Interim Results – 30 September 2019 INVESTEC AUSTRALIA PROPERTY FUND Established in Australia and registered with ASIC as a managed investment scheme (ARSN 162 067 736) Operated by Investec Property Limited (ACN 071 514 246; AFSL 290 909) (“Responsible Entity”) Registered as a foreign collective investment scheme in terms of the Collective Investment Schemes Control Act No. 45 of 2003 Unit code: IAP ISIN: AU0000046005 (“IAP” or “the Fund”) INTERIM RESULTS – 30 SEPTEMBER 2019 The board of directors of Investec Property Limited, the Responsible Entity of the Fund, is pleased to announce the interim results for the six months ended 30 September 2019. 30 September 2019 30 September 2018 Increase/(decrease) Revenue (AUD’000) 47,915 44,980 2,935 Operating profit (AUD’000) 29,023 32,476 (3,453) Headline earnings (AUD’000) 22,004 25,570 (3,566) Earnings per unit (cents) 8.04 6.22 1.82 Net asset value per unit (AUD) 1.33 1.30 0.03 Distributions per unit (pre WHT) (cents) 4.79 5.05 (0.26) Distributions per unit (post WHT) (cents) 4.37 4.65 (0.28) The directors of the Responsible Entity are responsible for the preparation and fair presentation of this short form announcement and its contents. The reviewed condensed consolidated interim financial results for the six months ended 30 September 2019 have been reviewed by KPMG, who expressed an unmodified review conclusion. A copy of the auditor’s review report is available for inspection at the Responsible Entity’s registered office together with the financial statements identified in the auditor’s report. This short form announcement is a summary of the information in the full announcement, and any investment decision should be based on the full announcement. The full announcement is published on SENS and available at www.iapf.com.au and https://senspdf.jse.co.za/documents/2019/jse/isse/iap/Interims.pdf. In addition, the full announcement is available for inspection at the Responsible Entity’s local representative office, at no charge, every Monday to Friday between 08:00 – 17:00. Copies of the full announcement can also be requested via email on iapinvestorrelations@investec.com.au. A copy of the investor presentation in relation to the interim results is available for inspection at https://www.asx.com.au/asx/share-price-research/company/IAP. Johannesburg 30 October 2019 Investment Bank and Sponsor Investec Bank Limited Date: 30/10/2019 07:32:00 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.