HOW IT WORKS

Launch Date 7 December 2018

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

• Open for new business from 8 October 2018 - 30 November 2018 (close date)• Limited downside risk due to capital protection• Favourable tax treatment1 of investment returns (within endowment structure)

Liberty offers you this investment using a certificate issued by BNP Paribas Issuance B.V. (BNPI), which includes a guarantee by BNP Paribas. To offer the highest potential return for investors Liberty passes the risk of BNPI defaulting onto investors. This means you are indirectly exposed to the credit risk of BNPI and BNP Paribas. As the returns on this investment are dependent on performance of BNP Paribas and BNPI, Liberty will not be liable to make payment of the equity guarantee in the event of bankruptcy, default or non-performance by BNP Paribas or BNPI.

Liberty Advanced Global Equity T1 is a structured portfolio offered on the Evolve Investment Plan. 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.

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 T1 portfolio . The strike date is 7 December 2018.

MATURITY DATE: The date at which the structured portfolio matures, and the returns are realised for the investor. The maturity date is 7 December 2023.

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 fluctuations in the return• Is looking for global index exposure with rand denominated returns

FUND INFORMATION

KEY FEATURES

FUND OBJECTIVE

INVESTOR PROFILE

AGGRESSIVE

CONSERVATIVE

MODERATELY CONSERVATIVE

MODERATE

MODERATELY AGGRESSIVE

RISK PROFILE

KEY TERMS

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

This structured portfolio is the ideal investment to get exposure to the biggestcompanies in the world while guaranteeing your initial capital investment over a fixed time horizon. Assuming that BNPI honours its guarantee, there are 3 possible return scenarios illustrated below.

YEARS

UN

DER

LYIN

G IN

DEX

GRO

WTH

SCENARIO 1If 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 10.17% p.a. (adjusted for tax), you receive 10.17% p.a. return (net of tax )2. This return is net of fees.

2These numbers are based on the tax applicable at the time of launch and are subject to changes in tax legislation3 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.

10.17%p.a.

0 1 2 3 4 5

YEARS

The investor receives the full growth of the underlying index (adjusted for tax)2

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 10.17% p.a. (adjusted for tax )2, you receive the full growth of the underlying index (adjusted for tax)2. This return is net of fees.

10.17%p.a.

YEARS

Get Initial investment back

UN

DER

LYIN

G IN

DEX

GRO

WTH

0 1 2 3 4 5

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 T1 portfolio. This amount is net of fees and taxes 2,3.

There are 3 possible return scenarios:

LIBERTY ADVANCED GLOBAL EQUITY T1 PORTFOLIO31 May 2020

Important information

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.

10.17% p.a.

0 1 2 3 4 5

The investor receives areturn of 10.17% p.a.(net of tax)2

Date: 31 March 2020Disclaimer: Please note that this is the latest available data.

Date: 31 March 2020Disclaimer: Please note that this is the latest available data.

ALLOCATIONInformation Technology 25.40%

Health Care 15.30%

Financials 11.30%

Communication 10.70%

Consumer Discretionary 9.80%

Industrials 8.20%

Consumer Staples 7.80%

Utilities 3.50%

Real Estate 3.00%

Energy 2.60%

Materials 2.40%

Technology 12.60%

Personal & Household Goods 12.40%

Health Care 11.00%

Banks 7.20%

Insurance 6.20%

Utilities 6.00%

Oil & Gas 5.80%

Retail 4.30%

PERFORMANCE Historic returns of underlying capital indices as at 31 May 2020

1 Year 3 Year 5 Year

Unit Price at strike date (7 December 2018)

Liberty Advanced Global Equity T1 Portfolio (ZAR) 100

S&P 500 (USD) 2633.08

EURO STOXX 50 (Euro)

Date: 7 December 2018

3058.53

Illustrative cumulative performance of underlying index growth since strike date

Date: 31 March 2020Disclaimer: Please note that this is the latest available data.

S&P 500 COUNTRY BREAKDOWN

Date: 31 March 2020Disclaimer: Please note that this is the latest available data.

EURO STOXX 50 COUNTRY BREAKDOWN

United States 100% France 38.70%

Germany 32.20%

Netherlands 12.00%

Spain 8.70%

Italy 4.90%

Belgium 1.70%

Ireland 1.00%

Finland 0.80%

Microsoft Corp

Apple Inc

Amazon

Alphabet Inc Class C

Facebook Inc

Berkshire Hathaway Inc Johnson & Johnson

JP Morgan Chase & Co

Visa Inc

Procter & Gamble

Date: 31 March 2020Disclaimer: Please note that this is the latest available data.

S&P 500 SECTOR ALLOCATION

5.60%

4.94%

3.78%

3.24%

1.87%1.66%

1.61%

1.31%1.28%1.28%

SAP 5.63%

5.18%

4.62%

4.56%

4.51%

4.45%

3.28%3.10%

3.08%

2.91%

6.22%50% S&P 500 and 50% EURO STOXX 50 capital Indices (net of taxes)

Source: Bloomberg 31 May 2020

Please note tha tt these returns above are purely for illustrative purposes.

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

Date: 31 March 2020

Disclaimer: Please note that this is the latest available data.

EURO STOXX 50 SECTOR ALLOCATION

Industrial Goods & Services 9.60%

Chemicals 9.20%

Based on period from 07 December 2018

0,00%

0,00%

Total Expense (TER)

Transaction Costs (TC)

Total Investment Charge (TIC) 0,00%

S&P 500

EURO STOXX 50 Combined

Indices

Source: Bloomberg 31 May 2020

2Cost Ratio

Please refer to Cost ratios section of Disclosures for important information relating to the above.

ASML Holdings

TotalSanofi

LVMH Moet HennesyLinde

Allianz

SiemensUnilever NV

L'oreal

10.62%

-7.02%

1.03%

8.07%

-4.97%

0.71%

7.63%

-3.10%

1.43%

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.

DISCLOSURES

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).