Directorate change 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") Directorate change - Shareholders are advised that Graham R Rosenthal retired from the Board with effect from the close of the Annual General Meeting held on 15 August 2016. Graham has been a Non-Executive Director and Audit Committee Chairman since listing in 2011. He has further filled the role of Lead Independent Non-Executive Director since 14 August 2014. The Board has benefitted greatly from his experience and dedication during a period that has seen tremendous growth within the Fund. The Board would like to thank Graham for his invaluable contribution to the growth and success of the Fund over the last 5 years. - Moses M Ngoasheng, an Independent Non-Executive Director of the Fund, will assume the role of Lead Independent Director of the Fund with immediate effect. The Board wishes Moss well in his additional role. - The Nominations Committee is in the process of considering the appointment of a new Chairman to the Audit and Risk Committee. Investec Property Fund Limited Johannesburg 15 August 2016 Sponsor: Investec Bank Limited Date: 15/08/2016 12:20:00 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.