JSE LIMITED - Index Change Advice - 20150901 FTSEJSE Ground Rules Treatment of Foreign Dividend Withholding Tax

Index Change Advice - 20150901 FTSEJSE Ground Rules Treatment of Foreign Dividend Withholding Tax

                                                        FTSE/JSE Africa Index Series
                                                           Ground Rule Change

                                                                               31 July 2015

Following the meeting of the FTSE/JSE Advisory Committee on 3 June 2015, and in order to enhance the
replicability of the Total Return Indices for South African investors, FTSE/JSE announces a change to the
treatment of Foreign Dividend Withholding Taxes in the FTSE/JSE Total Return Indices (Gross TRI) as set
out in the notice below.


Currently, dividends are included in the total return index calculation at their declared rate, gross of all
taxes. In the future, dividend withholding taxes levied under a foreign tax regime will be deducted
before the dividend is applied in the total return index calculation. The gross treatment of all South
African dividend withholding taxes will remain unchanged. There is no change to the calculation of
FTSE/JSE Net Total Return Indices.


Based on current data, the following Top 40 and Mid Cap index constituents are expected to be impacted
by this change:
      ?       Compagnie Financiere Richemont AG (CFR)
      ?       Intu Properties Plc (ITU)
      ?       Redefine International Plc (RPL)

The following associated rule change will take effect from 1 September 2015:


Appendix G – 17.1 List of FTSE/JSE Net of Tax Indices
Existing Rule:
In addition to the FTSE/JSE Africa Total Return Indices which are calculated gross (declared), the
following equivalent Net Total Return Indices will also be calculated:

New Rule:
In addition to the FTSE/JSE Africa Total Return Indices which are calculated gross of South African
Dividend Withholding Tax but net of foreign dividend withholding taxes, the following equivalent Net Total
Return Indices will also be calculated:

An updated version of the Ground Rules document will be available on the FTSE/JSE website from 1
September 2015.




For further information or general enquiries please contact us at info@ftse.com or indices@jse.co.za or call:

 Client Services in UK:                             Tel: +44 (0) 20 7866 1810
 Client Services in Europe, Middle East & Africa:   Tel: +44 (0) 20 7866 1810
 Client Services in US:                             New York: (Domestic) + 1 888 747 FTSE (3873) / (International): +1 212 314 1139
 Client Services in Asia Pacific:                   Hong Kong: + 852 2164 3333 Australia:(Domestic Toll-Free) + 1800 653 680 / (International) + 61 (2) 9293 2864 Japan + 81 (3) 3581 2764

 Or, email your enquiries to info@ftse.com, indices@jse.co.za or visit our website at www.ftse.com or www.ftsejse.co.za


Alternatively please visit our website at www.ftse.com or www.ftsejse.co.za

                                                                Terms of Use | Copyright © FTSE

Date: 31/07/2015 05:05:00 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.