55.7221.176.814.763.283.182.641.920.51

Local EquityForeign EquityLocal PropertyLocal BondsLocal CashAlternativeForeign BondsForeign CashForeign Property

TelecommunicationsIndustrials

Health Care

Consumer Goods

Consumer ServicesTechnology

Other

FinancialsBasic Materials

1.43

2.704.01

5.607.93

9.95

14.7

26.63

27.05

Please refer to Disclosures for important information relating to the content of this document.

Liberty Group Ltd. is a registered Long-Term Insurer, the insurer of Lifestyle Protector and an Authorised Financial Services Provider (no 2409). Terms and Conditions apply. ©Liberty Group Ltd 2020. All rights reserved.

General Information

Portfolio Name: Portfolio Manager: Asset Manager:Portfolio Size: Investor Profile:

Risk Profile:Launch Date: Regulation 28:

Multi-Strategy 5 Long Term Capital Growth Marius Oberholzer STANLIB Asset Management R 25,286,109.38 This portfolio is growth orientated with offshorediversification andisdesignedforinvestors with an aggressive risk appetite Aggressive20 November 2020 Non-compliant

Guarantee Available: No

Marius OberholzerBCom (Economics and Commercial Law) MSc (GlobalFinance)STANLIB Asset ManagementHead of Multi-Strategy

Marius joined STANLIB in September 2013 as Co-Head ofAbsolute Return Strategies. Marius took over as Head of StanlibAbsolute Return Strategies in September of 2015. . Prior to thisMarius managed investments both locally and internationally - inLondon and Hong Kong. Marius holds a BCom degree(Stellenbosch University) and an MSc in Global Finance from SternSchool of Business at New York University and the Hong KongUniversity of Science and Technology. He holds the IMC UKinvestment qualification.

factsheets@liberty.co.za www.liberty.co.za

Multi-Strategy 5 Long Term Capital Growth

Envision anew worldof investing.

You are invested in Multi-Strategy 5: Long Term Capital Growth. This portfolio is part of the Goals Based range of portfolios with a Target Return of CPI + 6% and Time Horizon of 5+ years.

Meet the Manager

Contact details

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5.2524.676.233.353.292 532.041.750.89

Local EquityForeign EquityLocal PropertyLocal BondsForeign BondsAlternativeLocal CashForeign CashForeign Property

Utilities

Other

Industrials

Health Care

Telecommunications

Consumer Goods

Technology

Consumer Services

FinancialsBasic Materials

0.05%

1.40%

2.42%2.73%

3.85%

8.45%

10.87%

12.33%

27.02%

30.88%

The Figures

Total Expense Ratio (TER) 1.16%

Transaction Costs (TC) 0.10%

Total Investment Costs (TIC) 1.26%Please refer to Cost ratios section of Disclosures for important information relating to the above.

3.50Firstrand Bank Limited 3.15Naspers Limited 3.04Anglo American Public Limited Company 2.50MTN Group Limited 2.27

Impala Platinum Holdings Limited 1.64Sasol Limited 1.60Capitec Bank Holdings Limited 1.40

0 November 2021

Sector Allocation:

Underlying Managers:

Cost Ratios:

Annualised estimate (including VAT) as at 30 June 2021 Based on a period from 1 December 2020

Asset Allocation:

Date: 30/09/2021

Date: 30/09/2021

Top 10 Equity Holdings: Prosus N V

Date: 30/09/2021

Performance

Standard Bank Group LimitedBritish American Tobacco Plc 1 73

1 97

% YTD 1m 3m 6mPortfolio (RA) 20.23 1.68 4.23 8.24Portfolio (Taxed-I) 17.60 1.48 3.64 7.40Benchmark 18.98 1.30 3.87 7.96Inflation 4.95 0.24 0.90 2.33

1y23.1520.2322.234.95

Market Overview

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. 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 c.130% 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.Domestically, over the quarter, the FTSE/JSE Capped SWIX Index gained 3.2%, listed property was a positive outlier with a 5.9% return and the All-Bond Index gained 0.4%. The STEFI cash benchmark returned 0.95% for the quarter.

Multi-Strategy 5 Long Term Capital GrowthCommentary as at 30 November 2021

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Disclaimers: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 poorreturn, 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 costin 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 FinancialProduct, the investment decisions of the investment manager and the TER.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.The TER, TC and resultant TIC cannot be determined accurately because of the short life span of the Financial Product. Calculations are based on actual data where possible and best estimates where actual data is not available.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 initialfees, the actual investment date and/or the date of reinvestment. Past performance is not indicative of future performance.The contents of this document are for generic information purposes only and do not constitute advice or intermediary services as contemplated in the Financial Advisory and Intermediary Services Act, Act No 37 of 2002 (FAIS). Whilst every attempt has been made to ensure the accuracy of the information contained herein, Liberty cannot be held responsible for any errors that may be represented. You are requested to consult your own accredited financialadviserpriortomakinganydecisionsofafinancialnature.Investmentperformanceisgenerallyshowngrossofassetmanagementfees,butincertaininstancesitisshownnetofthesefees.Performancealsoincludesbonuses (where applicable) proportional for the period under considerations, and makes allowance for implicit charges, where applicable. Performance will depend on the growth in the underlying assets within the portfolio, which willbeinfluencedbyinflationlevelsintheeconomyandprevailingmarketconditions.Past performance cannot be relied on as an indication of future performance. Unless stated otherwise, returns can be negative as well as positive. Expected return is after the deduction of tax but before any Liberty charges and fees.Noadjustmenthasbeenmadetotheriskprofilefortheguaranteedversionoftheportfolio(whereapplicable).Liberty may, from time to time, conduct securities lending activities on the assets in this portfolio. All of the risks in respect of these activities will be for Liberty’s shareholders and will not negatively impact on the returns provided toits policyholders.Liberty Group Limited (reg no 1957/002788/06) is a licensed Long-term Insurer and an Authorised Financial Services Provider (FAIS no. 2409).

Fund Review

Volatility control measures remained key for this range of portfolios over the past few months. Allocation to South African government bonds did not contribute to performance over the period, given yields around the world backing up and the cheap valuation of bonds (real yields) did not provide the cushion the manager believed it would. However, the asset class remain the favoured asset for now, despite the concerns around inflation picking up. Additionally, exposure to South African equity and the manner in which positions and exposures were implemented impacted performance in the second half of the quarter, as South African equities, or the Top40 specifically, corrected as commodity counters were sold off.

Looking Ahead

Looking at tactical allocations going forward, the manager remains broadly constructive on risk assets, although with a clear preference for offshore rather than local equity.

Source: STANLIB, LibertyThe 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.