July 2019

DEBT Roadshow

At a glance 1

Key priorities 3

Financial results 6

Portfolio breakdown 9

Letting and arrears 14

Fourways update 17

Portfolio update 22

Funding overview and offering 25

Annexure 1: Contact details 31

TABLE OF Contents

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At a GLANCE

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ACCELERATE at a glanceAS AT 31 MARCH 2019

* Excludes properties earmarked for redevelopment within the next 12 months** Takes into account receivables from Fourways developer to be offset at equalisation

Property portfolio Asset value: R12,7 billion

(DCM SPV: R7,7 billion)

Strategic nodes Fourways Precinct 174 944 m²

Charles Crescent – Kramerville 47 692 m²

Foreshore – Cape Town 52 152 m²

GLA 601 506 m²

Vacancy* 9,0% (10.04% March 2018)

WALE(gross income)

5,3 years

Portfolio split(revenue)

Retail 69,0%

Office 24,6%

Industrial 6,4%

Tenant profile (% of revenue)

A - Large National 65,7%

B - National Listed/Franchises 11,5%

C - Other 22,8%

Tenant retention 86%

NAV per share (ex div) R7,84

WA cost of funding 8,4% (including offshore)

Debt WA term 2,5 years

Total debt R5,4 billion

LTV** 39,0%

ICR 2,3x

Hedging(incl. offshore)

Debt hedged 82.8%

WA term 2,5 years

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KEY Priorities3333

4444

THE FOURWAYS MALL EQUALISATIONTHE FOURWAYS MALL EQUALISATIONTHE FOURWAYS MALL EQUALISATIONTHE FOURWAYS MALL EQUALISATION

• Finalising price to be paid

• Funding of equalisation

• Joint management structures post equalisation

PORTFOLIO OPTIMISATION PORTFOLIO OPTIMISATION PORTFOLIO OPTIMISATION PORTFOLIO OPTIMISATION

• Reduce leverage

• Reinvest in core portfolio

• Sale of non-core properties

• In-house developments

• Manage swap and debt maturity profile

• Development of bulk

EXTRACT MAXIMUM VALUE OUT OF CORE PORTFOLIOEXTRACT MAXIMUM VALUE OUT OF CORE PORTFOLIOEXTRACT MAXIMUM VALUE OUT OF CORE PORTFOLIOEXTRACT MAXIMUM VALUE OUT OF CORE PORTFOLIO

• Buzz residential development

• Foreshore development

• Tenant retention and reduction of vacancies

• Strategic capex spend

KEY Priorities

4444

GREEN INITIATIVES GREEN INITIATIVES GREEN INITIATIVES GREEN INITIATIVES

• Major solar investment

• Water savings

• Reducing carbon footprint

SOCIAL INVESTMENT SOCIAL INVESTMENT SOCIAL INVESTMENT SOCIAL INVESTMENT

• Bursaries, community outreach initiatives, school funding

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KEY indicators TOTAL PORTFOLIO

Key indicator summary31 March31 March31 March31 March

2019201920192019March

2018

Portfolio value (Rbn) 12,712,712,712,7 12,3

GLA (m²) 601 506601 506601 506601 506 623 988

Number of properties 62626262 67

Weighted average lease expiry (years) 5,35,35,35,3 5,5

Lease escalations (7,1% incl. offshore) 7,4%7,4%7,4%7,4% 7,7%

Listed/large national tenants (by revenue) 65,7%65,7%65,7%65,7% 65,7%

Key ratios31 March31 March31 March31 March

201920192019201931 March

2018

Interest cover ratio 2,32,32,32,3 2,4

Loan to value 39,0%39,0%39,0%39,0% 40,7%

Net asset value (R’bn) 8,08,08,08,0 7,8

Senior secured rating AAAAAAAA---- (za)(za)(za)(za) AA- (za)

Senior unsecured rating BBB+BBB+BBB+BBB+ (za)(za)(za)(za) BBB+ (za)

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FINANCIAL

6666

Results

7777

CONSOLIDATED STATEMENT OF Financial Position

HIGHHIGHHIGHHIGH----LEVEL OVERVIEW OF POSITION LEVEL OVERVIEW OF POSITION LEVEL OVERVIEW OF POSITION LEVEL OVERVIEW OF POSITION

• Investment property movement due to:

– Positive fair value adjustment on offshore properties (external valuations)

– Capex spend on local portfolio

– Fair value adjustment on SA portfolio, underpinned by Fourways value unlock

• Long-term borrowings:

– Exchange rate movement on Euro debt

– Funding of capex

31 March 201931 March 201931 March 201931 March 2019((((R’000))))

31 March 2018 (R’000)

ASSETS

NonNonNonNon----current assetscurrent assetscurrent assetscurrent assets 12 205 87812 205 87812 205 87812 205 878 12 533 952

Investment property 12 203 59212 203 59212 203 59212 203 592 12 515 562

Derivatives 1 5981 5981 5981 598 17 371

Equipment 688688688688 1 019

Current assetsCurrent assetsCurrent assetsCurrent assets 679 224679 224679 224679 224 649 579

Trade and other receivables 595 093595 093595 093595 093 570 771

Derivatives ---- 1 887

Cash and cash equivalents 84 13184 13184 13184 131 76 921

Investment property held for sale 789 707789 707789 707789 707 27 000

Fair value of investment property assets 789 707789 707789 707789 707 27 000

Total assetsTotal assetsTotal assetsTotal assets 13 674 80913 674 80913 674 80913 674 809 13 210 531

EQUITY AND LIABILITIES

Shareholders’ interest 7 965 2977 965 2977 965 2977 965 297 7 861 866

Share capital 5 115 6715 115 6715 115 6715 115 671 5 103 067

Other reserves 77 88777 88777 88777 887 25 923

Minority interest 19 03219 03219 03219 032 14 519

Retained earnings 2 752 7072 752 7072 752 7072 752 707 2 718 357

Total equityTotal equityTotal equityTotal equity 7 965 2977 965 2977 965 2977 965 297 7 861 866

Non-current liabilities 4 278 1034 278 1034 278 1034 278 103 3 682 224

Long-term borrowings 4 259 3234 259 3234 259 3234 259 323 3 654 607

Derivatives 18 78018 78018 78018 780 27 617

Current liabilities 1 431 4091 431 4091 431 4091 431 409 1 666 441

Trade and other payables 297 231297 231297 231297 231 173 526

Derivatives 23 12823 12823 12823 128 385

Short-term portion of long-term borrowings 1 111 0501 111 0501 111 0501 111 050 1 492 530

Total equity and liabilitiesTotal equity and liabilitiesTotal equity and liabilitiesTotal equity and liabilities 13 674 80913 674 80913 674 80913 674 809 13 210 5317777

8888

CONSOLIDATED STATEMENT OF Comprehensive Income

HIGHHIGHHIGHHIGH----LEVEL OVERVIEW OF LEVEL OVERVIEW OF LEVEL OVERVIEW OF LEVEL OVERVIEW OF PERFORMANCEPERFORMANCEPERFORMANCEPERFORMANCE

• Revenue:

– Increase of 3,5% driven by recoveryof rising expenses

• Unrealised losses:

– Relates to losses on consolidationof APF Europe

• Cost to income:

– Cost-to-income ratio of 15,9%

• Fair value adjustments:

– Downward mark-to-market movementon swaps of R32 million and an upward property revaluation of R104 million

31 March 201931 March 201931 March 201931 March 2019(R’000)(R’000)(R’000)(R’000)

31 March 2018 (R’000)

Revenue, excl. straight-line rental revenue adjustment 1 190 5241 190 5241 190 5241 190 524 1 160 620Straight-line rental revenue adjustment 43 80243 80243 80243 802 45 819Revenue 1 234 3261 234 3261 234 3261 234 326 1 206 439Property expenses (374 658)(374 658)(374 658)(374 658) (306 516)Net property income 859 668859 668859 668859 668 899 923Other operating expenses (46 677)(46 677)(46 677)(46 677) (77 334)Operating profit 812 991812 991812 991812 991 822 589Fair value adjustments 73 40573 40573 40573 405 542 984Other income 12 93312 93312 93312 933 6 552Expected credit loss provision (7 686)(7 686)(7 686)(7 686) -Unrealised (losses)/gains (21 909)(21 909)(21 909)(21 909) 8 612Finance income 37 88037 88037 88037 880 37 228Profit before long-term debt interest and taxation 907 614907 614907 614907 614 1 417 965Long-term debt interest (341 781)(341 781)(341 781)(341 781) (334 768)Profit before taxation 565 833565 833565 833565 833 1 083 197Taxation ---- 4 549Profit after taxation 565 833565 833565 833565 833 1 087 746Attributable to equity holders of the holding company 563 356563 356563 356563 356 1 085 816Attributable to minority interest 2 4772 4772 4772 477 1 930EARNINGS PER SHAREBasic earnings per share (cents) 56,7756,7756,7756,77 110,81Diluted earnings per share (cents) 55,7955,7955,7955,79 109,13DISTRIBUTABLE EARNINGSProfit after taxation attributable to equity holders 563 356563 356563 356563 356 1 085 816

Less: Straight-line rental revenue adjustment (43 802)(43 802)(43 802)(43 802) (45 819)Less: Fair value adjustments (72 244)(72 244)(72 244)(72 244) (542 316)Less: Gains on sale of investment property (6 000)(6 000)(6 000)(6 000) -Add: Unrealised gains 21 90921 90921 90921 909 28 532Add: Amortised lease cost 12 51512 51512 51512 515 7 000

Distributable earnings 475 734475 734475 734475 734 533 213

9999

Breakdown9999

PORTFOLIO

10101010

Office

Industrial

Retail

European retail

25%

50%

60,124,6

8,9

6,4

25%

50%

25%

50%

SECTOR AND GEOGRAPHIC Summary:TOTAL PORTFOLIO

Sector profile by revenue (%) Sector profile by GLA (%)

14,3

48,0

Office

Industrial

Retail

European retail

26,7

11,0

South Africa

Austria

Slovakia

25%

50%

91,1

Geographic profile by revenue (%)

2,2

Geographic profile by GLA (%)

South Africa

Austria

Slovakia6,74,2

89,0

6,8

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25%

50%

25%

50%

25%

50%

SECTOR AND GEOGRAPHIC Summary:DCM SPV

Sector profile by revenue (%) Sector profile by GLA (%)

9,0

66,6

Office

Industrial

SA Retail

Office

Industrial

SA Retail

81,415,4

3,2

24,4

GautengWestern

Cape

25%

50%

89,8

Geographic profile by revenue (%) Geographic profile by GLA (%)

GautengWestern

Cape10,2

85,4

14,6

12121212

25%

50%

25%

50%

TENANT Profile: TOTAL PORTFOLIO

A: Large national tenants, large listed tenants and major

franchises, including Absa Bank, Capitec Bank, Dis-Chem,

Edcon, FNB, Foschini, Jet Stores, KPMG, Massmart, Medscheme,

Nedbank, OBI, OK Furnishers, Pepkor, Pick n Pay, Shoprite,

Standard Bank, Woolworths

B: National tenants, listed tenants, franchises and medium to large

professional firms, including Fishmonger, KFC, Mugg & Bean,

Nando’s, Spur, Steers, Wimpy

C: Other

A

B

C

25%

50%

65,7

Tenant profile by revenue (%)

11,5

22,866,1

Tenant profile by GLA (%)

10,8

23,1

59,3

Single vs multi-tenanted by GLA (%)

40,7

A

B

C

Multi

Single

13131313

25%

50%

25%

50%

TENANT Profile:DCM SPV

A: Large national tenants, large listed tenants and major

franchises, including Absa Bank, Capitec Bank, Dis-Chem,

Edcon, FNB, Foschini, Jet Stores, Massmart, Medscheme,

Nedbank, OK Furnishers, Pepkor, Pick n Pay, Shoprite,

Standard Bank, Woolworths

B: National tenants, listed tenants, franchises and medium to large

professional firms, including Fishmonger, KFC, Mugg & Bean,

Nando’s, Spur, Steers, Wimpy

C: Other

A

B

C

25%

50%

57,8

Tenant profile by revenue (%)

15,4

26,8

63,8

Tenant profile by GLA (%)

12,2

24,0

75,0

Single vs multi-tenanted by GLA (%)

25,0

A

B

C

Multi

Single

14141414

LETTING LETTING LETTING LETTING and ARREARS

14141414

15151515

Lease expiry PROFILE, ESCALATIONS AND DEBTORS AGEING

Rental reversions –Total portfolio

Expired(m²)

Renewals(m²)

Expiredrental

(R/m²)

Newrental

(R/m²)

Rentalreversion

(%)

Office 17 93117 93117 93117 931 11 80711 80711 80711 807 94,194,194,194,1 81,581,581,581,5 (13,3)(13,3)(13,3)(13,3)

Retail 51 79651 79651 79651 796 46 10446 10446 10446 104 117,5117,5117,5117,5 118,3118,3118,3118,3 0,70,70,70,7

Industrial 13 89813 89813 89813 898 13 89813 89813 89813 898 45,845,845,845,8 40,040,040,040,0 (12,6)(12,6)(12,6)(12,6)

Total 83 62583 62583 62583 625 71 80971 80971 80971 809 100,5100,5100,5100,5 96,596,596,596,5 (4,0)(4,0)(4,0)(4,0)

* WALE for the DCM SPV is 3.8 years** 9,6 million of the 120+ days arrears at 31 March 2019 was received post year-end*** Arrears at 31 March 2019 is 3.4% of annual revenue

Tenant arrears – Total portfolio 120+ days** 90 days 60 days 30 days Total***Total***Total***Total***

31 March 2019 22 900 08622 900 08622 900 08622 900 086 3 166 5833 166 5833 166 5833 166 583 8 747 9208 747 9208 747 9208 747 920 6 466 6906 466 6906 466 6906 466 690 41 281 27941 281 27941 281 27941 281 279

Tenant retention

86% by GLA

1.1%

5.4

%

1.3

%

8.5

%

19.9

%

5.4

%

0.0

% 2.2

% 4.0

%

1.7

%

10.7

%

9.9

%

10.2

%

8.5

%

22

.2%

0%

5%

10%

15%

20%

25%

Mar 20 Mar 21 Mar 22 Mar 23 >Mar 23

Office Industrial Retail

Lease expiry profile by gross rental – Total portfolio*Contractual escalationsSectoral type

31 March31 March31 March31 March2019201920192019

(%)(%)(%)(%)

31 March2018

(%)

Industrial 7,37,37,37,3 7,8

Office 7,67,67,67,6 7,7

Retail 7,37,37,37,3 7,7

SA portfolio 7,47,47,47,4 7,7

European retail 0,00,00,00,0 0,0

Total portfolio 6,66,66,66,6 7,1

16161616

VACANCY profile

# Vacancies shown above exclude vacant areas under guarantee at Fourways Mall* Vacancies exclude properties held for redevelopment in the next 12 months

Vacancies as at 31 March 2019#

(m²)

Total Portfolio 31 March31 March31 March31 March

201920192019201931 March31 March31 March31 March

2018201820182018

Industrial 2,5%2,5%2,5%2,5% 22,7%22,7%22,7%22,7%

Office* 21,17%21,17%21,17%21,17% 15,7%15,7%15,7%15,7%

SA Retail 6,25%6,25%6,25%6,25% 5,6%5,6%5,6%5,6%

European retail 0,0%0,0%0,0%0,0% 0,0%0,0%0,0%0,0%

Total portfolioTotal portfolioTotal portfolioTotal portfolio 9,00%9,00%9,00%9,00% 10,04%10,04%10,04%10,04%

DCM SPV 31 March31 March31 March31 March

201920192019201931 March31 March31 March31 March

2018201820182018

Industrial 0,0%0,0%0,0%0,0% 0,0%0,0%0,0%0,0%

Office* 31,2%31,2%31,2%31,2% 29,1%29,1%29,1%29,1%

SA Retail 7,1%7,1%7,1%7,1% 6,1%6,1%6,1%6,1%

Total portfolioTotal portfolioTotal portfolioTotal portfolio 12,3%12,3%12,3%12,3% 10,2%10,2%10,2%10,2%

17171717

FOURWAYS

Update17171717

18181818

• Fourways node is a dominant node:

– High residential densification

– Urbanisation/urban sprawl, population growth of 3,0% annually

– Strong LSMs – stable middle/upper LSM (10 and 10+ - 53%)

– Currently losing 40% of retail base to Sandton due to lack of offerings

• Urban Studies report (Dr Dirk Prinsloo) – Sept 2017:

– “The Fourways node is experiencing strong development growth which is dominated by the extension of Fourways Mallto >170 000 m². The retail offering will further be strengthened by the flagship representation of Leroy Merlin at 17 000 m².With the extension and additional retail supplied, the Fourways node will be the most dominant retail market in South Africa”Fourways node will be the most dominant retail market in South Africa”Fourways node will be the most dominant retail market in South Africa”Fourways node will be the most dominant retail market in South Africa”

• Fourways Gautrain station located at Fourways Mall, a key medium-term strategic objective for the Fund – value unlock

• Accelerate, key partners and other role players have invested considerable capital in the node (infrastructure, redevelopment etc.)

• Launch of the Fourways Mall super-regional is the first step in the fund’s 15-year plan to launch the Fourways CBD- office, hospitality and other retail offerings

BACKING THE RIGHT NODE: Fourways

LSM 1 LSM 2-3 LSM 4 LSM 5 LSM 6-7 LSM 8-9 LSM 10 LSM 10+

3 4 10 6 9 15 22222222 31313131

18

19191919

UpdateON FOURWAYS MALL DEVELOPMENT AND REFURBISHMENT

20202020* As advised by the developer – subject to finalisation of lease audit by EY

FOURWAYS MALL DEVELOPMENT updateTHE FOURWAYS MALL SUPERTHE FOURWAYS MALL SUPERTHE FOURWAYS MALL SUPERTHE FOURWAYS MALL SUPER----REGIONAL CENTRE IS AT ITS FINISHING STAGREGIONAL CENTRE IS AT ITS FINISHING STAGREGIONAL CENTRE IS AT ITS FINISHING STAGREGIONAL CENTRE IS AT ITS FINISHING STAGES:ES:ES:ES:

• Opening date is 22 August 2019

• Total GLA – 178 000 m² (excluding Leroy Merlin’s flagship store ofapproximately 18 000 m² – which will be linked to the mall in due course,but not owned by the Fund)

• Approximately 450 stores on opening

• Approximately 80% of GLA let – National (including national franchises) and international tenants*

• Excluding the bridge corridor to Leroy Merlin – approximately 90% of GLA verified to leases

• Anticipated WALE: approximately 5,8 years

• Anticipated weighted average escalation: 8,5% per annum

• Total parking bays: approximately 8 000

• Anticipated footfall: 1,8 million to 2 million on average per month

• Roadworks:

– Almost all of the approximate R400 million roadworks funded by the DeveloperAzrapart (Pty) Ltd (Azrapart) are complete and the new dual carriageway on Cedar Road and widening of Witkoppen Road, have significantly improved traffic flow in the area

– The slipway off Cedar Road has increased accessibility to the existing Fourways View Centre

– The access slipway/flyover off Witkoppen Road is complete

– The access road from William Nicol onto the rooftop of the north-east parkadeis also complete

Major tenant Sector

Checkers Food retail

Woolworths Fashion and food retail

Game Retail

Dion Wired Retail

Pick ‘n Pay Food retail

Dis-Chem Retail

Kidzania Entertainment

Edgars Fashion

Truworths Fashion

Foschini Fashion

Mr Price Home Home accessories

Mr Price Fashion

Cotton On Fashion

H&M Fashion

Toys R Us Retail

LC Waikiki Fashion

Bounce Inc. Entertainment

Cape Union Mart Fashion

@Home Home accessories

Ackerman's Fashion

West Pack Lifestyle

Food Lover’s Market Food retail

Ster Kinekor & Fun company Entertainment

Banks Banking

21212121

Shoppertainment AND KIDZANIA

• Fourways Mall relaunch will bring a first to the South African mall experience, a shoppertainmentshoppertainmentshoppertainmentshoppertainment offering that mixes experience and convenience under one roof

• Shoppertainment celebrates experiences, relationships and adaptable spaces

• Anchoring this strategy is the inclusion of the following specialist tenants:

– KidZania (8 500 m²)

– Bounce – flagship (4 500 m²)

– Fun Company (1 350 m²)

– Adventure Golf

– KidZania is an interactive city that combines inspiration, fun and learning through realistic roleplay. Built in collaboration with industry partners, KidZania delivers immersive, realistic experiences and fabricated environments where children discover, explore and learn about real-life jobs. Each experience is designed to empower children, giving them the confidence to be their best selves, and to inspire great global citizenship

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Portfolio UPDATE

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23232323

Value of core assets

R’bnNumber of core

properties

% core properties

by value

At listing 4,5 20 81,5

31 Mar 2019 11,8 11,8 11,8 11,8 44444444 92,592,592,592,5

THE PORTFOLIO IS UNDERPINNED BY QUALITY ASSETS, THE PORTFOLIO IS UNDERPINNED BY QUALITY ASSETS, THE PORTFOLIO IS UNDERPINNED BY QUALITY ASSETS, THE PORTFOLIO IS UNDERPINNED BY QUALITY ASSETS, INCLUDING:INCLUDING:INCLUDING:INCLUDING:

• 50% Fourways Mall (super-regional retail);

• Cedar Square (regional retail);

• Eden Meander (regional retail);

• Significant other convenience retail presencein the Fourways node;

• KPMG’s South African head office (A-grade office);

• Citibank’s South African head office (A-grade office);

• Portside (P-grade office);

• Offshore portfolio (75% Austria by revenue);

• Charles Crescent (development opportunity); and

• Foreshore Office (development opportunity).

Portfolio TRANSFORMATION SINCE LISTING

Image bottom

right

23232323

24242424

The Buzz RESIDENTIAL DEVELOPMENT

• Bulk behind the Buzz and Waterford shopping centresin Fourways

– Joint venture with a leading residential developer

– 500 residential units to be built on bulk

– Phased development over five years

– Each phase will ensure highest and best use residential for the bulk utilised

• Phase 1 – 2019/2020:

• The transaction will not only see value being unlocked for the Fund but will also be complimentary to the Buzz and Waterford shopping centres

24242424

25252525

Overview and Offering 25252525

FUNDING

26262626

Long-term DEBT

0

300

600

900

Oct19

Nov19

Mar20

Aug20

Nov20

Nov20

Feb21

Jul21

Oct19

Jan22

Feb22

Mar23

Nov23

Interest rate swap maturity buckets – SA only (Rm)

0

200

400

600

800

Ap

r 19

Ju

n 1

9

Se

p 1

9

Oct

19

Fe

b 2

0

Ap

r 2

0

Ma

y 2

0

Ju

l 20

Au

g 2

0

Se

p 2

0

Oct

20

De

c 2

0

Fe

b 2

1

Ju

l 21

Oct

21

De

c 2

1

Ap

r 2

2

Au

g 2

2

Ju

n 2

3

Ju

l 23

Oct

23

No

v 2

3

RMB Investec Standard Bank DMTN Offshore

Long-term debt funding maturity profile (Rm)*

* April and June expiring debt has been refinanced/repaid post year-end ** Includes the effect of interest rate swaps# Takes into account receivables from the Fourways developer to be offset at equalisation

Overall Portfolio 31 Mar 201931 Mar 201931 Mar 201931 Mar 2019 31 Mar 2018debt allocation (Rm)(Rm)(Rm)(Rm) (%) (Rm) (%)

Debt capital markets 1 785 33,2 1 487 28,9

Bank funding 3 590 66,8 3 663 71,1

Total 5 375 100,0 5 150 100,0

Weighted averagedebt term (years)

2,5 2,1

Short-term portionof debt

1 111 20,7 1 492 28,9

Debt hedged 82,8 97,4

Weighted averageswap term (years)

2,5 2,1

Blended interest rate** 8,4 8,4

Interest cover ratio (x) 2,3 2,4

Loan to value# 39,0 40,7

DCM SPV 31 Mar 201931 Mar 201931 Mar 201931 Mar 2019 31 Mar 2018(Rm)(Rm)(Rm)(Rm) (%) (Rm) (%)

Debt capital markets 1 785 56,9 1 487 56,6

Bank funding 1 353 43,1 1 453 49,4

Total 3 138 100,0 2 940 100,0

Interest cover ratio(x) Covenant 2x

2,2 2,4

Loan to value (covenant 45%)

40,7 (36,1#) 38,4

Number of DCM investors

13

27272727

TREASURY guidelinesTopic PolicyPolicyPolicyPolicy AchievedAchievedAchievedAchieved

Maturities: No more than 30% of total interest bearing debt to mature within any one financial year

Hedging strategy: No less than 70% of total debt must be hedged/fixed

Target debt capital market funding ratio:

No greater than 50% of total debt funding to come from the debt capital markets

Gearing policy: Maximum gearing level of 50% LTV, management’s long term gearing target between 30 and 40% ~

Multi-banked approach:Accelerate will continue to hold various facilities with multiple banks/financial institutions –in order to mitigate concentration risk

Commercial paperAll commercial paper maturities to be fully-backed by standby liquidity facilities –mitigating any refinance risk

n/a

28282828

DMTN PROGRAMME terms

Issuer Accelerate Property Fund Limited

National scale ratings• Short-term unsecured: A2(ZA)

• Long-term unsecured: BBB+(ZA)

• Long-term secured: AA-(ZA)

Programme size ZAR5 billion (ZAR1 785 million outstanding)

Cross default

Financial Indebtedness in an amount which equals or exceeds the greater of:

i. ZAR50 million; or

ii. An amount equal to 1% (one percent) of the total assets of the Issuer

Issuer undertakings

The Issuer shall:

• ensure that the loan-to-value ratio does not exceed 50%;

• ensure that those notes are listed on the interest rate market of the JSE; and

• maintain a credit rating in respect of the Issuer, Notes or the Programme, as the case may be.

Programme covenants

Loan-to-value ratio: 50%

Secured loan-to-value: 45%

Interest cover ratio: 2.0x

29292929

DescriptionOF SECURITY ARRANGEMENTS

* Accelerate Security SPV

Issuer Debt guarantor*

Permitted term facility lenders

Permitted hedging counterparts

Trustee, senior secured noteholders

En

forc

em

en

t ri

gh

ts a

gre

em

en

t

Counterindemnity

Security

Debt guarantee(permitted termfacility lenders)

Debt guarantee(permitted hedgingcounterparties)

Debt guarantee(noteholders)

30303030

Salient termsOF AN ISSUANCE

Issuer Accelerate Property Fund Limited

Arranger and dealer Rand Merchant Bank

Issuer secured credit rating Global Credit Ratings – Long term AA-(ZA)

Auction date Week commencing 19 August 2019

Settlement date T+3

Targeted issue size R285 million across the following secured note:

- 3/5 year: APF10

Secured debt covenants• Loan-to-value ratio: 45%

• Interest Cover Ratio: 2.0x

To bid contact Deon, Gordon or Michelle: +27 (0)11 269 9040

Placement methodology Dutch Auction (sealed bids, no feedback)

Auction time 09:00 to 11:00

* Switch auction: Notes APF02 noteholders will be offered to switch into the new notes proposed

* Bond Code: APF02 / Issue date: 28 Oct 2014/ Maturity date: 26 Sep 2019 / Issue spread: 3m JIBAR + 230bps

3131313131313131

ANNEXURE1Contact DETAILS

Thank you

32323232

Contact Designation Email Contact number

ACCELERATE PROPERTY FUND

Andrew Costa Chief Operating Officer Andrew@acceleratepf.co.za Office: +27 (10) 001 0790

John Paterson Executive Director John@acceleratepf.co.za Office: +27 (10) 001 0790

Dimitri Kyriakides Chief Financial Officer Dimitri@acceleratepf.co.za Office: +27 (10) 001 0790

RAND MERCHANT BANK

Delia Patterson Distribution Delia.Patterson@rmb.co.za Office: +27 (11) 282 4162

Nick Tunnicliffe Origination Nick.Tunnicliffe@rmb.co.za Office: +27 (11) 282 1092

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This presentation is a summary of Accelerate’s financial results. Any decisions made should be based on the full 31 March 2019 auditedconsolidated financial statement which is available on the companies website.

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The information included in this presentation has not been reviewed or reported on by the company’s auditors.

DISCLAIMER

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Notes

GREYMATTER & FINCH # 12998

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