Edcon Update INVESTEC PROPERTY FUND LIMITED (Incorporated in the Republic of South Africa) (Reg. No: 2008/011366/06) Approved as a REIT by the JSE Share Code: IPF ISIN: ZAE000180915 ("Investec Property Fund" or "the Fund") EDCON UPDATE Shareholders are referred to the announcement released by the Edcon Group (Edcon) on 01 March 2019, wherein Edcon set out the salient terms of its proposed recapitalisation and restructuring program (the Restructure). Edcon is a tenant across 10 of the Fund’s retail properties, with a GLA exposure of approximately 27 500 sqm, representing less than 2% of the Fund’s total revenue. Investec Property Fund adopted a proactive engagement approach with Edcon and will be a participating landlord to the Restructure. Should the Restructure become effective, the Fund will receive reduced rental income from Edcon for a period of two years, commencing on 01 May 2019. The Fund has elected to contribute to the Restructure via the reduced rental option and it is anticipated that the reduction in rental income will be approximately R9.8million per annum. The Restructure has no impact on the Fund’s distribution guidance for the year ending 31 March 2019. Johannesburg 04 March 2019 Investment Bank and Sponsor Investec Bank Limited Date: 04/03/2019 11:30:00 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.
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