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Liberty Holdings Limited - Trading statement

13 February 2009 Liberty Holdings Limited

Liberty Holdings Limited’s results for the twelve months ended 31 December 2008 will be published on 26 February 2009. This trading statement is issued in terms of the JSE Listing Requirements.

On 21 October 2008, shareholders approved the reorganisation of the Liberty Holdings Limited and Liberty Group Limited corporate structures, effective 1 December 2008. In terms of this, Liberty Group Limited became a wholly-owned subsidiary of Liberty Holdings Limited and Liberty Group Limited was delisted.

The 2008 financial year saw investment markets significantly underperform when compared to the strong investment markets of 2007. This negatively impacted the group’s earnings for 2008, particularly when compared to the high earnings base set in the previous year.

The basic and headline earnings per share of Liberty Holdings Limited is expected to be between 25% and 35% lower than that reported in 2007.

For information purposes, Liberty Group Limited’s headline earnings per share is expected to be between 45% and 55% lower than that reported in 2007. Liberty Group Limited’s headline earnings per share excluding investment gains and losses on shareholders’ portfolios, is expected to be 25% to 35% lower than that reported in 2007. These results include the impact of negative returns on shareholder participation portfolios. Insurance and asset management operating earnings are expected to be in line with 2007 results.

Liberty Holdings Limited remains well capitalised, with the capital adequacy level of Liberty Group Limited marginally ahead of the 2.5 times cover reported in the overview of trading published on 20 November 2008.

The information contained in this announcement has not been reviewed or audited by the company's external auditors either in terms of paragraph 3.4(b)(vi)(1)(aa) or 3.4(b)(vi)(1)(bb) of the JSE Listings Requirements.

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