Finalisation of Fairness Opinion - Small Related Party Transaction LIBERTY HOLDINGS LIMITED Incorporated in the Republic of South Africa Registration number 1968/002095/06 ISIN code: ZAE000127148 Alpha Code LBH ("Liberty Holdings" or “Company”) FINALISATION OF FAIRNESS OPINION - SMALL RELATED PARTY TRANSACTION Shareholders of Liberty Holdings (“Shareholders”) are referred to the Company announcement, released on the Stock Exchange News Service on 31 July 2019, which advised Shareholders that the Company had entered into a Share Purchase Agreement with Stanbic Africa Holdings Limited ("SAHL"), a wholly owned subsidiary of Standard Bank Group Limited (“SBG”) to dispose of 100% of its shares in STANLIB Ghana Limited ("SGL") ("the Transaction") to SAHL, and the appointment of Ernst & Young Advisory Services (Pty) Limited (“EY”), as the Independent Expert with regards to the provision of a fairness opinion in relation to the Transaction. EY has concluded and confirmed to the Related Party Committee, an authorised sub-committee of the Board of Liberty Holdings that the terms of the transaction are fair as far as the Shareholders, other than SBG, are concerned, and in this regard a copy of such fairness opinion has been provided to the JSE. As required in terms of paragraph 10.7(c) of the JSE Limited Listings Requirements, the fairness opinion will lie open for inspection at the registered offices of Liberty Holdings at 1 Ameshoff Street, Braamfontein Johannesburg for a period of 28 days from the date of this announcement. 2 September 2019 Sponsor Merrill Lynch South Africa (Pty) Limited Date: 02/09/2019 03:45:00 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.