Investor Presentaiton

Investec Australia Property Fund Disadvantages and risks of the Proposal (cont.) • Transaction Costs TAP Fund management Other general risks • • IAPF will incur Transaction Costs of approximately $6.7 million in connection with the Proposal if implemented (compared to $4.8 million of transaction costs if the Proposal does not proceed) There are risks associated with management of the TAP Fund, including management of the TAP Fund not generating expected revenues, the TAP Investment Management Agreement being terminated, and a conflict of interest arising in circumstances where the Manager sources an acquisition or investment opportunity which falls within the investment mandate of both IAPF I and the TAP Fund (although currently an overlap between IAPF I's mandate and the mandate of the TAP Fund is not expected) IAPF will be exposed to movements and volatility in operating cost structures such that there is a risk that ongoing operating costs may be higher than anticipated There is a risk that the assumptions in the financial information in Section 6 of the Explanatory Memorandum may not be achieved The addition of a new stapled registered Managed Investment Scheme to the group structure gives rise to additional regulatory, tax, and legal requirements which may increase administrative and compliance costs There can be no guarantee that the price of securities will increase following implementation of the Proposal Investec Australia Property Fund | Internalisation and funds management proposal 7

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