Substantial Holder Notice 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) SUBSTANTIAL HOLDER NOTICE IAP advises that on 21 September 2020 it received a notification of change of beneficial ownership in IAP, being a Form 603: Notice of initial substantial holder from Vanguard Group in which Vanguard Group advised on 16 September 2020 it had voting power of 5.016% in IAP. A copy of the notice can be found at: https://www.asx.com.au/asx/share-price-research/company/IAP This announcement has been authorised for release by the Company Secretary. Johannesburg 21 September 2020 Investment Bank and Sponsor Investec Bank Limited Date: 21-09-2020 07:57:00 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.