Dealings in securities by Directors INVESTEC AUSTRALIA PROPERTY FUND Incorporated and registered in Australia in terms of ASIC (ARSN 162 067 736) Registered as a foreign collective investment scheme in terms of the Collective Investment Schemes Control Act No. 45 of 2003 and operated by Investec Property Limited (ACN 071 514 246; AFSL 290 909) (“Responsible Entity”) Share code: IAP ISIN: AU60INL00018 (“IAPF” or “the Fund”) DEALINGS IN SECURITIES BY DIRECTORS Unitholders are advised that pursuant to an offer of new units in the Fund under a product disclosure statement dated 3 May 2019 (“Offer”), as announced on SENS on 17 May 2019, Richard Longes and Sally Herman (either in their personal capacity or through an associate), being directors of the Responsible Entity, elected to subscribe for new units in the Fund, as detailed below: Name of director: Richard Longes Transaction date: 28 May 2019 Class of securities: Units Number of securities: 56,819 Price per security: AUD 1.32 Total value of transaction: AUD 75,001 Nature of transaction: Off-market purchase in terms of the Offer Nature and extent of director’s interest: Indirect beneficial - Gemnet Pty Ltd as trustee for Richard Longes Superannuation Fund Clearance to deal received: Yes Name of director: Sally Herman Transaction date: 28 May 2019 Class of securities: Units Number of securities: 37,879 Price per security: AUD 1.32 Total value of transaction: AUD 50,000 Nature of transaction: Off-market purchase in terms of the Offer Nature and extent of director’s interest: Direct beneficial Clearance to deal received: Yes Unitholders are also referred to the Initial Director’s Interest Notices for the Board of Investec Property Limited which are available for inspection at the following link: https://www.asx.com.au/asx/share-price-research/company/IAP Johannesburg 29 May 2019 Investment Bank and Sponsor Investec Bank Limited Date: 29/05/2019 10:46:00 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.