Release Date: 17/05/2012 07:30:04??????Code(s): IPF ? ? 
IPF - Investec Property Fund Limited - Reviewed preliminary condensed financial results for the year ended 31 March 2012 Investec Property Fund Limited (Incorporated in the Republic of South Africa) (Registration number 2008/011366/06) Share code: IPF ISIN: ZAE000155099 (Income tax reference number 9332/719/16/1) Reviewed preliminary condensed financial results for the year ended 31 March 2012 Statement of comprehensive income For the year ended 31 March 2012 2012 Notes R`000
Revenue, excluding straight-line rental revenue 211 558 adjustment Straight-line rental revenue adjustment 30 507 Revenue 242 065 Property expenses (38 498) Net property income 203 567 Other operating expenses (11 858) Operating profit 191 709 Fair value adjustments 1 (30 507) Finance costs (6 034) Finance income 3 016 Profit before debenture interest and taxation 158 184 Debenture interest 2 (158 026) Profit before taxation 158 Taxation (49) Normal and Secondary Taxation on Companies (49) Deferred taxation charge (25 733) Deferred taxation credit 25 733 Total comprehensive income attributable to equity 109 holders Statement of financial position As at 31 March 2012 2012 Notes R`000 ASSETS Non-current assets 2 065 400 Fair value of investment property for accounting 2 034 893 purposes Straight-line rental revenue adjustment 30 507 Current assets 16 634 Trade and other receivables 12 064 Taxation receivable 3 Cash and cash equivalents 4 567 Total assets 2 082 034 EQUITY AND LIABILITIES Equity - ordinary share capital 4 1 700 Fair value of debentures 5 1 836 379 Total unitholders` interest 1 838 079 Other non-current liabilities 6 1 169 Current liabilities 242 786 Trade and other payables 28 097 Current portion of other non-current liabilities 6 130 900 Linked unitholders for interest and dividends 83 789 Total liabilities - including debentures 2 080 334 Total equity and liabilities 2 082 034 Condensed statement of cash flows For the year ended 31 March 2012 2012 Note R`000 Cash generated from operations 7 173 486 Finance income received 3 016 Finance costs paid (2 285) Taxation paid (52) Distribution paid to unitholders (74 346) Net cash inflow from operating activities 99 819 Net cash outflow from investing activities (1 926 152) Net cash inflow from financing activities 1 830 900 Net increase in cash and cash equivalents 4 567 Cash and cash equivalents at beginning of the - year Cash and cash equivalents at end of the year 4 567 Condensed statement of changes in equity For the year ended 31 March 2012 Ordinary Retained Total share capital earnings equity R`000 R`000 R`000 Balance at 1 April 2011 - - - Issue of ordinary shares 1 700 - 1 700 Total comprehensive income - 109 109 Dividends payable to ordinary - (109) (109) shareholders Balance at 31 March 2012 1 700 - 1 700 Condensed segmental information For the year ended 31 March Office Industrial Retail Total 2012 R`000 R`000 R`000 R`000 Statement of comprehensive income 2012 Revenue, excluding straight- 113 653 80 122 17 783 211 558 line rental revenue adjustment Straight-line rental 19 616 8 510 2 381 30 507 revenue adjustment Property expenses (16 748) (20 779) (971) (38 498) Segment results 116 521 67 853 19 193 203 567 Net investment property 34 468 65 354 8 919 108 741 revaluation Total segment results 150 989 133 207 28 112 312 308 Statement of financial position extracts at 31 March 2012 Acquisitions prior to 976 500 545 800 174 200 1 696 500 listing Acquisitions after listing 151 000 74 900 - 225 900 Developments and capital 746 3 006 - 3 752 expenditure Gross investment property 54 354 73 594 11 300 139 248 fair value adjustment Non-current assets 1 182 600 697 300 185 500 2 065 400 Other current assets not - - - 16 634 managed on a segmental basis Total assets as at 31 March 2 082 034 2012 Notes to the reviewed preliminary condensed financial statements For the year ended 31 March 2012 2012 R`000
1 FAIR VALUE ADJUSTMENTS Gross investment property fair value adjustment 139 248 Less: Straight-line rental revenue adjustment (30 507) Net investment property revaluation 108 741 Fair value adjustment - loss on interest rate swap (1 169) derivatives Fair value adjustment before debenture fair value 107 572 adjustment Debenture fair value adjustment (138 079) (30 507) 1.1 Debenture fair value adjustment Debentures are adjusted to fair value which represents the net asset value attributable to the Investec Property Fund Limited`s ("Fund") debenture holders.
The adjustment consists of: Fair value adjustment on other assets and liabilities (107 572) Straight-line rental revenue adjustment (30 507) (138 079)
2 RECONCILIATION OF ATTRIBUTABLE INCOME TO DISTRIBUTABLE EARNINGS Total comprehensive income attributable to equity holders 109 Debenture interest 158 026 Distributable earnings 158 135 Distribution comprises: Debenture interest 158 026 Ordinary dividend 109 Total distribution 158 135 Number of linked units
Linked units in issue at end of the year 170 000 000 Weighted average number of linked units in issue 170 000 000 Cents Distribution per linked unit 93,02 Interest on debentures 92,96 Dividend 0,06 Distribution for the year 93,02 Interim distribution for the six months ended 30 September 43,73 2011 Final distribution for the six months ended 31 March 2012 49,29 3 EARNINGS PER SHARE Reconciliation of basic earnings to headline earnings: Total comprehensive income attributable to equity holders 109 Less: Net fair value adjustment - investment property (88 646) Fair value adjustment (108 741) Applicable taxation 20 095 Headline loss attributable to shareholders (88 537) Add: Net fair value adjustment - debentures 112 346 Fair value adjustment 138 079 Applicable taxation (25 733) Add: Debenture interest paid 158 026 Headline earnings attributable to linked unitholders 181 835 Cents
Basic earnings per share 0,06 Headline loss per share (52,08) Headline earnings per linked unit 106,96 4 ORDINARY SHARE CAPITAL Issued 170 000 000 ordinary shares with a nominal value of 1 cent 1 700 each
In terms of the memorandum of association and the debenture trust deed, each ordinary share is linked to one unsecured variable rate subordinated debenture of 999 cents. This linkage means that each share may only be issued and traded together with the debenture with which it is linked, until such time that it is de-linked in accordance with the terms of the memorandum of association and the debenture trust deed. 5 DEBENTURES 170 000 000 variable rate, unsecured, subordinated debentures: Issued during the year 1 698 300 Fair value adjustment 138 079 Fair value 1 836 379
The rights of the debenture holders to repayment of capital are subordinated to the claims of all other secured and unsecured creditors. The interest payable on the debenture in each linked unit will be at least 999 times the dividend payable on each share. Facility Interest rate 2012 R`000 R`000 6 OTHER NON-CURRENT LIABILITIES Variable rate loans - unsecured Bridge loan facility 500 000 Jibar + 2.25% 56 000 Working capital facility 20 000 Jibar + 2.25% - Vendor loan: BAT acquisition Jibar + 2,25% 40 000 Scientific acquisition Call rate 34 900 Total nominal value of 130 900 interest-bearing loans Fair value adjustments on 1 169 interest rate swap derivatives Fair value of long-term 132 069 interest-bearing loans and derivatives Less: Portion repayable within (130 900) the next 12 months - at nominal value Total non-current liabilities 1 169 2012
R`000 7 CASH GENERATED FROM OPERATIONS Operating profit 191 709 Straight-line rental revenue adjustment (30 507) Working capital movement 12 284 Trade and other receivables (12 064) Current liabilities 24 348 173 486
8 RELATED PARTY TRANSACTIONS 8.1 Investec Limited is the controlling shareholder shareholder of the Fund and its wholly-owned subsidiary Investec Property (Pty) Limited is the Asset and Property Manager of the Fund and therefore, Investec Limited and its subsidiaries are deemed to be related parties to the Fund. All related party transactions are conducted at arm`s length. On 1 April 2011 the Fund acquired 29 properties from various wholly-owned subsidiaries of Investec Limited, as follows: Office Industrial Retail Total Number of properties 7 18 4 29 Gross lettable area 89 469 244 637 34 424 368 530 (GLA)/(mSquared) Cost of acquisition (R`000) 976 500 545 800 174 200 1 696 500 Since 1 April 2011 the Fund has acquired three properties from subsidiaries of Investec Limited, as follows: Number of properties 1 2 - 3 Gross lettable area 15 500 18 903 - 34 403 (GLA)/(mSquared) Cost of acquisition (R`000) 151 000 74 900 - 225 900 R`000 8.2 Investec Property (Pty) Limited Asset management fee (9 157) In respect of the unlet space in 345 Rivonia Road, Investec 11 991 Property (Pty) Limited has undertaken to pay to the Fund the gross rental in respect of the unlet space for a period up to 1 April 2014. Amount received in the current year 8.3 Investec Bank Limited Rental received in respect of the Durban office 18 247 Sponsor fee (150) 8.4 The current portion of non-current liabilities includes transactions with related parties including vendor loans with wholly-owned subsidiaries of Investec Limited and a bridge loan facility with Investec Bank Limited. The Fund also holds its call accounts and fixed deposit accounts with Investec Bank Limited and earns interest income thereon.
Borrowings Vendor loans (74 900) Bridge loan (56 000) Interest on related party borrowings (6 034) Cash accounts Cash held on call account 4 567 Finance income 3 016 8.5 Borrowings advanced to Directors Amount Outstanding Units to acquire linked units in the Fund advanced at year-end held R`000 R`000 Sam Hackner 30 001 20 433 3 689 474 Sam Leon 12 501 8 587 1 504 789 Both loans provided by Investec Securities Limited are over 36 months and interest is payable semi-annually at 8,25% per annum. BASIS OF ACCOUNTING The reviewed preliminary condensed financial results for the year ended 31 March 2012 have been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards ("IFRS"), the presentation and disclosure requirements of IAS 34, Interim Financial Reporting and AC 500 standards issued by the Accounting Practices Board and the requirements of the Companies Act, 71 of 2008. The company`s accounting policies as set out in the Fund`s pre-listing statement and those applied at the interim stage have been consistently applied. These reviewed preliminary condensed financial results have been prepared under the supervision of Dave Donald, CA(SA) and David Tew, CA(SA). Commentary Introduction The Fund listed in the "Real Estate Holdings and Development" sector of the JSE Limited ("JSE") on 14 April 2011. At listing the initial property portfolio of the Fund comprised 29 properties in South Africa with a total GLA of 368 530mSquared acquired for a total purchase consideration of R1 696,5 million, which were independently valued at R1 771,0 million. A key objective at this stage of our life cycle is to grow our asset base to maximise economies of scale, create a portfolio effect to mitigate risk and to position the Fund to effectively compete for new acquisition opportunities. Consequently a key focus area with dedicated people is to continually seek investment opportunities to expand the portfolio while continuing to professionally asset manage the property portfolio, thus optimising returns to our linked unitholders over time. Although not all included in the results from a timing perspective, the Fund has during its first year increased its asset base by R490,0 million (28,9% increase from the acquired cost of the initial portfolio) by the acquisition of 5 high-quality properties. Our strategic focus expressed from the outset is that we are a property-orientated business and that aggressive acquisitions may be made from time to time if thought to have long-term benefits. Also, we look to acquire good real estate rather than look to balance by sector or geography, while acknowledging that our portfolio at listing was underweight retail. Our acquisitions have been both financially enhancing and enhancing to our portfolio in general as well as to our retail portfolio. Of the 5 acquisitions, 3 were effective in the current year, adding R225,9 million to the value of the property portfolio. Taking into account the current year`s revaluation of the property portfolio of R139,2 million, and capital expenditure of R3,8 million, this brings the total property portfolio at year- end to 32 properties with a total GLA of 406 706mSquared and a value of R2 065,4 million; a total increase in assets of 21,7%. Following transfer of the 2 remaining acquisitions of R264,1 million, which is anticipated to be in the first quarter of the next financial year, the total property portfolio will comprise 34 properties with a total GLA of 431 447mSquared and a value of R2 329,5 million; a total increase in assets of 37,3%. At listing our linked units were initially placed at a price of R9,50 per linked unit and closed at year-end at R11,70 per unit. Factoring in the interim distribution of 43,73 cents per unit ("cpu"), linked unitholders who invested at the listing have achieved a total return of nearly 28%. Commentary on results Following our initial distribution of 43,73 cpu the Board of Directors ("Board") is pleased to announce a final distribution of 49,29 cents cpu for the year ended 31 March 2012 bringing the total distribution for the year to 93,02 cpu. This exceeded our initial estimate of 89,94 cpu by approximately 3,4%. As the Fund was dormant before listing and only took effective control of the initial property portfolio from the beginning of the financial year under review, no comparative results are presented. The independent revaluation of our property portfolio has resulted in a R139,2 million fair value adjustment; an 8,2% increase on the initial property portfolio. The Board has in certain instances continued to take a conservative view on valuations having not recognised revaluation adjustments on vacant space and undeveloped bulk, both of which are valued by the independent valuers. Consequently the fair value attributed to the total property portfolio by the Board is R62,4 million less than that attributed by the independent valuers. The Fund`s property portfolio comprises a high proportion of single tenanted properties with quality clients and given this defensive portfolio, our performance has been resilient. As always, client retention and renewals of expiring rentals have been a key focus and we have been successful in this regard, showing a 2,7% vacancy at year-end from the 3,7% vacancy at listing. The vacancy remains solely in the industrial portfolio (4,1% of the industrial portfolio by GLA). During the period, the Fund has successfully re-negotiated various expired leases for renewal with certain of these achieving positive rental reversions. We have further been successful in letting out vacant space. Key successes for the year include: - In the industrial portfolio a new letting of 21 565mSquared in Alrode to a major international company and 1 594mSquared to a major listed client at an all in 67% positive reversion as this space was previously under rented. - In our office portfolio, a new letting of 4 000mSquared in 345 Rivonia Road, Sandton to a high-quality client with the rental achieved exceeding the rental guarantee provided by Investec Property. The rental accrues to the Fund from May 2012. - In respect of 4 Protea Place in the Sandton CBD a renewal for the entire building for a further period of 5 years commencing 1 March 2013 at 5,9% positive reversion. As part of the renewal and client retention process, the Fund will invest R19 million to both refurbish the building as well as provide additional parking in meeting the clients` requirements. Overall the sectoral vacancies at year-end were as follows: Total GLA Leased Vacant Vacancy (mSquared) (mSquared) (mSquared) (%)
Office 104 067 104 067 - - Industrial 268 060 256 942 11 118 4,1 Retail 34 579 34 579 - - Total 406 706 395 588 11 118 2,7 The table below provides a summary of lease expiries, renewals and new leases during the year: Expiries and Average Renewals
cancellations gross expiry and new rent leases (mSquared) (RmSquared) (mSquared) Office 20 892 66,36 20 950 Industrial 79 786 24,28 86 918 Retail 11 236 53,96 11 236 Total 111 914 35,12 119 104 Average
gross rent on Average renewals and escalation new leases (RmSquared) (%)
Office 70,09 8,1 Industrial 34,01 9,4 Retail 57,85 10,0 Total 42,61 9,2 Of the Office renewals 6 759mSquared is a one-year lease to July 2012 and therefore the escalation only applies to the balance of the re-let space. The following table sets out the pattern of expiries, renewals and new leases for the year under review within the context of an overall reconciliation of the change in the GLA of the Fund`s portfolio: GLA at Expiries Renewals 31 March and and new 2011 cancellations leases
(mSquared) (mSquared) (mSquared) Leased 354 799 (111 914) 119 104 Vacant 13 731 35 777 (40 210) Total 368 530 (76 137) 78 894 Additions Net GLA at GLA 31 March adjustments 2012 (mSquared) (mSquared) (mSquared)
Leased 34 403 (804) 395 588 Vacant - 1 820 11 118 Total 34 403 1 016 406 706 The forward lease expiry profile of the Fund`s portfolio for years ending 31 March is detailed below, categorised as to office, industrial and retail, which reflects an evenly distributed pattern of lease expiries: 2013 2014 2015 2016 2017 Thereafter Office 1,7% 1,2% 7,3% - 4,5% 15,1% Industrial 16,6% 12,5% 12,6% 3,0% 10,4% 6,3% Retail 1,1% - 0,1% 0,8% 6,8% - Total 19,4% 13,7% 20,0% 3,8% 21,7% 21,4% Unitholders Investec Limited is the only unitholder holding in excess of 5% of the Fund`s total issued linked units at 31 March 2012, with a 50,01% holding thereof. Number of unitholders 1 817 Property costs The cost to income ratio for the Fund is calculated on the basis where revenue includes: billings for contractual rental income, contractual operating cost recoveries, rates recoveries and turnover rentals whilst the full expense is included as property expenses (except for utility expenses which are reflected net of recoveries). On this basis the net cost to income ratio is 18,2%. Should utility expenses be reflected on a gross basis with the recovery reflected in revenue the cost to income ratio would be 26,0%. Despite rapidly escalating electricity and rates charges, the net cost to income ratio is relatively low as the rate of operating cost recovery from clients has been maintained during the year. Even where we are able to recover these administered costs from our clients, the escalations still increase the total occupancy costs for our clients. In addition, the low cost to income ratio reflects the fact that the Fund has a high proportion of single tenanted properties where municipal charges are paid directly by the client to the relevant authorities. Acquisitions During the year under review we announced the acquisition of 5 properties which will increase the property portfolio by R490,0 million; an increase in assets of 28,9% from the acquired cost of the initial portfolio, including the redevelopment being undertaken for General Electric. Once these acquisitions are concluded this will bring the total portfolio to 34 properties. All acquisitions are anticipated to contribute positively to the results and distributions of the Fund in the forthcoming year. A brief summary of the acquisitions and their current status is as follows: - The Innovation Group building was acquired for R151 million at a 9,75% forward yield and is situated at 192 Bram Fischer Drive, Randburg. This property was refurbished by Investec Property (Pty) Limited in accordance with the client`s specifications and provides 15 500mSquared of quality B-grade office accommodation over 9 floors and two basements providing 516 parking bays and storage space. The Innovation Group, a wholly-owned subsidiary of Innovation Group plc, occupies the entire building with a 10-year rental agreement and an 8,0% annual escalation. The effective date for this acquisition was 1 October 2011 notwithstanding, transfer date, with the Fund required to pay interest on the vendor loan at a call rate until transfer took place in December 2011. - The Scientific Building was acquired for R34,9 million at a 10,0% forward yield and is situated in the new Cosmo Business Park, just north of Kya Sands, Gauteng. This property provides 5 733mSquared of industrial and auxiliary office space and is fully let to the Scientific Group on a 7-year lease with an 8,0% annual escalation. The Scientific Group provides diagnostic and medical equipment to the health industry. The effective date for this acquisition was 1 October 2011, notwithstanding transfer date, with the Fund required to pay interest on the vendor loan at a call rate until transfer takes place. We anticipate that transfer will take place in the first quarter of the next financial year. - In October 2011 we announced the acquisition of Great North Road Plaza in Musina situated in the Limpopo Province to the value of R145 million. This property provides 13 561mSquared of retail space, 88,0% of which is let to national tenants. It is anticipated to yield 9,2% in the first year and transfer of this property is anticipated in the first quarter of the next financial year following receipt of the necessary competition approval. - In November 2011 we announced the acquisition of the General Electric Building located at 130 Gazelle Street, Corporate Park, Midrand for a total purchase consideration including redevelopment costs of approximately R119,1 million at a 9,0% initial forward yield. Investec Property (Pty) Limited will undertake the refurbishment of the building on behalf of the Fund. The property provides 11 180mSquared of office and industrial space and is fully let under an 8-year lease with an 8,5% escalation to General Electric South Africa. Transfer of this property is anticipated in the first quarter of the next financial year. - In March 2012 we announced the acquisition of the British American Tobacco (BAT) Building located at 285 Maggs Street, Waltloo, Pretoria for a total purchase consideration of R40 million at a 10,25% forward yield. The Property is an industrial warehouse facility providing 13 170mSquared of GLA comprising 87% warehouse space and 13% of office space. The property was specifically redeveloped for BAT South Africa who is the sole tenant. The lease is for 5 years escalating at 8%, with the option to renew for a further five years thereafter. Any rates increases above 8% are recoverable from the tenant. In terms of the lease the Fund will be responsible for insurance and repairs and maintenance. The effective date for this acquisition was 1 December 2011, notwithstanding transfer date, with the Fund required to pay interest on the vendor loan at Jibar plus 225 bps until transfer takes place, which is anticipated in the first quarter of the next financial year. No properties were disposed of in the year under review. Fair value adjustments The independent revaluation of our property portfolio resulted in a R139,2 million increase in the value of our portfolio. Valuations are conducted annually by independent valuators and we believe fairly reflect the open market value of the properties, with each property being independently valued at least every 3 years. The increase in fair value is primarily due to the escalation of rentals over the period. In certain instances, a lower valuation than the independent valuation was adopted by the Board as it takes a conservative view on valuations and does not recognise the valuation attributable to vacant space where there is any uncertainty in the short-term ability to let this space and any value attributable to undeveloped bulk, both of which are valued by the independent valuers. Consequently the fair value attributed to the total property portfolio by the Board is R62,4 million less than that attributed by the independent valuers. The total fair value adjustment attributed to investment properties is reduced by the total straight-line rental revenue adjustment that has already been attributed to the fair value of the investment properties. The debentures forming part of our linked units are reflected at fair value which represents the net asset value attributable to debenture holders. In terms of the debenture trust deed, the interest payable on the debentures is always at a minimum 999 times the dividend payable on the ordinary shares. Ultimately all the fair value adjustments on the assets and liabilities of the Fund are therefore attributable to the debentures. Consequently the net effect of the fair value adjustments on investment property, borrowings and derivative assets is adjusted to the fair value of the debentures. Arrears Receivables have been tightly managed for the year and at year-end, arrears were limited to R1,4 million; representing 0,7% of total collectables. A provision of R1,2 million has been provided for potential bad debts. Borrowings The Fund was ungeared at listing to provide a strong acquisitive platform. To finance the acquisitions we have raised a bridge loan of R500 million and a working capital facility of R20 million to fund capital expenditure. Both facilities have been provided by Investec Bank Limited and we are paying a margin of 225 bps above Jibar. There are no commitment or facility fees on the undrawn facilities. Of the acquisitions only Innovation (R151,0 million) transferred before year-end which was funded from the bridge loan. The cash generated by the Fund in the second half of the year was used to reduce this loan to minimise the finance costs of the Fund. With the Scientific (R34,9 million) and BAT (R40,0 million) acquisitions being effective in the current year we have included these properties in our property portfolio and raised the corresponding vendor loans of R74,9 million, bringing the total borrowings to R132,1 million at year-end, including the fair value adjustment of R1,2 million on our fixed for variable interest swap derivative instrument. After year-end we registered a R1 billion domestic medium-term note ("DMTN") programme and successfully placed R450 million of secured notes, the proceeds of which will be used to repay the outstanding borrowings and the balance of the acquisitions, other than BAT. As part of this programme we obtained a BBB+ credit rating on an unsecured basis and an A for the secured notes which we issued. These notes were placed at an all in rate of 8,3% providing an attractive medium-term debt facility for the Fund. At listing we indicated a maximum gearing level of 50% loan to value ratio ("LTV"), although we will target an LTV between 30% - 40%. At year-end the LTV of the Fund was 6,2%, however taking into account that this includes the cash to be distributed to linked unitholders the effective LTV is 10,2%. Once all acquisitions have been concluded the LTV will be 20,4%. With the primary purpose of the Fund being to invest in real estate the Board has taken the decision not to speculate in interest rates on our borrowings and have established a policy that a minimum of 75% of total borrowings be fixed. At year-end with only the Innovation acquisition (R151 million) having transferred, the Fund took out a fixed interest rate derivative providing nominal cover of R113,3 million for this exposure. The fixed rate obtained was 7,15% which has been factored into our determination of the all in borrowing cost of the Fund of 8,3% above. As alluded to earlier there was a R1,2 million fair value adjustment on this derivative instrument at year-end. Post-balance sheet events Other than the registration of the DMTN programme and the issue of R450 million of secured notes after year-end as described above, there have been no material events that occurred between the year-end and the date of these reviewed preliminary condensed financial results that would have a material effect on the financial results of the Fund. Sustainability and prospects Sustainability is a key business imperative for the Fund. The Board will continue to manage the areas of risk that fall under its direct control and will seek to manage the property portfolio to enhance value for stakeholders and to provide quality space for our clients. Future investment will be targeted at attractive properties that provide stable rental income and good growth prospects over time. The Board expects that the renewal of tenancies in the year ahead will continue to be challenging and, accordingly, client retention will remain a high priority. Given this environment, but taking the announced acquisitions into account and ignoring any future acquisitions, the Board believes that the Fund should be able to deliver growth in distributions for FY2013 in the region of 8%. This forecast is based on the assumptions that the macro-economic environment will not deteriorate markedly, no major corporate failures will occur, budgeted renewals will be concluded and that clients will be able to absorb the recovery of rising rates and utility costs. Budgeted rental income was based on contractual escalations and market-related renewals. The information and opinions contained above are recorded and expressed in good faith and are based upon sources believed to be reliable. No representation, warranty, undertaking or guarantee of whatever nature is made or given concerning the accuracy and/or completeness of such information and/or the correctness of such opinions. This forecast has not been reviewed or reported on by the Fund`s independent external auditors. On behalf of the Board of Investec Property Fund Limited Sam Hackner Sam Leon Chairman Chief Executive Officer 17 May 2012 Review conclusion Ernst & Young Inc., the Fund`s independent auditors, have reviewed the preliminary condensed financial results and have expressed an unmodified review conclusion on the preliminary condensed financial results, which is available for inspection at the company`s registered office. Distributions Interim dividend number 1 of 0,029 cents and debenture interest payment number 1 of 43,705 cents totaling 43,734 cents per linked unit were declared for the six months ended 30 September 2011 and were paid on 12 December 2011. Notice is hereby given of final gross dividend declaration number 2 of 0.035 cents (after applying the dividend withholding tax of 15% would provide a net dividend of 0.0298 cents) and debenture interest payment number 2 of 49,252 cents per linked unit totaling 49,287 cents per linked unit for the year ended 31 March 2012, payable to holders of the linked units as recorded in the books of the company at the close of business on Friday, 29 June 2012. Issued Share Capital: 170 000 000 ordinary shares with a nominal value of 1 cent each Income tax reference number: 9332/719/16/1 The salient dates relating to the final distribution are as follows: Last day to trade in order to participate in the Friday, 22 June 2012 distribution Linked units to trade ex distribution Monday, 25 June 2012 Record date Friday, 29 June 2012 Distribution posted/paid to certificated linked Monday, 02 July 2012 unitholders Accounts credited by CSDP or broker to Monday, 02 July 2012 dematerialised linked unitholders Linked units may not be dematerialised between Monday, 25 June 2012 and Friday, 29 June 2012, both days inclusive. The above dates and times are subject to amendment. Any such amendment will be released on SENS and published in the press. By order of the Board Investec Bank Limited Company Secretary 17 May 2012 Directors S Hackner* (Chairman) SR Leon* (Chief Executive Officer) MP Crawford# (Lead Independent Director) DAJ Donald* (Chief Financial Officer) S Mahomed# CM Mashaba# MM Ngoasheng# GR Rosenthal# * Executive # Independent non-executive Changes to the board S Mahomed has been appointed to the Board effective 14 May 2012. Registered office C/o Company Secretarial Investec Limited 100 Grayston Drive, Sandown, Sandton, 2196 PO Box 785700, Sandton, 2146 Transfer secretary Computershare Investor Services (Pty) Limited (Registration number 2004/003647/07) Ground Floor, 70 Marshall Street, Johannesburg, 2001 PO Box 61051, Marshalltown, 2107 Sponsor Investec Bank Limited 100 Grayston Drive, Sandown, Sandton, 2196 PO Box 78949, Sandton, 2146 For a copy of the Fund`s results, refer to the website: http:/www.investecpropertyfund.com Date: 17/05/2012 07:30:03 Supplied by www.sharenet.co.za Produced by the JSE SENS Department . The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. 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