Voluntary Announcement - Establishment Of Izandla Property Fund Proprietary Limited 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”, “IPF” or “the Fund”) Voluntary Announcement - Establishment Of Izandla Property Fund Proprietary Limited Izandla Property Fund Proprietary Limited (“Izandla Property”) Investec Property Fund is pleased to announce its participation in the establishment of Izandla Property, a company set to become a leading broad-based landlord in South Africa’s property landscape. Izandla Property’s objective is to become the empowered landlord of choice, and a best of breed developer that will leverage the significant experience and extensive network of the Investec Property Proprietary Limited (“Investec Property”) and IPF platform. Investec Property is the appointed external manager of IPF. Izandla Property will be majority blacked owned by the Entrepreneurship Development Trust (“ED Trust”), which will hold 65% of the issued share capital of Izandla Property, with the remaining 35% being held by IPF. Izandla Property will be externally managed by the majority black owned management company Izandla Property Proprietary Limited. Izandla Property will focus on commercial and property fundamentals to create value for its beneficiaries as well as to provide clients with a B-BBEE partner who will own, manage and develop their assets to unlock value through the full property value chain, and which will free up their balance sheet and enhance their scorecard credentials through procurement and ownership transfer, while leveraging Investec Property and IPF’s reputation, capital, skills and experience. Currently, Izandla Property has black ownership of greater than 51% and black female ownership of greater than 30%. Being majority black owned, Izandla Property expects to be better positioned to unlock certain property transactions than is currently achievable by IPF. Given the focus on transformation and transfer of skills, Izandla Property is in the process of identifying a suitable candidate in order to drive its objective of becoming the empowered landlord of choice. A further announcement in this regard will be made as and when this process has completed. Overview of the ED Trust The ED Trust is an active and credible development vehicle, focused on delivering innovative entrepreneurial activity and educational enrichment to previously disadvantaged South Africans in order to contribute and make a lasting impact to South Africa’s economy. The ED Trust’s beneficiaries include, the University of the Witwatersrand where underprivileged black students who have shown potential at high school level are awarded scholarships, Promaths (a programme aimed at supporting the South African education system to produce students that are competent in Maths and Science) and Young Treps (a programme which enables young, black entrepreneurs to grow their skills through fully funded trips to global centres of excellence). The ED Trust’s objectives aligns with Investec Property Fund’s own social initiatives, which focus on entrepreneurs from various disciplines in the property industry, and aim to provide mentorship, training, skills transfer, access to the Investec network and capital funding to enable the beneficiaries the opportunities they need to thrive. The establishment of Izandla Property emphasizes IPF’s commitment to the introduction of meaningful transformation and empowerment in the property sector. IPF is supportive of growth in an area of the South African economy which has historically been under represented by black individuals and which is challenging to enter given the requirement for significant amounts of capital. IPF’s investment in Izandla Property and BEE initiatives IPF’s investment into Izandla Property will be structured as a sale of properties of approximately R580 million and is not expected to result in a material impact on IPF’s dividend and net asset value per share for the year ending 31 March 2018 and thereafter. IPF’s participation in the establishment of Izandla Property is not categorisable in terms of the Listings Requirements of the JSE Limited. Accordingly, the information contained in this announcement is for information purposes only. As and when appropriate, further announcements will be made in this regard. IPF’s investment into Izandla Property further supports the Fund’s commitment to empowerment and transformation, adding to the already established entrepreneur and supplier development hub (“AMP”) in Bryanston. AMP provides premises to 8 black-owned SMMEs in industries that provide services to the property industry. The initiative seeks to develop these SMMEs by providing the capital to install offices, subsidizing rental levels, upskilling the entrepreneurs and launching a mentorship programme to foster the growth of the businesses. Sandton 8 June 2017 Financial advisor and Sponsor Legal advisor Investec Bank Limited Werksmans Inc. Date: 08/06/2017 11:30:00 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. 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