Standard Bank Namibia Limited
Incorporated in the Republic of Namibia
Registration number: 78/01799
(“The Company”)
Issuer code: SBN02 ISIN no.: ZAG000178419
Issuer code: SBN03 ISIN no.: ZAG000178427

AVAILABILITY OF STANDARD BANK NAMIBIA LIMITED ANNUAL FINANCIAL STATEMENTS

Pursuant to the announcement published on 12 April and 13 April 2023, Noteholders are hereby
notified of the Annual Financial Statements for Standard Bank Namibia Limited have been made
available on the Company’s website:

https://www.standardbank.com.na/namibia/personal/about-us/investor-relations

The Company further wishes to advise that their audit reports were unqualified and that there were
the following restatements of the previous year’s Annual Financial Statements.

During the preparation of the Company’s 2022 Annual Financial Statements, the Company noted the
following restatements relating to the Company’s previously published results.

During the year, the group noted the following restatement relating to the group’s previously published
results.


   1. In the current year the group enhanced the control environment surrounding its client
      management system (CMS) by embedding a client contribution report tool for accrued interest.
      The report tool improves the process of reconciliation of interest accrued balances between the
      CMS and the balance sheet accounts. As part of the reconciliation process, all transactional
      data for accrued interest income, accrued interest expense and interest in suspense for the
      period 2012 to 2021 was analysed:

           Unsubstantiated accrued interest income of N$30.5 million, interest in suspense to the
           value of N$8 million, accrued interest expense to the value of N$14.0 million and credit
           impairments to the value of N$23 million were adjusted and restated accordingly for
           periods ended up to 31 December 2020. For the 2021 financial year, a net total of N$7.4
           million in interest income and expense was restated. The N$24.2 million normal tax impact
           of these restatements has also been reflected in the periods ended up to 31 December
           2020. For 2021 the tax impact of N$2.4 million was also adjusted for.

       These errors have been corrected by restating the comparatives in the statement of financial
       position, statement of comprehensive income and related notes of the company.
   2. The group also performed benchmarking and internal investigations to reassess the definition
      of cash and cash equivalents when compiling the statement of cash flows. The following have
      been identified as industry best practice during this exercise and have resulted in the following
      restatements, changes to accounting presentation policies and related additional disclosures:

       •   The direct method provides a more reliable presentation of the cash flow movements for the
           group and company which is not available under the indirect method. This change only
           impacted net cash flows from operating activities within the statement of cash flows for the
           group and company.

       •   The group restated its financial statements to appropriately reflect and present the change
           from on demand loans and advances to banks to cash and cash equivalents in the statement
           of cash flow and updated the related accounting policy accordingly, refer to note 33.8 in the
           Annual Report. These balances, amounting to N$3.3 billion in the 2021 closing cash and
           cash equivalents balance and N$2.2 billion in the opening balance, were in prior periods
           excluded from cash and cash equivalents and instead included in income-earning assets.
           Both the balances and movement (N$1.0 billion) have now been appropriately included
           within the cash and cash equivalents line in the statement of cash flows.

       •   Specific accounting policies, have been included for the following:
              o Cash and balances with central banks
              o Cash and cash equivalents




20 April 2023
Debt Sponsor
The Standard Bank of South Africa Limited