Excelsior Managed Portfolio - Liberty

1 As at 30 November 2021 Please refer to Disclosures for important information relating to the content of this document. Liberty Group Limited (reg no 1957/002788/06) is a registered Long-term Insurer and an Authorised Financial Services Provider (FAIS no. 2409). Page 1 of 3 Excelsior Managed Portfolio General information Portfolio manager(s) Marius Oberholzer and Warren Buhai Asset manager(s) STANLIB Asset Management Benchmark 45% FTSE/JSE Capped shareholder weighted All Share Index, FTSE/JSE All Bond Index, STeFI Composite Index, 20% MSCI ACWI Net total return Index, 5% Bloomberg Barclays Global Aggregate total return Index, 10% Custom Alternative Benchmark Portfolio size R 4,172 million as at 30/09/2021 Launch date 03 June 2002 Regulation 28 Compliant Guarantee available Yes - Optional Guarantee(s) available on selected products.

2 Cost ratios Annualised (including VAT) as at 30 June 2021 Based on period from 01 July 2018 total Expense Ratio (TER) Transaction Costs (TC) total Investment Charges (TIC) Please refer to Cost ratios section of Disclosures for important information relating to the above. Portfolio objective This Portfolio is a Managed Portfolio . It provides diversified exposure to local equities, bonds and properties, as well as to equities and bonds denominated in foreign currencies. Investor profile This Portfolio is suited to the investor who.

3 Is looking for a diversified balanced fund with offshore exposure is willing to accept significant amounts of risk is willing to accept some underperformance in the short term for enhanced long term return potential has an investment horizon of 5 to 7 years Risk profile Conservative Moderately Conservative Moderate Moderately Aggressive Aggressive Performance Cumulative performance (%) over 5 Years Returns % YTD 3m 1y 3y 5y 10y Portfolio (RA) Portfolio (Taxed-I) Benchmark Inflation Statistics Over 10 years Month Year Best % Worst % % Positive Volatility, calculated over a three-year period.

4 Holdings Asset allocation (%) as at 30/09/2021 Sector allocation (%) as at 30/09/2021 Top equity holdings (%) as at 30/09/2021 Prosus FirstRand Ltd Naspers Ltd Anglo American plc MTN Group Ltd Standard Bank Group Ltd British American Tobacco plc Impala Platinum Holdings Ltd Sasol Ltd Capitec Bank Holdings Ltd As at 30 November 2021 Please refer to Disclosures for important information relating to the content of this document.

5 Liberty Group Limited (reg no 1957/002788/06) is a registered Long-term Insurer and an Authorised Financial Services Provider (FAIS no. 2409). Page 2 of 3 Excelsior Managed Portfolio Portfolio managers Marius Oberholzer BCom (Economics and Commercial Law), MSc (Global Finance) STANLIB Asset Management Head of Multi-Strategy Marius joined STANLIB in September 2013 as Co-Head of Multi-Strategy (previously known as Absolute return Strategy). Marius took over as Head of Multi-Strategy (previously known as Absolute return Strategy) in September of 2015.

6 Marius joined us from Sarala Capital in Cape Town, where he was a Managing Partner responsible for providing strategic direction for the firm. His role was focused on corporate finance solutions and spearheading the group s unlisted investment activities. Prior to this, between 2000 and 2012, Marius worked at TT International, initially in London before being seconded to Hong Kong in 2004 to help establish TT International s Asian based investment capabilities. He focused primarily on managing TT s Asian Hedge Fund as its Portfolio Manager as well as providing insights across the firms other investment offerings both on a bottom up and top-down macro basis.

7 Marius holds a BCom degree (Stellenbosch University) and an MSc in Global Finance from Stern School of Business at New York University and the Hong Kong University of Science and Technology. He holds the IMC UK investment qualification. Warren Buhai BCompt (Hons), CA (SA), CFA STANLIB Asset Management Senior Portfolio Manager Warren initially joined STANLIB in 2005 to focus on research and Portfolio management in resources and commodity-related funds. In 2007, he took an opportunity to move overseas and be the managing director of investments for a US private-client business targeting opportunities in developed, emerging and frontier markets.

8 Warren re-joined STANLIB in 2009 where he has focused on research and Portfolio management of multi-asset funds ever since, progressing to senior Portfolio manager in the Multi-Asset franchise. Prior to joining STANLIB, he spent five years gaining broad industry experience with Standard Bank s Corporate Finance team. Warren obtained his bachelor s and honours degrees studying part-time while working primarily in the audit division of Ernst & Young, where he qualified as a chartered accountant. He is also a CFA charter-holder.

9 Commentary as at 30 September 2021 Market review The third quarter was a generally weak one for risk assets. Typically for such periods, the US dollar was relatively strong. In addition, aside from oil and coal, commodity prices were weak over the quarter. September, especially, was weak for Developed Market (DM) equities, as we saw the broadest and deepest correction since the vaccine-induced rally began last November. In historical context, though, these drawdowns were small, illustrating just how rapidly volatility has declined so far this year.

10 Emerging Market (EM) equities were consistently weak throughout the quarter, dragged down by weak commodities, generally weak currencies and, in China, continued policy pressure on the private sector from the ruling Communist Party. Another material development during the period was the spike in energy prices, with natural gas prices up 61% in the quarter and up since March. Brent oil was up 5% for the quarter and up 25% since March. The speed of these moves will have inflationary consequences, further exacerbating fears over the pace of monetary policy tightening as well as energy supply, and potentially acting as an additional constraint on growth.