Investor Presentaiton

Outcome for Unitholders EA $ Investec Australia Property Fund Enhanced corporate governance framework Alignment of interest and continuity of management • • • • Directors and management will be solely responsible to Unitholders for the management and operation of IAPF Enhanced accountability, with Unitholders able to vote on the appointment of Directors on a rotational basis IAPF will also be subject to additional corporate governance principles in the King IV Code and the ASX Guidelines Management will now be employed by and accountable to the Board, who will set remuneration incentives tailored to the objectives of IAPF The existing strategy and management team which has delivered consistently positive outcomes will be maintained • The Proposal is expected to be 0.1% accretive to FFO and 4.8% accretive to AFFO in FY21 on a pro forma basis Financial benefits Growth and diversification of income streams • • • . Gearing will increase from 22.2% to 25.8%¹, albeit below the target range of 30%-40% NTA per security will decrease from $1.32 to $1.24 on a pro forma basis as the management rights will be accounted for as an intangible asset, however NAV per security is not expected to be materially impacted IAPF will no longer pay investment management, property management and leasing fees to Investec, providing Unitholders with a scalable platform Establishes a third-party funds management platform by way of the management rights to the TAP Fund and the provision of asset management services in relation to certain assets in which the Investec Group has an interest Providing potential for additional income streams via funds management and asset management opportunities Internalisation aligns IAPF with industry standard, with only one externally managed REIT being included in the top 10 REITs by market capitalisation (as at 12 October 2020) Increased investor participation • Some investors prefer investing in internally managed REITs The Proposal may drive increases in demand for and liquidity of IAPF 1. Gearing on a pro forma basis as at 31 March 2020 post disposal of 757 Ann Street, Fortitude Valley QLD, which was sold effective 1 April 2020. Investec Australia Property Fund | Internalisation and funds management proposal 3

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