APFE - Financial Covenants Notification Accelerate Property Fund Limited (Incorporated in the Republic of South Africa) (Registration No. 2005/015057/06) Company code: APFE (Approved as a REIT by the JSE) (“Accelerate” or “the Issuer”) FINANCIAL COVENANTS NOTIFICATION Noteholders are advised of the following financial covenant requirements applicable to the notes listed by the Issuer: • the Loan to Value Ratio does not exceed 50%; • the Secured Properties Loan to Value Ratio does not exceed 45%; • the Interest Cover Ratio shall be greater than 2.0 times; and • the Secured Properties Interest Cover Ratio shall be greater than 2.0 times. Accelerate is in the process of finalising its year-end results, which have been delayed as a result of the company wishing to extract and apply as much of the information available arising from the Covid-19 pandemic The Company’s financial results, as well as its integrated annual report, are expected to be published on or before 29th July 2020. Accelerate wishes to further advise noteholders that the testing of the Company’s compliance with the financial covenants for the year ended 31 March 2020 has been completed based on preliminary unaudited financial information. Accelerate has complied with the financial covenants. The necessary compliance certificate is available for inspection at Accelerate’s registered office during normal working hours. 30 June 2020 Debt Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Think Precinct, 1 Merchant Place Cnr Fredman Drive & Rivonia Road Sandton 2196, South Africa P O Box 786273, Sandton, 2146, South Africa Date: 30-06-2020 04:08:00 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.