Changes to the board of Directors Of Africa ETF Africa ETF Issuer (RF) Limited (Incorporated in the Republic of South Africa) (Registration No. 2013/022008/06) (“Africa ETF”) AfricaGold Debentures Abbreviated name: AfricaGld Share code: ETFGLD ISIN: ZAE000182523 And AfricaPlatinum Debentures Abbreviated name: AfricaPlt Share code: ETFPLT ISIN: ZAE000182556 And AfricaPalladium Debentures Abbreviated name: AfricaPld Share code: ETFPLD and ENXPLD (NSX) ISIN: ZAE000182531 And AfricaRhodium Debentures Abbreviated name: AfricaRho Share code: ETFRHO ISIN: ZAE000210787 (collectively “ETF Holders”) CHANGES TO THE BOARD OF DIRECTORS OF AFRICA ETF ETF Holders are advised of the following changes to the board of directors of Africa ETF: - Mr David Peter Towers has resigned as chairman of the board and as an independent non- executive director of Africa ETF on 15 March 2016; and - Mr Brian William Smith is appointed to the board and as an independent non-executive director of Africa ETF on 15 March 2015. The board of Africa ETF wishes to thank Mr Towers for his valuable contributions and congratulates Mr Smith on his appointment. Johannesburg 15 March 2016 Sponsor The Standard Bank of South Africa Limited, acting through its Corporate and Investment Banking division. Date: 15/03/2016 01:06:00 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.