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Investor Presentaiton

Glossary of terms Term TAP Fund Meaning A fund comprised of the TAP LP, the TAP Head Trust and various sub-trusts that have been established (or may be established from time to time). TAP Head Trust Templewater Australia Property Fund I Head Trust. TAP LP TAP Sub Trustee TAP Trustee Total Consideration Transaction Costs Unitholder Voting Record Date Templewater Australia Property I, L.P. Investec Templewater No.2 Pty Limited (ACN 642 088 695) (in its capacity as trustee of each sub-trust of the TAP Fund) which as at the date of this presentation is ultimately wholly owned by Investec plc. Investec Templewater No.1 Pty Limited (ACN 638 015 219) (in its capacity as trustee of the TAP Fund) which as at the date of this presentation is ultimately wholly owned by Investec plc. The total consideration of $40 million which represents the purchase price for the acquisition of the shares in IAPH which is the holding company of the Manager (which holds the management rights of IAPF I), and the management rights to the TAP Fund, subject to certain adjustments provided for in the Implementation Deed and described in Section 11.1 of the Explanatory Memorandum. The transaction costs associated with the Proposal. A holder of an IAPF I Unit or Stapled Security, as the context requires depending on whether Stapling has occurred. 7:00pm (Sydney time) / 10.00am (Johannesburg time) on Friday, 13 November 2020. Investec Australia Property Fund | Internalisation and funds management proposal Investec Australia Property Fund 14
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