Standard Bank Namibia Funds Financial Statements

1 Standard Bank Namibia Funds Financial StatementsRegistration Number: 98/043 Annual Financial Statements for the year ended 31 December 201401 General Information03 Independent Auditor s Report05 Standard Bank Namibia Managed FundStatement of Financial PositionStatement of Comprehensive IncomeStatement of Changes in Equity09 Standard Bank Namibia Cashplus FundStatement of Financial PositionStatement of Comprehensive IncomeStatement of Changes in Equity11 Standard Bank Namibia Income FundStatement of Financial PositionStatement of Comprehensive IncomeStatement of Changes in Equity14 Standard Bank Namibia Flexible Property Income FundStatement of Financial PositionStatement of Comprehensive IncomeStatement of Changes in Equity17 Standard Bank Namibia Inflation Plus FundStatement of Financial PositionStatement of Comprehensive IncomeStatement of Changes in Equity20 Standard Bank Namibia Money Market FundStatement of Financial

2 PositionStatement of Comprehensive IncomeStatement of Changes in Equity23 Standard Bank Namibia Income ABIL Retention FundStatement of Financial PositionStatement of Comprehensive IncomeStatement of Changes in Equity26 Accounting Policies30 Notes to the Annual Financial Statements Standard Bank Namibia Managed Fund, Cashplus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund And Money Market Fund1 General Information for the year ended 31 December 2014 Management CompanySTANLIB Namibia Unit Trust Management Company LimitedPortfolio ManagementSTANLIB Namibia (Pty) LtdTrusteesFirst National Bank of NamibiaApproved IntroducersOur unit trusts Funds are represented by brokers, stockbrokers, banks, accountants, attorneys and Stanfin advisors throughout InformationUnit trusts are generally medium to long-term investments. The value of units may go down as well as up, and past performance is no indication of future growth.

3 You can easily sell your units at the ruling price of the day (calculated on a forward pricing basis). Commission and incentives may be paid, and if so, are included in the overall Bank Namibia Managed Fund, Cashplus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund And Money Market FundApproval of Annual Financial Statements for the year ended 31 December 20142 The directors of the fund management company are responsible for the preparation of the annual Financial Statements and related Financial information included in this report. The annual Financial Statements set out on pages 5 to 39 have been approved by the Board of Directors of STANLIB Namibia Unit Trust Management Company Limited on 7 April 2015 and are signed on its behalf by: B Hans BI Amuenje Acting Chairperson Managing Director 7 April 2015 7 April 2015 Standard Bank Namibia Managed Fund, Cashplus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund And Money Market Fund3 Independent Auditor s Report for the year ended 31 December 2014 Independent auditor s report to the unit holders of Standard Bank Namibia Managed Fund Standard Bank Namibia Cashplus Fund Standard Bank Namibia Income Fund Standard Bank Namibia Flexible Property Income Fund Standard Bank Namibia Inflation Plus Fund Standard Bank Namibia Money Market FundReport on the Financial StatementsWe have audited the Financial Statements of the Standard Bank Namibia Managed Fund.

4 Standard Bank Namibia CashPlus Fund, Standard Bank Namibia Income Fund, Standard Bank Namibia Flexible Property Fund, Standard Bank Namibia Inflation Plus Fund and the Standard Bank Namibia Money Market Fund, which comprise the statement of Financial position as at 31 December 2014 and the Statements of comprehensive income and changes in equity for the year then ended, and a summary of significant accounting policies and other explanatory notes, as set out on pages 5 to Responsibilty for the Financial StatementsThe Directors are responsible for the preparation of the Financial Statements in accordance with the basis of accounting described in note 1, for determining that the basis of preparation is acceptable in the circumstances and for such internal control as the Directors determine is necessary to enable the preparation of Financial Statements that are free from material misstatements, whether due to fraud or error.

5 Auditor s ResponsibilityOur responsibility is to express an opinion on these Financial Statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the Financial Statements are free from material Bank Namibia Managed Fund, Cashplus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund And Money Market FundIndependent Auditor s Report for the year ended 31 December 2014 (c o n t i n u e d )4An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Financial Statements . The procedures selected depend on the auditor s judgement, including the assessment of the risks of material misstatement of the Financial Statements , whether due to fraud or error.

6 In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and presentation of the Financial Statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the Financial believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit our opinion, the Financial Statements of Standard Bank Namibia Managed Fund, Standard Bank Namibia Cashplus Fund, Standard Bank Namibia Income Fund, Standard Bank Namibia Flexible Property fund, Standard Bank Namibia Inflation Plus Fund and the Standard Bank Namibia Money Market Fund have been prepared, in all material respects, in accordance with the basis of accounting described in note 1 to the Financial Statements .

7 Basis of Accounting and Restriction on Distribution and UseWithout modifying our opinion, we draw attention to note 1 to the Financial Statements , which describes the basis of accounting. The Financial Statements are prepared to assist the Funds in providing Financial Statements to the unit holders. As a result, the Financial Statements may not be suitable for another Accountants & Auditors Chartered Accountants ( Namibia ) Per: Nangula Uaandja Partner Windhoek 7 April 2015 Standard Bank Namibia Managed Fund5 Standard Bank Namibia Managed FundStatement of Financial Position at 31 December 2014 Notes 2014 2013 N$ 000 N$ 000 ASSETS Non-current assets 215,036 191,778 Listed - Equity Securities - Local ,64 8 20,115 Listed - Equity Securities - Foreign ,156 66,355 Unlisted - Interest Bearing Securities - Local ,083 3,116 Unlisted - Interest Bearing Securities - Foreign - 1,256 Unlisted - Unit Trust Schemes - Local ,003 47,821 Unlisted - Unit Trust Schemes - Foreign ,146 53,115 Current assets 4,954 25,834 Accounts receivable 260 281 Cash and cash equivalents ,694 25,553 Total assets 219,990 2 1 7, 6 1 2 EQUITY AND LIABILITIES Total equity 217,686 214,861 Capital value of unit portfolio divided into 53,600,840 units (2013.)

8 56,859,411 units) 2 1 7, 6 7 3 215,043 Undistributed income 13 (182)Current liabilities 2,304 2,751 Accounts payable 264 222 Unit holders for distribution 2,040 2,529 Total equity and liabilities 219,990 2 1 7, 6 1 2 Standard Bank Namibia Managed Fund6 Statement of Comprehensive Income for the year ended 31 December 20142014 2013 N$ 000 N$ 000 Income 7, 8 6 4 5,786 Dividends Received 2,885 2,701 Interest Received 4,809 2,646 Income adjustment on unit creations and cancellations (95) 239 Sundry Income 265 200 Expenditure 2,660 1,745 Audit Fee 30 31 Bank Charges 2 2 Custody fees - 1 Management company's service charge 2,147 1,280 Withholdings tax 333 343 Sundry Expenses - Namfisa Fees 148 88 Total comprehensive income 5,204 4,041 Standard Bank Namibia Managed Fund72014 2013 N$ 000 N$ 000 Retained earningsBalance at beginning of the year (182)

9 29 Net profit for the year 5,204 4,041 Income available for distribution 5,022 4,070 Income distribution for the year 5,009 4,252 Class A 414 116 cents per unit declared 31 December 2014, paid 2 January 2015 236 - cents per unit declared 31 December 2013, paid 2 January 2014 - 93 cents per unit declared 30 June 2014, paid 3 July 2014 178 - cents per unit declared 30 June 2013, paid 3 July 2013 - 23 Class R 4,595 4,136 cents per unit declared 31 December 2014, paid 2 January 2015 1,804 - cents per unit declared 31 December 2013, paid 2 January 2014 - 2,436 cents per unit declared 30 June 2014, paid 3 July 2014 2,791 - cents per unit declared 30 June 2013, paid 3 July 2013 - 1,700 Undistributed income at the end of the year 13 (182)Capital value of unit portfolioBalance at the beginning of the year 215,043 145,044 Creation of units 121,508 54,290 Liquidation of units ( 135,499) (12,890)Capital profit / (loss)

10 Reinvested in the fund 16,621 28,599 Balance at the end of the year 2 1 7, 6 7 3 215,043 Total equity end of year 217,686 214,861 Statement of Changes in Equity for the year ended 31 December 2014 Standard Bank Namibia Cashplus Fund8 Statement of Financial Position at 31 December 2014 Notes 2014 2013 N$ 000 N$ 000 ASSETS Non-current assets 1 , 5 47, 6 1 4 2,704,605 Unlisted - Interest Bearing Securities - Local 1,170,401 1,500,828 Unlisted - Unit Trusts Schemes - Foreign 3 7 7, 2 1 3 1,203,777 Current assets 132,820 299,287 Accounts receivable 25,139 42,445 Cash and cash equivalents 1 0 7, 6 8 1 256,842 Total assets 1,680,434 3,003,892 EQUITY AND LIABILITIES Total equity 1,663,804 2,983,161 Capital value of unit portfolio divided into units 1,089,693,815 (2013: 2,059,596,431 units) 1,578,918 2,848,570 Undistributed income 84,886 134,591 Current liabilities 16,630 20,731 Accounts payable 5,872 1 ,74 5 Provision - Withholdings tax 10,756 18,986 Total equity and liabilities 1,680,434 3,003,892 Standard Bank Namibia Cashplus Fund9 Standard Bank Namibia Cashplus FundStatement of Comprehensive Income for the year ended 31 December 20142014 2013 N$ 000 N$ 000 Income 104,477 170,018 Interest received 119,154 183,922 Income adjustment on unit creation ( 14,677 ) (13,904)