Trading Statement for the year ended 31 December 2020 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 YEAR ENDED 31 DECEMBER 2020 LIBERTY REMAINS WELL CAPITALISED, REPORTING A REDUCED LOSS FOR THE FULL YEAR Liberty is currently in the process of finalising its results for the year ended 31 December 2020. These results will be released on SENS on 4 March 2021. We refer shareholders to the Group’s trading statement for the year ended 31 December 2020 released on SENS on 3 February 2021 and the Group’s operational update for the nine-month period ended 30 September 2020 released on SENS on 19 November 2020, which noted key factors that may have a material impact on the Group’s earnings for the 31 December 2020 reporting period as consequences of the COVID-19 pandemic. The COVID-19 pandemic had a material impact on Liberty's business in 2020, with significant economic and operational consequences particularly for the South African insurance operations. As reported at 30 June 2020, a pandemic reserve of approximately R3 billion (before tax) was created to set aside financial resources to ensure that Liberty is able to honour its commitments to clients as a result of COVID-19. The establishment of the reserve together with other factors, particularly the lower investment returns from the Shareholder Investment Portfolio (SIP), resulted in a reported normalised headline loss per ordinary share of 802,5 cents and a headline loss per ordinary share of 855,2 cents for the six months to 30 June 2020. These losses have been narrowed in the second half largely as a result of significantly improved investment returns in the SIP relative to the first half of 2020, particularly in the final quarter of 2020. Liberty continues to remain well capitalised, with Liberty Group Limited remaining comfortably within the capital coverage target range of 1,5 - 2,0 times after taking account of the operational and investment market impacts of the pandemic and the establishment of 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 a normalised headline loss per ordinary share and a headline loss per ordinary share of between 524,6 cents and 641,2 cents (31 December 2019 normalised headline earnings per ordinary share (NHEPS): 1 174,2 cents and 31 December 2019 headline earnings per ordinary share (HEPS): 1 220,0 cents) and a basic loss per ordinary share of between 550,5 cents and 672,9 cents (31 December 2019 basic earnings per ordinary share (EPS): 1 153,2 cents) for the year ended 31 December 2020. This represents a decrease of more than 100% in NHEPS, HEPS and EPS compared to the year ended 31 December 2019. The financial information contained in this trading statement for the year ended 31 December 2020 has not been audited or reviewed by the Group's auditors. Queries: Investor Relations Sharon Steyn Email: sharon.steyn@liberty.co.za 25 February 2021 Sponsor Merrill Lynch South Africa (Pty) Limited Date: 25-02-2021 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.