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Liber8 Investment OfferingLiberty Group Limited is an Insurer and an Authorised Financial Services Provider (no 2409).

INVESTMENT OFFERINGLiber8 Investment OfferingLiber8, a product offered through the suite of Corporate Selection Umbrella Funds (CSUF), offers a wide range of investment portfoliospackaged in the Liber8 Smart, Liber8 Select and Liber8 Dynamic offerings to best suit your needs.A tailored offering of Liber8 Life Stage to meet the needs of employees of all ages who are members of thefund saving for retirement should employers not feel comfortable making retirement decisions for theiremployees.SmartChoice between a range of portfolios that offer risk-profiled access to the local and globalinvestment markets offering different asset management styles. Core Investment Portfolios Life Stage Portfolios Tracker Portfolios Multi Manager Portfolios Money Market Portfolio Shari’ah Portfolio SelectProvides access to portfolios in the Select range as well as third party balanced funds. Core Investment Portfolios Life Stage Portfolios Tracker Portfolios Multi Manager Portfolios Money Market Portfolio Shari’ah Portfolio Third Party Portfolios icDynam1

PORTFOLIO DESCRIPTIONS2Portfolio DescriptionsAll the portfolios listed in this brochure are mandated to be compliant with Regulation 28 of the Pension Funds Act. The list of other portfolios, available in the Liber8 Dynamic range, is available upon requestby contacting lcinvestmentprop@liberty.co.za.Liber8 Life StageCore Investment PortfoliosThe Life Stage solution aims to generate inflation beating returns over the longterm, while preserving accumulated capital and reducing market fluctuationswhen closer to retirement. The solution has two stages: a growth and apreservation stage. Retirement fund members are moved progressively fromthe growth stage to the preservation stage as they approach retirement age.The growth stage uses the Liber8 Stable Growth Fund and the preservationstage uses the Liber8 Secure Fund.These portfolios adopt a multi-strategy investing approach, which consistlargely of passive building blocks. Excess returns can be achieved by movingaway from the portfolio’s asset allocations (within pre-defined limits) whennecessary. There is also a portion of non-traditional asset classes (i.e. alternativeassets) to help diversify and generate additional returns in conjunction withthose from traditional asset classes. The portfolios differ only by asset allocationand the extent by which the different levers are utilised.Liber8 Stable Growth FundLiberty Core BalancedThis portfolio uses modern investment and risk management techniques to seek attractive long-termgrowth, while minimising short-term investment uncertainty for customers. The portfolio targets areturn of CPI 4% per annum, gross of fees over the long term (5 or more years).This portfolio has a larger proportion of riskier asset classes i.e. equity and property. This translates into alarger expected return over a long term horizon.Liber8 Secure FundThe portfolio is a conservative absolute return, which focuses on preservation of capital in the shortterm, while targeting inflation beating growth in the medium to short term. The portfolio targets a returnof CPI 3% per annum, gross of fees, over rolling twelve-month periods.Liberty Core ModerateThis portfolio aims to find a balance between safer and riskier asset classes i.e. cash, bonds, equity andproperty and is ideal for a medium term investor.Liberty Core ConservativeThis portfolio has the lowest risk profile by incorporating a larger proportion of safer asset classes i.e.cash and bonds and is ideal for short term investor.Liber8 SmartSelectDynamic

PORTFOLIO DESCRIPTIONS3Portfolio DescriptionsTracker PortfoliosThe Liberty Balanced Tracker range are passive risk-profiled balanced portfoliosthat aim to achieve inflation-beating growth and is diversified across multiplelocal and global asset classes with varying risk profiles.Liberty Balanced Tracker FundThis is a passively managed, aggressive balanced portfolio. It provides cost-effective exposure to adiversified mix of local and global asset classes. The portfolio has a growth-focused asset allocation andis ideal for the medium to long term investor.Liberty Moderate Tracker FundThis is a passively managed, moderate balanced portfolio. It provides cost-effective exposure to adiversified mix of local and global asset classes. The portfolio aims to balance the long-term growthobjectives with short-term capital preservation objectives, and is ideal for the medium term investor.Liberty Conservative Tracker FundThis is a passively managed, conservative balanced portfolio. It provides cost-effective exposure to adiversified mix of various local and global asset classes. The portfolio aims to preserve capital in theshort term, while also generating attractive returns over time and is ideal for the short term investor.Liber8 SmartSelectDynamic

PORTFOLIO DESCRIPTIONS4Portfolio Descriptions (continued)Multi Manager PortfoliosThe multi-manager portfolio combines local and global equities, bonds, moneymarket instruments, property and alternatives, with a major focus on capitalpreservation.STANLIB Multi Manager Balanced GrowthThis portfolio combines a selection of the best performing underlying managers with expert assetallocation. It aims to generate a well-diversified, growth-focused solution to meet the investment needsof medium to long term investors.STANLIB Multi Manager Moderate GrowthThis moderate balanced portfolio combines a diversified selection of the best performing underlyingmanagers with expert tactical asset allocation. It aims to balance the need for long term growth withshort term capital preservation.STANLIB Multi Manager Conservative GrowthThis is a conservative multi managed solution, combining a well-diversified selection of managerswith expert tactical asset allocation. The focus is primarily on capital preservation while also aiming togenerate attractive returns over the short term.Liber8 SmartSelectDynamic

PORTFOLIO DESCRIPTIONS5Portfolio Descriptions (continued)Money Market portfolioThird Party PortfoliosLiberty Institutional Money Market FundThese portfolios combine local and global equities, bonds, money marketinstruments and property into a single portfolio which represents a house viewfor the external underlying manager.This portfolio consists primarily of cash instruments and is actively managed as an institutional moneymarket portfolio. It is ideally used as a temporary investment medium when a portfolio is being set up orliquidated, and for Regulation 28 balancing purposes. The portfolio is intended to provide money marketreturns within a liquid portfolio which can be moved quickly from and to other portfolios.Allan Gray Balanced FundShari’ah compliant portfolioSTANLIB Multi-Manager Shari’ah Balanced Fund of FundsThe portfolio is a multi-asset class (including foreign) Shari’ah compliant portfolio that is diversified acrossasset classes, sectors and asset managers. The portfolio aims to provide long-term growth of capital andincome with volatility at levels consistent with Shari’ah balanced (60% equity) portfolios. The objectiveof the portfolio is to outperform the average of investable peers’ returns i.e. the Shari’ah balanced peeraverage, at risk levels consistent with that of these peers.The portfolio invests in a mix of shares, bonds, property, commodities and cash. It is suitable forinvestors who seek steady long-term capital growth. The objective is to achieve returns in excess of thepeer group average, measured over three to five-year periods.Coronation Balanced Plus FundThe portfolio aims to provide a reasonable level of current income. It seeks to preserve capital in realterms, with lower volatility over the medium to long-term. The portfolio targets a return of cash plus 3%per annum.Prudential Balanced FundThis medium-risk portfolio aims to provide steady and growing income and capital to investors overtime. It targets total returns that beat a benchmark of the average performance of its peer portfolios.Liber8 SmartSelectDynamic

REBATESRebatesSchemes in excess of R100m in assets receive a rebate of 0.20% p.a. on investment management fees applicable to the value of the scheme in excess of R100mfor all portfolios listed in this brochure.6

7FEESSelectDynamicInvestmentmanagementfeeLiberty Institutional Money Market Fund0.30% 331.00%* 33Externalhandling feeMoney Market PortfolioLiber8 Life StageLiber Stable Growth Fund1.00% 333Liber8 Secure Fund1.00% 3338PortfolioSmartDynamicExternalhandling Liberty Core Balanced1.00%* 33Shari’ah PortfolioSTANLIB Multi Manager Shari’ah Balanced Fundof FundsThird Party PortfoliosLiberty Core Moderate1.00%* 33Allan Gray Balanced Fund0.85%**0.35%3Liberty Core Conservative1.00%* 33Coronation Balanced Plus Fund0.85%**0.35%3Prudential Balanced Fund0.85%**0.35%3Liberty Balanced Tracker Fund0.35% 33Liberty Moderate Tracker Fund0.35% 33* These portfolios may be subject to performance fee arrangements with the asset manager(s), or have net-pricedcomponents within the portfolio.Liberty Conservative Tracker Fund0.35% 33** These portfolios may be subject to further performance fee arrangements with the asset manager(s).Core Investment PortfoliosTracker PortfoliosNote: If members have preserved funds in any of the above portfolios the fees may differ.Multi Manager PortfoliosSTANLIB Multi Manager Balanced Growth Fund1.40%* 33STANLIB Multi Manager Moderate Growth Fund1.40%* 33STANLIB Multi Manager Conservative GrowthFund1.40%* 33 None3Available platformFee DefinitionsThe investment management fee is charged for the management and administration of theinvestment which includes fees paid to the underlying asset manager.The external handling fee is charged for handling the assets in respect of a third party investmentmanager who is not a subsidiary of the Liberty Group Limited.Disclaimer: The portfolios which Liberty makes available, and their associated fees, are subject to review. This means that theavailable portfolios, their investment management fees, or the external handling fee (where applicable) may change, followingcommunication with all relevant parties.

CONTACT DETAILS8Contact details and complaints resolution procedureContact usFor assistance, customers should contact their Liberty accredited financial adviser or broker. Alternatively, contactthe Liberty Corporate contact centre below for non-FAIS enquiries.Liberty Corporate General Contact CentrePlease note that if a complaint is formally logged with Liberty Corporate using our complaints process, a referencenumber will be provided.For complaints regarding retirement funds:The Pension Funds AdjudicatorP O Box 580, Menlyn, 0063t: 012 346 1738f: 086 693 7472e: enquiries@pfa.org.zat: 011 558 2999f: 011 694 5309e: lc.contact@liberty.co.zaComplaintsComplaints or comments should be directed in writing to:The Complaints Resolution ManagerLiberty CorporateP O Box 2094, Johannesburg, 2000t: 011 408 2771f: 011 408 4440e: lc.complaints@liberty.co.zaIf a complaint is not resolved satisfactorily by Liberty, customers may contact one of the legislative bodies that havebeen tasked to look after their interests.For Liber8 and Liberty Corporate Selection UmbrellaSuite of Funds:The Principal Executive OfficerP O Box 2094, Johannesburg, 2000f: 011 408 5685e: roger.spence@liberty.co.zaFor complaints regarding long-term insurance:The OmbudsmanPrivate Bag X45, Claremont, 7735t: 021 657 5000Sharecall: 0860 10 3236f: 021 674 0951e: info@ombud.co.zaFor complaints regarding a financial adviser:FAIS OmbudP O Box 74571, Lynnwood Ridge, 0040t: 012 470 9080f: 012 348 3447e: info@faisombud.co.zaThe above process is our formal complaints resolution process and a reference number will always be provided. If you do not receive a reference number for a complaint, please contact the Complaints Resolution Manager using the contactdetails above.

INVESTMENT OFFERING9