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 18 November 2015 and 27 November 2015 relating to the declaration and finalisation of a cash distribution for the six months ended 30 September 2015 of 26.61692 cents (“Cash Distribution”) per Accelerate share and the dividend reinvestment alternative (“Share Reinvestment Alternative”). Shareholders holding 23,920,290 Accelerate shares or 3.24% of Accelerate’s issued shares qualifying to receive the dividend elected to receive the Share Reinvestment Alternative, resulting in the issue of 994,755 new ordinary shares of no par value and the retention of R6,366,434.11 (based on the discounted issue price of R6.40 for the new shares net of dividend withholding tax) in new equity for Accelerate. Accordingly, a Cash Distribution of R185,993,727.06 is payable today in respect of 714,740,760 Accelerate shares. 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 Thursday, 17 December 2015, in line with the adjusted settlement dates as indicated in the aforementioned SENS announcements. 14 December 2015 Fourways Investment Bank and Transaction Sponsor to Accelerate Investec Bank Limited Date: 14/12/2015 04:49:00 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.