Investor Presentaiton

Investec Australia Property Fund Disadvantages and risks of the Proposal • Decrease in NTA Increase in Gearing No access to Investec Group's resources Employees Historical liabilities • • • • . • • TAP Commitment • As the management rights will be accounted for as an intangible asset, IAPF's NTA per security will decrease by 5.7% from $1.32 to $1.24 IAPF's NAV per security (which ascribes value to the management rights acquired) is not expected to be materially impacted Given the intangible asset acquired does not contribute to IAPF's asset base for the purpose of calculating Gearing, the debt drawn to fund the Total Consideration and Transaction Costs will increase Gearing from 22.2% to 25.8%, 1 albeit remaining below the target range of 30%-40% The progressive investment in the TAP Fund (via the TAP Commitment) will also be funded by a new debt tranche that will be added to the Facility Agreement. If IAPF II were to contribute 100% of its $30 million investment, the Gearing would increase to 27.8%² While the current management team will transfer to IAPF under the Proposal, IAPF will no longer have access to the Investec Group's other resources While the Proposal will likely see a reduction in the management expense ratio, Unitholders will be directly exposed to the ongoing operating costs of management The addition of a stapled entity to the group may also increase administrative and compliance costs IAPF will be reliant on retaining and attracting quality senior management and personnel to operate IAPF. There is a risk the Proposal could trigger the loss of services of senior management or key personnel, and new personnel might have less specialist experience or be more expensive which could adversely affect IAPF's operations and performance Entities acquired as part of the Proposal may have historical liabilities. To address this, the Independent Directors have commissioned legal, tax and accounting due diligence and obtained substantive warranties and indemnities under the Implementation Deed The Proposal requires IAPF II to allocate $30 million to progressively invest in the TAP Fund. This represents an opportunity cost as IAPF II cannot allocate these funds to invest in other assets The TAP Commitment, if called, will provide IAPF II with an interest in the investments made by the TAP Fund, which have a risk profile that is significantly different to the properties owned by IAPF and may be different to current investment preferences of Unitholders 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. 2. Following implementation, IAPF II is not expected to contribute a portion of the TAP Commitment until at least the end of March 2021 Investec Australia Property Fund | Internalisation and funds management proposal 6

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