ASHBURTON MANAGEMENT COMPANY (RF) PROPRIETARY LIMITED - ASHWGB - Distribution Finalisation Announcement

ASHWGB -  Distribution Finalisation Announcement

Ashburton Management Company RF Proprietary Limited
Ashburton World Government Bond ETF
A portfolio in the Ashburton Collective Investment Scheme in Securities Exchange Traded Funds (“the
portfolio”) registered in terms of the Collective Investment Schemes Control Act, 45 of 2002
Share Code: ASHWGB
ISIN: ZAE000254413

DISTRIBUTION FINALISATION ANNOUNCEMENT

The manager and trustees (namely Ashburton Management Company RF Proprietary Limited and
Standard Chartered Bank) have resolved to make a quarterly distribution to the holders of the Ashburton
World Government Bond ETF securities for the quarter ended 31 October 2021.

The aggregate distribution will amount to 3.02326 cents per Ashburton World Government Bond ETF
security and is constituted as follows:

 Alpha Code: ASHWGB                       *Interest        *Interest    Total

 Distribution Source type                 Local            Foreign

 Net Distribution Reinvested              No               No

 Source of Funds (Country Code)           ZA               Table 1

 Subject to Foreign Withholding tax       No               No

 Gross Foreign Rate (cents per unit)                       3.02075

 Foreign Tax % withheld at source

 Foreign Tax amount per unit

 DTA with Source Country

 Foreign Tax Reclaim %

 Portfolio/Management Cost

 Interest Expense

 Other costs

 Gross ZA Distribution (Cents per unit)   0.00251          3.02075      3.02326


 Gross Local Rate (cents per unit)        0.00251          3.02075

 SA Withholding Tax %

 SA Withholding Tax amount per unit

 Local Net Rate                           0.00251          3.02075      3.02326
 
 Table 1
 Country                      ISO Code             Split

 Spain                        ES                    8.2%
 United States                US                   26.3%
 Great Britain                GB                    3.6%
 Australia                    AU                    3.5%
 Canada                       CA                    0.3%
 Israel                       IL                    1.5%
 Poland                       PL                    2.3%
 Norway                       NO                    0.2%
 Japan                        JP                   15.0%
 Belgium                      BE                    3.0%
 Austria                      AT                    0.6%
 Germany                      DE                   19.3%
 France                       FR                   15.4%
 Singapore                    SG                    0.8%

                                                  100.0%

*Source of funds: Sovereign bonds coupons which are constituents of the FTSE World Government Bond Index

Notice is hereby given that the following dates are of importance regarding the distribution for the quarter
ended 31 October 2021 to the holders of the Ashburton World Government Bond ETF securities:

Last day to trade “cum” distribution:                          Tuesday, 16 November 2021
Securities trade “ex” distribution:                          Wednesday, 17 November 2021
Record date:                                                    Friday, 19 November 2021
Payment date:                                                   Monday, 22 November 2021

Creations or redemptions from the fund will not be allowed during the period from 16 November
2021 to 19 November 2021 both days inclusive.

Withholding Tax on Interest (WTI) came into effect on 1 March 2015.

Interest accruing from a South African source to a non-resident, excluding a controlled foreign company,
will be subject to withholding tax at a rate of 15% on payment, except interest:

    •   arising on any Government debt instrument.
    •   arising on any listed debt instrument.
    •   arising on any debt owed by a bank or the South African Reserve Bank.
    •   arising from a bill of exchange or letter of credit where goods are imported into South Africa and
        where an authorized dealer has certified such on the instrument.
    •   payable by a headquarter company.
    •   accruing to a non-resident natural person who was physically present in South Africa for a period
        exceeding 183 days in aggregate, during that year, or carried on a business through a permanent
        establishment in South Africa.

Investors are advised that to the extent that the distribution amount comprises of any interest, it
will not be subject to WTI by virtue of the fact that it is listed debt instruments and/or bank debt.

Both resident and non-resident investors are encouraged to consult their professional advisors
should they be in any doubt as to the appropriate action to take.

There are 17,134,683 Ashburton World Government Bond ETF securities in issue. The total distribution
amount payable is R 518,026.33.

Ashburton World Government Bond ETF Income Tax number is 2037/954/17/5.

A copy of the ETF issue document can be found at:

https://www.ashburtoninvestments.com/za/fund/ashburton-world-government-bond-
etf/zae000254413

10 November 2021
Johannesburg

Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 10-11-2021 09:39:00
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