Alex Apostolopoulos / November 18 2014

Basic Facts

• One of South Africa’s largest investment funds• AUM R561 billion (~51B USD)• 400 000+ retail and institutional clients• Presence in 8 African countries• “Sister company” to Standard bank and

Stanbic• Recently approved to manage REITs in Kenya,

one of the country’s first appointments

Ownership Structure

Leadership Structure

Key FundsGlobal Property Fund• Consists primarily of global property company

shares and REITs benchmarked against UBS Global Real Estate Investors Index

• Significant holdings include:– Westfield Group & Retail Trust (AUS)– Wharf Holdings Ltd. (HK)– British Land Co PLC (UK)– American Campus Communities Inc. (US)– Simon Property Group Inc. (US)

Global Balanced Fund• A conservative fund primarily in REITs, equities, and

some property assets• Significant holdings include:

– Las Vegas Sands, United Rentals Inc, Walt Disney Co

Key African FundsAfrican Direct Property Investment Fund

• Mauritian Investment vehicle with focus on properties in Nigeria, Ghana, Kenya, Uganda

• $150 million fund, US dollar denominated

• Targeting 25% IRR (gross)• Underlying investments target

gearing of 50 – 60%• Fund has tripled in size as of mid-

2014

Infrastructure Private Equity Fund

• 10 year closed-end fund focusing on green/brownfield infrastructure investments in sub-Saharan Africa

• R$1 billion target fund size (max R$1.5 billion) (~100MM USD)

• Targeting 18% return per annum• Exposure to energy, oil & gas,

transport, renewables, water, and public-private partnerships

Performance

• Awarded five Raging Bull awards for unit trust performance

• Gains significant advantage by having access to the branch network and customer base of Standard Bank, one of the largest banks in Africa. A substantial share of the cash flows and assets under management generated by STANLIB originates from Standard Bank.

• Double digit return on property portfolio has now been extended to a record 29 successive years.

• Contributed R489 million in earnings to parent company, Liberty holdings

• Grown by 12-15% in past three years

Sources

• https://www.homestrings.com/news-and-analysis/2014/april/15/following-in-nigerias-footsteps-kenya-licenses-another-reit/#.VGpFRYubJE7

• http://www.reuters.com/article/2014/08/28/us-africa-realestate-investment-idUSKBN0GS1YI20140828

• http://www.stanlib.com/Institutional/Documents/Brochures/Franchises/Infastructure_Private_Equity.pdf

• http://www.trialogue.co.za/wp-content/uploads/2013/04/liberty-iar-2012.pdf