ASHBURTON MANAGEMENT COMPANY (RF) PROPRIETARY LIMITED - ASHINF - Distribution Announcement

            
ASHINF
ASHINF - Distribution Announcement

Ashburton Management Company RF Proprietary Limited
Ashburton Inflation 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
(Incorporated in the Republic of South Africa)
(Date of incorporation: 20 May 2009)
Share Code: ASHINF
ISIN: ZAE000215331
(?ASHINFBND? or the ?ETF? or the ?fund?)


DISTRIBUTION 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 Inflation
ETF securities for the quarter ended 31 December 2020.

The aggregate distribution will amount to 16.90903 cents per Ashburton Inflation ETF security and is
constituted as follows:
                                                    Gross          Subject to                        Net
                                                                                *Withholding
  Alpha                               Foreign    Distribution     Withholding                    Distribution
               Dividend/Interest                                                  Tax (%)
  code                                / Local    (Cents per           tax                        (Cents per
                                                     unit)          Yes/ No                          unit)
 ASHINF             Interest            Local      16.90903           No              0             16.90903
                                                   16.90903                                         16.90903


Notice is hereby given that the following dates are of importance regarding the distribution for the quarter
ended 31 December 2020 by the ETF to holders of Ashburton Inflation ETF securities:

Last day to trade ?cum? distribution:                           Tuesday, 19 January 2021
Securities trade ?ex? distribution:                           Wednesday, 20 January 2021
Record date:                                                     Friday, 22 January 2021
Payment date:                                                    Monday, 25 January 2021

Creations or redemptions from the fund will not be allowed during the period from 19 January
2021 to 22 January 2021, both days inclusive.

The distribution is calculated after taking into account accrued expenses incurred by the fund for the
previous quarter and thus represents a distribution net of fund expenses.
*Withholding Tax on Interest (?WTI?) came into effect in April 2012 and amended 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; or
    ?   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.

Non-resident investors for South African income tax purposes

The dividend distribution received by non-resident investors will be exempt from income tax in
terms of section 10(1)(k)(i) of the Income Tax Act No.58 of 1962, but will be subject to dividend
withholding tax. Dividend withholding tax is levied at a rate of 20%, unless the rate is reduced in
terms of any applicable agreement for the avoidance of double taxation (?DTA?) between South
Africa and the country of residence of the non-resident investor.
A reduced dividend withholding rate in terms of the applicable DTA may only be relied on if the
non-resident investor has provided the following forms to their CSDP or broker, as the case may
be in respect of its participatory interest:
    a) a declaration that the dividend is subject to a reduced rate as a result of the application of
       a DTA; and
    b) a written undertaking to inform the CSDP or broker, as the case may be, should the
        circumstances affecting the reduced rate change or the beneficial owner ceases to be the
        beneficial owner, both in the form prescribed by the South African Revenue Service. Non-
        resident investors are advised to contact their CSDP or broker, as the case may be, to
        arrange for the abovementioned documents to be submitted prior to the payment of the
        distribution if such documents have not already been submitted.

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 16 334 948 Ashburton Inflation ETF securities in issue. The total distribution amount payable is
R 2,762,081.24.

Ashburton Inflation ETF Income Tax number is 0691/223/16/8.

A copy of the ETF issue document can be found at:
https://www.ashburtoninvestments.com/za/individual-investor/fund/ashburton-inflation-etf/zae000215331


14 January 2021
Johannesburg


Debt Sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited)

Date: 14-01-2021 12:25:00
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