Listing of CoreShares Top50 securities - CTOP50 CoreShares Index Tracker Managers (RF) Proprietary Limited CoreShares Top50 Share code: CTOP50 ISIN: ZAE000204327 The CoreShares S&P South Africa Top50 Exchange Traded Fund portfolio ("CoreShares Top50"), a sixth portfolio in the CoreShares Index Tracker Collective Investment Scheme (formerly Grindrod Index Tracker Collective Investment Scheme)("the Scheme") registered as such in terms of the Collective Investment Schemes Control Act, 45 of 2002, managed by CoreShares Index Tracker Managers (RF) Proprietary Limited (formerly Grindrod Index Tracker Managers Proprietary Limited)("the Manager" or “CITM”). 1. LISTING OF CORESHARES TOP50 SECURITIES Further to the announcement released on SENS on Monday, 4 May 2015 regarding the initial public offering for CoreShares Top50 participatory interests ("CoreShares Top50 securities"), Grindrod Bank is authorised to announce the listing on the main board of the JSE Limited of CoreShares Top50 securities in the "Exchange Traded Funds" sector, with effect from commencement of business on Wednesday, 13 May 2015. Copies of the offering circular and the third supplement, in English, may be obtained during normal business hours from the office of the Manager, located at Grindrod Tower, 4th Floor, 8a Protea Place, Sandton, 2096 and is available on the website: www.coreshares.co.za. 2. CASH SUBSCRIPTIONS 575, 103 CoreShares Top50 securities will be issued to applicants who made cash subscriptions (and to whom LAs were issued on Wednesday, 6 May 2015) at commencement of trade on Wednesday 13 May 2015 at a price per security of approximately R 21.57 and at a conversion ratio of 0.04635 securities for every 1 LA issued. 3. NOTICE The S&P South Africa Top50 Index ("Index") is a custom index created by S&P Dow Jones Indices LLC (“S&P”). CoreShares Top50 participatory interests are not in any way sponsored, endorsed, sold or promoted by the JSE Limited (“JSE”) or 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 on behalf of and on the instructions of CITM 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. 11 May 2015 Corporate advisor and sponsor: Grindrod Bank Limited Trustee: Societe Generale Date: 11/05/2015 09:56:00 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.