INVESTEC PROPERTY FUND LIMITED - Update regarding the final dividend for the period 1 October 2017 to 31 March 2018

Update regarding the final dividend for the period 1 October 2017 to 31 March 2018

INVESTEC PROPERTY FUND LIMITED
Approved as a REIT by the JSE
(Incorporated in the Republic of South Africa)
(Registration Number 2008/011366/06)
Share code: IPF      ISIN: ZAE000180915
(“Investec Property Fund” or “IPF”)


UPDATE REGARDING THE FINAL DIVIDEND FOR THE PERIOD 1 October 2017 TO 31 March 2018


INTRODUCTION

In its financial results for the year ended 31 March 2018 announced on Tuesday, 15 May 2018 (“Results Announcement”), Investec
Property Fund advised its shareholders that the board was considering offering shareholders a dividend re-investment alternative in
terms of which a shareholder would be entitled to elect to reinvest the cash dividend of 70.16237 cents per share (“Cash Dividend”)
after the deduction of the applicable dividend withholding tax (“Net Cash Dividend”), in return for IPF shares ("Share Re-investment
Alternative"), failing which they would receive the Net Cash Dividend in respect of all or part of their shareholding.

Shareholders are advised that the board is still considering whether or not to offer the Share Re-investment Alternative to
shareholders.

Should the board to decide to offer the Share Re-Investment Alternative, the issue price and finalisation information will be released
on the Stock Exchange News Service of the JSE Limited (“SENS”) on Tuesday, 5 June 2018.

In the event that the board decides not to offer the Share Re-Investment Alternative, an announcement advising shareholders of such
will be released on SENS on or before Monday, 4 June 2018.

A circular (“Circular”) containing details of the Share Re-investment Alternative has been posted to IPF shareholders today, Tuesday
29 May 2018. The record date to receive the Circular is Friday, 18 May 2018.


IMPORTANT DATES AND TIMES

                                                                                                                             2018

 Circular and form of election posted to shareholders and announced on SENS                                        Tuesday, 29 May

 Last day to withdraw the Share Re-Investment Alternative                                                           Monday, 4 June

 Announcement of Share Re-Investment Alternative issue price and finalisation                                     Tuesday, 05 June
 information on SENS on

 Last day to trade (“LDT”) in order to participate in the election to receive                                     Tuesday, 12 June
 shares in terms of the Share Reinvestment Alternative or to receive a Cash
 Dividend

 Shares to trade ex-dividend                                                                                    Wednesday, 13 June

 Listing of maximum possible number of Share Re-Investment Alternative                                             Friday, 15 June
 Shares commences on the JSE

 Last day to elect to receive the Share Re-Investment Alternative (no late forms                                   Friday, 15 June
 of election will be accepted) at 12:00 (South African time)

 Record date                                                                                                       Friday, 15 June

 Announcement of results of Cash Dividend and Share Re-Investment                                                  Monday, 18 June
 Alternative on SENS

 For Shareholders electing the Cash Distribution, cheques posted to                                                Monday, 18 June
 Certificated Shareholders and accounts credited by CSDP or broker to
 Dematerialised Shareholders electing the Cash Dividend on or about

 Share certificates posted to Certificated Shareholders and accounts credited                                   Wednesday, 20 June
 by CSDP or broker to Dematerialised Shareholders electing the Share Re-
 Investment Alternative on

 Adjustment to the maximum number of shares listed on or about                                                   Thursday, 21 June

Notes:

 1.   Shareholders electing the Share Re-Investment Alternative are requested to note that the new shares will be listed on LDT +
      3 and these new shares can only be traded on LDT + 3 as the settlement of the shares will occur three days after record
      date, which differs from the conventional one day after record date settlement process.

 2.   Shares may not be dematerialised or rematerialised between commencement of trade on Wednesday, 13 June 2018 and
      close of trade on Friday, 15 June 2018 both dates inclusive.

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



Johannesburg
29 May 2018

Investment Bank and Sponsor
Investec Bank Limited

Date: 29/05/2018 04:23:00 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.