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

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

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

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 2012 1 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.

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 2013 27 March 2013

Annual Financial Statements for the year ended 31 December 2012 3 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.

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

Annual Financial Statements for the year ended 31 December 2012 5 Standard Bank Namibia Managed Fund Statement of Financial Position at 31 December 2012 Notes 2012 2011 Assets Non-current assets 128 239 97 497 Listed - Equity Securities - Local 1,1 17 388 14 799 Listed - Equity Securities - Foreign 1,1 61 291 39 273 Unlisted - Interest Bearing Securities - Local 1,1 3 305 5 132 Unlisted - Interest Bearing Securities - Foreign 1,1 1 339 1 222 Unlisted - Unit Trust Schemes - Local 1,1 17 574 17 526 Unlisted - Unit Trust Schemes - Foreign 1,1 27 342 19 545 Current assets 18 701 9 125 Account receivable 128 179 Cash and cash equivalents 1,1 18 575 8 946 Total assets 146 939 106 622 Equity and Liabilities Total equity 145 073 105 156 Capital value of unit portfolio divided into 44,956,201 units (2011: 38,539,790 units) 145 044 105 078 Undistributed income 29 78 Current liabilities 1 866 1 466 Accounts payable 259 170 Unit holders for distribution 1 607 1 296 Total equity and liabilities 146 939 106 622

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 2012 2012 2011 Income 4 562 3 720 Dividends Received 2 473 1 991 Interest Received 1 895 1 790 Income adjustment on unit creations and cancellations 183 (118) Sundry Income 11 57 Expenditure 1 079 980 Audit fee 29 29 Service charges 969 836 Bank charges 4 1 Custody fees 1 Sundry expenses - Namfisa fees 77 114 Total comprehensive income 3 483 2 740

Annual Financial Statements for the year ended 31 December 2012 7 Standard Bank Namibia Managed Fund Statement of Changes in Equity for the year ended 31 December 2012 2012 2011 Retained earnings Balance at beginning of the year 78 156 Net profit for the year 3 483 2 740 Income available for distribution 3 562 2 896 Income distribution for the year 3 292 2 818 Class A 16 6 2.08 cents per unit declared 31 December 2012, paid 3 January 2013 9 2.10 cents per unit declared 31 December 2011 and paid 5 January 2012 4 2.80 cents per unit declared 30 June 2012, paid 2 July 2012 7-2.27 cents per unit declared 30 June 2011 and paid 4 July 2011-2 Class R 3 276 2 812 3.37 cents per unit declared 31 December 2012, paid 3 January 2013 1 599 3.37 cents per unit declared 31 December 2011, paid 5 January 2012 1 294 3.53 cents per unit declared 30 June 2012, paid 2 July 2012 1 677 3.53 cents per unit declared 30 June 2011, paid 4 July 2011 1 518 Undistributed income at the end of the year 269 78 Capital value of unit portfolio Balance at the beginning of the year 105 078 107 290 Creation of units 32 185 19 627 Liquidation of units (12 821) (28 058) Capital profit / (loss) reinvested in the fund 20 602 6 219 Balance at the end of the year 145 044 105 078 Total equity end of year 145 313 105 156

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 2012 2011 Assets Non-current assets 2 370 845 3 327 023 Interest Bearing Securities - Local 1,2 1 862 817 1 916 348 Collective Investments - Foreign 1,2 508 028 1 410 675 Current assets 850 897 256 531 Account receivable 50 558 45 195 Cash and cash equivalents 1,2 800 339 211 336 Total assets 3 221 742 3 583 554 Equity and Liabilities Total equity 3 200 184 3 560 531 Capital value of unit portfolio divided into 2,702,005,628 units (2011: 2,863,797,868 units) 3 047 668 3 355 853 Undistributed income 152 516 204 678 Current liabilities 21 558 23 023 Accounts payable 1 967 6 364 Provision - Withholdings tax 19 591 16 660 Total equity and liabilities 3 221 742 3 583 554

Annual Financial Statements for the year ended 31 December 2012 9 Standard Bank Namibia CashPlus Fund Statement of Comprehensive Income for the year ended 31 December 2012 2012 2011 Income 190 586 239 262 Interest received 207 393 225 057 Income adjustment on unit creation (16 807) 14 205 Expenditure 38 070 34 586 Audit fee 39 89 Bank charges 15 2 Management company s service charge 16 659 16 651 Sundry expenses - Namfisa fees 21 357 1 184 Withholdings tax 19 591 16 660 Total comprehensive income 152 516 204 676

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 2012 2012 2011 Retained earnings Balance at beginning of the year 204 678 842 815 Net profit for the year 152 516 204 676 Income available for distribution 357 194 1 047 491 Income distribution for the year - - Transfer to capital (204 678) (842 813) No declarations were made for the year ended 2012. 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 2008. Undistributed income at the end of the year 152 516 204 678 Capital value of unit portfolio Balance at the beginning of the year 3 355 853 2 737 664 Creation of units 791 021 1 112 321 Liquidation of units (1 301 358) (1 340 793) Capital profit / (loss) reinvested in the fund 202 152 846 661 Balance at the end of the year 3 047 668 3 355 853 Total equity end of year 3 200 184 3 560 532

Annual Financial Statements for the year ended 31 December 2012 11 Standard Bank Namibia Income Fund Statement of Financial Position at 31 December 2012 Notes 2012 2011 Assets Non-current assets 903 746 201 955 Listed - Interest Bearing Securities - Foreign 1,3 610 142 131 975 Unlisted - Interest Bearing - Local 1,3 221 818 28 433 Unlisted - Unit Trust Schemes - Local 1,3 39 001 41 546 Unlisted - Unit Trust Schemes - Foreign 1,3 32 785 1 Current assets 11 356 8 037 Account receivable 7 964 1 884 Cash and cash equivalents 1,3 3 392 6 153 Total assets 915 102 209 992 Equity and Liabilities Total equity 898 999 206 615 Capital value of unit portfolio divided into 818,412,399 units (2011: 208,190,582 units) 898 979 206 581 Undistributed income 20 34 Current liabilities 16 103 3 377 Accounts payable 829 255 Unit holders for distribution 15 274 3 122 Total equity and liabilities 915 102 209 991

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 2012 2012 2011 Income 50 247 10 367 Interest received 45 884 9 929 Income adjustment on unit creation 4 363 438 Expenditure 6 716 1 446 Audit fee 26 47 Bank charges 3 1 Service charges 6 460 1 335 Sundry expenses - Namfisa fees 227 63 Total comprehensive income 43 531 8 920

Annual Financial Statements for the year ended 31 December 2012 13 Standard Bank Namibia Income Fund Statement of Changes in Equity for the year ended 31 December 2012 2012 2011 Retained earnings Balance at beginning of the year 33 560 Net profit for the year 43 531 8 920 Income available for distribution 43 564 9 480 Income distribution for the year 43 544 9 447 Class A 43 544 9 447 1.50 cents per unit declared 31 December 2011 and paid 4 January 2011 15 273 1.82 cents per unit declared 31 December 2010 and paid 4 January 2011 3 123 1.59 cents per unit declared 30 September 2011 and paid 4 October 2011 12 697 1.86 cents per unit declared 30 September 2010 and paid 4 October 2010 2 487 1.57 cents per unit declared 30 June 2011 and paid 4 July 2011 11 242 2.01 cents per unit declared 30 June 2010 and paid 2 July 2010 2 185 1.68 cents per unit declared 31 March 2011 and paid 4 April 2011 4 332 1.92 cents per unit declared 31 March 2010 and paid 6 April 2010 1 652 Undistributed income at the end of the period 20 33 Capital value of unit portfolio Balance at the beginning of the year 206 582 94 895 Creation of units 867 904 167 091 Cancellation of units (181 752) (55 217) Capital profit / (loss) reinvested in the fund 6 245 (188) Balance at the end of the period 898 979 206 582 Total equity at end of period 898 999 206 615

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 2012 2011 Assets Non-current assets 169 410 109 666 Listed - Equity Securities - Local 1,4 10 764 82 635 Listed - Equity Securities - Foreign 1,4 129 898 Unlisted - Unit Trust Schemes - Local 1,4 28 721 27 005 Unlisted - Unit Trust Schemes - Foreign 1,4 27 26 Current assets 75 882 52 694 Account receivable 5 7 Cash and cash equivalents 1,4 75 877 52 687 Total assets 245 292 162 360 Equity and Liabilities Total equity 242 862 160 306 Capital value of unit portfolio divided into 120,815,296 units (2011: 116,490,168 units) 242 811 160 171 Undistributed income 51 135 Current liabilities 2 430 2 054 Accounts payable 442 229 Unit holders for distribution 1 988 1 825 Total equity and liabilities 245 292 162 360

Annual Financial Statements for the year ended 31 December 2012 15 Standard Bank Namibia Flexible Property Income Fund Statement of Comprehensive Income for the year ended 31 December 2012 2012 2011 Income 12 609 12 413 Dividend received 2 539 94 Interest received 9 515 11 936 Income adjustment on unit creation 262 127 Sundry income 293 256 Expenditure 3 286 2 710 Audit fee 50 31 Bank charges 1 1 Service charges 3 133 2 596 Sundry expenses - Namfisa fees 102 82 Total comprehensive income 9 323 9 703

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 2012 2012 2011 Retained earnings Balance at beginning of the year 135 13 Net profit for the year 9 323 9 703 Income available for distribution 9 459 9 716 Income distribution for the year 9 407 9 581 Class A 9 406 9 580 1.51 cents per unit declared 31 December 2011, paid 5 January 2012 1 988 1.15 cents per unit declared 31 December 2010, paid 4 January 2011 1 824 2.22 cents per unit declared 30 September 2011, paid 4 October 2011 2 815-2.71 cents per unit declared 30 September 2010, paid 4 October 2010 3 156 1.05 cents per unit declared 30 June 2011, paid 4 July 2011 2 683-1.56 cents per unit declared 30 June 2010, paid 2 July 2010 1 485 2.38 cents per unit declared 31 March 2011, paid 4 April 2011 1 920-1.88 cents per unit declared 31 March 2010, paid 6 April 2010 3 115 Class B1 1 1 1.67 cents per unit declared 31 December 2011, paid 5 January 2012 0,15 1.33 cents per unit declared 31 December 2010, paid 4 January 2011 0,17 2.38 cents per unit declared 30 September 2011, paid 4 October 2011 0,2-2.84 cents per unit declared 30 September 2010, paid 4 October 2010 0,24 1.21 cents per unit declared 30 June 2011, paid 4 July 2011 0,22-1.70 cents per unit declared 30 June 2010, paid 2 July 2010 0,12 2.54 cents per unit declared 31 March 2011, paid 4 April 2011 0,16-2.02 cents per unit declared 31 March 2010, paid 6 April 2010-0,25 Undistributed income at the end of the year 51 135 Capital value of unit portfolio Opening balance at the beginning of the year 160 170 153 644 Creation of units 107 423 71 483 Liquidation of units (54 859) (66 610) Capital profit / (loss) reinvested in the fund 30 076 1 654 Balance at the end of the year 242 810 160 170 Total equity end of year 242 862 160 305

Annual Financial Statements for the year ended 31 December 2012 17 Standard Bank Namibia Inflation Plus Fund Statement of Financial Position at 31 December 2012 Notes 2012 2011 Assets Non-current assets 141 327 155 053 Listed - Equity Securities - Local 1,5 332 271 Listed - Equity Securities - Foreign 1,5 41 323 35 229 Unlisted - Interest Bearing - Local 1,5 1 042 1 057 Unlisted - Interest Bearing - Foreign 1,5 20 893 18 199 Unlisted - Unit Trust Schemes - Local 1,5 63 972 90 176 Unlisted - Unit Trust Schemes - Foreign 13 765 10 121 Current assets 12 425 2 523 Account receivable 353 483 Cash and cash equivalents 1,5 12 072 2 040 Total assets 153 752 157 576 Equity and Liabilities Total equity 151 615 154 746 Capital value of unit portfolio divided into 135,086,542 units (2011: 108,886,958 units) 151 467 154 600 Undistributed income 148 146 Current liabilities 2 137 2 830 Accounts payable 365 271 Unit holders for distribution 1 772 2 559 Total equity and liabilities 153 752 157 576

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 2012 2012 2011 Income 7 297 8 113 Dividends 1 181 1 070 Interest received 5 950 6 616 Income adjustment on unit creations and cancellations (267) 165 Sundry Income 433 262 Expenditure 3 228 3 017 Audit fee 24 23 Bank charges 1 1 Service charges 3 017 2 916 Sundry expenses - Namfisa fees 85 77 Withholdin tax 101 - Total comprehensive income 4 069 5 096

Annual Financial Statements for the year ended 31 December 2012 19 Standard Bank Namibia Inflation Plus Fund Statement of Changes in Equity for the year ended 31 December 2012 2012 2011 Retained earnings Balance at beginning of the year 146 218 Net profit for the year 4 069 5 096 Income available for distribution 4 215 5 314 Income distribution for the year 4 067 5 168 Class A 1 193 1 691 2.17 cents per unit declared 30 December 2011, paid 5 January 2012 564-2.48 cents per unit declared 31 December 2010, paid 5 January 2011-816 2.10 cents per unit declared 30 June 2011, paid 4 July 2011 629-2.52 cents per unit declared 30 June 2010, paid 2 July 2010-875 Class B3 32 27 2.46 cents per unit declared 30 December 2011, paid 5 January 2012 14 2.77 cents per unit declared 31 December 2010, paid 5 January 2011-19 2.40 cents per unit declared 30 June 2011, paid 4 July 2011 18-2.42 cents per unit declared 30 June 2010, paid 2 July 2010-8 Class B4 2 680 3 264 1.79 cents per unit declared 30 December 2011, paid 5 January 2012 1 126-2.11 cents per unit declared 31 December 2010, paid 5 January 2011-1 631 1 554-1.77 cents per unit declared 30 June 2011, paid 4 July 2011-1 633 Class B5 162 186 1.66 cents per unit declared 30 December 2011, paid 5 January 2012 68-1.97 cents per unit declared 31 December 2010, paid 5 January 2011-93 94-1.64 cents per unit declared 30 June 2011, paid 4 July 2011-93 Undistributed income at the end of the period 148 146 Capital value of unit portfolio Balance at the beginning of the year 154 600 123 410 Creation of units 15 970 56 742 Cancellation of units (33 000) (27 401) Capital profit reinvested in the fund 13 897 1 849 Balance at the end of the period 151 467 154 600 Total equity at end of period 151 615 154 745

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 2012 2011 Assets Non-current assets 244 037 397 933 Interest Bearing Securities - Local 1,6 178 814 340 000 Collective Investments - Foreign 1,6 65 223 57 933 Current assets 285 982 126 430 Account receivable 5 380 6 919 Cash and cash equivalents 1,6 280 602 119 511 Total assets 530 019 524 363 Equity and Liabilities Total equity 526 939 521 382 Capital value of unit portfolio divided into 521,381,627 units (2011: 573,089,323 units) 526 939 521 382 Undistributed income - - Current liabilities 3 080 2 981 Accounts payable 528 509 Unit holders for distribution 2 552 2 472 Total equity and liabilities 530 019 524 363

Annual Financial Statements for the year ended 31 December 2012 21 Standard Bank Namibia Money Market Fund Statement of Comprehensive Income for the year ended 31 December 2012 2012 2011 Income 33 699 35 972 Interest received 33 699 35 972 Expenditure 2 484 2 727 Audit fee 35 80 Bank charges 1 1 Management company s service charge 2 163 2 145 Sundry expenses - Namfisa fees 285 502 Total comprehensive income 31 216 33 245

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 2012 2012 2011 Retained earnings Balance at beginning of the year - - Net profit for the year 31 216 33 245 Income available for distribution 31 216 33 245 Income distribution for the year 31 215 33 244 Class R 8 936 11 247 6.05 cents per unit declared for the year (2011: 7.23) 8 936 11 247 Class A 7 360 8 043 5.45 cents per unit declared for the year (2011: 6.63) 7 360 8 043 Class B3 0 1 3.94 cents per unit declared for the year (2011: 5.12) 0 1 Class B4 1 0 4.22 cents per unit declared for the year (2011: 4.89) 1 0 Class B5 14 917 13 953 5.55 cents per unit declared for the year (2011: 6.73) 14 917 13 953 Undistributed income at the end of the year - - Capital value of unit portfolio Balance at the beginning of the year 521 382 573 089 Creation of units 1 395 748 394 587 Liquidation of units (1 390 190) (446 294) Capital profit / (loss) reinvested in the fund - - Balance at the end of the year 526 939 521 382 Total equity end of year 526 939 521 382

Annual Financial Statements for the year ended 31 December 2012 23 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 1. 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.

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.

Annual Financial Statements for the year ended 31 December 2012 25 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.

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. 1.11 Cash flow statements No cash flow statements are prepared as all cash movements are clearly apparent in the financial statements.

Annual Financial Statements for the year ended 31 December 2012 27 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 2012 1. Investments 1.1 Standard Bank Namibia Managed Fund 2012 2011 Listed - Equity Securities - Local 17 388 11,84% 14 799 13,90% Anglo American Plc - Namibia 2 461 1,68% 0,00% 5 481 5,15% 0,00% Shoprite Holdings Namibia Limited 4 509 3,07% 0,00% 2 796 2,63% 0,00% FNB Namibia Holdings Ltd 773 0,53% 0,02% 688 0,65% 0,02% Firstrand Namibia 4 289 2,92% 0,00% 1 905 1,79% 0,00% Old Mutual Plc Namibia 1 323 0,90% 0,00% 990 0,93% 0,00% Sanlam Limited Namibia 2 963 2,02% 0,00% 1 127 1,06% 0,00% MMI Holding Namibia 1 070 0,73% 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 61 291 41,75% 39 273 36,90% ABSA Group Limited 1 681 1,14% 0,00% 1 371 1,29% 0,00% African Bank Investments Limited 1 392 0,95% 0,01% 1 345 1,26% 0,00% African Rainbow Minerals Limited 2 348 1,60% 0,01% 1 936 1,82% 0,01% Aspen Pharmacare Holdings Limited 2 518 1,72% 0,00% 1 424 1,34% 0,00% AVI Limited 1 737 1,18% 0,01% 1 104 1,04% 0,00% Bidvest Group Limited 2 747 1,87% 0,00% 1 891 1,78% 0,00% Billiton Plc 7 587 5,17% 0,00% 4 637 4,36% 0,00% British American Tabacoo Plc 2 428 1,65% 0,00% 2 174 2,04% 0,00% Compagnie Fin Richemont 3 837 2,61% 0,00% 2 263 2,13% 0,00% FamBrands 836 0,57% 0,01% 521 0,49% 0,01% Imperial Holdings Limited 2 513 1,71% 0,01% 1 524 1,43% 0,00% Mr Price Group Limited 2 235 1,52% 0,01% 1 251 1,18% 0,01% MTN Group Limited 6 307 4,30% 0,00% 4 953 4,65% 0,00% Netcare Limited 2 198 1,50% 0,01% 1 479 1,39% 0,01% New Gold 4 080 2,78% 0,02% 3 778 3,55% 0,02% Pretoria Portland Cemenet Co. 962 0,66% 0,00% 737 0,69% 0,01% SAB Miller Plc 2 815 1,92% 0,00% 1 233 1,16% 0,00% Spar 1 198 0,82% 0,01% 929 0,87% 0,00% Vodacom Group Pty Limited 2 676 1,82% 0,00% 1 892 1,78% 0,00% Woolworths Holdings Limited 5 232 3,56% 0,01% 2 831 2,66% 0,00% Exxaro Resources Limited 867 0,59% 0,00% - Physical Platinum 2 400 1,63% 1,00% - Sasol Ltd 699 0,48% 0,00% -

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 2012 1.1 Standard Bank Namibia Managed Fund (continued) 2012 2011 Listed - Interest Bearing Securities - Local 3 305 2,25% 5 132 4,82% Namibia Power Corp Ltd - 24/07/2020 2 232 1,52% 0,0023% 2 047 1,92% 0,3757% Telecom Namibia Limited 10.70% - 17/04/2015 1 073 0,00% 0,0011% 1 079 1,01% 0,0058% FNB Namibia 9.15% 29/03/2012 - Callable Fin - 0,00% 0,0000% 2 006 1,88% 0,0004% Listed - Interest Bearing Securities - Foreign 1 339 0,91% 1 222 1,15% RSA R207 7.25% 15/01/2020 181 0,12% 0,0000% 267 0,25% 0,0003% RSA R208 6.75% 31/03/2021 454 0,31% 0,0000% 955 0,90% 0,0012% AB07 8.80% 7/03/2014 -CALLABLE 07/03/2019 13 0,01% 0,0000% - ABSA 8.10% 27/03/2015 5 0,00% 0,0000% - ABSA BANK 8.20% 01/06/2020 15 0,01% 0,0000% - City of Cape Town CCT03 11.16% 15/03/2025 19 0,01% 0,0004% - City of Johannesburg COJ04 9% 05/06/2018 13 0,01% 0,0002% - Development Bank 10.00% 27/02/2023 9 0,01% 0,0000% - ES26 7.85% 02/04/2026 6 0,00% 0,0000% - ESKOM 10.00% 25/01/2023 25 0,02% 0,0000% - FIRSTRAND 9% 1592014 5 0,00% 0,0000% - Old Mutual Life Assurance Company Ltd 8.92% 27/10/2015 10 0,01% 0,0000% - Standard Bank SBK8 SUB UNSEC 8.20% 10/04/2013 7 0,00% 0,0000% - RSA R2023 7.75% 28/02/2023 59 0,04% 0,0000% - RSA R203 8.25% 15/09/2017 19 0,01% 0,0000% - RSA R204 8% 21/12/2018 12 0,01% 0,0000% - RSA R186 10.50% 21/12/2026 469 0,32% 0,0000% - RSA R212 2.75% 31/01/2022 17 0,01% 0,0000% -

Annual Financial Statements for the year ended 31 December 2012 29 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 2012 1.1 Standard Bank Namibia Managed Fund (continued) 2012 2011 Unlisted - Unit Trust Schemes - Local 17 574 11,97% 17 526 16,46% Standard Bank Namibia Income Fund 17 405 11,86% 1,9187% 13 372 12,56% 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% 4 139 3,89% 2,5499% Unlisted - Unit Trust Schemes - Foreign Stanlib High Alpha Global Equity Fund 27 342 18,62% 19 545 18,36% 27 342 18,62% 82,22% 19 545 18,36% 0,0026% Non-current assets 128 238 87,35% 97 497 91,60% Cash and cash equivalents 18 575 12,65% 8 946 8,40% Total 146 814 100,00% 106 444 100,00%

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 2012 1.2 Standard Bank Namibia CashPlus Fund (2012) 2012 Unlisted - Interest Bearing - Local 1 862 817 58,74% Bank Windhoek FD 6.02% 07112013 100 000 3,15% 0,1042% Bank Windhoek FD 5.95% 22/10/2013 50 000 1,58% 0,0521% Bank Windhoek FD 6.36% 16/01/ 50 000 1,58% 0,0521% Bank Windhoek FD 5.75% 16102013 100 000 3,15% 0,1042% Bank Windhoek FD 5.82% 04102013 70 000 2,21% 0,0729% Bank Windhoek FD 6.45% 04/07/2013 100 000 3,15% 0,1042% First National Bank Namibia NCD 5.58% 01102013 90 173 2,84% 0,0939% First National Bank Namibia FD 5.93%06112013 65 000 2,05% 0,0677% First National Bank Namibia NCD 6.35 % 01022013 100 109 3,16% 0,1043% First National NCD 6.50% 22052013 75 287 2,37% 0,0784% Government of Namibia TB 6.20 01032013 47 150 1,49% 0,0491% NamPost FD JIBAR+65=5.725% 11012013 100 000 3,15% 0,1042% NamPost FD 6.30% 16012013 50 000 1,58% 0,0521% NamPost FD6.02%07112013 20 000 0,63% 0,0208% NamPost FD 5.725% 24012013 80 000 2,52% 0,0833% NamPost NCD 6.45% 04/07/2013 25 113 0,79% 0,0262% Nedbank Namibia FD 6.43% 14022013 75 000 2,37% 0,0781% Nedbank Namibia FRN NCD JIBAR+50= 6.101% 17012013 50 012 1,58% 0,0521% Nedbank Namibia FD 6.30% 16012013 50 000 1,58% 0,0521% Standard Bank Namibia PN 6.06% DISC 21022013 94 118 2,97% 0,0980% Standard Bank Namibia FRN JIBAR+80BPS21102013 100 000 3,15% 0,1042% Standard Bank Namibia PN 5.971% 05022013 70 592 2,23% 0,0735% Standard Bank Namibia FRN NCD JIBAR+60=6.20% 270313 200 241 6,31% 0,2086% Standard Bank Namibia JIBAR+.50BPS=6.101% 15012013 100 021 3,15% 0,1042% 2011

Annual Financial Statements for the year ended 31 December 2012 31 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 2012 1.2 Standard Bank Namibia CashPlus Fund (2012 continued) 2012 2011 Unlisted - Unit Trust Schemes - Foreign Standard Bank Institutional Money Market Fund CL 508 028 16,02% 508 028 16,02% 2,9921% Non-current assets 2 370 844 74,76% Cash and cash equivalents 800 339 25,24% TOTAL 3 171 184 100,00%

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 2012 1.2 Standard Bank Namibia CashPlus Fund (2011) 2012 2011 Unlisted - Interest Bearing - Local 1 916 348 54,16% Bank Windhoek Jibar+.46bps 09102012 50 008 1,41% 0,0052% Bank Windhoek Jibar+46bps= 6.035% 22102012 50 019 1,41% 0,0052% BANKWH JIBAR+ 52BPS=6.095% 07112012 50 034 1,41% 0,0052% FNB Namibia Jibar+46bps 10102012 100 017 2,83% 0,0185% FNB Namibia Jibar+ 50bps=6.075% 06112012 40 026 1,13% 0,0074% Nedbank Namibia Jibar+45bps=5.575% 19102012 50 018 1,41% 0,0146% Nebank Namibia Jibar+ 45bps=6.025% 12102012 50 018 1,41% 0,0146% Standard Bank Namibia Jibar+ 45bps 09102012 100 015 2,83% 0,0087% Standard Bank Namibia Jibar+45bps =6.025% 19102012 100 032 2,83% 0,0087% Bank Windhoek NCD Jibar+60bps 15062012 70 072 1,98% 0,0073% Bank Windhoek Jibar+60bps=6.175% 180612 75 108 2,12% 0,0078% Bank Windhoek Jibar+ 48bps= 6.055% 11102012 75 014 2,12% 0,0078% Bank Windhoek Jibar+48bps=6.055% 16102012 75 020 2,12% 0,0078% Standard Bank Namibia Jibar+ 45bps=6.025% 12102012 150 032 4,24% 0,0130% FNB Namibia.42bps 24022012 75 059 2,12% 0,0139% FNB Namibia Jibar+42bps 17022012 25 018 0,71% 0,0046% Bank Windhoek 6.40% 160112 77 000 2,18% 0,0080% Bank Windhoek FD 6.6% 07052012 50 000 1,41% 0,0052% Bank Windhoek FD 6.65% 04072012 100 000 2,83% 0,0104% Nedbank Namibia FD 6.36% 180112 60 000 1,70% 0,0175% Nedbank Namibia FD 6.25% 20012 50 000 1,41% 0,0146% Namibia Post - Savings Bank FD 6.20% 07112012 20 000 0,57% 0,0056% Standard Bank Namibia FD 6.20% 170112 150 000 4,24% 0,0130% FNB Namibia PN 6.016% 03/02/2012 70 545 1,99% 0,0131% Standard Bank Namibia 6.25% NCD 20012012 103 130 2,91% 0,0089% Standard Bank Namibia 6.70% 240212 100 163 2,83% 0,0087%

Annual Financial Statements for the year ended 31 December 2012 33 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 2012 1.2 Standard Bank Namibia CashPlus Fund (2011 continued) 2012 2011 Unlisted - Unit Trust Schemes - Foreign Standard Bank Institutional Money Market Fund CL 1 410 675 39,87% 1 410 675 39,87% 0,0077% Non-current assets 3 327 023 94,03% Cash and cash equivalents 211 336 5,97% TOTAL 3 538 360 100,00%

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 2012 1.3 Standard Bank Namibia Income Fund 2012 2011 Listed - Interest Bearing Securities - Foreign 610 142 67,26% 131 975 63,42% ABSA Bank Ltd FRN JIBAR+125BP 17/03/2016 5 000 0,55% 0,0042% 4 977 2,39% 0,3705% African Bank Ltd 13% 19/09/2013 1 049 0,12% 0,0040% 1 071 0,51% 0,1428% African Bank Ltd FRN JIBAR+500BP 13/10/2014 3 000 0,33% 0,0115% 3 000 1,44% 0,0530% Airports Company of SA 10.86% 09/03/2016 1 125 0,12% 0,0122% 1 096 0,53% 0,6849% Amber House Fund A1 JB+135BPS+0.15% 21/11/2014 4 999 0,55% 0,1117% 5 000 2,40% 1,8487% Barlow World FRN 3M Jibar + 155bps 01/10/2016 5 004 0,55% 0,1018% 5 000 2,40% 0,3966% Blue Daimond Jibar + 242bps 03/07/2013 3 000 0,33% 0,2168% 3 000 1,44% 0,4290% Imperial Group Ltd Jibar + 198bps 28/09/2015 2 012 0,22% 0,0575% 2 016 0,97% 0,2956% Investec Jibar + 265bps 20/09/2022 4 000 0,44% 0,0068% 4 000 1,92% 0,4155% Land & Agricultural Bank of SA Infl Jibar + 160bps 25/10/2013 5 018 0,55% 0,1977% 5 000 2,40% 0,3585% Mobile Telephone Networks 10.19% 13/07/2014 1 059 0,12% 0,0151% 1 062 0,51% 0,0674% Nedbank CLN Transnet Jibar + 1.61% 12/03/2013 4 000 0,44% 0,0042% 4 000 1,92% 0,2950% Nedbank FRN Jibar + 125 bps 23/03/2016 2 000 0,22% 0,0021% 2 000 0,96% 0,6924% Old Mutual Life Assurance Company Ltd 8.92% 27/10/2015 8 274 0,91% 0,0086% 3 132 1,50% 1,5943% PRI Jibar + 123bps 15/06/2014 6 000 0,66% 0,0063% 6 000 2,88% 0,0865% RCS Investment Holdings 3month Jibar + 203bps 15/07/2013 5 000 0,55% 0,0052% 5 000 2,40% 0,4351% Resilient Poperty Income Fund FRN 3monh Jibar + 145bps 03/05/14 3 000 0,33% 0,1443% 3 000 1,44% 2,4619% RSA R204 8% 21/12/2018 23 285 2,57% 0,0020% 19 873 9,55% 1,3269% SSA01 SAPPI Southern Africa (Pt) Ltd 9.63% 28/06/2016 3 767 0,42% 0,0039% 3 598 1,73% 0,0271% Standard Bank Fixed Rate 9.66% Callable 01/12/2017 5 369 0,59% 0,0028% 5 055 2,43% 0,6806% Standard Bank Jibar + 125bps 26/04/2016 7 988 0,88% 0,0042% 7 986 3,84% 0,2747% Thekwini FRN Jibar + 1.45% 18/07/2016 step up 2.10% 5 000 0,55% 0,1117% 5 000 2,40% 0,3102% 18/07/2039 ABSA 8.10% 27/03/2015 1 022 0,11% 0,0009% - 0,00% 0,1726%

Annual Financial Statements for the year ended 31 December 2012 35 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 2012 1.3 Standard Bank Namibia Income Fund (continued) 2012 2011 Listed - Interest Bearing Securities - Foreign continued ABSA 8.80% 7/03/2014 -CALLABLE 07/03/2019 2 976 0,33% 0,0025% - 0,00% 0,6042% ABSA Bank Limited 8.295% 21/11/2018 29 299 3,23% 0,0246% - 0,00% 0,0001% ABSA Bank Ltd FRN 3month Jibar +175bps 17/03/2020 20 000 2,20% 0,0168% - 0,00% 0,0029% ABSA FRN 3month Jibar +205bps 21/11/2023 15 000 1,65% 0,0126% - 0,00% 0,8149% ABSA CLN 3 month Jibar + 195bps 20/12/2014 20 030 2,21% 0,0168% - 0,00% 0,0000% African Bank 3 month Jibar +195bps =7.55% 20/04/2015 25 000 2,76% 0,0962% - 0,00% 0,0000% African Bank ABLS5 3month Jibar + 499bps 29/06/2024 4 000 0,44% 0,0154% - 0,00% 0,0000% African Bank FD Jibar + 195bps=7.55 09/04/2015 20 000 2,20% 0,0769% - 0,00% 0,0000% African Bank Ltd 3month Jibar +264bps 09/10/2017 5 000 0,55% 0,0192% - 0,00% 0,0000% Amber House Fund 2 A1 Jibar + 135bps + 15bps 18/10/2015 10 001 1,10% 0,2234% - Amber House Fund2 B13 month Jibar + 210bps + 15bps 18/10/2015 10 001 1,10% 0,2234% - Blue Granite Jibar +1.15bps 15/03/2017 full redemtpion 9 016 0,99% 0,8927% - 15/06/2037 CBL15 Capitec Bank 3month Jibar + 185bps 15/05/2015 19 974 2,20% 0,0951% - FIRSTRAND 9% 15/09/2014 1 230 0,14% 0,0007% - Grindrod Bank 3month Jibar + 180bps 15/10/2015 10 001 1,10% 0,0104% - Investec Bank Ltd FRN 3month Jibar + 245bps 27/09/2024 28 000 3,09% 0,0475% - Investec Bank Ltd FRN Jibar + 250bps 11/07/2022 40 002 4,41% 0,0678% - Investec Bank Ltd FRN 3Jibar + 250bps 02/04/2022 5 000 0,55% 0,0085% - Kagiso FRN 3month Jibar + 330bps 01/11/2017 5 000 0,55% 0,0052% - Letshego Holdings Ltd FRN 3month Jibar + 500bps 13/12/2015 15 000 1,65% 2,0000% - Liberty Group LGL03 03/04/2018 30 022 3,31% 0,0313% -

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 2012 1.3 Standard Bank Namibia Income Fund (continued) 2012 2011 Listed - Interest Bearing Securities - Foreign continued RCS Investment Holdings 3Month Jibar + 270bps 25/05/2015 15 001 1,65% 0,0156% - Resilient Property Income Fund Ltd 3Month Jibar + 145bps 20/08/2015 5 000 0,55% 0,2405% - Resilient Property Income Fund Ltd 3month Jibar + 170bps 12/11/2017 10 000 1,10% 0,4810% - RSA R203 8.25% 15/09/2017 5 064 0,56% 0,0004% - Standard Bank 3 month Jibar + 220bps 30/07/2024 10 999 1.21% 0.0058% - Standard Bank 3 month Jibar + 220bps 24/10/2024 20 001 2.20% 0.0105% - Standard Bank 3month Jibar + 210bps 15/03/2018 22 001 2.43% 0.0115% - Standard Bank FRN 3month Jibar + 1.63bps = 7.205% FM 14/03/2019 15 025 1.66% 0.0079% - Standard Bank Jibar + 220bps 24/11/2016 FM 24/11/2021 2 000 0.22% 0.0010% - Standard Bank Ltd 3monh Jibar + 160bps 24/05/2019 30 002 3.31% 0.0157% - Thekwini 3month Jibar + 1.98% 18/07/2017 9 999 1.10% 0.2234% - Thekwini FRN 3month Jibar + 1.55% 18/07/2017 5 000 0.55% 0.1117% - Top Drive Funding Ltd 3 month Jibar + 135bps 05/04/2018 20 000 2.20% 0.0208% - Transnet Ltd 17 9.25% 14/11/2017 5 527 0.61% 0.0095% - Investec FRN Jibar+146bps 28/06/2013-0.00% 5 000 2.40% 0.1726% Standard Bank Jibar+220bps 24/11/2016 FM 24/11/2-0.00% 2 000 0.96% 0.6042% NedNam PN Jibar + 100bps = 6.75% 140714-0.00% 10 000 4.81% 0.0001% MBF017 Mercedes-Benz JibarB+152bps 16/ - 0.00% 4 000 1.92% 0.0029% Nedbank FRN Jibar+148bps 19/04/2013-11 107 5.34% 0.8149%

Annual Financial Statements for the year ended 31 December 2012 37 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 2012 1.3 Standard Bank Namibia Income Fund (continued) 2012 2011 Unlisted - Interest Bearing Securities - Local 221 818 24.45% 28 433 13.66% Bank Windhoek 3m Jibar+115bps 15 000 1.65% 0.0156% 15 000 7.21% 0.3748% Bank Windhoek 9.38% 16/08/2015 5 366 0.59% 0.0056% 5 257 2.53% 2.3647% Telecom Namibia Limited 10.70% - 17/04/2015 2 146 0.24% 0.0022% 2 158 1.04% 5.1487% Bank Windhoek 3M JIBAR+ 135BPS= 6.95% 19/06/2017 50 142 5.53% 0.0522% - 0.00% 0.0000% First National Bank of Namibia Ltd Jibar + 165bps 36 000 3.97% 0.0375% - 0.00% 0.0000% Namibian Government 8% 15/10/2017 6 936 0.76% 0.0072% - 0.00% 0.0000% Nedbank Namibia FRN PN 6.95% 26/07/2017 50 153 5.53% 0.0522% - 0.00% 0.0000% Nedbank Namibia PN Jibar + 100bps = 6.575% 14/07/2014 10 000 1.10% 0.0104% - 0.00% 0.0000% Standard Bank Namibia FRN 3M Jibar + 10bps 11/07/2015 40 858 4.50% 0.0426% - 0.00% 0.0000% Telecom Namibia Limited 9.13% - 19/08/2015 5 218 0.58% 0.0054% - 0.0000% FNB Namibia 9.15% 29/03/2012 - Callable FIN - 6 018 2.89% 0.0063% Unlisted - Unit Trust Schemes - Local Standard Bank Namibia Money Market Fund 39 001 4.30% 41 546 19.96% 39 001 4.30% 7.4338% 41 546 19.96% 1.6217% Unlisted - Unit Trust Schemes - Foreign 32 785 0.00% 1 0.00% Standard Bank Institutional Money Market Fund Class B4 1 0.00% 0.0000% 1 0.00% 0.0067% STANLIB Income Fund (Class B1) 32 784 3.61% 0.0002% - Non-current assets 903 746 96.01% 201 954 97.04% Cash and cash equivalents 3 392 0.37% 6 153 0.00% Total 907 138 96.39% 208 107 100.00%

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 2012 1.4 Standard Bank Namibia Flexible Property Income Fund 2012 2011 Listed - Equity Securities - Local 10 764 4.59% - 0.00% Oryx Properties Ltd 10 764 4.59% 1.4171% - Listed - Equity Securities - Foreign 129 898 55.39% 82 635 50.90% Acucap Property Limited 7 678 3.27% 0.0922% 5 504 3.39% 0.0725% Arrowhead Properties Limited 2 339 1.00% 0.1790% 153 0.09% 0.0276% Dipula Income Fund 1 109 0.47% 0.0644% 589 0.36% 0.0671% Fortress A 9 580 4.08% 0.2183% 6 052 3.73% 0.1462% GrowthPoint Properties 4 760 2.03% 0.3564% 13 281 8.18% 0.0371% Hospitatlity Property Fund Limited - A Linked 7 352 3.14% 0.3890% 4 448 2.74% 0.3881% Hyprop Invest 9 795 4.18% 0.0552% 7 970 4.91% 0.0605% Premium Properties 3 809 1.62% 0.1365% 2 175 1.34% 0.0919% Redefine Income Fund Limited 7 638 3.26% 0.0294% 6 408 3.95% 0.0310% Resilient Property Income Fund 6 919 2.95% 0.0462% 8 000 4.93% 0.0623% Synergy Income Fund 880 0.38% 0.1772% 720 0.44% 0.0711% Sycom Property Fund 5 641 2.41% 0.0824% 2 615 1.61% 0.0097% Vukile Property Fund Ltd 4 842 2.06% 0.0650% 5 622 3.46% 0.3370% Vunani Property Investment 4 020 1.71% 0.3472% 1 163 0.72% 0.0384% Capital Property Fund 7 202 3.07% 0.0419% 7 665 4.72% 0.0922% Fountainhead Property Trust 8 802 3.75% 0.0898% 2 677 1.65% 0.1311% Investec Property Fund Limited 3 585 1.53% 0.0700% 614 0.38% 0.0453% Rebosis Property Fund 6 866 2.93% 0.1929% 2 261 1.39% 0.0276% Vividend Income Fund Ltd 4 885 2.08% 0.4598% 798 0.49% 0.0326% Ascension Poperties Ltd A Linked Units 2 479 1.06% 0.3258% - Ascension Poperties Ltd B Linked Units 2 130 0.91% 0.2812% - Annuity Properties Ltd 323 0.14% 0.0311% - Dipula Income Fund B 4 348 1.85% 0.3564% - Delta Property Fund 3 117 1.33% 0.1625% - Fortress B 1 620 0.69% 0.0751% - Fairvest Property Holdings 467 0.20% 0.1224% - New Europe Property Investment 2 557 1.09% 0.0325% - Octodec Investments 4 829 2.06% 0.2288% - Synergy Income Fund Ltd B units 325 0.14% 0.0471% - Redefine Property International Limited - 1 487 0.92% 0.0271% SA Corporate Real Estate Fund - 816 0.50% 0.1071% Emira - 1 617 1.00% 0.0839%