Distribution Finalisation Announcement - ASHINF Ashburton Inflation 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: 20 May 2009) Share Code: ASHINF ISIN: ZAE000215331 (“ASHINFBND”) DISTRIBUTION FINALISATION ANNOUNCEMENT Following the previous announcement detailing a possible quarterly distribution by Ashburton Inflation ETF to holders of Ashburton Inflation ETF Securities, the manager and trustees (namely Ashburton Management Company RF Proprietary Limited and Standard Charted Bank) have resolved to make a quarterly distribution to holders of Ashburton Inflation ETF securities for the quarter ended 31 March 2017. The distribution will: - amount to 11.34751 cents (R 0.1134751) per Ashburton Inflation ETF security; - be constituted 11.34751 cents (R 0.1134751) in respect of interest; - be made to all holders of Ashburton Inflation ETF securities recorded in the register on 7 April 2017; and - be effected on 10 April 2017. The distribution is calculated after taking into account accrued expenses incurred by the fund for the previous quarter and thus represents a distribution net of fund expenses. The distribution is exempt from Withholding Tax on Interest (WTI) as it comprises coupons received on bonds issued by the Government of South Africa. Ashburton Inflation ETF Income Tax number is 0691/223/16/8. A copy of the ETF issue document can be found at http://www.ashburtoninvestments.com/za/individual- investor/investment-range/exchange-traded-funds/ashburton-inflation-etf 4 April 2017 Johannesburg Sponsor: Bridge Capital Advisors Proprietary Limited Date: 04/04/2017 05:19:00 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.