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

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

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 31 March 2017. The
distribution will amount to 36.72353 cents (R 0.3672353) per Ashburton Top 40 security and is constituted
as follows:

Local dividend per security:

    -   Gross local dividend of 24.33570 cents (R 0.2433570) per security to holders who are exempt
        from Dividends Tax.
    -   Net local dividend of 19.46856 cents (R 0.1946856) per security to holders who are not exempt
        from Dividends Tax.

Foreign dividend per security subject to South African dividend tax:

    -   Gross foreign dividend of 9.15982 cents (R 0.0915982) per security to holders who are exempt
        from Dividend Tax
    -   Net foreign dividend of 7.32786 cents (R 0.0732786) 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 3.22801 cents (R 0.0322801) per security to holders who are exempt from
        Dividend Tax
    -   Net dividend of 2.58241 cents (R 0.0258241) 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 10 April 2017 to all holders of Ashburton Top 40 ETF securities recorded in
the register on 7 April 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 7,528,323.09.

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

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.