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 Date: 20/06/2014 12:35:00 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.