Status of conditions precedent, key dates and next steps INVESTEC AUSTRALIA PROPERTY FUND Established in Australia and registered with ASIC as a managed investment scheme (ARSN 162 067 736) Operated by Investec Property Limited (ACN 071 514 246; AFSL 290 909) (Responsible Entity) Registered as a foreign collective investment scheme in terms of the Collective Investment Schemes Control Act No. 45 of 2002 Unit code: IAP ISIN: AU0000046005 (IAP or the Fund) STATUS OF CONDITIONS PRECEDENT, KEY DATES AND NEXT STEPS Unitholders are referred to the announcement released on the ASX on Tuesday, 17 November 2020 for further information on the results of the Extraordinary General Meeting held on Tuesday, 17 November 2020, a copy of which is available at www.iapf.com.au and at https://www2.asx.com.au/markets/company/IAP. In this regard, unitholders are advised that, subject to satisfaction of the remaining conditions precedent outlined in the Explanatory Memorandum (which the Fund expects will be satisfied prior to implementation), completion of the Proposal is expected to occur on Monday, 30 November 2020 (being the effective date of the management internalisation). As part of the Proposal, eligible unitholders will be issued with one unit in Investec Australia Property Fund II at an issue price of AUD0.0764 per unit (being ZAR0.8648(1)) for each existing unit held in the Fund. Each unit in IAPF II will be stapled to each existing unit in the Fund, to form a stapled security (Stapled Securities). On completion of the Proposal, there will be 611,298,084 Stapled Securities on issue. As previously announced, Stapled Securities will: • Commence trading on the ASX (on a deferred settlement basis) and on the JSE (on a normal settlement basis (T+3)) on Tuesday, 24 November 2020; and • Commence trading on the ASX on a normal settlement basis (T+2) on Monday, 30 November 2020. Please refer to the announcement dated 20 October 2020 for further information on the implementation timetable. Johannesburg 19 November 2020 Investment Bank and Sponsor Investec Bank Limited (1) Based on an exchange rate of AUD1.00:ZAR11.32 as at 19 November 2020 Date: 19-11-2020 01:17:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.