ACCELERATE PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
Registration Number: 2005/015057/06
Share Code: APF ISIN: ZAE000185815
("the Company" or "APF")
(Approved as a REIT by the JSE)


NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY,
IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN OR
ANY OTHER JURISDICTION WHERE EXTENSION OR MAKING THE RIGHTS OFFER
WOULD BE UNLAWFUL OR IN CONTRAVENTION OF APPLICABLE LAW. THIS
ANNOUNCEMENT DOES NOT CONSTITUTE OR FORM AN OFFER OF SECURITIES IN
THE UNITED STATES OR ANY OTHER JURISDICTION


FINALISATION ANNOUNCEMENT IN RESPECT OF THE APF RIGHTS OFFER AND
DISTRIBUTION OF THE RIGHTS OFFER CIRCULAR

1.    INTRODUCTION

1.1    Shareholders of APF (“Shareholders”) are referred to the
       announcement published on SENS on Tuesday, 31 January 2023
       (“Declaration Announcement”) wherein Shareholders were advised
       of APF’s intention to raise R50 million by way of a fully
       underwritten renounceable rights offer (“Rights Offer”) to
       qualifying Shareholders (“Qualifying Shareholders”), of 71 428
       571 ordinary shares issued at R0.70 per share (“Rights Offer
       Shares”) in the authorised share capital of APF (“APF Shares”),
       in the ratio of 6 Rights Offer Shares for every 100 APF Shares
       held at the close of business on Wednesday, 8 February 2023.

1.2      Shareholders are advised that:

          -   the Company has received formal approval of the Circular
              (as defined below) from the Issuer Regulation Division of
              the JSE Limited and all conditions have been fulfilled;
              and
          -   there have been no changes to the salient terms of the
              Rights Offer and to the salient dates and times in
              relation to the Rights Offer, as announced in the
              Declaration Announcement.
1.3    Accordingly, the Rights Offer will be implemented in accordance
       with the terms and the salient dates and times contained in the
       Declaration Announcement and included in the Circular.

2.    DISTRIBUTION OF THE CIRCULAR

2.1    The circular (including the form of instruction in respect of
       the renounceable letters of allocation to be issued to
       Shareholders in electronic form conferring the entitlement to
       subscribe for the Rights Offer Shares, for use by certificated
       Qualifying Shareholders) (“Circular”), will be made available
       on APF’s website (www.acceleratepf.co.za) from Monday, 6
       February   2023 and will be distributed to certificated
       Shareholders and dematerialised Shareholders on Thursday, 9
       February 2023 and Monday, 13 February 2023, respectively.

Fourways
2 February 2023


Corporate Advisor and Transaction Sponsor: Bravura Capital (Pty)
Limited


Legal Advisors: Glyn Marais Inc.


Sponsor: The Standard Bank of South Africa Limited