Annual Results – 31 March 2020 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 2002 Unit code: IAP ISIN: AU0000046005 (“IAP” or “the Fund”) ANNUAL RESULTS – 31 MARCH 2020 The board of the Responsible Entity, is pleased to announce the results for the year ended 31 March 2020. 31 March 2020 31 March 2019 Increase/(decrease) Revenue (AUD’000) 101,103 89,469 11,634 Operating profit (AUD’000) 66,109 64,292 1,817 Headline earnings (AUD’000) 38,762 37,921 841 Earnings per unit (cents) 10.32 11.09 -0.77 Net asset value per unit (AUD) 1.32 1.30 0.02 Distributions per unit (pre WHT) (AUD cents) 9.09 10.23 (1.14) Distributions per unit (post WHT) (AUD cents) 8.57 9.40 (0.83) The directors of the Responsible Entity are responsible for the preparation and fair presentation of this short form announcement and its contents. The financial results for the year ended 31 March 2020 have been audited by KPMG, who expressed an unqualified opinion. A copy of the auditor’s opinion is available for inspection at the Responsible Entity’s registered office together with the financial statements and key audit matters 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/2020/jse/isse/iap/AR2020.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 year end results is available for inspection at https://www.asx.com.au/asx/share-price-research/company/IAP. Johannesburg 6 May 2020 Investment Bank and Sponsor Investec Bank Limited Date: 06-05-2020 09:00:00 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.