Appointment of Three Independent Non-Executive Directors 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) APPOINTMENT OF THREE INDEPENDENT NON-EXECUTIVE DIRECTORS The board of directors (“board”) of Accelerate has pleasure in advising shareholders that it has appointed three independent non-executives to its board with effect from 1 May 2019. The new directors are Mr George Cavaleros, Mr Dawid Wandrag and Mr Abel Mawela. In addition, the following appointments/changes have been made to the board committees, also effective 1 May 2019: • Mr George Cavaleros: Member of the Audit and Risk Committee, Remuneration Committee and Nominations Committee. • Mr Abel Mawela: Member of the Audit and Risk Committee and Member of the Social, Ethics and Transformation. Committee. Ass Prof Francois Viruly will step down from this committee. • Dr Gert Cruywagen will step down from the Remuneration Committee. • Mr Dawid Wandrag: Member of the Investment Committee and Member and Chairman of the Technology Governance Sub-Committee. • Mr Timothy Fearnhead will step down as a Member and Chairman of the Technology Governance Sub-Committee. George has extensive academic qualifications, namely, CA (SA); CFA, CISA, CIA, ACIS CFP and a Master of Commerce programme in Applied Risk Management. George spent 30 years with Deloitte & Touche during which he was a partner for over 20 years. He provided audit and other professional services to clients, including property owning entities, asset managers and hedge funds. Abel has an MBA and a B.Com (Hons). He is also a Certified Director with the IoDSA. He has had extensive experience serving on audit and risk committees and finance and risk committees. His career included being the Chief Financial Officer of EDI Holdings and Ekuhuleni Metro, as well as a number of non-executive director appointments. Dawid has a B. Com (Accounting) degree and has also completed many banking programmes and courses. He had a 35-year career in banking. His experience in the property sector is extensive and he is highly regarded by the property industry. In addition, he was part of a small team tasked by Rand Merchant Bank to establish a private wealth bank, RMB Private Bank, now a major player in the private banking sector. He served, inter alia, at RMB as a director of Eris Property Group (RMB Properties) and was the head of credit risk, valuations, legal risk and recoveries at RMB Private Bank and held similar positions at Investec. He was also chairman of the Firstrand Property Finance Credit Committee, a member of the Firstrand Credit Committee and a member of the Firstrand Property owned committee. These new appointments strengthen the property, corporate governance and financial skills on the board and the board looks forward to their contribution to the ongoing success of the Company. Fourways 24 April 2019 Sponsor The Standard Bank of South Africa Limited Date: 24/04/2019 05:15:00 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.