for the period ended 31 August 2013

2 Proceedings Introduction HighlightsSandile Nomvete Strategy Unitholder profile Financial review Capital managementBronwyn Corbett Consolidated property portfolio Capex ProspectsSandile Nomvete

Introduction

4 Introduction to Delta Black managed property loan stock company Successfully raised R1.7 billion in equity post listing Defensive portfolio at an average value of R98.8 million Ratio of government to non-government (GLA) = 56:44 Total investment portfolio of R4.8 billion (49 properties) Market capitalisation of R3.0 billion Constituent of the FTSE-JSE SA listed property index (J253) Achieved a Level 2 BEE property charter rating

Highlights

6 Highlights for the period under review Distribution achieved of cents per linked unit, ahead of forecast In line to meet year end distribution Portfolio occupancy of 94.7% Attractive forward funding rates of 7.7% Leases renewed for m² (R244.7 million) Yield enhancing acquisitions R2.7 billion (average yield of 9.7%)

Strategy

8 Short-term: Achieved interim distribution Sweated current portfolio (lease renewals and uplift on vacancies) Transfer of all new acquisitions Bulked up asset management team Included 3 further property managers Maintained A/B grade fund – new acquisitions On track to achieve distribution growth and February 2014 distribution

9 Strategy | continued Medium-term: Grew portfolio to R4.8 billion: ›Yield enhancing assets ›Increased SARS portfolio Diversification of portfolio: (60/40 government/ non government) ›New acquisitions ›Parastatal ›Industrial

10 Organogram CEO Sandile Nomvete (Exec Dep. & Prop Dev. Prog) CFO / COO Bronwyn Corbett (CA (SA)) Asset Management Senior AM Otis Tshabalala Andre Janari Ops AM Sandra Mqina Ojong Nso Godfrey Ndlovu Senior Ops AM Trevor Matthews Group Financial Manager Greg Booyens (CA (SA)) Finance and Compliance Manager Stefan Smit (CA (SA)) Bookkeeper Rochelle Mumbengegwi (Bcom Acc) Finance Legal Taryn Harris (BA Hons, LLB)

11 Unitholder profile As at 31 August 2013Units heldHolding Coronation Fund Managers % Stanlib Asset Management % Public Investment Corporation % Directors, Management and Founders % Momentum % Subtotal % Other % Total %

Financial review

13 Financial highlights Converted to a REIT GCR Credit Rating achieved ›Raised R190 million 6 month commercial paper ›Long-term: BBB+ ›Short-term: A2 Introduced Standard Bank as debt funders Reduced cost of funding to 7.50% Achieved 5 year fixed funding at 7.87%

14 Financial overview 31 August 2013 Distribution per linked unit32.51 Cost to income ratio23.40% Gearing level41.10% Weighted average interest rate (at 31 August 2013)7.50% Fixed vs. floating62 : 38 Average debt fixed period (years)3.50 Net asset value per linked unit (excl deferred tax)7.99 Average rental/m²82.04 Average escalation8.34%

15 Distributable income statement R’00031 August 2013 Net property income Rental income Property operating expenses(51 216) Administration expenses(15 813) Net finance costs(34 024) Sundry income17 Retained profit not distributed(1 176) Distributable income for the period Number of linked units in issue Distribution per linked unit (cents)32.51 Cost to income %23.40%* * Includes property management fees historically excluded

16 Segmental analysis R’000Revenue Distributable earnings Office government Office other Industrial Retail Total property portfolio Other income17 Administration and corporate costs(15 813) Net finance charges(34 024) Retained distributable earnings(1 176) Total distributable earnings

17 Net property income analysis

Capital management

19 Group debt structure # Fixed rate expires Feb 2016 Variable rate debtFixed rate debt Maturity dateInterest rate 7.09% 7.22% 7.87% 7.88% # 7.00% 7.04% 7.55% 7.01% 7.74% 7.18% 7.55% Debt facility maturity profile

Consolidated property portfolio

21 Delta at a glance At listing31 August 2013 Market capitalisationR1.35 billionR3.0 billion No of properties2049 Valuation of portfolioR2.10 billionR4.80 billion Average value per propertyR105 millionR98.8 million Gross lettable area m² m² Sectoral profile: GLAOffice: 94%Office: 81% Retail: 6%Retail: 7% Industrial: 0%Industrial: 12% Tenant profile: GLA*OG: 72%*OG: 56% Non Gov 22%Non Gov 25% Retail: 6%Retail: 7% Industrial: 0%Industrial: 12% Occupancy rate95.6%94.7% Weighted average rentR 96.04R Weighted average escalation8.41%8.34% Loan to value40.0%41.0% 70% hedged / fixed62% hedged / fixed Funding costsAve all in rate 7.90%Ave all in rate 7.50% * OG – Office government

22 Consolidated property portfolio analysis SECTORAL PROFILE: GLA GEOGRAPHIC PROFILE: GLA BUILDING GRADE: GLA SECTORAL PROFILE: RENTAL GEOGRAPHIC PROFILE: RENTAL BUILDING GRADE: RENTAL

23 * OG – Office government Acquisitions: 31 August 2013 No of properties29 Valuation of portfolioR2.7 billion Average value per propertyR93.8 million Gross lettable area m² Sectoral profile: GLAOffice: 72% Retail: 7% Industrial: 21% Tenant profile: GLA*OG: 47% Non Gov 25% Retail: 7% Industrial: 21% Occupancy rate96.6% Weighted average rentR78.20 Weighted average escalation8.7% % tenants single tenanted45.5% % tenants < 552% Lease expiry > 28/02/201893% Lease renewals SARS Randburg5 years SARS Bellville5 years SAPS Presidia5 years Acquisitions

24 Acquisitions

25 Leasing Portfolio vacancy at 31 August 2013: 5.3% (GLA) Bad debts of 0% at half year GLA renewed: m² Lease expiry (GLA) >28/02/2018: 79% Lease expiry (rental) > 28/02/2018: 81% Average rate/ m² achieved: R82.04 Average rental escalation achieved: 8.34% New leases TermGLAHistoric rate/m²New rate/m² SARS Springs3 years1 992m 2 R63.92R69.00 NPA9 years 11 months10 552m 2 R108.00R Tivoli5 years2 075m 2 R80.23R86.65

26 Consolidated property portfolio analysis Incremental GLA Cumulative GLA

27 Consolidated property portfolio analysis Incremental rental incomeCumulative GLA Incremental rental incomeCumulative rental income

28 Consolidated property portfolio analysis Rental escalation SectoralAverage

29 Consolidated property portfolio analysis Rental SectoralOverall

Capex

31 Capex projects underway SARS KIMBERLEY: Waterproofing project Salient features Building area: m² Location: Kimberley Anchor tenant: SARS Current gross rental/m²: R Renovation Capex cost: R1.2 million Completion date: August 2013 Lease term: 5 years – 30 June 2015 before after Roof

32 Capex projects underway NPA: office refurbishment: R33.5 million Salient features Building area: m² Location: Cape Town Anchor tenant: NPA Current gross rental/m²: R (incl parking) Lease term: 9 years, 11 months – expiry 31 March 2023 Building will be Grade A after refurbishment SARS Randburg: extra parking: R11.5 million Salient features Building area: m² Location: Randburg Anchor tenant: SARS Current gross rental/m²: R79.58 Present parking: bays, to add 167 bays Parking ratio will increase to 4 bays/100m² Lease expiry: 28 February 2017 WB Centre: waterproofing project and office refurbishment: R3.8 million Salient features Building area: m² Location: Kimberley Anchor tenant:Woolies (1 738 m²) Jetmart (1 500 m²) Current gross rental/m²: R76.31 Tivoli Building: office refurbishment: R3.0 million Salient features Building area: m² Location: Klerksdorp Anchor tenant: DPW (DHA) Current gross rental/m²: R86.55 New gross rental/m²: R93.48 (incl parking) Lease expiry: 30 September 2018

Prospects

34 Prospects Distribution growth Availability of yield enhancing, quality assets Value creation in existing assets Constituent of the FTSE-JSE SA listed property index REIT approval Liquidity of the fund Attractive funding rates from DCM programme Capitalise on BEE status (lease renewals)

Q & A