ASHWGB Distribution announcement

Ashburton Management Company RF Proprietary Limited
Ashburton World Government 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: ASHWGB
ISIN: ZAE000254413

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 World
Government Bond ETF securities for the quarter ended 31 July 2020.

The aggregate distribution will amount to 2.97970 cents per Ashburton World Government Bond ETF
security and is constituted as follows:
                                                                                 Foreign
                                                                Subject to
                                                    Gross                      Withholding        Net
                                                                   Local
   Alpha                                Foreign/ Distribution                   Tax held at   Distribution
              Dividend/Interest                                Withholding
   code                                  Local   (Cents per                   source (Cents   (Cents per
                                                                    tax
                                                     unit)                       per unit)        unit)
                                                                 Yes/ No


 ASHWGB            Interest              Local     0.08751          No            0.00000         0.08751
                   Interest             Foreign    2.89219          No            0.00000         2.89219
                   Total                           2.97970                        0.00000         2.97970

*Source of funds: Sovereign bonds coupons which are constituents of the FTSE World Government Bond Index

Notice is hereby given that the following dates are of importance regarding the distribution for the quarter
ended 31 July 2020 to holders of Ashburton World Government Bond ETF securities:

Last day to trade “cum” distribution:                          Tuesday, 18 August 2020
Securities trade “ex” distribution:                          Wednesday, 19 August 2020
Record date:                                                    Friday, 21 August 2020
Payment date:                                                 Monday, 24 August 2020

Creations or redemptions from the fund will not be allowed during the period from 18 August 2020
to 21 August 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.

Both resident and non-resident investors are encouraged to consult their professional advisors
should they be in any doubt as to the appropriate action to take.
There are 16,134,683 Ashburton World Government Bond ETF securities in issue. The total distribution
amount payable is R 480,765.00.

Ashburton World Government Bond ETF Income Tax number is 2037/954/17/5.

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-bond-etf


13 August 2020
Johannesburg

Date: 13-08-2020 02:05:00
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