Rating Agency Action on South Africa-Based Insurers and Reinsurers LIBERTY GROUP LIMITED Incorporated in the Republic of South Africa (Registration number: 157/002788/06) Instrument Code: LGL02 ISIN: ZAG000097932 Instrument Code: LGL03 ISIN: ZAG000100249 Instrument Code: LGL04 ISIN: ZAG000105784 Instrument Code: LGL05 ISIN: ZAG000122250 Instrument Code: LGL06 ISIN: ZAG000139536 Instrument Code: LGL07 ISIN: ZAG000139544 (“Liberty”) or (“the Issuer”) Rating Agency Action on South Africa-Based Insurers and Reinsurers following the South African Sovereign Downgrade Due to the recent rating action taken by S&P Global Ratings (“S&P”) on South Africa’s long-term local currency from BBB+ to BBB, S&P has subsequently lowered the credit ratings on several of the South Africa-based insurers and reinsurers. This action is as a result of economic conditions which have led to increased asset risk in domestic insurers’ balance sheets. In accordance with paragraph 4.26 of the JSE Debt Listings Requirements, noteholders are advised that S&P has accordingly revised the Issuer’s note credit ratings as per below: Lowered ratings from zaAA+ to zaAA- on subordinated notes: -LGL06 -LGL07 Re-affirmed ratings of zaAA+ on non-deferrable subordinated notes: -LGL02 -LGL03 -LGL04 -LGL05 Re-affirmed the 'zaAAA/zaA-1' long- and short-term South Africa national scale ratings for Liberty. For more information, noteholders may view the rating agency’s website: www.standardandpoors.com/ratingsdirect Johannesburg 14 December 2016 Debt Sponsor The Standard Bank of South Africa Limited Date: 14/12/2016 04:44:00 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.