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

            
ASHMID
ASHMID - Distribution Announcement

Ashburton Management Company RF Proprietary Limited
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
(Incorporated in the Republic of South Africa)
(Date of incorporation: 15 August 2012)
Share Code: ASHMID
ISIN: ZAE000215349
(ASHMIDCAP 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 MidCap
ETF securities for the quarter ended 31 December 2020.

The aggregate distribution will amount to 2.83252 cents per Ashburton MidCap ETF security and is
constituted as follows:

  Alpha     Dividend/Interest     Foreign/       Source           Gross        Subject to     Foreign          Amount           SA            Net
  code                             Local                       Distribution   Withholding    Withholding      Available     Withholding   Distribution
                                                               (Cents per         tax          Tax (%)            for         Tax (%)     (Cents per
                                                                   unit)        Yes/ No                      Distribution                     unit)
                                                                                                             (Cents per
                                                                                                                 unit)
 ASHMID
                 Dividend           Local           SA           2.05260         Yes                -            2.05260        20          1.64208
                 Dividend          Foreign        United         0.28371         Yes                -            0.28371        20          0.22697
                                                 Kingdom
                Dividend            REITs*          SA           0.48676         Yes                -            0.48676        20          0.38941
              Other income          Local           SA           0.00188         No                 -            0.00188         -          0.00188
                 Interest           Local           SA           0.00758         No                 -            0.00758         -          0.00758
                                                                 2.83252                                         2.83252                    2.26792



1. Foreign Dividends Breakdown by Source:
          Name                     Source                  % Breakdown              Tax withheld at Source (%)              SA Withholding Tax (%)


 INVESTEC PLC                   United Kingdom                100%                              0                                    20


2. Distributions by Real Estate Investment Trusts (REITs) are subject to income tax for South African tax
   residents, and subject to 20% withholding tax for non-residents.

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 MidCap 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.

Withholding Tax on Interest (WTI) came into effect 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 (Act), 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.

Additional information:

The dividend distribution as outlined above is subject to the Dividends Tax that was introduced with effect
from 1 April 2012 and amended on 22 February 2017. The dividend, as defined in the Act, is payable from
dividends accumulated in the fund. The South African Dividend Tax rate of 20% has been applied.

There are 61 800 000 Ashburton MidCap securities in issue. The total distribution amount payable is
R 1,750,499.68.

Ashburton MidCap ETF Income Tax number is 0036/883/26/2.

A copy of the ETF issue document can be found at:
https://www.ashburtoninvestments.com/za/individual-investor/fund/ashburton-midcap-
etf/zae000215349


14 January 2021
Johannesburg


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

Date: 14-01-2021 12:30:00
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