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..