In formulating the information in this document, Liberty Life has taken due care to ensure that the views and opinions are based on information which is relevant and accurate and does not constitute advice by Liberty Life. Any legal, technical or product information contained in this document is subject to change from time to time. If there are any discrepancies between this document and the contractual terms or, where applicable, any fund rules, the latter will prevail. Past perfor-mance 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.Liberty Group Limited – an Authorised Financial Services Provider in terms of FAIS Act (license no. 2409).

Disclaimer:

5 Types of guarantees providing peace of mind

Guaranteed Capital Bonds

Fixed Interest Annuities

Fixed Interest Investing1

Capital (C)2

Capital Plus (C+)3

Excelsior Protector and Progressive Bonus

4

Higher of Death Guarantee5

Excelsior Property Portfolio

10 Reasons to choose the Excelsior Property Portfolio:

• Consistent inflation beating returns.

• Suitable for a moderate investor wanting long-term property exposure.

• Optional performance guarantees available per product.

• Physically owned and managed by Liberty Properties resulting in a sustainable long term strategy.

• Blue Chip Properties – Sandton City, Eastgate, Liberty Midlands Mall etc.

• Liberty Properties is one of the largest independent hotel owners in South Africa, positioning itself perfectly for 2010 and beyond.

• Historic outperformance of money-market rates.

• It is a building block of most of the Liberty Life Portfolios.

• Annual interim rate declaration provides for stable growth throughout the year.

• Diversification by means of exposure across retail, office, hotel and listed property sectors.

Top 10 Holdings – January 2009 Sector split – January 2009

Year Average CPI

Gross Return

1996 7.34 15.22

1997 8.62 18.33

1998 6.86 12.67

1999 5.27 17.50

2000 5.33 15.64

2001 5.73 12.97

2002 9.14 14.55

2003 6.99 14.65

2004 1.39 13.75

2005 3.40 16.50

2006 4.63 19.95

2007 7.08 20.60

2008 11.30 14.93

How have we done over the last 13 years

Make the right choice with Liberty Properties!

Liberty Properties vs. Asset Classes

Volatility

In formulating the information in this document, Liberty Life has taken due care to ensure that the views and opinions are based on information which is relevant and accurate and does not constitute advice by Liberty Life. Any legal, technical or product information contained in this document is subject to change from time to time. If there are any discrepancies between this document and the contractual terms or, where applicable, any fund rules, the latter will prevail. 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.Liberty Group Limited – an Authorised Financial Services Provider in terms of FAIS Act (license no. 2409).

Disclaimer:

24.27

24.346.375.74

4.93

3.65

3.483.17

2.72

2.38

0 5 10 15 20 25 30%

64%

Office

Retail

Hotel

Listed Property

Cash Holdings

12%

7%14%3%

Sandton City

Eastgate Shopping Centre

Nelson Mandela Square

Liberty Midlands Mall

Greenacres Shopping Centre

Liberty Promenade Mitchells Plain

Garden Court – Waterfront CPT

Sandton Sun & Intercontinental

Liberty Centre Braamfontein

Standard Bank Centre

25.00%

20.00%

15.00%

10.00%

5.00%

0.00%

Equity

Bonds

Liberty Properties

Domestic Listed Property

Foreign Listed Property

Domestic Inflation Linked Bonds

0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00%

“Invest in Land because they ain’t making any more of it” – Mark Twain

Historic gross return vs. volatility since 1985 Source: STANLIB and Liberty Properties