INVESTEC PROPERTY FUND LIMITED - Compliance with Financial Covenants

Compliance with Financial Covenants

Investec Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration number 2008/011366/06)
(Share code: INV)
(Income tax reference number 9332/719/16/1)

Compliance with Financial Covenants – as at 31 March 2018

Pursuant to the Domestic Medium Term Note Programme, dated 11
November 2015, and referred to in the Applicable Pricing
Supplements, our auditors, Ernst & Young Inc., have performed
the required procedures and have reported the limited assurance
report concluding that based on the work performed, nothing has
come to their attention that causes them to believe that the
Company has not complied, in all material respects, with the
relevant financial loan covenants as at 31 March 2018 in
respect of the financial covenants as follows:

  1. Measured at issuer level and applicable to all notes in
     issue
   a. The issuer interest cover ratio is at least 2 times;
   b. The issuer loan to value does not exceed 50%; and
   c. The encumbered assets to value ratio does not exceed
      70%.

  2. Measured in respect of secured notes only and pursuant to
     the mortgage bonds provided as part of the security in
     respect of the secured notes
       a. The tranche loan to value does not exceed 60%.

This Limited Assurance Report (Covenant Report) of Investec
Property Fund Limited as at 31 March 2018 is available from the
company secretary, on request.


Date 18 May 2018

Debt Sponsor:       Investec Bank Limited (“Investec”)

For further information contact:
Investec Bank Limited
Mr. Louis Dirker
Tel:      (011)286 7799
Email:    Louis.dirker@investec.co.za
Debt Sponsor: Investec Bank Limited

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