ASHGEQ Distribution Ashburton Management Company RF Proprietary Limited Ashburton Global 1200 Equity 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: ASHGEQ ISIN: ZAE000249967 (“ASHGLOEQT”) 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 holders of Ashburton Global 1200 Equity ETF securities for the quarter ended 31 January 2020. The aggregate distribution will amount to 20.26443 cents per Ashburton Global 1200 Equity ETF security and is constituted as follows: Amount Gross Subject to SA Net Foreign Available for Alpha Foreign/ Distribution Withholding Withholding Distribution Dividend/Interest Withholding Distribution code Local (Cents per tax Tax (%) (Cents per Tax (%) (Cents per unit) Yes/ No unit) unit) ASHGEQ Dividend Foreign* 23.28240 Yes 15.13544 19.75851 0.00000 19.75851 Interest Foreign 0.01669 No 0.00000 0.01669 0.00000 0.01669 Interest Local 0.05139 No 0.00000 0.05139 0.00000 0.05139 Other Income Local 0.43784 No 0.00000 0.43784 0.00000 0.43784 23.78831 20.26443 20.26443 *Source of funds: various companies from around the world that are constituents of the S&P Global 1200 Index. **The foreign dividends are not subject to SA Dividend Tax, as none of the shares are listed in South Africa. South African tax residents may be subject to SA Income Tax on these dividends. Notice is hereby given that the following dates are of importance regarding the distribution for the quarter ended 31 January 2020 by the ETF to holders of Ashburton Global 1200 Equity ETF securities: Last day to trade “cum” distribution: Tuesday, 18 February 2020 Securities trade “ex” distribution: Wednesday, 19 February 2020 Record date: Friday, 21 February 2020 Payment date: Monday, 24 February 2020 Creations or redemptions from the fund will not be allowed during the period from 19 February 2020 to 21 February 2020, 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. No dividend withholding tax will be deducted from dividends payable to a South African tax resident qualifying for exemption from dividend withholding tax provided that the investor has provided the following forms to their Central Securities Depository Participant (“CDSP”) or broker, as the case may be in respect of its participatory interest: a) a declaration that the distribution is exempt from dividends tax; and b) a written undertaking to inform their CSDP or broker, as the case may be, should the circumstances affecting the exemption change or the beneficial owner cease to be the beneficial owner, both in the form prescribed by the South African Revenue Service. South African tax resident investors are advised to contact their CSDP, to arrange for the abovementioned documents to be submitted prior to payment of the distribution, if such documents have not already been submitted. Additional information: The dividend distribution as outlined above is subject to the amendment to 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 12,069,000 Ashburton Global 1200 Equity ETF securities in issue. The total dividend amount payable is R 2,445,713.12. Ashburton Global 1200 Equity ETF Income Tax number is 3356/058/17/6. A copy of the ETF issue document can be found at http://www.ashburtoninvestments.com/za/individual-investor/investment-range/exchange-traded- funds/ashburton-global-1200-etf 13 February 2020 Johannesburg Date: 13-02-2020 04:20:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 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