ACCELERATE PROPERTY FUND LIMITED - Results of general meeting

Results of general meeting

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”)

RESULTS OF GENERAL MEETING

Accelerate shareholders (“Shareholders”) are referred to the detailed terms announcement released on the Stock
Exchange News Service of the JSE Limited on 29 June 2015 in which they were advised that the Company had
entered into an agreement with Fourways Precinct Proprietary Limited and Azrapart Proprietary Limited in
respect of the early exercise of the Company’s development option over the Fourways Mall (“the Transaction”).

At the General Meeting (“GM”) of Shareholders held today, 28 January 2016, all the ordinary and special
resolutions (“Resolutions”) necessary to authorise the Transaction were duly passed, without amendment, by the
requisite majority of votes. Further details of the Resolutions can be found in the circular posted to Shareholders
on 18 December 2015 (“the Circular”).

As noted in the Circular, Mr. MN Georgiou is the Chief Executive Officer of Accelerate and is an indirect 36.4%
Shareholder (through Fourways Precinct Proprietary Limited and Michael Family Trust). In the interests of good
corporate governance, Mr MN Georgiou and his associates did not vote on the Resolutions proposed at the GM.

In this regard, Accelerate confirms the voting statistics from the GM as follows:

                                                          Shares voted - as a        Shares abstained - as a
                               Total issued share
Number of shares voted                                 percentage of total issued    percentage total issued
                                     capital
                                                             share capital                share capital
        376 040 618               801 344 008                   46.9%                        35.7%


                                                                Votes disclosed as a percentage of the total
Resolutions                                                       number of shares voted at the meeting
                                                                       For                   Against
Ordinary Resolution No. 1: Approval of the Transaction               100.0%                   0.0%
Ordinary Resolution No. 2: Authority for two directors to            100.0%
                                                                                              0.0%
implement the Resolutions
Special Resolution No.1: Authority for the Company to                100.0%
effect a special issue of shares for cash at practical                                        0.0%
completion
Special Resolution No.2: Authority for the Company to                100.0%
                                                                                              0.0%
effect the Specific Repurchase

The passing of this resolution ensures that Accelerate will secure not less than a 50% undivided share in the
upgraded and enhanced Fourways Mall, the super-regional mall currently being developed in Fourways.

Fourways
28 January 2016

Sponsor
The Standard Bank of South Africa Limited

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