Voluntary update: High Court Ruling on Separation of Issues in Business Interruption Claim ACCELERATE PROPERTY FUND LIMITED (Incorporated in the Republic of South Africa) (Registration number: 2005/015057/06) LEI: 378900D514788C447E45 Share code: APF ISIN: ZAE000185815 Bond code: APFE ("Accelerate", "APF" or the "Company") (Approved as a REIT by the JSE) VOLUNTARY UPDATE: HIGH COURT RULING ON SEPARATION OF ISSUES IN BUSINESS INTERRUPTION CLAIM Shareholders are referred to the Company's pre-close update for the period to ended March 2022, published on the JSE Limited's Stock Exchange News Service and on www.acceleratepf.co.za as well as in the Company's Integrated Annual report for 31 March 2022, informing the market that the joint owners of Fourways Mall (the "Joint Owners" or "the plaintiffs") engaged legal counsel and that the legal process on a business interruption claim for the loss of rental income at Fourways Mall due to lockdown restrictions during the Covid-19 pandemic had commenced. Accelerate is a 50% owner of Fourways Mall. Shareholders are now advised that on Friday, 03 May 2024, the Gauteng High Court delivered a judgement in favour of the Joint Owners on each of three separated matters pending before it, including: - That the contract of insurance consisted of the policy in its final form as pleaded by the plaintiffs, which provides for cover against business interruption as a result of infectious and contagious diseases; - That the contract of insurance did not stand to be rectified as pleaded by the defendants; and - That the dispute regarding the premium is decided in favour of the plaintiffs and the defence pleaded by the insurance companies failed. The Court ruled that all costs associated with the determination of the separated issues, are to be paid by the defendants jointly and severally, including the costs of two counsel. Johannesburg 06 May 2024 Equity Sponsor The Standard Bank of South Africa Limited Debt Sponsor Rand Merchant Bank (a division of FirstRand Bank Limited) Date: 06-05-2024 09:42:00 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.