Excelsior Multi-Manager Moderately Aggressive Portfolio

1 As at 30 April 2022 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 Multi-Manager Moderately Aggressive Portfolio General information Asset manager (s) STANLIB Multi-Manager Benchmark 70% FTSE/JSE SWIX Index TR, 30% JSE ALBI Index TR Portfolio size R 3,702 million as at 31/03/2022 Launch date 02 May 2005 Regulation 28 Compliant Guarantee available Yes - Optional Guarantee(s) available on selected products. Cost ratios Annualised (including VAT) as at 31 December 2021 Based on period from 01 January 2019 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.

2 Portfolio objective The Portfolio aims to produce a risk/return profile consistent with that required by a moderate investor. Moderate investors are long-term investors who want reasonable but relatively stable growth. Some fluctuations are tolerable, but investors want less risk than that attributable to a fully equity based investment. Investor profile This Portfolio is suited to the investor who: is looking for diversification through a multi -managed solution. 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.

3 Holdings Asset allocation (%) as at 31/03/2022 Sector allocation (%) as at 31/03/2022 Top equity holdings (%) as at 31/03/2022 Anglo American plc MTN Group Ltd Standard Bank Group Ltd FirstRand Ltd Prosus British American Tobacco plc Naspers Ltd Absa Bank Ltd Glencore plc Sasol Ltd As at 30 April 2022 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 2 of 3 Excelsior Multi-Manager Moderately Aggressive Portfolio Asset manager (s) STANLIB Multi-Manager a division of STANLIB Asset Management (Pty) Ltd Founded in 1999, STANLIB Multi-Manager is the centre of excellence for multi -managed solutions within the Liberty Group, with an excess of 20 years of multi -asset know-how.

4 STANLIB Multi-Manager has a proud and long-term track record. Over the past decade the business evolved and now offers a range of pre-designed solutions and/or customised solutions across the risk spectrum to suit investors at all stages of their lives. manager Selection STANLIB Multi-Manager follows a rigorous and disciplined manager research and selection process that starts by analysing the sector for which the Portfolio is being built, and determining the key drivers of outperformance. The manager research team conducts thorough quantitative and qualitative analyses, culminating in an extensive investment due diligence to identify those managers that have the skill and ability to outperform. This results in the production of high conviction buy/hold/sell lists, as well as mandate performance expectations under different environments, defining events and sell triggers/disciplines.

5 The Portfolio management team then constructs a framework for blending managers into the Portfolio that targets the key areas of outperformance and promotes diversification. They only entrust their client s assets to the highest quality managers, who are then selected into this framework to provide the Portfolio with exposure to these sources of market outperformance over the long term. Passive alternatives are considered in the process and, where used, these help to lower Portfolio costs. On a regular basis the Portfolio is reviewed to ensure it is delivering on its long term objectives. From time to time changes are made to improve the structure and/or risk return profile of the Portfolio . Underlying managers The assets of this Portfolio are currently allocated to the below managers, shown within their respective asset classes. Local Equity Local Bonds Coronation ALUWANI Foord Coronation MandG Futuregrowth Ninety One Prescient Truffle STANLIB AM Visio Commentary as at 31 March 2022 Market review Local equity climbed for the quarter, masking the flurry of macro and geopolitical uncertainty that surfaced during the quarter.

6 Local bonds were higher and the rand strengthened against the US dollar, but global equity fell in US dollar terms as risk appetite subsided. The primary drivers of increased risk aversion during the quarter. The first included the Russian invasion of Ukraine that cast great uncertainty over markets just as the world was emerging from the global COVID crisis. Russia suspended its equity market on 25 February and MSCI announced the removal of Russian shares from its indices. The US Federal Reserve signalled its intent to raise US interest rates to combat run-away inflation and they delivered a hike in March. The market now expects US interest rates to rise a further six times in 2022, peaking at by the end of 2023 a substantial realignment compared to just five months ago when inflation was still deemed transitory. Another source of volatility came from China where regulatory pressure intensified.

7 Fund review The fund lagged its benchmark in Q1 as stock selection detracted from performance. SA equities detracted from performance as our managers held less resources and financials in their funds these were the two sectors that drove SA equity returns in Q1. Stock selection in the technology sector was also negative and while the managers made the right call on Naspers (underweight), the overweight position in Prosus affected performance. Looking ahead For most of 2021, we had a strong preference for growth assets for several reasons. Firstly, valuations were attractive as the market had taken a beating in 2020. Secondly, we expected a better economic environment in 2021. And thirdly, vaccines were being rolled and lockdown restrictions relaxed. Our view proved correct as equities rallied last year. Although we have reduced our equity position in 2022, we remain overweight.

8 We do not expect equities to perform as well as they did in 2021 but we believe they have the potential to hold up better than most of the other asset classes. The SA markets look more attractive than they have in some time relative to developed markets and their own history. We continue to prefer bonds due to the attractiveness of the long end of the curve. On cash, despite the hawkish tone from the SARB, cash rates remain low in South Africa. Source: SMM, Liberty The commentary gives the views of the Portfolio manager at the time of writing. Any forecasts or commentary included in this document are not guaranteed to occur. As at 30 April 2022 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.)

9 2409). Page 3 of 3 Excelsior Multi-Manager Moderately Aggressive Portfolio Disclosures General information and Holdings All size and holdings data is updated quarterly. Cost ratios The Total Expense Ratio (TER) depicts the percentage of the value of the Financial Product that was incurred as expenses relating to the administration of the Financial Product. A higher TER does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER may not necessarily be an accurate indication of future TER s. The Transaction Costs (TC) depicts the percentage of the value of the Financial Product that was incurred as costs relating to the buying and selling of the assets underlying the Financial Product. The TC are a necessary cost in administering the Financial Product and impacts Financial Product returns. The TC should not be viewed in isolation as returns may be impacted by many other factors over time including market returns, the type of Financial Product, the investment decisions of the investment manager and the TER.

10 The Total Investment Charges (TIC), which is the sum of the TER and TC, depicts the percentage of the value of the Financial Product that was incurred as costs relating to the investment of the Financial Product. The TER, TC and TIC values represent the weighted average of all tax classes (where more than one tax class exists). Please be advised that for portfolios that invest 100% into an underlying collective investment scheme Portfolio (CIS) the TER, TC and TIC shown represent that of the underlying CIS. Please note that the implicit fees are disclosed on the website under each fact sheet range. Performance Cumulative Performance and Returns All returns shown are in ZAR. The single premium investment returns shown are gross of Liberty product charges but net of implicit portfolios fees and shareholder participation (where applicable). Individual investor performance may differ as a result of initial fees, the actual investment date and/or the date of reinvestment.