Excelsior Listed Property Portfolio - Liberty | A leading ... Listed Property Portfolio FUND MANAGERS KEILLEN NDLOVU BCom(Hons), CAIB(SA), Treasury and International Keillen manages the largest, most successful listed property fund in South Africa (the STANLIB Listed ...

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FUND INFORMATIONBenchmarks 100% FTSE/JSE SA Listed Property IndexThe performance of the portfolio benchmark over time provides the basis against which the portfolio manager will be measured. This may be changed from time to time. Benchmark performance is gross of all fees.The value of the underlying property proposition is reflected in portfolio size above.Portfolio Manager Keillen Ndlovu Portfolio Size R 2342 mAsset Manager STANLIB Asset Management Reg 28 Compliance NoLaunch Date August 2008 Guarantee Available NoPERFORMANCE1 Year 3 Years 5 YearsUntaxed 16,43% 11,96% 13,80%Benchmark 17,19% 10,60% 13,02%Inflation 4,83% 5,28% 5,46%The above single premium untaxed returns reflects the returns of the underlying STANLIB (Class A unit trust fund) / STANLIB Multi-manager (Class B1 unit trust fund), with applicable distributions reinvested. Individual investor performance may differ as a result of underlying fee class, initial fees, the actual investment date and the date of reinvestment. Past performance is not indicative of future performance.SECTOR ALLOCATION100,0% - FinancialsDate: 30 Sep 2017TOP 10 HOLDINGSEcho Polska PropertiesVukile Property Fund LtdMAS REAL ESTATE INCSA Corporate Real Estate FundFortress Income Fund BHyprop Investments LtdRedefine Properties LtdResilient Reit LtdNepi Rockcastle PlcGrowthpoint Properties Ltd2,0%3,5%4,4%5,1%7,8%7,8%10,4%11,5%12,8%15,6%Date: 30 Sep 2017INVESTOR PROFILERisk ProfileThis portfolio is suited to the investor who:Conservative Moderately Conservative ModerateModerately Aggressive Aggressive has an investment horizon of at least 8 years wants growth in capital and a growing income stream over the medium to long term is prepared to accept high fluctuations in returns from year to yearFUND OBJECTIVEThe Portfolios primary objective is to provide growth of capital and an income source for investors. The Portfolio will invest in property shares, stock including property loan stock, debenture stock and debenture bonds, unsecured notes, collective investment schemes in property and other securities listed on exchanges which are considered consistent with the Portfolios primary objective. The Portfolio may also invest in the participatory interests (units) of collective investment schemes, which are consistent with the Portfolios investment policy, and financial instruments. The portfolio is invested in the STANLIB Institutional Property Fund.As at 30 November 2017ExcelsiorListed Property PortfolioFUND MANAGERSKEILLEN NDLOVUBCom(Hons), CAIB(SA), Treasury and International Keillen manages the largest, most successful listed property fund in South Africa (the STANLIB Listed Property Fund), with assets under management of R28billion for institutional and retail clients (as at June 2015). After beginning his property career with Standard Bank Properties in 2004, Keillen transferred to STANLIB in 2005 as a Listed Property Analyst. On successfully assuming increased responsibilities and fund management exposure, he was appointed Head of STANLIBs Listed Property Franchise in 2010, after becoming a full-time fund manager in 2008. The Listed Property team has won numerous awards over the past decade, and under his tenure has expanded its listed property offering from South Africa to the rest of Africa, Emerging Markets and Developed MarketsFUND COMMENTARYAs evidenced in the second quarter of 2017 and reflective of weaker South African growth dynamics, the preference of investors in quarter 3 for offshore exposure that offered increased defensiveness to a weakening South African environment. Listed property delivered 5.74% for the quarter, outperforming local cash and bonds and underperforming local equities. Overweight positions in MAS Real Estate and Sirus Real Estate contributed to performance of the fund. MAS continues to be a core holding and a strong performer in the portfolio, while Sirius Real Estate continues to offer defensive exposure to the German property market. The top detractors from performance were the underweight position in Greenbay and the overweight position in SA Corporate Real Estate Fund. Exposure to Greenbay is held indirectly through exposure to Resilient and Fortress, while SA Corporates outlook statement remained reasonable, but did not surprise positively. The manager has increased exposure to Greenbay, MAS Real Estate, Sirius and Echo Polska Properties in the past 6 months. Company results reported during the quarter continued to show that the local economic environment remains challenging, rental growth in SA remains under pressure, with rental negotiations becoming increasingly difficult. Results from companies with material offshore portfolios did not disappoint expectations. Looking ahead, the manager expects some South African companies with significant offshore exposure to increase their growth in Rand terms over the next 12 months. The manager also anticipates a 7% distribution growth for the sector's dividend paying companies with largely South African property portfolios. The manager remains well-positioned for this eventuality and has positioned the fund's SA property exposure towards SA property companies with both defensive South African and offshore property portfolios. Date: 30 Sep 2017EMAIL ADDRESS: factsheets@liberty.co.za WEBSITE: www.liberty.co.zaDISCLAIMERThe 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 (FAIS) Act of 2002. 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 financial adviser prior to making any decisions of a financial nature. Investment performance is generally shown gross of asset management fees, but in certain instances it is shown net of these fees. Performance also includes bonuses 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 will be influenced by inflation levels in the economy and prevailing market conditions. 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. No adjustment has been made to the risk profile for the guaranteed version of the portfolio. 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 Libertys shareholders and will not negatively impact on the returns provided to its policyholders. Liberty Group Limited is an Authorised Financial Services Provider in terms of the FAIS Act. (FSP license no. 2409).As at 30 November 2017ExcelsiorListed Property Portfolio

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