Grant and Acceptance by Directors of Share Awards in terms of the Liberty Holdings’ Performance Reward Plan LIBERTY HOLDINGS LIMITED Incorporated in the Republic of South Africa Registration number 1968/002095/06 Alpha Code LBH ISIN code: ZAE000127148 ("Liberty Holdings") GRANT AND ACCEPTANCE BY DIRECTORS OF SHARE AWARDS IN TERMS OF THE LIBERTY HOLDINGS’ PERFORMANCE REWARD PLAN (PRP) As disclosed in the Liberty Remuneration Report for the year ended 31 December 2018, which was made available to shareholders on 31 March 2019, awards in respect of the PRP were made to the executive directors with effect from 22 March 2019. Due to the consultative process, the administrative setting up of the scheme and Liberty’s closed period, the acceptance of these awards was delayed until 1 August 2019. Therefore, in compliance with paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements, Liberty Holdings hereby announces that the following executive directors of the Company have been awarded, and accepted, conditional awards in terms of the PRP. Awards in the PRP are settled in ordinary shares upon vesting, subject to the outcome of the conditions imposed. The conditional PRP units awarded are subject to retention, forfeiture and performance conditions and vest in accordance with the rules of the PRP. Director D C Munro Designation: Chief Executive Officer of Liberty Holdings Acceptance date 1 August 2019 Class of security Awards in respect of ordinary shares Number of awards 75,651 Price per share* R99.14 Vesting date 1 March 2023 Nature of transaction Off-market award and acceptance of share awards Nature and extent of interest Direct beneficial Clearance obtained Yes Director D C Munro Designation: Chief Executive Officer of Liberty Holdings Acceptance date 1 August 2019 Class of security Awards in respect of ordinary shares Number of awards 75,651 Price per share* R99.14 Vesting date 1 March 2024 Nature of transaction Off-market award and acceptance of share awards Nature and extent of interest Direct beneficial Clearance obtained Yes Director Y Maharaj Acceptance date 1 August 2019 Designation Chief Financial officer of Liberty Holdings Class of security Awards in respect of ordinary shares Number of awards 40,347 Price per share* R99.14 Vesting date 1 March 2023 Nature of transaction Off-market award and acceptance of share awards Nature and extent of interest Direct beneficial Clearance obtained Yes Director Y Maharaj Acceptance date 1 August 2019 Designation Chief Financial officer of Liberty Holdings Class of security Awards in respect of ordinary shares Number of awards 40,347 Price per share* R99.14 Vesting date 1 March 2024 Nature of transaction Off-market award and acceptance of share awards Nature and extent of interest Direct beneficial Clearance obtained Yes * Closing Price on 22 March 2019 used to determine the number of share awards Braamfontein 1 August 2019 Sponsor Merrill Lynch South Africa (Pty) Limited Date: 01/08/2019 04:20:00 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.