NFEDEF 201902220040A
NFEDEF: Conversion Ratio And Listing Of The NewFunds Volatility Managed Defensive Equity ETF

NEWFUNDS COLLECTIVE INVESTMENT SCHEME IN SECURITIES establishment of the
NEWFUNDS VOLATILITY MANAGED DEFENSIVE EQUITY ETF
JSE Share Code: NFEDEF
ISIN: ZAE000254868
("NewFunds Defensive 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").

CONVERSION RATIO AND THE LISTING OF THE NEWFUNDS VOLATILITY MANAGED DEFENSIVE
EQUITY ETF PARTICIPATORY INTERESTS

Further to the announcement released on SENS on Monday, 18 February 2019 regarding the results of
the initial public offer (the "offer") for subscription of participatory interests in the Portfolio, the
Manager hereby announces the conversion ratio and the listing of the participatory interests.

Investors will be entitled to 0.103648 (the "conversion ratio") NewFunds Defensive Equity ETF
participatory interests for every letter of allocation ("LA") issued. The LAs will be converted to NewFunds
Defensive Equity ETF participatory interests in the subscriber's CSDP or broker account.

The Portfolio will issue 5,183,924 participatory interests, comprising of the sum total of the in-specie and
cash subscriptions, to list on the "Exchange Traded Funds" sector of the main board of the JSE Limited,
at an issue price of approximately R9.65 per participatory interest, to commence trading on Monday,
                                                                                        th
25 February 2019. The ratio of the participatory interest equates to approximately 1/10 (one tenth) of the
index level during the ramp-up period as set out in the Portfolio Supplement.

Johannesburg
22 February 2019

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

Date: 22/02/2019 02:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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