Cautionary Annoucement Value Group Limited (Incorporated in the Republic of South Africa) Registration number: 1997/002203/06 Share code: VLE ISIN code: ZAE000016507 (“Value Group” or “the Company”) CAUTIONARY ANNOUNCEMENT Trading in Value Group’s Ordinary shares has been characterised by extremely low liquidity. This is due to its tightly held strategic and controlling shareholding which has deterred potential institutional investor interest in the Company’s shares. In recent years, share trading statistics reflect Value Group’s wholly-owned subsidiary, Value Logistics Limited, through its general repurchase programs, as the only meaningful source of liquidity available to shareholders wishing to trade their shares. In the context of the above, and given the substantial costs associated with a listing on the JSE, the Board is considering the potential delisting of the Company’s shares from the JSE on the basis that the delisting would be accompanied by a cash offer of R6.75 per Ordinary share (“the Proposed Transaction”) which represents a 49.7% premium to the 30 day VWAP at 17 February 2021 being R4.51 per Ordinary share. Through a limited wall cross process, Value Group have to date received letters of support from minority shareholders representing 42.2% of shares eligible to vote at the General Meeting required to implement the Proposed Transaction. Shareholders are advised to exercise caution when dealing in the Company’s shares until a further announcement is made. Johannesburg 18 February 2021 Sponsor: Investec Bank Limited Date: 18-02-2021 01:39:00 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.