The conversion of the linked unit capital structure and the conversion of par value to no par value shares INVESTEC PROPERTY FUND LIMITED Approved as a REIT by the JSE (Incorporated in the Republic of South Africa) (Reg. No: 2008/011366/06) (VAT no: 4110247709) Linked unit code: IPF ISIN: ZAE000155099 ("Investec Property Fund” or “the Fund”) FINALISATION ANNOUNCEMENT - THE CONVERSION OF INVESTEC PROPERTY FUND’S LINKED UNIT CAPITAL STRUCTURE TO AN ALL EQUITY CAPITAL STRUCTURE AND THE CONVERSION OF PAR VALUE SHARES TO NO PAR VALUE SHARES Linked unitholders of Investec Property Fund (“Linked Unitholders”) are referred to the announcement released on SENS on 6 September 2013 advising linked unitholders that on account of a delay in the registration of the requisite special resolutions at the Companies and Intellectual Property Commission (“CIPC”), the Fund would issue revised salient dates in respect of the implementation of the delinking of the the Fund’s linked units, the capitalisation of the Fund’s debentures and the conversion of the Fund’s ordinary par value shares to ordinary shares of no par value. All the requisite special resolutions have now been registered by the CIPC and the Fund will proceed with the implementation of the abovementioned corporate actions in accordance with the revised salient dates outlined below: 2013 Publication of this finalisation announcement on SENS Thursday, 7 November Last day to trade in existing linked units on the JSE prior to the delinking Friday, 15 November of the linked units and the capitalisation of the debentures Trading in delinked ordinary shares of no par value under the new ISIN Monday, 18 November ZAE000180915 and the existing code of ‘IPF’ to commence on Record date for the delinking of the linked units and the capitalisation of Friday, 22 November the debentures and the increase in the authorised share capital at the close of business on Dematerialised linked unitholders to have their accounts updated at their Monday, 25 November CSDP or broker on Date of issue of new replacement share certificates provided that the old Monday, 25 November linked unit certificates have been surrendered by no later than 12:00 on Friday, 22 November 2013 (any certificated linked units surrendered after this date will be replaced within 5 (five) business days after receipt by the transfer secretaries) Sandton 7 November 2013 Sponsor and Investment Bank to Investec Property Fund Investec Bank Limited Date: 07/11/2013 11:00:00 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.