Investor Presentaiton

Disclaimer Investec Australia Property Fund Investec Property is the issuer of units in IAPF I and IAPF II. Investments in the IAPF Group are not deposits with, or other liabilities of, any Investec group entity (including Investec Property, Investec Bank plc and its Australia Branch, Investec Australia Limited and any other of its and their related bodies corporate, affiliates, officers, employees or agents (together, the Investec Group). Investec Property and the IAPF Group are not authorised deposit taking institutions for the purposes of the Banking Act 1959 (Cth), and no member of the Investec Group, including Investec Property, Investec Bank plc and its Australia Branch, guarantees or otherwise provides any assurance in relation to Investec Property and the IAPF Group. Investments in IAPF Group are subject to investment risk, including possible delays in repayment and loss of income and capital invested. Past performance is not necessarily a guide to future performance. Returns and benefits are dependent on the performance of underlying assets and other variable market factors and are not a guarantee. Exchange rate fluctuations may have an adverse effect on the value of certain investments. No member of the Investec Group guarantees any particular rate of return or the performance of the IAPF Group, nor do they guarantee the repayment of capital from the IAPF Group. The reader acknowledges that no member of the Investec Group will have any liability whatsoever (to the maximum extent permitted by law) to the reader in connection with this presentation, the information contained within it, or any investment or financial decision made in relation to the matters discussed herein, or any due diligence by the reader; and the reader irrevocably releases the Investec Group and Investec Property from any loss, damage claim, action, liability (including without limitation for negligence), cost and expenses in connection with the contents, use or assessment of this presentation or any other oral or written representation made in connection with its contents by Investec Property or any member of the Investec Group. South Africa The material in this presentation do not constitute, advertise or relate to an offer to the public (as defined in the South African Companies Act, No 71 of 2008, as amended (the "SA Companies Act")) for the sale of or subscription for, or the solicitation of an offer to buy or subscribe for securities, and must not be distributed to any person in South Africa in any manner which could be construed as an offer to the public in terms of Chapter 4 of the SA Companies Act. The presentation does not, nor is it intended to, constitute a prospectus registered under the SA Companies Act and accordingly, does not comply with the substance and form requirements for prospectuses set out in the SA Companies Act and the South African Companies Regulations of 2011. Nothing in the presentation should be viewed, or construed, as "advice" as that term is used in the South African Financial Markets Act, No 19 of 2012, as amended ("FMA") and/or the South African Financial Advisory and Intermediary Services Act, No 37 of 2002, as amended and nothing in the presentation should be construed as constituting the canvassing for, or marketing or advertising of, financial services in South Africa. Investec Australia Property Fund | Internalisation and funds management proposal 16

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