Changes to Board Committees and the Lead Independent Director LIBERTY HOLDINGS LIMITED Incorporated in the Republic of South Africa Registration number 1968/002095/06 ("Liberty" or the “Company”) Alpha Code LBH ISIN code: ZAE000127148 CHANGES TO BOARD COMMITTEES AND THE LEAD INDEPENDENT DIRECTOR Shareholders are advised that Mr Angus Band, Mr Tony Cunningham and Dr Sibusiso Sibisi have indicated their intention to retire from the board of Directors of Liberty, effective 13 May 2020. The board thanks them for their significant contribution to the company over the many years they have served on the board. Consequently, the following appointments have been approved by the board. Lead Independent Director Yunus Suleman (effective 14 May 2020) Group Actuarial Committee Howard Walker (chairman from 14 May 2020) Group Audit and Actuarial Committee Simon Ridley (effective 1 May 2020) Howard Walker (effective 1 May 2020) Carol Roskruge Cele (effective 1 May 2020) Group Remuneration Committee Simon Ridley (effective 1 May 2020, chairman from 14 May 2020) Directors’ Affairs Committee Yunus Suleman (chairman from 14 May 2020) Monhla Hlahla (effective 1 May 2020) Nooraya Khan (effective 1 May 2020) Group IT Committee Nooraya Khan (effective 1 May 2020, chairman from 14 May 2020) Significant Transactions Committee Thembisa Skweyiya (effective 1 May 2020) Related Party Committee Yunus Suleman (effective 1 May 2020, chairman from 14 May 2020) Howard Walker (effective 1 May 2020) Johannesburg 27 February 2020 Sponsor Merrill Lynch South Africa (Pty) Limited Date: 27-02-2020 05:15:00 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.