Results of General Meeting of Shareholders 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: ZAE000155099 (“Investec Property Fund” or “the Fund”) RESULTS OF GENERAL MEETING OF SHAREHOLDERS 1. INTRODUCTION Investec Property Fund shareholders (“IPF Shareholders”) are referred to the announcement released by Investec Property Fund on SENS on Monday 15 December 2014, as well as to the circular issued to IPF Shareholders on Monday, 15 December 2014 (“Circular”), regarding the acquisition by Investec Property Fund of a portfolio of properties from Investec Property Proprietary Limited (“Investec Property”), the management company of the Fund and an indirectly wholly- owned subsidiary of Investec Limited (“Proposed Transaction”). 2. RESULTS OF THE GENERAL MEETING IPF Shareholders are advised that at the general meeting of IPF Shareholders held on Wednesday, 21 January 2015 at 10h00 (“General Meeting”), all of the resolutions set out in the notice convening the General Meeting incorporated in the Circular were passed, without modification, by the requisite majority of votes. The resolutions required to give effect to the Proposed Transaction were voted on as follows: % of issued % of shares Number of share that could shares capital be voted Total number of shares that could be voted at meeting 67% 100% 268 960 723 Total number of shares present/represented including proxies at meeting (including shares 50% 75% 200 479 428 abstained from voting) Total number of shares present/represented including proxies at meeting (excluding shares abstained from voting) 50% 75% 200 442 794 Total number of members present 8 Votes in Votes % % Abstentions % favour against Ordinary Resolution Number 1– Approval of related party transaction 200 442 794 100% 0 0 36 634 0.01362% Ordinary Resolution Number 2 – Directors’ authority to sign necessary 200 478 928 100% 0 0 500 0.00019% documentation Ordinary Resolution Number 3 – Director’s authority to issue shares specifically in relation to a dividend 200 442 794 100% 0 0 36 634 0.01362% reinvestment plan 3. CONDITIONS PRECEDENT IPF Shareholders are advised that certain conditions precedent to the Proposed Transaction remain outstanding including the unconditional approval by the competition authorities in terms of the Companies Act 89 of 1998. Accordingly, Investec Property and Investec Property Fund have agreed to extend the date for the fulfilment of the conditions precedent to 28 February 2015, although the Effective Date of the Proposed Transaction will remain 1 February 2015. IPF Shareholders will be advised when the remaining conditions precedent are fulfilled. Johannesburg 21 January 2015 Sponsor: Investec Bank Limited Date: 21/01/2015 03:15:00 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.