Update regarding the final dividend for the period 1 October 2017 to 31 March 2018 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 2017 TO 31 March 2018 INTRODUCTION In its financial results for the year ended 31 March 2018 announced on Tuesday, 15 May 2018 (“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 reinvest the cash dividend of 70.16237 cents per share (“Cash Dividend”) after the deduction of the applicable dividend withholding tax (“Net Cash Dividend”), in return for IPF shares ("Share Re-investment Alternative"), failing which they would receive the Net Cash Dividend in respect of all or part of their shareholding. Shareholders are advised that the board is still considering whether or not to offer the Share Re-investment Alternative to shareholders. Should the board to decide to offer the Share Re-Investment Alternative, the issue price and finalisation information will be released on the Stock Exchange News Service of the JSE Limited (“SENS”) on Tuesday, 5 June 2018. In the event that the board decides not to offer the Share Re-Investment Alternative, an announcement advising shareholders of such will be released on SENS on or before Monday, 4 June 2018. A circular (“Circular”) containing details of the Share Re-investment Alternative has been posted to IPF shareholders today, Tuesday 29 May 2018. The record date to receive the Circular is Friday, 18 May 2018. IMPORTANT DATES AND TIMES 2018 Circular and form of election posted to shareholders and announced on SENS Tuesday, 29 May Last day to withdraw the Share Re-Investment Alternative Monday, 4 June Announcement of Share Re-Investment Alternative issue price and finalisation Tuesday, 05 June information on SENS on Last day to trade (“LDT”) in order to participate in the election to receive Tuesday, 12 June shares in terms of the Share Reinvestment Alternative or to receive a Cash Dividend Shares to trade ex-dividend Wednesday, 13 June Listing of maximum possible number of Share Re-Investment Alternative Friday, 15 June Shares commences on the JSE Last day to elect to receive the Share Re-Investment Alternative (no late forms Friday, 15 June of election will be accepted) at 12:00 (South African time) Record date Friday, 15 June Announcement of results of Cash Dividend and Share Re-Investment Monday, 18 June Alternative on SENS For Shareholders electing the Cash Distribution, cheques posted to Monday, 18 June Certificated Shareholders and accounts credited by CSDP or broker to Dematerialised Shareholders electing the Cash Dividend on or about Share certificates posted to Certificated Shareholders and accounts credited Wednesday, 20 June by CSDP or broker to Dematerialised Shareholders electing the Share Re- Investment Alternative on Adjustment to the maximum number of shares listed on or about Thursday, 21 June Notes: 1. Shareholders electing the Share Re-Investment Alternative are requested to note that the new shares will be listed on LDT + 3 and these new shares can only be traded on LDT + 3 as the settlement of the shares will occur three days after record date, which differs from the conventional one day after record date settlement process. 2. Shares may not be dematerialised or rematerialised between commencement of trade on Wednesday, 13 June 2018 and close of trade on Friday, 15 June 2018 both dates inclusive. 3. The above dates and times are subject to change. Any changes will be released on SENS. Johannesburg 29 May 2018 Investment Bank and Sponsor Investec Bank Limited Date: 29/05/2018 04:23:00 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.