ASHMID - Rebalancing of the Ashburton Midcap ETF Ashburton MidCap ETF A portfolio in the Ashburton Collective Investment Scheme in Securities Exchange Traded Funds (“the portfolio”) registered in terms of the Collective Investment Schemes Control Act, 45 of 2002 Share Code: ASHMID ISIN: ZAE000215349 (“ASHMIDCAP”) REBALANCING OF THE ASHBURTON MIDCAP ETF Notice is hereby given that the quarterly review of the FTSE/JSE MidCap Index has resulted in the rebalancing of the Ashburton MidCap ETF. There have been changes to the Ashburton MidCap ETF constituent weightings. The complete list of current constituents and their respective weightings have been included in the table below: Share Code Share Previous Weight New Weight AFE A E C I LIMITED 0.98% 0.81% APN ASPEN PHARMACARE HLD 5.17% 4.16% ARI AFRICAN RAINBOW MINE 2.38% 1.99% AVI AVI LIMITED 2.60% 2.18% BAW BARLOWORLD LIMITED 1.38% 1.11% BVT BIDVEST GROUP LTD 0.00% 4.36% CCO CAPITAL & COUNTIES PROPS 0.67% 0.50% CLS CLICKS GROUP LTD 6.06% 5.06% CML CORONATION FUND MAN 1.12% 0.93% DCP DIS-CHEM PHARMACIES PTY 0.80% 0.58% DGH DISTELL GROUP HOLDINGS LT 0.67% 0.54% DRD DRDGOLD LIMITED 0.00% 0.76% EXX EXXARO RESOURCES LTD 3.60% 3.03% FFA FORTRESS REIT LTD - A 1.65% 1.39% FFB FORTRESS REIT LTD - B 0.16% 0.12% GRT GROWTHPOINT PROPS LTD 4.10% 3.28% HAR HARMONY GOLD MINING 4.75% 4.35% INL INVESTEC LIMITED 0.00% 0.78% INP INVESTEC PLC 0.00% 1.81% ITE ITALTILE LIMITED 0.63% 0.53% JSE JSE LTD 1.10% 0.91% LBH LIBERTY HOLDINGS LTD 0.73% 0.60% LHC LIFE HEALTHCARE GROUP HOL 2.67% 2.10% MCG MULTICHOICE GROUP LTD 4.35% 3.68% MEI MEDICLINIC INTERNAT PLC 2.61% 2.11% MRP MR PRICE GROUP LTD 3.73% 2.99% MTM MOMENTUM METRO HOLDINGS L 1.62% 1.37% N91 NINETY ONE PLC 0.00% 0.79% NED NEDBANK GROUP LTD 0.00% 3.09% NHM NORTHAM PLATINUM LTD 6.80% 5.55% NRP NEPI ROCKCASTLE PLC 0.00% 2.20% NTC NETCARE LIMITED 2.12% 1.69% NY1 NINETY ONE LTD 0.00% 0.66% OMU OLD MUTUAL LTD 0.00% 4.23% PIK PICK N PAY STORES 1.81% 1.50% PPH PEPKOR HOLDINGS LTD 0.94% 0.78% PSG PSG GROUP LIMITED 0.80% 0.65% QLT QUILTER PLC 3.19% 2.62% RDF REDEFINE PROP LTD 1.54% 1.22% REM REMGRO LIMITED 0.00% 4.05% RES RESILIENT REIT LTD 1.34% 1.08% RMI RMI HOLDINGS LTD (RMI) 2.51% 2.08% SAP SAPPI LIMITED 1.54% 1.25% SNT SANTAM LIMITED 1.11% 0.94% SPP SPAR GROUP 3.85% 3.32% SRE SIRIUS REAL ESTATE LTD 0.60% 0.46% TBS TIGER BRANDS LIMITED 3.45% 2.84% TFG THE FOSCHINI GROUP LTD 2.87% 2.34% TKG TELKOM SA SOC LIMITED 0.81% 0.66% TRU TRUWORTHS INT LTD 1.62% 1.22% WHL WOOLWORTHS HLDS LTD 3.47% 2.75% The following constituents have been added to the Ashburton MidCap ETF: Share Code Share Previous weight New weight BVT BIDVEST GROUP LTD 0.00% 4.36% DRD DRDGOLD LIMITED 0.00% 0.76% INL INVESTEC LIMITED 0.00% 0.78% INP INVESTEC PLC 0.00% 1.81% N91 NINETY ONE PLC 0.00% 0.79% NED NEDBANK GROUP LTD 0.00% 3.09% NRP NEPI ROCKCASTLE PLC 0.00% 2.20% NY1 NINETY ONE LTD 0.00% 0.66% OMU OLD MUTUAL LTD 0.00% 4.23% REM REMGRO LIMITED 0.00% 4.05% The following constituents have been removed from the Ashburton MidCap ETF: Share Code Share Previous weight New weight BAT BRAIT S.A. 0.31% 0.00% EPP EPP N.V. 0.37% 0.00% HMN HAMMERSON PLC 0.01% 0.00% HYP HYPROP INV LTD 0.51% 0.00% IPL IMPERIAL LOGISTICS 0.74% 0.00% KAP KAP INDUST HOLDINGS LT 0.74% 0.00% KST PSG KONSULT LTD 0.30% 0.00% MSM MASSMART HOLDINGS 0.36% 0.00% MSP MAS REAL ESTATE INC 0.47% 0.00% MTH MOTUS HOLDINGS LTD 0.73% 0.00% RCL RCL FOODS LTD/SOUTH AFRIC 0.16% 0.00% RLO REUNERT LIMITED 0.59% 0.00% TSG TSOGO SUN GAMING LIMITED 0.23% 0.00% VKE VUKILE PROPERTY FUND 0.49% 0.00% These changes were applied after the close of business on 18/09/2020 and are effective from 21/09/2020. The new portfolio constituents can be accessed at: https://www.ashburtoninvestments.com/za/individual- investor/basket-information/ashburton-midcap-etf/ZAE000215349 22 September 2020 Johannesburg Debt Sponsor Rand Merchant Bank (a division of FirstRand Bank Limited) Date: 22-09-2020 04:01:00 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.