INVESTEC AUSTRALIA PROPERTY FUND - Update Regarding The Interim Distribution

Update Regarding The Interim Distribution

INVESTEC AUSTRALIA PROPERTY FUND
Incorporated and registered in Australia in terms of ASIC (ARSN 162 067 736)
Registered in terms of the Collective Investment Schemes Control Act No.45 of 2003
Operated by Investec Property Limited (ACN 071 514 246; AFSL 290 909) (“Responsible Entity”)
Share code: IAP     ISIN: AU60INL00018
(“IAPF” or the “Fund”)


UPDATE REGARDING THE INTERIM DISTRIBUTION


Unitholders are referred to IAPF’s interim results for the six months ended 30 September 2017,
announced on Tuesday, 14 November 2017 (“Results Announcement”). In the Results
Announcement, unitholders were advised that the board of directors of the Responsible Entity (the
“Board”) was considering a distribution re-investment alternative in which a unitholder would be
entitled to elect to re-invest the cash distribution (4.95467 AUD cents per unit pre withholding tax and
4.64211 AUD cents per unit post withholding tax) (“Cash Distribution”) in return for units in the Fund
("Re-Investment Alternative"), failing which they would receive the Cash Distribution in respect of all
or part of their unit holding.

Following careful consideration of current market conditions and pricing of IAPF units, and in light of
the successful equity raise concluded on Thursday, 16 November 2017, the Board has decided not to
offer the Re-Investment Alternative. Accordingly, unitholders are advised that they will receive the
Cash Distribution.

As required by the JSE Listings Requirements, the Fund has entered into a forward exchange
contract to convert the AUD Cash Distribution to ZAR such that unitholders are given at least one
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 previous distribution payments were made and will be applied to all future
distribution payments that the Fund makes.

Accordingly, unitholders are advised that the AUD Cash Distribution has been converted from AUD to
ZAR at an exchange rate of AUD 1.00 : ZAR 10.45020. The resulting ZAR Cash Distribution is
51.77729 ZAR cents per unit (pre withholding tax) and 48.51098 ZAR cents per unit (post withholding
tax).

The salient dates in respect of the Cash Distribution remain unchanged from those set out in the
Results Announcement.



Johannesburg
28 November 2017

Investment Bank and Sponsor
Investec Bank Limited

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