Distribution Finalisation Announcement - LVLTRX Grindrod LowVolTrax Share code: LVLTRX ISIN: ZAE000190112 ("LowVolTrax") A portfolio in the Grindrod 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 DISTRIBUTION FINALISATION ANNOUNCEMENT Holders of LowVolTrax securities are advised that a distribution will be made in respect of the quarter ended 31 December 2014. The distribution of 13.16914 cents per LowVolTrax Security will be comprised as follows: Dividend (local) (to be taxed at 15%)(gross) 8.66999 cents Dividends Withholding Tax (15%) 1.30050 cents Resultant net dividend 7.36949 cents Gross REIT Distribution 3.72092 cents (No Dividend Withholding Tax deducted for SA resident securities holders) Non-residents: Local Dividends withholding Tax (15%) 0.55814 cents Net dividend 3.16278 cents Dividend (foreign) (to be taxed at 15%)(gross) 0.25536 cents Dividends Withholding Tax (15%) 0.03830 cents Resultant net dividend 0.21706 cents Dividend (local gross)( subject to STC credits of 15% i.e. exempt from tax) 0.52287 cents STC Credits 0.52287 cents Net Dividend (local) 0.52287 cents The distribution will be made to all holders of LowVolTrax securities who were recorded in the register on 24 December 2014 and will be paid on 16 January 2015. 14 January 2015 Sponsor Grindrod Bank Limited Date: 14/01/2015 03:23:00 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.