INVESTEC PROPERTY FUND LIMITED - Announcement of dividend reinvestment price and confirmation of finalisation information

Announcement of 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


Introduction

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 2015 (“Results Announcement”) released on SENS on Thursday, 21 May 2015 and in the
press on Friday, 22 May 2015, the price applicable to Investec Property Fund shareholders
(“Shareholders”) electing the Share Alternative and recorded in the register on Friday, 12 June 2015
(“Record Date”), is R16.50 (“Reinvestment Price”).

Reinvestment Price

The Reinvestment Price of R16.50, which is equal to the 5-day clean volume weighted average price
(“VWAP”), represents a discount of 3.6% to the 5-day VWAP of R17.11 and a discount of 2.9% to the
closing price of R17.00 on Thursday, 28 May 2015.

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, 21 March 2015 (“Circular”). South African resident Shareholders, who have
submitted the requisite documentation and are exempt from Dividend Tax, will accordingly receive a
net dividend of 64.49652 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 54.82204
cents per share.
The impact of Dividend Tax on shareholders has been illustrated by way of the example below:

                                                           South African resident       Non-resident
 Dividend per share (cents)                                       64.49652                 64.49652
 Dividend Tax per dividend (cents)                                      -                  -9.67448
 Total net dividend per share (cents)                             64.49652                 54.82204
 Reinvestment Price (R)                                           16.50000                 16.50000
 New shares issued per 100 shares                                  3.90888                  3.32255

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:

    -   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 436,690,118 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, 10 June 2015, 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, 12 June 2015.

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 2015

Investment Bank and Sponsor
Investec Bank Limited

Date: 29/05/2015 08:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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