NFEMOD 201902180038A
NFEMOD - Results of initial offer for participatory interests in NewFunds Volatility Managed Moderate Equity ETF

NEWFUNDS COLLECTIVE INVESTMENT SCHEME IN SECURITIES establishment of the
NEWFUNDS VOLATILITY MANAGED MODERATE EQUITY ETF
JSE Share Code: NFEMOD
ISIN: ZAE000254884
("NewFunds Moderate Equity ETF" or the "Portfolio")

A Portfolio under the NewFunds Collective Investment Scheme in Securities ("NewFunds") registered as
such in terms of the Collective Investment Schemes Control Act, 45 of 2002 and managed by NewFunds
(RF) Proprietary Limited (Registration Number 2005/034899/07) (the "Manager").

RESULTS OF THE INITIAL OFFER FOR PARTICIPATORY INTERESTS IN THE NEWFUNDS
VOLATILITY MANAGED MODERATE EQUITY ETF

Further to the announcement released on SENS on 25 January 2019 regarding the listing approval of the
Portfolio and the timetable for the initial offer ("Offer") of the participatory interests, the Manager hereby
announces the results of the Offer.

1. Total subscription

The total subscription in the amount of ZAR50 012 600 (fifty million, twelve thousand, six hundred Rand)
was received in respect of the Offer. One letter of allocation ("LA") will be issued for every Rand subscribed
to the subscriber's CSDP or broker account on Monday, 18 February 2019, and the corresponding Rand
amount debited.

2. Conversion ratio of the LA

The LAs will be converted to NewFunds Moderate Equity ETF participatory interests in the subscribers'
CSDP or broker accounts in terms of the conversion ratios that will be published on Friday,
22 February 2019.

Johannesburg
18 February 2019

Market Maker and JSE sponsor
Absa Corporate and Investment Banking, a division of Absa Bank Limited

Date: 18/02/2019 04:23:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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