Changes in responsibilities of directors Value Group Limited (Incorporated in the Republic of South Africa) (Registration number 1997/002203/06) JSE share code: VLE ISIN: ZAE000016507 (“Value” or the “Company”) CHANGES IN RESPONSIBILITIES OF DIRECTORS The information below is provided in compliance with paragraph 3.59 (c) and (b) of the JSE Limited Listings Requirements. Following the appointment of Ms Bukelwa Bulo as Independent Non-Executive Director on the Board of Directors (the “Board”), as announced previously on SENS, shareholders are advised that the membership of the following Value board committees has been reconstituted with the following additions effective 12 June 2020: 1. Value Remuneration and Nominations Committee (RemNom): Non-executive director, Dr Mathews Phosa has been appointed as member and Chairperson of the RemNom. 2. Value Social and Ethics Committee (SEC): Independent non-executive director, Bukelwa Bulo has been appointed as member of the SEC. Johannesburg 17 July 2020 Sponsor Investec Bank Limited Date: 17-07-2020 05:05:00 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.