retiring in 2003, he has become an active non-executive director of a number of black-owned and controlled companies in which he has helped form and lead consortiums, managed conflict and dispute resolutions, implemented governance disciplines, developed strategies and imparted valuable management skills.

Ian Mcloed– Independent Non-Executive Director

Bcom (Hon) Real Estate Investment, Valuation and Development (UNISA)

Ian has 41 years of experience with financial institutions, including Standard Bank and Nedbank, with specific focus on Real Estate Credit Risk. He has extensive knowledge of Real Estate's key role players, business sectors and geographic nodes. Ian’s experience includes the managing of portfolios during changing economic cycles and particularly managing problematic properties in economic downturns.

Dumo Motua – Independent Non-Executive Director

Bcom, Diploma in Advanced Banking, Certificate in Business Project Management (UNISA, RAU & Wits)

Dumo has a wide experience gained from different environments and institutions, spanning the banking, regulatory and supervisory environment, credit risk

rating and policy formulation at government level. Having started her career in banking, focusing on financial analysis and development finance through the

Development Bank of Southern Africa, Dumo moved to the South African Reserve Bank to gain an understanding of the environment within which banks operate.

In 2011 Dumo launched a financial risk management consultancy, Aphiwa Risk Consultants (Pty) Ltd, focusing on the financial inclusion of the small micro enterprises into the formal sector through access to finance. Her projects include advising on strategy formulation for penetrating the informal market.

40

Directors of Delta Property Fund (cont.)

Nooraya Khan – Independent Non-Executive Director

CA (SA)

Nooraya is a Chartered Accountant and a highly – experienced and successful private equity transactor.

She has vast experience in negotiating, implementing and managing private equity and black economic empowerment transactions across South Africa which was obtained during a combined thirteen-year tenure at Rand Merchant Bank (a division of FirstRand Bank Limited) and the Industrial Development Corporation (IndustrialDevelopment Corporation).

Nooraya also gained exposure to project finance transactions and risk management as a manager in the Project Finance and Risk Management divisions of the Industrial Development Corporation, and as a member of the CIBC credit committee of FirstRand Limited.

Jose Jorge Goncalves Da Costa – Independent Non-Executive Director

Jorge has been in the property industry for the past 30 years and is a founding director of Improvon Property Group, developers of prime industrial properties across South Africa and is a past director of Property Fund Managers Limited, the management company of Capital Property Fund and Resilient Property Income Fund.

Directorships include Capital Property Fund, Improvon Properties Proprietary Limited and various non-listed entities.

Paul David Simpson – Independent Non-Executive Director

Royal Institute of British Architects Part 1

Paul has a wealth of experience and a comprehensive track record of delivering sustainable, profitable growth in the retail and property sector. Paul has had close involvement in providing architectural input on three hundred new shopping centres across South Africa, Africa and the Middle East, working with top developers. Paul’s experience ranges from major tenant input through to mall plan design of large regional centres such as Clearwater Mall, Maponya Mall and Irene Mall.

He has served as the construction director of Group Five Building Proprietary Limited in the Western Cape, prior to which he held roles as contracts’ manager at EBC Group plc in the United Kingdom and Mark Amy Limited in Jersey. He subsequently spent nearly two decades at Woolworths Proprietary Limited, heading up the real estate division.

Being a former president of the South African Council of Shopping Centres, founding director of the Green Building Council of South Africa and a member of the Commercial Board of the Bureau for Economic Research, Paul brings a vast amount of expertise to the board.

41

Annexure 2 – Top 10 Properties (by value)

Forum Building Liberty Towers Hallmark Building Delta Towers

Location Pretoria Location Durban Location Pretoria Location Durban

SectorOffice -

GovernmentSector

Office -Other

SectorOffice -

GovernmentSector

Office -Other

GLA 41,003 m2 GLA 40,465 m2 GLA 26,255 m2 GLA 40,694 m2

Vacancy Nil Vacancy 2.66% Vacancy Nil Vacancy 27.57%

Valuation R600 mil Valuation R390 mil Valuation R389 mil Valuation R350 mil

42

Top 10 Properties (cont.)

Hensa Towers Manaka Heights Phomoko Towers The Marine

Location Polokwane Location Pretoria Location Polokwane Location Durban

SectorOffice -

GovernmentSector

Office -Government

SectorOffice -

GovernmentSector

Office -Other

GLA 13,675 m2 GLA 19,122 m2 GLA 13,058 m2 GLA 24,384 m2

Vacancy Nil Vacancy 1.78% Vacancy Nil Vacancy 21.21%

Valuation R341,5 mil Valuation R272 mil Valuation R259,3 mil Valuation R250 mil

43

Top 10 Properties (cont.)

Embassy Building Beacon Hill

Location Durban LocationKing Williams

Town

SectorOffice -

GovernmentSector

Office -Government

GLA 31,129 m2 GLA 13,648 m2

Vacancy 20.81% Vacancy 0%

Valuation R236 mil Valuation R228 mil

44

Annexure 3 - Property operating expenses

109 827

17 481

10 842 5 639

3 821

3 492

2 657

1 071

1 066

1 027

672

302

96

24

BREAKDOWN OF PROPERTY OPERATING EXPENSES(R'000s)

Municipal expenses (69.5%)

Service contracts (11%)

Property management fees (7%)

Repairs and maintenance (3.5%)

Staff costs - onsite (2.4%)

Rental paid - parking rental (2.2%)

Insurance (1.7%)

Consumables (0.7%)

Other property expenses (0.7%)

Letting commissions (0.6%)

Provision for doubtful debts (0.42%)

Marketing (0.2%)

Security expenses (0.06%)

Sundry & admin expenses (0.02%)

45

Annexure 4 - Admin expenses

15 893

7 408

3 701 1 903

1 610

1 344

860

849

742

704

459

544

208

141

BREAKDOWN OF ADMIN EXPENSES(R'000s)

Asset Management fees (43.7%)

Directors fees (20.4%)

Professional fees (10.2%)

Rental paid (5.2%)

Corporate social responsibility (4.4%)

Depreciation (3.7%)

Bank charges (2.4%)

Travel and entertainment (2.3%)

Reporting and announcements (2.0%)

Audit fees (1.9%)

Insurance (1.3%)

Administration & sundry expenses (1.5%)

Compliance and regulatory (0.6%)

Market data (0.4%)

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29,4%

28,1%

0,4%

14,8%17,8%

8,0%1,5%

BREAKDOWN OF TENANT TYPE(By Revenue)

Provincial Government (29.4%)

National Government (28.1%)

Local Government (0.4%)

State-Owned Enterprise (14.8%)

General Office (17.8%)

Retail (8.0%)

Industrial (1.5%)

Total sovereign (72.7%)

Annexure 5 - Detailed tenant analysis

47