Accelerate Property Fund Limited
                                                                           Management Office 1st Floor
                                                                         Cedar Square Shopping Centre
                                                                                             Willow Ave
                                                                                              Fourways
                                                                                          Johannesburg
                                                                                                   2055
                                                                                      Tel: 010 001 0790



Accelerate Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration No. 2005/015057/06)
Company code: APFE
LEI Number: 3789008641F1D3D90E85
(Approved as a REIT by the JSE)
Bond code: APF07 ISIN: ZAG000152141
Bond code: APF09 ISIN: ZAG000152760
(“Accelerate” or the “Issuer”)


NOTIFICATION OF CAPITAL REDUCTION OF LISTED DEBT SECURITIES

In accordance with the Terms and Conditions of Accelerate’s ZAR5,000,000,000.00 Domestic
Medium Term Note Programme dated 9 September 2014, noteholders are herewith advised of the
following capital reductions of the APF07 and APF09 notes (collectively the “Notes”) effective 10
March 2023.

Bond code:                                                  APF07
ISIN:                                                       ZAG000152141
Nominal amount before reduction:                            ZAR 32 233 000.00
Reduction of nominal amount:                                ZAR 14 325 778.00
Nominal amount after reduction:                             ZAR 17 907 222.00
Settlement amount:                                          ZAR 14 601 245.05
Accrued interest amount:                                    ZAR 260 775.47 included in the
                                                            settlement amount
Annualised interest rate:                                   9.358%
Interest period:                                            28 December 2022 to 9 March
                                                            2023
Pay date of the repurchase:                                 10 March 2023
Effective date of the reductions in nominal amount:         10 March 2023

Bond code:                                                  APF09
ISIN:                                                       ZAG000152760
Nominal amount before reduction:                            ZAR 182 000 000.00
Reduction of nominal amount:                                ZAR 16 185 122.00
Nominal amount after reduction:                             ZAR 165 814 878.00
Settlement amount:                                          ZAR 16 373 450.31
Accrued interest amount:                                    ZAR 184 143.23 included in the
                                                            settlement amount
Annualised interest rate:                                   9.438%
Interest period:                                            24 January 2023 to 9 March 2023
Pay date of the repurchase:                                 10 March 2023
Effective date of the reductions in nominal amount:             10 March 2023


This capital reduction is due to the repurchase of the Notes by the Issuer.



9 March 2023

Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)