Rebalancing of the Ashburton Inflation ETF Ashburton Management Company RF Proprietary Limited 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 Share Code: ASHINF ISIN: ZAE000215331 (“ASHINFBND”) REBALANCING OF THE ASHBURTON INFLATION ETF Notice is hereby given that the monthly review of the FTSE/JSE Inflation Index has resulted in a rebalancing of the Ashburton Inflation ETF. There have been changes to the Ashburton Inflation ETF Fund constituent weightings. The complete list of current constituents and their respective weightings have been included in the table below: Previous New Bond Weight Weight I2025 8.96% 8.97% I2029 2.20% 2.30% I2033 3.74% 3.92% I2038 8.33% 8.27% I2046 8.31% 8.41% I2050 11.12% 11.23% R 197 19.58% 19.43% R 202 17.69% 17.55% R 210 10.93% 10.84% R 212 9.14% 9.07% These changes were applied after the close of business on 04 January 2018 and were effective from 05 January 2018. 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 8 January 2018 Johannesburg Sponsor: Bridge Capital Advisors Proprietary Limited Date: 08/01/2018 10:55:00 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.