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Personal Account Dealing and Trading Policy

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Personal Account Dealing and Trading Policy INVESTEC PROPERTY LIMITED As responsible entity for Investec Australia Property Fund Personal Account Dealing and Trading Policy To apply from the date of listing of Investec Australia Property Fund on ASX For personal use only (To be read in conjunction with the Investec Bank Limited PA Dealing Policy and/or any other relevant Investec Personal Account Dealing Policy. Where more than one policy is relevant, the more restrictive conditions will apply.) 1 1 About this Policy 1.1 Policy statement IPL has introduced controls related to Dealing in securities of IAPF by Restricted Persons consistent with the JSE LR, the FMA, the ASX LR and other Australian regulatory requirements. IPL is a member of Investec. Restricted Persons may already be subject to broad restrictions and controls on personal account Dealing through the Investec Bank Limited PA Dealing Policy and/or another relevant Investec Personal Account Dealing Policy. This Policy provides for further restrictions specific to IAPF. This Policy is intended to prevent individuals from entering into personal transactions that may, or could be perceived to: • amount to market abuse; • involve the misuse of inside or confidential information; • constitute a breach of regulatory requirements or law that apply to IAPF or Investec; or • result in conflicts of interest between Employees, IAPF, Investec and/or their clients. The Fund is listed on JSE and ASX. As such, this Policy must comply with the requirements of both the JSE and ASX. Where the requirement of one exchange is more stringent than the requirement of another exchange, compliance with the more stringent requirement is required. If it is not possible to comply with both the JSE LR and the ASX LR, the RE must comply with the rule or requirement of the Main Trading Exchange at the relevant time. 1.2 Defined terms Act Corporations Act 2001 Associates Defined in Annexure E and includes their closely connected persons and entities, ie their family members, trusts, companies, nominees and other persons over whom a Designated Person has, or may be expected to have, investment control or influence ASX ASX Limited or Australian Securities Exchange, as the context requires ASX LR ASX Listing Rules Audit and Risk Committee Audit and Risk Committee of IPL Business Day A day other than a Saturday, Sunday or public holiday in Sydney, Australia Chairperson Chairperson of IPL Compliance Compliance function of Investec Control Room Investec Australia Compliance Control Room and the SA Group Compliance Control Room Dealing Includes the list of items set out in paragraph 3.1 and Deal has the same meaning For personal use only Designated Persons All Directors, the company secretary, officers and other key management personnel of IPL Directors Directors of IPL Employee Any person employed by IPL and includes the Directors FMA Financial Markets Act, No. 19 of 2012 (South Africa) IAPF Investec Australia Property Fund 2 Inside Information Has the meaning set out in paragraph 6.2 Investec Investec group of companies including Investec Bank plc in relation to any Australian operations where applicable, Investec Holdings Australia Limited and its subsidiaries, and Investec Property Holdings Australia Pty Limited and its subsidiaries IPL Investec Property Limited JSE JSE Limited or Johannesburg Stock Exchange, as the context requires JSE LR JSE Listings Requirements Prescribed Officers Has the meaning set out in Regulation 38 of the Companies Regulations, 2011, promulgated under the Companies Act Price Sensitive Unpublished information of a specific or precise nature that, if it were made Information public, would have a material effect on the price of the IAPF securities Relevant Interest Has the meaning set out in the Corporations Act 2001 (Cwlth) Restricted Person Each Designated Persons, Prescribed Officers, the persons set out in Annexure A and each of their Associates SENS Securities Exchange News Service of the JSE Sponsor Investec Bank Limited 1.3 Application of this Policy This Policy applies to each Restricted Person. 1.4 Ownership and review This Policy is owned by Compliance and will be reviewed annually. 2 Exceptions and Exemptions Compliance may grant exceptions and exemptions to this Policy in circumstances where the outcome: • will not prevent IAPF from meeting relevant regulatory requirements; • is consistent with the principles of this Policy; and • is reported to the Audit and Risk Committee at the next available opportunity. 3 Dealing Covered 3.1 General Dealing This Policy covers Dealing by Restricted Persons in IAPF on the JSE, ASX or any other exchange. It specifically includes: • any acquisition or disposal of, or agreement to acquire or dispose of, any of the securities of IAPF; • entering into a contract (including a contract for difference) to secure a profit or avoid a loss having For personal use only regard to fluctuations in the price of any of the securities of IAPF; • the grant, acceptance, acquisition, disposal, exercise or discharge of any option (whether for the call, or put or both) to acquire or dispose of any of the securities of IAPF; • any Dealing in warrants, single stock futures, contracts for difference or any other derivatives issued in respect of the securities of IAPF; 3 • entering into, terminating, assigning or novating any stock lending agreement in respect of the securities of IAPF; • any donations of securities relating to IAPF; • any transaction, including a transfer for nil consideration, or the exercise of any power or discretion effecting a change of ownership of a beneficial interest in the securities of IAPF; • any purchase or sale of nil or fully paid rights in IAPF; • the acceptance, acquisition, disposal or exercise of any option (including but not limited to options in terms of a share incentive/option scheme) to acquire or dispose of securities in IAPF; and • any other right or obligation, present or future, conditional or unconditional, to acquire or dispose of any securities of IAPF. Dealing includes off-market transactions in the securities of IAPF and related instruments. 3.2 Rights issues and Dividend or Distribution Reinvestment Plan (DRIP) Participation in a rights issue / DRIP (when opting to receive units as an alternative to dividends or distributions) will generally require persons covered by this Policy to make a Dealing decision. Whilst Chairperson approval will not generally be required, persons covered by this Policy should still obtain prior approval from Compliance. 4 Requirement to trade through certain accounts Where a person covered by this Policy is already required to trade through certain accounts, that rule specifically applies to any trading in IAPF securities. 5 How persons to whom this Policy applies must Deal Persons covered by this Policy must obtain prior written permission to Deal in IAPF securities. In this Policy, this permission is sometimes referred to as ‘clearance’ or ‘pre-clearing’. 5.1 Approval to deal Unless an exception applies, anyone subject to this Policy must obtain prior written permission to Deal from all of: • the Chairperson (or if the Chairperson (or their delegate) is seeking permission to Deal in IAPF securities, the lead independent Director of IPL); • the business unit head (if another Investec Personal Account Dealing Policy applies); and • Compliance. Approvals must be submitted on the Permission to Deal Form (set out in Annexure B). Approvals can be facilitated through the Control Room (Compliance can facilitate permission from the Chairperson, lead independent Director or delegate) and will remain valid for 24 hours from the time of granting. For personal use only 5.2 Chairperson may delegate The Chairperson may delegate the approval function to another director in his or her absence. Approval has been delegated to the chair of the Audit and Risk Committee. 4 5.3 Confirmation Trades executed by Directors, company secretaries and their Associates are required to be reported to the JSE. Trades executed by Directors are also required to be reported to the ASX. Trades executed by any person where the person moves from having a Relevant Interest: • of less than 5% in IAPF securities to a Relevant Interest of more than 5% in IAPF securities; • of more than 5% in IAPF securities to a Relevant Interest of less than 5% in IAPF securities; or • of 5% or more to at least one percentage point more; or • of 5% or more to at least one percentage point less, must be reported to the ASX. Once a transaction has been approved and executed, Restricted Persons must provide the Control Room (in both Australia and South Africa) with confirmation within 24 hours of the Dealing identifying the: • date of the transaction; • place of the transaction; • total disposal or acquisition effected; • price of the transaction; and • size of the transaction. The trade notifications should be sent to [email protected] for South Africa-based Employees and at [email protected] for Australia-based Employees. 5.4 Information to be provided to the Sponsor The Director, company secretaries and Prescribed Officers will provide details of relevant transactions to SA Company Secretarial ([email protected]), the Control Room and the Sponsor (so that the transaction can be announced on SENS and ASX within 24 hours of their receipt of the information (if required). The notification must: • be in writing and include the Permission to Deal Form (set out in Annexure B); • include the name of the person making the disclosure;
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