ACCELERATE PROPERTY FUND LIMITED - APFE - Notification of Financial Covenant Testing Waiver by Noteholders

APFE - Notification of Financial Covenant Testing Waiver by Noteholders

Accelerate Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration No. 2005/015057/06)
Company code: APFE
LEI: 378900D514788C447E45
(Approved as a REIT by the JSE)
("Accelerate" or the "Issuer")

NOTIFICATION OF FINANCIAL COVENANT TESTING WAIVER BY NOTEHOLDERS

Noteholders of the APF18, APF19 and APF20 notes (collectively the "notes") listed by the Issuer are
advised of the following financial covenant requirements applicable to the notes for the
measurement period ended 30 September 2024 ("Measurement Period"):

•     the Loan to Value Ratio does not exceed 50%;
•     the Secured Properties Loan to Value Ratio does not exceed 50% for the APF18 and APF19
      notes and 45% for the APF20 notes;
•     the Interest Cover Ratio shall be greater than 1.7 times for the APF18 and APF19 notes and 2.0
      times for the APF20 notes; and
•     the Secured Properties Interest Cover Ratio shall be greater than 1.7 times for the APF18 and
      APF19 notes and 2.0 times for the APF20 notes.

Accelerate further advises noteholders that the testing of the Issuer's compliance with the financial
covenants for the Measurement Period has been completed. Accelerate confirms that:

•     the Loan to Value Ratio measures at 46.7%;
•     the Secured Properties Loan to Value Ratio measures at 43.3%;
•     the Interest Cover Ratio measured at 1.3 times; and
•     the Secured Properties Interest Cover Ratio measures at 1.5 times.

The Issuer confirms that the financial covenant testing and any non-compliance in respect of the
Interest and Secured Properties Cover Ratios for the Measurement Period, which measured at 1.3
and 1.5 times respectively, has been waived by the noteholders of the notes in issue. The financial
covenant testing in respect of the Interest and Secured Properties Cover Ratios for the notes will
resume for the measurement period ending 31 March 2025.

23 December 2024

Debt sponsor
FirstRand Bank Limited

Date: 23-12-2024 11:06:00
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