Abridged Audited Results for The Year Ended 31 December 2013 BettaBeta Be Green Exchange Traded Fund Collective Investment Scheme A portfolio in the BettaBeta Be Green Exchange Traded Fund Collective Investment Scheme (BGREEN) registered as such in terms of the Collective Investment Schemes Control Act, 45 of 2002 (the “Act”) (the “portfolio”) JSE code: BGREEN ISIN: ZAE000162277 ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013 STATEMENT OF COMPREHENSIVE INCOME for the year ended 31 December 2013 2013 2012 R R Income Dividend income 3 583 331 4 124 351 Interest income 22 152 90 820 Total income 3 605 483 4 215 171 Fair value adjustment Realised net gains on financial instruments designated at fair value through profit or loss 12 776 542 8 157 163 Unrealised net (loss)/gains on financial instruments designated at fair value through profit or loss (6 256 418) 13 331 367 Total fair value adjustment 6 520 124 21 488 530 Expenses Management fee (155 768) (642 000) Trustee fees (70 262) (70 753) Investment fee (166 163) (162 181) Other 4 906 (96 238) Total operating expenses (387 287) (971 172) Increase in net assets attributable to investors before distributions 9 738 320 24 732 529 Income distributions (2 556 767) (3 058 115) Increase in net assets attributable to investors after distributions 7 181 553 21 674 414 STATEMENT OF FINANCIAL POSITION at 31 December 2013 2013 2012 R R ASSETS Listed equities designated at fair value through profit or loss 130 668 137 123 990 829 Cash and cash equivalents 779 035 210 984 Trade and other receivables 830 386 - Total assets 132 277 558 124 201 813 LIABILITIES Other payables 1 065 952 171 760 Total liabilities (excluding net assets attributable to investors) 1 065 952 171 760 Net assets attributable to investors 131 211 606 124 030 053 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS for the year ended 31 December 2013 Capital Income Net assets attributable attributable attributable to investors to investors to investors R R R Balance at 1 January 2012 102 219 907 135 732 102 355 639 Increase/(decrease) in net assets attributable to investors 21 902 994 (228 580) 21 674 414 Balance at 31 December 2012 124 122 901 (92 848) 124 030 053 Increase in net assets attributable to investors 6 912 461 269 092 7 181 553 Balance at 31 December 2013 131 035 362 176 244 131 211 606 STATEMENT OF CASH FLOWS for the year ended 31 December 2013 2013 2012 R R Net cash generated from operating activities Cash utilised by operations (323 481) (813 294) Dividends received 3 583 331 4 124 351 Interest received 22 152 90 820 Investment in listed investments (61 226 693) (46 105 331) Disposal of listed investments 61 069 509 45 874 851 Net cash inflow from operating activities 3 124 818 3 171 397 Distributions paid to fund security holders (2 556 767) (3 058 115) Net movement in cash and cash equivalents 568 051 113 282 Cash and cash equivalents at the beginning of the year 210 984 97 702 Cash and cash equivalents at the end of the year 779 035 210 984 Distributions The Portfolio declares dividends quarterly. Distributions are made from the income of the BGreen Portfolio. 2013 2012 R R Distributions declared during the period were as follows: 2.35861 cents per share declared on 4 December 2012 and paid on 21 January 2013 (2012: 1.12 cents per share) 175 316 83 250 10.06095 cents per share declared on 8 March 2013 and paid on 22 April 2013 (2012: 7.72 cents per share) 747 832 573 828 10.70540 cents per share declared on 11 June 2013 and paid on 29 July 2013 (2012: 17.40 cents per 795 733 1 293 434 share) 11.27250 cents per share declared on 12 September 2013 and paid on 14 October 2013 (2012: 14.90 cents per share) 837 886 1 107 603 Total Expense Ratio ('TER') 64.68bps 69.50bps The TER is a standard measure used by the Collective Investment Scheme (‘CIS’) industry to illustrate costs of portfolios on a comparable basis. The TER includes the management fee, bank charges, custodian fees, costs related to securities lending and taxes. The BGreen Portfolio had a TER of 64.68bps (2012: 69.50 bps) basis points (annualised) for the period 1 January to 31 December 2013. The ratio is calculated based on the Association for Savings and Investments South Africa (‘ASISA’) standard and does not include the cost of acquiring assets. Increased consumer demand for greater transparency in financial services and the recognition thereof by the collective investment industry requires managers to calculate and publish a total expense ratio for each Portfolio under their management. This is a requirement in terms of the ASISA standard on the calculation and publication of total expense ratios. Statement of compliance The financial statements are prepared in accordance with International Financial Reporting Standards (IFRS), the SAICA Financial Reporting Pronouncements as issued by Financial Reporting Standards Council and in the manner required by the Collective Investment Schemes Control Act and the Principal Deed. Functional and presentation currency Items included in the financial statements are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The financial statements are presented in South African Rand, which is the Scheme’s functional and presentation currency. Accounting policies The accounting policies applied in the preparation of the financial statements are consistent with those adopted in the previous financial year and are in accordance with IFRS. The Fund adopted the following new standards and amendments to standards, including any consequential amendments to other standards, with a date of initial application of 1 January 2013. a) IFRS 13: Fair Value Measurement b) IFRS 7: Amendment Disclosures – Offsetting Financial Assets and Financial Liabilities. Forthcoming requirements The following standards, amendments to standards, and interpretations, effective for the first time in the future accounting period, and which are relevant to the Portfolio, have not been adopted for the year ended 31 December 2013: IFRS 9: Financial Instruments - IFRS 9 deals with classification and measurement of financial assets and financial liabilities. The effective date of IFRS 9 is yet to be decided. IAS 32: Financial Instruments: Presentation: Offsetting Financial Assets and Financial Liabilities. The amendments clarify when an entity can offset financial assets and financial liabilities. This amendment is effective in the 2014 financial year. The impact of the above standards will be assessed once the standards become effective, and applied only at that stage. Audit report KPMG Inc, the entity’s independent auditors, has audited the annual financial statements of the BGREEN Portfolio from which the abridged results contained in this announcement have been derived, and has expressed an unmodified audit opinion on the annual financial statements. Their audit report is available for inspection at the registered office of Nedbank Limited. A full copy of these financial statements is available on the BettaBeta website www.bettabeta.co.za. 31 March 2014 Sponsor Nedbank Capital Trustee FirstRand Bank Limited Manager Nedgroup Beta Solutions (Proprietary) Limited Date: 01/04/2014 02:46:00 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. 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