Announcement of dividend reinvestment price and confirmation of finalisation information 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) ANNOUNCEMENT OF DIVIDEND REINVESTMENT PRICE AND CONFIRMATION OF FINALISATION INFORMATION Introduction Further to the announcement of the declaration of the cash distribution (“Cash Distribution”) and dividend reinvestment alternative (“Share Reinvestment Alternative”) included in the Company’s results for the year ended 31 March 2015 (“Results Announcement”) released on the Stock Exchange New Service on Monday, 22 June 2015 and in the press on Tuesday, 23 June 2015, the price applicable to Accelerate Property Fund shareholders (“Shareholders”) electing the Share Reinvestment Alternative and recorded in the register on Friday, 17 July 2015 (“Record Date”), is R6.45 (“Reinvestment Price”). Reinvestment Price The Reinvestment Price of R6.45 is based on a 3.1% discount to the 5-day volume weighted average price (“VWAP”) (ex-dividend) of R6.66, as at close of business on Thursday, 2 July 2015. The Reinvestment Price represents a discount of 6.5% to the 5-day VWAP and closing price of R6.90 as at close of business on Thursday, 2 July 2015. Dividend withholding tax (“Dividend Tax”) implications Dividend Tax implications for South African resident Shareholders Dividends received from a Real Estate Investment Trust (“REIT”) are exempt from Dividend Tax in the hands of South African resident Shareholders provided that the Shareholders have provided the requisite declaration as to residence as detailed in paragraph 5 of the circular to Shareholders dated and posted on Friday, 26 June 2015 (“Circular”). South African resident Shareholders, who have submitted the requisite documentation and are exempt from Dividend Tax, will accordingly receive a net dividend of 25.21490 cents per share. Dividend Tax implications for non-resident Shareholders Dividends received from a REIT by a non-resident Shareholder will be subject to Dividend Tax at 15%, unless the rate is reduced in terms of any applicable agreement for the avoidance of double taxation (“DTA”) between South Africa and the country of residence of the non-resident Shareholder. A reduced dividend withholding rate in terms of the applicable DTA may only be relied upon if the non-resident Shareholder has provided the requisite documentation as detailed in paragraph 5 of the Circular. Non- resident Shareholders who have submitted the requisite documentation, and assuming that a Dividend Tax rate of 15% is applicable, will accordingly receive a net dividend of 21.43267 cents per share. The impact of Dividend Tax on shareholders has been illustrated by way of the example below: South African resident Non-resident Dividend per share (cents) 25.21490 25.21490 Dividend Tax per dividend (cents) - -3.78223 Total net dividend per share (cents) 25.21490 21.43267 Reinvestment Price (R) 6.45 6.45 New shares issued per 100 shares 3.90929 3.32289 Due to the fact that the Cash Distribution or Share Reinvestment Alternative may have tax implications for resident and non-resident Shareholders, Shareholders are encouraged to consult their professional advisors should they be in any doubt as to the appropriate action to take. Other information: - A dividend withholding tax of 15% will be applicable on the dividend portion to all Shareholders who are not exempt. - The issued share capital at the finalisation date is 691,423,255 ordinary shares of no par value. Trading of Accelerate Property Fund shares As published in the Results Announcement, Shareholders electing the Share Reinvestment Alternative are requested to note that the new shares will be listed on LDT + 3 and that these new shares can only be traded on LDT + 3, being Wednesday, 15 July 2015, due to the fact that settlement of the shares will be three days after the Record Date, which differs from the conventional one day after Record Date settlement process. Shareholders are reminded that the last day to elect to receive the Share Reinvestment Alternative is 12:00 (South African time) on Friday, 17 July 2015. The salient dates, timetable and all other information relating to the Cash Distribution and Share Reinvestment Alternative disclosed in the Results Announcement remain unchanged. Johannesburg 3 July 2015 Investment Bank and Transaction Sponsor Investec Bank Limited Date: 03/07/2015 10:35:00 Produced by the JSE SENS Department. 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