Voluntary Announcement – Proposed disposal of shareholding in Ingenuity Property Investments Limited 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”) VOLUNTARY ANNOUNCEMENT – PROPOSED DISPOSAL OF SHAREHOLDING IN INGENUITY PROPERTY INVESTMENTS LIMITED Shareholders are referred to the announcement released on SENS by Ingenuity Property Investments Limited (“Ingenuity”) on 17 April 2019, wherein it was advised that Ingenuity intends proposing a specific repurchase of Ingenuity shares (the “Repurchase”) from Investec Property Fund, amongst other shareholders. The Fund made its initial investment in Ingenuity in January 2017, with subsequent acquisitions of Ingenuity shares, such that the Fund currently holds a total of 115 million Ingenuity shares, at an average acquisition cost of R0.84 per Ingenuity share. The Fund has agreed to dispose of its entire Ingenuity shareholding as part of the Repurchase, at a price of R1.08 per Ingenuity share, resulting in cash proceeds of approximately R124 million and a capital return on investment of c.30% (the “Disposal”). The Disposal is part of the Fund’s disciplined approached to capital allocation and asset recycling with the proceeds being used to either reduce gearing or further support the Fund’s capital deployment in the Pan-European logistics platform. The Disposal is not a categorised transaction in terms of the JSE Listings Requirements and is therefore not subject to shareholder approval. This announcement is voluntary and for information purposes only. Johannesburg 17 April 2019 Investment Bank and Sponsor Investec Bank Limited Date: 17/04/2019 04:31:00 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.