Change in Directorate 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) CHANGE IN DIRECTORATE Shareholders are advised that Mr John Doidge, an independent non-executive director, will be retiring from the board of directors of Accelerate (“Board”) with effect from 31 March 2019. The Board expresses its appreciation to Mr Doidge for his valuable contribution and wise counsel since he was appointed to the Board in June 2013. Shareholders are further advised that Dr Gert Cruywagen, the Chairman of the Board, will step down as Chairman and revert to his previous position as Lead Independent Director with effect from 31 March 2019. The Board thanks Dr Cruywagen for his leadership following the resignation of Mr Tito Mboweni in October 2018. Mr Timothy Fearnhead, an existing independent non-executive director, has been appointed as Chairman of the Board with effect from 31 March 2019. Mr Fearnhead has been the Chairman of the Audit and Risk Committee since listing and is extremely well placed to assume the responsibilities of Chairman. As a result of the above changes, the following changes will take effect on the Board committees with effect from 31 March 2019: • Dr Gert Cruywagen will replace Mr Timothy Fearnhead as Chairman of the Audit and Risk Committee • Ass Prof Francois Viruly will replace Mr John Doidge as a member and Chairman of the Remuneration Committee • Mr Timothy Fearnhead will replace Dr Gert Cruywagen as Chairman of the Nominations Committee The Board is in the process of appointing additional non-executive directors to the board with a particular focus on property and financial skills, taking into account the need to strengthen diversity on the board. Fourways 15 March 2019 Sponsor The Standard Bank of South Africa Limited Date: 15/03/2019 05:05:00 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.