ACCELERATE PROPERTY FUND LIMITED - Notification of change to Accelerates credit rating

Notification of change to Accelerate’s credit rating

ACCELERATE PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration No 2005/015057/06)                                                                   Formatted: English (South Africa)
JSE code: APF ISIN code: ZAE000185815
Bond company code: APFE
LEI: 378900D514788C447E45
(REIT status approved)
("Accelerate" or the "Company")


NOTIFICATION OF CHANGE TO ACCELERATE'S CREDIT RATING


Secured noteholders are advised that Accelerate's national scale long- and short-term issuer
rating has changed to C(ZA)/C(ZA) from SD(ZA)/SD(ZA).

The Secured Notes rating by GCR Ratings remains unchanged at CCC+(ZA)(EL), with the outlook of
"Evolving".

The rating action follows GCR's assessment that Accelerate has cured its selective default as it
has resumed the payment of interest under its SPV2 facility in line with contractual agreements.
The ratings also take into account the debt restructuring agreement concluded in March 2025
which refinanced all debt maturities to 31 March 2027.


Fourways

9 December 2025

Equity and Debt Sponsor
Questco Corporate Advisory

Date: 09-12-2025 11:31:00
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