Fund manager change

Greg Rawlins, currently the fund manager of the Grindrod Global Property Income Fund and the Grindrod International Property Fund has decided to pursue opportunities outside Grindrod Asset Management.

As a result, Greg will begin handing over the management of both funds to Ian Anderson from 1 May 2012. The hand over process should be completed by the end of May from which time Ian will take full and sole responsibility for the management of the funds.

Ian is the Chief Investment Officer of Grindrod Asset Management and has over 15 years’ experience in the management of both global and local property securities. There is no change to the mandates of either of the funds and the investment strategy will focus on a high level of current income with stable income growth in US Dollars resulting in moderate long term capital growth.

Greg will continue to manage the MET Global Property Fund.