Liberty Group announces the appointment of Giles Heeger as Chief Executive of new business unit Liberty Financial Solutions

18 June 2008 Liberty Group

Liberty Group today announced the appointment of Giles Heeger (pictured right)  to establish and lead its new business unit, Liberty Financial Solutions (“LibFin”).

LibFin has been developed to manage the group’s market and credit risk, with the objective ofmitigating Liberty's overall business risk. It will also strategically manage the assets and liabilities of the group, balancing and distributing the group’s capital resources according to the needs of the business and the opportunities available in the market. This optimal management of capital and risk will be a key enabler of the group’s growth strategy.

Liberty Group CEO, Bruce Hemphill said: “This is amould-breaking development in financial management in the long-term insurance industry, at the heart of both the value that wedeliver to our shareholders, and the security that weprovide toour policyholders. The financial expertise andexperience that Giles brings to Liberty,and his ability to drive and marketmajor transactions, willstrongly influencethe strategic directionof bothLibFin and the entire group.”

Heeger joins the Liberty Group from Standard Bank where he has held the position of Director and Head ofinterest rate sales and structuring for Standard Bank’s Corporate and Investment Banking division. He will be supported by Deputy Chief Executive of LibFin Andrew Lonmon-Davis.

On his appointment Heeger said “Earlier this year the Liberty Group announced its strategic intent to become Africa’s foremost wealth manager and I am delighted at the opportunity to play a key role in forming its future. “

“LibFin will apply investment banking best practice and use the latest tools and methodologies to access the entire breadth of financial markets - including both the traditional insurance, banking and derivatives markets - enabling us to take swift advantage of opportunities that match Liberty's risk management appetite.”

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