CANCELLATION OF S397584 Trading and Investor Update 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 “The Fund”) TRADING AND INVESTOR UPDATE Shareholders are advised that Investec Property Fund is hosting a pre-close investor call prior to it entering the closed period for the 12 months ending 31 March 2018, and accordingly the investor document has been published on its website at https://archive.investec.co.za/products-and- services/investing/property-fund/investec-property-fund-investor-relations/financial-results.html Shareholders are further advised that the Fund’s dividend per share growth for the financial year ending 31 March 2018 is expected to be between 6% - 6.5% versus the previously indicated guidance of 7% - 8%. The slight decrease in guidance is attributable to the continued weakness of the occupier market as well as the supply / demand imbalance across certain sectors and nodes. The current market is characterised by pressure on reversions, vacancy increases and increased costs to retain and acquire tenants in the form of incentives. Whilst this remains a challenging operating environment, demand continues to exist for quality, well located and well managed property. The Fund’s portfolio of quality property, a diversified investment base and robust balance sheet ensures the ability of the business to weather the environment. The aforementioned forecast has not been reviewed or reported on by the Fund’s auditors. Sandton 28 March 2018 Sponsor Investec Bank Limited Date: 28/03/2018 04:38:59 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.