STANLIB Namibia Unit Trust Management …

1 Registration number: 98/043 annual financial Statements for the year ended 31 December 2012 STANLIB Namibia unit Trust Management Company Limited andStandard Bank Namibia Funds financial StatementsContentsStandard Bank Namibia Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund And Money Market Fund for the year ended 31 December 2012 General information 1 Approval of annual financial Statements 2 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

2 11 Statement of Comprehensive Income 12 Statement of Changes in Equity 13 Standard Bank Namibia Flexible Property Income Fund 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 Money Market Fund 20 Statement of financial Position 20 Statement of Comprehensive Income 21 Statement of Changes in Equity 22 Accounting Policies 23 Notes to the annual financial statements 27 annual financial Statements for the year ended 31 December 20121 Standard Bank Namibia Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund And Money Market Fund for the year ended 31 December 2012 Management CompanySTANLIB Namibia unit Trust Management Company LimitedPortfolio ManagementSTANLIB Namibia (Pty)

3 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. 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 financial Statements for the year ended 31 December 20122 Standard Bank Namibia Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund.

4 Inflation Plus Fund and Money Market FundApproval of annual financial Statements for the year ended 31 December 2012 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 48 have been approved by the Board of Directors of STANLIB Namibia unit Trust Management Company Limited on the 27 March 2013 and are signed on its behalf by: MM Pupuma BI Amuenje Chairman Managing Director 27 March 2013 27 March 2013 annual financial Statements for the year ended 31 December 20123 Standard Bank Namibia Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund.

5 Inflation Plus Fund and Money Market FundIndependent Auditor s Report for the year ended 31 December 2012 Independent auditor s report to the unit holders ofStandard 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, 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 2012 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.

6 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 s ResponsibilityOur responsibility is to express an opinion on these financial statements based on our audit.

7 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 financial Statements for the year ended 31 December 20124An 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.

8 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.

9 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 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.

10 As a result, the financial statements may not be suitable for another Accountants & Auditors Chartered Accountants ( Namibia ) Per: Louis van der Riet Partner Windhoek 28 March 2013 annual financial Statements for the year ended 31 December 20125 Standard Bank Namibia Managed FundStatement of financial Position at 31 December 2012 Notes20122011N$ 000N$ 000 ASSeTSNon-current assets128 23997 497 Listed - Equity Securities - Local1,117 38814 799 Listed - Equity Securities - Foreign1,161 29139 273 Unlisted - Interest Bearing Securities - Local1,13 3055 132 Unlisted - Interest Bearing Securities - Foreign1.