for the year ended 31 March

2019

ANNUAL Results

At a glance 1

Key priorities 3

Financial results 5

Core growth 9

Letting and arrears 12

Capital structure 15

Fourways update 17

Portfolio update 24

European retail 27

Annexure 1: Property portfolio summary 30

TABLE OF Contents

11

At a GLANCE

2

ACCELERATE at a glance AS 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

Strategic nodes Fourways Precinct 174 944 m²Charles Crescent – Kramerville 47 692 m²Foreshore – Cape Town 52 152 m²

GLA 601 506 m²

Vacancy* 9,0%

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 yearsTotal debt R5,4 billionLTV** 39,0%ICR 2,3x

Hedging(incl. offshore)

82,8% of debt hedgedWA term 2,5 years

3

KEY Priorities3

4

THE FOURWAYS MALL EQUALISATION• Finalising price to be paid • Funding of equalisation • Joint management structures post equalisation

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 PORTFOLIO• Buzz residential development • Foreshore development • Tenant retention and reduction of vacancies• Strategic capex spend

KEY Priorities

4

GREEN INITIATIVES • Major solar investment • Water savings• Reducing carbon footprint

SOCIAL INVESTMENT • Bursaries, community outreach initiatives, school funding

5

FINANCIAL Results

5

6

CONSOLIDATED STATEMENT OF Financial Position

HIGH-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 2019(R’000)

31 March 2018 (R’000)

ASSETSNon-current assets 12 205 878 12 533 952Investment property 12 203 592 12 515 562Derivatives 1 598 17 371Equipment 688 1 019Current assets 679 224 649 579Trade and other receivables 595 093 570 771Derivatives - 1 887Cash and cash equivalents 84 131 76 921Investment property held for sale 789 707 27 000Fair value of investment property assets 789 707 27 000Total assets 13 674 809 13 210 531

EQUITY AND LIABILITIESShareholders’ interest 7 965 297 7 861 866Share capital 5 115 671 5 103 067Other reserves 77 887 25 923Minority interest 19 032 14 519Retained earnings 2 752 707 2 718 357Total equity 7 965 297 7 861 866Non-current liabilities 4 278 103 3 682 224Long-term borrowings 4 259 323 3 654 607Derivatives 18 780 27 617Current liabilities 1 431 409 1 666 441Trade and other payables 297 231 173 526Derivatives 23 128 385Short-term portion of long-term borrowings 1 111 050 1 492 530Total equity and liabilities 13 674 809 13 210 531

6

7

CONSOLIDATED STATEMENT OF Comprehensive Income

HIGH-LEVEL OVERVIEW OF PERFORMANCE• Revenue:

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

• Unrealised losses:– Relates to losses on consolidation

of 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 2019(R’000)

31 March 2018 (R’000)

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

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

Distributable earnings 475 734 533 213

8

DISTRIBUTION Build-up

Actual31 March 2019

(R’000)

Actual31 March 2018

(R’000)

DISTRIBUTION ANALYSIS

Distributable earnings 475 734 533 213

Less: Interim distribution 254 352 266 037

Final distribution 221 382 267 176

SHARES QUALIFYING FOR DISTRIBUTION

Number of shares at year-end 994 310 123 989 364 344

Shares repurchased (9 567 404) (9 567 404)

Less: Bulk ceded shares to Accelerate* (51 070 184) (51 070 184)

Shares qualifying for distribution 933 672 535 928 726 756

Final distribution per share (cents) 23,71088 28,76799

Interim distribution per share (cents) 27,26021 28,77713

Total distribution per share for the year (cents) 50,97109 57,54512

* Note: The above distribution per share does not include 51 070 184 shares, which do not qualify for distribution as the distribution was ceded to the fund,until the earlier of 31 December 2021 or such time that the bulk is developed/sold

9

CORE Growth9

10

CORE NET PROPERTY INCOME Growth

Core portfolio:• Properties in our strategic nodes• Remainder of Western Cape portfolio• KPMG portfolio• Citibank• 92% of current portfolio

(7.9%)

1.8%

(2.8%)

7.6%

(3.1%)

(10%) (8%) (6%) (4%) (2%) 0% 2% 4% 6% 8% 10%

Office

Industrial

Retail

European - Single tenant

Total

Core net income growth

11

KEY indicators

Key indicator summary31 March

2019March

2018

Portfolio value (Rbn) 12,7 12,3

GLA (m²) 601 506 623 988

Number of properties 62 67

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

Lease escalations (6,6% incl. offshore) 7,4% 7,7%

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

Key ratios31 March

201931 March

2018

Interest cover ratio 2,3 2,4

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

Net asset value (Rbn) 8,0 7,8

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

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

* Takes into account receivables from the Fourways developer to be offset at equalisation

12

LETTING and ARREARS

12

13

Lease expiry PROFILE, ESCALATIONS AND DEBTORS AGEING

Contractual escalationsSectoral type

31 March2019

(%)

31 March2018

(%)

Industrial 7,3 7,8

Office 7,6 7,7

Retail 7,3 7,7

SA portfolio 7,4 7,7

European retail 0,0 0,0

Total portfolio 6,6 7,1

SectorExpired

(m²)Renewals

(m²)

Expiredrental

(R/m²)

Newrental

(R/m²)

Rentalreversion

(%)

Office 17 931 11 807 94,1 81,5 (13,3)

Retail 51 796 46 104 117,5 118,3 0,7

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

Total 83 625 71 809 100,5 96,5 (4,0)

* 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 120+ days* 90 days 60 days 30 days Total**

31 March 2019 22 900 086 3 166 583 8 747 920 6 466 690 41 281 279

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

14

VACANCY profileVacancies as at 31 March 2019#

(m²)

Sectoral type31 March

201931 March

2018

Industrial 2,5% 22,7%

Office* 21,17% 15,7%

Retail 6,25% 5,6%

European retail 0,0% ➔ 0,0%

Total portfolio 9,00% 10,04%

33,9

70

2,13

3

18,0

26

0

0

10,000

20,000

30,000

40,000

50,000

Office Industrial Retail European retail

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

Vacancy (GLA)

15

CAPITAL Structure15

16

Long-term 31 Mar 2019 31 Mar 2018debt allocation (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 portion of 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

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

Apr 1

9Ju

n 19

Sep

19O

ct 1

9Fe

b 20

Apr 2

0M

ay 2

0Ju

l 20

Aug

20Se

p 20

Oct

20

Dec 2

0Fe

b 21

Jul 2

1O

ct 2

1De

c 21

Apr 2

2Au

g 22

Jun

23Ju

l 23

Oct

23

Nov

23

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

17

FOURWAYS

Update17

18

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 22 31

• 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 Mall to >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 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

18

19

Update ON FOURWAYS MALL DEVELOPMENT AND REFURBISHMENT

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

FOURWAYS MALL DEVELOPMENT update

THE FOURWAYS MALL SUPER-REGIONAL CENTRE IS AT ITS FINISHING STAGES:• Revised opening date is 22 August 2019

• Total GLA – 178 000 m² (excluding Leroy Merlin’s flagship store of approximately 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 let GLA – 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 Roadand 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 parkade

is also complete

Major tenant Sector

Checkers Food retailWoolworths Fashion and food retailGame RetailDion Wired RetailPick ‘n Pay Food retailDis-Chem RetailKidzania EntertainmentEdgars FashionTruworths FashionFoschini FashionMr Price Home Home accessoriesMr Price FashionCotton On FashionH&M FashionToys R Us RetailLC Waikiki FashionBounce Inc. EntertainmentCape Union Mart Fashion@Home Home accessoriesAckermans FashionWest Pack LifestyleFood Lover’s Market Food retailSter Kinekor & Fun company Entertainment Banks Banking

21

FOURWAYS MALL –The Brand

• Fourways Mall rebrand undertaken to match the redevelopment• Previous brand identity was 30 years old

BEHIND THE NEW BRAND – @FOURWAYSMALL:• Leverages off predecessor, but uses the number 4 to link the surrounding

community and one of the largest four-way intersections in SA• New brand – new personality, driving shoppertainment concept• Abbreviated marketing name: 4WM via various social media platforms,

for example: Fashion@4WM, Eat@4WM, Play@4WMFor more information, visit www.fourwaysmall.com. You can also follow Fourways Mall on Facebook, Twitter or Instagram

22

Shoppertainment AND KIDZANIA

• Fourways Mall relaunch will bring a first to the South African mall experience, a shoppertainment offering that mixes experienceand 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

23

THE FOURWAYS DEVELOPMENT Equalisation

FUNDING THE EQUALISATIONIt is anticipated that the fund should have the gearing capacity to fully debt fundthe equalisation purchase priceIn summary:• Accelerate has the option to fund the equalisation with debt and/or equity

(to the market or directly to the developer)• The fund has loans receivable from the developer of approximately R350 million

which should be recovered prior to equalisation/will be offset againstthe purchase price

• Given the value uplift we have approximately R700 million earmarked byour major funders for the equalisation funding

• LTV build up prior to equalisation:

• The above excludes value accretion on the equalisation income being purchased

ESTIMATED PURCHASE PRICE• Estimated purchase price of R1 billion • Finalisation of purchase price dependent on inter alia:

– Substantiating operating expenses including municipal expenses(including borehole and water purification plant)

– Other income such as parking revenue and signage – Agreement on other income including parking and exhibition income– Final leases to be signed

THE EQUALISATION PRICE FORMULA The equalisation stake to be purchased by Accelerate will be determined in accordance with the following formula:

A = [B/(C+D)] x100 where:

• A = Accelerate’s undivided share in the Combined Letting Enterprise

• B = the higher of the Guaranteed Income orthe result of the Forward Net Income (Existing Letting Enterprises),as if the Contemplated Development did not take place,less the Forward Net Income (Rebuilt Portion)

• C = Forward Net Income (Existing Letting Enterprises), as if the Contemplated Development had taken place, plus amounts payableby Fourways Precinct under the head lease insofar as it relates tothe Existing Letting Enterprise

• D = Forward Net Income (Development Letting Enterprise)plus amounts payable by Fourways Precinct under the head leaseinsofar as it relates to the Development Letting Enterprise

* Takes into account receivables from the Fourways developer to be offset at equalisation

DescriptionLTV

%Probability

%

31 Mar 2019 39,0 100,0

Less: Signed sales and foreshore 37,4 90,0

Less: Other sales 35,7 65,0

24

Portfolio UPDATE

24

25

Value of core assetsRbn

Number of core properties

% core propertiesby value

At listing 4,5 20 81,5

31 Mar 2019 11,8 44 92,5

THE PORTFOLIO IS UNDERPINNED BY QUALITY ASSETS, INCLUDING:• 50% Fourways Mall (super-regional retail);• Cedar Square (regional retail);• Eden Meander (regional retail);• Significant other convenience retail presence

in 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

25

26

The Buzz RESIDENTIAL DEVELOPMENT

• Bulk behind the Buzz and Waterford shopping centres in 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 residentialfor 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 Waterfordshopping centres

26

27

EUROPEAN Retail27

28

COMMENTARY:• 8,9% of total APF revenue• Portfolio independently valued annually by CBRE at €91,5 million (acquired for €82,1 million)• Wien 3 trading well – expected positive reversion on Wien lease in 2021 of 2%

OBI Performance

BuildingsGLA(m²)

Fair value at31 Mar 2019

(€’000)

Fair value at31 Mar 2018

(€’000)

Tenantturnover growth

year on year31 Dec 2018

(%)Portfolio

by rental income (%)

RemainingLease term

(years)

AUSTRIA

Wien 3 16 356 42 940 000 41 890 000 10,2 40 7,58

Mauthausen 5 146 7 237 000 7 210 000 6,4 9 11,58

Hallein 3 739 3 053 000 3 130 000 3,9 4 11,58

Bruck/Mur 6 823 6 500 000 6 584 000 4,4 9 11,58

Mürzzuschlag 5 822 7 519 000 7 472 000 3,3 8 11,58

Rosental 3 316 3 598 000 3 689 000 5,4 4 11,58

SLOVAKIA

Kosice 8 054 6 589 600 5 989 000 14,4 7 11,58

Martin 7 950 6 218 000 6 075 000 17,1 7 11,58

Nitra 8 687 7 872 200 7 170 600 13,3 11 11,58

65 893 91 526 800 89 209 600 8,7 9,90

29

Outlook

• The launch of Fourways Mall positions the fund for predictable and strong income growth going forward

• The equalisation in the 2020 financial year does however have a dilutive effect given the 8% yield versus our current cost of funding

• From a balance sheet perspective super-regional malls are typically valued at 6,25% to 6,5% which would result in significant balance sheet upside positioning Accelerate as the only mid-cap with unrivaled asset quality

• It has always been the funds strategic objective to enhance the overall quality of the portfolio. This is well underway with 92% of the portfolio now considered core

• Given the above and taking into account current negative market conditions continuing, distribution growth for the 2020 financial yearis anticipated to be approximately -6% to -8%*

• With Fourways Mall coming on line for the 2021 financial year we expect income distribution growth to be in the region of 6% to 8%*

* Subject to amongst other factors macro economic conditions, potential sovereign rating downgrades and the like

30

PROPERTY PORTFOLIO

Summary

ANNEXURE 1

30

31

SECTOR AND GEOGRAPHIC Summary

OfficeIndustrial

RetailEuropean retail

25%

50%

60,1

Sector profile by revenue (%)

24,6

8,9 25%

50%

Sector profile by GLA (%)

14,3

48,0

OfficeIndustrial

RetailEuropean retail

6,4

26,7

11,0

South AfricaAustria

Slovakia

25%

50%

91,1

Geographic profile by revenue (%)

2,2

25%

50%

Geographic profile by GLA (%)

South AfricaAustria

Slovakia6,74,2

89,0

6,8

32

TENANT Profile

A: Large national tenants, large listed tenants and major franchises, includingAbsa 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

ABC

25%

50%

65,7

Tenant profile by revenue (%)

11,5

22,8

25%

50%

66,1

Tenant profile by GLA (%)

10,8

23,1

25%

50%

59,3

Single vs multi-tenanted by GLA (%)

40,7

ABC

SingleMulti

KEY DATESDeclaration date Thursday, 20 June 2019

Last day to trade cum distribution Tuesday, 23 July 2019

Shares commence trading ex distribution Wednesday, 24 July 2019

Record date Friday, 26 July 2019

Payment date Monday, 29 July 2019

INVESTOR RELATIONSArticulate Capital Partners: Morne Reinders

Tel: 082 480 4541

Email: morne@articulatepartners.com

Thank you

33

34

This presentation is confidential and is being supplied to you solely for your information and may not be reproduced, redistributed or passed on to any other person orpublished in whole or in part for any other purpose.

This presentation does not constitute an offer or invitation to subscribe for or purchase any securities and nothing contained herein shall form the basis of any contract orcommitment whatsoever. Any decision to purchase securities in the context of a proposed offering of securities, if any, should be made solely on the basis of informationcontained within an offering circular, programme memorandum or prospectus published in relation to such an offering.

This presentation is intended only for persons who have professional experience in matters relating to investments and to persons to whom it may be lawful tocommunicate it to (all such persons being referred to as relevant persons). This presentation is only directed at relevant persons and any investment or investment activityto which this presentation relates is only available to relevant persons or will be engaged in only with relevant persons. Solicitations resulting from this presentation will onlybe responded to if the person concerned is a relevant person. Other persons should not rely or act upon this presentation or any of its contents.

This presentation is for distribution in the Republic of South Africa only.

Nothing in this presentation should be construed as legal, financial, accounting, tax or other advice and relevant persons should determine for themselves the relevance ofthe information contained in this presentation.

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

By participating in this presentation or by accepting any copy of the slides presented, you agree to be bound by the foregoing limitations.

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

DISCLAIMER

35

Notes

GREYMATTER & FINCH # 12996

www.acceleratepf.co.za