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 senior secured notes listed by the Issuer for the measurement period ending 30 September 2020 (“Measurement Period”): • the Loan to Value Ratio does not exceed 55%; • the Secured Properties Loan to Value Ratio does not exceed 55%; • the Interest Cover Ratio shall be greater than 1.8 times; and • the Secured Properties Interest Cover Ratio shall be greater than 1.8 times. Accelerate wishes to further advise noteholders that the testing of the Issuer’s compliance with the financial covenants for the interim period ended 30 September 2020, has been completed and has been successfully passed. Accelerate confirms that: • the Loan to Value Ratio measures at 46.0%; • the Secured Properties Loan to Value Ratio measures at 44.2%; • the Interest Cover Ratio measures at 2.1 times; and • the Secured Properties Interest Cover Ratio measures at 2.2 times. The compliance certificate is available for inspection at Accelerate’s registered office during normal working hours. 2 December 2020 Debt Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 02-12-2020 02:07:00 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.