Results of dividend reinvestment alternative Accelerate Property Fund Limited Approved as a REIT by the JSE (Incorporated in the Republic of South Africa) (Registration number 2005/015057/06) Share code: APF ISIN: ZAE000185815 (“Accelerate”) RESULTS OF DIVIDEND REINVESTMENT ALTERNATIVE Shareholders are referred to the announcements released on the Stock Exchange News Service ("SENS") on 22 June 2015 and 3 July 2015 relating to the declaration and finalisation of a cash distribution for the six months ended 31 March 2015 of 25.21490 cents (“Cash Distribution”) per Accelerate share and the dividend reinvestment alternative (“Share Reinvestment Alternative”). Shareholders holding 143,086,133 Accelerate shares or 22.34% of Accelerate’s issued shares qualifying to receive the dividend elected to receive the Share Reinvestment Alternative, resulting in the issue of 5,585,285 new ordinary shares of no par value and the retention of R36 025 076.98 (based on the discounted issue price of R6.45 for the new shares net of dividend withholding tax) in new equity for Accelerate. Accordingly, a Cash Distribution of R125,385,361.15 is payable today in respect of 497,266,938 Accelerate shares. Dividend cheques in respect of certificated shareholders who elected to receive the Cash Distribution were posted today and share certificates in respect of certificated shareholders who elected the Share Reinvestment Alternative will be posted on Wednesday, 22 July 2015, to such certificated shareholders at their risk. The Central Securities Depository Participants (“CSDP”) or broker custody accounts in respect of dematerialised shareholders who elected to receive the Cash Distribution will be credited today and the CSDP or broker custody accounts in respect of dematerialised shareholders who elected the Share Reinvestment Alternative will be credited with their new shares on Wednesday, 22 July 2015, in line with the adjusted settlement dates as indicated in the aforementioned SENS announcements. 20 July 2015 Johannesburg Investment Bank and Transaction Sponsor to Accelerate Investec Bank Limited Date: 20/07/2015 11:35:00 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.