ASHBURTON MANAGEMENT COMPANY (RF) PROPRIETARY LIMITED - ASHINF Change of Index calculator

ASHINF Change of Index calculator

Ashburton Inflation Bond 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”)

AMENDMENTS TO ASHBURTON INFLATION BOND ETF

1.1.    Background

All terms used in this SENS shall have the meaning given to them in the Third Supplement to the ETF
Programme Memorandum.

The Manager has been managing the portfolio since 2016, following the approval by the then Registrar of
the Financial Service Board on 30th November 2015 of the following:
     • replacement of RMB CIS Manco (Pty) Ltd, the previous manager, with the current Manager,
         Ashburton Management Company (RF) Proprietary Limited
     • amendments to the main deed and all supplemental deeds to reflect the change in name of the
         previous manager to the Manager;
     • amendments to, the change the name of RMB Collective Investment Scheme in Securities to the
         Ashburton Collective Investment Scheme in Securities in Exchange Traded Fund and the portfolios
         established thereunder;
     • amendments to the supplemental deed to effect the change in the name of the portfolio known as
         the RMB Government Inflation Linked Bond Fund to be known as the Ashburton Government
         Inflation Linked Bond Exchange Traded Fund.

1.2.    Amendments

In the time that has elapsed since taking over the Ashburton Inflation Bond ETF, the Manager has continued
to enhance it processes and seek to optimize its offerings and, as a result, a decision has been made to
replace the existing index from the Government Inflation Linked Bond Price Index (“GILBx”) to the
FTSE/JSE IGOV Index (“iGov”) and as a result thereof, the index calculation agent, being Quant Financial
Research (Pty) Limited (“QFR”), to the JSE Limited (the “JSE”) (the “Amendments”).

The management of the Ashburton Inflation Bond ETF, income distributions, risk profile and ASISA
classification will all remain as is and will not be changed.

1.3.    Procedure and implementation of the Amendments

The Manager has been granted an exemption by the Authority to effect a ballot voting procedure to obtain
the approval of the underlying investors in the Ashburton Inflation Bond ETF, to amend its investment
mandate to give effect to the Amendments in terms of section 98(2)(b) of the Collective Investment Scheme
Control Act, 45 of 2002.

The Amendments contemplated above are reflected in an updated supplement to the ETF Programme
approved by the JSE and will be effective immediately

Investors must take note that the ETF reference price will reflect as approximately 1/8.223th of the iGov
index level as opposed to 1/10th of the GILBx index level as before.

The total units in issue and investors individual unit holdings are not impacted by this change

1.4.    Action required by investors
Given the exemption applied for above, there will be no action required of investors to give effect to the
Amendments.

13 August 2020
Johannesburg

Date: 13-08-2020 05:50:00
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