Posting of Share Re-Investment Alternative Circular 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 “IPF”) POSTING OF SHARE RE-INVESTMENT ALTERNATIVE CIRCULAR INTRODUCTION In its financial results for the twelve months ended 31 March 2019 announced on Tuesday, 14 May 2019, Investec Property Fund advised its shareholders that the board was considering offering shareholders a dividend re-investment alternative in terms of which a shareholder would be entitled to elect to reinvest the cash dividend of 73.50878 cents per share after the deduction of the applicable dividend withholding tax , in return for IPF shares ("Share Re-investment Alternative"), failing which they would receive the net cash dividend in respect of all or part of their shareholding. Shareholders are advised that a circular (“Circular”) containing details of the Share Re-investment Alternative has been posted to IPF shareholders today, Tuesday 28 May 2019. The Circular is also be available on the IPF website (https://www.investecproperty.com/en_za/investec-property-fund/investor-relations.html). The record date to receive the Circular is Friday, 17 May 2019. The Share Re-Investment Alternative issue price and finalisation information will be released on the Stock Exchange News Service of the JSE Limited on Tuesday, 4 June 2019. Johannesburg 28 May 2019 Investment Bank and Sponsor Investec Bank Limited Date: 28/05/2019 05:05:00 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.