DELTA PROPERTY FUND LIMITED
 (Incorporated in the Republic of South Africa)
 (Registration number: 2002/005129/06)
 Share code: DLT
 ISIN: ZAE000194049
 (Approved as a REIT by the JSE)
 (“Delta” or “the Company ”)



DISTRIBUTION OF CIRCULAR AND NOTICE OF GENERAL MEETING


1.     Introduction

       Shareholders are referred to the announcement released by the Company on SENS on
       Thursday, 1 December 2022, advising Shareholders that on 30 November 2022, the
       Company, through its wholly-owned subsidiary, K2014000273 (South Africa) Proprietary
       Limited entered into an agreement with DMFT Property Developers Proprietary Limited, in
       terms of which it will dispose of its leasehold property situated at 121 Chief Albert Luthuli
       Street, Pietermaritzburg, as more commonly known as “Capital Towers”, for a cash
       consideration of R65.55 million, including VAT (“Capital Towers Disposal”).

2.     Distribution of Circular and Notice of General Meeting

2.1.      A circular (“Circular”), detailing the proposed Capital Towers Disposal, will be
          distributed to shareholders today, Wednesday, 1 March 2023. The Circular also
          incorporates a notice convening a general meeting of shareholders (“General Meeting”)
          for the purpose of considering and, if deemed fit, passing, with or without modification,
          the resolutions contained therein.

2.2.      All capitalised terms used but not defined in this announcement shall bear the meanings
          ascribed to them in the Circular.

2.3.      Accordingly notice is hereby given that the General Meeting will be held at 10h00 on
          Friday, 31 March 2023, physically at the Delta Boardroom, Silverstream Business Park,
          10 Muswell Road South, Bryanston and by electronic participation, in order to consider
          and, if deemed fit, to pass, with or without modification, the requisite resolutions for the
          Capital Towers Disposal.

2.4.      The Circular is available in English only. Copies of the Circular may be obtained during
          normal business hours from the registered office of the Company and its transaction
          sponsor, Valeo Capital, from Monday, 1 March 2023 until Friday, 31 March 2023 (both
          days inclusive). A copy of the Circular will also be available on the Company’s website
          (www.deltafund.co.za).

3.     Salient dates and times

       The salient dates and times relating to the General Meeting and the Capital Towers
       Disposal are set out below:

                                                                                               2023
       Record Date to Receive Notice being the record date                      Friday, 24 February
       to be eligible to receive this Circular and the Notice of
       General Meeting
       Announcement of distribution of Circular and Notice of                 Wednesday, 1 March
       General Meeting on SENS on
       Circular, incorporating Notice of General Meeting and                  Wednesday, 1 March
       Form of Proxy (grey), posted to Shareholders on
     Last day to trade Shares in order to be eligible to vote                                Monday, 20 March
     at the General Meeting
     Record Date to Vote being the record date to be eligible                                  Friday, 24 March
     to attend, participate and vote at the General Meeting
     For administrative reasons, Forms of Proxy (grey) in                               Wednesday, 29 March
     respect of the General Meeting to be lodged at or
     received via hand, post or e-mail by TMS by no later
     than 10:00 on
     Form of Proxy (grey) in respect of the General Meeting                                    Friday, 31 March
     to be handed to the chairperson of the General Meeting
     or TMS at the General Meeting, at any time before the
     proxy exercises any rights of the Shareholder at the
     General Meeting on
     General Meeting of Shareholders held at 10:00 on                                          Friday, 31 March
     Results of the General Meeting released on SENS on                                        Friday, 31 March
       Notes

       1. The above dates and times are subject to change. Any changes will be announced on SENS.

       2. All times quoted in the Circular are local times in South Africa.

       3. Shareholders should note that, as transactions in Shares are settled in the electronic settlement system
          used by Strate, settlement of trades takes place three business days after such trade. Therefore, persons
          who acquire Shares after the last day to trade, namely, Monday, 20 March 2023, will not be eligible to
          attend, participate in and vote at the General Meeting in respect of those Share acquired after the last day
          to trade.

       4. Forms of Proxy (grey) are to be lodged with TMS, for administrative purposes only, by no later than 10:00
          on, Wednesday, 29 March 2023. Alternatively, Forms of Proxy (grey) may be handed to the Chairperson
          of the General Meeting or TMS at the General Meeting at any time before the appointed proxy exercises
          any Shareholder rights at the General Meeting.

       5. If the General Meeting is adjourned or postponed, Forms of Proxy (grey) submitted for the initial General
          Meeting will remain valid in respect of any adjournment or postponement of the General Meeting unless
          the contrary is stated on such Forms of Proxy.



Johannesburg
1 March 2023


Transaction sponsor
Valeo Capital (Pty) Ltd