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GRINDROD INDEX TRACKER MAN RF PTY LTD - Initial offer for Grindrod Divtrax participatory interests ("Grindrod Divtrax securities") referencing the S&P South

Release Date: 01/04/2014 11:00
Code(s): DIVTRX     PDF:  
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Initial offer for Grindrod Divtrax participatory interests ("Grindrod Divtrax securities") referencing the S&P South

Grindrod Index Tracker Managers (RF) Proprietary Limited
Grindrod DivTrax
Share code: DIVTRX ISIN: ZAE000190104

The Grindrod S&P South Africa Dividend Aristocrats Exchange Traded Fund portfolio ("Grindrod
DivTrax"), a fourth portfolio in Grindrod Index Tracker Collective Investment Scheme in Securities
(formerly known as the Property Index Tracker Collective Investment Scheme in Securities)(“Gtrax”)
registered as such in terms of the Collective Investment Schemes Control Act, 45 of 2002, managed
by Grindrod Index Tracker Managers (RF) Proprietary Limited (previously Property Index Tracker
Managers Proprietary Limited)(“GITM” or “Manager”).

INITIAL OFFER FOR GRINDROD DIVTRAX PARTICIPATORY INTERESTS ("GRINDROD
DIVTRAX SECURITIES") REFERENCING THE S&P SOUTH AFRICA DIVIDEND ARISTOCRATS
INDEX ("INDEX"), TO BE LISTED ON THE MAIN BOARD OF THE JSE LIMITED ("JSE") IN THE
"EXCHANGE TRADED FUNDS" SECTOR.

This announcement is issued in compliance with the Listings Requirements of the JSE for information
purposes only. The information set out below has been extracted from the third supplement to the
offering circular (the "third supplement") which is available as set out below.

1. INTRODUCTION

Gtrax is a collective investment scheme in securities. Grindrod DivTrax participatory interests provide
the investor with exposure to constituents within the S&P South Africa Composite Index that have
followed a policy of increasing or maintaining stable dividends for five consecutive years. The Index
covers equities listed on the JSE with float-adjusted market values of US$ 100 million or more and
annual dollar value traded of at least US$50 million.

Investors will be entitled to subscribe for participatory interests in terms of the initial offer:
    -    in respect of cash subscriptions, a price (payable in Rands) per participatory interest
         equivalent to approximately 1/100th of the average S&P South Africa Dividend Aristocrats
         Index level during the ramp up period; or
    -    in respect of in specie subscriptions, by delivery of one or more baskets plus the specified
         cash amount (as defined in the Gtrax offering circular) (entitling the applicant to 100 000
         participatory interests per basket delivered) on the terms and subject to the conditions set out
         in the Gtrax offering circular as read together with this supplement.

Participatory interests will be issued in dematerialised form only on the terms and subject to the
conditions more fully described in the third supplement.

Following the listing, securities holders may either trade their securities on the JSE, redeem them for
cash or, in respect of every 100 000 Grindrod DivTrax securities to be redeemed, redeem them for
one basket of constituent securities.

2. SALIENT DATES AND TIMES AND FURTHER ANNOUNCEMENT

The initial offer will remain open from 09:00 on Tuesday, 1 April 2014 until 12:00 on Wednesday, 2
April 2014. Letters of Allotment will be issued in the name of successful applicants on Friday, 4 April
2014 and will convert to Grindrod DivTrax securities and be listed on the JSE at commencement of
trading on Monday, 14 April 2014. A further announcement containing the results of the initial offer
including the issue price will be published on SENS on Thursday, 9 April 2014.

3. NOTICE

Grindrod DivTrax participatory interests are not in any way sponsored, endorsed, sold or promoted by
the JSE or S&P Dow Jones Indices LLC (“S&P) and none of these parties makes any warranty or
representation whatsoever, expressly or implied, either as to the basis of calculation of, or as to the
results to be obtained from the use of the Index and/or the value at which the said Index stands at any
particular time on any particular day or otherwise. The Index is compiled and calculated by S&P.
However, S&P shall not be liable (whether in negligence or otherwise) to any person for any error in
the Index and S&P shall not be under any obligation to advise any person of any error therein.


The securities being issued pursuant to this supplement are not eligible for sale in the United States
or in any other jurisdiction in which trading in the securities would be illegal. The securities have not
been, and will not be, registered under the U.S. Securities Act of 1933, as amended, and the U.S.
Commodity Futures Trading Commission under the U.S. Commodity Exchange Act has not approved
trading in the securities. The securities may not be offered, sold or delivered within the United States
or to U.S. persons, nor may any U.S. person at any time trade or maintain a position in the securities.

4. DIRECTORS, TRUSTEE AND REGISTERED OFFICE

The directors of the Manager are:

Director:       Ian Michael Groves (Independent non-executive chairman)
Address:        Grindrod Tower, 4th Floor, 8a Protea Place, Sandton, 2196

Director:       David Andrew Polkinghorne (Non-executive director)
Address:        1st Floor North, 20 Kingsmead Boulevard, Kingsmead Office Park, Durban, 4000

Director:       Craig Brabazon Hollowes (Non-executive director)
                 th
Address:        4 Floor, Rivonia Village, Rivonia Boulevard, Sandton, 2191

Director:       Gareth Craig Stobie (Managing director)
Address:        Grindrod Tower, 4th Floor, 8a Protea Place, Sandton, 2196

The trustee of Gtrax, Societe Generale, is located at 2nd Floor, Jan Smuts Avenue, Rosebank, 2196.
The registered office of Gtrax is located at Grindrod Tower, 4th Floor, 8a Protea Place, Sandton,
2196.

5. COPIES OF THE OFFERING CIRCULAR AND THIRD SUPPLEMENT

Copies of the original Gtrax offering circular and the third supplement, in English, may be obtained
during normal business hours from the registered office as detailed above, from 1 April 2014. A copy
of the offering circular and the third supplement will be available on the website (www.gtrax.co.za)
during the same period.

6. SUBSCRIPTION CONDITIONS APPLICABLE TO THE INITIAL OFFER

The initial offer is subject to the conditions detailed in the offering circular as read with the third
supplement and as summarised below:

    -   You cannot withdraw an application once submitted. It will be irrevocable.
    -   All subscriptions for Grindrod DivTrax securities will be treated as primary market
        acquisitions.
    -   All subscribers for new Grindrod DivTrax securities must have a valid account with a broking
        member of the JSE.
    -   Subscribers that do not have an account with a JSE member can open an account with any
        broker on the JSE. A list of brokers is available on the JSE website at www.jse.co.za.
    -   Subscribers can also contact Grindrod Securities (a division of Grindrod Asset Management
        Proprietary Limited), which has been appointed as the participating broker to assist first time
        retail clients in opening an account. Grindrod Securities’ contact details appear in the
        third supplement.
    -   If a prospective investor is in any way unclear as to the correct procedure to be followed, or
        the terms and conditions applicable to subscriptions for Grindrod DivTrax securities under the
        initial offer, the investor is advised to contact his professional advisors, alternatively to contact
        the Manager (see below for contact details).
    -   A controlled client should liaise with his broker, which will subscribe via its nominated CSDP.
    -   A non-controlled client should liaise with its nominated CSDP, which will in turn liaise with
        Societe Generale, the issuer`s CSDP.


    1 April 2014

    Corporate advisor, sponsor and orginator: Grindrod Bank Limited
    Trustee: Societe Generale

    The Manager: GITM
    Tel no.: 011 459 1860
    Email: etfs@grindrodbank.co.za.

Date: 01/04/2014 11:00:00 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.

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