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

Distribution Finalisation Announcement -ASHT40

Ashburton Top 40 ETF
(Formerly RMB Top 40 Exchange Traded Fund)
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 December 2016.
The distribution will amount to 17.73488 cents (R0.1773488) per Ashburton Top 40 security and is
constituted as follows:

Local dividend per security:

    -   Gross local dividend of 8.68238 cents (R0.0868238) per security to holders who are exempt from
        Dividends Tax.
    -   Net local dividend of 7.38002 cents (R0.0738002) per security to holders who are not exempt
        from Dividends Tax.

Net foreign dividend not taxed (S64N rebate):

    -   Gross foreign dividend of 0.56439 cents (R0.056439) per security. Foreign tax withheld of 20%
        amounts to 0.11288 cents (R0.011288) per security. Net foreign dividend of 0.45151 cents
        (R0.045151) per security. This dividend is not subject to South African dividend tax.

Foreign dividend per security subject to South African dividend tax:

    -   Gross foreign dividend of 4.76138 cents (R0.0476138) per security to holders who are exempt
        from Dividend Tax
    -   Net foreign dividend of 4.04717 cents (R0.0404717) 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 foreign dividend of 3.83961 cents (R0.0383961) per security to holders who are exempt
        from Dividend Tax
    -   Net foreign dividend of 3.26367 cents (R0.0326367) 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
15% is applicable for non-resident shareholders on the REIT dividend.

Payment will be effected on 23 January 2017 to all holders of Ashburton Top 40 ETF securities recorded
in the register on 20 January 2016.

Additional information:

The dividend distribution as outlined above is subject to the Dividends Tax that was introduced with effect
from 1 April 2012. 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 15% has been applied to both local and
foreign dividends.

There are 19,000,000 Ashburton Top 40 securities in issue. The total dividend amount payable is
R 3,369,627.20.

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

17 January 2017
Johannesburg
Sponsor: Bridge Capital Advisors Proprietary Limited

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