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 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

2 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) 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.

3 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, 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.

4 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, 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, 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.

5 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. 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.

6 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. 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.

7 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. 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 - Foreign1,11 3391 222 Unlisted - unit Trust Schemes - Local1,117 57417 526 Unlisted - unit Trust Schemes - Foreign1,127 34219 545 Current assets18 7019 125 Account receivable128179 Cash and cash equivalents1.

8 118 5758 946 Total asset s146 939106 622equIT y AND LIABILITIeSTotal equity145 073105 156 Capital value of unit portfolio divided into 44,956,201 units (2011: 38,539,790 units)145 044105 078 Undistributed income2978 Current liabilities1 8661 466 Accounts payable259170 unit holders for distribution1 6071 296 Total equity and liabilities146 939106 622 Annual Financial Statements for the year ended 31 December 20126 Standard Bank Namibia Managed FundStatement of Comprehensive Income for the year ended 31 December 201220122011N$ 000N$ 000 Income4 5623 720 Dividends Received2 4731 991 Interest Received1 8951 790 Income adjustment on unit creations and cancellations183(118)Sundry Income1157expenditure1 079980 Audit fee2929 Service charges969836 Bank charges41 Custody fees1 Sundry expenses - Namfisa fees77114 Total comprehensive income3 4832 74 0 Annual Financial Statements for the year ended 31 December 20127 Standard Bank Namibia Managed FundStatement of Changes in Equity for the year ended 31 December 201220122011N$ 000N$ 000 ReTAINeD eARNINgSBalance at beginning of the year78156 Net profit for the year3 4832 74 0 Income available for distribution3 5622 896 INCoMe DISTRIBuTI oN foR The yeAR3 2922 818 Class cents per unit declared 31 December 2012, paid 3 January cents per unit declared 31 December 2011 and paid 5 January cents per unit declared 30 June 2012.

9 Paid 2 July cents per unit declared 30 June 2011 and paid 4 July 2011- 2 Class R3 2762 cents per unit declared 31 December 2012, paid 3 January 20131 cents per unit declared 31 December 2011, paid 5 January 20121 cents per unit declared 30 June 2012, paid 2 July 20121 cents per unit declared 30 June 2011, paid 4 July 20111 518uNDISTRIBuTeD INCoMe AT The eND of The yeAR26978 Capital value of unit portfolioBalance at the beginning of the year105 078107 290 Creation of units32 18519 627 Liquidation of units(12 821)(28 058)Capital profit / (loss) reinvested in the fund20 6026 219 Balance at the end of the year145 044105 078 ToTAL equIT y eND of yeAR145 313105 156 Annual Financial Statements for the year ended 31 December 20128 Standard Bank Namibia CashPlus FundStatement of Financial Position at 31 December 2012 Notes20122011N$ 000N$ 000 ASSeTSNon-current assets2 370 8453 327 023 Interest Bearing Securities - Local1,21 862 8171 916 348 Collective Investments - Foreign1,2508 0281 410 675 Current assets850 897256 531 Account receivable50 55845 195 Cash and cash equivalents1,2800 339211 336 Total asset s3 221 7423 583 554equIT y AND LIABILITIeSTotal equity3 200 1843 560 531 Capital value of unit portfolio divided into 2,702,005,628 units (2011.)

10 2,863,797,868 units)3 047 6683 355 853 Undistributed income152 516204 678 Current liabilities21 55823 023 Accounts payable1 9676 364 Provision - Withholdings tax19 59116 660 Total equity and liabilities3 221 7423 583 554 Annual Financial Statements for the year ended 31 December 20129 Standard Bank Namibia CashPlus FundStatement of Comprehensive Income for the year ended 31 December 201220122011N$ 000N$ 000 Income190 586239 262 Interest received207 393225 057 Income adjustment on unit creation(16 807)14 205expenditure38 07034 586 Audit fee3989 Bank charges152 Management company s service charge16 65916 651 Sundry expenses - Namfisa fees21 3571 184 Withholdings tax19 59116 660 Total comprehensive income152 516204 676 Annual Financial Statements for the year ended 31 December 201210 Standard Bank Namibia CashPlus FundStatement of Changes in Equity for the year ended 31 December 201220122011N$ 000N$ 000 ReTAINeD eARNINgSBalance at beginning of the year204 678842 815 Net profit for the year152 516204 676 Income available for distribution357 1941 047 491 INCoMe DISTRIBuTI oN foR The yeAR- -Transfer to capital(204 678)(842 813)No declarations were made for the year ended 2012.