GRAND PARADE INVESTMENTS LIMITED (Incorporated in the Republic of South Africa) (Registration number 1997/003548/06) JSE share code: GPL ISIN: ZAE000119814 ("GPL" or the "Company") and GMB LIQUIDITY CORPORATION PROPRIETARY LIMITED (Incorporated in the Republic of South Africa) (Registration number 2022/587629/07) ("GMB" or the "Offeror") UPDATE ANNOUNCEMENT REGARDING THE MANDATORY OFFER 1. INTRODUCTION 1.1 GPL Shareholders are referred to the Firm Intention Announcement released on SENS on Wednesday, 9 November 2022, by the Offeror and GPL setting out the terms of the Offeror's firm intention to propose the Mandatory Offer to GPL Shareholders and to the circular detailing the Mandatory Offer (“Circular”) which was distributed to GPL Shareholders on Thursday, 15 December 2022. 1.2 All capitalised terms used but not defined in this announcement shall bear the meanings ascribed to them in the Circular. 2. MANDATORY OFFER CONDITIONS Shareholders are hereby advised that the Company and the Offeror are awaiting certain regulatory approvals for the implementation of the Mandatory Offer (“Conditions”), and accordingly, the Mandatory Offer is not yet unconditional. Once the Conditions have been fulfilled, a further announcement will be published by the Company on SENS, which will include the revised timetable in relation to the Mandatory Offer. 3. INDEPENDENT BOARD RESPONSIBILITY STATEMENT The Independent Board accepts responsibility for the information contained in this announcement insofar as it relates to GPL and the Mandatory Offer. To the best of their collective knowledge and belief, the information contained in this announcement is true and this announcement does not omit anything likely to affect the importance of the information. 4. OFFEROR RESPONSIBILITY STATEMENT The Offeror accepts responsibility for the information contained in this announcement insofar as it relates to detail around the Offeror and the Mandatory Offer. To the best of its knowledge and belief, the information contained in this announcement is true and this announcement does not omit anything likely to affect the importance of the information. Cape Town 15 March 2023 FINANCIAL ADVISER TO GPL Rand Merchant Bank, a division of FirstRand Bank Limited SPONSOR TO GPL PSG Capital Proprietary Limited LEGAL ADVISER TO GPL Clyde & Co LLP LEGAL ADVISER TO GMB Solaris Law Proprietary Limited