LVLTRX - Distribution Finalisation Announcement Grindrod LowVolTrax Share code: LVLTRX ISIN: ZAE000190112 ("LowVolTrax") A portfolio in the Grindrod Index Tracker Collective Investment Scheme (formerly Property Index Tracker Collective Investment Scheme) registered as such in terms of the Collective Investment Schemes Control Act, 45 of 2002, managed by Grindrod Index Tracker Managers (RF) Proprietary Limited (formerly Property Index Tracker Managers Proprietary Limited) DISTRIBUTION FINALISATION ANNOUNCEMENT Holders of LowVolTrax securities are advised that a distribution will be made in respect of the quarter ended 30 June 2014. The distribution of 10.29274 cents per LowVolTrax Security will be comprised as follows: Dividend (local) (to be taxed at 15%)(gross) 4.04656 cents Dividends Withholding Tax (15%) 0.60698 cents Resultant net dividend 3.43958 cents Dividend (local)( subject to STC credits of 15% i.e. exempt from tax) 0.58471 cents STC Credits 0.58471 cents Net Dividend (local) 0.58471 cents Gross REIT Distribution 2.30171 cents (No Dividend Withholding Tax deducted for SA resident securities holders) Non-residents: Local Dividends withholding Tax (15%) 0.34526 cents Net dividend 1.95645 cents Dividend (foreign) (to be taxed at 15%)(gross) 1.33648 cents Dividends Withholding Tax (15%) 0.20047 cents Resultant net dividend 1.13601 cents Dividend (foreign) (already taxed in UK at 20%)(gross) 0.79818 cents Dividends Withholding Tax in South Africa (n/a) 0 cents Resultant net dividend 0.79818 cents Interest 1.22510 cents The distribution will be made to all holders of LowVolTrax securities who were recorded in the register on 27 June 2014 and will be paid on Friday, 11 July 2014. 9 July 2014 Sponsor Grindrod Bank Limited Date: 09/07/2014 05:40:00 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.