Directors dealings INVESTEC PROPERTY FUND LIMITED (Incorporated in the Republic of South Africa) (Reg. No: 2008/011366/06) Approved as a REIT by the JSE Share Code: IPF ISIN: ZAE000180915 ("Investec Property Fund" or "the Fund") Director’s Dealings in Securities Further to the Circular dated 1 December 2015 wherein it was stated that S Hackner, SR Leon, NP Riley and AR Wooler had indicated that they intend to follow their rights in terms of the Rights Offer which closed on Friday, 18 December 2015 (Rights Offer), the following is disclosed in compliance with rules 3.63 to 3.74 of the Listings Requirements of the JSE Limited: Name : Sam Hackner Designation : Chairman Nature of transaction : Acquisition of shares, off-market Class of shares : Ordinary Nature of interest : Direct Beneficial Date of transaction : 18 December 2015 Number of shares : 2 900 897 Purchase price per share : R15.00 Total value of transaction : R43 513 455 Clearance to deal obtained : Yes Name : Nicholas P Riley Designation : Executive Director Nature of transaction : Acquisition of shares, off-market Class of shares : Ordinary Nature of interest : Direct Beneficial Date of transaction : 18 December 2015 Number of shares : 32 019 Purchase price per share : R15.00 Total value of transaction : R480 285 Clearance to deal obtained : Yes Name : Andrew R Wooler Designation : Executive Director Nature of transaction : Acquisition of shares, off-market Class of shares : Ordinary Nature of interest : Direct Beneficial Date of transaction : 18 December 2015 Number of shares : 6 219 Purchase price per share : R15.00 Total value of transaction : R93 285 Clearance to deal obtained : Yes Name : Samuel R Leon Designation : Non-Executive Nature of transaction : Acquisition of shares, off-market Class of shares : Ordinary Nature of interest : Direct Beneficial Date of transaction : 18 December 2015 Number of shares : 1 539 091 Purchase price per share : R15.00 Total value of transaction : R23 086 365 Clearance to deal obtained : Yes In compliance with Rules 3.63 - 3.74 of the JSE Limited Listings Requirements, the following information is disclosed with regards to Directors taking up the Rights Offer as follows: Name : Graham Robert Rosenthal Designation : Independent Non-Executive Director Nature of transaction : Acquisition of shares, off-market Class of shares : Ordinary Nature of interest : Indirect Beneficial Date of transaction : 18 December 2015 Number of shares : 1 067 Purchase price per share : R15.00 Total value of transaction : R16 005 Clearance to deal obtained : Yes Name : Luigi LM Giuricich Associate : Gaal Investments Proprietary Limited Designation : Non-Executive Director Nature of transaction : Acquisition of shares, off-market Class of shares : Ordinary Nature of interest : Indirect Beneficial Date of transaction : 18 December 2015 Number of shares : 120 499 Price per share : R15.00 Total value of transaction : R1 807 485 Clearance to deal obtained : Yes Name : Luigi LM Giuricich Associate : Gaal Investments Proprietary Limited Designation : Non-Executive Director Nature of transaction : Acquisition of shares, off-market Class of shares : Ordinary Nature of interest : Indirect Non-Beneficial Date of transaction : 18 December 2015 Number of shares : 120 498 Price per share : R15.00 Total value of transaction : R1 807 470 Clearance to deal obtained : Yes Name : Luigi LM Giuricich Associate : AAIR Property Investments Proprietary Limited Designation : Non-Executive Director Nature of transaction : Acquisition of shares, off-market Class of shares : Ordinary Nature of interest : Indirect Beneficial Date of transaction : 18 December 2015 Number of shares : 134 599 Price per share : R15.00 Total value of transaction : R2 018 985 Clearance to deal obtained : Yes Name : Luigi LM Giuricich Associate : AAIR Property Investments Proprietary Limited Designation : Non-Executive Director Nature of transaction : Acquisition of shares, off-market Class of shares : Ordinary Nature of interest : Indirect Non-Beneficial Date of transaction : 18 December 2015 Number of shares : 269 199 Price per share : R15.00 Total value of transaction : R4 037 985 Clearance to deal obtained : Yes Name : Luigi LM Giuricich Associate : Lussin Piccolo 1 Investments Proprietary Limited Designation : Non-Executive Director Nature of transaction : Acquisition of shares, off-market Class of shares : Ordinary Nature of interest : Indirect Non-Beneficial Date of transaction : 18 December 2015 Number of shares : 158 459 Price per share : R15.00 Total value of transaction : R2 376 885 Clearance to deal obtained : Yes Name : Luigi LM Giuricich Associate : Summero Proprietary Limited Designation : Non-Executive Director Nature of transaction : Acquisition of shares, off-market Class of shares : Ordinary Nature of interest : Indirect Beneficial Date of transaction : 18 December 2015 Number of shares : 387 789 Price per share : R15.00 Total value of transaction : R5 816 835 Clearance to deal obtained : Yes Name : Luigi LM Giuricich Associate : Summero Proprietary Limited Designation : Non-Executive Director Nature of transaction : Acquisition of shares, off-market Class of shares : Ordinary Nature of interest : Indirect Non-Beneficial Date of transaction : 18 December 2015 Number of shares : 1 163 366 Price per share : R15.00 Total value of transaction : R17 450 490 Clearance to deal obtained : Yes Name : Luigi LM Giuricich Associate : Lussin Piccolo Polokwane Proprietary Limited Designation : Non-Executive Director Nature of transaction : Acquisition of shares, off-market Class of shares : Ordinary Nature of interest : Indirect Beneficial Date of transaction : 18 December 2015 Number of shares : 349 883 Price per share : R15.00 Total value of transaction : R5 248 245 Clearance to deal obtained : Yes Name : Luigi LM Giuricich Associate : Lussin Piccolo Polokwane Proprietary Limited Designation : Non-Executive Director Nature of transaction : Acquisition of shares, off-market Class of shares : Ordinary Nature of interest : Indirect Non-Beneficial Date of transaction : 18 December 2015 Number of shares : 1 049 650 Price per share : R15.00 Total value of transaction : R15 744 750 Clearance to deal obtained : Yes Name : Luigi LM Giuricich Associate : Lussin Investments Proprietary Limited Designation : Non-Executive Director Nature of transaction : Acquisition of shares, off-market Class of shares : Ordinary Nature of interest : Indirect Beneficial Date of transaction : 18 December 2015 Number of shares : 453 606 Price per share : R15.00 Total value of transaction : R6 804 090 Clearance to deal obtained : Yes Name : Luigi LM Giuricich Associate : Lussin Investments Proprietary Limited Designation : Non-Executive Director Nature of transaction : Acquisition of shares, off-market Class of shares : Ordinary Nature of interest : Indirect Non-Beneficial Date of transaction : 18 December 2015 Number of shares : 1 360 819 Price per share : R15.00 Total value of transaction : R20 412 285 Clearance to deal obtained : Yes Name : Luigi LM Giuricich Associate : The MASG Trust Designation : Non-Executive Director Nature of transaction : Acquisition of shares, off-market Class of shares : Ordinary Nature of interest : Indirect Non-Beneficial Date of transaction : 18 December 2015 Number of shares : 74 815 Price per share : R15.00 Total value of transaction : R1 122 225 Clearance to deal obtained : Yes Name : Luigi LM Giuricich Associate : Galusa Trust Designation : Non-Executive Director Nature of transaction : Acquisition of shares, off-market Class of shares : Ordinary Nature of interest : Indirect Beneficial Date of transaction : 18 December 2015 Number of shares : 133 333 Price per share : R15.00 Total value of transaction : R1 999 995 Clearance to deal obtained : Yes Name : Khumo Lesego Shuenyane Designation : Independent Non-Executive Director Nature of transaction : Acquisition of shares, off-market Class of shares : Ordinary Nature of interest : Direct Beneficial Date of transaction : 18 December 2015 Number of shares : 21 289 Purchase price per share : R15.00 Total value of transaction : R319 335 Clearance to deal obtained : Yes The above transactions occurred off-market pursuant to the Rights Offer and clearance to deal was obtained. In compliance with Rules 3.63 - 3.74 of the JSE Limited Listings Requirements, the following information is disclosed: Name : Constance Matshaga Mashaba Designation : Independent Non-Executive Director Nature of transaction : Acquisition of shares, on-market Class of shares : Ordinary Nature of interest : Indirect Beneficial Date of transaction : 22 December 2015 Number of shares : 22 628 Highest price per share : R14.65 Lowest price per share : R14.49 Volume weighted average price per share : R14.55 Total value of transaction : R329 436.72 Clearance to deal obtained : Yes Investec Property Fund Limited Johannesburg 22 December 2015 Sponsor: Investec Bank Limited Date: 22/12/2015 04:12:00 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.