LIBERTY HOLDINGS LIMITED - Trading Statement for the six-month period ended 30 June 2021

Trading Statement for the six-month period ended 30 June 2021

Liberty Holdings Limited
Registration number 1968/002095/06
Incorporated in the Republic of South Africa
Share code: LBH
ISIN code: ZAE000127148
("Liberty" or "the Group")
LIBERTY HOLDINGS LIMITED

TRADING STATEMENT FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2021

Liberty is currently in the process of finalising its results for the six-month period ended 30 June 2021.
These results will be released on SENS on 4 August 2021.

We refer shareholders to the Group’s trading statement for the six-month period ended 30 June 2021
released on SENS on 5 July 2021, which stated that guidance on the relevant earnings ranges
relative to the comparative period will be issued once there is reasonable certainty regarding the
extent of the increase in earnings.

The global economic environment continued to recover in the first half of 2021. This positively
impacted global and South African investment market conditions, and the associated rally in
investment markets contributed positively to the return on the Shareholder Investment Portfolio during
the six-month period to 30 June 2021.

A pandemic reserve was established in the 2020 financial year to set aside financial resources to
provide for the expected impact of COVID-19 on Liberty’s business. Consistent with the Beta variant
being more severe than the first variants in South Africa, the impact in 2021 on mortality of the second
wave exceeded expectations in the South African Retail and Liberty Corporate businesses. This,
together with the impact of the current third wave and the associated prevalence of the Delta variant,
has necessitated a top-up of the pandemic reserve. Although the roll-out of South Africa’s vaccination
programme is gaining impetus and will go some way to mitigate the rate and severity of infections, the
short-term impact of the pandemic remains uncertain.

Liberty continues to remain well capitalised, with Liberty Group Limited remaining comfortably within
the capital coverage target range of 1,5 to 2,0 times after taking account of the ongoing operational
impacts of the pandemic and the increase in the pandemic reserve, demonstrating the financial
strength of the business.

In terms of paragraph 3.4(b) of the JSE Limited Listings Requirements, shareholders are advised that
the Group expects to report normalised headline earnings per ordinary share (NHEPS) of between
96,6 cents and 118,0 cents (30 June 2020 NHEPS: loss per share of 802,5 cents), headline earnings
per ordinary share (HEPS) and basic earnings per ordinary share (EPS) of between 75,9 cents and
92,7 cents (30 June 2020 HEPS: loss per share of 855,2 cents, and 30 June 2020 EPS: loss per
share of 902,4 cents) for the six-month period ended 30 June 2021. This represents an increase of
more than 100% in NHEPS, HEPS and EPS compared to the six-month period ended 30 June 2020.

The financial information contained in this trading statement for the six-month period ended
30 June 2021 has not been audited or reviewed by the Group's auditors.

Queries:

Investor Relations
Sharon Steyn
Email: sharon.steyn@liberty.co.za

29 July 2021

Sponsor
Merrill Lynch South Africa (Pty) Limited t/a BofA Securities

Date: 29-07-2021 07:05:00
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