ASHF - Notification of a Change to the Board of Directors Ashburton Management Company (RF) Proprietary Limited 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 Company Code: ASHF (“Ashburton” or the “Company”) NOTIFICATION OF A CHANGE TO THE BOARD OF DIRECTORS Pursuant to paragraph 3.59 of the JSE Limited Listings Requirements, securityholders are hereby advised of the resignation of Mr Geoffrey Carter as an independent non-executive director from the board of Ashburton (the “Board”) with effect from 19 October 2020. The Board wishes to thank Mr Carter for his contribution to the Company over the years. 30 October 2020 Debt Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 30-10-2020 01:25:00 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.