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Compliance with Financial Covenants – as at 31 March 2022

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Published: 2022-07-06 12:01:00 ET
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INVESTEC PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Reg. No: 2008/011366/06)
Approved as a REIT by the JSE
Bond Code: INV
ISIN: ZAE000180915
("Investec Property Fund" or "the Fund")


Compliance with Financial Covenants – as at 31 March 2022

Pursuant to the Domestic Medium Term Note Programme, dated 04 June 2019, and referred to in the
Applicable Pricing Supplements, Investec Property Fund Limited has complied, in all material respects,
with the relevant financial loan covenants as at 31 March 2022 in respect of the financial covenants as
follows:

1.    Measured at issuer level and applicable to all notes in issue
      a. The group issuer interest cover ratio is at least 2 times;
      b. The group issuer loan to value does not exceed 50%; and
      c. The group encumbered assets to value ratio does not exceed 70%.

2.    Measured in respect of secured notes only and pursuant to the mortgage bonds provided as part
      of the security in respect of the secured notes
      a. The individual tranche loan to value does not exceed 60%.


Date 06 July 2022

Debt Sponsor:       Investec Bank Limited