Conversion Ratio and The Listing of The Satrix MSCI Emerging Markets Feeder Portfolio (“The Portfolio”)- STXEMG SATRIX COLLECTIVE INVESTMENT SCHEME SATRIX MSCI EMERGING MARKETS FEEDER PORTFOLIO JSE Code: STXEMG ISIN: ZAE000246633 ("Satrix EMG" or the "ETF") A portfolio in the Satrix Collective Investment Scheme, registered as such in terms of the Collective Investment Schemes Control Act, 45 of 2002 CONVERSION RATIO AND THE LISTING OF THE SATRIX MSCI EMERGING MARKETS FEEDER PORTFOLIO (“THE PORTFOLIO”) Further to the announcement released on SENS on Wednesday, 19 July 2017 regarding the results of the initial public offer (“the offer”) for subscription to the portfolio, Satrix Managers (RF) Pty Limited hereby announce the conversion ratio and the listing of the portfolio. 1. Conversion ratio Investors will be entitled to 0.0282090 (“the conversion ratio”) Satrix EMG Securities for every letter of allocation (“LA”) issued. The LAs will be converted to Satrix EMG securities in the subscriber’s CSDP or broker account. 2. Issued securities and listing Satrix MSCI Emerging Markets Feeder Portfolio will issue 1 172 719 (one million one hundred and seventy two thousand seven hundred and nineteen) securities to list on the “Exchange Traded Funds” sector of the main board of the JSE Limited, at an issue price of approximately R 35.64 per security, to commence trading on Tuesday 25 July 2017. 24 July 2017 Satrix Managers (RF) Pty Limited Date: 24/07/2017 02:07:00 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.