ACCELERATE PROPERTY FUND LTD - Results of the secondary offering of Accelerate shares and dealing by an associate of a director

Results of the secondary offering of Accelerate shares and dealing by an associate of a director

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)

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, INTO OR IN
THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN. THIS ANNOUNCEMENT DOES NOT
CONSTITUTE OR FORM AN OFFER OF SECURITIES IN THE UNITED STATES OR ANY OTHER
JURISDICTION.

Results of the secondary offering of Accelerate shares and dealing by an associate of a director

1.   Results of the offer

Shareholders are referred to the announcement released on SENS earlier today regarding the
secondary offering of 27 344 829 Accelerate ordinary shares (the “Offer Shares”), made by the Michael
Family Trust to qualifying institutional investors only (the “Offer”).

Shareholders are advised that the accelerated bookbuild has closed and the Offer was more than two-
times over-subscribed. All of the Offer Shares have been successfully placed at a price of R5.50, for
total consideration of R150 396 560.

The Offer will settle on Thursday, 25 September 2014.

2.   Dealing in shares by an associate of a director

Michael Georgiou, the chief executive officer of Accelerate, is a trustee and beneficiary of the Michael
Family Trust. The Michael Family Trust is considered to be an an associate of Michael Georgiou.

The off-market sale of 27 344 829 Offer Shares by the Michael Family Trust is classified as a dealing
in securities by an associate of a director in terms of section 3.63 of the Listings Requirements of the
JSE Limited. This sale will decrease the Michael Family Trust’s beneficial interest in the Company to
40 924 783 Accelerate Shares, representing 6.1% of the total number of Accelerate Shares in issue.
The Michael Family Trust together with Fourways Precinct (Pty) Ltd, solely owned by Michael
Georgiou, will in aggregate continue to hold 256 063 772 shares, representing 38.3% of the total
number of Accelerate shares in issue.


Johannesburg
17 September 2014

Bookrunner
Rand Merchant Bank (A division of FirstRand Bank Limited)

Sponsor
KPMG Services (Pty) Ltd

This announcement is not for publication or distribution or release, directly or indirectly, in the United
States of America (including its territories and possessions, any state of the United States and the
District of Columbia). This announcement does not constitute or form part of an offer or solicitation of
an offer to purchase or subscribe for securities in the United States or any other jurisdiction. The
securities referred to herein have not been and will not be registered under the United States Securities
Act of 1933, as amended (the "Securities Act"), and may not be offered or sold, directly or indirectly, in
the United States, absent registration or an exemption from, or transaction not subject to, the
registration requirements of the Securities Act. No public offering of securities is being made in the
United States. This announcement does not and is not intended to constitute an offer to the public in
South Africa in terms of Chapter VI of the South African Companies Act, 1973 (as amended). Neither
this announcement nor any copy of it may be taken, transmitted or distributed, directly or indirectly in or
into the United States, Canada, Australia or Japan.

This announcement is for information purposes only and in member states of the European Economic
Area (other than the United Kingdom) is directed only at persons who are qualified investors (as defined
in article 2(1)(e) of EU directive 2003/71/EC (the "Prospectus Directive") and the relevant implementing
rules and regulations adopted by each Member State). In the United Kingdom, this announcement is
directed only at the following persons: investment professionals falling within article 19(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); and high net
worth entities, and other persons to whom it may lawfully be communicated, falling within article 49(2)(a)
to (d) of the Order.

This announcement has been issued by and is the sole responsibility of Accelerate. No representation
or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability
is or will be accepted by RMB or by any of its respective affiliates or agents as to, or in relation to, the
accuracy or completeness of this announcement or any other written or oral information made available
to or publicly available to any interested party or its advisers, and any liability therefore is expressly
disclaimed.

This announcement does not purport to identify or suggest the risks (direct or indirect) which may be
associated with an investment in the securities. Any investment decision to purchase Offer Shares must
be made solely on the basis of publicly available information which has not been independently verified
by RMB.

In connection with the Offer, RMB is acting only for the Michael Family Trust and no one else, and will
not be responsible to anyone other than the Michael Family Trust for providing the protections offered
to clients of RMB nor for providing advice in relation to the Offer.

Date: 17/09/2014 12:28:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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 information disseminated through SENS.