ACCELERATE PROPERTY FUND LTD - Trading statement for the year ended 31 March 2014

Trading statement for the year ended 31 March 2014

Accelerate Property Fund Limited
Incorporated in the Republic of South Africa
Registration number 2005/015057/06
Share code: APF ISIN: ZAE000185815
(“Accelerate” or “the Company”)
(Approved as a REIT by the JSE)


TRADING STATEMENT FOR THE YEAR ENDED 31 MARCH 2014

In terms of the Listings Requirements of the JSE Limited ("JSE"),
companies are required to publish a trading statement as soon as
they are satisfied that a reasonable degree of certainty exists that
the financial results for the period to be reported on will differ
by 20% or more from a profit forecast previously provided to the
market in relation to such period.

Accelerate shareholders are advised that for the year ended 31 March
2014:

  -   Headline earnings per share (“HEPS”) is expected to be between
      165% and 175% higher in comparison to the profit forecast
      previously published for the four months ending 31 March 2014
      of 18.83 cents. The increase in HEPS is due to the fact that
      the number of shares used to calculated HEPS in the profit
      forecast was not weighted as the profit forecast was for a
      four month period, however, the number of shares in issue used
      to calculate HEPS for the twelve months ended 31 March 2014
      was weighted from the date of the listing.
  -   Earnings per share (“EPS”) is expected to be between 690% and
      700% higher in comparison to the profit forecast previously
      published for the four months ending 31 March 2014 of 36.02
      cents. The increase arose mainly as a result of fair value
      adjustments relating to property valuations as well as a
      financial instruments gain, and the weighting of the number of
      shares in issue used to calculate EPS for twelve months ended
      31 March 2014.
  -   Distribution per share will remain largely unchanged from that
      which was previously published in the profit forecast for the
      four months ending 31 March 2014.

The financial information on which this trading statement is based
has not been reviewed or reported on by Accelerate’s independent
auditors.


Johannesburg
20 June 2014

Sponsor
KPMG Services (Pty) Limited

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