ASHBURTON MANAGEMENT COMPANY RF (PTY) LIMITED - Distribution Finalisation Announcement - ASHTOP40 - ASHT40

Distribution Finalisation Announcement - ASHTOP40 - ASHT40

Ashburton Management Company RF Proprietary Limited
Ashburton Top 40 ETF
A portfolio in the Ashburton Collective Investment Scheme (“the portfolio”) registered in terms of the
Collective Investment Schemes Control Act, 45 of 2002
(Incorporated in the Republic of South Africa)
(Date of incorporation: 15 October 2008)
Share Code: ASHT40
ISIN: ZAE000215364
(“ASHTOP40”)

DISTRIBUTION FINALISATION ANNOUNCEMENT

Following the previous announcement detailing a possible quarterly distribution by Ashburton Top 40 ETF
to holders of Ashburton Top 40 ETF securities, the manager and trustees (namely Ashburton
Management Company RF Proprietary Limited and Standard Chartered Bank) have resolved to make a
quarterly distribution to holders of Ashburton Top 40 securities for the quarter ended 30 September 2017.
The distribution will amount to 58.28731 cents R 0.58287 per Ashburton Top 40 security and is
constituted as follows:

Local dividend per security:

    -   Gross local dividend of 35.42503 cents R 0.35425 per security to holders who are exempt from
        dividends tax.
    -   Net local dividend of 28.34003 cents R 0.28340 per security to holders who are not exempt from
        dividends tax.

Compagnie Fin Richemont (CFR) foreign dividend:

    -   35% Swiss dividend tax has been deducted off this dividend, however in terms of the Double
        Taxation Agreement between Switzerland and South Africa, the maximum tax payable in
        Switzerland is 15%. The Ashburton Top 40 ETF will reclaim the additional 20% of foreign
        dividend tax already withheld and once payment is received the fund will distribute the reclaim
        accordingly. The local South African dividends tax rate is 20%, and an additional 5% local
        dividends tax on the gross dividend is applicable. Consequently, a total of local and foreign
        dividends tax of 20% will apply.
                                                                        Cents per unit      Rands per unit
Gross Dividend                                                  100            9.89879             0.09899
Foreign WHT                                                     -35           -3.46458            -0.03466
Net cash received (paid out as distribution)                     65            6.43421             0.06433
Local DWT [non-exempt unit holders]                              -5           -0.49494            -0.00495
Net received after local tax                                     60            5.93927             0.05938
Reclaim of 20% allowed in terms of DTA                           20            1.97976             0.01980
                                                                 80            7.91903             0.07918

Foreign dividend per security subject to South African dividend tax:

    -   Gross foreign dividend of 13.04473 cents R 0.13045 per security to holders who are exempt from
        Dividend Tax.
    -   Net foreign dividend of 10.43578 cents R 0.10436 per security to holders who are not exempt
        from Dividend Tax.

REIT (Real Estate Investment Trust) dividend per security subject to South African dividend tax:

    -   Gross dividend of 3.38334 cents R 0.03383 per security to holders who are exempt from Dividend
        Tax.
    -   Net dividend of 2.70667 cents R 0.02707 per security to holders who are not exempt from
        Dividend Tax.

    No dividend tax is applicable for SA resident securities holders on the REIT dividend. Dividend tax of
    20% is applicable for non-resident shareholders on the REIT dividend.

Payment will be effected on Monday, 16 October 2017 to all holders of Ashburton Top 40 ETF securities
recorded in the register on Friday, 13 October 2017.

Additional information:

The dividend distribution as outlined above is subject to the Dividends Tax that was introduced with effect
from 22 February 2017. The dividend, as defined in the Income Tax Act of 1962, is payable from
dividends accumulated in the fund. The South African Dividend Tax rate of 20% has been applied to both
local and foreign dividends.

There are 20 500 000 Ashburton Top 40 securities in issue. The total dividend amount payable is R 11 948 900.26

Ashburton Top 40 ETF Income Tax number is 2144/830/14/4.

A copy of the ETF issue document can be found at http://www.ashburtoninvestments.com/za/individual-
investor/investment-range/exchange-traded-funds/ashburton-top-40-etf

11 October 2017
Johannesburg
Sponsor: Bridge Capital Advisors Proprietary Limited

Date: 11/10/2017 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.