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ACCELERATE PROPERTY FUND LIMITED - Change in Directorate

15 March 2019 - 17:05 PM
APF
Change in Directorate

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)


CHANGE IN DIRECTORATE

Shareholders are advised that Mr John Doidge, an independent non-executive
director, will be retiring from the board of directors of Accelerate (Board) with effect
from 31 March 2019. The Board expresses its appreciation to Mr Doidge for his
valuable contribution and wise counsel since he was appointed to the Board in June
2013.

Shareholders are further advised that Dr Gert Cruywagen, the Chairman of the Board,
will step down as Chairman and revert to his previous position as Lead Independent
Director with effect from 31 March 2019. The Board thanks Dr Cruywagen for his
leadership following the resignation of Mr Tito Mboweni in October 2018. Mr Timothy
Fearnhead, an existing independent non-executive director, has been appointed as
Chairman of the Board with effect from 31 March 2019. Mr Fearnhead has been the
Chairman of the Audit and Risk Committee since listing and is extremely well placed
to assume the responsibilities of Chairman.

As a result of the above changes, the following changes will take effect on the Board
committees with effect from 31 March 2019:

      Dr Gert Cruywagen will replace Mr Timothy Fearnhead as Chairman of the
       Audit and Risk Committee
      Ass Prof Francois Viruly will replace Mr John Doidge as a member and
       Chairman of the Remuneration Committee
      Mr Timothy Fearnhead will replace Dr Gert Cruywagen as Chairman of the
       Nominations Committee

The Board is in the process of appointing additional non-executive directors to the
board with a particular focus on property and financial skills, taking into account the
need to strengthen diversity on the board.

Fourways
15 March 2019

Sponsor
The Standard Bank of South Africa Limited

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