Grant and acceptance of awards and dealing in securities by directors and 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) Grant and acceptance of awards in terms of the conditional share plan and dealing in securities by directors and an associate of a director In compliance with section 3.63 to 3.66 of the Listings Requirements of the JSE Limited (“Listings Requirements”), Accelerate hereby advises its shareholders (“Shareholders”) of the information pertaining to the award (“the Award”) and acceptance thereof, by executive directors of the Company, of conditional rights to ordinary shares in the share capital of Accelerate (“Shares”) in terms of the rules of the Conditional Share Plan (“the Plan”). The Award comprises an award of: - conditional rights to Shares, the vesting of which is subject to the fulfilment of the employment condition and performance condition(s) as specified in the award letter (“Performance Shares”); and - top up award Shares, comprising of both conditional rights to Shares, the vesting of which is subject to the fulfilment of the employment condition, as specified in the award letter (“Retention Shares”), and Performance Shares (collectively, “Top Up Award Shares”). The salient features of the Plan are set out in Annexure 9 to the notice of annual general meeting 2014. The information relating to dealing in Accelerate shares by a director or an associate of a director of the Company is disclosed as follows: Name of director: Andrew Costa Name of company: Accelerate Property Fund Limited Name of associate: AC Investment Trust Associate relationship: Andrew Costa is a trustee and beneficiary of the AC Investment Trust Nature of transaction: Off-market acceptance of an award of Performance Shares and Top Up Award Shares Date of acceptance of award: 18 September 2014 Number of shares: Allocation of Top Up Award Shares: - 414,594 Performance Shares (Vesting date: 11 August 2017) - 466,418 Performance Shares (Vesting date: 11 August 2018) - 252,118 Retention Shares (Vesting date: 11 August 2017) - 278,458 Retention Shares (Vesting date: 11 August 2018) Allocation of Performances Shares: - 829,187 Performance Shares (Vesting date: 11 August 2017) Class of shares: Ordinary shares Price per share: N/A Total value of the transaction: N/A Extent of interest: Indirect beneficial Name of director: Dimitri Kyriakides Name of company: Accelerate Property Fund Limited Nature of transaction: Off-market acceptance of an award of Performance Shares and Top Up Award Shares Date of acceptance of award: 18 September 2014 Number of shares: Allocation of Top Up Award Shares: - 51,824 Performance Shares (Vesting date: 11 August 2017) - 58,302 Performance Shares (Vesting date: 11 August 2018) - 31,515 Retention Shares (Vesting date: 11 August 2017) - 34,807 Retention Shares (Vesting date: 11 August 2018) Allocation of Performances Shares: - 352,405 Performance Shares (Vesting date: 11 August 2017) Class of shares: Ordinary shares Price per share: N/A Total value of the transaction: N/A Extent of interest: Direct beneficial Name of director: John Paterson Name of company: Accelerate Property Fund Limited Nature of transaction: Off-market acceptance of an award of Performance Shares and Top Up Award Shares Date of acceptance of award: 18 September 2014 Number of shares: Allocation of Top Up Award Shares: - 207,297 Performance Shares (Vesting date: 11 August 2017) - 233,209 Performance Shares (Vesting date: 11 August 2018) - 126,029 Retention Shares (Vesting date: 11 August 2017) - 139,229 Retention Shares (Vesting date: 11 August 2018) Allocation of Performances Shares: - 414,594 Performance Shares (Vesting date: 11 August 2017) Class of shares: Ordinary shares Price per share: N/A Total value of the transaction: N/A Extent of interest: Direct beneficial Clearance for these transactions was provided in terms of section 3.66 of the Listings Requirements. Johannesburg 19 September 2014 Sponsor KPMG Services (Pty) Limited Date: 19/09/2014 08:30:00 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.