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..