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 March 2015. The distribution of 18.49177 cents per LowVolTrax Security will be comprised as follows: Dividend (local) (to be taxed at 15%)(gross) 6.00870 cents Dividends Withholding Tax (15%) 0.90131 cents Resultant net dividend 5.10739 cents Gross REIT Distribution 10.50020 cents (No Dividend Withholding Tax deducted for SA resident securities holders) Non-residents: Local Dividends withholding Tax (15%) 1.57503 cents Net dividend 8.92517 cents Dividend (foreign) (to be taxed at 15%)(gross) 1.72750 cents Dividends Withholding Tax (15%) 0.25913 cents Resultant net dividend 1.46837 cents Dividend (local)( subject to STC credits of 15% i.e. exempt from tax) 0.25537 cents STC Credits 0.25537 cents Net Dividend (local) 0.25537 cents The distribution will be made to all holders of LowVolTrax securities who were recorded in the register on 27 March 2015 and will be paid on 16 April 2015. 14 April 2015 Sponsor Grindrod Bank Limited Date: 14/04/2015 04:20:00 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.