Fraction rate announcement in respect of the Amendments to PTXTEN and PTXSPY CoreShares Index Tracker Managers (RF) Proprietary Limited CoreShares PropTrax SAPY ETF Share code: PTXSPY ISIN: ZAE000101911 CoreShares SAProp Income Share Code: CSPROP ISIN: ZAE000273165 (previously) CoreShares PropTrax 10 ETF Share code: PTXTEN ISIN: ZAE000155362 A portfolio in the CoreShares Index Tracker Collective Investment 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 (“CoreShares”). FRACTION RATE ANNOUNCEMENT IN RESPECT OF THE AMENDMENTS TO THE CORESHARES PROPERTY TOP TEN EXCHANGE TRADED FUND (“PTXTEN”) AND THE CORESHARES PROPTRAX SAPY ETF (“PTXSPY”) Investors are referred to the announcements released on SENS on 10 October 2019 regarding the successful outcome of the second ballot voting procedures in relation to the Amendments and on Tuesday, 29 October advising of the final conversion ratio for CoreShares PropTrax SAPY ETF, determined as at market close on Monday, 28 October 2019. CoreShares PropTrax SAPY ETF investors are further advised that in addition to the to the 3.15965 CoreShares SAProp Income ETF securities they are entitled to, they will be paid a fractional entitlement in the instance where fractional ETF securities cannot be issued. This will be equivalent to the fraction each individual is entitled to multiplied by the issue price of the Property Top Ten ETF security determined as at market close on Monday, 28 October 2019. The cash fraction rate payment will by paid by the fund and no securities will be sold in the market to fund the cash fraction rate payment. The conversion ratio is 3.15965 per security and has been calculated at the issue prices of R47.10590 and R14.90860 per one CoreShares PropTrax SAPY ETF and one CoreShares Property Top Ten ETF security, respectively as at market close on Monday, 28 October 2019. Example of fractional entitlement Assuming an investor holds 1 CoreShares PropTrax SAPY ETF on Friday 1 November 2019 (Record date), the investor will receive 1 *3.15965= 3.15965 CoreShares PropTrax Ten ETF securities. This is rounded down to 3 securities. The fraction of 0.15965 securities is paid at the fraction rate 0.15965 multiplied by issue price R14.90860 per security = R2.38per security. Number of Number of PropTrax Number of PropTrax Fractional Cash CoreShares Ten ETF securities Ten ETF securities Entitlement Payment PropTrax SAPY due as per Issued (ETF Securities ETF Securities Conversion Ratio Due - ETF Held Securities Issued) R2.38 1 3.15965 3 0.15965 R8.89 10 31.59650 31 0.59650 R14.64 50 157.98250 157 0.98250 R12.29 500 1 579.82500 1 579 0.82500 R3.72 5 000 15 798.25000 15 798 0.25000 Notice and restrictions CoreShares South African Property Income ETF participatory interests are not in any way sponsored, endorsed, sold or promoted by the JSE or S&P Dow Jones Indices (“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 South Africa Property Income 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. The securities being issued pursuant to this announcement are not eligible for sale in the United States or in any other jurisdiction in which trading in the securities would be illegal. The securities have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended, and the U.S. Commodity Futures Trading Commission under the U.S. Commodity Exchange Act has not approved trading in the securities. The securities may not be offered, sold or delivered within the United States or to U.S. persons, nor may any U.S. person at any time trade or maintain a position in the securities. Should you require any further assistance please send an email to info@coreshares.co.za 31 October 2019 Corporate advisor and sponsor: Grindrod Bank Limited Trustee: Société Générale Date: 31/10/2019 10:15:00 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.