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

ASHTOP40 Distribution Finalisation Announcement - ASHT40

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 June 2017. The
distribution will amount to 22.46554 cents (R 0.2246554) per Ashburton Top 40 security and is constituted
as follows:

Local dividend per security:

    -   Gross local dividend of 11.41903 cents (R 0.1141903) per security to holders who are exempt
        from dividends tax.
    -   Net local dividend of 9.13522 cents (R 0.0913522) per security to holders who are not exempt
        from dividends tax.

Other income

    -   Foreign withholding tax of 2.66713 cents (R 0.0266713) per security recovered on CFR dividend.
        This recovery is subject to South African income tax, if applicable.

Intu Properties PLC (ITU) foreign dividend:

    -   20% UK dividend tax has been deducted off this dividend, however in terms of the Double
        Taxation Agreement between the UK and South Africa, the maximum tax payable in the UK is
        15%. The Ashburton Top 40 ETF will reclaim the additional 5% 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.

    -   Gross foreign dividend of 1.22144 cents (R 0.0122144) per security, foreign tax at 20% 0.24429
        cents (R 0.0024429) per security and a net foreign dividend of 0.97715 cents (R 0.0097715) per
        security to holders who are exempt from Dividend Tax
    -   Gross foreign dividend of 1.22144 cents (R 0.0122144) per security, foreign tax at 15% 0.18322
        cents (R 0.00183) per security, local dividend tax at 5% 0.06107 cents (R 0.00061) per security
        and a net foreign dividend of 0.97715 cents (R 0.0097715) per security to holders who are not
        exempt from Dividend Tax

Foreign dividend per security subject to South African dividend tax:

    -   Gross foreign dividend of 5.68322 cents (R 0.0568322) per security to holders who are exempt
        from Dividend Tax, less SA withholding tax at 20% 1.13664 cents (R 0.01133664)
    -   Net foreign dividend of 4.54658 cents (R 0.0454658) 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 1.71901 cents (R 0.0171901) per security to holders who are exempt from
        Dividend Tax
    -   Net dividend of 1.37521 cents (R 0.0137521) 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, 31 July 2017 to all holders of Ashburton Top 40 ETF securities
recorded in the register on Friday, 28 July 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 4,605,436.59.

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

25 July 2017
Johannesburg
Sponsor: Bridge Capital Advisors Proprietary Limited

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