NAMPOWER (PTY) LIMITED - Availability of the Annual Financial Statements of the Issuer

Availability of the Annual Financial Statements of the Issuer

Namibia Power Corporation (Proprietary) Limited
(Incorporated in December 1964 with limited liability in the Republic of Namibia)
(Registration No. 2051)
Company code: BINPW
(“NamPower” or “the Issuer”)

AVAILABILITY OF THE ANNUAL FINANCIAL STATEMENTS OF THE ISSUER

Bondholders are advised that the annual financial statements (“the financial statements”) of the Issuer for the
year ended 30 June 2017 are available for inspection at the Issuer’s registered office.

The financial statements of the Issuer have also been made available on their website at
http://www.nampower.com.na/Media.aspx?m=Annual+Reports.

Bondholders are also advised that the audit report on the financial statements of the Issuer is unqualified, with
no modifications applicable.

Furthermore, the Issuer would like to advise bondholders of the restatement made to previously published
financial statements wherein an adjustment was made in respect of accounting for income received from
customers in the form of assets transferred to the Issuer. The Issuer recognised assets transferred by
customers as an item of property, plant and equipment in accordance with IAS 16 - Property, Plant and
Equipment, at the fair value of the asset transferred on the date of transfer.

The fair value of the asset transferred was initially recognised as deferred revenue and was recognised as
income in profit or loss over the useful life of the asset transferred. In terms of IFRIC 18 - Transfers of Assets
from Customers, the fair value of the asset transferred must be recognised immediately in revenue since there
are no continuing obligations by the Issuer to the customers associated to the asset transferred.

18 December 2017

Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

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