Dealings in Securities by Directors 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) Dealings in Securities by Directors In compliance with sections 3.63 to 3.74 of the Listings Requirements of the JSE Limited, the following information is disclosed: 1. Grant and Acceptance of Awards by Directors Shareholders are hereby advised of the following dealings in securities of Accelerate pertaining to the award (“the Award”) and acceptance thereof, by executive directors of the Company (“Directors”), of conditional rights to ordinary shares in the share capital of Accelerate (“Shares”) in terms of the rules of the Conditional Share Plan (“CSP”). The Award comprises: - conditional rights to Shares, the vesting of which is subject to the fulfilment of the employment condition and performance condition(s) as specified in the award letter (“Performance Shares”); and / or - conditional rights to Shares, the vesting of which is subject to the fulfilment of the employment condition, as specified in the award letter (“Retention Shares”). Performance Shares Name of director: Michael Georgiou Name of company: Accelerate Property Fund Limited Nature of transaction: Off-market acceptance of an award of conditional Performance Shares* Number of securities: 1 422 386 Performance Shares (Vesting date: 1 April 2019) Class of securities: Ordinary shares Strike price per security: n/a Total value of the transaction: n/a Extent of interest: Indirect beneficial Name of director: Dimitri Kyriakides Name of company: Accelerate Property Fund Limited Nature of transaction: Off-market acceptance of an award of conditional Performance Shares* Number of securities: 422 872 Performance Shares (Vesting date: 1 April 2019) Class of securities: Ordinary shares Strike price per security: n/a Total value of the transaction: n/a Extent of interest: Direct beneficial Name of director: Andrew Costa Name of company: Accelerate Property Fund Limited Nature of transaction: Off-market acceptance of an award of conditional Performance Shares* Number of securities: 1 422 386 Performance Shares (Vesting date: 1 April 2019) Class of securities: Ordinary shares Strike price per security: n/a Total value of the transaction: n/a Extent of interest: Indirect beneficial Name of director: John Paterson Name of company: Accelerate Property Fund Limited Nature of transaction: Off-market acceptance of an award of conditional Performance Shares* Number of securities: 884 186 Performance Shares (Vesting date: 1 April 2019) Class of securities: Ordinary shares Strike price per security: n/a Total value of the transaction: n/a Extent of interest: Indirect beneficial *Performance Shares were awarded to directors during June 2016 but as a result of the Company being in a prohibited period at that time, these awards were only accepted by the directors on 14 February 2017. Retention Shares Name of director: Dimitri Kyriakides Name of company: Accelerate Property Fund Limited Nature of transaction: Off-market acceptance of an award of conditional Retention Shares Date of acceptance of award: 14 February 2017 Number of securities: 227 964 Retention Shares (Vesting date: 31 January 2017) 227 964 Retention Shares (Vesting date: 31 January 2018) Class of securities: Ordinary shares Strike price per security: n/a Total value of the transaction: n/a Extent of interest: Direct beneficial Name of director: Andrew Costa Name of company: Accelerate Property Fund Limited Nature of transaction: Off-market acceptance of an award of conditional Retention Shares Date of acceptance of award: 14 February 2017 Number of securities: 455 927 Retention Shares (Vesting date: 31 January 2017) 455 927 Retention Shares (Vesting date: 31 January 2018) 260 831 Retention Shares (Vesting date: 31 January 2019) Class of securities: Ordinary shares Strike price per security: n/a Total value of the transaction: n/a Extent of interest: Indirect beneficial Name of director: John Paterson Name of company: Accelerate Property Fund Limited Nature of transaction: Off-market acceptance of an award of conditional Retention Shares Date of acceptance of award: 14 February 2017 Number of securities: 607 903 Retention Shares (Vesting date: 31 January 2017) 577 508 Retention Shares (Vesting date: 31 January 2018) 359 418 Retention Shares (Vesting date: 31 January 2019) Class of securities: Ordinary shares Strike price per security: n/a Total value of the transaction: n/a Extent of interest: Indirect beneficial 2. Exercise of Awards and issue of Shares to Directors Shareholders are also advised of the following dealings in securities of Accelerate pertaining to the exercise of the Awards by Directors following the vesting of the Retention Shares on 31 January 2017 in terms of the rules of the CSP and the subsequent issuance of Shares to Directors: Name of director: Dimitri Kyriakides Name of company: Accelerate Property Fund Limited Nature of transaction: Off-market exercise of Awards and issue of Shares Date of transaction: 15 February 2017 Number of securities: 227 964 Shares Class of securities: Ordinary shares Price per security: R6.70 Total value of the transaction: R1 527 358.80 Extent of interest: Direct beneficial Name of director: Andrew Costa Name of company: Accelerate Property Fund Limited Nature of transaction: Off-market exercise of Awards and issue of Shares Date of transaction: 15 February 2017 Number of securities: 455 927 Shares Class of securities: Ordinary shares Price per security: R6.70 Total value of the transaction: R3 054 710.09 Extent of interest: Indirect beneficial Name of director: John Paterson Name of company: Accelerate Property Fund Limited Nature of transaction: Off-market exercise of Awards and issue of Shares Date of transaction: 15 February 2017 Number of securities: 607 903 Shares Class of securities: Ordinary shares Price per security: R6.70 Total value of the transaction: R4 072 950.10 Extent of interest: Indirect beneficial 3. Sale of Shares by Directors Shareholders are furthermore advised of the following dealings in securities of Accelerate pertaining to the sale of Shares by Directors: Name of director: Andrew Costa Name of company: Accelerate Property Fund Limited Nature of transaction: On-market sale of Shares Date of transaction: 16 February 2017 Number of securities: 128 000 Shares Class of securities: Ordinary shares Price per security: R6.737 Total value of the transaction: R862 336.00 Extent of interest: Indirect beneficial Name of director: John Paterson Name of company: Accelerate Property Fund Limited Nature of transaction: On-market sale of Shares Date of transaction: 16 February 2017 Number of securities: 320 000 Shares Class of securities: Ordinary shares Price per security: R6.737 Total value of the transaction: R2 155 840.00 Extent of interest: Indirect beneficial Clearance for these transactions was obtained in terms of section 3.66 of the Listings Requirements. Fourways 17 February 2017 Sponsor The Standard Bank of South Africa Limited Date: 17/02/2017 05:20:00 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.