Announcement of dividend re-investment 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 RE-INVESTMENT PRICE AND CONFIRMATION OF FINALISATION INFORMATION Introduction Further to the announcement of the declaration of the cash dividend (“Cash Dividend”) and dividend re-investment alternative (“Share Re-Investment Alternative”) included in the Company’s results for the six months ended 30 September 2016 (“Results Announcement”) released on the Stock Exchange New Service (“SENS”) of the JSE Limited (“JSE”) on Tuesday, 8 November 2016 and in the press on Wednesday, 9 November 2016, the price applicable to the shareholders of Accelerate (“Shareholders”) electing the Share Re-Investment Alternative and recorded in the register on Friday, 25 November 2016 (“Record Date”), is R6.40 (“Re-Investment Price”). Re-Investment Price Accelerate shareholders (“Shareholders”) are referred to the announcement released by the Company on SENS as well as the circular posted to Shareholders on Monday, 24 October 2016, which contained details regarding the acquisition of an offshore property portfolio (“Offshore Portfolio Acquisition”). The Re-Investment Price of R6.40 represents an estimated 8.5% discount to Accelerate’s net asset value per share after the Offshore Portfolio Acquisition and reflects an implied 12-month forward yield of approximately 9.7%, from the projected issue date, after taking into account the impact of the Offshore Portfolio Acquisition. The Re-Investment Price represents a discount of 0.8% to the closing price of R6.45, on Monday, 14 November 2016. 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 Tuesday, 8 November 2016 (“Circular”). South African resident Shareholders, who have submitted the requisite documentation and are exempt from Dividend Tax, will accordingly receive a dividend of 28.76627 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 24.45133 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) 28.76627 28.76627 Dividend Tax per dividend (cents) - (4.31494) Total net dividend per share (cents) 28.76627 24.45133 Re-Investment Price (R) R6.40 R6.40 New shares issued per 100 shares 4.49473 3.82052 Due to the fact that the Cash Dividend or Share Re-Investment 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 entitled to receive the Cash Dividend at the finalisation date is 808 582 146 ordinary shares of no par value before any election to re-invest the Cash Dividend. Trading of Accelerate shares As published in the Circular, Shareholders electing the Share Re-Investment 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, 30 November 2016, as 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 record date to elect to receive the Share Re-Investment Alternative is 12:00 (South African time) on Friday, 25 November 2016. The salient dates, timetable and all other information relating to the Cash Distribution and Share Re- Investment Alternative disclosed in the Results Announcement and Circular remain unchanged. Fourways 15 November 2016 Investment Bank and Transaction Sponsor Investec Bank Limited Sponsor The Standard Bank of South Africa Limited Date: 15/11/2016 12:15:00 Produced by the JSE SENS Department. 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