STANLIB Namibia Unit Trust Management Company Limited and Standard Bank Namibia Funds Financial Statements

Transcription

1 STANLIB Namibia Unit Trust Management Company Limited and Standard Bank Namibia Funds Financial Statements Annual Financial Statements for the year ended 31 December 2012 Registration number: 98/043

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3 Contents 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 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

4 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

5 Annual Financial Statements for the year ended 31 December 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 Company Management Trustees Approved Introducers STANLIB Namibia Unit Trust Management Company Limited STANLIB Namibia (Pty) Ltd First National Bank of Namibia 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). Commission and incentives may be paid, and if so, are included in the overall costs.

6 2 Annual Financial Statements for the year ended 31 December 2012 Standard Bank Namibia Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund and Money Market Fund Approval 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 report. The 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 March 2013

7 Annual Financial Statements for the year ended 31 December Standard Bank Namibia Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund and Money Market Fund Independent Auditor s Report for the year ended 31 December 2012 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 Fund Report on the Financial Statements We 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 48. Directors Responsibilty for the Financial Statements The 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. Auditor s Responsibility Our 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 misstatement.

8 4 Annual Financial Statements for the year ended 31 December 2012 An 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. 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 statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In 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. Basis of Accounting and Restriction on Distribution and Use Without 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 purpose. PricewaterhouseCoopers Registered Accountants & Auditors Chartered Accountants (Namibia) Per: Louis van der Riet Partner Windhoek 28 March 2013

9 Annual Financial Statements for the year ended 31 December Standard Bank Namibia Managed Fund Statement of Financial Position at 31 December 2012 Notes Assets Non-current assets Listed - Equity Securities - Local 1, Listed - Equity Securities - Foreign 1, Unlisted - Interest Bearing Securities - Local 1, Unlisted - Interest Bearing Securities - Foreign 1, Unlisted - Unit Trust Schemes - Local 1, Unlisted - Unit Trust Schemes - Foreign 1, Current assets Account receivable Cash and cash equivalents 1, Total assets Equity and Liabilities Total equity Capital value of unit portfolio divided into 44,956,201 units (2011: 38,539,790 units) Undistributed income Current liabilities Accounts payable Unit holders for distribution Total equity and liabilities

10 6 Annual Financial Statements for the year ended 31 December 2012 Standard Bank Namibia Managed Fund Statement of Comprehensive Income for the year ended 31 December Income Dividends Received Interest Received Income adjustment on unit creations and cancellations 183 (118) Sundry Income Expenditure Audit fee Service charges Bank charges 4 1 Custody fees 1 Sundry expenses - Namfisa fees Total comprehensive income

11 Annual Financial Statements for the year ended 31 December Standard Bank Namibia Managed Fund Statement of Changes in Equity for the year ended 31 December Retained earnings Balance at beginning of the year Net profit for the year Income available for distribution Income distribution for the year Class A 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, paid 2 July cents per unit declared 30 June 2011 and paid 4 July Class R cents per unit declared 31 December 2012, paid 3 January cents per unit declared 31 December 2011, paid 5 January cents per unit declared 30 June 2012, paid 2 July cents per unit declared 30 June 2011, paid 4 July Undistributed income at the end of the year Capital value of unit portfolio Balance at the beginning of the year Creation of units Liquidation of units (12 821) (28 058) Capital profit / (loss) reinvested in the fund Balance at the end of the year Total equity end of year

12 8 Annual Financial Statements for the year ended 31 December 2012 Standard Bank Namibia CashPlus Fund Statement of Financial Position at 31 December 2012 Notes Assets Non-current assets Interest Bearing Securities - Local 1, Collective Investments - Foreign 1, Current assets Account receivable Cash and cash equivalents 1, Total assets Equity and Liabilities Total equity Capital value of unit portfolio divided into 2,702,005,628 units (2011: 2,863,797,868 units) Undistributed income Current liabilities Accounts payable Provision - Withholdings tax Total equity and liabilities

13 Annual Financial Statements for the year ended 31 December Standard Bank Namibia CashPlus Fund Statement of Comprehensive Income for the year ended 31 December Income Interest received Income adjustment on unit creation (16 807) Expenditure Audit fee Bank charges 15 2 Management company s service charge Sundry expenses - Namfisa fees Withholdings tax Total comprehensive income

14 10 Annual Financial Statements for the year ended 31 December 2012 Standard Bank Namibia CashPlus Fund Statement of Changes in Equity for the year ended 31 December Retained earnings Balance at beginning of the year Net profit for the year Income available for distribution Income distribution for the year - - Transfer to capital ( ) ( ) No declarations were made for the year ended This is a Roll-up fund and income accumulates year to year and is capitalised on the last business day of the financial year. The last distribution was made in April Undistributed income at the end of the year Capital value of unit portfolio Balance at the beginning of the year Creation of units Liquidation of units ( ) ( ) Capital profit / (loss) reinvested in the fund Balance at the end of the year Total equity end of year

15 Annual Financial Statements for the year ended 31 December Standard Bank Namibia Income Fund Statement of Financial Position at 31 December 2012 Notes Assets Non-current assets Listed - Interest Bearing Securities - Foreign 1, Unlisted - Interest Bearing - Local 1, Unlisted - Unit Trust Schemes - Local 1, Unlisted - Unit Trust Schemes - Foreign 1, Current assets Account receivable Cash and cash equivalents 1, Total assets Equity and Liabilities Total equity Capital value of unit portfolio divided into 818,412,399 units (2011: 208,190,582 units) Undistributed income Current liabilities Accounts payable Unit holders for distribution Total equity and liabilities

16 12 Annual Financial Statements for the year ended 31 December 2012 Standard Bank Namibia Income Fund Statement of Comprehensive Income for the year ended 31 December Income Interest received Income adjustment on unit creation Expenditure Audit fee Bank charges 3 1 Service charges Sundry expenses - Namfisa fees Total comprehensive income

17 Annual Financial Statements for the year ended 31 December Standard Bank Namibia Income Fund Statement of Changes in Equity for the year ended 31 December Retained earnings Balance at beginning of the year Net profit for the year Income available for distribution Income distribution for the year Class A cents per unit declared 31 December 2011 and paid 4 January cents per unit declared 31 December 2010 and paid 4 January cents per unit declared 30 September 2011 and paid 4 October cents per unit declared 30 September 2010 and paid 4 October cents per unit declared 30 June 2011 and paid 4 July cents per unit declared 30 June 2010 and paid 2 July cents per unit declared 31 March 2011 and paid 4 April cents per unit declared 31 March 2010 and paid 6 April Undistributed income at the end of the period Capital value of unit portfolio Balance at the beginning of the year Creation of units Cancellation of units ( ) (55 217) Capital profit / (loss) reinvested in the fund (188) Balance at the end of the period Total equity at end of period

18 14 Annual Financial Statements for the year ended 31 December 2012 Standard Bank Namibia Flexible Property Income Fund Statement of Financial Position at 31 December 2012 Notes Assets Non-current assets Listed - Equity Securities - Local 1, Listed - Equity Securities - Foreign 1, Unlisted - Unit Trust Schemes - Local 1, Unlisted - Unit Trust Schemes - Foreign 1, Current assets Account receivable 5 7 Cash and cash equivalents 1, Total assets Equity and Liabilities Total equity Capital value of unit portfolio divided into 120,815,296 units (2011: 116,490,168 units) Undistributed income Current liabilities Accounts payable Unit holders for distribution Total equity and liabilities

19 Annual Financial Statements for the year ended 31 December Standard Bank Namibia Flexible Property Income Fund Statement of Comprehensive Income for the year ended 31 December Income Dividend received Interest received Income adjustment on unit creation Sundry income Expenditure Audit fee Bank charges 1 1 Service charges Sundry expenses - Namfisa fees Total comprehensive income

20 16 Annual Financial Statements for the year ended 31 December 2012 Standard Bank Namibia Flexible Property Income Fund Statement of Changes in Equity for the year ended 31 December Retained earnings Balance at beginning of the year Net profit for the year Income available for distribution Income distribution for the year Class A cents per unit declared 31 December 2011, paid 5 January cents per unit declared 31 December 2010, paid 4 January cents per unit declared 30 September 2011, paid 4 October cents per unit declared 30 September 2010, paid 4 October cents per unit declared 30 June 2011, paid 4 July cents per unit declared 30 June 2010, paid 2 July cents per unit declared 31 March 2011, paid 4 April cents per unit declared 31 March 2010, paid 6 April Class B cents per unit declared 31 December 2011, paid 5 January , cents per unit declared 31 December 2010, paid 4 January , cents per unit declared 30 September 2011, paid 4 October , cents per unit declared 30 September 2010, paid 4 October , cents per unit declared 30 June 2011, paid 4 July , cents per unit declared 30 June 2010, paid 2 July , cents per unit declared 31 March 2011, paid 4 April , cents per unit declared 31 March 2010, paid 6 April ,25 Undistributed income at the end of the year Capital value of unit portfolio Opening balance at the beginning of the year Creation of units Liquidation of units (54 859) (66 610) Capital profit / (loss) reinvested in the fund Balance at the end of the year Total equity end of year

21 Annual Financial Statements for the year ended 31 December Standard Bank Namibia Inflation Plus Fund Statement of Financial Position at 31 December 2012 Notes Assets Non-current assets Listed - Equity Securities - Local 1, Listed - Equity Securities - Foreign 1, Unlisted - Interest Bearing - Local 1, Unlisted - Interest Bearing - Foreign 1, Unlisted - Unit Trust Schemes - Local 1, Unlisted - Unit Trust Schemes - Foreign Current assets Account receivable Cash and cash equivalents 1, Total assets Equity and Liabilities Total equity Capital value of unit portfolio divided into 135,086,542 units (2011: 108,886,958 units) Undistributed income Current liabilities Accounts payable Unit holders for distribution Total equity and liabilities

22 18 Annual Financial Statements for the year ended 31 December 2012 Standard Bank Namibia Inflation Plus Fund Statement of Comprehensive Income for the year ended 31 December Income Dividends Interest received Income adjustment on unit creations and cancellations (267) 165 Sundry Income Expenditure Audit fee Bank charges 1 1 Service charges Sundry expenses - Namfisa fees Withholdin tax Total comprehensive income

23 Annual Financial Statements for the year ended 31 December Standard Bank Namibia Inflation Plus Fund Statement of Changes in Equity for the year ended 31 December Retained earnings Balance at beginning of the year Net profit for the year Income available for distribution Income distribution for the year Class A cents per unit declared 30 December 2011, paid 5 January cents per unit declared 31 December 2010, paid 5 January cents per unit declared 30 June 2011, paid 4 July cents per unit declared 30 June 2010, paid 2 July Class B cents per unit declared 30 December 2011, paid 5 January cents per unit declared 31 December 2010, paid 5 January cents per unit declared 30 June 2011, paid 4 July cents per unit declared 30 June 2010, paid 2 July Class B cents per unit declared 30 December 2011, paid 5 January cents per unit declared 31 December 2010, paid 5 January cents per unit declared 30 June 2011, paid 4 July Class B cents per unit declared 30 December 2011, paid 5 January cents per unit declared 31 December 2010, paid 5 January cents per unit declared 30 June 2011, paid 4 July Undistributed income at the end of the period Capital value of unit portfolio Balance at the beginning of the year Creation of units Cancellation of units (33 000) (27 401) Capital profit reinvested in the fund Balance at the end of the period Total equity at end of period

24 20 Annual Financial Statements for the year ended 31 December 2012 Standard Bank Namibia Money Market Fund Statement of Financial Position at 31 December 2012 Notes Assets Non-current assets Interest Bearing Securities - Local 1, Collective Investments - Foreign 1, Current assets Account receivable Cash and cash equivalents 1, Total assets Equity and Liabilities Total equity Capital value of unit portfolio divided into 521,381,627 units (2011: 573,089,323 units) Undistributed income - - Current liabilities Accounts payable Unit holders for distribution Total equity and liabilities

25 Annual Financial Statements for the year ended 31 December Standard Bank Namibia Money Market Fund Statement of Comprehensive Income for the year ended 31 December Income Interest received Expenditure Audit fee Bank charges 1 1 Management company s service charge Sundry expenses - Namfisa fees Total comprehensive income

26 22 Annual Financial Statements for the year ended 31 December 2012 Standard Bank Namibia Money Market Fund Statement of Changes in Equity for the year ended 31 December Retained earnings Balance at beginning of the year - - Net profit for the year Income available for distribution Income distribution for the year Class R cents per unit declared for the year (2011: 7.23) Class A cents per unit declared for the year (2011: 6.63) Class B cents per unit declared for the year (2011: 5.12) 0 1 Class B cents per unit declared for the year (2011: 4.89) 1 0 Class B cents per unit declared for the year (2011: 6.73) Undistributed income at the end of the year - - Capital value of unit portfolio Balance at the beginning of the year Creation of units Liquidation of units ( ) ( ) Capital profit / (loss) reinvested in the fund - - Balance at the end of the year Total equity end of year

27 Annual Financial Statements for the year ended 31 December Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund And Money Market Fund Accounting Policies for the year ended 31 December Accounting policies The principal accounting policies relating to the unit trust funds ( funds ) are set out below and are consistent with those of the previous year. The principal accounting policies and the presentation and disclosure contained in the financial statements are not intended to, and do not, comply with all the requirements of International Financial Reporting Standards. The annual financial statements are prepared on the historical cost basis, except for unit portfolios that are reflected at fair value. 1.1 Financial instruments Recognition and measurement Financial instruments are initially recorded at cost; thereafter carried at their estimated fair value except for originated loans which are carried at amortised cost. Purchases and sales of investments are recognised on trade date, being the date on which the fund commits to purchase or sell the asset. Financial instruments are initially recognised at fair value plus transaction costs that are directly attributable to the acquisition of the asset. Financial assets are subsequently carried at fair value. Loans and receivables are carried at amortised cost. Gains and losses on subsequent measurement Realised and unrealised gains or losses on investments are accounted for in the capital value of the funds. Impairment Assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the carrying amount of the asset exceeds its recoverable amount the latter being the higher of the net selling price and value in use. A provision for loans and receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms. The amount of the provision is the difference between the carrying amount and the present value of estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised in the statement of comprehensive income.

28 24 Annual Financial Statements for the year ended 31 December 2012 Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund And Money Market Fund Accounting Policies for the year ended 31 December 2012 (continued) Derecognition Financial instruments are de-recognised when the right to receive cash flows from the instrument has expired or has been transferred, and the fund has transferred substantially all risks and rewards of ownership. Financial liabilities are de-recognised when the obligations under the contracts are discharged, cancelled or expired. Basis of fair value The fair value is determined as follows: Market seller price quoted on stock exchanges recognised in terms of The Namibian Unit Trust Control Act. Participatory interests in other unit trust funds (i.e. where a unit trust fund has a holding in another unit trust fund): Valued at the repurchase price as quoted in newspaper publications. 1.2 Cash and cash equivalents Cash and cash equivalents are carried in the statement of financial position at cost which approximates fair value. Cash and cash equivalents comprise cash on hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. 1.3 Dividend income Dividend income comprises dividends received and accrued on investments, including scrip dividends where there is a cash option, for which the last date to register falls within the accounting period. 1.4 Interest income Interest is recognised on a time proportionate basis. Premiums or discounts arising on acquisition of fixed interest securities are amortised on the straight-line basis over the remaining term to maturity. Dividend income comprises dividends received from and accrued on investments for which the last date to trade falls within the accounting period.

29 Annual Financial Statements for the year ended 31 December Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund And Money Market Fund Accounting Policies for the year ended 31 December 2012 (continued) 1.5 Foreign denominated assets and liabilities Foreign denominated assets and liabilities have a South African Rand (Rand) currency. The Namibian Dollar is pegged 1:1 to the Rand. There is no resulting currency adjustment. 1.6 Withholding tax Tax at the rate of 10% is withheld on the Standard Bank Namibia Cash Plus Fund, a nondistributing fund, in accordance with the Income Tax Act. This tax is paid to the Receiver of Revenue at the end of each financial year. 1.7 Offsetting Financial assets and liabilities are set off and the net balance reported in the statement of financial position where there is a legally enforceable right to set off, it is the intention to settle on a net basis or to realise the asset and settle the liability simultaneously, the maturity date for the financial asset and liability is the same, and the financial asset and liability are denominated in the same currency. 1.8 Provisions Provisions are recognised when, as a result of past events, the company has a present legal or constructive obligation of uncertain timing or amount, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. Provisions are measured as the present value of management s best estimate of the expenditure required to settle the obligation at the reporting date. The discount rate used to determine the present value reflects current market assessments of the time value of money and the increase specific to the liability. 1.9 Expenses Expenses of the unit trust funds are recognised when incurred in accordance with the trust deeds of the respective unit trust funds.

30 26 Annual Financial Statements for the year ended 31 December 2012 Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund And Money Market Fund Accounting Policies for the year ended 31 December 2012 (continued) 1.10 composition The composition of the portfolios of the respective unit trust funds comply with the requirements of the Namibian Unit Trust Control Act, some examples which are as follows: the unit portfolio may not hold securities issued by any one concern to an amount in excess of 5 the market value of all the securities comprised in the unit portfolio; the unit portfolio may not hold securities of any one class (other than approved securities) issued by any one concern to an amount in excess of 5 the aggregate amount representing all the serurities of that class issued by that concern, or, in the case of securities in any investment company, 10 the aggregate amount of the issued securities of any one class in such company; at least 95 market value must consist of stock exchange securities or of securities (other than stock exchange securities) acquired by the management company pursuant to the exercise of rights attaching to any stock exchange securities included in the unit portfolio Cash flow statements No cash flow statements are prepared as all cash movements are clearly apparent in the financial statements.

31 Annual Financial Statements for the year ended 31 December Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund and Money Market Fund Notes to the annual financial statements for the year ended 31 December Investments 1.1 Standard Bank Namibia Managed Fund Listed - Equity Securities - Local ,84% ,90% Anglo American Plc - Namibia ,68% 0,00% ,15% 0,00% Shoprite Holdings Namibia Limited ,07% 0,00% ,63% 0,00% FNB Namibia Holdings Ltd 773 0,53% 0,02% 688 0,65% 0,02% Firstrand Namibia ,92% 0,00% ,79% 0,00% Old Mutual Plc Namibia ,90% 0,00% 990 0,93% 0,00% Sanlam Limited Namibia ,02% 0,00% ,06% 0,00% MMI Holding Namibia ,73% 0,00% - 0,00% 0,00% Truworths International Limited - 0,00% 0,00% 814 0,76% 0,00% Nedbank Group Namibia - 0,00% 0,00% 998 0,94% 0,00% Listed - Equity Securities - Foreign ,75% ,90% ABSA Group Limited ,14% 0,00% ,29% 0,00% African Bank Investments Limited ,95% 0,01% ,26% 0,00% African Rainbow Minerals Limited ,60% 0,01% ,82% 0,01% Aspen Pharmacare Holdings Limited ,72% 0,00% ,34% 0,00% AVI Limited ,18% 0,01% ,04% 0,00% Bidvest Group Limited ,87% 0,00% ,78% 0,00% Billiton Plc ,17% 0,00% ,36% 0,00% British American Tabacoo Plc ,65% 0,00% ,04% 0,00% Compagnie Fin Richemont ,61% 0,00% ,13% 0,00% FamBrands 836 0,57% 0,01% 521 0,49% 0,01% Imperial Holdings Limited ,71% 0,01% ,43% 0,00% Mr Price Group Limited ,52% 0,01% ,18% 0,01% MTN Group Limited ,30% 0,00% ,65% 0,00% Netcare Limited ,50% 0,01% ,39% 0,01% New Gold ,78% 0,02% ,55% 0,02% Pretoria Portland Cemenet Co ,66% 0,00% 737 0,69% 0,01% SAB Miller Plc ,92% 0,00% ,16% 0,00% Spar ,82% 0,01% 929 0,87% 0,00% Vodacom Group Pty Limited ,82% 0,00% ,78% 0,00% Woolworths Holdings Limited ,56% 0,01% ,66% 0,00% Exxaro Resources Limited 867 0,59% 0,00% - Physical Platinum ,63% 1,00% - Sasol Ltd 699 0,48% 0,00% -

32 28 Annual Financial Statements for the year ended 31 December 2012 Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund and Money Market Fund Notes to the annual financial statements for the year ended 31 December Standard Bank Namibia Managed Fund (continued) Listed - Interest Bearing Securities - Local ,25% ,82% Namibia Power Corp Ltd - 24/07/ ,52% 0,0023% ,92% 0,3757% Telecom Namibia Limited 10.70% - 17/04/ ,00% 0,0011% ,01% 0,0058% FNB Namibia 9.15% 29/03/ Callable Fin - 0,00% 0,0000% ,88% 0,0004% Listed - Interest Bearing Securities - Foreign ,91% ,15% RSA R % 15/01/ ,12% 0,0000% 267 0,25% 0,0003% RSA R % 31/03/ ,31% 0,0000% 955 0,90% 0,0012% AB % 7/03/2014 -CALLABLE 07/03/ ,01% 0,0000% - ABSA 8.10% 27/03/ ,00% 0,0000% - ABSA BANK 8.20% 01/06/ ,01% 0,0000% - City of Cape Town CCT % 15/03/ ,01% 0,0004% - City of Johannesburg COJ04 9% 05/06/ ,01% 0,0002% - Development Bank 10.00% 27/02/ ,01% 0,0000% - ES % 02/04/ ,00% 0,0000% - ESKOM 10.00% 25/01/ ,02% 0,0000% - FIRSTRAND 9% ,00% 0,0000% - Old Mutual Life Assurance Company Ltd 8.92% 27/10/ ,01% 0,0000% - Standard Bank SBK8 SUB UNSEC 8.20% 10/04/ ,00% 0,0000% - RSA R % 28/02/ ,04% 0,0000% - RSA R % 15/09/ ,01% 0,0000% - RSA R204 8% 21/12/ ,01% 0,0000% - RSA R % 21/12/ ,32% 0,0000% - RSA R % 31/01/ ,01% 0,0000% -

33 Annual Financial Statements for the year ended 31 December Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund and Money Market Fund Notes to the annual financial statements for the year ended 31 December Standard Bank Namibia Managed Fund (continued) Unlisted - Unit Trust Schemes - Local ,97% ,46% Standard Bank Namibia Income Fund ,86% 1,9187% ,56% 6,3665% Standard Bank Namibia Money Market Fund R 143 0,10% 0,0273% 15 0,01% 0,0029% Standard Bank Namibia Flexible Property 26 0,02% 0,0110% ,89% 2,5499% Unlisted - Unit Trust Schemes - Foreign Stanlib High Alpha Global Equity Fund ,62% ,36% ,62% 82,22% ,36% 0,0026% Non-current assets ,35% ,60% Cash and cash equivalents ,65% ,40% Total ,00% ,00%

34 30 Annual Financial Statements for the year ended 31 December 2012 Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund and Money Market Fund Notes to the annual financial statements for the year ended 31 December Standard Bank Namibia CashPlus Fund (2012) 2012 Unlisted - Interest Bearing - Local ,74% Bank Windhoek FD 6.02% ,15% 0,1042% Bank Windhoek FD 5.95% 22/10/ ,58% 0,0521% Bank Windhoek FD 6.36% 16/01/ ,58% 0,0521% Bank Windhoek FD 5.75% ,15% 0,1042% Bank Windhoek FD 5.82% ,21% 0,0729% Bank Windhoek FD 6.45% 04/07/ ,15% 0,1042% First National Bank Namibia NCD 5.58% ,84% 0,0939% First National Bank Namibia FD 5.93% ,05% 0,0677% First National Bank Namibia NCD 6.35 % ,16% 0,1043% First National NCD 6.50% ,37% 0,0784% Government of Namibia TB ,49% 0,0491% NamPost FD JIBAR+65=5.725% ,15% 0,1042% NamPost FD 6.30% ,58% 0,0521% NamPost FD6.02% ,63% 0,0208% NamPost FD 5.725% ,52% 0,0833% NamPost NCD 6.45% 04/07/ ,79% 0,0262% Nedbank Namibia FD 6.43% ,37% 0,0781% Nedbank Namibia FRN NCD JIBAR+50= 6.101% ,58% 0,0521% Nedbank Namibia FD 6.30% ,58% 0,0521% Standard Bank Namibia PN 6.06% DISC ,97% 0,0980% Standard Bank Namibia FRN JIBAR+80BPS ,15% 0,1042% Standard Bank Namibia PN 5.971% ,23% 0,0735% Standard Bank Namibia FRN NCD JIBAR+60=6.20% ,31% 0,2086% Standard Bank Namibia JIBAR+.50BPS=6.101% ,15% 0,1042% 2011

35 Annual Financial Statements for the year ended 31 December Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund and Money Market Fund Notes to the annual financial statements for the year ended 31 December Standard Bank Namibia CashPlus Fund (2012 continued) Unlisted - Unit Trust Schemes - Foreign Standard Bank Institutional Money Market Fund CL ,02% ,02% 2,9921% Non-current assets ,76% Cash and cash equivalents ,24% TOTAL ,00%

36 32 Annual Financial Statements for the year ended 31 December 2012 Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund and Money Market Fund Notes to the annual financial statements for the year ended 31 December Standard Bank Namibia CashPlus Fund (2011) Unlisted - Interest Bearing - Local ,16% Bank Windhoek Jibar+.46bps ,41% 0,0052% Bank Windhoek Jibar+46bps= 6.035% ,41% 0,0052% BANKWH JIBAR+ 52BPS=6.095% ,41% 0,0052% FNB Namibia Jibar+46bps ,83% 0,0185% FNB Namibia Jibar+ 50bps=6.075% ,13% 0,0074% Nedbank Namibia Jibar+45bps=5.575% ,41% 0,0146% Nebank Namibia Jibar+ 45bps=6.025% ,41% 0,0146% Standard Bank Namibia Jibar+ 45bps ,83% 0,0087% Standard Bank Namibia Jibar+45bps =6.025% ,83% 0,0087% Bank Windhoek NCD Jibar+60bps ,98% 0,0073% Bank Windhoek Jibar+60bps=6.175% ,12% 0,0078% Bank Windhoek Jibar+ 48bps= 6.055% ,12% 0,0078% Bank Windhoek Jibar+48bps=6.055% ,12% 0,0078% Standard Bank Namibia Jibar+ 45bps=6.025% ,24% 0,0130% FNB Namibia.42bps ,12% 0,0139% FNB Namibia Jibar+42bps ,71% 0,0046% Bank Windhoek 6.40% ,18% 0,0080% Bank Windhoek FD 6.6% ,41% 0,0052% Bank Windhoek FD 6.65% ,83% 0,0104% Nedbank Namibia FD 6.36% ,70% 0,0175% Nedbank Namibia FD 6.25% ,41% 0,0146% Namibia Post - Savings Bank FD 6.20% ,57% 0,0056% Standard Bank Namibia FD 6.20% ,24% 0,0130% FNB Namibia PN 6.016% 03/02/ ,99% 0,0131% Standard Bank Namibia 6.25% NCD ,91% 0,0089% Standard Bank Namibia 6.70% ,83% 0,0087%

37 Annual Financial Statements for the year ended 31 December Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund and Money Market Fund Notes to the annual financial statements for the year ended 31 December Standard Bank Namibia CashPlus Fund (2011 continued) Unlisted - Unit Trust Schemes - Foreign Standard Bank Institutional Money Market Fund CL ,87% ,87% 0,0077% Non-current assets ,03% Cash and cash equivalents ,97% TOTAL ,00%

38 34 Annual Financial Statements for the year ended 31 December 2012 Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund and Money Market Fund Notes to the annual financial statements for the year ended 31 December Standard Bank Namibia Income Fund Listed - Interest Bearing Securities - Foreign ,26% ,42% ABSA Bank Ltd FRN JIBAR+125BP 17/03/ ,55% 0,0042% ,39% 0,3705% African Bank Ltd 13% 19/09/ ,12% 0,0040% ,51% 0,1428% African Bank Ltd FRN JIBAR+500BP 13/10/ ,33% 0,0115% ,44% 0,0530% Airports Company of SA 10.86% 09/03/ ,12% 0,0122% ,53% 0,6849% Amber House Fund A1 JB+135BPS+0.15% 21/11/ ,55% 0,1117% ,40% 1,8487% Barlow World FRN 3M Jibar + 155bps 01/10/ ,55% 0,1018% ,40% 0,3966% Blue Daimond Jibar + 242bps 03/07/ ,33% 0,2168% ,44% 0,4290% Imperial Group Ltd Jibar + 198bps 28/09/ ,22% 0,0575% ,97% 0,2956% Investec Jibar + 265bps 20/09/ ,44% 0,0068% ,92% 0,4155% Land & Agricultural Bank of SA Infl Jibar + 160bps 25/10/ ,55% 0,1977% ,40% 0,3585% Mobile Telephone Networks 10.19% 13/07/ ,12% 0,0151% ,51% 0,0674% Nedbank CLN Transnet Jibar % 12/03/ ,44% 0,0042% ,92% 0,2950% Nedbank FRN Jibar bps 23/03/ ,22% 0,0021% ,96% 0,6924% Old Mutual Life Assurance Company Ltd 8.92% 27/10/ ,91% 0,0086% ,50% 1,5943% PRI Jibar + 123bps 15/06/ ,66% 0,0063% ,88% 0,0865% RCS Investment Holdings 3month Jibar + 203bps 15/07/ ,55% 0,0052% ,40% 0,4351% Resilient Poperty Income Fund FRN 3monh Jibar + 145bps 03/05/ ,33% 0,1443% ,44% 2,4619% RSA R204 8% 21/12/ ,57% 0,0020% ,55% 1,3269% SSA01 SAPPI Southern Africa (Pt) Ltd 9.63% 28/06/ ,42% 0,0039% ,73% 0,0271% Standard Bank Fixed Rate 9.66% Callable 01/12/ ,59% 0,0028% ,43% 0,6806% Standard Bank Jibar + 125bps 26/04/ ,88% 0,0042% ,84% 0,2747% Thekwini FRN Jibar % 18/07/2016 step up 2.10% ,55% 0,1117% ,40% 0,3102% 18/07/2039 ABSA 8.10% 27/03/ ,11% 0,0009% - 0,00% 0,1726%

39 Annual Financial Statements for the year ended 31 December Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund and Money Market Fund Notes to the annual financial statements for the year ended 31 December Standard Bank Namibia Income Fund (continued) Listed - Interest Bearing Securities - Foreign continued ABSA 8.80% 7/03/2014 -CALLABLE 07/03/ ,33% 0,0025% - 0,00% 0,6042% ABSA Bank Limited 8.295% 21/11/ ,23% 0,0246% - 0,00% 0,0001% ABSA Bank Ltd FRN 3month Jibar +175bps 17/03/ ,20% 0,0168% - 0,00% 0,0029% ABSA FRN 3month Jibar +205bps 21/11/ ,65% 0,0126% - 0,00% 0,8149% ABSA CLN 3 month Jibar + 195bps 20/12/ ,21% 0,0168% - 0,00% 0,0000% African Bank 3 month Jibar +195bps =7.55% 20/04/ ,76% 0,0962% - 0,00% 0,0000% African Bank ABLS5 3month Jibar + 499bps 29/06/ ,44% 0,0154% - 0,00% 0,0000% African Bank FD Jibar + 195bps= /04/ ,20% 0,0769% - 0,00% 0,0000% African Bank Ltd 3month Jibar +264bps 09/10/ ,55% 0,0192% - 0,00% 0,0000% Amber House Fund 2 A1 Jibar + 135bps + 15bps 18/10/ ,10% 0,2234% - Amber House Fund2 B13 month Jibar + 210bps + 15bps 18/10/ ,10% 0,2234% - Blue Granite Jibar +1.15bps 15/03/2017 full redemtpion ,99% 0,8927% - 15/06/2037 CBL15 Capitec Bank 3month Jibar + 185bps 15/05/ ,20% 0,0951% - FIRSTRAND 9% 15/09/ ,14% 0,0007% - Grindrod Bank 3month Jibar + 180bps 15/10/ ,10% 0,0104% - Investec Bank Ltd FRN 3month Jibar + 245bps 27/09/ ,09% 0,0475% - Investec Bank Ltd FRN Jibar + 250bps 11/07/ ,41% 0,0678% - Investec Bank Ltd FRN 3Jibar + 250bps 02/04/ ,55% 0,0085% - Kagiso FRN 3month Jibar + 330bps 01/11/ ,55% 0,0052% - Letshego Holdings Ltd FRN 3month Jibar + 500bps 13/12/ ,65% 2,0000% - Liberty Group LGL03 03/04/ ,31% 0,0313% -

40 36 Annual Financial Statements for the year ended 31 December 2012 Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund and Money Market Fund Notes to the annual financial statements for the year ended 31 December Standard Bank Namibia Income Fund (continued) Listed - Interest Bearing Securities - Foreign continued RCS Investment Holdings 3Month Jibar + 270bps 25/05/ ,65% 0,0156% - Resilient Property Income Fund Ltd 3Month Jibar + 145bps 20/08/ ,55% 0,2405% - Resilient Property Income Fund Ltd 3month Jibar + 170bps 12/11/ ,10% 0,4810% - RSA R % 15/09/ ,56% 0,0004% - Standard Bank 3 month Jibar + 220bps 30/07/ % % - Standard Bank 3 month Jibar + 220bps 24/10/ % % - Standard Bank 3month Jibar + 210bps 15/03/ % % - Standard Bank FRN 3month Jibar bps = 7.205% FM 14/03/ % % - Standard Bank Jibar + 220bps 24/11/2016 FM 24/11/ % % - Standard Bank Ltd 3monh Jibar + 160bps 24/05/ % % - Thekwini 3month Jibar % 18/07/ % % - Thekwini FRN 3month Jibar % 18/07/ % % - Top Drive Funding Ltd 3 month Jibar + 135bps 05/04/ % % - Transnet Ltd % 14/11/ % % - Investec FRN Jibar+146bps 28/06/ % % % Standard Bank Jibar+220bps 24/11/2016 FM 24/11/2-0.00% % % NedNam PN Jibar + 100bps = 6.75% % % % MBF017 Mercedes-Benz JibarB+152bps 16/ % % % Nedbank FRN Jibar+148bps 19/04/ % %

41 Annual Financial Statements for the year ended 31 December Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund and Money Market Fund Notes to the annual financial statements for the year ended 31 December Standard Bank Namibia Income Fund (continued) Unlisted - Interest Bearing Securities - Local % % Bank Windhoek 3m Jibar+115bps % % % % Bank Windhoek 9.38% 16/08/ % % % % Telecom Namibia Limited 10.70% - 17/04/ % % % % Bank Windhoek 3M JIBAR+ 135BPS= 6.95% 19/06/ % % % % First National Bank of Namibia Ltd Jibar + 165bps % % % % Namibian Government 8% 15/10/ % % % % Nedbank Namibia FRN PN 6.95% 26/07/ % % % % Nedbank Namibia PN Jibar + 100bps = 6.575% 14/07/ % % % % Standard Bank Namibia FRN 3M Jibar + 10bps 11/07/ % % % % Telecom Namibia Limited 9.13% - 19/08/ % % % FNB Namibia 9.15% 29/03/ Callable FIN % % Unlisted - Unit Trust Schemes - Local Standard Bank Namibia Money Market Fund % % % % % % Unlisted - Unit Trust Schemes - Foreign % % Standard Bank Institutional Money Market Fund Class B % % % % STANLIB Income Fund (Class B1) % % - Non-current assets % % Cash and cash equivalents % % Total % %

42 38 Annual Financial Statements for the year ended 31 December 2012 Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund and Money Market Fund Notes to the annual financial statements for the year ended 31 December Standard Bank Namibia Flexible Property Income Fund Listed - Equity Securities - Local % % Oryx Properties Ltd % % - Listed - Equity Securities - Foreign % % Acucap Property Limited % % % % Arrowhead Properties Limited % % % % Dipula Income Fund % % % % Fortress A % % % % GrowthPoint Properties % % % % Hospitatlity Property Fund Limited - A Linked % % % % Hyprop Invest % % % % Premium Properties % % % % Redefine Income Fund Limited % % % % Resilient Property Income Fund % % % % Synergy Income Fund % % % % Sycom Property Fund % % % % Vukile Property Fund Ltd % % % % Vunani Property Investment % % % % Capital Property Fund % % % % Fountainhead Property Trust % % % % Investec Property Fund Limited % % % % Rebosis Property Fund % % % % Vividend Income Fund Ltd % % % % Ascension Poperties Ltd A Linked Units % % - Ascension Poperties Ltd B Linked Units % % - Annuity Properties Ltd % % - Dipula Income Fund B % % - Delta Property Fund % % - Fortress B % % - Fairvest Property Holdings % % - New Europe Property Investment % % - Octodec Investments % % - Synergy Income Fund Ltd B units % % - Redefine Property International Limited % % SA Corporate Real Estate Fund % % Emira % %