STANLIB Namibia Unit Trust Funds

1 STANLIB Namibia unit Trust Funds ANNUAL FINANCIAL STATEMENTS For the year ended 31 December 2016 ContentsGeneral information 1 Approval of Annual Financial Statements 2 Independent Auditor s Report 3 Standard Bank Namibia Managed fund 5 Statement of Financial Position 5 Statement of Comprehensive Income 6 Statement of Changes in Equity 7 Standard Bank Namibia CashPlus fund 8 Statement of Financial Position 8 Statement of Comprehensive Income 9 Statement of Changes in Equity 10 Standard Bank Namibia Income fund 11 Statement of Financial Position 11 Statement of Comprehensive Income 12 Statement of Changes in Equity 13 Standard Bank Namibia Flexible Property Income 14 Statement of Financial Position 14 Statement of Comprehensive Income 15 Statement of Changes in Equity 16 Standard Bank Namibia Inflation Plus fund 17 Statement of Financial Position 17 Statement of Comprehensive Income 18 Statement of Changes in Equity 19 Standard Bank Namibia Money Market fund 20 Statement of Financial Position 20 Statement of Comprehensive Income 21 Statement of Changes in

2 Equity 22 Standard Bank Namibia Income ABIL Retention fund 23 Statement of Financial Position 23 Statement of Comprehensive Income 24 Statement of Changes in Equity 25 Accounting policies 26 - 27 Notes to the annual financial statements Standard Bank Namibia Managed fund Standard Bank Namibia CashPlus fund Standard Bank Namibia Income fund Standard Bank Namibia 34 Flexible PropertyIncome fund Standard Bank Namibia Inflation Plus fund Standard Bank Namibia Money Market fund Standard Bank Namibia Income Abil Retention fund 40 Schedule to the annual financial statements Standard Bank Namibia Managed fund Standard Bank Namibia CashPlus fund Standard Bank Namibia Income fund Standard Bank Namibia Flexible 44 Property Income Standard Bank Namibia Inflation Plus fund Standard Bank Namibia Money Market fund 461 Standard Bank Namibia Managed fund , CashPlus fund , Income fund , Flexible Property Income fund , Inflation Plus fund and Money Market FundGeneral informationFor the year ended 31 December 2016 Management Company.

3 STANLIB Namibia unit Trust Management Company LimitedPortfolio Manager: STANLIB Namibia (Pty) LtdTrustees:First National Bank of NamibiaApproved Introducers:Our unit trusts Funds are represented by brokers, stockbrokers, banks, accountants, attorneys and Stanfin advisors throughout Namibia . Statutory Information: unit 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. You can easily sell your units at the ruling price of the day (calculated on a forward pricing basis).

4 Commission and incentives may be paid, and if so, are included in the overall of Annual Financial Statements For the year ended 31 December 2016 The directors of the fund management company are responsible for the preparation of the annual financial statements and related financial information included in this annual financial statements set out on pages 5 to 41 have been approved by the Board of Directors of STANLIB Namibia unit Trust Management Company Limited on the 31 May 2017 and are signed on its behalf by:JJ Mnisi T Shejavall Chairman Managing Director 31 May 2017 31 May 20173 Independent Auditor s ReportFor the year ended 31 December 2016 Independent auditor s report to the unit holders of Standard Bank Namibia Managed fund Standard Bank Namibia Cash Plus fund Standard Bank Namibia Income fund Standard Bank Namibia Flexible Property Income fund Standard Bank Namibia Inflation Plus fund Standard Bank Namibia Money Market fund Standard Bank Namibia Income ABIL

5 Retention FundOur opinionIn our opinion, the financial statements of Standard Bank Namibia Managed fund , Standard Bank Namibia Cash Plus fund , Standard Bank Namibia Income fund , Standard Bank Namibia Flexible Property Income fund , Standard Bank Namibia Inflation Plus fund , Standard Bank Namibia Money Market fund , Standard Bank Namibia Income ABIL Retention fund (the Funds ) for the year ended 31 December 2016 are prepared, in all material respects, in accordance with the basis of accounting described in note 1 to the financial statements of the unit Trust Control Act of Namibia .

6 What we have auditedThe Funds financial statements set out on page 7 to 29 omprise: The statments of financial position as at 31 December 2016; the statements of comprehensive income for the year then ended; the statements of changes in equity for the year then ended; and the summary of accounting policies. Basis for opinionWe conducted our audit in accordance with International standards on Auditing (ISA s). Our responsibilities under those standards are further described in the Auditor s responsibilites for the audit of financial statements section of our believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our are independent of the Funds in accordance with the International Ethics standards Board for Accountants Code of Ethics of Professional Accountants (Parts A & B) and other independence requirements applicable to performing audits of financial statments in Namibia .

7 We have fulfilled our other ethical responsibilities in accordance with this and in accordance with other ethical requirements applicable to performing audits in of matter - Basis of AccountingWe draw attention to note 1 to the financial statements, which describes the basis of accounting. The financial statements are prepared in accordancce with the Funds own accounting policies to satisfy the fanancial information needs fo the Funds members. As a result, the financial statements may not be suitable for another pupose. Our opinion is not modified in repsect of this informationThe directors are responsible for the other information.

8 The other information comprises the general information, approval of the financial statements, schedule to the annual financial statements and the annul financial statements and our auditor s report opinion ont he financial statements des not cover the other information and we do not and will not express an audit opinion or any form of assurance conclusion Auditor s Report (contd.)For the year ended 31 December 2016In connection with our audit of the financial statments, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially , based on the work we have performed, we conclude that there is a material misstatement of thos other information, we are required to report that fact.

9 We have nothing to report in this of the directors for the financial statementsThe directors are responsible for the preparation of the financial statements in accordance with the basis of accounting describe in note 1 and the requirements of the unit Trust Control Act of Namibia , 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 finacial statemetns that are free from material misstateent, whether due to fraud or preparing the financial statements, the directors are responsible for assessing the Funds ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the fund or to cease operations.

10 Or have no realistic alternative but to do s responsibilities for the audit of the financial statemetnsOur objectives ar to obtain reasonable assurane about thether the financal statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor s report that includes our opinion. Reasonable assurance is a high level of assur