Liberty Group of Companies

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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 The Namibia Liberty Liberty STANLIB Heritage Eq-Fin Unit Trust Life Life Namibia Insurance (Pty) Ltd STANLIB Management Namibia Assurance (Pty) Ltd Company Ltd Company Ltd Kenya Ltd (Kenya) Ltd Ltd 34,6% The United STANLIB STANLIB STANLIB Heritage Funeral Asset Wealth Collective Insurance Insurance Management Management Investments Company Ltd Ltd Ltd (RF) (Pty) Ltd (Tanzania) Ltd STANLIB Wealth Liberty Management Group Nominees Ltd (Pty) Ltd STANLIB STANLIB STANLIB Fund Vineyard Passives LibFin Note Infrastructure Infrastructure Managers Road Funding Issuer 1 GP 1 GP 2 Jersey Investments (Pty) Ltd (RF) (Pty) Ltd (Pty) Ltd (Pty) Ltd Ltd (RF) Ltd For a complete list of the group companies refer to Appendices B and D of Liberty Group Limited and Liberty Holdings Limited annual financial statements, respectively..

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STANLIB Lesotho Income Fund
STANLIB Lesotho Income Fund Quarterly update at 30 June 2021 Who are the investment managers? STANLIB Lesotho (Pty) Ltd, a licensed asset manager under the Central Bank of Lesotho (Collective Investment Schemes) Regulations, 2018, manage the investments of the portfolio. Investment Manager 1 Legal Name was established in August 2001 as a joint venture between Standard Lesotho Bank and STANLIB South Africa, with management control residing with STANLIB South Africa. Victor Mphaphuli Sylvester Kobo BCom (Hons)(Economics), GEDP BSc (Hons)(Pure Mathematics) Co-head of Fixed Interest Senior Portfolio manager Victor is a key member of STANLIB’s multi-award-winning Fixed Sylvester joined STANLIB in 2013 as a Money Market dealer and a Interest team, one of the largest in South Africa. Victor is one of the trainee portfolio manager. He then moved to the bond team, top fixed income fund managers in the country and has won ABSIP assuming a role of portfolio manager and trader. Sylvester started Awards for fund management as well as Raging Bull Awards. He his career in 2009 at ABSA Capital as a credit quantitative analyst initially joined the team as a bond dealer and later assumed added focusing on pricing and management of risk on all derivatives. In responsibility for portfolio management. He was promoted to head of 2012 he assumed the lead role for credit in the Absa/Barclays Africa Bond and Income Funds in 2008, assuming full responsibility for the Integration roll-out of the sales and trading programme to 11 Barclays daily management of these funds. In 2016 Victor was promoted to Africa countries.
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STANLIB Eswatini
STANLIB Eswatini 01 About STANLIB STANLIB Eswatini 03 Standard Bank Eswatini Money Market Fund 04 Standard Bank Eswatini Managed Fund 05 General information Multi-specialist investment backed by 1 230* years of collective investment experience. stanlib.com/eswatini *As at 07 March 2019 About STANLIB We are a Pan-African multi-specialist investment company, active in eight African countries. We have business partners in North America, the United Kingdom, Europe, the Middle East, and Asia. STANLIB manages and administers R600 billion (USD42 billion) (as at 31 December 2018) assets for more than 500,000 retail and institutional clients. STANLIB was founded in 2002 when Standard Bank Asset Managementand Liberty Asset Management joined forces. STANLIB is fully owned by Liberty Holdings Limited and is a subsidiary of the Standard Bank Group. Our largest client is our parent company, Liberty Holdings. Such large scale, long-term investment ensures we are strongly supported and well resourced. At the same time, being a separate registered company gives us the freedom to manage our clients’ assets according to our philosophy. We’ve built our business on the same foundation as our parent companies Standard Bank and Liberty Holdings – focusing on today while always preparing for tomorrow. This allows us to continually meet our clients’ needs no matter how they evolve. Our head office is in Johannesburg, with regional offices in other major urban centres around South Africa and in seven other African countries, with further expansion plans afoot. This gives us the knowledge that can only come from on-the- ground presence on the continent.
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Financial Results for the Year Ended 31 December 2019
Liberty Holdings Limited Financial results for the year ended 31 December 2019 Liberty – an Authorised Financial Service Provider in terms of the FAIS Act (Licence No. 2409). HIGHLIGHTS CONTENTS Page NORMALISED OPERATING EARNINGS Financial performance indicators 1 R2,2 billion Financial review 2 Accounting policies 6 10% Auditor statement 7 Directors' responsibility NORMALISED RETURN ON 7 IFRS EQUITY Explanation of terms 8 14,0% Consolidated statement of financial position 9 Consolidated statement of comprehensive income 10 Summary consolidated statement of changes in equity 11 NEW BUSINESS Summary consolidated statement of cash flows 12 MARGIN Headline earnings and earnings per share 13 1,0% Summary consolidated segment information 14 Group equity value report 18 Long-term insurance new business 24 NORMALISED RETURN ON Long-term insurance net customer cash flows GROUP EQUITY VALUE 25 Assets under management 26 11,5% Asset management net external customer cash flows 26 Short-term insurance indicators 27 Capital commitments 27 NORMALISED GROUP EQUITY VALUE PER SHARE Retirement benefit obligations 28 Related parties 28 R147,82 Disposal groups classified as held for sale 29 7% Offsetting, enforceable master netting arrangements or 30 similar agreements LIBERTY GROUP LIMITED Accounting classifications of financial instruments 31 upper SCR COVER under IFRS 9 end of target Change in accounting policies 33 1,99 times range STANLIB SOUTH AFRICA ASSETS UNDER MANAGEMENT R568 billion 7% FINANCIAL PERFORMANCE INDICATORS for the year ended 31 December
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STANLIB Namibia
STANLIB Namibia 01 About STANLIB STANLIB Namibia 03 Standard Bank Namibia Money Market Fund 04 Standard Bank Namibia CashPlus Fund 05 Standard Bank Namibia Income Fund 06 Standard Bank Namibia Inflation Plus Fund 07 Standard Bank Namibia Flexible Property Income Fund 08 Standard Bank Namibia Managed Fund 09 General Information Multi-specialist investment backed by 1 230* years of collective investment experience. stanlib.com/namibia *As at 07 March 2019 About STANLIB We are a Pan-African multi-specialist investment company, active in eight African countries. We have business partners in North America, the United Kingdom, Europe, the Middle East, and Asia. STANLIB manages and administers R600 billion (USD42 billion) (as at 31 December 2018) assets for more than 500,000 retail and institutional clients. We operate in eight African countries and in key developed markets globally. STANLIB was founded in 2002 when Standard Bank Asset Managementand Liberty Asset Managementjoined forces. STANLIB is fully owned by Liberty Holdings Limited and is a subsidiary of the Standard Bank Group. Our largest client is our parent company, Liberty Holdings. Such large scale, long-term investment ensures we are strongly supported and well resourced. At the same time, being a separate registered company gives us the freedom to manage our clients’ assets according to our philosophy. We’ve built our business on the same foundation as our parent companies Standard Bank and Liberty Holdings – focusing on today while always preparing for tomorrow. This allows us to continually meet our clients’ needs no matter how they evolve. Our head office is in Johannesburg, with regional offices in other major urban centres around South Africa and in seven other African countries, with further expansion plans afoot.
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STANLIB Lesotho
STANLIB Lesotho 01 Who is STANLIB Lesotho (Pty) Ltd? 02 Standard Lesotho Bank Income Fund 03 Standard Lesotho Bank Money Market Fund 03 Income Fund and Money Market Fund compared 04 STANLIB Lesotho Multi-Asset capability 04 STANLIB Lesotho Direct Property capability 05 STANLIB Lesotho Equity Fund 06 General Information Where others see challenge, we see opportunity. Who is STANLIB Lesotho (Pty) Ltd? STANLIB Lesotho (Pty) Ltd, previously Standard Lesotho Bank Unit Trust (Pty) Ltd, is a licensed financial services provider regulated by the Central Bank of Lesotho under the Collective Investment Schemes Regulations, 2001. STANLIB Lesotho (Pty) Ltd was established in August 2001 as a joint venture between Standard Lesotho Bank and STANLIB South Africa, with management control residing with STANLIB South Africa. The establishment of STANLIB Lesotho (Pty) Ltd brought to the market an asset manager with capabilities to manage collective investment schemes, with both a local and international investment focus to meet diverse client needs. The establishment of the company was initially pursuant to the government of Lesotho’s Privatization and Private Sector Development Programme, with a view to facilitate the participation of Basotho (citizens) in the shares previously owned or held by parastatals in terms of indirect ownership. Our clients Our clients are mainly institutional and corporate investors with short-term cash management and medium-to-long term investment needs, including retirement funds asset management; and retail investors with surplus cash to invest at regular intervals or in once off lump sum investments. Our retail clients comprise of individual investors, high net-worth individuals, stokvels, clubs, small business associations and community cooperatives.
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STANLIB Conflict of Interest Policy February 2020 This Policy Describes the Policy Statements and Responsibilities to Manage Conflicts of Interests
STANLIB Conflict of Interest Policy February 2020 This Policy describes the policy statements and responsibilities to manage conflicts of interests. Policy Level: Level 3 (in support of the Compliance Policy) Policy Owner: Head of Compliance Noting Management Committee: STANLIB Shared Services Exco Approving Management Committee: STANLIB Compliance and Conduct Risk Oversight Committee Approving/Noting Board Committee: STANLIB Advisory Exco Date: 11 July 2019 01 Introduction 4 02 Purpose of the Policy 5 03 Scope of this Policy 5 04 Identifying Conflicts of Interest 5 05 Measures for Avoidance and Disclosure 6 06 Declaration of Interest 6 07 Personal Accounting Trading 6 08 Roles and Responsibilities 7 8.1. Chief Executive Officer 7 8.2. Head of Compliance 7 8.3. Business Unit Heads 7 8.4. Key Individuals 7 8.5. Executive Officer, Group Internal Audit Services 7 8.6. Compliance Management Framework 7 8.7. Staff Training 7 09 Consequences of Non-Compliance 7 10 Fianancial Interests 8 11 List of Associates 8 12 List of Ownership Interests 10 13 Policy Administration 12 Conflict of Interest Policy 1. Introduction In terms of the General Code of Conduct for Authorised Financial Services Providers and Representatives, as amended (“the Code”), promulgated in terms of the provisions of the Financial Advisors and Intermediary Services Act (Act No. 37 of 2002 – “the FAIS Act”) financial services providers must take all necessary steps to eliminate any practices and/or services that may create a conflict between their interests and the interests of an existing or potential client. “Conflict of interest” means any situation in which STANLIB (Pty) Ltd or its representatives has an actual or potential interest that may, in rendering a financial service to a client influence the objective performance of his, her or its obligations to that client; or prevent STANLIB (Pty) Ltd or its representatives from rendering an unbiased and fair financial service to that client, or from acting in the interests of that client, including, but not limited to i.
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STANLIB Namibia Abridged Annual Report Rev 03.Indd
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 STANLIB Namibia Unit Trust Management Company Limited Portfolio Management STANLIB Namibia (Pty) Ltd Trustees First National Bank of Namibia Approved Introducers Our unit trusts funds are represented by brokers, stockbrokers, banks, accountants, attorneys and Stanfin advisors throughout Namibia.
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Stanlib Infrastructure Investments
STANLIB INFRASTRUCTURE INVESTMENTS August 2021 AGENDA INTRODUCTION AND OVERVIEW STANLIB INFRASTRUCTURE TEAM STANLIB INFRASTRUCTURE FUNDS CURRENT INVESTMENTS WHY STANLIB INFRASTRUCTURE CONCLUSION APPENDIX INTRODUCTION AND OVERVIEW INTRODUCTION AND OVERVIEW • STANLIB Infrastructure Fund II (Fund II) was established in 2016 with seed assets of approximately R1bn to provide institutional investors with a platform to invest in a diversified range of South African infrastructure projects • At the beginning of 2020 STANLIB actively began a capital raise process to raise an additional R6bn through the STANLIB Infrastructure Fund of Funds (FoF). The Team’s intention was to create a significant competitive advantage through scale and diversification S T A N L I B Infrastructure • The FoF was launched in July 2020 and to date has successfully raised R6.7bn of new Fund of Funds commitments • R5.9bn of these commitments have been drawn for investments with the remaining R800m pending deal execution • Given the strength of the pipeline and the opportunities the team sees in the market we have decided to extend the capital raise beyond our original R6bn target • Our new target fund size is R10-12bn 4 INTRODUCTION AND OVERVIEW (continued) • Given budgetary constraints faced by the South African government, STANLIB Infrastructure firmly believes that private sector capital will play an increasing role in funding the upgrading and maintaining South Africa’s infrastructure base as well as have a significantly positive impact on surrounding local communities
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Liberty Group of Companies (Excluding Mutual Fund Subsidiaries and Associates and Unincorporated Property Partnerships) As at 31 December 2016
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
Conflict of Interest Policy This Policy applies from 19 April 2011 to the following financial services providers, and its representatives, within Liberty Holdings Ltd: Liberty Group Ltd Capital Alliance Life Ltd Liberty Health Holdings (Pty) Ltd Throughout this document, any reference to “Liberty” shall mean Liberty Group Ltd, Capital Alliance Life Ltd and Liberty Health Holdings (Pty) Ltd collectively. 1 Introduction In terms of the General Code of Conduct for Authorised Financial Services Providers and Representatives, as amended (“the Code”), promulgated in terms of the provisions of the Financial Advisors and Intermediary Services Act (Act No. 37 of 2002 – “the FAIS Act”) financial services providers (“Providers”) must take all necessary steps to eliminate any practices and/or services that may create a conflict between their interests and the interests of an existing or potential client. A conflict of interest is any situation where a Provider or a Provider‟s representative (whether an Independent Financial Advisor or a representative) has an interest that may in rendering a financial service to a client, influence the objective performance of his/her/its obligations to that client or where it prevents him/her/it from rendering an unbiased and fair financial service to that client. It includes receiving a wide range of financial and non-financial benefits, ownership interests and any relationship with a third party. Conflict of interest situations must be avoided. In addition, the Code requires that where it is not possible to avoid any act, action or reward that may create a potential conflict of interest, appropriate steps must be taken to mitigate the impact and it must be appropriately disclosed to the client at the earliest reasonable opportunity.
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Liberty Group of Companies – Summary As at 31 December 2018
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
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STANLIB Fahari I-REIT Fact Sheet
STANLIB Fahari I-REIT Fact Sheet Overview An Income-REIT is a real estate investment scheme which owns and manages income generating real estate for the benefit of its investors. Distributions to investors are underpinned by commercial leases. This means that income returns are predictable and generally less volatile. The I-REIT provides an instrument for investing in the real estate market which offers both liquidity and a stable income stream. The STANLIB Fahari I-REIT is Kenya’s first Real Estate Investment Trust (REIT). The Fund aims to provide investors with a steady stream of income and capital growth by investing at least 75% of its Total Asset Value (“TAV”) in real estate in strategic locations within Kenya with a maximum of 25% invested in cash investments or cash-like instruments. The STANLIB Fahari I-REIT is closed-ended and its units will be listed on the Nairobi Securities Exchange. Once this Offer is concluded, units of the STANLIB Fahari I-REIT can only be traded through the NSE. Consequently, the market price of the Units will be market driven and may not necessarily be equal to the Net Asset Value of the STANLIB Fahari I-REIT. However, the I-REIT Scheme may undertake secondary offers as and when the need arises. Prospective investors should note that there is currently no active secondary market for a REIT in Kenya. Objective Investable universe The STANLIB Fahari I-REIT aims to provide consistent income and capital growth in the long-term. Our active management approach targets quality physical properties within carefully chosen economically growing nodes.
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