Liberty Group of Companies – Summary As at 31 December 2018

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Liberty group of companies – summary as at 31 December 2018 Includes subsidiaries which are directly wholly owned and directly partially owned, and indirectly wholly owned and indirectly partially owned through directly owned subsidiaries. Key Insurance company 100% holding where no percentage shown Liberty Holdings Limited 74,9% 60% 85% 51% Liberty Liberty The Liberty Liberty Liberty Lexshell 615 STANLIB Liberty Life STANLIB Liberty Life Total Health Liberty Life STANLIB Mentenova STANLIB Holdings Holdings Holdings Holdco Nominees Investments Lesotho Swaziland Uganda Assurance Trust Ltd Lesotho Ltd Ghana Ltd (Pty) Ltd Kenya Ltd Zambia Swaziland Group Nigeria Ltd (Pty) Ltd (Pty) Ltd (Pty) Ltd Ltd Ltd Uganda Ltd Restricted Ltd (Pty) Ltd Share Trust 51% 39% 16% 100% Liberty Liberty Life Liberty Liberty Liberty Mentenova STANLIB STANLIB Properties Insurance Holdings General General Own Your Consultants Swaziland Property (Zambia) (Zambia) Botswana Insurance Insurance Life Rewards and (Pty) Ltd Development Ltd Ltd (Pty) Ltd Uganda Company (Pty) Ltd Actuaries (Pty) Ltd Ltd Ltd (Pty) Ltd STANLIB Liberty Liberty Liberty Life Investment Health General Botswana Management Holdings Botswana (Pty) Ltd (Pty) Ltd Services (Pty) Ltd (Pty) Ltd Liberty Liberty Health Health Administrators (Pty) Ltd (Pty) Ltd 75% 70% 75% 57,7% Liberty Blue V-Innovation Liberty Liberty Stonehouse Consultancy Administration Holdings Kenya Capital Limitada Services Namibia Holdings (Mozambique) (Pty) Ltd (Pty) Ltd PLC (Pty) Ltd STANLIB The Liberty Liberty Eq-Fin Namibia STANLIB Heritage Life Life (Pty) Ltd Unit Trust Namibia Insurance STANLIB Namibia Assurance Ltd Management (Pty)Ltd Company Ltd Kenya Ltd Company Ltd (Kenya) Ltd 34,6% STANLIB STANLIB STANLIB Asset Wealth Collective The Heritage Management United Management Investments Liberty Insurance Ltd Funeral Ltd (RF) (Pty) Ltd Group Ltd Company Insurance (Tanzania) Ltd Ltd STANLIB 58,5% Wealth Vineyard Management Passive LibFin Note Road Liberty Two Nominees Funding Issuer 1 (RF) Investments Degrees Ltd (Pty) Ltd (Pty) Ltd (Pty) Ltd (RF) Ltd STANLIB STANLIB STANLIB Fund STANLIB 2 Degrees Infrastructure Infrastructure Managers REIT Fund Properties GP 1 GP 2 Jersey Managers (RF) (Pty) Ltd (Pty) Ltd (Pty) Ltd Ltd (Pty) Ltd For a complete list of the group companies refer to Appendices B and D of the Liberty Group Limited and Liberty Holdings Limited annual financial statements, respectively..

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STANLIB Lesotho Income Fund
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STANLIB Namibia
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Liberty group of companies (excluding Mutual Fund Subsidiaries and Associates and Unincorporated Property Partnerships) as at 31 December 2016 Key Liberty Insurance company Holdings 100% holding where no percentage shown Ltd 74,9% 60% 75% 51% Lexshell Liberty Liberty STANLIB Liberty Total Liberty Liberty STANLIB STANLIB STANLIB Liberty Life Liberty Life STANLIB 615 Mentenova Life Holdings REIT Fund Holdings Health Holdco Nominees Lesotho Kenya Uganda Assurance Lesotho Ltd Ghana Ltd Investments (Pty) Ltd Swaziland Zambia Managers (RF) Swaziland Trust Ltd Nigeria Ltd (Pty) Ltd (Pty) Ltd Ltd Ltd Uganda Ltd (Pty) Ltd Ltd Ltd (Pty) Ltd (Pty) Ltd 51% 39% (2015: Nil) 16% 100% (2015: 74%) Charter Own STANLIB Liberty Liberty East Africa Liberty Liberty Life STANLIB Insurance Your Life Property Properties Holdings Underwriters Viewpoint Insurance Swaziland Company Ltd Rewards Development (Zambia) Botswana Ltd (Pty) Ltd (Zambia) Ltd (Pty) Ltd (Malawi) (Pty) Ltd (Pty) Ltd* Ltd (Pty) Ltd # previously Liberty Group Property Development STANLIB Liberty (Pty) Ltd Investment Liberty Life Health Management Prefsure Botswana Holdings Services Botswana Ltd (Pty) Ltd (Pty) Ltd (Pty) Ltd (Botswana) VMedical VMed Solutions Administrators (Pty) Ltd (Pty) Ltd 75% 75% 57,74% Liberty Blue Unique Liberty Neil Harvey Liberty Stonehouse Dotcoza Consultancy Payment Holdings & Associates Holdings Capital (Pty) Ltd Limitada Services Namibia (Pty) Ltd Kenya Ltd (Pty) Ltd (Mozambique) (Pty) Ltd (Pty) Ltd STANLIB The Namibia Liberty Liberty STANLIB Heritage Eq-Fin Unit Trust
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Conflict of Interest Policy
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Liberty Group of Companies
Liberty group of companies – summary as at 31 December 2017 Includes subsidiaries which are directly wholly owned and directly partially owned, and indirectly wholly owned and indirectly partially owned through directly owned subsidiaries. Key Liberty Insurance company Holdings 100% holding where no percentage shown Ltd 74,9% 60% 85% 51% Lexshell Liberty Liberty STANLIB Liberty The Liberty Total Liberty Liberty STANLIB STANLIB STANLIB Liberty Life Liberty Life STANLIB 615 Mentenova Life Holdings REIT Fund Holdings Holdings Health Holdco Nominees Lesotho Kenya Uganda Assurance Lesotho Ltd Ghana Ltd Investments (Pty) Ltd Swaziland Zambia Managers (RF) Swaziland Group Trust Ltd Nigeria Ltd (Pty) Ltd (Pty) Ltd Ltd Ltd Uganda Ltd Restricted (Pty) Ltd Ltd Ltd (Pty) Ltd (Pty) Ltd Share Trust 51% 55% 100% 62,7% Charter Own STANLIB Liberty Liberty Liberty East African Liberty STANLIB Liberty Life STANLIB Insurance Your Life Property Properties Holdings Two Underwriters Viewpoint Tanzania Insurance Swaziland Company Ltd Rewards Development (Zambia) Botswana Degrees Ltd (Pty) Ltd Ltd (Zambia) Ltd (Pty) Ltd (Malawi) (Pty) Ltd (Pty) Ltd* Ltd (Pty) Ltd (REIT) STANLIB Liberty Investment Liberty Life Health Management Prefsure Botswana Holdings Services Botswana Ltd (Pty) Ltd (Pty) Ltd (Pty) Ltd (Botswana) VMedical VMed Solutions Administrators (Pty) Ltd (Pty) Ltd 75% 75% 57,7% Liberty Blue Liberty Liberty Neil Harvey Stonehouse Consultancy Holdings Kenya & Associates Capital Limitada Namibia Holdings (Pty) Ltd (Pty) Ltd (Mozambique) (Pty) Ltd PLC STANLIB
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STANLIB Fahari I-REIT Fact Sheet
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