Index Change Advice – 20190918 Scheme of Arrangement between Arrowhead Properties and Gemgrow Properties Ltd B Arrowhead Properties (South Africa): Scheme of Arrangement with Gemgrow Properties Ltd B (South Africa) FTSE/JSE Africa Index Series 11 September 2019 Further to the FTSE/JSE notice released on 30 August 2019 and subject to the completion of the scheme of arrangement in relation to the reverse takeover of Gemgrow Properties Ltd B (South Africa, GPB, ZAE000223277, FTSE/JSE non constituent) by Arrowhead Properties (South Africa, FTSE/JSE Small Cap constituent, AWA, ZAE000203105), please see details of affected indexes and effective dates below: Effective From Index Change Start of Trading FTSE/JSE Small Cap Index (J202) Arrowhead Properties (South Africa, 18 September 2019 ZAE000203105) will be deleted from the index. Gemgrow Properties Ltd B (South Africa, ZAE000223277) will be added to the index with a shares in issue total of 862,972,768* and an investability weighting of 95.330000082004%*. FTSE/JSE All Share Index (J203) Arrowhead Properties will be deleted 18 September 2019 from the index. Gemgrow Properties Ltd B will be added to the index as detailed above. FTSE/JSE Fledgling Index (J204) Gemgrow Properties Ltd A (South Africa, 18 September 2019 ZAE000223269) will be deleted from the index. FTSE/JSE RAFI All Share Index Arrowhead Properties will be deleted 18 September 2019 (J263) from the index. FTSE/JSE RAFI All Share Capped Arrowhead Properties will be deleted 18 September 2019 Index (J283) from the index. FTSE/JSE Capped All Share Index Arrowhead Properties will be deleted 18 September 2019 (J303) from the index. Gemgrow Properties Ltd B will be added to the index as detailed above. FTSE/JSE Style Index (J330 and Arrowhead Properties will be deleted 18 September 2019 J331) from the index. Gemgrow Properties Ltd B will be added to the index as detailed above. Effective From Index Change Start of Trading FTSE/JSE SA REIT Index (J805) Arrowhead Properties will be deleted 18 September 2019 from the index. Gemgrow Properties Ltd B will be added to the index as detailed above. FTSE/JSE All-Share Minimum Arrowhead Properties will be deleted 18 September 2019 Variance Index (J703) from the index. FTSE/JSE All Share Comprehensive Arrowhead Properties will be deleted 18 September 2019 Factor Index (J203CF) from the index. FTSE/JSE All Share Yield Factor Arrowhead Properties will be deleted 18 September 2019 Index (J203DF) from the index. FTSE/JSE All Share Low Volatility Arrowhead Properties will be deleted 18 September 2019 Focused Factor Index (J203LF) from the index. FTSE/JSE All Share Momentum Arrowhead Properties will be deleted 18 September 2019 Factor Index (J203MF) from the index. FTSE/JSE All Share Quality Factor Arrowhead Properties will be deleted 18 September 2019 Index (J203QF) from the index. FTSE/JSE All Share Size Factor Arrowhead Properties will be deleted 18 September 2019 Index (J203SF) from the index. FTSE/JSE All Share Value Factor Arrowhead Properties will be deleted 18 September 2019 Index (J203VF) from the index. FTSE/JSE All Share Volatility Factor Arrowhead Properties will be deleted 18 September 2019 Index (J203VOF) from the index. FTSE/JSE Shareholder Weighted All Arrowhead Properties (South Africa, 18 September 2019 Share Index (J403) BX9CVM6) will be deleted from the index. Gemgrow Properties Ltd B (South Africa, BD5CXL3) will be added to the index with a shares in issue total of 862,972,768 and an investability weighting of 95.330000082004%. FTSE/JSE Capped Shareholder Arrowhead Properties will be deleted 18 September 2019 Weighted All Share Index (J433) from the index. Gemgrow Properties Ltd B will be added to the index as detailed above. FTSE/JSE SA All Property Index Arrowhead Properties will be deleted 18 September 2019 (J803) from the index. Gemgrow Properties Ltd B will be added to the index as detailed above. *The number of shares and investability weight for Gemgrow Properties Ltd B is based on the merger terms of 0.8237 new Gemgrow B shares for every Arrowhead Properties share held. Please note: Gemgrow Properties Ltd B will replace Arrowhead Properties within all existing market cap weighted FTSE Russell Indexes with index shares based on terms received. It will be added at a price based on the Arrowhead Properties close price adjusted by the offer terms (i.e. the transaction will be market cap neutral). Gemgrow Properties Ltd B will be added to the index with an ICB classification of 8671 (Industrial & Office REITs) effective 18 September 2019. The ICB classification for Gemgrow Properties Ltd B will be updated to 8674 (Diversified REITs) effective 20 September 2019. For further information please contact FTSE Russell Client Services at info@ftserussell.com or indices@jse.co.za or call: Australia +1800 653 680 Hong Kong +852 2164 3333 Japan +81 3 4563 6346 London +44 (0) 20 7866 1810 New York +1866 551 0617 JSE Limited +27 11 520 7000 Alternatively please visit our website at www.ftserussell.com or www.ftsejse.co.za Terms of Use | Copyright © 2019 FTSE Russell Date: 11/09/2019 05:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 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