Accelerate Property Fund Ltd (JSE:APF) News - Ratio Announcement In Respect Of The Dividend Re-Investment

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)

Ratio Announcement In Respect Of The Dividend Re-Investment

Shareholders are referred to the finalisation information announcement released earlier today relating
to the Cash Dividend and the Share Re-Investment Alternative and are advised that the ratio relating
to the Share Re-Investment Alternative in terms of what shareholders will receive would be 0.314007
new Accelerate share per Accelerate share held.

Fourways
12 July 2022

Sponsor:
The Standard Bank of South Africa Limited

Tax implications
In accordance with Accelerate’s status as a Real Estate investment Trust (“REIT”) with effect from 12 December 2013,
Shareholders are advised that the dividend meets the requirements of a “qualifying distribution” for the purposes of section 25BB
of the Income Tax Act, No 58 of 1962 (“Income Tax Act”). The dividends on the Shares will be deemed to be dividends for South
African tax purposes in terms of section 25BB of the Income Tax Act.

Tax implications for South African resident Shareholders Dividends received by or accrued to South African tax residents must
be included in the gross income of such Shareholders and will not be exempt from income tax in terms of the exclusion to the
general dividend exemption contained in section 10 (1)(k)(i)(aa) of the Income Tax Act because they are dividends distributed by
a REIT. These dividends are however exempt from dividend withholding tax (“Dividend Tax”) in the hands of South African
resident Shareholders provided that the South African resident Shareholders have provided to the CSDP or broker, as the case
may be, in respect of uncertificated Shares, or the Company, in respect of certificated Shares, a DTD (EX) (Dividend Tax:
Declaration and undertaking to be made by the beneficial owner of a dividend) form to prove their status as South African
residents.

If resident Shareholders have not submitted the abovementioned documentation to confirm their status as South African
residents, they are advised to contact their CSDP, or broker, as the case may be, to arrange for the documents to be submitted
prior to the payment of the dividend.

Tax implications for non-resident Shareholders

Dividends received by non-resident Shareholders from a REIT will not be taxable as income and instead will be treated as ordinary
dividends which are exempt from income tax in terms of the general dividend exemption in section 10(1)(k)(i) of the Income Tax
Act. It should be noted that up to 31 December 2013 dividends received by non-residents from a REIT were not subject to
Dividend Tax. With effect from 1 January 2014, any dividend received by a non-resident from a REIT was subject to Dividend
Tax at 20%, 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 non-resident Shareholder. Assuming Dividend Tax will be withheld at a rate of
20%, the net dividend amount due to non-resident Shareholders is 17.58441 cents per Share. A reduced dividend withholding
rate in terms of the applicable DTA may only be relied on if the non-resident Shareholder has provided the following forms to their
CSDP or broker, as the case may be, in respect of uncertificated Shares, or the Company, in respect of certificated 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 the CSDP, broker or the Company, as the case may be, should the circumstances affecting
     the reduced rate change or the beneficial owner cease to be the beneficial owner, both in the form prescribed by the
     Commissioner for the South African Revenue Service.

If applicable, non-resident Shareholders are advised to contact the CSDP, broker or the Company, as the case may be, to arrange
for the abovementioned documents to be submitted prior to payment of the dividend if such documents have not already been
submitted.

Due to the fact that the Cash Dividend or Share Re-Investment Alternative may have tax implications for resident and non-resident
Shareholders, Shareholders are encouraged to consult their professional advisors should they be in any doubt as to the
appropriate action to take.




                                                                                                                                 1

Date: 12-07-2022 04:32:00
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.