THE FOURWAYS DEVELOPMENT We are pleased to report that the Fourways development has commenced during the reporting period. Approximately m2 of

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1 ACCELERATE PROPERTY FUND LIMITED (Incorporated in the Republic of South Africa) (Registration No 2005/015057/06) JSE code: APF ISIN code: ZAE (REIT status approved) ("Accelerate" or "the company") UNAUDITED FINANCIAL RESULTS FOR THE INTERIM PERIOD ENDED 30 SEPTEMBER 2015 INFORMATION PROVIDED The introductory preamble aims to inform investors regarding the noteworthy changes in the fund from 1 April 2015 to 30 September 2015 and thus predominantly refers to 31 March 2015 for comparative purposes. In the financial review however 30 September 2014 comparative information is provided as required by financial reporting standards. INTRODUCTION AND HISTORY Accelerate listed on 12 December 2013 with 51 properties at a total portfolio value of R5.5 billion and a share price of R Accelerate was formed for the purpose of investing in direct real estate for income generation and capital growth. Accelerate is classified as a Real Estate Investment Trust (REIT) in the Retail REIT sector of the JSE Limited (JSE). To date Accelerate's portfolio has grown by 38% to a portfolio value of R 7.6 billion, with a closing share price at 30 September 2015 of R For the interim period ending 30 September 2015 Accelerate achieved a year on year distribution growth of 10.93% growing the dividend per share from cents per share to cents per share. Accelerate's management have demonstrated the ability to identify, negotiate and conclude attractive property acquisitions, sell non-core properties profitably and extract maximum value out of its existing centres by reducing vacancies and optimising tenant mix. Accelerate is well positioned to create shareholder value by being a participant in the major development in the Fourways area. Acquisitions under consideration by Accelerate are in line with Accelerate's long term strategy of acquiring high quality properties backed by long term leases with reputable tenants. Accelerate is a retail biased fund. OPERATING ENVIRONMENT The global and local economic outlook suggests that the demand side in the property market remains weak as South Africa is still feeling the effects of slow economic growth. The impact of the interest rate hike in 2014 and then the subsequent hike in June 2015 has increased pressure on consumers to service debt and all indications are that there may be further interest rate increases. We have also seen an almost 10% decline in unsecured credit granted year on year in Q2 of 2015, this coupled with increasing inflation rates, will result in greater pressure on consumer spending. These factors will also place retail rentals under pressure requiring a greater focus by landlords on tenant mix and strategic letting. In the office market we have seen the gap between A and B grade office space continue to grow with A grade office space being occupied by stronger tenants with longer term leases showing a much greater resilience to downward pressure on rentals than the B grade space. In the office space the fund is focused on acquiring high quality A or P grade office space backed by long term leases with robust tenants, as evidenced by the KPMG acquisition. The listed property sector continues to offer investors a stable cash flow and consistent capital returns and remains a very attractive alternative to other fixed income investments options. Accelerate's total return on equity for the 12 months ended 30 September 2015 is 22.17%. OPERATIONAL REVIEW Accelerate has remained focused on maximising rental income and tenant recoveries, reduction of vacancies, effectively managing costs and enhancing the quality of Accelerate's property portfolio and return to investors through the considered and measured approach to the acquisition of high quality properties backed by strong tenants and favourable long term leases. On the leasing side Accelerate has made some significant strides forward from 1 April 2015 to 30 September Vacancies have been reduced from 8.81% to 6.69%, the weighted average lease period has improved from 2.87 years to 4.56 years, lease escalations on a portfolio basis still remain strong at 8.53% with the Accelerate retail portfolio being especially resilient to downward pressure on rentals experienced in the market. Accelerate's portfolio value has increased from R 6.77 billion at 31 March 2015 to R 7.65 billion at 30 September 2015 largely due to the acquisition of a portfolio of 6 office properties leased to KPMG Inc. and KPMG Services limited ("the KPMG acquisition"). These properties were acquired through the purchase of the entire issued ordinary share capital of Parktown Crescent Properties Proprietary Limited ("PCP") and 30% of the issued ordinary share capital of Wanooka Properties Proprietary Limited ("Wanooka"), representing the remaining shares in Wanooka not already owned by PCP from current and retired KPMG partners. The portfolio yields a total net rental of R per year through a 15 year triple net lease with KPMG escalating at 8% per annum for the first twelve years of the lease. The acquisition was fully debt funded at a weighted average cost of funding of 3-month JIBAR plus 164 basis points however the debt has subsequently been reduced by R 275 million. The fund refinanced R 300 million of debt maturing in December 2015 and R152 million of debt maturing in September 2017 through the debt capital markets extending the funds weighted average loan term to 3.99 years at 30 September As a result of the KPMG acquisition the debt of the fund has increased to R 2,99 billion at 30 September 2015 from R 2.39 billion at 31 March In addition the fund took out R 300 million of swaps increasing the SWAP nominal value to R 2.3 billion. The funds weighted average cost of debt remains low compared to the market at 7.88%. Below is a summary of Accelerate's key indicators at 30 September 2015 compared to 31 March 2015: Indicator APF property portfolio (total) Retail Specialised retail Office Industrial 30-Sept Mar Sept Mar Sept Mar Sept Mar Sept Mar-15 Number of properties Asset value (R'000) Debt nominal value (R'000) SWAP nominal value (R'000) Loan to value % 39.12% 35.23% Percentage of debt hedged % 76.86% 83.90% Weighted average loan term (years) Weighted average SWAP term (years) Total GLA (m2) GLA as % of portfolio 100,00% 100,00% 60,27% 62,96% 3,56% 3,72% 24,31% 20,94% 11,85% 12,38% Vacancy GLA (m2) Gross Vacancy % (the net of structural vacancy figure is 5.46%) 6.69% 8,81% 6.43% 10,09% ,14% 11,72% - - Contractual Lease escalations % 8.53% 8.46% 8.84% 8.58% 8.09% 8.06% 7.79% 7.78% 9.10% 8.93% Net cost to income ratio % 17.93% 13.44% Weighted average lease period (years) 4,56 2,87 3,1 2,9 4 4,26 9,4 3,05 1,8 1,93

2 THE FOURWAYS DEVELOPMENT We are pleased to report that the Fourways development has commenced during the reporting period. Approximately m2 of retail space will be added to the existing Fourways Mall with a projected date of completion of March The development is being undertaken by a related party to Accelerate. As such Accelerate does not hold any development risk. Upon completion of the development it is estimated that the new development will contribute approximately 60% of the revenue of the combined letting enterprise. Accelerate has committed at the date of completion of the development to acquire the equalising portion of the development so as to ensure that Accelerate receives 50% of the rental stream of the completed development. Accelerate will acquire this equalising portion at a yield of 8%. PROSPECTS AND INVESTMENT PIPELINE On 20 August 2015 Accelerate entered into a purchase agreement with Old Mutual Life Assurance Company (South Africa) Limited ("OMLACSA") to acquire floors 9 to 19 of the prominent 5 star green rated Portside building in Cape Town for a total purchase consideration of R 840 million. This transaction is in progress and is expected to be finalised early in the New Year. For further information on the acquisition please refer to the announcement released on the Stock Exchange News Service a ("SENS") on 24 August The six properties detailed in the announcement released on SENS on 20 November 2014 relating to the Noor transaction are in the process of being transferred to the fund. Several of the properties are situated in Charles Crescent, one of Accelerate's strategic nodes. This transaction is yield enhancing and also holds a long term strategic development goal for Accelerate. The total purchase consideration for these properties is R 468 million and will be settled partly in cash and partly through the issuance of shares to the vendor on transfer. The blended yield of the properties acquired is 9%. Accelerate remains focused and committed to enhancing the quality of its property portfolio and improving yields to investors by growing the fund in a well thought out and considered manner always keeping returns to investors front of mind. FINANCIAL REVIEW We are pleased to report a profit after taxation of R211 million and a distributable profit of R 192 million. The variation between profit before taxation and distributable profit is as a result of a fair value adjustment relating to a mark to market movement of R1.8 million on financial instruments and a straight lining adjustment of R38 million and an antecedent distribution for shares issued during the period of R17 million. Our distribution per share for the period of (30 September 2014: ) cents per share shows a growth of 10.93% on the distribution per share for the interim period ended 30 September Refer to the distribution analysis for more detail as well as comparatives. Accelerate's annualised yield at 30 September 2015 (based on a closing share price at 30 September 2014 of R 5.70) is 9.1%. Accelerate has maintained its local blue-chip tenants and has been approached by international retail brands, which is encouraging for revenue streams. Other than the acquisitions as discussed under the operational review section of this announcement there were no material changes in the company's property and tenant profiles. Accelerate earned a gross rental income of R417.4 million for the period (30 September 2014: R335.7 million). Income and expenses were well managed and this combined with the effect of fixing debt interest rates on 76.8% of Accelerates debt, had a positive effect on profitability, which would otherwise have been detrimentally affected by the interest rate increase. The company's major expenses were largely recovered in terms of its leases and consisted of: utility charges of R89.5 million (30 September 2014: R69.1 million); security of R12.3 million (30 September 2014: R11.5 million); and cleaning costs of R5.4 million (30 September 2014: R4.8 million). The company spent R7.9million (30 September 2014:R7.8 million) on the repair and maintenance of its properties. The net property expenses of R 40.6 million (2014: R 23.6 million) including tenant installations of R 10 million, in conjunction with R 20.8 million in other operating costs (30 September 2014: R14.4 million), resulted in Accelerate reporting an 17.93% cost-to-income ratio (30 September 2014: 14.6%). Consolidated statement of financial position 2015(R'000) 2014(R'000) ASSETS Non-current assets Investment property Derivative financial instruments Equipment Current assets Current tax receivable Trade and other receivables * Cash and cash equivalents Investment property held for sale Fair value of investment property assets - - Total assets EQUITY AND LIABILITIES Shareholders' interest Share capital Other reserves Retained earnings Total equity Non-current liabilities Long-term borrowings Contingent liability on conditional purchase costs Current liabilities Trade and other payables Short-term portion of long-term borrowings Taxation payable (VAT) Total equity and liabilities *Included in the receivables at 30 September 2015 is an amount of R which is a deposit paid to the transferring attorneys for properties being acquired through the "Noor" transaction. These properties are in the process of being transferred to Accelerate. Consolidated statement of comprehensive income 2015(R'000) 2014(R'000) Revenue, excl straight-line rental revenue adjustment Straight-line rental revenue adjustment Revenue Property expenses ( ) (98 842)

3 Net property income Other operating expenses (20 880) (14 493) Operating profit Fair value adjustments (1 860) (27 283) Other income Profit on disposal of asset Finance income Profit before long-term debt interest and taxation Long-term debt interest ( ) (87 304) Profit before taxation Taxation - Profit after taxation attributable to equity holders EARNINGS PER SHARE Basic earnings per share (cents) Diluted earnings per share (cents) DISTRIBUTABLE EARNINGS Profit after taxation attributable to equity holders Less: straight-line rental revenue adjustment (38 249) (9 107) Less: fair value adjustments Add: Antecedent distribution Add: Antecedent distribution (Shares issued after 30 September 2015) Less: profit on sale of property - (12 104) Distributable earnings Distribution per share (cents) Other Share Retained Total Reserves Capital Income Equity Consolidated Statement of changes in equity (R'000) (R'000) (R'000) (R'000) Balance at 1 April 2013 (12) (12) Total Comprehensive income attributable to equity holders Issue of shares Retained earnings on listing Total contributions by and distributions to owners of company recognised directly in equity Balance at 1 April Total Comprehensive income attributable to equity holders Issue of shares Distribution paid - - ( ) ( ) Other reserves Distribution reserve Total contributions by and distributions to owners of company recognised directly in equity ( ) Balance at 31 March Total Comprehensive income attributable to equity holders Issue of shares Distribution paid ( ) ( ) Other reserves Distribution reserve Total contributions by and distributions to owners of company recognised directly in equity Balance at 30 September Consolidated Statement of cash flows 2015(R'000) 2014 (R'000) Cash flows from operating activities Cash generated from operations Finance income Tax paid (3 023) (7 509) Net cash from operating activities Cash flows from investing activities - (16) Purchase of property, plant and equipment Purchase of investment property/capitalised cost ( ) (45 606) Contingent purchase - ( ) Prepayment of properties being acquired (78 206) - Proceeds from disposal of investment property Net cash from investing activities ( ) ( ) Cash flows from financing activities Proceeds on share issue New long-term borrowings Settled long-term borrowings ( ) (36 400) Finance costs ( ) (87 304) Short term insurance Distributions paid ( ) (80 963) Dividend reinvestments Net cash from financing activities (515) Total Cash movement for the period Cash at the beginning of the period Total cash at end of the period Distribution Analysis 2015(R'000) 2014 (R'000)

4 DISTRIBUTABLE EARNINGS Profit after taxation attributable to equity holders Less: straight-line rental revenue adjustment (38 249) (9 107) Add: fair value adjustments Add: Antecedent distribution Add: Antecedent distribution (shares issued after 30 September 2015) Less: profit on sale of property - (12 104) Distributable earnings Shares qualifying for distribution Number of shares at year end Less: Bulk ceded shares to Accelerate* ( ) ( ) Add: Shares issued after 30 September Shares issued in deferred revenue agreement Shares ceded by vendor on deferred revenue agreement* - ( ) Shares qualifying for distribution Distribution per share (cents) *Note: Fourways Precinct has contractually agreed to cede the distribution relating to shares held by it in respect of vacant land acquired by Accelerate at listing. Distributions will only commence on these shares after the earlier of five years from listing on the JSE or practical completion of any development on the bulk. For the period ended 30 September 2014 Fouways Precinct ceded the distribution on shares in accordance with the Deferred Revenue Agreement as these shares were issued to Fourways Precinct shortly before 30 September These shares will receive a full distribution going forward Earnings per share R'000 R'000 Basic earnings per share (EPS) amounts are calculated by dividing profit for the year attributable to ordinary equity holders of Accelerate by the weighted average number of ordinary shares outstanding during the year. Reconciliation of basic/diluted earnings to headline earnings Total profit after tax Fair value adjustment excluding straight-lining Applicable taxation - - Headline profit attributable to shareholders Basic earnings per share (cents) Diluted earnings per share (cents) Headline earnings per share (cents) Diluted headline earnings per share (cents) Shares in issue at the end of the period Weighted average number of shares in issue shares in issue Dilutionary Instruments Shares subject to the deferred acquisition costs Shares subject to the conditional share plan Weighted average number of dilutionary instruments Total diluted weighted average number of shares in issue CONDENSED SEGMENTAL ANALYSIS The individual properties are aggregated into segments with similar economic characteristics such as nature of the property and the occupier market it serves. Management considers that this is best achieved by aggregating properties into office, industrial, retail and specialised retail segments. Consequently, the company is considered to have four reportable operating segments, as follows: Office segment: acquires, develops and leases offices; Industrial segment: acquires, develops and leases warehouses and factories; Retail segment: acquires, develops and leases shopping malls, community centres as well as retail centres; and Specialised retail segment: acquires, develops and leases specialised buildings not within the previous segments. There are no sales between segments. 30 September 2014 (6 months) R000's Office Industrial Retail Specialised Total Statement of comprehensive income Revenue, excluding straight-line rental revenue adjustment Straight-line rental adjustment (34) Property expenses (16 658) (2 164) (77 409) (2 610) (98 842) Segment operating profit Profit on sale of building Segment profit Other operating expenses (14 493) Other income Fair value gain on financial instrument (27 283) Finance income Long term debt interest (87 304) Profit before tax September 2015 (6 months) R'000s Office Industrial Retail Specialised Total Statement of comprehensive income Revenue, excluding straight-line rental revenue adjustment Straight-line rental adjustment Property expenses (18 354) (3 936) (91 695) (1 060) ( ) Segment operating profit Other operating expenses (20 880)

5 Other income 833 Fair value gain on financial instrument (1 860) Finance income Long term debt interest ( ) Profit before tax September 2014 (6 months) R'000 Office Industrial Retail Specialised Total Statement of financial position extracts at 30 September 2014 Assets Investment property balance 1 April Acquisitions Development Disposals - - (66 560) - (66 560) Straight-line rental revenue adjustment Fair value adjustments Segment assets at 30 September Other assets not managed on a segmental basis Derivative financial instruments Equipment 105 Current Assets (incl cash) Total Assets September 2015 (6 months) R'000 Office Industrial Retail Specialised Total Statement of financial position extracts at 30 September 2015 Assets Investment property balance 1 April Conditional purchase price Acquisitions/Capital expenditure Capital expenditure Disposals/ classified as held for sale (28 420) (28 420) Investment property held for sale Straight-line rental revenue adjustment Segment assets at 30 September Other assets not managed on a segmental basis Derivative financial instruments Equipment 194 Current Assets Total Assets NOTES TO THE FINANCIAL STATEMENTS CORPORATE INFORMATION The unaudited interim results of Accelerate for the six month period ended 30 September 2015 were authorised for issue in accordance with a resolution of the directors passed on 16 November Accelerate is a public company incorporated and domiciled in South Africa whose shares are publicly traded on the JSE. The registered office is located at Cedar Square Shopping Centre, corner Cedar Road and Willow Avenue. The principal activities of Accelerate are acquisition, development and leasing of properties. The functional and presentation currency of Accelerate is South African rand thousands. All figures are rounded off to R'000 except where otherwise stated. BASIS OF PREPARATION These interim results are prepared in accordance with the framework concepts and the measurement and recognition requirements of International Financial Reporting Standards (IFRS), contains the minimum information required by IAS 34 Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, the Financial Reporting Pronouncements as issued by Financial Reporting Standards Council, the requirements of the Companies Act, 71 of 2008, as amended and the JSE Listings Requirements. The accounting policies applied in the preparation of these unaudited interim results are in terms of IFRS and are consistent with those applied in the previous financial period, except for the new and amended IFRSs that became effective during the 30 September 2015 reporting period. None of which had any material impact on Accelerate's financial result. These unaudited interim results have been prepared under the historical cost convention except for investment properties which are measured at fair value. The fair value of investment properties is determined by directors with reference to market-related information while other financial liabilities are valued with reference to market-related information and valuations as appropriate. All investment properties are valued by independent external valuers on a 3 year rolling cycle. These results were prepared under the supervision of Mr Dimitri Kyriakides (CA)SA in his capacity as Chief Financial Officer. Contingent purchase consideration As part of the sale and purchase agreement for properties acquired at the listing of Accelerate, an amount of contingent purchase consideration has been agreed with the seller in accordance with the conditional deferred payment agreement. In accordance with this agreement, Accelerate will provide the seller with additional purchase consideration for any lettable vacant space excluded from the purchase consideration which is let within the first three years. This payment will be settled by Accelerate through the issue of additional shares in Accelerate in future when certain conditions have been met. As at the acquisition date, the fair value of the contingent purchase consideration was estimated at R During the year ended 31 March 2015 a portion of the vacant lettable space had been let in accordance with the conditions laid down in the agreement. As a result of this an amount R in shares was issued in terms of the contingent purchase consideration. The remaining contingent purchase consideration at 31 March 2015 was R and has remained unchanged from 1 April 2015 to 30 September This is a level 3 measurement in the fair value measurement hierarchy as at 30 September The fair value was determined using a discounted cash-flow analysis using the significant unobservable valuation inputs, as provided below: Inputs Range Estimated rental value (ERV) per square metre R R Vacancy assumptions 5% - 10% Equivalent yield 8.5% % Significant increases/(decreases) in the ERV (per square meter per annum) and rental growth p.a. in isolation would result in a significantly higher/(lower) fair value measurement. Significant increases/(decreases) in the long-term vacancy rate and discount rate (and exit or yield) in isolation would result in a significantly lower/(higher) fair value measurement. Generally, a change in the assumption made for the ERV (per square meter per annum) is accompanied by:

6 A similar change in the rent growth p.a. and discount rate (and exit yield); and/or An opposite change in the long-term vacancy rate. A reconciliation of fair value measurement of the contingent purchase consideration liability is provided below: Contingent purchase consideration R'000 R'000 Opening balance Reduction due to vacancies filled - ( ) Closing balance The contingent purchase consideration is a mechanism used to shift the risk of vacant space from purchaser (Accelerate) to the vendor. The manner in which additional shares are issued to Fourways Precinct is unlikely to have a dilutive effect on yield. FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES - 30 SEPTEMBER 2014 R'000 Carried at fair Amortised Financial assets value cost# Total Derivative financial assets* Trade and other receivables Cash and cash equivalents Total financial assets Financial liabilities Long-term interest-bearing borrowings ( ) ( ) Trade and other payables ( ) ( ) Current portion of long-term debt (253) (253) Total financial liabilities - ( ) ( ) FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES - 30 SEPTEMBER 2015 R'000 Carried at fair Amortised Financial assets value cost# Total Derivative financial assets* Trade and other receivables Cash and cash equivalents Total financial assets Financial liabilities Long-term interest-bearing borrowings - ( ) ( ) Trade and other payables - (63 928) (63 928) Current portion of long-term debt - ( ) ( ) Total financial liabilities - ( ) ( ) * The values of the derivative financial asset shown at fair value are based on inputs other than quoted prices that are observable in the market for the assets and liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices) - level 2. The value of the swaps is determined as the discounted value of the future cash flows to be received from the swap assets. For the valuation current JIBAR was used as an indication of future JIBAR. # The carrying value of financial assets and liabilities carried at amortised cost is considered to approximate the fair value of those financial assets and liabilities. There have been no significant changes in valuation techniques or transfers between fair value hierarchy levels. RELATED-PARTY TRANSACTION Relationships M Georgiou and A Costa are directors of both Accelerate Property Fund Ltd and Accelerate Property Management Company (Pty) Ltd, both directors' full remuneration is paid by Accelerate. M Georgiou is also an executive director of Fourways Precinct (Pty) Ltd Related party transactions and balances R'000 R'000 Contingent purchase Fourways Precinct (Pty) Ltd (46 236) (46 236) Vacancy guarantee Fourways Precinct (Pty) Ltd (included in Trade receivables) Interest charged Interest charged on outstanding amounts owed from Fourways Precinct (Pty) Ltd Accelerate Property Management costs Fourways Precinct (Pty) Ltd Accelerate Property Management Company (Pty) Ltd FAIR VALUE ADJUSTMENTS Fair value adjustments R'000 R'000 Investment property (Fair value model) - - Mark to market movement on swap (1 860) (27 283) (1 860) (27 283)

7 At 30 September 2015 the property portfolio of Accelerate was not revalued. The movement in the value of the portfolio was either through acquisitions, disposal or capitalised costs. CAPITAL COMMITMENTS In terms of Accelerate's budgeting process, R60.5 million was allocated to Accelerate's planned capital expenditure. As such, Accelerate views this amount as authorised and not contracted. SUBSEQUENT EVENTS Non Adjusting events after period end At the date of approval of these interim financial statements there were no non adjusting events after period end that the directors of the Accelerate were aware of. DIRECTORS' RESPONSIBILITY STATEMENT The directors of Accelerate assume full responsibility for the preparation of these unaudited results for the interim period ended 30 September FINAL DISTRIBUTION WITH AN ELECTION TO REINVEST CASH DISTRIBUTION FOR SHARES The board of Accelerate has declared an interim cash distribution (number 4) ("Cash Distribution") of cents per ordinary share (2014: cents per ordinary share) for the period ended 30 September Shareholders will be entitled to elect to reinvest the Cash Distribution of cents per share after the deduction of the applicable dividend tax, in return for shares ("Share Re-investment Alternative"), failing which they will receive the net Cash Distribution in respect of all or part of their shareholding. Shareholders who have dematerialised their shares are required to notify their duly appointed Central Securities Depository Participant ("CSDP") or broker of their election in the manner and time stipulated in the custody agreement governing the relationship between the shareholder and their CSDP or broker. The source of the distribution comprises net income from property rentals earned from the company's property investments as well as interest earned on excess cash on deposit. Please refer to the condensed statement of comprehensive income for further details. A dividend withholding tax of 15% will be applicable on the dividend portion to all shareholders who are not exempt. The issued share capital at the declaration date is ordinary shares. The company's income tax reference number is: Tax implications for South African resident shareholders Accelerate was granted REIT status by the JSE with effect from 12 December 2013 in line with the REIT structure as provided for in the Income Tax Act, No. 58 of 1962, as amended (the Income Tax Act) and section 13 of the JSE Listings Requirements. The REIT structure is a tax regime that allows a REIT to deduct qualifying distributions paid to investors in determining its taxable income. The Cash Distribution of cents per ordinary share meets the requirements of a "qualifying distribution" for the purposes of section 25BB of the Income Tax Act (a qualifying distribution). Accordingly, qualifying distributions received by local tax resident shareholders must be included in the gross income of such shareholders (as a non-exempt dividend in terms of section 10(1)(k)(aa) of the Income Tax Act), with the effect that the qualifying distribution is taxable as income in the hands of the Accelerate shareholder. These qualifying distributions are, however, exempt from dividend withholding tax in the hands of South African tax resident shareholders, provided that the South African resident shareholders have provided the following forms to their CSDP or broker, as the case may be, in respect of uncertificated ordinary shares, or the transfer secretaries, in respect of certificated ordinary shares: a declaration that the distribution is exempt from dividends tax; and a written undertaking to inform the CSDP, broker or transfer secretaries, as the case may be, should the circumstances affecting the exemption change or the beneficial owner ceases to be the beneficial owner, both in the form prescribed by the Commissioner for the South African Revenue Service. Shareholders are advised to contact their CSDP, broker or the transfer secretaries, as the case may be, to arrange for the abovementioned documents to be submitted prior to payment of the distribution, if such documents have not already been submitted. Tax implications for non-resident shareholders Qualifying distributions received by non-resident shareholders will not be taxable as income and instead will be treated as ordinary dividends, but which are exempt in terms of the usual dividend exemptions per section 10(1)(k) of the Income Tax Act. It should be noted that until 31 December 2013, qualifying distributions received by non-residents were not subject to dividend withholding tax. From 1 January 2014, any qualifying distribution received by a nonresident from a REIT will be subject to dividend withholding tax at 15%, unless the rate is reduced in terms of any applicable agreement for the avoidance of double taxation (DTA) between South Africa and the country of residence of the shareholder. Assuming dividend withholding tax will be withheld at a rate of 15%, the net amount due to non-resident shareholders will be cents per ordinary share. A reduced dividend withholding tax rate in terms of the applicable DTA, may only be relied on if the non-resident shareholders have provided the following forms to their CSDP or broker, as the case may be, in respect of the uncertificated ordinary shares, or the transfer secretaries, in respect of certificated ordinary shares: a declaration that the dividend is subject to a reduced rate as a result of the application of a DTA; and a written undertaking to inform their CSDP, broker or the transfer secretaries, as the case may be, should the circumstances affecting the reduced rate change or the beneficial owner ceases to be the beneficial owner, both in the form prescribed by the Commissioner for the South African Revenue Service. Non-resident shareholders are advised to contact their CSDP, broker or the transfer secretaries, as the case may be, to arrange for the abovementioned documents to be submitted prior to payment of the distribution if such documents have not already been submitted, if applicable. Summary of the salient dates relating to the Cash Distribution and Share Re-investment Alternative are as follows: Circular and form of election posted to shareholders Announcement of Share re-investment Alternative issue price and finalisation information Last day to trade ("LDT") cum dividend Shares to trade ex-dividend Listing of maximum possible number of Share Re-investment Alternative shares commences on the JSE Last day to elect to receive the Share Re-investment Alternative (no late forms of election will be accepted) by 12:00 (South African time) Record date Announcement of results of Cash Distribution and Share Re-investment Alternative on SENS Cheques posted to certificated shareholders and accounts credited by CSDP or broker to dematerialised shareholders electing the Cash Distribution on or about 2015 Friday, 20 November Friday,20 November Friday, 4 December Monday, 7 December Wednesday,9 December Friday, 11 December Friday, 11 December Monday, 14 December Monday, 14 December

8 Share certificates posted to certificated shareholders and accounts credited by CSDP or broker to dematerialised shareholders electing the Share Re-investment Alternative on or about Adjustment to shares listed on or about Thursday, 17 December Friday, 18 December Notes: Shareholders electing the Share Re-investment Alternative are alerted to the fact that the new shares will be listed on LDT + 3 and that these new shares can only be traded on LDT + 3, due to the fact that settlement of the shares will be three days after record date, which differs from the conventional one day after record date settlement process. Share certificates may not be dematerialised or rematerialised between Monday, 7 December 2015 and Friday, 11 December 2015, both days inclusive. The above dates and times are subject to change. Any changes will be released on SENS and published in the press. The Cash Dividend or Share Re-investment Alternative may have tax implications for resident and non-resident shareholders. Shareholders are therefore encouraged to consult their professional advisors should they be in any doubt as to the appropriate action to take. There were no changes to directors during the 6 month period ended 30 September On behalf of the board Mr TT Mboweni (Non-executive chairman) Mr M Georgiou (Chief executive officer) Mr D Kyriakides (Chief financial officer) 17 November 2015 Corporate information DIRECTORS Mr TT Mboweni (non-executive chairman) Mr A Costa (chief operating officer) Dr GC Cruywagen (lead independent, non-executive director) Mr JRP Doidge (independent non-executive director) Mr TJ Fearnhead (independent non-executive director) Mr M Georgiou (chief executive officer) Mr D Kyriakides (financial director) Ms K Madikizela (independent non-executive director) Mr JRJ Paterson (executive director) Prof F Viruly (independent non-executive director) Registered office and business address Cedar Square Shopping Centre, Management Office, 1st Floor, Cnr Willow Ave and Cedar Rd, Fourways, Johannesburg, 2055 Tel: Web: Investor relations Instinctif Partners: Louise Fortuin Tel: louise.fortuin@instinctif.com Company secretary Joanne Matisonn ithemba Governance and Statutory Solutions Proprietary Limited Monument Office Park, Block 5, Suite 102, 79 Steenbok Avenue, Monument Park Tel: joanne@ithembaonline.co.za Transfer secretaries Computershare Investor Services Proprietary Limited 70 Marshall Street, Johannesburg, 2001 PO Box 61051, Marshalltown, 2107, South Africa Tel: proxy@computershare.co.za Fax: Sponsor The Standard Bank of South Africa Limited (Registration number 1962/000738/06) Baker Street, Rosebank, 2196 PO Box, 61344, Marshalltown, 2107 Auditors Ernst & Young Incorporated 102 Rivonia Road, Sandton, Johannesburg, 2149 Tel: Internal Auditors LateganMashego Auditors (Pty)Ltd Registration number 2001/107847/07 Registered address: 11 Boca Walk, Highveld, Centurion, lindie@lateganmashego.co.za Tel: / Attorneys Glyn Marais Inc. (Registration number 1990/000849/21) 2nd Floor, The Place

9 1 Sandton Drive Sandton 2196 (PO Box , Benmore, 2010)