NFNAMB : Publication of conversion ratio for participatory interests of Cash Investors in the Newfunds S&P Namibia Bond ETF: 
The Newfunds Collective Investment Scheme in Securities
Newfunds S&P Namibia Bond ETF
JSE code: NFNAMB
NSX code: NFNAMA
ISIN: ZAE000276770
("NF NAM 10 Bonds" 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.

Publication of conversion ratio for participatory interests of Cash Investors in
the Newfunds S&P Namibia Bond ETF


1. Introduction

Shareholders are referred to the announcement released on SENS on Wednesday, 6
November 2019 and 18 November 2019 regarding the listing of participatory interests
in the Portfolio, and are hereby advised that the Ramp-Up Period closed on Wednesday,
4 December 2019 allowing for the calculation of the conversion ratio.

Shareholders are reminded that participatory units owned by In-Specie Investors listed
on the JSE and NSX on Tuesday, 26 November 2019. This announcement is therefore
applicable only to Cash Investors.

2. Issue of letters of allotment and conversion ratio

One letter of allotment ("LA") has been issued for every NAD/ZAR cash subscription
against the debiting of a Cash Investor's CSDP or broker account with such NAD/ZAR
amount.

Cash Investors will be issued 0.07316 ("the conversion ratio") participatory interests
in the Newfunds S&P Namibia Bond ETF for every LA in issue.

Strate will convert the LA's to Newfunds S&P Namibia Bond ETF participatory interests
in the CSDP accounts in accordance with the conversion ratio. Standard rounding will
apply.

3. Listing of Newfunds S&P Namibia Bond ETF participatory interests

7 376 908 Newfunds S&P Namibia Bond ETF participatory interests will be issued to
Cash Investors and will be listed on the Exchange Traded Funds sector of the main
board of the JSE Limited and the main board of the NSX at an issue price of
approximately R13.70 (equivalent to NAD 13.70) per security on Friday, 6 December
2019.

5 December 2019

JSE Corporate Adviser and Sponsor
Vunani Corporate Finance

NSX Sponsor
Cirrus Securities (Proprietary) Limited

Date: 05-12-2019 03:47:00
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