LIBERTY HOLDINGS LIMITED - Liberty to list Property Portfolio as a REIT on the JSE in 2016

Liberty to list Property Portfolio as a REIT on the JSE in 2016

Liberty Holdings Limited
Incorporated in the Republic of South Africa
(Registration number: 1968/002095/06)
JSE code: LBH ISIN code: ZAE0000127148
Preference share code: LBHP ISIN Code: ZAE000004040
(“Liberty”)

VOLUNTARY ANNOUNCEMENT: LIBERTY TO LIST PROPERTY PORTFOLIO AS A REIT ON THE JSE IN 2016

Liberty announces its intention to list a portion of the Liberty group's iconic property portfolio on the main
board of the JSE Limited (“JSE”) as a Real Estate Investment Trust (REIT) towards the end of 2016. The listed
REIT will have an anticipated net asset value of R10 billion and will be managed by STANLIB.

The JSE listing will augment the value proposition to Liberty’s existing policyholders and enable greater
opportunities for enhancing the returns profile of this portfolio of premier properties. The listing will also
support expansion of and enhancements to the existing property assets, and broaden their accessibility to a
wider investment community.

Retail customers will have preferential access to the listed REIT on a limited basis through Liberty’s
investment or retirement annuity products. These products will be taken to market via comprehensive
customer and financial adviser campaigns that are commencing immediately and continuing over the next
couple of months. Policyholders who are already invested in the existing unlisted Liberty Property Portfolio
should seek advice from their financial advisers to better understand the implications of the proposed listing
on their policy.

The REIT's assets will effectively comprise a portion of Liberty group’s property assets, which are primarily
held for the benefit of Liberty’s policyholders, and the listing is therefore not expected to have a material
impact on Liberty’s share price. Further announcements relating to the listing and potential capital raising
programmes will be communicated as and when appropriate. The listing is subject to all necessary
regulatory approvals.

Liberty has appointed The Standard Bank of South Africa Limited and Java Capital as joint bookrunners and
transaction advisers to the listing.

Johannesburg
23 August 2016

For further information please contact:
Media Agency:                                           Jacques de Bie 011 691 5384
Liberty Investor Relations:                             Sharon Steyn 011 408 3063
Liberty Media Relations:                                Sizwe Mdingi 011 408 4015
Liberty Financial Advisers / Brokers:                   Jennifer van Rensburg - 083 253 9799
Legal Adviser:                                          Webber Wentzel
Sponsor:                                                Merril Lynch South Africa (Pty) Limited

Date: 23/08/2016 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.