Distribution update INVESTEC AUSTRALIA PROPERTY FUND Incorporated and registered in Australia in terms of ASIC (ARSN 162 067 736) Registered as a foreign collective investment scheme in terms of the Collective Investment Schemes Control Act No.45 of 2003 and operated by Investec Property Limited (ACN 071 514 246; AFSL 290 909) (“Responsible Entity”) Share code: IAP ISIN: AU60INL00018 (the “Fund”) DISTRIBUTION UPDATE Unitholders are referred to the announcement relating to the reviewed preliminary condensed consolidated financial results for the year ended 31 March 2017 released on SENS on Wednesday, 17 May 2017 containing details of the final distribution declaration number 7. As required by the JSE Listing Requirements, the Fund has entered into a forward exchange contract to convert the AUD distribution to ZAR such that unitholders are given at least 1 week’s notice ahead of the last day to trade of the exchange rate locked in. This is in line with the manner in which the Fund’s last distribution payment was made and will be applied to all future distribution payments that the Fund makes. Accordingly, unitholders are advised that this distribution has been converted from AUD to ZAR on at an exchange rate of AUD 1.00 : ZAR 9.70840. The resulting distribution is 47.82154 ZAR cents per unit (pre withholding tax paid in Australia) and 44.62350 ZAR cents per unit (post withholding tax paid in Australia). This post withholding tax distribution will be paid on Monday, 12 June 2017 as per the timetable set out in the reviewed preliminary condensed consolidated financial results. Johannesburg 30 May 2017 Investment Bank and Sponsor Investec Corporate Finance Date: 30/05/2017 10:03:00 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.