Dividend Reinvestment Price and Confirmation of Finalisation Information 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 “the Fund”) ANNOUNCEMENT OF DIVIDEND REINVESTMENT PRICE AND CONFIRMATION OF FINALISATION INFORMATION Further to the announcement of the declaration of the cash dividend (“Cash Dividend”) and dividend reinvestment alternative (“Share Alternative”) included in the Fund’s results for the year ended 31 March 2014 (“Results Announcement”) released on SENS on Thursday, 22 May 2014 and in the press on Friday, 23 May 2014, the price applicable to Investec Property Fund shareholders (“Shareholders”) electing the Share Alternative and recorded in the register on Friday, 13 June 2014 (“Record Date”), is R13.70 (“Reinvestment Price”). The Reinvestment Price is based on a 3.8% discount to the 5-day volume weighted average price of R14.24 (ex the dividend for the half year ended 31 March 2014), as at the close of business on Wednesday, 28 May 2014. The Reinvestment Price equates to a cum price of R14.24, which is a discount of 3.6% to the 5-day volume weighted average cum price of R14.78 and a discount of 4.4% to the closing price of R14.90 on Wednesday, 28 May 2014. Included in the Reinvestment Price is an estimated antecedent divestiture of 22 cents per share for the period 1 April 2014 to 17 June 2014 in respect of the 2015 interim dividend period 1 April 2014 to 30 September 2014. Dividend withholding tax (“Dividend Tax”) implications Dividend Tax implications for South African resident Shareholders Dividends received from a Real Estate Investment Trust (“REIT”) are exempt from Dividend Tax in the hands of South African resident Shareholders provided that the Shareholders have provided the requisite declaration as to residence as detailed in paragraph 5 of the circular to Shareholders dated and posted on Thursday, 22 March 2014 (“Circular”). South African resident Shareholders who have submitted the requisite documentation and are exempt from Dividend Tax, will accordingly receive a net dividend of 57.74400 cents per share. Dividend Tax implications for non-resident Shareholders Dividends received from a REIT by a non-resident Shareholder will be subject to Dividend Tax at 15%, unless the rate is reduced in terms of any applicable agreement for the avoidance of double taxation (“DTA”) between South Africa and the country of residence of the non-resident Shareholder. A reduced dividend withholding rate in terms of the applicable DTA may only be relied upon if the non-resident Shareholder has provided the requisite documentation as detailed in paragraph 5 of the Circular. Non-resident Shareholders who have submitted the requisite documentation and assuming that a Dividend Tax rate of 15% is applicable, will accordingly receive a net dividend of 49.08240 cents per share. The impact of Dividend Tax on shareholders has been illustrated by way of the example below: South African resident Non-resident Shareholders exempt Shareholders subject to from Dividend Tax Dividend Tax at 15% Dividend per share (cents) 57.74400 57.74400 Dividend Tax per dividend (cents) (0.00000) (8.66160) Total net dividend per share (cents) 57.74400 49.08240 Reinvestment Price (R) 13.70 13.70 New shares issued per 100 shares 4.21489 3.58266 Due to the fact that the Cash Dividend or Share Alternative may have tax implications for resident and non-resident Shareholders, Shareholders are encouraged to consult their professional advisors should they be in any doubt as to the appropriate action to take. Other information: - The dividend portion has been declared from income reserves and no secondary tax on companies' credit has been used. - A dividend withholding tax of 15% will be applicable on the dividend portion to all Shareholders who are not exempt. - The issued share capital at the finalisation date is 359,033,548 ordinary shares of no par value. Trading of Investec Property Fund shares As published in the Results Announcement, Shareholders electing the Share Alternative are requested to note that the new shares will be listed on LDT + 3 and that these new shares can only be traded on LDT + 3, being Wednesday, 11 June 2014, due to the fact that settlement of the shares will be three days after the Record Date, which differs from the conventional one day after Record Date settlement process. Shareholders are reminded that the last day to elect to receive the Share Alternative is 12:00 (South African time) on Friday, 13 June 2014. The salient dates, timetable and all other information relating to the Cash Dividend and Share Alternative disclosed in the Results Announcement remain unchanged. Johannesburg 29 May 2014 Investment Bank and Sponsor Investec Bank Limited Date: 29/05/2014 11:10:00 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.