Update regarding the final dividend for the period 1 October 2016 to 31 March 2017 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 “IPF”) UPDATE REGARDING THE FINAL DIVIDEND FOR THE PERIOD 1 OCTOBER 2016 TO 31 MARCH 2017 In its financial results for the year ended 31 March 2017 announced on Wednesday 17 May 2017 (“results announcement”), Investec Property Fund advised its shareholders that the board was considering offering shareholders a dividend re-investment alternative in terms of which a shareholder would be entitled to elect to receive the final dividend of 66.738 cents per share (“Cash Dividend”) for the period 1 October 2016 to 31 March 2017, in return for IPF shares. Shareholders are now advised that, based on current market conditions and pricing of IPF shares, the board has decided not to offer the election for shareholders to re-invest the Cash Dividend in return for IPF shares. Accordingly, shareholders are advised that they will only be able to receive their dividend in cash. The salient dates in respect of the Cash Dividend remain unchanged from those set out in the results announcement. Johannesburg 26 May 2017 Sponsor Investec Bank Limited Date: 26/05/2017 11:39:00 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.