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NEWFUNDS COLLECTIVE INVEST SCHEME - NFEVAL - Distribution and re-investment for the quarter ended 31 March 2019

Release Date: 16/04/2019 08:00
Code(s): NFEVAL     PDF:  
 
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NFEVAL - Distribution and re-investment for the quarter ended 31 March 2019

NEWFUNDS EQUITY VALUE EXCHANGE TRADED FUND PORTFOLIO
Share code: NFEVAL
ISIN: ZAE000252466

Portfolios in the NewFunds Collective Investment Scheme in Securities registered as such in terms of the Collective Investment Schemes Control Act, 45 of
2002 and managed by NewFunds (RF) Proprietary Limited (Registration Number 2005/034899/07) ("NewFunds")

DISTRIBUTION AND RE-INVESTMENT ANNOUNCEMENT FOR THE QUARTER ENDED 31 MARCH 2019
NewFunds has today finalised a distribution to holders of ETF securities ("investors") recorded as such in the register on Friday, 26 April 2019, for the quarter
ended 31 March 2019 as follows:


Alpha code             Dividend/Interest      Foreign/ Local               Gross                  Subject to          *Withholding        Net
                                                                           Distribution           Withholding tax     Tax (%)             Distribution
                                                                           (Cents per unit)       Yes/ No                                 (Cents per unit)
NFEVAL                 Interest               Local                        0.05988                No                                      0.05988
                       Dividend               Local                        4.83817                Yes                 20                  3.87054
                       Dividend               Foreign 1                    2.17970                Yes                 20                  1.74376
                       Dividend               REITs**                      2.08427                Yes                 **20                1.66742
                                                                           9.16202                                                        7.34159


Further details are listed below:
1
  Source of monetary funds subject to foreign dividend tax:
United Kingdom                                       76.37%
Australia                                            23.63%

***Source of foreign dividends not subject to dividend tax:
United Kingdom                                      100.00%

Notice is hereby given that the following dates are of importance in regard to the distribution by the above ETF for the quarter ended 31 March 2019:

Declaration/ Finalisation date                                             Tuesday, 16 April 2019
Last day to trade                                                          Tuesday, 23 April 2019
Ex distribution                                                            Wednesday, 24 April 2019
Record date                                                                Friday, 26 April 2019
Payment date                                                               Monday, 29 April 2019

The distribution will be paid on Monday, 29 April 2019 to all securities holders recorded on the register on Friday, 26 April 2019.

The net distribution amount (after the deduction of Dividend Withholding Tax (''DWT'') at a current rate of 20%) will be re-invested in the ETF on behalf of
investors through the purchase of additional Constituent Securities (as defined in the relevant Portfolio Supplement) in the appropriate weightings, thereby
increasing the net asset value of the ETF and, proportionately increasing the value of each ETF security. As a consequence of reinvesting the net distribution
amount (comprising only 80% after the deduction of DWT), the ETF will be tracking the relevant total return net-of-dividend tax index.

Investors qualifying for exemption from DWT or a reduced rate of DWT per Double Tax Agreement ("DTA"), will receive, in cash, a distribution amount of the
applicable DWT, provided they have completed and timeously lodged with the relevant intermediary the prescribed declaration and undertaking form.
Failure to do so will result in the dividends tax being withheld in full.

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 comprise of any interest, it will not be subject to WTI by virtue of the fact that
it is Government debt, listed debt instruments and/or bank debt.

*Investors should seek advice from their tax advisor on whether the tax rate shown is applicable to them.

 South African tax resident investors relating to REITs
**The dividend distribution by a REIT received by South African tax residents must be included in their gross income and will not be exempt in
terms of the ordinary dividend exemption in section 10(1)(k)(i) of the Income Tax Act No. 58 of 1962 (“the Act”) as a result of paragraph (aa) of the
proviso thereto which provides that dividends distributed by a REIT are not exempt from income tax.
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 (“CSDP”) or broker,
as the case may be in respect of its participatory interest:
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 or
broker, as the case may be, to arrange for the abovementioned documents to be submitted prior to payment of the distribution, if such documents
have not already been submitted.
**The dividend distribution by a REIT received by South African tax residents must be included in their gross income and will not be exempt in
terms of the ordinary dividend exemption in section 10(1)(k)(i) of the Income Tax Act No. 58 of 1962 (“the Act”) as a result of paragraph (aa) of the
proviso thereto which provides that dividends distributed by a REIT are not exempt from income tax.
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 (“CSDP”) or broker,
as the case may be in respect of its participatory interest:
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 or
broker, as the case may be, 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 Act, but will be
subject to dividend withholding tax. Dividend withholding tax is levied at a rate of 15%, 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 cease 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:
                            Number                    Tax
                          of securities            reference
                             in issue               number
NFEVAL                      3,317,497              0460621261

16 April 2019

Sponsor
Absa Bank Limited (acting through its Corporate and Investment Banking division)

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