Renewal of cautionary announcement ACCELERATE PROPERTY FUND LIMITED (Incorporated in the Republic of South Africa) (Registration Number 2005/015057/06) Share code: APF ISIN: ZAE000185815 (Approved as a REIT by the JSE) (“Accelerate” or “the Company”) RENEWAL OF CAUTIONARY ANNOUNCEMENT Further to the cautionary announcements dated 20 April 2016 and 3 June 2016, shareholders are hereby advised that negotiations regarding the off-market acquisition of an offshore portfolio of properties (“Initial Portfolio”) which, if successfully concluded, may have a material impact on the price at which Accelerate shares trade on the JSE Limited, remain ongoing. The Initial Portfolio acquisition is in line with the investment strategy for Europe announced on 20 April 2016, to establish a subsidiary that will focus on the acquisition, management and development of single tenant net leased properties that are strategic to blue-chip multinational or large regional tenants in Central and Eastern Europe. The investment strategy complements Accelerate’s defensive focus in South Africa on quality retail and strategic nodes/properties with Accelerate’s investment objectives to: - Provide exposure only to blue-chip investment grade tenants in countries that are core to them and countries with established domestic industry demonstrated by high gross fixed capital formation, domestic/private consumption, GDP/capita, above average GDP growth and wage growth; - Acquire and develop real estate that other international institutional investors want to own; - Utilise geographic and tenant diversification and low leverage to mitigate portfolio risk; - Deliver superior risk weighted income returns and demonstrateable long term capital growth. Following conclusion of stage one due diligence on the Initial Portfolio and recent developments in Europe, the Initial Portfolio has been down sized to ±€81 million (from ±€140 million announced on 20 April 2016). The transaction remains subject to normal conditions precedent for a transaction of this nature including inter alia a second stage due diligence and final transaction agreements being entered into. Accordingly, shareholders are advised to continue exercising caution when dealing in Accelerate shares until a further announcement in this regard is made Johannesburg 18 July 2016 Investment Bank and Transaction Sponsor Investec Bank Limited Sponsor The Standard Bank of South Africa Limited Date: 18/07/2016 05:25:00 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.