Results of the private placement ACCELERATE PROPERTY FUND LIMITED (formerly Encha Prime Investments Proprietary Limited) (Incorporated in the Republic of South Africa) (Registration number 2005/015057/06) Share code: APF ISIN: ZAE000185815 (“Accelerate” or “the Company”) RESULTS OF THE PRIVATE PLACEMENT 1. Introduction Institutional investors, invited investors and private clients of selected stock broking companies in South Africa (“Qualifying Investors”) are referred to the Company’s pre-listing statement issued on Wednesday, 27 November 2013 and to the announcement published on SENS on Wednesday, 27 November 2013, which included the Company’s abridged pre-listing statement, detailing an offer by way of a private placement of Accelerate ordinary shares (“Accelerate Shares”) (“the Private Placement”) and the subsequent listing of Accelerate on the Main Board of the JSE Limited (“JSE”). 2. Results of the Private Placement Applications of R1.9 billion were received from Qualifying Investors in terms of the Private Placement and 385,399,269 Accelerate Shares (“Private Placement Shares”) will be placed with Qualifying Investors at R4.88 per Accelerate Share upon listing. Accordingly, due to the significant demand from Qualifying Investors for the Private Placement, the underwrite from Syzigium (a wholly owned subsidiary of FirstRand Limited) was not utilised and in addition, The Michael Family Trust renounced a significant proportion of its pre-commitment of R475 million, in favour of Qualifying Investors. The allocated Private Placement Shares will be transferred to successful applicants on the date of listing, being Thursday, 12 December 2013. 3. Conditions precedent The Private Placement and listing remains conditional on 90% (by value) of the land in respect of the property portfolio having been transferred to Accelerate prior to the listing date. 4. Listing It is envisaged that a total of 638,916,817 Accelerate Shares will be listed on the Main Board of the JSE with effect from the commencement of trade on Thursday, 12 December 2013 under the “Real Estate Holding and Development” sector, subject to the above condition precedent being fulfilled. Accelerate shares will trade under the abbreviated name: “ACCPROP”, JSE share code: “APF” and ISIN: ZAE000185815. 5 December 2013 Johannesburg Investment Bank and Sponsor Investec Bank Limited Lead Sponsor KPMG Services Proprietary Limited Attorneys Glyn Marais Inc. Date: 05/12/2013 05:30:00 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. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.