General SENS Submitter Company - Index Change Advice - 20190918 Scheme of Arrangement between Arrowhead Properties and Gemgrow Properties Ltd B

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

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Date: 11/09/2019 05:10:00
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