CIRCULAR TO LINKED UNITHOLDERS...2013/08/28 · Investec Property Fund does not accept responsibility, and will not be held liable, for any action of, or omission by, any CSDP or

THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION

The definitions and interpretations commencing on page 5 of this Circular apply throughout this Circular, including this front cover.

Action required

• ThisCircularisimportantandshouldbereadinitsentirety,withparticularattentiontothesectionentitled“ActionrequiredbyLinkedUnitholders”,whichcommencesonpage2.

• If you are in any doubt as towhat action you should take, please consult yourCSDP, Broker, banker, attorney, accountant or other professionaladvisorimmediately.

• If you havedisposedof all of your LinkedUnits, thisCircular should be handed to the purchaserof such LinkedUnits or to theCSDP, Broker,bankerorotheragentthroughwhomthedisposalwaseffected.

Investec Property Fund does not accept responsibility, and will not be held liable, for any action of, or omission by, any CSDP or Broker including, without limitation, any failure on the part of the CSDP or Broker of any beneficial owner of Linked Units to notify such beneficial owner of the details set out in this Circular.

(IncorporatedintheRepublicofSouthAfrica)(Registrationnumber2008/011366/06)

(VATNo:4110247709)Sharecode:IPF ISIN:ZAE000155099(“InvestecPropertyFund”or“theFund”)

CIRCULAR TO LINKED UNITHOLDERSregarding:

• the replacement of each Linked Unit with one Delinked Ordinary Share by the delinking of the Linked Units and the capitalisation of the value of the Debentures in the books of account of Investec Property Fund to form part of the Fund’s stated capital account;

• the conversion of Investec Property Fund’s ordinary par value shares to ordinary shares of no par value; and

• the approval of the amendment of the Fund’s Memorandum of Incorporation;

andincorporating:

• a notice convening a General Meeting of Debenture Holders;

• a notice convening a General Meeting of Shareholders;

• a form of proxy (blue) in respect of the General Meeting of Debenture Holders (for use by Certificated and Own-name Registration Linked Unitholders only);

• a form of proxy (green) in respect of the General Meeting of Shareholders (for use by Certificated and Own-name Registration Linked Unitholders only); and

• a form of surrender (pink) in respect of the replacement of Certificated Linked Units with Certificated Shares (for use by Certificated Linked Unitholders only).

Investment Bank and Sponsor

Dateofissue:18July2013

Copies of this Circular, in English only, may be obtained from the registered office of the Fund or at the offices of the Transfer Secretaries, during normal business hours on Business Days from 18 July 2013 until 16 August 2013. The respective addresses of the Fund’s registered office and the Transfer Secretaries are set out in the “Corporate Information” section. The Circular will also be available on the Fund’s website (www.investecpropertyfund.com) from 18 July 2013.

CORPORATE INFORMATION

Directors of the Fund

SHackner(Chairman)SRLeon(Chief Executive Officer)DAJDonald(Chief Financial Officer)MPCrawford(Lead Independent Non-Executive Director)#

LLMGiuricichΔ

SMahomed#

CMMashaba#

MMNgoasheng#

GRRosenthal#

#IndependentNon-ExecutiveΔNon-Executive

Company secretary

InvestecBankLimited(Registrationnumber1969/004763/06)c/oCompanySecretarialInvestecLimited100GraystonDriveSandownSandton2196(POBox785700,Sandton,2146)

Investment Bank and Sponsor

InvestecCorporateFinance(AdivisionofInvestecBankLimited)(Registrationnumber1969/004763/06)2ndFloor100GraystonDriveSandownSandton2196(POBox785700,Sandton,2146)

Legal Advisors

GlynMaraisIncorporated(Registrationnumber1990/000849/21)2ndFloorThePlace1SandtonDrive,SandownSandton2196(POBox652361,Benmore,2010)

Debenture Trustee

IronwoodTrustees(Pty)Limited(Registrationnumber2005/012343/07)Unit6,SunbirdParkRosendalCapeTown7530(POBox4898,Tygervalley,7536)

Registered office, postal address of the Fund and date of incorporation

(Registrationnumber2008/011366/06)(VATNo:4110247709)c/oCompanySecretarialInvestecLimited100GraystonDriveSandownSandton2196(POBox785700,Sandton,2146)IncorporatedintheRepublicofSouthAfricaon7May2008

Transfer Secretaries

ComputershareInvestorServicesProprietaryLimited(Registrationnumber2004/003647/07)GroundFloor70MarshallStreetJohannesburg2001(POBox61051,Marshalltown,2107)

Auditors

Ernst&YoungInc.(Registrationnumber2005/002308/21)WanderersOfficePark52CorlettDriveIllovo2196(POBox2322,Johannesburg,2000)

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TABLE OF CONTENTS

Page

COrpOrATE iNFOrmATiON Insidefrontcover

ACTiON rEquirEd By LiNKEd uNiThOLdErS 2

SALiENT dATES ANd TimES 4

dEFiNiTiONS ANd iNTErprETATiONS 5

CirCuLAr TO LiNKEd uNiThOLdErS 8

1. IntroductionandpurposeofthisCircular 8

2. TaxationofREITs 9

3. DelinkingofLinkedUnits,capitalisationoftheDebenturesandissueofDelinkedOrdinaryShares 10

4. ProceduretobefollowedbyCertificatedLinkedUnitholdersintermsoftheConversion 11

5. ProceduretobefollowedbyDematerialisedLinkedUnitholdersintermsoftheConversion 12

6. ConversionofParValueSharestoNoParValueShares 12

7. Expertconsents 13

8. Opinionsandrecommendations 13

9. Generalmeetings 13

10. Directors’responsibilitystatement 13

11. Documentsavailableforinspection 13

ANNEXurE 1 DEBENTURETRUSTEECONSENTLETTER 14

ANNEXurE 2 BOARDREPORTONTHECONVERSIONOFTHEORDINARYPARVALUESHARESOFTHEFUNDINTOORDINARYSHARESOFNOPARVALUE 15

ANNEXurE 3 PRICEANDTRADINGHISTORYOFINVESTECPROPERTYFUNDONTHEJSE 17

NOTiCE OF GENErAL mEETiNG OF dEBENTurE hOLdErS 19

NOTiCE OF GENErAL mEETiNG OF ShArEhOLdErS 22

FOrm OF prOXy (BLUE) – GENErAL mEETiNG OF dEBENTurE hOLdErS Attached

FOrm OF prOXy (GREEN) – GENErAL mEETiNG OF ShArEhOLdErS Attached

FOrm OF SurrENdEr (PINK) Attached

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ACTiON rEquirEd By LiNKEd uNiThOLdErS

please take careful note of the following provisions regarding the action to be taken by Linked unitholders:

IfyouareinanydoubtastowhatactionyoushouldtakearisingfromthisCircular,pleaseconsultyourCSDP,Broker,banker,attorney,accountantorotherprofessionaladvisorimmediately.

IfyouhavedisposedofallofyourLinkedUnits,pleasehandthisCirculartothepurchaserofsuchLinkedUnitsortheCSDP,Broker,bankerorotheragentthroughwhomyoudisposedofyourLinkedUnits.

TheGeneralMeetingofDebentureHoldersconvened intermsof thenoticetoDebentureHolders,which isattachedto and formspartof thisCircularwillbeheld in the4thFloorBoardroom, InvestecBankLimited,100GraystonDrive,Sandown,Sandton,onFriday,16August2013commencingat10:00,followingtheAGMwhichwillcommenceat09:30.

TheGeneralMeetingofShareholdersconvenedintermsofthenoticetoShareholders,whichisattachedtoandformspartof thisCircularwillbeheld in the4thFloorBoardroom, InvestecBankLimited,100GraystonDrive,Sandown,Sandton,on Friday,16August2013commencingat10:30.

FOrmS OF prOXy

if you have dematerialised your Linked units and have elected:

1. OWN-NAmE rEGiSTrATiON:

1.1 Youareentitledtoattendinperson,orberepresentedbyproxy,attheGeneralMeetings.

1.2 IfyouareunabletoattendtheGeneralMeetingofDebentureHoldersbutwishtoberepresentedthereat,youmustcompleteandreturntheattachedformofproxy(blue)inaccordancewiththeinstructionscontainedtherein,which is requested tobe receivedby theTransfer Secretaries,Computershare InvestorServicesProprietaryLimited,at70MarshallStreet,Johannesburg,2001(POBox61051,Marshalltown,2107)bynolaterthan10:00onWednesday,14August2013.

1.3 IfyouareunabletoattendtheGeneralMeetingofShareholdersbutwishtoberepresentedthereat,youmustcompleteandreturntheattachedformofproxy(green)inaccordancewiththeinstructionscontainedtherein,which is requested tobe receivedby theTransfer Secretaries,Computershare InvestorServicesProprietaryLimited,at70MarshallStreet,Johannesburg,2001(POBox61051,Marshalltown,2107)bynolaterthan10:30onWednesday,14August2013.

2. rEGiSTrATiON OThEr ThAN OWN-NAmE rEGiSTrATiON:

2.1 Youmustnotcompletetheattachedformofproxy(blue).

2.2 If you wish to attend or be represented at the General Meetings, you must advise your CSDP or Brokertimeously that you wish to attend or be represented at the General Meetings, in the manner stipulated inthecustodyagreementgoverningtherelationshipbetweenyouandyourCSDPorBroker.TheseinstructionsmustbeprovidedtoyourCSDPorBrokerbythecut-offdateandtimeadvisedbyyourCSDPorBrokerforinstructionsofthisnature.YourCSDPorBrokerwillberequiredtoissuethenecessaryletterofrepresentationtoyoutoenableyoutoattendortoberepresentedattheGeneralMeetings.

2.3 IfyoudonotwishtoattendorberepresentedattheGeneralMeetingsbutwishtovote,andyourCSDPorBrokerhasnotcontactedyou,youareadvisedtocontactyourCSDPorBrokerandprovidethemwithyourvotinginstructionsinthemannerstipulatedinthecustodyagreementgoverningtherelationshipbetweenyouandyourCSDPorBroker.TheseinstructionsmustbeprovidedtoyourCSDPorBrokerbythecut-offdateandtimeadvisedbyyourCSDPorBrokerforinstructionsofthisnature.IfyourCSDPorBrokerdoesnotobtaininstructionsfromyou,theywillbeobligedtoactintermsofyourmandatefurnishedtothem.

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if you hold Certificated Linked units:

3. CErTiFiCATEd LiNKEd uNiThOLdErS

3.1 Youareentitledtoattendinperson,orberepresentedbyproxy,attheGeneralMeetings.

3.2 IfyouareunabletoattendtheGeneralMeetingofDebentureHoldersbutwishtoberepresentedthereat,youmustcompleteandreturntheattachedformofproxy(blue),inaccordancewiththeinstructionscontainedtherein, which is requested to be received by theTransfer Secretaries, Computershare Investor ServicesProprietaryLimited,at70MarshallStreet,Johannesburg,2001(POBox61051,Marshalltown,2107)bynolaterthan10:00onWednesday,14August2013.

3.3 IfyouareunabletoattendtheGeneralMeetingofShareholdersbutwishtoberepresentedthereat,youmustcompleteandreturntheattachedformofproxy(green),inaccordancewiththeinstructionscontainedtherein,which is requested tobe receivedby theTransfer Secretaries,Computershare InvestorServicesProprietaryLimited,at70MarshallStreet,Johannesburg,2001(POBox61051,Marshalltown,2107)bynolaterthan10:30onWednesday,14August2013.

FOrm OF SurrENdEr

1. dEmATEriALiSEd LiNKEd uNiThOLdErS

The following does not apply to Dematerialised Linked Unitholders.The accounts of such Dematerialised LinkedUnitholdersattheirCSDPorBrokerwillbeautomaticallyupdated.

2. CErTiFiCATEd LiNKEd uNiThOLdErS

2.1 InorderforCertificatedLinkedUnitholderstoreceivenewsharecertificatesreflectingtheeffectofthedelinkingoftheDebentureandtheParValueShareandthecapitalisationoftheDebentures,theyarerequestedtosurrendertheirLinkedUnitcertificatesorotherdocumentsoftitletotheTransferSecretaries.Aformofsurrender(pink)whichisattachedtothisCircularmustbecompletedandsentwiththerelevantdocumentsoftitle.

2.2 Replacementsharecertificatesareexpectedtobeposted,byregisteredpost,attheriskoftheaddresseeonoraboutMonday,23September2013inrespectofdocumentsoftitlereceivedonorbefore12:00onFriday,20 September2013andthereafterwithinfiveBusinessDaysofreceiptofsuchformsofsurrender,togetherwithdocumentsoftitle.

2.3 If thedocumentsof title relating to theLinkedUnitsheldbyaCertificatedLinkedUnitholderhasbeen lostor destroyed, Linked Unitholders should nevertheless return a duly completed form of surrender, togetherwith an indemnity on terms satisfactory to Investec Property Fund. Investec Property Fund may, in its solediscretiondispensewiththesurrenderofsuchdocumentsoftitleuponproductionofsatisfactoryevidencethatthedocumentsoftitlehavebeenlostordestroyedanduponprovisionofanindemnityontermsacceptableto it.Unless otherwise agreed by Investec Property Fund, only indemnity forms obtained from theTransferSecretaries (availableon request)willbe regardedas suitable. InvestecPropertyFundshallbeentitled, in itsabsolutediscretion,bywayofagreementtowaivetherequirementofanindemnity.

2.4 Noreceiptwillbeissuedfordocumentsoftitlesurrenderedunlessspecificallyrequested.

2.5 Additionalcopiesoftheformofsurrender(pink)areavailableonrequestfromtheTransferSecretaries.

4

SALiENT dATES ANd TimES

2013

RecorddatetobeeligibletoreceivenoticeoftheGeneralMeetings Friday,12July

CircularandnoticesoftheGeneralMeetingspostedtoLinkedUnitholderson Thursday,18July

LastdaytotradeinLinkedUnitsinordertoberecordedintheFund’ssecuritiesregistertovoteattheGeneralMeetingson Thursday,1August

Recorddatetobeentitledtoattend,participateinandvoteattheGeneralMeetings Thursday,8August

FormsofproxyfortheGeneralMeetingofDebentureHoldersrequestedtobereceivedbynolaterthan10:00on Wednesday,14August

FormsofproxyfortheGeneralMeetingofShareholdersrequestedtobereceivedbynolaterthan10:30on Wednesday,14August

AGMheldat09:30on Friday,16August

GeneralMeetingofDebentureHoldersheldat10:00on Friday,16August

GeneralMeetingofShareholdersheldat10:30on Friday,16August

ResultsoftheGeneralMeetingsreleasedonSENSon Friday,16August

ResultsoftheGeneralMeetingspublishedinthepresson Monday,19August

PublicationoffinalisationannouncementreleaseonSENSexpectedtobeon Friday,6September

LastdaytotradeinexistingLinkedUnitsontheJSEpriortothedelinkingoftheLinkedUnitsandthecapitalisationoftheDebenturesexpectedtobeon Friday,13September

TradinginDelinkedOrdinarySharesofnoparvalueunderthenewISIN:ZAE000180915andtheexistingcodeof‘IPF’expectedtocommenceon Monday,16September

ExpectedrecorddateforthedelinkingoftheLinkedUnitsandthecapitalisationofthe Debenturesandtheincreaseintheauthorisedsharecapitalatthecloseofbusinesson Friday,20September

DematerialisedLinkedUnitholdersexpectedtohavetheiraccountsupdatedattheirCSDPor Brokeron Monday,23September

ExpecteddateofissueofnewreplacementsharecertificatesprovidedthattheoldLinkedUnitcertificateshavebeensurrenderedbynolaterthan12:00onFriday,20September2013(anyCertificatedLinkedUnitssurrenderedafterthisdatewillbereplacedwithinfiveBusinessDays afterreceiptbytheTransferSecretaries) Monday,23September

Notes:

1. AlldatesandtimesaresubjecttochangebytheFund.AnychangewillbereleasedonSENS.

2. LinkedUnitholdersshouldnotethatastransactionsinLinkedUnitsaresettledintheelectronicsettlementsystemusedbyStrate,settlementoftradestakesplacefiveBusinessDaysaftersuchtrade.Therefore,LinkedUnitholderswhoacquireLinkedUnitsafterThursday,1August2013willnotbeeligibletovoteattheGeneralMeetings.

3. AlltimesgiveninthisCirculararelocaltimesinSouthAfrica.

4. IftheGeneralMeetingsareadjournedorpostponed,formsofproxysubmittedfortheinitialGeneralMeetingswillremainvalidinrespectofanyadjournmentorpostponementoftheGeneralMeetings.

5. NodematerialisationofLinkedUnitcertificatesmaytakeplaceafterFriday,13September2013.

5

dEFiNiTiONS ANd iNTErprETATiONS

InthisCircularanditsannexures,unlessotherwisestatedorthecontextindicatesotherwise,thewordsandexpressionsinthefirstcolumnshallhavethemeaningsstatedoppositetheminthesecondcolumn,andwordsandexpressions inthesingularshallincludethepluralandvice versa,wordsimportingnaturalpersonsshallincludejuristicpersonsandunincorporatedassociationsofpersonsandvice versa,andanyreferencetoonegendershallincludetheothergenders:

“AGM” theAnnualGeneralMeetingofLinkedUnitholdersintheircapacityasholdersofthe ParValue Shares to be held on Friday, 16August 2013 in the 4th FloorBoardroom,InvestecBankLimited,100GraystonDrive,Sandown,Sandton,2196commencingat09:30;

“Board” theboardofdirectorsofInvestecPropertyFund;

“Broker” anypersonregisteredasabrokingmember(equities)intermsoftherulesoftheJSEmadeinaccordancewiththeprovisionsoftheFinancialMarketsAct;

“BusinessDay” anydayotherthanaSaturday,SundayorofficialpublicholidayinSouthAfrica;

“CertificatedLinkedUnitholders” registeredholdersofCertificatedLinkedUnits;

“CertificatedLinkedUnits” Linked Units represented by certificates or other written documents of title,which have not been surrendered for dematerialisation in terms of therequirementsofStrate;

“CertificatedShares” Delinked Ordinary Shares represented by share certificates or other writteninstruments,which havenot been surrendered for dematerialisation in termsof therequirementsofStrate;

“CIPC” the Companies and Intellectual Property Commission established in termsof section185oftheCompaniesAct;

“Circular” this bound document, dated 18 July 2013, including the annexures hereto,the notices of the General Meetings, the forms of proxy in respect of theGeneral Meetingsandtheformofsurrender;

“CommonMonetaryArea” collectively, South Africa, the Kingdoms of Swaziland and Lesotho and theRepublicofNamibia;

“CompaniesAct” theCompaniesAct,71of2008,asamended;

“Conversion” thedelinkingoftheLinkedUnitsthroughseparationoftheParValueSharesfromtheDebenturesandthesubsequentcapitalisationofthevalueallottedtotheDebentures in thebooksof accountof theFund to formpartof theFund’sstatedcapitalaccount;

“CSDP” a person who holds in custody and administers securities or an interest insecurities and has been accepted by a central securities depository as aparticipantasdefinedinChapter1oftheFinancialMarketsAct;

“Debentures” thevariablerate,unsecured,subordinateddebentureswithanominalvalueofR9.99,allottedandissuedbytheFundandregulatedintermsoftheDebentureTrustDeed,eachbeingindivisiblylinkedtoaParValueSharetoformaLinkedUnit;

“DebentureHolders” CertificatedLinkedUnitholdersandDematerialisedLinkedUnitholdersholdingDebentures;

“DebentureTrustDeed” the DebentureTrust Deed in respect of the Debentures between the Fundand theDebentureTrustee,asamendedfromtimetotime;

“DebentureTrustee” Ironwood Trustees Proprietary Limited of Unit 6, Sunbird Park, RosendalCape Town,7530;

“DelinkedOrdinaryShare” anordinaryshareofnoparvalueinthesharecapitalofInvestecPropertyFundafterthedelinkingoftheLinkedUnits,followedbythecapitalisationofthevalueoftheDebenturestoInvestecPropertyFund’sstatedcapital,whichistobelistedasanewinstrumentontheJSEunderISIN:ZAE000180915;

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“DematerialisedLinkedUnitholders” registeredholdersofDematerialisedLinkedUnits;

“DematerialisedLinkedUnits” LinkedUnits, thecertificatesorotherdocumentsof titleofwhichhavebeendematerialisedthroughaCSDPorBrokerandarerecordedinanuncertificatedsecuritiesregisterformingpartofInvestecPropertyFund’ssecuritiesregister ;

“Dividend” adividendasdefinedinsection1oftheIncomeTaxAct;

“FinancialMarketsAct” theFinancialMarketsAct,19of2012;

“GeneralMeetingofDebentureHolders” themeetingofDebentureHolderstobeheldinthe4th Floor Boardroom, investec Bank Limited, 100 Grayston drive, Sandown, Sandton, 2196 commencing at 10:00onFriday,16August2013;

“GeneralMeetingofShareholders” the meeting of Shareholders to be held in the 4th Floor Boardroom, investec Bank Limited, 100 Grayston drive, Sandown, Sandton, 2196 commencing at 10:30onFriday,16August2013;

“GeneralMeetings” collectively,theGeneralMeetingofDebentureHoldersandtheGeneralMeetingofShareholders;

“InvestecPropertyFund”or“theFund” InvestecPropertyFundLimited(Registrationnumber2008/011366/06),apubliccompanydulyregisteredandincorporatedwithlimitedliabilityaccordingtothecompanylawsofSouthAfrica,whichislistedontheJSE;

“IFRS” the InternationalFinancialReportingStandardsasadopted fromtimetotimeby theBoardoftheInternationalAccountingStandardsCommittee;

“IncomeTaxAct” IncomeTaxAct,58of1962,asamended;

“InvestecBankLimited” InvestecBankLimited(Registrationnumber1969/004763/06),apubliccompanyincorporatedinSouthAfrica;

“InvestecCorporateFinance” thecorporatefinancedivisionofInvestecBankLimited;

“JSE” JSE Limited (Registration number 2005/022939/06), a public companyincorporated in accordancewith the lawsof SouthAfrica and licensedas anexchangeundertheFinancialMarketsAct;

“LastPracticableDate” Friday,12 July2013,being the lastpracticabledateprior to the finalisationofthis Circular ;

“LinkedUnits” Investec Property Fund linked units each comprising one ParValue Share,indivisiblylinkedtooneDebenture;

“LinkedUnitholders” CertificatedLinkedUnitholdersandDematerialisedLinkedUnitholders;

“ListingsRequirements” theListingsRequirementsoftheJSE;

“MemorandumofIncorporation” theMemorandumofIncorporationofInvestecPropertyFund;

“NoParValueShares” anInvestecPropertyFundordinaryshareofnoparvaluewhichwillexistinthesharecapitalofInvestecPropertyFundfollowingtheConversionandsubsequentamendmentfromParValueSharestosharesofnoparvalue;

“Own-nameRegistration” Dematerialised Linked Unitholders who have instructed their CSDP to holdtheirLinkedUnitsintheir“own-name”ontheuncertificatedsecuritiesregisterofInvestecPropertyFund;

“ParValueShare” the current issued ordinary shares with a par value of 1 cent each, created,allottedandissuedbytheFundintermsoftheMemorandumofIncorporation,eachbeingindivisiblylinkedtoaDebenturetoformaLinkedUnit;

“PLS” propertyloanstock;

“PUT” acollective investment inproperty, asdefined in section47of theCollectiveInvestmentSchemesControlAct,2002;

“QualifyingDistribution” aqualifyingdistributionasdefinedinsection25BBoftheIncomeTaxAct;

“R”or“Rand” SouthAfricanRand,theofficialcurrencyofSouthAfrica;

“Regulations” theregulationspublishedintermsoftheCompaniesAct;

“REIT” RealEstateInvestmentTrust;

7

“Report” the board report required in terms of Regulation 31(7) in respect of theconversionof theParValue Shares toNoParValue Shares, a copyofwhichis attachedtothisCircularmarkedasAnnexure2;

“SENS” theStockExchangeNewsServiceoperatedbytheJSE;

“Shareholders” holdersofParValueSharespriortotheConversionandholdersofDelinkedOrdinarySharesfollowingtheConversion;

“SouthAfrica” theRepublicofSouthAfrica;

“Strate” Strate Limited (Registration number 1998/022242/06), a public companyincorporatedinSouthAfrica,whichisaregisteredcentralsecuritiesdepositoryandwhichisresponsiblefortheelectronicsettlementsystemusedbytheJSE;

“TransferSecretaries” Computershare Investor Services Proprietary Limited (Registration number2004/003647/07),aprivatecompanyincorporatedinSouthAfrica;and

“TaxationLawsAmendmentAct” TaxationLawsAmendmentAct,22of2012.

8

(IncorporatedintheRepublicofSouthAfrica)(Registrationnumber2008/011366/06)Sharecode:IPF ISIN:ZAE000155099(“InvestecPropertyFund”or“theFund”)

directors

SHackner(Chairman)SRLeon(Chief Executive Officer)DAJDonald(Chief Financial Officer)MPCrawford(Lead Independent Non-Executive Director)#

LLMGiuricichΔ

SMahomed#

CMMashaba#

MMNgoasheng#

GRRosenthal#

#Non-ExecutiveΔ Independent non-executive

CirCuLAr TO LiNKEd uNiThOLdErS

1. iNTrOduCTiON ANd purpOSE OF ThiS CirCuLAr

1.1 TheREITstructureisataxregimethatprovidesforthe“flow-through”ofnetpropertyincomefromaREITonapre-taxbasis to investors. It is themostprevalent structure for investment inproperty in internationaljurisdictionsincludingtheUnitedStatesofAmerica,Australia,theUnitedKingdom,JapanandSingapore.TheREITstructure is in linewith internationalbestpractiseandtheconversiontoagloballyunderstoodstructurewillincreasetheattractivenessoftheSouthAfricansectortoforeigninvestors.

1.2 The introduction of REITs to South Africa was enabled through the promulgation of theTaxation LawsAmendmentActandtheinclusionofsection25BB(TaxationofREITs),intheIncomeTaxAct.

1.3 ThebenefitsofthenewSouthAfricanREITstructureincludethefollowing:

1.3.1 theREITstructureprovidesgreatertaxcertainty;

1.3.2 theREITstructurebringstheexistingPLSandPUTstructuresonparwithleadinginternationalstandards,offeringforeigninvestorstheuniformityandsimplicitytofacilitateinternationalinvestment;

1.3.3 shareholdersorunitholdersofaREITwouldnotpaysecurities transfer taxonthebuyingorsellingof sharesorlinkedunitsinaREIT;

1.3.4 all distributions paid to shareholdersor linked unitholdersof aREIT canbedeductedby theREITasanexpense;

1.3.5 REITswillbeexemptfromcapitalgainstaxonanyprofitfromthesaleofproperty;

1.3.6 theREITstructuremaysimplifytheaccountingtreatmentofREITs;and

1.3.7 theREITregimeseekstobalancethedissimilarregulationofthePUTandPLS.

1.4 For thesereasons, theBoardbelieved it tobe in thebest interestof InvestecPropertyFundtoqualifyasaREITandsubmittedanapplicationtotheJSEtobelistedasaREIT.TheapplicationincludedconfirmationsandundertakingsbytheBoardthatInvestecPropertyFundwillfullycomplywiththeamendedsection13oftheListingsRequirementspertainingtopropertyentities.PertheSENSannouncementreleasedon11June2013,LinkedUnitholderswereadvisedthattheJSEgrantedapprovaltotheFundbeinglistedasaREITontheJSEandthat,effectivefrom1April2013,theFundwillqualifyasaREITintermsoftheIncomeTaxAct.

9

1.5 PursuanttotheFundbeinggrantedREITstatus,theBoardproposestoconverttheFund’scapitalstructuretoaccordwiththesimplifiedall-equityREITstructureprecipitatedbytheIncomeTaxActamendmentsandSection 13oftheListingsRequirements.ThisconversionofthecapitalstructureistaxneutraltoLinkedUnitholdersassetoutinparagraph2andwillhavenootherconsequencestoLinkedUnitholders.

1.6 Furthermore,intermsoftherevisedSection13oftheListingsRequirementspertainingtopropertyentities,thetotalconsolidatedIFRSliabilitiesofaREITmaynotexceed60%ofitstotalconsolidatedIFRSassets.TheListingsRequirementsandIFRSfurtherrequirethatthesubordinatedDebenturescomprisingtheDebentureportionof theLinkedUnitsbe included in thecalculationof totalconsolidated liabilities.Per thiscalculation, InvestecPropertyFundcurrentlyhasagearingratioof99.9%(includingsubordinatedDebentures)asat31March 2013.The JSE has granted IPF and the industry an extension (until 1 July 2015) to achieve compliance with thisrequirement.FollowingconversionoftheFund’scapitalstructure,theFund’sgearingratiowilldecreaseto15%at31March2013andwilltherebymeettheaforementioned60%thresholdrequirementforREITs.FailuretomeetthisrequirementbyMarch2015wouldleadtosignificantadverseimplicationsforinvestors.

1.7 ThepurposeofthisCircularistoprovideLinkedUnitholderswithrelevantinformationtoenablethemtomakeaninformeddecisionastowhetherornottheyshouldvoteinfavourofthespecialandordinaryresolutionsset outinthenoticesofGeneralMeetingswhichformapartofthisCircular,pertainingtothefollowingmatters:

1.7.1 theamendmentoftheDebentureTrustDeed,tofacilitatetheimplementationofparagraph1.7.2;

1.7.2 the replacement of each Linked Unit with one Delinked Ordinary Share by the delinking of theDebentures andParValueShares and the subsequent capitalisationof thevalueof theDebenturesto theFund’sstatedcapitalaccount;

1.7.3 theterminationoftheDebentureTrustDeedandthecancellationoftheDebentureswithoutpaymenttoDebentureHolders;

1.7.4 theconversionoftheFund’sParValueSharestoNoParValueShares;and

1.7.5 theamendmentoftheMemorandumofIncorporation.

1.8 IntermsoftheListingsRequirements,inordertoretainREITstatus,theFundisrequiredtodistributeatleast75%ofitstotaldistributableprofitsasadistributionwithinsixmonthsafteritsfinancialyear-end.InvestecPropertyFundwillendeavourtocontinuetodistributeall itsprofits,therebyachievingthistargetandiscommittedtomaintaining its status as aREIT.Additionally, it is the intentionof the Fund to continue tomakedistributionpaymentsbi-annually.

2. TAXATiON OF rEiTS

2.1 InlightoftheFundbeinggrantedREITstatus,thetaximplicationssetoutbelowwillapplytoLinkedUnitholderseffectivefrom1April2013.

2.2 ForLinkedUnitholders,thedifferenceinthenewregimearisesfromthenatureoftheFund’sdistributionsthattheinvestorwillreceive.IntermsoftheDividendanddividendwithholdingtaxprovisionsoftheIncomeTaxActreadinconjunctionwithsection25BBoftheIncomeTaxAct,distributionsreceivedfromaREITwillbetaxedinthehandsoftherecipientasaDividend,providedthatthedistributionmeetsthedefinitionofaQualifyingDistribution.

2.3 DistributionspaidbytheFundcurrentlymeetthedefinitionofaQualifyingDistribution.ForaslongastheFund’sdistributionscontinuetofulfiltherequiredcriteria,thedistributionsreceivedbyShareholderswillberegardedasataxableDividendinthehandsoftheShareholder,withdifferingtaxtreatmentforresidentandnon-residentShareholdersintermsoftheIncomeTaxActaspromulgatedattheLastPracticableDate.

2.3.1 DistributionsreceivedbyresidentShareholderswillbetaxedasaDividendforincometaxpurposesbutwillnotbeexemptintermsoftheusualdividendexemptionspersection10(1)(k)oftheIncomeTaxAct.TheseDividendswillhoweverbeexemptfromdividendwithholdingtax.TheDividendswillaccordinglyrepresentincomeinthehandsoftherecipientandwillbetaxedattheinvestor’smarginaltaxrate.

2.3.2 Distributions received by non-resident Shareholders will also be deemed a Dividend, but will notbetaxedasaDividendforincometaxpurposesasitwillbeexemptintermsoftheusualDividendexemptions per section 10(1)(k) of the IncomeTaxAct.These Dividends will however be subjectto dividendwithholdingtax.

2.4 TheinterestexemptionthatpreviouslyappliedtoretailinvestorsofPLScompanies,willnolongerbeavailableandthefulldistributionwillbetaxedasadividend.

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2.5 IfLinkedUnitholdersareinanydoubtastothetaximplicationsfordistributionsreceivedfromInvestecPropertyFundasdescribedinparagraphs2.3.1and2.3.2,theyareencouragedtoconsulttheirprofessionaltaxadvisors.

2.6 ThereplacementofeachLinkedUnitwithoneDelinkedOrdinarySharebythedelinkingoftheLinkedUnitandthecapitalisationofthevalueoftheDebenturestotheFund’sstatedcapitalwillbetaxneutraltoInvestecPropertyFundandtoLinkedUnitholders.

The above summary of the tax treatment of REITs does not constitute legal or tax advice and is based on promulgated taxation law and practice at the Last Practicable Date, including the 2013 draft Taxation Laws Amendment Bill published on 4 July 2013. Investors should take their own tax advice as to the consequences of their investment in the Fund.

3. dELiNKiNG OF ThE LiNKEd uNiTS, CApiTALiSATiON OF ThE dEBENTurES ANd iSSuE OF dELiNKEd OrdiNAry ShArES

3.1 FollowingapprovalbytheJSEforInvestecPropertyFundtobelistedasaREIT,theBoardhasaccordinglydecidedtoaligntheFund’scurrentLinkedUnitstructuretoanall-equitystructuresoasto:

3.1.1 bring theFund’s capital structure in linewith themore familiar andbetterunderstood internationalall-equityREITcapitalstructures;and

3.1.2 simplifytheaccountingtreatmentoftheFund’scapitalstructure.

3.2 Asaresult,theBoardhasresolvedtoproposethereplacementofeachLinkedUnitwithoneDelinkedOrdinaryShareandaccordingly,proposethedelinkingoftheLinkedUnitsbyseparatingtheParValueSharesfromtheDebentures,subsequentlycapitalisingthevalueallottedtotheDebenturesinthebooksofaccountoftheFundtoformpartofthestatedcapitalaccountandissuingDelinkedOrdinaryShares.

3.3 IfthisConversionhadbeenundertakenduringtheyearended31March2013,theearningspershareandheadlineearnings/losspershareat31March2013wouldhaveincreasedfrom0.07cpsand(40.60)cpsto183.39cpsand133.38cps,respectively,asaresultofthecancellationoftheDebenturesandtheinterestpaymentsinrespectthereofnolongerbeingdeducted,andnofurtherDebenturefairvalueadjustmentsbeingapplicable.

3.4 ThetangiblenetassetvalueonapersharebasiswillnotbeaffectedbytheConversion.Thenetassetvalueofa DelinkedOrdinaryShareheldbyaShareholderaftertheConversionwillbethesameasthenetassetvalueofaLinkedUnitbeforetheConversionoftheLinkedUnit.

3.5 IntermsoftheDividendanddividendwithholdingtaxprovisionsoftheIncomeTaxActreadinconjunctionwithsection25BBoftheIncomeTaxAct,distributionsreceivedfromaREITaretaxedinthehandsoftherecipient(beingtheunitholder/shareholder).

3.6 AftertheConversion,thedistributionthatwillbereceivedbyaShareholder,andthetaxtreatmentthereof,willbethesameasthatwhichwouldhavebeenapplicabletoaLinkedUnitholderholdingaLinkedUnitposttheFund’sclassificationasaREIT.

3.7 AftertheConversionandtheamendmentofParValueSharestoNoParValueShares,thecapitalstructureofInvestecPropertyFundwillcompriseanall-equitycapitalstructurewiththenumberofDelinkedOrdinarySharesofnoparvalueinissuebeingequaltothenumberofLinkedUnitsinissuebeforetheConversion,asfollows:

BEFORE

At 31 march 2013 r

Equity and liabilitiesShareholders’interest(317220000ordinaryshareswithanominalvalueof1centeach) 3172200Debentures(317220000variablerate,unsecured,subordinateddebentures) 3940004000

Totalunitholders’interest 3943176200

AFTER

At 31 march 2013 r

Equity and liabilitiesStatedcapital(317220000ordinarysharesofnoparvalue) 3943176200

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3.8 Byconverting itscapital structure, theFundwill reduce theratioof its totalconsolidated liabilities (includingsubordinatedDebentures)tototalconsolidatedassetsfrom99.9%(includingsubordinatedDebentures)to15%at31March2013andwilltherebymeetthe60%thresholdrequirementmentionedinparagraph1.6.

3.9 TheDebentureTrusteehasbeenapproachedinconnectionwiththeConversionoftheFund’scapitalstructureasproposedandhasconsentedtothecapitalisationoftheDebenturesasbeinginthebestinterestsofDebentureHoldersaswellastheterminationoftheDebentureTrustDeed.AcopyoftheDebentureTrustee’sconsentletter is attached asAnnexure1. Following the capitalisationof theDebentures, theDebentureTrustDeedwillbeterminatedwitheffectfromthedateoftheapprovalbyDebentureHoldersofthespecialresolutionto terminatetheDebentureTrustDeed.

3.10 The JSE has agreed to amend the listing of Linked Units to make provision for the Conversion and thesubsequentlistingofaDelinkedOrdinarySharewitheffectfromMonday,16September2013underthenewISIN:ZAE000180915.TheJSEsharecodewillremainas‘IPF’.

3.11 TherecorddateforpurposesofdeterminingthoseLinkedUnitholderswhoseLinkedUnitswillbesubjecttotheConversionisFriday,20September2013.ThelastdaytotradeinLinkedUnitsontheJSEinordertoberecordedasaLinkedUnitholderisFriday,13September2013.

3.12 ImplementationoftheConversionwillrequire:

3.12.1 DebentureHolderapprovalbywayoffourspecialresolutionsintermsoftheDebentureTrustDeed:

3.12.1.1 AspecialresolutiontoapprovetheamendmentoftheDebentureTrustDeedtofacilitatetheConversion;

3.12.1.2 AspecialresolutiontoapprovethedelinkingoftheDebenturefromtheParValueShare;

3.12.1.3 A special resolution to approve the capitalisationof the valueof theDebentures to theFund’sstatedcapital;and

3.12.1.4 A special resolution to approve the termination of the Debenture Trust Deed andthe cancellationoftheDebentureswithoutanypaymenttoDebentureHolders.

3.12.2 Unitholderapprovalbywayofsixspecialresolutions:

3.12.2.1 AspecialresolutiontoapprovethedelinkingoftheDebenturesfromtheParValueShares;

3.12.2.2 A special resolution to approve the capitalisationof the valueof theDebentures to theFund’sstatedcapital;

3.12.2.3 A special resolution to approve the termination of the Debenture Trust Deed andthe cancellationoftheDebentureswithoutpaymenttoDebentureHolders;

3.12.2.4 AspecialresolutiontoamendtheMemorandumofIncorporationtoremovetheprovisionsrelatingtotheDebenturesandtheirlinkingtotheParValueSharestoformLinkedUnits,andtoobtainandmaintainREITstatusbyrequiringtheBoardtoensurethattheFundcomplieswiththerelevantlaws,regulationsandotherrequirementsapplicabletoaREIT;

3.12.2.5 AspecialresolutiontoamendtheMemorandumofIncorporationtoallowfortheissueofNoParValueShares;and

3.12.2.6 AspecialresolutiontoallowfortheconversionofParValueSharesintoNoParValueShares.

4. prOCEdurE TO BE FOLLOWEd By CErTiFiCATEd LiNKEd uNiThOLdErS iN TErmS OF ThE CONvErSiON

4.1 Subjecttotheapprovalandtheregistrationofthespecial resolutionsrequired fortheConversion, itwillbenecessarytorecallLinkedUnitcertificatesand/orotherdocumentsoftitlefromCertificatedLinkedUnitholdersin order to replace themwith share certificates in respect of theDelinkedOrdinary Shares, thus reflectingInvestecPropertyFund’snewcapitalstructure.

4.2 TofacilitatethetimeousreceiptbyCertificatedLinkedUnitholdersofreplacementsharecertificates,CertificatedLinkedUnitholderswhowish toanticipate the implementationof theConversionandwhodonotwish todealintheirexistingLinkedUnitspriortotheConversion,arerequestedtosurrendertheiroriginalcertificates(copieswillnotbeaccepted)and/orotherdocumentsoftitle,undercoveroftheattachedformofsurrender(pink),totheTransferSecretaries,attheaddresssetoutinthatform,priorto12:00onFriday,20September2013.CertificatedLinkedUnitssurrenderedafterthisdatewillbereplacedwithinfiveBusinessDaysafterreceiptby theTransferSecretaries.

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4.3 Linked Unit certificates and/or other documents of title so received will be held in trust by theTransferSecretariespending theConversionbecomingunconditional.OnoraboutMonday,23September2013, theTransferSecretarieswillissuethenewsharecertificateswhichreflecttheDelinkedOrdinarySharessubstitution,totheregisteredholdersthereofbyregisteredpostattheriskofsuchLinkedUnitholders.

4.4 ShouldtheConversionbeapprovedandimplemented,CertificatedLinkedUnitholderswhohavenotalreadysurrendered their LinkedUnit certificates and/or other documents of titlewill be required to do so undertheattached formof surrenderwhichshouldbe retained for thatpurposeasno further formof surrenderwillbe circulatedtoShareholdersfollowingthepostingofthisCircular.Additionalcopiesoftheattachedformmay be requested from the offices of theTransfer Secretaries located at Ground Floor, 70 Marshall Street,Johannesburg,2001.

4.5 IfthedocumentsoftitlerelatingtotheLinkedUnitsheldbyaCertificatedLinkedUnitholderhasbeenlostordestroyed,LinkedUnitholdersshouldneverthelessreturnadulycompletedformofsurrender,togetherwithanindemnityontermssatisfactorytotheFund.InvestecPropertyFundmay,initssolediscretiondispensewiththesurrenderofsuchdocumentsoftitleuponproductionofsatisfactoryevidencethatthedocumentsoftitlehavebeenlostordestroyedanduponprovisionofanindemnityontermsacceptabletoit.UnlessotherwiseagreedbytheFund,onlyindemnityformsobtainedfromtheTransferSecretaries(availableonrequest)willberegardedassuitable.InvestecPropertyFundshallbeentitled,initsabsolutediscretion,bywayofagreementtowaivetherequirementofanindemnity.

4.6 IntheinstanceofCertificatedLinkedUnitholderswhoseregisteredaddressesintheFund’sLinkedUnitregisterareoutsideoftheCommonMonetaryArea,orwheretherelevantcertificatesarerestrictivelyendorsedintermsoftheSouthAfricanExchangeControlRegulations,thefollowingwillapply:

4.6.1 for non-residents who are emigrants from the Common Monetary Area, the replacement sharecertificatereflectingtheConversionwillbesenttotheLinkedUnitholders’authoriseddealerinforeignexchangeinSouthAfricacontrollingtheirblockedassets;and

4.6.2 forallothernon-residents,thereplacementsharecertificatereflectingtheConversionwillberestrictivelyendorsed“non-resident”intermsoftheSouthAfricanExchangeControlRegulations.

5. prOCEdurE TO BE FOLLOWEd By dEmATEriALiSEd LiNKEd uNiThOLdErS iN TErmS OF ThE CONvErSiON

DematerialisedLinkedUnitholdersneednotdoanythingastheiraccountsattheirCSDPorBrokerwillautomaticallybeupdatedtoreflecttheFund’snewcapitalstructure.

6. CONvErSiON OF pAr vALuE ShArES TO NO pAr vALuE ShArES

6.1 Section35(2)oftheCompaniesActprovidesthat,subjecttoSchedule 5totheCompaniesAct(whichprovidesthatparvaluesharesofapre-existingcompanyauthorisedpriortothegeneraleffectivedateoftheCompaniesAct,being1 May2011,continuetohavethenominalorparvalueassignedtothematdateofissue),asharedoesnothaveanominalorparvalue.IntermsofRegulation 31(2),thecompanymaynotauthoriseanynewparvaluesharesonorafterthegeneraleffectivedateoftheCompaniesAct.

6.2 TheFund’ssharecapitalcurrentlycomprisesordinaryshareshavingaparvalueofonecenteach.ThedirectorswishtotakethisopportunitytoconverttheFund’ssharesintoNoParValueShares.

6.3 Followingthisamendment,LinkedUnitholdersshall,asregardstheNoParValueShareshavethesamerightsandprivilegesasthosecurrentlyattachingtotheParValueShares.AstherewillbenoadverseeffectsonanyLinkedUnitholder as a consequenceof theproposed conversionof the share capital, no compensation isdeemednecessaryorcontemplated.

6.4 Asrequired in termsof theRegulations, theBoardhascausedtheReport tobeprepared inrespectof theconversionoftheFund’sequitycapitalfromParValueSharestoNoParValueShares.TheReportisattachedto thisCircularmarkedasAnnexure2.

6.5 ThecurrentMemorandumof Incorporationwillbeamendedtoallow for the issueofNoParValueShares.Theamended to theMemorandumof Incorporation requiresLinkedUnitholderapprovalbywayof specialresolutionintermsoftheCompaniesAct.

6.6 TheconversionoftheFund’sequitycapitaltoNoParValueSharesrequiresLinkedUnitholderapprovalbywayofspecialresolutionintermsoftheCompaniesAct.

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6.7 ALinkedUnitholder affectedby theproposed share conversion,whobelieves that suchproposal doesnotadequatelyprotectitsrights,orotherwisefailstosatisfytherequirementsoftheCompaniesAct,mayapplytothecourtforanorder.Ifsuchanapplicationismadetoacourt,theFundmaynotputtheproposedspecialresolutiontothevoteuntilthecourtproceedingsarecompletedandthetimeforanyappealorreviewofanycourtorderhasexpired.TheHighCourtmaymakeanorderthatisjustandreasonableinthecircumstances.

7. EXpErT CONSENTS

The InvestmentBankandSponsor, theLegalAdvisorand theTransferSecretarieshaveconsented inwriting toactinthecapacitiesstatedandtotheirnamesbeingstatedintheCircularandhavenotwithdrawntheirconsentspriortoitspublication.

8. OpiNiONS ANd rECOmmENdATiONS

ThedirectorsrecommendthatintheircapacityasDebentureHoldersandShareholders,LinkedUnitholdersvoteinfavourofallthespecialandordinaryresolutionstabledinthenoticesofGeneralMeetings,whichformpartofthisCircularandadvisethat,inrespectoftheirownunitholdingintheFund,thattheyintendtovoteinfavourofalltheresolutionscontainedinsuchnotice.

9. GENErAL mEETiNGS

9.1 AGeneralMeetingofDebentureHolderswillbeheldonFriday,16August2013at10:00 in the4thFloorBoardroom,InvestecBankLimited,100GraystonDrive,Sandown,Sandton.

9.2 AGeneralMeetingofShareholderswillbeheldonFriday,16August2013at10:30inthe4thFloorBoardroom,InvestecBankLimited,100GraystonDrive,Sandown,Sandton.

10. dirECTOrS’ rESpONSiBiLiTy STATEmENT

Thedirectors,whosenamesaregivenonpage8ofthisCircular,collectivelyandindividually,acceptfullresponsibilityfortheaccuracyoftheinformationgiveninthisCircularandcertifythat,tothebestoftheirknowledgeandbelief,therearenootherfacts,theomissionofwhichwouldmakeanystatementinthisCircularfalseormisleading,thattheyhavemadeallreasonableenquiriestoascertainsuchfactsandthatthisCircularcontainsallinformationrequiredbylawandtheapplicableregulations.

11. dOCumENTS AvAiLABLE FOr iNSpECTiON

CopiesofthefollowingdocumentswillbeavailableforinspectionattheregisteredofficeoftheFundatanytimeduringnormalbusinesshoursfromThursday,18July2013untilFriday,16August2013:

11.1 theMemorandumofIncorporationoftheFund;

11.2 theReport;

11.3 thisCircularsignedonbehalfoftheBoard;

11.4 lettersofconsentofthepartiesdetailedinparagraph7;

11.5 theoriginalconsentletteroftheDebentureTrustee;

11.6 theDebentureTrustDeed;and

11.7 thefinancialstatementsofInvestecPropertyFundforthefinancialyearsended31March2012and31March 2013.

Forandonbehalfof

investec property Fund Limited

________________________ ________________________Sr Leon dAJ donald

18July2013Sandton

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ANNEXurE 1

dEBENTurE TruSTEE CONSENT LETTEr

15

ANNEXurE 2

BOArd rEpOrT ON ThE CONvErSiON OF ThE OrdiNAry pAr vALuE ShArES OF ThE FuNd iNTO OrdiNAry ShArES OF NO pAr vALuE

Regulation31(7)oftheCompaniesActrequirestheboardofacompanytocauseareporttobepreparedinrespectofaproposed resolution to convert any par value shares into shares of no par value (“report”).The board of directors(“Board”) of Investec Property Fund Limited (“the Fund”) has accordingly prepared this Report in relation to theproposedconversionoftheordinarysharesinthesharecapitaloftheFundfromparvaluesharesof1(one)centeach(“par value Shares”)toordinarysharesofnoparvalue(“No par value Shares”)(“proposed Amendment”).

TheBoardhassatisfieditselfthattheProposedAmendmentwillhavenoadverseeffectonInvestecPropertyFundlinkedunitholders(“Linked unitholders”).

The Report

In terms of Regulation 31(7) of the Companies Act, 71 of 2008 (“Companies Act”), the Report is required to,ataminimum:

1. stateallinformationrelevanttothevalueofthesecuritiesaffectedbytheProposedAmendment;

2. identifyholdersofthecompany’ssecuritiesaffectedbytheProposedAmendment;

3. describethematerialeffectsthattheProposedAmendmentwillhaveontherightsofholdersoftheFund’ssecuritiesaffectedbytheProposedAmendment;and

4. evaluateanymaterialadverseeffectsoftheproposedarrangementagainstthecompensationthatanyofthosepersonswillreceiveintermsofthearrangement.

1. iNFOrmATiON rELEvANT TO ThE vALuE OF ThE SECuriTiES AFFECTEd By ThE prOpOSEd AmENdmENT

1.1 ThesecuritiesaffectedbytheProposedAmendmentarethe1000000000authorisedand317220000issuedParValueSharesofonecenteachinthesharecapitaloftheFund.

1.2 TheFundhasnootherclassofauthorisedshares.

1.3 TheFund’sordinaryParValueSharesareindivisiblylinkedtotheFund’sdebentures,collectivelycomprisinglinkedunits(“Linked units”),whicharelistedontheMainBoardoftheJSELimited(“JSE”),tradingunderthesharecode‘IPF’.PursuanttotheFundbeinggrantedREITstatus,thedirectorsarenowseekingapprovaltoconverttheFund’sLinkedUnitcapitaltoordinarysharecapital.

1.4 Informationinrelationtothehistoricnetassetvalue,earnings,headlineearningsanddistributionsperordinaryshareoftheFundisdetailedinthefinancialstatementsoftheFundforthetwoyearsended31March2012and31March2013,bothofwhichwillbeavailableforinspectionattheregisteredofficeoftheFundat100GraystonDrive,Sandown,SandtonfromThursday,18July2013.

1.5 Given that thenumberofParValueShares (andLinkedUnits) in theFund in issueand the rights attachingtothoseParValueShares(andLinkedUnits)willbeunaffectedbytheProposedAmendment,theProposedAmendment will have no impact on the historic net asset value and tangible net asset value per share.The Proposed Amendmentwill alsohavenoeffecton thedistribution, and tax treatment thereof, thatwillbereceivedbyaUnitholder.TheProposedAmendmentshouldassuchhavenoimpactonthepriceatwhicha LinkedUnittradesontheJSE.

2. hOLdErS OF ThE FuNd’S SECuriTiES AFFECTEd By ThE prOpOSEd AmENdmENT

TheProposedAmendmentwill affect the holdersof the Fund’s LinkedUnitswho comprise the holdersof all oftheFund’sissuedParValueShares(asthesesharesareheldaspartofaninseparableportioncomprisingtheLinkedUnit)asattherecorddatetobeentitledtoattendthegeneralmeetingofshareholderstovoteontheProposedAmendmentbeingThursday,8August2013.

16

3. mATEriAL EFFECTS OF ThE prOpOSEd AmENdmENT ON LiNKEd uNiThOLdErS iN ThEir CApACiTy AS hOLdErS OF pAr vALuE ShArES

3.1 TheProposedAmendmentresultsintheconversionofeachParValueShareofonecenteachintoaNoParValueShare.

3.2 Accordingly,aftertheProposedAmendment,eachshareholderwillowntheidenticalnumberofNoParValueSharesastheyheldbeforetheProposedAmendmentandtheNoParValueShareswill representthesameproportionofthetotalissuedordinarysharecapitaloftheFundastheParValueSharestheyheldbeforetheProposedAmendment.

3.3 TheProposedAmendmenthasnootherimpactonanyoftherightsattachingtotheFund’sordinarysharesandtheNoParValueShareswillconferontheshareholderallofthesamerightsastheyenjoyedasaholderofParValueSharesbeforetheProposedAmendmentincluding(withoutlimitation)rightstoparticipateintheprofitsoftheFundonwindingup.

4. EvALuATiON OF mATEriAL AdvErSE EFFECTS OF ThE prOpOSEd AmENdmENT AGAiNST COmpENSATiON OFFErEd

4.1 Asdetailedinparagraph3.3above,theProposedAmendmenthasnoadverseeffectsonLinkedUnitholdersas theyareinthesamepositionandenjoythesamerightsbeforeandaftertheProposedAmendment.

4.2 ThereisnocompensationbeingofferedinthecontextoftheProposedAmendmentastherearenoadverseeffectsoftheProposedAmendmentonLinkedUnitholders.

5. OThEr prOviSiONS OF rEGuLATiON 31

In terms of Regulation 31(9) of the Regulations, a Linked Unitholder affected by the ProposedAmendment whobelievesthattheproposaldoesnotadequatelyprotecttheirrightsorotherwisefailstosatisfytherequirementsoftheCompaniesAct,mayapplytotheHighCourtforanorderandtheHighCourtmaymakeanorderthatisjustandreasonableinthecircumstances.Ifsuchanapplicationismadetoacourt,theFundmaynotputtheproposedspecialresolutiontothevoteuntilthecourtproceedingsarecompletedandthetimeforanyappealorreviewofanycourtorderhasexpired.

17

ANNEXurE 3

priCE ANd TrAdiNG hiSTOry OF iNvESTEC prOpErTy FuNd ON ThE JSE

SetoutbelowisatableshowingtheaggregatevolumesandvaluestradedandthehighestandlowestpricestradedinLinkedUnitsfor :

• Eachdayoverthe30daysprecedingtheLastPracticableDate;

• Eachmonthoverthe12monthspriortothedateofissueofthisCircular ;and

• EachquartersincethelistingoftheFund.

volume traded (shares)

value traded (r’000)

high (cents)

Low (cents)

daily

12-Jul-13 48629 765 1575 1560

11-Jul-13 149100 2346 1575 1569

10-Jul-13 277772 4367 1575 1560

9-Jul-13 64713 1015 1572 1555

8-Jul-13 26865 420 1570 1550

5-Jul-13 1985 31 1572 1572

4-Jul-13 209329 3256 1575 1550

3-Jul-13 72302 1121 1570 1550

2-Jul-13 10185 160 1574 1570

1-Jul-13 392953 6167 1575 1565

28-Jun-13 75902 1195 1595 1550

27-Jun-13 359578 5656 1575 1560

26-Jun-13 955742 14354 1590 1490

25-Jun-13 962303 14218 1500 1475

24-Jun-13 544180 8028 1480 1470

21-Jun-13 1873978 28047 1550 1475

20-Jun-13 817250 12775 1595 1500

19-Jun-13 15509 245 1595 1570

18-Jun-13 17923 286 1599 1590

14-Jun-13 300713 4771 1600 1570

13-Jun-13 46998 738 1585 1560

12-Jun-13 912213 14420 1620 1570

11-Jun-13 120526 1887 1640 1555

10-Jun-13 175043 2802 1640 1568

7-Jun-13 159234 2580 1650 1600

6-Jun-13 69950 1124 1650 1600

5-Jun-13 59078 946 1650 1551

4-Jun-13 412997 6556 1700 1559

3-Jun-13 285573 4443 1651 1520

31-May-13 277633 4220 1550 1510

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volume traded (shares)

value traded (r’000)

high (cents)

Low (cents)

monthly

30-Jun-13 8164690 125070 1700 1470

31-May-13 3643294 64492 1850 1510

30-Apr-13 2469963 41780 1869 1620

31-Mar-13 3592045 57871 1699 1580

28-Feb-13 3495978 57378 1700 1595

31-Jan-13 2549324 41644 1685 1600

31-Dec-12 2703126 44251 1735 1500

30-Nov-12 2935788 43415 1575 1420

31-Oct-12 3403677 55326 1800 1060

30-Sep-12 800306 14118 1900 1651

31-Aug-12 1196970 18582 1775 1460

31-Jul-12 2684732 38960 1624 1370

quarterly

30-Jun-13 14277947 231343 1869 1470

31-Mar-13 9637347 156893 1700 1580

31-Dec-12 9042591 142992 1800 1060

30-Sep-12 4682008 71660 1900 1370

30-Jun-12 12939498 154095 1859 1165

31-Mar-12 3914864 45380 1188 1110

31-Dec-11 5533197 60001 1200 1020

30-Sep-11 9628915 100100 1147 1010

30-Jun-11 9129909 94731 1149 1006

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NOTiCE OF GENErAL mEETiNG OF dEBENTurE hOLdErS

AlltermsdefinedintheCirculartowhichthisnoticeofGeneralMeetingofDebentureHoldersisattachedshallbearthesamemeaningsherein.

NoticeisherebygiventoDebentureHoldersrecordedassuchinthesecuritiesregistermaintainedbytheTransferSecretaries(“register”)on12July2013thataGeneralMeetingofDebentureHolderswillbeheldat10:00onFriday,16August2013inthe4thFloorBoardroom,InvestecBankLimited,100GraystonDrive,Sandown,Sandton.

TherecorddateonwhichDebentureHoldersmustberecordedassuchintheRegisterforthepurposesofbeingentitledtoattendandvoteattheGeneralMeetingofDebentureHoldersisThursday,8August2013.Accordingly,thelastdaytotradetobeeligibletoattendandvoteattheGeneralMeetingofDebentureHoldersisThursday,1August2013.

Intermsofsection63(1)oftheCompaniesAct,anypersonattendingorparticipatinginameetingofDebentureHoldersmustpresentreasonablysatisfactoryidentificationandthepersonpresidingatthemeetingmustbereasonablysatisfiedthattherightofanypersontoparticipateinandvote(whetherasDebentureHolderorasproxyforaDebentureHolder)hasbeenreasonablyverified.Accordingly,allDebentureHolderswillberequiredtoprovideidentificationreasonablysatisfactorytothechairmanoftheGeneralMeetingofDebentureHoldersinordertoparticipateinandvoteattheGeneralMeetingofDebentureHolders.Formsofidentificationincludeoriginalandvalididentitydocuments,driver’slicensesandpassports.

Thepurposeofthemeetingistotransactthebusinesssetoutbelow,andtoconsiderand,ifdeemedfit,topass,withorwithoutmodification,thespecialandordinaryresolutionssetoutbelow:

SpECiAL rESOLuTiON NumBEr 1:

“rESOLvEd ThAT,tomakeprovisionforandtofacilitatethedelinkingofthedebenturesfromtheordinaryshareswithpar value of one cent and the capitalisation of the value of the debentures to the Fund’s stated capital, the followingamendmenttotheDebentureTrustDeedauthorisingthedelinkingandcapitalisation,beandisherebyapproved:”

Theinclusionofthefollowingnewclauseafterclause10oftheDebentureTrustDeed:

“11. CAPITALISATION

Subject to a special resolution of debenture holders, the company may:

(a) delink the ordinary shares and the debentures for the purpose of the capitalisation as contemplated in (b);

(b) subsequent to the delinking as contemplated in (a), capitalise the value allotted to the debentures in the books of account of the company to form part of the company’s stated capital account; and

(c) subsequent to the capitalisation as contemplated in (b), cancel the debentures and terminate the deed, without payment to debenture holders.”

Clause11ofthecurrentDebentureTrustDeedwillconsequentlyberenumberedasclause12.


“rESOLvEd ThAT, followingandsubjecttothepassingofspecialresolutionnumber1and inordertofacilitatethecapitalisation of the value of debentures to the Fund’s stated capital, the delinking of the Fund’s par value shares anddebenturescomprisingthelinkedunitsinissuebeandisherebyapproved.”

20


“rESOLvEd ThAT, followingandsubject to thepassingof special resolutionsnumbered1and2, thevalueallottedtoadebentureinthebooksofaccountoftheFundwillbecapitalisedtoformpartoftheFund’sstatedcapitalaccount.”


“rESOLvEd ThAT,followingandsubjecttothepassingofspecialresolutionsnumbered1,2and3,theDebentureTrustDeedwillbeterminatedandthedebenturescancelledwithoutpaymenttodebentureholders.”

reason and effect

Thereasonforandtheeffectofspecialresolutionsnumbers1,2,3and4istoapprovethedelinkingofthelinkedunitsandthecapitalisationofthevalueofthedebentureportionofthelinkedunit,toallowfortheamendmentoftheFund’sexistinglinkedunitstructure(underthepropertyloanstockregime)tobebetteralignedwiththepre-eminentcapitalstructureofinternational Real Estate InvestmentTrusts, the capital structures ofwhich are all equity, and to simplify the accountingtreatmentoftheFund’scapitalstructure.

Thedelinkingof the linkedunit and thecapitalisationof thevalueof thedebentures and the future receiptof incomedistributionswillhavenotaxconsequencesforeithertheFundoritsdebentureholders.

OrdiNAry rESOLuTiON NumBEr 1:

“rESOLvEd ThAT any director of the Fund be and are hereby authorised to do all such things and sign all suchdocuments as arenecessary to giveeffect to the special andordinary resolutionsproposedandpassedat the generalmeetingofdebentureholdersatwhichthisordinaryresolutionisproposed.”

Inordertobeadopted,eachoftheabovementionedspecialresolutionsmustbesupportedbynotlessthan75%ofthevoting rights exercised on such resolutions, with the ordinary resolution requiring more than 50% of the voting rightsexercised.

vOTiNG

VotingwillbeconductedoneveryresolutionproposedattheGeneralMeetingofDebentureHoldersbywayofapoll.Every DebentureHoldershallthereforehave,onevoteforeachDebentureheldbyhim/her.

ELECTrONiC pArTiCipATiON

DebentureHoldersortheirproxiesmayparticipatein(butnotvoteat)theGeneralMeetingofDebentureHoldersbywayofateleconferencecall.Iftheywishtodoso,theymustcontacttheTransferSecretariesbynolaterthan10:00onWednesday,14August2013andidentifythemselvestothesatisfactionoftheFundtoobtainthedialingcodeandpinnumber.DebentureHolders participating in this manner will still have to appoint a proxy to vote on their behalf at the General Meetingof DebentureHolders.AccessbymeansofelectroniccommunicationwillbeattheexpenseoftheDebentureHolder.

prOXiES

A debenture holder entitled to attend and vote at the General meeting of debenture holdersmay appoint one or more persons as its proxy to attend, speak and vote in its stead. A proxy need not be a debenture holder of the Fund. debenture holders are referred to the attached form of proxy (blue) in this regard.

IfyouareaCertificatedLinkedUnitholderoraDematerialisedLinkedUnitholderwithOwn-nameRegistrationandareunabletoattendtheGeneralMeetingofDebentureHoldersbutwishtoberepresentedthereat,youmustcompleteandreturntheattachedformofproxy(blue)inaccordancewiththeinstructionscontainedtherein,whichisrequestedtobereceived by theTransfer Secretaries – Computershare Investor Services Proprietary Limited, at 70 Marshall Street,Johannesburg,2001(POBox61051,Marshalltown,2107)–bynotlaterthan10:00onWednesday,14 August 2013.

IfyouhavedematerialisedyourLinkedUnitswithaCSDPorBroker,otherthanwithOwn-nameRegistration,youmustarrangewiththemtoprovideyouwiththenecessaryletterofrepresentationtoattendtheGeneralMeetingofDebentureHolders,oryoumustinstructthemastohowyouwishtovoteinthisregard.ThismustbedoneintermsoftheagreemententeredintobetweenyouandtheCSDPorBroker,inthemannerandcut-offtimestipulatedtherein.

21

AdditionalformsofproxyareobtainablefromtheFund’scompanysecretaryandarerequestedtobedepositedwiththeTransferSecretariesnotlessthan48hoursbeforetheGeneralMeetingofDebentureHolders.Ifyoudonotdelivertheformofproxy to theTransferSecretariesby the relevant time,LinkedUnitholderswill neverthelessbeentitled to lodge theform ofproxywiththechairmanoftheGeneralMeetingofDebentureHoldersimmediatelypriortothecommencementofthe meeting.

ByorderoftheBoard


Company Secretary18July2013

22


NOTiCE OF GENErAL mEETiNG OF ShArEhOLdErS

AlltermsdefinedintheCirculartowhichthisnoticeofGeneralMeetingofShareholdersisattachedshallbearthesamemeaningsherein.

NoticeisherebygiventoShareholdersrecordedassuchinthesecuritiesregistermaintainedbytheTransferSecretaries(“register”)on12July2013thataGeneralMeetingofShareholderswillbeheldonFriday,16August2013at10:30inthe4thFloorBoardroom,InvestecBankLimited,100GraystonDrive,Sandown,Sandton.

TherecorddateonwhichShareholdersmustberecordedassuchintheRegisterforthepurposesofbeingentitledtoattendandvoteattheGeneralMeetingofShareholdersisThursday,8August2013.Accordingly,thelastdaytotradetobeeligibletoattendandvoteattheGeneralMeetingofShareholdersisThursday,1August2013.

Intermsofsection63(1)oftheCompaniesAct,anypersonattendingorparticipatinginameetingofShareholdersmustpresentreasonablysatisfactoryidentificationandthepersonpresidingatthemeetingmustbereasonablysatisfiedthattherightofanypersontoparticipateinandvote(whetherasShareholderorasproxyforaShareholder)hasbeenreasonablyverified.Accordingly,allShareholderswillberequiredtoprovideidentificationreasonablysatisfactorytothechairmanoftheGeneralMeetingofShareholders inordertoparticipate inandvoteat theGeneralMeetingofShareholders.Formsofidentificationincludeoriginalandvalididentitydocuments,driver’slicensesandpassports.

Thepurposeofthemeetingistotransactthebusinesssetoutbelow,andtoconsiderand,ifdeemedfit,topass,withorwithoutmodification,thespecialandordinaryresolutionssetoutbelow:


“rESOLvEd ThAT,inordertofacilitatethecapitalisationofthevalueofthedebenturestotheFund’sstatedcapital,thedelinkingoftheFund’sdebenturesandparvaluesharescomprisingthelinkedunitsinissue,beandisherebyapproved.”


“rESOLvEd ThAT,followingandsubjecttothepassingofspecialresolutionnumber1,thevalueallottedtoadebentureinthebooksofaccountoftheFundwillbecapitalisedtoformpartoftheFund’sstatedcapitalaccount.”

SpECiAL rESOLuTiONS NumBEr 3:

“rESOLvEd ThAT,followingandsubjecttothepassingofspecialresolutionsnumbered1and2,theDebentureTrustDeedwillbeterminatedandthedebenturescancelled,withoutpaymenttodebentureholders.”


“rESOLvEd ThAT, following and subject to the passing of special resolutions numbered 1, 2 and 3, the Fund’sMemorandumofIncorporationbeamendedby:

(a) theinsertionofafullstopattheendofclause 7.1.2andthedeletionofclause7.1.3initsentirety;

(b) theinsertionofanewclause 41asfollows:

“41. rEAL ESTATE iNvESTmENT TruST

Totheextentnecessary,theCompanyisauthorisedtoobtainandmaintainthestatusofaRealEstateInvestmentTrust(REIT)ascontemplatedintheListingsRequirementsand,forsolongastheCompanyholdssuchstatus,the

23

DirectorsshallensurethattheCompanycomplieswiththerelevantListingsRequirements,aswellasanylegislation,regulationsand/orrules,whichmayfromtimetotimebeapplicabletosuchanentity.”;and

(c) thedeletionofAnnexureDtheretoinitsentirety.”

reason and effect

Thereasonforandtheeffectofspecialresolutionsnumbers1,2,3and4aretoapprovethedelinkingofthelinkedunitsandthecapitalisationofthevalueofthedebentureportionofthelinkedunittoallowfortheamendmentoftheFund’sexistinglinkedunitstructure(underthepropertyloanstockregime)tobebetteralignedwiththepre-eminentcapitalstructureofinternationalRealEstateInvestmentTrusts(REIT),thecapitalstructuresofwhichareallequity,andtosimplifytheaccountingtreatmentoftheFund’scapitalstructure.

Thedelinkingof the linkedunit and thecapitalisationof thevalueof thedebentures and the future receiptof incomedistributionswillhavenotaxconsequencesforeithertheFundoritslinkedunitholders.

Thereasonforandtheeffectofspecialresolutionnumber4istoamendtheMemorandumofIncorporationbyremovingthe provisions relating to the debentures and their link to the par value shares to form linked units and by insertinga provisiontoauthorisetheFundtoobtainandmaintainREITstatusandtorequiretheBoardtoensurethattheFundcomplieswiththerelevantlaws,regulationsandotherrequirementsapplicabletoaREIT.


“rESOLvEd ThAT,intermsofRegulation31(6)(b)oftheRegulationstotheCompaniesAct,71 of2008,asamended,(“Companies Act”),theconversionoftheexistingauthorisedordinarysharecapitaloftheFundofR10000000,dividedinto1000000000(onebillion)ordinaryshareswithnoparvalue,withoutalteringthesubstanceofthespecificrightsandprivilegesassociatedwitheachsuchshare,andthetransferofallamountsstandingtothecreditofthesharecapitalaccountandthesharepremiumaccounttothestatedcapitalaccount,beandisherebyapproved.”

reason and effect

Thereasonforandeffectofspecialresolutionnumber5istoconverttheFund’ssharesfromordinaryshareswithparvalueofonecenttoordinarysharesofnoparvalueintermsoftheCompaniesActandtoapprovethetransferofthesharecapitalandsharepremiumtotheFund’sstatedcapitalaccount.


“rESOLvEd ThAT, followingandsubject tothepassingofspecial resolutionnumber 4, theFund’sMemorandumofIncorporationbeamendedby:

(a) thedeletionofclause1.2.5initsentirety;

(b) thesubstitutionofthefirstsentenceofclause 7.1withthefollowingsentence:

“Until thisMOI isamended inaccordancewith therequirementsof theCompaniesAct toprovideotherwise, theCompanyisauthorisedtoissuenomorethan1 000 000 000(onebillion)noparvalueOrdinaryShares,whichincludesSharesalreadyissuedatanytime.”

thedeletionofclause7.2initsentirety;

reason and effect

Thereasonforandtheeffectofspecialresolutionnumber6 istoamendtheMemorandumof Incorporationtoreflectthat theFund isauthorised to issueordinarysharesofnoparvalueand todeleteclause 7.2,as readwithclause 1.2.5,being provisionsapplicabletoparvaluesharesonly.

OrdiNAry rESOLuTiON NumBEr 1:

“rESOLvEd ThATanydirectorofInvestecPropertyFundbeandtheyareherebyauthorisedtodoallsuchthingsandsignallsuchdocumentsasarenecessarytogiveeffecttothespecialandordinaryresolutionsproposedandpassedatthegeneralmeetingofshareholdersatwhichthisordinaryresolutionisproposed.”

Inordertobeadopted,eachoftheabovementionedspecialresolutionsmustbesupportedbyatleast75%ofthevotingrightsexercisedonsuchresolutions,withtheordinaryresolutionrequiringmorethan50%ofthevotingrightsexercised.

vOTiNG

Voting will be conducted on every resolution proposed at the General Meeting of Shareholders by way of a poll.Every ShareholdershallthereforehaveonevoteforeachParValueShareheldbyhim/her.

24

ELECTrONiC pArTiCipATiON

Shareholders or their proxies may participate in (but not vote at) the General Meeting of Shareholders by way of ateleconferencecall.Iftheywishtodoso,theymustcontacttheTransferSecretariesbynolaterthan10:30onWednesday,14August2013andidentifythemselvestothesatisfactionoftheFundtoobtainthedialingcodeandpinnumber.ShareholdersparticipatinginthismannerwillstillhavetoappointaproxytovoteontheirbehalfattheGeneralMeetingofShareholders.AccessbymeansofelectroniccommunicationwillbeattheexpenseoftheShareholder.

prOXiES

A Shareholder entitled to attend and vote at the General meeting of Shareholders may appoint one or more persons as its proxy to attend, speak and vote in its stead (provided that if more than one proxy is concurrently appointed by a Shareholder, each proxy is appointed to exercise the rights attaching to different par value Shares held by that Shareholder). A proxy need not be a Shareholder of the Fund. unitholders are referred to the attached form of proxy (green) in this regard.

IfyouareaCertificatedLinkedUnitholderoraDematerialisedLinkedUnitholderwithOwn-nameRegistrationandareunabletoattendtheGeneralMeetingofShareholdersbutwishtoberepresentedthereat,youmustcompleteandreturntheattachedformofproxy(green)inaccordancewiththeinstructionscontainedtherein,whichisrequestedtobereceivedbytheTransferSecretaries,ComputershareInvestorServicesProprietaryLimited,at70MarshallStreet,Johannesburg,2001(POBox61051,Marshalltown,2107),bynotlaterthan10:30onWednesday,14August2013.

IfyouhavedematerialisedyourLinkedUnitswithaCSDPorBroker,otherthanwithOwn-nameRegistration,youmustarrangewiththemtoprovideyouwiththenecessaryletterofrepresentationtoattendtheGeneralMeetingofShareholdersoryoumustinstructthemastohowyouwishtovoteinthisregard.ThismustbedoneintermsoftheagreemententeredintobetweenyouandtheCSDPorBroker,inthemannerandcut-offtimestipulatedtherein.

AdditionalformsofproxyareobtainablefromtheFund’scompanysecretaryandisrequestedtobedepositedwiththeTransferSecretariesnotlessthan48hoursbeforetheGeneralMeetingofShareholders.IfyoudonotdelivertheformofproxytotheTransferSecretariesbytherelevanttime,ShareholderswillneverthelessbeentitledtolodgetheformofproxywiththechairmanoftheGeneralMeetingofShareholdersimmediatelypriortothecommencementofthemeeting.

ByorderoftheBoard


Company Secretary18July2013

PRINTEDBYINCE(PTY)LTD REF.W2CF16366


FOrm OF prOXy – GENErAL mEETiNG OF dEBENTurE hOLdErS

ForusebyCertificatedLinkedUnitholdersorDematerialisedLinkedUnitholderswithOwn-nameRegistration,intheircapacityasDebentureHolders,attheGeneralMeetingofDebentureHolderstobeheldat10:00onFriday,16August2013inthe4thFloorBoardroom,InvestecBankLimited,100GraystonDrive,Sandown,Sandton.

Thedefinitionsandinterpretationscommencingonpage5oftheCirculartowhichthisformofproxyisattachedalsoapplytothisformofproxy.

IfLinkedUnitholdershavedematerialisedtheirLinkedUnitswithaCSDPorBroker,otherthanwithOwn-nameRegistration,theymustarrangewiththeCSDP or Broker to provide them with the necessary letter of representation to attend the General Meeting of Debenture Holders or the LinkedUnitholdermustinstructthemastohowtheywishtovoteinthisregard.ThismustbedoneintermsoftheagreemententeredintobetweentheLinkedUnitholderandtheCSDPorBroker,inthemannerandcut-offtimestipulatedtherein.

please read the notes on the reverse hereof carefully, which, amongst other things, set out the rights of Linked unitholders in terms of section 58 of the Companies Act with regard to the appointment of proxies.

• if you wish to be represented at the General meetings, you must complete:

– this form of proxy (blue) in respect of the General meeting of debenture holders;

– the attached form of proxy (green) in respect of the General meeting of Shareholders.

For the General meeting of debenture holders

I/We(Fullname/sinBLOCKLETTERS)

Of(AddressinBLOCKLETTERS)

beingaDebentureHolderofInvestecPropertyFundandholding DebenturesinInvestecPropertyFund,andentitledtovote,doherebyappoint(refertonote1overleaf):

or,failinghim/her,

SamLeonofInvestecPropertyFundwithregisteredofficeat 100GraystonDrive,Sandown,Sandton,2196,Johannesburg,orfailinghim,thechairmanoftheGeneralMeetingofDebentureHoldersasmy/ourproxy(ies)tovoteonmy/ourbehalfattheGeneralMeetingofDebentureHolderstobeheldat10:00onFriday,16August2013andatanypostponementoradjournmentthereof,inthemannerindicatedbelowinrespectoftheDebenturesregisteredinmy/ourname/s,onthespecialandordinaryresolutionsproposedattheGeneralMeetingofDebentureHolders,withorwithoutmodification.

Pleaseindicatewithan“X”inthespacesbelowhowyouwishyourproxytovoteinrespectofsuchresolutionstobeproposed,ascontainedinthenoticeoftheabovementionedGeneralMeetingofDebentureHolders.

*I/Wedesiremy/ourproxytovoteontheresolutionstobeproposed,asfollows:

For Against Abstain

Special resolution number 1(toamendtheDebentureTrustDeed)

Special resolution number 2(todelinktheParValueSharesandtheDebenturescomprisingtheLinkedUnit)

Special resolution number 3(tocapitalisethevalueoftheDebenturestoformpartoftheFund’sstatedcapitalaccount)

Special resolution number 4(toterminatetheDebentureTrustDeedandcanceltheDebentures)

Ordinary resolution number 1(anydirectoroftheFundbeandisherebyauthorisedtodoallsuchthingsandsignallsuchdocumentsasarenecessarytogiveeffecttothespecialresolutionsproposedattheGeneralMeetingofDebentureHoldersatwhichthisordinaryresolutionisproposed)

Signedbyme/usthis dayof 2013

Signature

Assistedbyme(whereapplicable)(seenote12overleaf)

Fullname/sofsignatoryifsigninginarepresentativecapacity(seenote11overleaf)

* If this form of proxy is returned without any indication of how the proxy should vote, the proxy will exercise his/her discretion both as to how he/she votes and as to whether or not he/she abstains from voting.

Please read the notes on the reverse hereof.

Notes:

1. ALinkedUnitholderentitledtoattendandvoteattheabovementionedmeetingisentitledtoappointoneormoreproxiestoattend,speakandvoteinhis/hersteadorabstainfromvoting.TheproxyneednotbeaLinkedUnitholderofInvestecPropertyFund.ALinkedUnitholdermayappointtwoormorepersonsconcurrentlyasproxies,andmayappointmorethanoneproxytoexercisevotingrightsattachedtodifferentLinkedUnitsheldbytheLinkedUnitholder.

2. Aproxymaynotdelegatetheproxy’sauthoritytoactonbehalfoftheLinkedUnitholdertoanotherperson.

3. ThecompletionandlodgingofthisformofproxywillnotprecludetherelevantLinkedUnitholderfromattendingtheGeneralMeetingofDebentureHoldersandspeakingandvotinginpersonthereattotheexclusionofanyproxyappointedintermshereof,shouldsuchLinkedUnitholderwishtodoso.Accordingly,theappointmentofaproxyintermshereofissuspendedatanytimeandtotheextentthattheLinkedUnitholderchoosestoactdirectlyandinpersonintheexerciseofanyrightsasaLinkedUnitholder.

4. Aproxyisentitledtoexercise,orabstainfromexercising,anyvotingrightoftheLinkedUnitholderwithoutdirection,excepttotheextentthatthevotinginstructionsaresetoutintherelevantsectionoftheformofproxy.

5. Theappointmentofaproxyshallremainvaliduntiltheendofthemeetingcontemplatedinthisappointment(includinginrespectofanyadjournmentorpostponementoftheGeneralMeetingofDebentureHolders),unlessrevokedinthemannercontemplatedinnote6below.

6. ALinkedUnitholdermayrevoketheproxyappointmentby:(i)cancellingitinwriting,ormakingalaterinconsistentappointmentofaproxyand(ii) deliveringacopyoftherevocationinstrumenttotheproxyandtoInvestecPropertyFund.Therevocationofaproxyappointmentconstitutesa completeandfinalcancellationoftheproxy’sauthoritytoactonbehalfoftheLinkedUnitholderasofthe laterof:(a)thedatestated intherevocationinstrument,ifanyor(b)thedateonwhichtherevocationinstrumentwasdeliveredtoInvestecPropertyFund.

7. PleaseinsertthenumberofDebentures,asthecasemaybe,intherelevantspacesaccordingtohowyouwishyourvotestobecast.IfyouwishtocastyourvotesinrespectofalessernumberofDebentures,asthecasemaybe,exercisablebyyou,insertthenumberofDebentures,asthecasemaybe,heldinrespectofwhichyouwishtovote.Failuretocomplywiththeabovewillbedeemedtoauthoriseandcompelthechairman,ifthechairmanisanauthorisedproxy,tovoteinfavouroftheresolutions,ortoauthoriseanyotherproxytovotefororagainsttheresolutionsorabstainfromvotingashe/shedeemsfit,inrespectofalltheLinkedUnitholder’svotesexercisablethereat.Aproxyisrequiredtouseallvoteswherethevotinginstructionsarenotsetoutintheform.Thetotalofthevotescastandinrespectwhereofabstentionisrecordedmaynotexceedthetotalof thevotesexercisablebytheLinkedUnitholderorits/his/herproxy.

8. Therecorddatetobeentitledtoattend,participateinandvoteattheGeneralMeetingofDebentureHoldersbycloseoftradingonThursday,8 August 2013.This formofproxy,completed,datedandsigned in full, is requestedtobereturnedtotheTransferSecretaries,ComputershareInvestorServicesProprietaryLimitedat70MarshallStreet,Johannesburg,2001(POBox61051,Marshalltown,2107),tobereceivedbynotlaterthan10:00onWednesday,14August2013.

9. Anyalterationorcorrectionmadetothisformofproxymustbeinitialledbythesignatory(ies).

10. Inthecaseofajointholding,thefirst-namedonlyisrequiredtosign.

11. TheauthorityofapersonsigningaproxyinarepresentativecapacitymustbeattachedtotheformofproxyunlessthatauthorityhasalreadybeenrecordedbyInvestecPropertyFund.

12. Aminororanyotherpersonunder legal incapacitymustbeassistedbyhis/herparentorguardianasapplicable,unlesstherelevantdocumentsestablishingcapacityareproducedorhavebeenregisteredwiththeTransferSecretaries.

13. If the instrument appointing a proxy or proxies has been delivered to Investec Property Fund, as long as that appointment remains in effect,any notice thatisrequiredbytheCompaniesActortheFund’sMemorandumofIncorporationtobedeliveredbyInvestecPropertyFundtotheLinkedUnitholdermustbedeliveredbyInvestecPropertyFundto:(i)theLinkedUnitholderor(ii)theproxyorproxies,iftheLinkedUnitholderhas directedInvestecPropertyFundinwritingtodosoandpaidanyreasonablefeechargedbyInvestecPropertyFundfordoingso.

14. Thepersonwhosenamestandsfirstontheformofproxyandwhoispresentatthegeneralmeetingwillbeentitledtoactasproxytotheexclusionofthosewhosenamesfollow.

15. ThechairmanoftheGeneralMeetingofDebentureHoldersmayacceptorrejectanyformofproxywhichiscompleted,otherthaninaccordancewiththesenotes,ifthechairmanissatisfiedastothemannerinwhichtheLinkedUnitholderwishestovote.


FOrm OF prOXy – GENErAL mEETiNG OF ShArEhOLdErS

ForusebyCertificatedLinkedUnitholdersorDematerialisedLinkedUnitholderswithOwn-nameRegistration, intheircapacityasShareholders,at the General Meeting of Shareholders to be held at 10:30 on Friday, 16 August 2013 in the 4th Floor Boardroom, Investec Bank Limited,100 Grayston Drive,Sandown,Sandton.Thedefinitionsandinterpretationscommencingonpage5oftheCirculartowhichthisformofproxyisattachedalsoapplytothisformofproxy.IfLinkedUnitholdershavedematerialisedtheirLinkedUnitswithaCSDPorBroker,otherthanwithOwn-nameRegistration,theymustarrangewiththeCSDPorBroker toprovide themwith thenecessary letterof representation toattendtheGeneralMeetingofShareholdersor theLinkedUnitholdermustinstructthemastohowtheywishtovoteinthisregard.ThismustbedoneintermsoftheagreemententeredintobetweentheLinkedUnitholderandtheCSDPorBroker,inthemannerandcut-offtimestipulatedtherein.please read the notes on the reverse hereof carefully, which, amongst other things, set out the rights of Linked unitholders in terms of section 58 of the Companies Act with regard to the appointment of proxies.if you wish to be represented at the General meetings, you must complete:• the attached form of proxy (blue) in respect of the General meeting of debenture holders; and/on• this attached form of proxy (green) in respect of the General meeting of Shareholders.For the General meeting of ShareholdersI/We(fullname/sinBLOCKLETTERS)

of(addressinBLOCKLETTERS)

beingaShareholderofInvestecPropertyFundandholding ParValueSharesinInvestecPropertyFund,andentitledtovote,doherebyappoint(refertonote1overleaf): or,failinghim/her,

SamLeonofInvestecPropertyFundwithregisteredofficeat 100GraystonDrive,Sandown,Sandton,2196,Johannesburg,orfailinghim,thechairmanoftheGeneralMeetingofShareholdersasmy/ourproxy(ies)tovoteonapollonmy/ourbehalfattheGeneralMeetingofShareholdersoftobeheldat10:30onFriday,16August2013andatanypostponementoradjournmentthereof, inthemanner indicatedbelowinrespectoftheParValueSharesregisteredinmy/ourname/s,ontheresolutionsproposedattheGeneralMeetingofShareholders,withourwithoutmodification.Pleaseindicatewithan“X”inthespacesbelowhowyouwishyourproxytovoteinrespectofsuchresolutionstobeproposed,ascontainedinthenoticeoftheabovementionedGeneralMeetingofShareholders.*I/Wedesiremy/ourproxytovoteonthespecialandordinaryresolutionstobeproposed,asfollows:

For Against Abstain

Special resolution number 1(todelinktheParValueSharesandtheDebenturescomprisingtheLinkedUnit)

Special resolution number 2(tocapitalisethevalueoftheDebenturestoformpartoftheFund’sstatedcapitalaccount)

Special resolution number 3(toterminatetheDebentureTrustDeedandcanceltheDebentures)

Special resolution number 4(toamendtheMemorandumofIncorporationtoremovetheprovisionsrelatingtotheDebenturesandtheirlinktotheParValueSharestoformLinkedUnitsandtoauthorisetheFundtoobtainandmaintainREITstatusbyrequiringtheBoardtoensurethattheFundcomplieswiththerelevantlaws,regulationsandotherrequirementsapplicabletoaREIT)

Special resolution number 5(toamendtheMemorandumofIncorporationtoallowfortheissueofNoParValueShares)

Special resolution number 6(toconverttheParValueSharestoNoParValueShares)

Ordinary resolution number 1(anydirectoroftheFundbeandisherebyauthorisedtodoallsuchthingsandsignallsuchdocumentsasarenecessarytogiveeffecttothespecialresolutionsproposedattheGeneralMeetingofShareholdersatwhichthisordinaryresolutionisproposed)

Signedbyme/usthis dayof 2013

Signature

Assistedbyme(whereapplicable)(seenote12overleaf)

Fullname/sofsignatoryifsigninginarepresentativecapacity(seenote11overleaf)

* If this form of proxy is returned without any indication of how the proxy should vote, the proxy will exercise his/her discretion both as to how he/she votes and as to whether or not he/she abstains from voting.

Please read the notes on the reverse hereof.

Notes:

1. ALinkedUnitholderentitledtoattendandvoteattheabovementionedmeetingisentitledtoappointoneormoreproxiestoattend,speakvoteinhis/hersteadorabstainfromvoting.TheproxyneednotbeaLinkedUnitholderofInvestecPropertyFund.ALinkedUnitholdermayappointtwo or morepersonsconcurrentlyasproxies,andmayappointmorethanoneproxytoexercisevotingrightsattachedtodifferentLinkedUnitsheldbytheLinkedUnitholder.

2. Aproxymaynotdelegatetheproxy’sauthoritytoactonbehalfoftheLinkedUnitholdertoanotherperson.

3. ThecompletionandlodgingofthisformofproxywillnotprecludetherelevantLinkedUnitholderfromattendingtheGeneralMeetingofShareholdersandspeakingandvotinginpersonthereattotheexclusionofanyproxyappointedintermshereof,shouldsuchLinkedUnitholderwishtodoso.Accordingly,theappointmentofaproxyintermshereofissuspendedatanytimeandtotheextentthattheLinkedUnitholderchoosestoactdirectlyandinpersonintheexerciseofanyrightsasaLinkedUnitholder.

4. Aproxyisentitledtoexercise,orabstainfromexercising,anyvotingrightoftheLinkedUnitholderwithoutdirection,excepttotheextentthatthevotinginstructionsaresetoutintherelevantsectionoftheformofproxy.

5. Theappointmentofaproxyshallremainvaliduntiltheendofthemeetingcontemplatedinthisappointment(includinginrespectofanyadjournmentorpostponementoftheGeneralMeetingofShareholders),unlessrevokedinthemannercontemplatedinnote6below.

6. ALinkedUnitholdermayrevoketheproxyappointmentby:(i)cancellingitinwriting,ormakingalaterinconsistentappointmentofaproxyand(ii) deliveringacopyoftherevocationinstrumenttotheproxyandtoInvestecPropertyFund.Therevocationofaproxyappointmentconstitutesacompleteandfinalcancellationoftheproxy’sauthoritytoactonbehalfoftheLinkedUnitholderasofthelaterof:(a)thedatestatedintherevocationinstrument,ifanyor(b)thedateonwhichtherevocationinstrumentwasdeliveredtoInvestecPropertyFund.

7. PleaseinsertthenumberofParValueShares,asthecasemaybe,intherelevantspacesaccordingtohowyouwishyourvotestobecast.IfyouwishtocastyourvotesinrespectofalessernumberofParValueShares,asthecasemaybe,exercisablebyyou,insertthenumberofParValueShares,asthecasemaybe,heldinrespectofwhichyouwishtovote.Failuretocomplywiththeabovewillbedeemedtoauthoriseandcompelthechairman,ifthechairmanisanauthorisedproxy,tovoteinfavouroftheresolutions,ortoauthoriseanyotherproxytovotefororagainsttheresolutionsorabstainfromvotingashe/shedeemsfit,inrespectofalltheLinkedUnitholder’svotesexercisablethereat.Aproxyisrequiredtouseallvoteswherethevotinginstructionsarenotsetoutintheform.ThetotalofthevotescastandinrespectwhereofabstentionisrecordedmaynotexceedthetotalofthevotesexercisablebytheLinkedUnitholderorits/his/herproxy.

8. Therecorddatetobeentitledtoattend,participateinandvoteattheGeneralMeetingofShareholdersbycloseoftradingonThursday,8August2013.This formofproxy, completed,dated and signed in full, is requested tobe returned to theTransfer Secretaries,Computershare InvestorServicesProprietaryLimitedat70MarshallStreet,Johannesburg,2001(POBox61051,Marshalltown,2107),tobereceivedbynotlaterthan10:30onWednesday,14August2013.

9. Anyalterationorcorrectionmadetothisformofproxymustbeinitialledbythesignatory(ies).

10. Inthecaseofajointholding,thefirst-namedonlyisrequiredtosign.

11. TheauthorityofapersonsigningaproxyinarepresentativecapacitymustbeattachedtotheformofproxyunlessthatauthorityhasalreadybeenrecordedbyInvestecPropertyFund.

12. Aminororanyotherpersonunder legal incapacitymustbeassistedbyhis/herparentorguardianasapplicable,unlesstherelevantdocumentsestablishingcapacityareproducedorhavebeenregisteredwiththeTransferSecretaries.

13. IftheinstrumentappointingaproxyorproxieshasbeendeliveredtoInvestecPropertyFund,aslongasthatappointmentremainsineffect,anynoticethatisrequiredbytheCompaniesActortheFund’sMemorandumofIncorporationtobedeliveredbyInvestecPropertyFundtotheLinkedUnitholdermustbedeliveredbyInvestecPropertyFundto:(i)theLinkedUnitholderor(ii)theproxyorproxies,iftheLinkedUnitholderhasdirectedInvestecPropertyFundinwritingtodosoandpaidanyreasonablefeechargedbyInvestecPropertyFundfordoingso.

14. Thepersonwhosenamestandsfirstontheformofproxyandwhoispresentatthegeneralmeetingwillbeentitledtoactasproxytotheexclusionofthosewhosenamesfollow.

15. ThechairmanoftheGeneralMeetingofShareholdersmayacceptorrejectanyformofproxywhichiscompleted,otherthaninaccordancewiththesenotes,ifthechairmanissatisfiedastothemannerinwhichtheLinkedUnitholderwishestovote.


FOrm OF SurrENdEr

Of documents of title for use by Certificated Linked unitholders only.

instructions:

1. ThisformofsurrenderisforusebyCertificatedLinkedUnitholderswhowillbereceivingCertificatedSharesintheFundfollowingtheConversionandaftertheamendmenttoNoParValueShares,andshouldbecompleted,dated,signedandsenttotheTransferSecretaries.

2. ReplacementsharecertificateswillnotbesenttoCertificatedLinkedUnitholdersunlessanduntilaformofsurrenderandthedocumentsoftitleinrespectoftherelevantLinkedUnitshavebeensurrenderedtotheTransferSecretariesintheprescribedmanner.

3. PartAmustbecompletedbyallLinkedUnitholderswhohavenotyetdematerialisedtheirLinkedUnitcertificatesorotherdocumentsoftitle.DematerialisedLinkedUnitholdersmustnotcompleteaformofsurrenderastheappropriateactionwillbetakenbytheirCSDPorBroker.

4. If this formof surrender is received by theTransfer Secretarieswith the relevant documents of title prior to theConversionbecomingeffective,itwillbetreatedasaconditionalsurrenderwhichismadesubjecttosuchConversionbecoming effective. Such surrendereddocumentsof titlewill be held in trust by theTransfer Secretaries until theConversionbecomeseffective. In theeventof theConversionnotbecomingeffective, for any reasonwhatsoever,theTransferSecretarieswill(withinfiveBusinessDaysaftereitherthedateuponwhichitbecomesknownthattheConversionwillnotbeabletobeimplemented,or,aftersubsequentreceiptofsurrendereddocumentsoftitle,whicheveristhelater)returntherelevantdocumentsoftitletotheLinkedUnitholdersconcerned,attheirrisk,byregisteredpost.Noreceiptswillbeissuedagainstformsreceived.

5. PartBmustbecompletedbyallemigrantsfromandnon-residentsoftheCommonMonetaryAreawhoarerecordedin theLinkedUnitholderregisterof InvestecPropertyFundandwhohavenotyetdematerialisedtheirdocumentsof title.

6. AseparateformofsurrenderisrequiredforeachLinkedUnitholder.

please refer to the instructions above and the notes which commence overleaf before completing this form of surrender.

To:InvestecPropertyFundLimited

c/o:ComputershareInvestorServicesProprietaryLimited

By hand to: By post to:

GroundFloor or POBox6176370MarshallStreet MarshalltownJohannesburg 21072001

dear Sirs,

I/We, the undersigned, being the registered holder of the number of Linked Units specified below, which are free ofencumbrances,herebysurrendertheencloseddocumentsoftitleidentifiedbelowinrespectofthesharesheldbyme/usinInvestecPropertyFund,conditionalupontheresolutionsinrespectoftheConversionbeingpassedattheGeneralMeetingsto be held on Friday, 16August 2013 (and the subsequent filing of the relevant special resolution with CIPC, to theextent required).

I/WeherebyinstructyoutopostareplacementcertificateinrespectoftheLinkedUnitssurrenderedtome,byregisteredpost,atmy/ourrisk,totheaddressgivenbelow,onthetermssetoutinthedocumentdispatchedtoLinkedUnitholderstowhichthisformofsurrenderwasattached.I/Weacknowledgethatifnoaddressisstatedbelow,thereplacementcertificatewillbesenttomy/ouraddressrecordedontherelevantsub-register.

My/Oursignature(s)onthisformofsurrenderconstitutesmy/ourexecutionofthisinstruction.

SignatureofLinkedUnitholder Date 2013

Stampandaddressofagentlodgingthisform(ifany)

Surname/Nameofcorporatebody

Firstnames(infull)(ifapplicable)

Title(Dr,Prof,Mr,Mrs,Miss,Ms,etc)

Telephonenumber( )

Cellphonenumber

Assistedbyme(ifapplicable)

Date 2013

Statefullnameandcapacity

Postal address (preferably POBox address) towhich replacement certificate shouldbe sent, if other than the addresscontainedintheregisterofunitholders:

Postalcode

pArT A – Applicable to all Certificated Linked unitholders.

Linked unit certificate/s and/or documents of title surrendered:

Name of registered holder (separate form

for each holder)Certificate number(s) (in numerical order)

Number of Linked units covered by each

certificate For office use only

Total

pArT B – Applicable to all emigrants from and non-residents of the Common monetary Area who are recorded on the Linked unitholder register of investec property Fund.

Nominated authorised dealer in the case of a Certificated Linked unitholder who is an emigrant from or non-resident of the Common monetary Area

(whowishtheirreplacementsharecertificatetobesenttoanauthoriseddealerinSouthAfrica):

Name of authorised dealer/bank

Address

Account number

NOTES:

Completion of this form of surrender (“Form”)

1. IfyouhaveanydoubtastohowtocompletethisForm,pleaseconsultyouraccountant,attorney,banker,Brokerorotherprofessionaladvisor.

2. ThisFormmustbecompleted,dated,signedandsent,togetherwiththerelevantLinkedUnitcertificate/sand/orotherdocument/softitle,totheofficesortothepostaladdressoftheTransferSecretaries.

3. AnyalterationtoorcorrectiononthisFormmustbesignedinfullandnotonlyinitialled.

return address:

Oncecompleted,datedandsigned,thisForm,togetherwithdocumentsoftitlesurrendered,mustbedeliveredormailedto theTransferSecretariesatthefollowingaddresses,respectively,inanenvelopemarked“investec property Fund – Certificates of title”:

By hand: or By mail:

ComputershareInvestorServicesProprietaryLimited ComputershareInvestorServicesProprietaryLimitedGroundFloor POBox6176370MarshallStreet MarshalltownJohannesburg 21072001 (Telephonenumber:+27113705000).

posting of replacement certificates:

SubjecttotheapprovaloftheConversionattheGeneralMeetingsandfilingofthespecialresolutioncontainedinthenoticeofGeneralMeetingsattachedtothedocumentdispatchedtoLinkedUnitholderstowhichthisFormisattached(totheextentrequired),certificatesreflectingtheConversionwillbesenttotheaddressprovidedoverleaf(orfailingsuchinstruction,totheaddressof theLinkedUnitholderconcernedasrecorded inthesecuritiesregisterof InvestecPropertyFund)byregisteredpostattheriskoftheLinkedUnitholderconcernedonoraboutMonday,23September2013,ifthedocumentsof titlehavebeensurrenderedbefore12:00onFriday,20September2013.Contrary instructionswillnotbeaccepted.Any documentsreceivedafterthisdatewillbereplacedwithinfiveBusinessDaysfromthedateonwhichthedocumentshavebeenreceivedbytheTransferSecretaries.

instructions:

1. PersonswhohaveacquiredLinkedUnitsinInvestecPropertyFundafterthedateofpostingofthedocumenttowhichthisFormisattached,canobtaincopiesoftheFormandthesaiddocumentfromtheTransferSecretaries.

2. AllCertificatedLinkedUnitholderscompletingandreturningtheFormmustalsosurrenderalltheirexistingLinkedUnitcertificates.

3. Noreceiptswillbeissuedfordocumentslodged,unlessspecificallyrequested.Incompliancewiththerequirementsof theJSE,lodgingagentsarerequestedtopreparespecialtransactionreceipts.

4. SignatoriesmaybecalleduponforevidenceoftheirauthorityorcapacitytosignthisForm.

5. IfthisFormissignedunderapowerofattorney,thensuchpowerofattorney,oranotariallycertifiedcopyhereof,mustbesentwiththisFormfornoting,unlessithasalreadybeennotedbytheTransferSecretariesorithasbeenlodgedwithaBrokerandthisFormbearsthestampofthatBroker.

6. Where themember is a company or a close corporation, unless it has already been registeredwith theTransferSecretaries, a certified copyof thedirectors’ ormembers’ resolution authorising the signingof this Formmust besubmittedifsorequestedbytheTransferSecretaries.

7. WheretherearejointholdersofanyLinkedUnits,onlythatholderwhosenameappearsfirstintheregisterinrespectofsuchLinkedUnitsneedsigntheForm.

8. If theLinkedUnitholder isadeceasedestate, thisFormmustbeaccompaniedbyacertifiedcopyof theLetterofExecutorship,unlesstherelevantdocumentshavealreadybeenlodgedwiththeTransferSecretariesorwithabrokerandthisFormbearsthestampofthatBroker.

9. Aminormustbeassistedbyhis/herparentorguardian.

Lost share certificates and/or documents of title:

IfaLinkedUnitcertificateorotherdocumentoftitlerelatingtoanyLinkedUnitintheFundhasbeenlostordestroyed,therelevantreplacementcertificatewillonlybeissueduponproductionofsatisfactoryevidencethattherelevantLinkedUnitcertificateordocumentoftitlehasbeenlostordestroyedandupondeliveryofanindemnity,inaformandontermsandconditionsapprovedbyInvestecPropertyFund.IndemnityformsmayberequestedfromtheTransferSecretaries.

dematerialised Linked unitholders:

ThisformisnotintendedforDematerialisedLinkedUnitholdersandsuchLinkedUnitholdersmustnotcompletethisform.

WhereDematerialisedLinkedUnitholderswishtoprovideanewaddress towhichsharestatementsaretobeposted,such LinkedUnitholdersshouldcontacttheirCSDPorBroker.

South African Exchange Control regulations:

IntheinstanceofCertificatedLinkedUnitholderswhoseregisteredaddressesintheFund’sshareregisterareoutsideoftheCommonMonetaryArea,orwheretherelevantcertificatesarerestrictivelyendorsedintermsoftheSouthAfricanExchangeControlRegulations,thefollowingwillapply:

• Fornon-residentswhoareemigrantsfromtheCommonMonetaryArea,thereplacementsharecertificatereflectingtheConversionwillbesenttotheLinkedUnitholder’sauthoriseddealerinforeignexchangeinSouthAfricacontrollingtheirblockedassets;and

• Forallothernon-residents, thereplacementsharecertificatereflecting theConversionwillberestrictivelyendorsed“non-resident”intermsoftheSouthAfricanExchangeControlRegulations.