This distribution of 45.08 cents per PropTrax SAPY security is not subject to dividends withholding tax and comprises:

- 44.84 cents in respect of distributions received on securities held in property loan stock companies and collective investment schemes in property;
- 0.22 cents in respect of interest; and
- 0.02 cents in respect of other income, including scrip lending income.

This distribution will be made to all holders of PropTrax SAPY securities who were recorded in the register on Friday, 28 December 2012 and will be paid on Monday, 21 January 2013.

The investment objective of Proptrax SAPY is to replicate the price and yield performance of the FTSE/JSE SAPY Index by holding a portfolio of securities substantially equivalent to the basket of securities comprising the Index in the same weighting as the Index.