Launch Date 7 October 2019

Benchmarks Composite 50% S&P 500, 50% EURO STOXX 50 capital indices

STRIKE DATE: The date at which the structured product is purchased by Liberty and at which the investor may participate through an investment in the Liberty Advanced Global Equity T3 portfolio . The strike date is 6 December 2019.

MATURITY DATE: The date at which the structured portfolio matures, and the returns are realised for the investor. The maturity date is 6 December 2024.

S&P 500: An American stock market index based on the market capitalisations of the 500 largest companies in the USA having common stock listed on the NYSE or NASDAQ.

EURO STOXX 50: A European index based on the market capitalisation of 50 large, blue-chip European companies operating within Europe.

This structured portfolio is suitable for an investor who:• has an investment horizon of at least 5 years ( structure requires 5 years

to reach maturity date)• is prepared to accept some fluctuation in the return• is looking for global index exposure with rand denominated returns

FUND INFORMATION

FUND OBJECTIVELiberty Advanced Global Equity T3 is a structured portfolio offered on the Evolve Investment Plan and the Evolve Investment Plan (Sinking Fund) . The portfolio provides equal exposure to the S&P 500, an American index comprising 500 large-cap stocks on a market capitalisation basis, and the EURO STOXX 50, Europes leading blue-chip index for the Eurozone.

INVESTOR PROFILE

AGGRESSIVE

CONSERVATIVE

MODERATELY CONSERVATIVE

MODERATE

MODERATELY AGGRESSIVE

RISK PROFILE

KEY TERMS

Email Address: factsheets@liberty.co.za | Website: www.liberty.co.za

LIBERTY ADVANCED GLOBAL EQUITY T3 PORTFOLIO31 December 2019

KEY FEATURES

1 Year 3 Year 5 Year

S&P 500

EURO STOXX 50

Combined Indices

The returns of the Liberty Advanced Global Equity T3 portfolio are determined with reference to an instrument/s issued by one or more banks or entities affiliated with a bank (the ‘issuer’) and are dependent on the issuer/s performing its/their obligations in terms of the instrument/s. You are therefore exposed to the credit risk of the issuer/s as there is a risk of partial or total loss of capital in the case of certain risks materialising, including bankruptcy or default of payment obligations by the issuer/s. This means that, in the event of the issuer/s not being able to honour payments due to Liberty, Liberty will not be liable to make payment to you in terms of this investment. On the date that it issues the relevant instrument/s, Liberty will ensure that the issuer/s has a credit rating by S&P of at least BB+* on the South African national scale if it is a South African bank and at least A* if it is an international bank. To the extent that the issuer of the instrument/s partially performs its payment obligations or any one of the issuers fails to perform its payment obligations, you will be entitled to a pro rata payment calculated with reference to the partial payments received by Liberty.

* or the equivalent rating by another established ratings agency

PERFORMANCE

Historic returns of underlying capital indices as at 31 December 2019

Source: Bloomberg 31 December 2019

COST RATIOS

• Open for new business from 7 October 2019 - 29 November 2019 (close date).• Open for servicing from 7 October 2019 - 29 November 2019 (close date).• Limited downside risk due to capital protection• Favourable tax treatment of investment returns (within endowment structure)1 1Liberty may adjust any guarantees and benefits if any legislation (including tax legislation) affecting this investment is introduced or changed or the legal interpretation of any legislation (including tax legislation) or legal precedent affecting this investment has changed.

IMPORTANT INFORMATION

The Liberty Advanced Global Equity portfolio is a structured portfolio which does not incur any ongoing charges. The portfolio has an implicit upfront structuring charge which is shown under the "Other" charges in the EAC table on investor's investment proposal.

TER: The TER is an indicative measure of the average annual investment costs of your chosen portfolios for the previous 36 month period. It is a historical measure and cannot be used to predict the future TER. 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 TER excludes any transaction costs, advice fees and product fees.

TC: Transaction Costs are a necessary cost incurred by asset managers for buying and selling the underlying assets of a Financial Product. These costs impact the returns of the portfolios, and should not be viewed in isolation. The 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.

TIC: The total investment costs relating to the administration of the investment portfolio, and trading the underlying assets in the portfolio is called the Total Investment Cost. This is used in the calculation of the effective annual cost (see Investment Management Charges above).

Based on period from 07 October 2019

0,00%

0,00%

Total Expense (TER)

Transaction Costs (TC)

Total Investment Charge (TIC) 0,00%

13,00% 9,43%

4,41% 3,55%

28,88%

24,78%

26,64% 8,05% 6,03%

Unit Price at strike date (6 December 2019)

Liberty Advanced Global Equity T1 Portfolio (ZAR) 100

S&P 500 (USD) 3145,91

EURO STOXX 50 (Euro)

Date: 6 December 2019

3692,34

50% S&P 500 and 50% EURO STOXX 50 capital Indices (net of taxes) 1,77%

Illustrative cumulative performance of underlying index growth since strike date

Source: Bloomberg 31 December 2019

Please note that these returns above are purely for illustrative purposes.

HOW IT WORKS - INDIVIDUALS AND TRUSTS HOW IT WORKS - COMPANIESThis structured portfolio is the ideal investment to get exposure to the biggestcompanies in the world while guaranteeing your initial portfolio allocation amount over a fixed time horizon. Assuming that the issuer of the underlying instrument/s honours its payment obligations there are 3 possible return scenarios illustrated below.

UN

DER

LYIN

G IN

DEX

GRO

WTH

SCENARIO 1:If the change in the value of the underlying index (50% S&P 500 and 50% EURO STOXX 50 capital indices) at the end of the 5 year investment term is positive but less than 9.80%2 p.a. (adjusted for tax), you receive 9.80%2 p.a. (net of tax). This return is net of fees.

9.80% p.a.

0 1 2 3 4 5

YEARS

The client receives the full growth of the underlying index (adjusted for tax)

UN

DER

LYIN

G IN

DEX

GRO

WTH

SCENARIO 2: If the change in the value of the underlying index (50% S&P 500 and 50% EURO STOXX 50 capital indices) at the end of the 5 year investment term is greater than 9.80%2 p.a. (adjusted for tax), you receive the full growth of the underlying index (adjusted for tax). This return is net of fees.

UN

DER

LYIN

G IN

DEX

GRO

WTH

SCENARIO 3: If the change in the value of the underlying index (50% S&P 500 and 50% EURO STOXX 50 capital indices) experiences zero or negative growth at the end of the 5 year investment term, you receive the value of your initial investment into the Liberty Advanced Global Equity T3 portfolio. This amount is net of fees and tax.

UN

DER

LYIN

G IN

DEX

GRO

WTH

8.81%p.a.

0 1 2 3 4 5

YEARS

The client receives the full growth of the underlying index (adjusted for tax)

UN

DER

LYIN

G IN

DEX

GRO

WTH

SCENARIO 2:

YEARS

UN

DER

LYIN

G IN

DEX

GRO

WTH

This structured portfolio is the ideal investment to get exposure to the biggest companies in the world while guaranteeing your initial portfolio allocation amount over a fixed time horizon. Assuming that the issuer of the underlying instrument/s honours its payment obligations there are 3 possible return scenarios illustrated below.

If the change in the value of the underlying index (50% S&P 500 and 50% EURO STOXX 50 capital indices) at the end of the 5 year investment term is positive but less than 8.81%2 p.a. (adjusted for tax), you receive 8.81%2 p.a. (net of tax). This return is net of fees.

SCENARIO 1:

If the change in the value of the underlying investment basket (50% S&P 500 and 50% EURO STOXX 50 capital indices) at the end of the 5 year investment term is greater than 8.81 %2 p.a. (adjusted for tax), you receive the full growth of the underlying index (adjusted for tax).This return is net of fees.

SCENARIO 3: If the change in the value of the underlying index (50% S&P 500 and 50% EURO STOXX 50 capital indices) experiences zero or negative growth at the end of the 5 year investment term, you receive the value of your initial investment into the Liberty Advanced Global Equity T3 portfolio. This amount is net of fees and tax.

9.80% p.a.

0 1 2 3 4 5

YEARS

The client receives a return of 9.80%2 p.a. (net of tax)

8.81%p.a.

0 1 2 3 4 5

YEARS

9.80%p.a.

0%p.a.

The client gets back their initial T3 portfolio allocation amount

0 1 2 3 4 5

YEARS

8.81%p.a.

0%p.a.

The client gets back their initial T3 portfolio allocation amount

0 1 2 3 4 5

Please note:

• The numbers are based on the tax applicable at the time of launch and are subject to changes in tax legislation.

• The principal protection and minimum return are only applicable if you hold the investment to maturity. If you choose to withdraw a portion or the whole of your investment early you could experience a capital loss on the portion withdrawn.

• The value of the investment basket at the Maturity Date will be taken as an arithmetic average off the closing investment basket value over the 10 business days preceding the end of the structured portfolio. The 10 business days are inclusive of the Maturity Date.

Please note:

• The numbers are based on the tax applicable at the time of launch and are subject to changes in tax legislation.

• The principal protection and minimum return are only applicable if you hold the investment to maturity. If you choose to withdraw a portion or the whole of your investment early you could experience a capital loss on the portion withdrawn.

• The value of the investment basket at the Maturity Date will be taken as an arithmetic average off the closing investment basket value over the 10 business days preceding the end of the structured portfolio. The 10 business days are inclusive of the Maturity Date.

The client receives a return of 8.81%2 p.a. (net of tax)

2 The minimum return provided, should the underlying index experience a positive change, is subject to market conditions at the Strike Date. Liberty will inform investors of this return one week after the Strike Date.

2 The minimum return provided, should the underlying index experience a positive change, is subject to market conditions at the Strike Date. Liberty will inform investors of this return one week after the Strike Date.

Date: 31 December 2019Disclaimer: Please note that this is the latest available data.

Date: 31 December 2019Disclaimer: Please note that this is the latest available data.

S&P 500 SECTOR ALLOCATION

Date: 31 December 2019Disclaimer: Please note that this is the latest available data.

Personal & Household Goods 11.30%

Industrial Goods & Services 10.20%

Technology 10.90%

Health Care 10.00%

Banks 9.80%

Chemicals 8.50%

Insurance 6.70%

Oil &Gas 6.20%

Utilities 5.00%

Food & Beverages 4.10%

S&P 500 TOP 10 CONSTITUENTS EURO STOXX 50 TOP 10 CONSTITUENTS

Date: 31 December 2019 Disclaimer: Please note that this is the latest available data.

S&P 500 COUNTRY BREAKDOWN

Date: 31 December 2019Disclaimer: Please note that this is the latest available data.

EURO STOXX 50 COUNTRY BREAKDOWN

United States 100% France 38.60%

Germany 31.40%

Netherlands 10.90%

Spain 9.40%

Italy 4.90%

Belgium 2.90%

Finland 1.00%

Ireland 1.00%

Apple Inc

Microsoft Corp

Alphabet Inc Class C

Amazon

Facebook Inc

Berkshire Hathaway Inc

JP Morgan Chase & Co

Johnson & Johnson

Visa Inc

Procter & Gamble

4.56%

4.48%

2.98%2.86%

1.84%

1.65%

1.63%

1.43%

1.20%

1.16%

Date: 31 December 2019Disclaimer: Please note that this is the latest available data.

EURO STOXX 50 SECTOR ALLOCATION

4.87%4.86%

4.17%

4.11%3.91%

3.77%

3.46%

3.38%2.78%

2.77%

Disclaimer: This material does not constitute tax, legal, financial, regulatory, accounting, technical or other advice. The material has been created for information purpose only and does not contain any personal recommendations. While every care has been taken in preparing this material, no member of Liberty gives any representation, warranty or undertaking and accepts no responsibility or liability as to the accuracy, or completeness, of the information presented. Past performance cannot be relied on as an indication of future performance. Investment performance will depend on the growth in the underlying assets, which will be influenced by inflation levels in the economy and prevailing market conditions. Any recommendations made must take into consideration your specific needs and unique circumstances. For more information, including the fees, charges, limitations, tax implications and risks of the product, please consult your Liberty Financial Adviser or your Broker, should you require advice of a financial nature and/or intermediary services. Liberty Group Ltd (reg no 1957/002788/06) is a registered Long-Term Insurer, the Insurer of Evolve and an Authorised Financial Services Provider (FAIS no 2409). Terms and Conditions apply.

Information Technology 23.10%

Health Care 14.10%

Financials 13.30%

Communication 10.30%

Consumer Discretionary 9.70%

Industrials 9.00%

Consumer Staples 7.20%

Energy 4.30%

Utilities 3.30%

Real Estate 2.90%

Materials 2.60%

Total

SAP

ASML Holding

LVMH Moet Hennessy

Linde Plc

Sanofi

Siemens

Allianz

Airbus Group

Unilever NV