Investor Presentaiton

Glossary of terms Investec Australia Property Fund Term FFO Meaning Funds from operations calculated in accordance with the Property Council Guidelines, determined by adjusting statutory net profit (under AAS) for non-cash and other items such as property revaluations, derivative mark-to-market impacts, amortisation of tenant incentives, gain/loss on sale of investment properties, straight-line rental revenue adjustments, non-FFO tax expenses/benefits and other unrealised one-off items. South African Financial Markets Act No 19 of 2012. Term IAPF IAPF I FMA FY20 The financial year ended 31 March 2020. FY21 The financial year ending 31 March 2021. IAPF I Unit IAPF II Gearing Interest bearing liabilities (excluding debt establishment costs) less cash divided by the total value of assets (excluding intangibles and trade and other receivables). Group Company Hold Trust Hold Trustee IAPH and each subsidiary of IAPH comprising: the Responsible Entity; • the Manager; • the Hold Trustee; • the Sub Trustee; and from immediately prior to implementation of the Proposal, the TAP Trustee and the TAP Sub Trustee. Investec Australia Hold Trust No. 1, an intermediary holding trust that is a wholly owned by IAPF and is the holding trust of the Sub Trusts that own the Portfolio. Investec Wentworth Pty Limited (ACN 003 388 725), which as at the date of this presentation is the trustee of the Hold Trust and the Point Cook Trust, and the security trustee of the Riverside Security Trust, and is ultimately wholly owned by Investec plc. Investec Australia Property Fund | Internalisation and funds management proposal IAPF II Unit IAPF Group IAPH Meaning IAPF I or the IAPF Group, as the context requires depending on whether Stapling has occurred. Investec Australia Property Fund (ARSN 162 067 736), duly registered as a Managed Investment Scheme under the Corporations Act; also recognised as a foreign Collective Investment Scheme and authorised to solicit investments in it from members of the public in South Africa under section 65 of the CIS Act, and, if the context requires, its controlled entities from time to time. An undivided participatory interest in IAPF I. Investec Australia Property Fund II (ARSN 644 081 309), which is duly registered as a Managed Investment Scheme under the Corporations Act, and, if the context requires, its controlled entities from time to time. An undivided participatory interest in IAPF II. The group formed as a result of the Stapling of IAPF I Units to IAPF II Units as described in the Explanatory Memorandum, which will comprise IAPF I, IAPF II and their respective controlled entities. Investec Australia Property Holdings Pty Limited (ACN 138 087 993), which as at the date of this presentation is ultimately wholly owned by Investec plc. Implementation The date the Proposal is implemented, expected to be Monday, 30 November 2020. Date Implementation Deed Independent Directors The deed between the Responsible Entity (as responsible entity of IAPF I and IAPF II), the Seller and Investec Australia which sets out the steps necessary to implement the Proposal. The independent Directors from time to time, which as at the date of this presentation comprise Richard Longes, Sally Herman, Hugh Martin and Georgina Lynch. 11

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