INVESTEC AUSTRALIA PROPERTY FUND – RIGHTS OFFER DECLARATION ANNOUNCEMENT

Hamilton, Bermuda – 22 September, 2014 – In a 18 September, 2014, filing with the Bermuda Stock Exchange (“BSX”), INVESTEC AUSTRALIA PROPERTY FUND ("IAPF” or the “Fund”; Ticker: IAP.BH) details of a Rights Offering. The filing states:

“1.        Introduction

As advised in the SENS announcement released on 21 July 2014, the Fund has concluded an agreement for the acquisition of the Ann Street Property, which is proposed to be funded by way of a renounceable rights offer (“Rights Offer”) to existing unitholders. The acquisition of the Ann Street Property was approved by IAPF unitholders in a general meeting held on 12 September 2014. Further details in respect of the Ann Street Property can be found in the circular posted to unitholders 14 August 2014.

The Rights Offer circular is subject to JSE approval which is expected to be received on Friday, 19 September 2014. Save for this, there are no other conditions precedent to the Rights Offer.

2.         Salient dates and times

The proposed salient dates and times in respect of the Rights Offer are set out below:

                                                                                                            2014

Finalisation date announcement released on SENS on         Monday, 22 September

Finalisation date announcement published in the press         Tuesday, 23 September

Last date to trade in units on the JSE for settlement by

the record date and to be recorded as a qualifying

unitholder for the purpose of receiving the Rights Offer

circular                                                                                                Friday, 26 September

Units trade ex-rights on the JSE from                                    Monday, 29 September

Listing and trading on the JSE of the letters of allocation

 from the commencement of trade on                                   Monday, 29 September

Rights Offer circular including a form of instruction posted

to certificated unitholders                                                        Tuesday, 30 September

Record date in order to be entitled to participate in the

Rights Offer on                                                                       Friday, 3 October

Rights Offer opens at 09:00 on                                              Monday, 6 October

Letters of allocation credited to an electronic account

held at the transfer secretaries in respect of certificated

unitholders on                                                                          Monday, 6 October

CSDP or broker accounts credited with rights in respect

of dematerialised units on                                                       Monday, 6 October

Rights Offer circular posted to dematerialised unitholders    Tuesday, 7 October

Last day to trade in the letters of allocation on the JSE in

order to settle by close of the Rights Offer on                       Friday, 10 October

Listing and trading on the JSE of Right Offer Units

commences at 09:00 on                                                         Monday, 13 October

Payment to be made and form of instruction to be lodged

with the transfer secretaries by certificated unitholders by

12:00 on                                                                                  Friday, 17 October

Rights Offer closes at 12:00 on                                              Friday, 17 October

Record date for letters of allocation on                                  Friday, 17 October

Rights Offer Units issued on                                                   Monday, 20 October

CSDP or broker accounts of dematerialised unitholders

debited and updated with Rights Offer Units and unit

certificates posted to certificated unitholders                         Monday, 20 October

Results of Rights Offer announced on SENS on                   Monday, 20 October

Results of Rights Offer announced in the press on               Tuesday, 21 October

Refunds (if any) to certificated unitholders in respect of

unsuccessful excess applications made                                Wednesday, 22 October

Dematerialised unitholders accounts updated and

debited by CSDP or broker in respect of any excess

units allocated on                                                                    Wednesday, 22 October

1.            All times indicated above are South African times.

2.            Dematerialised unitholders are required to inform their CSDP or broker of their instructions in terms of the Rights Offer in the manner and time stipulated in the agreement governing the relationship between the unitholder and their CSDP or broker.

3.            Unit certificates may not be dematerialised or rematerialised between Monday, 29 September 2014 and Friday, 3 October 2014, both days inclusive.

4.            Dematerialised unitholders will have their accounts at their CSDP or broker automatically credited with their rights and certificated unitholders will have their rights credited to a nominee account at Computershare Investor Services Proprietary Limited.

5.            CSDPs effect payment in respect of dematerialised unitholders on a delivery-versus-payment method.

3.         Finalisation announcement

It is anticipated that the finalisation announcement containing full details of the Rights Offer, including the Rights Offer price and entitlement ratio will be released on SENS on Monday, 22 September 2014.

Investment Bank and Sponsor

Investec Bank Limited

Independent Sponsor

Deloitte & Touche Sponsor Services (Pty) Ltd

Independent Reporting Accountants

KPMG Inc.

Legal Advisor (Australia)

Herbert Smith Freehills

Legal Advisor (South Africa)

Fluxmans Inc.”

-ends-

For more information visit: www.investecaustraliapropertyfund.co.za  

Bermuda Listing Sponsor:

Clarien BSX Services Limited

Attn: Kim Gibson         Tel: + 441.294.2471