Proceedings

Introduction Sandile Nomvete

Highlights

Unitholder profile

Financial review Bronwyn Corbett

Investment portfolio

Leasing

Capex

Challenges Sandile Nomvete

Prospects

Delta Towers, Durban

3

Introduction

Capital Towers, Pietermaritzburg

4

Introduction to Delta

Black managed REIT

23.6% growth in total investment portfolio to R8.9 billion* (Feb 2014 - R7.2 billion)

Predominantly invested in office buildings in Durban and Pretoria with diversifying

investments in other sectors and Africa-focused Delta International

Level 2 BEE property charter rating

Secure long term sovereign underpin

Average property value of R102 million

Ratio of government to non-government (GLA) = 50:50 (Feb 2014 – 56:44)

Maintained A2 (ZA) short term GCR credit rating

*Includes investment in Delta International

31 August 2014 28 February 2015Linked units / shares in issue 451 042 442 458 409 836

Market capitalisation R3.69 billion R4.08 billion

Share price (closing) R8.19 R8.90

NAV per share R9.28* R10.02

No of properties 78 82

Valuation of portfolio R7.18 billion R8.4 billion

Average value per property R92.1 million R102 million

Gross lettable area 631 898 m² 703,103 m²

Sectorial profile (Building) Office: 87% Office: 92.4%

Retail: 4% Retail: 1.9%

Industrial: 9% Industrial: 5.7%

Tenant profile (GLA) Office - Government: 54% Office - Government: 50.1%

Office - Non Gov: 31% Office - Non Gov: 39.3%

Retail: 7% Retail: 4.9%

Industrial: 8% Industrial: 5.7%

Occupancy rate 95.3% 92.9%

Weighted average net rent (per m2) R 93.66 R 95.84

Weighted average escalation 7.96% 7.97%

Loan to value 48.2% 49.9%

Fixed : Floating 70% 70%

Funding costs Ave all in rate 8.07% Ave all in rate 8.10%

5

Snapshot

Listing date: 02 November 2012 JSE classification: Real Estate Holdings & Development

Asset manager: MPI Property Asset Management (Pty) Ltd JSE code: DLT

Asset management fee: 0.35%

*Feb 2014 NAV per share restated from R8.87 to R9.28 to take into account the elimination of 2014 unitholders for distribution liability for comparison purposes

Management team

JB MagwazaNon-Executive Chairman

Sandile NomveteCEO

Bronwyn CorbettCFO/COO

Jorge Da CostaIndependent Non-ExecutiveDirector

Chairman of the InvestmentCommittee

Greg BooyensCFO MPI Property Asset Management

Nooraya KhanLead IndependentNon-Executive Director

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

Paul SimpsonIndependent Non-ExecutiveDirector

Executive Non-Executive

Trevor MathewsSenior Operational Asset Manager

MPI Property Asset Management

Other asset & property management staff

6

Dumo MotuaIndependent Non-ExecutiveDirector

Ian MacleodIndependent Non-ExecutiveDirector

7

Highlights

Sleepy Hollow, Pietermaritzburg

Highlights

Growth in full year distribution 15.7% to 84.07 cents (Feb 2014 - 72.69 cents)

Market capitalisation at Feb 2015 R4.08 billion (Feb 2014 – R3.39 billion)

NAV per share of R10.02 (Feb 2014 - R9.28*) growth 8%

R1 billion revenue milestone achieved

Maiden US$ distribution received from Delta International

Post year end successful oversubscribed capital raise and vendor placement of

R688 million

Proposed new asset manager on more favourable contractual terms

8*

Feb 2014 NAV per share restated from R8.87 to R9.28 to take into account the elimination of 2014 unitholders for distribution liability for comparison purposes

9

Unitholder Profile

Mayor’s Walk, Pietermaritzburg

Unitholder profile

As at 28 Feb 2015 Units held Holding

Coronation Fund Managers 84 648 531 18.47%

Stanlib Asset Management 68 366 413 14.92%

Public Investment Corporation 67 070 701 14.63%

Sanlam Investment Management 37 591 687 8.20%

Grindrod Asset Management 31 061 061 6.78%

Directors 25 646 826 5.60%

Subtotal 314 385 219 68.59%

Other 144 024 617 31.41%

Total 458 409 836 100%

11

Financial review

Block G, DTI Campus, Pretoria

12

Financial review

Debt

• Diversified sources of funding

• Net inflows of R138 million raised through debt capital markets at average rate of 6.84%

• Maintained fixed debt at same levels as August 2014 at 70%

• Surplus funds invested on access facility at 8.5%

Temporary consolidation of Delta International

Post year end

• Strengthened balance sheet through capital raise and vendor placement of R688 million, with LTV decreasing from 49.9% at year end to 46.72%

• First disposal of non-core asset

• Introduction of dividend re-investment programme

• Targeted distribution growth of 8%

13

Financial overview

28 Feb 2015 28 Feb 2014

Distribution per linked share / unit (cents) 84.071 72.692

Cost to income ratio (gross) 26.0% 25.5%

Cost to income ratio (net) 10.16% 10.77%

Gearing level 49.9% 47.5%

Weighted average interest rate 8.10% 7.5%

Fixed vs. floating 70 : 30 32 : 68

Average debt fixed period (years) 2.36 3.00

Net asset value per linked unit (excl deferred tax) R10.02 R9.283

Average rental/m² R95.84 R90.47

Average escalation 7.97% 7.99%

140.01 cpu for 6 months ended 31 Aug 2014 and 44.06 cpu for 6 months ended 28 Feb 2015

232.51 cpu for 6 months ended 31 Aug 2013 and 40.18 cpu for 6 months ended 28 Feb 2014

3Feb 2014 NAV per share restated from R8.87 to R9.28 to take into account the elimination of 2014 unitholders for distribution liability for comparison purposes

28 Feb 2015(R’000)

28 Feb 2014 (R’000)

Change %

Net property income 696 300 442 689 57.3%

Rental income 940 623 594 209 58.3%

Property operating expenses (244 323) (151 520) (61.2%)

Administration expenses (excluding forex losses) (51 008) (48 090) (6.1%)

Net finance costs (312 415) (109 925) (184.2%)

Dividend received from foreign subsidiary 18 247 - 100%

Sundry income 13 590 13 348 1.8%

Antecedent interest 3 425 - 100%

Accrued distribution from listed investments 11 905 - 100%

Taxation 2 381 (5 771) 141.3%

Retained profit not distributed - (2 935) 100%

Distributable income for the period 382 425 289 316 32.2%

Number of linked units / shares in issue 458 409 8361 429 510 825 6.7%

Distribution per linked unit / share (cents) 84.07 72.69 15.6%

Cost to income ratio (gross) % 26.0% 25.5% 1.5%

Cost to income ratio (net) % 10.16% 10.77% 5.7%

1Shares in issue at reporting date. Total distribution of R238,245,532 (44.06 cents per unit, incl. antecedent interest) will be allocated to 540 785 974 shares in issue at record date

Distributable Income Statement (extract)

14

Statement of financial position (extract)

28 Feb 2015 (R’000)

28 Feb 2014 (R’000)

Assets

Non-Current assets 8 396 823 7 307 495

Investment property 8 393 900 6 965 730

Fair value of property portfolio 8 213 035 6 853 449

Straight line rental income accrual 180 865 112 281

Other non-current assets 2 923 341 765

Current assets 345 919 230 878

Assets classified as held for sale 2 110 030 -

Non-current assets held for sale and assets of disposal group 26 500 -

Total assets 10 879 272 7 538 373

Equity and liabilities

Total Equity 5 074 171 1 241 855

Equity 4 620 981 1 241 855

Non-controlling interests 453 190 -

Liabilities 4 632 758 6 296 518

Non-current liabilities 3 673 309 5 551 334

Current liabilities 959 449 745 184

Liabilities associated with disposal group held for sale 1 172 343 -

Total equity and liabilities 10 879 272 7 538 373

16

Delta debt summary

As at 28 Feb 2015

Type R'm 1 Weighted Ave. Rate

Revolving / Liquidity Bank Facilities 1,042 7.92%

Floating Bank Facilities 1,064 7.48%

Fixed Bank Facilities 1,676 8.29%

Total Bank Facilities 3,782 7.99%

DMTN Programme 690 7.55%

Total Drawn Facilities 4,472 7.90%

Accrued Interest 39 N/A

TOTAL 4,511

Swap Contracts 2 1,347 7.27%

Fixed : Floating & Total WACC 70 : 30 8.10%

1Reflects balances of facilities and excludes accrued interest at 28 Feb 2015

2R362m of the Swap Contracts relates to the DMTN programme, whilst the remainder relates to bank facilities

17

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

DMTN Programme Fixed Bank FacilitiesFloating Bank Facilities Revolving / Liquidity Bank FacilitiesSwap Contracts

R’ million

Delta’s capital raise was oversubscribed, with Delta accepting R503 million at R8.90, of which

c.R370 million came from new investors

Further demand for Delta stock allowed Delta to place an additional R185 million at R8.90 through avendor placement

Proceeds to be used for the repayment of debt, CAPEX and capital allowing Delta to completeacquisitions

28 February 2015 Post Capital Raise - May 2015

Linked units / shares in issue 458 409 836 540 785 974

Market capitalisation R4.08 billion R4.98 billion 1

Share price (closing) R8.90 R9.20 1

No of properties 82 85

Valuation of portfolio R8.4 billion R8.91 billion

Average value per property R102 million R104,8 million

Gross lettable area 703,103 m² c. 731,963 m²

Loan to value 49.9% c. 46.72%

Fixed : Floating 70% 71%

Funding costs Ave all in rate 8.10% Ave all in rate circa 7.98%

1 Based on closing share price as at Thursday, 21 May 2015 18

Capital raise

19

Consistent growth in assets

R’bn LTV %

Comparison of market cap, investment portfolio value and LTV

1.35

1.39

3.00 3.39 3.54

4.08

4.98

2.10 2.12

4.80

6.97 7.18

8.90 9.33

40.0% 38.7%

41.0%47.5%

48.2%

49.9%

46.7%

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 May-15(Post cap raise)

Market cap Investment portfolio LTV %

20

Potential upside in DLT

cpu Rands

Historic share price, NAV and distribution per share

23.69

32.51

40.18

72.69

40.01

44.05

84.06

90.78

8.067.89 7.96

8.87 8.87 8.67

10.05

10.05 10.2

8.32 8.40 8.30

7.90 7.90 7.85

8.90

8.90

9.40

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) Feb-13 Aug-13 Feb-14 FY2014 Aug-14 Feb-15 FY2015 Feb-16 (Target)

Distribution NAV Share Price

15,6%

8%

21

Investment portfolio

Samora House, Durban

22

Property portfolio analysis

TENANT PROFILE: GLA

50%

39%5%

6%

Office: government (50,1%)Office: other (39,3%)Retail (4,9%)Industrial (5,7%)

39.3%

35%

6%6%

5%4%3%1%

0.8%

Gauteng (39,3%) Kwazulu-Natal (35,0%)Limpopo (6,4%) Northern Cape (5,6%)Western Cape (4,8%) Mpumalanga (3,7%)Eastern Cape (3,4%) Free State (1,0%)North West (0,8%)

24%

76%

A (23,8%) B (76,2%)

31%

69%

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

GEOGRAPHIC PROFILE: GLA BUILDING GRADE: GLA

TENANT PROFILE: RENTAL GEOGRAPHIC PROFILE: RENTAL BUILDING GRADE: RENTAL

39%

28%

12% 6%5%

4%4%1%

0.7%

Gauteng (39,1%) Kwazulu-Natal (27,9%)Limpopo (11,7%) Northern Cape (6,3%)Western Cape (4,9%) Mpumalanga (4,0%)Eastern Cape (4,3%) Free State (1,1%)North West (0,7%)

59%

33%

6%2%

Office: government (59,3%)Office: other (32,5%)Retail (5,9%)Industrial (2,3%)

23

Lease expiry profile

0.0%

19.1%

24.9%

21.2%

11.4%

7.7%

15.8%

7.1%

17.7%

21.0%22.1%

8.2%7.8%

16.1%

0%

5%

10%

15%

20%

25%

30%

Vacant Feb-16 Feb-17 Feb-18 Feb-19 Feb-20 Beyond Feb-20

Rental GLA

24

Delta’s performance per IPD

FY2015 is the second year that Delta has contributed to the IPD

PortfolioListed Fund Benchmark1 Percentile

All Fund Benchmark2 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

1Listed Fund Benchmark is constituted by the ten listed property funds that are IPD Measured Funds

2All Fund Benchmark is constituted by the 18 property owners that are IPD Measured Funds

25

Acquisitions (post year-end)

Property Tembisa Megamart ABSA Florida Veritas & 142-144 4th Street

Location Tembisa, Midrand Roodepoort, Gauteng PTA CBD and Sandton

Description Community retail centre Office Office

Purchase Price R230,316,000 R77,000,000 R185,000,000

GLA 14,100 m2 6,600 m2 12,300 m2

Acquisition Yield 9.4% 11% 10.29%

142 – 144 4th Street, Sandton

Tembisa Megamart, Midrand

26

Delta International

Maiden distribution of US$ 6.64 cents per share paid in February

Capital raise of R474 million (US$39 million) completed in April

2015

The proceeds utilised to fund the acquisition of the Vodacom

Building, Zimpeto Square and to retire a portion of debt

associated with the completed acquisition of the Hollard Building

Leon van de Moortele has been joined the executive team and

will take over from Greg Booyens as CFO in due course

Louis Schnetler has resigned and a replacement will be found

during his notice period Vodacom Building, MaputoVodacom Building, Maputo

27

Leasing

NPA Building, Cape Town

Leasing

Total leases concluded in FY2015

No of Leases Total AreaWeighted Ave.

Rate / m2

Weighted Ave. Escalation

Renewals 81 93,682 (13.3%1) R 104.65 6.71%

New Deals 33 8,148 (1.2%1) R 71.42 7.23%

Top 5 deals by area

Property Tenant Total Area Term Rate / m2 Escalation

SARS Bellville SARS 16,005m2 60 months R 90.01 8.00%

Liberty Towers Massmart 12,977m2 56 months R60.00 6.50%

Liberty Towers Ignition (Call Centre) 5,339m2 36 months R95.00 8.00%

SAPS - Ferreira Street DPW - SAPS 4,637m2 36 months R167.27 5.50%

Liberty Towers Safcor Freight 3,398m2 36 months R86.47 10.00%

1% of total fund GLA as at 28 February 2015 - 703,103 m2

29

Capex

CMH Redevelopment, Durban

Property

(All figures in Rands)

CMHDealership

Commission House

Embassy Building

The Forum 88 Field Total

Approved in FY2015 156,000,000 71,300,000 - - - 227,300,000

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

Remainder of FY2015approval to be spent

118,023,786 71,300,000 - - - 189,323,786

Planned for FY2016(pending approval)

- - 13,000,000 30,000,000 85,000,000 128,000,000

Description

Development of a new dealership showroom and parking facility

Development of additional space

Façade Upgrade

Façade Upgrade

Internal refurbishment of tenanted floors for DPW

30

Significant Capex projects

31

Challenges

Unisa House, Johannesburg

Risks / Challenges Mitigants

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

leases Discussions on 10 - 20 year lease terms

Interest rate environment Liquidity in Debt Capital Markets Gearing

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

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

Municipal Rates Continued management Adequate forecasts of escalations

32

Key focus areas

33

Prospects

PWC, Polokwane 110 Hamilton, Pretoria

34

Prospects

Inner city focus

• Delta is committed to investing in major CBD’s and contributing to urban renewal

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

Positive outlook on Government as a tenant

Pipeline

• Potential for further parastatal exposure

• Yield enhancing acquisitions

International diversification

Strengthening of balance sheet

Disposals of non-core assets

CAPEX to improve quality and lower costs

35

Q & A

36

Annexure 1 - Directors of Delta

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, Pamodzi Investment 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.

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 Financial 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.

37

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.

38

Directors of Delta Property Fund (cont.)

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 smallmicro enterprises into the formal sector through access to finance. Her projects include advising on strategy formulation for penetrating the informal market.

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.

39

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

40

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

41

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

Shareholders are being offered the opportunity to re-invest all or a part of their dividend back in Delta shares.

Shareholders benefit by increasing their stake in Delta without incurring

uncertificated securities tax or other dealing costs.

Delta benefits by increasing its shareholders’ funds to pursue its growth strategy.

The number of shares to which shareholders will be entitled will be announcedon or about 29 May 2015.

Shareholders electing the share alternative will receive their shares on or about

18 June 2015.

The default election is the cash dividend.

Full details are contained in a circular posted to shareholders on 22 May 2015.

42

Annexure 3 – Dividend re-investment terms