Dealings in securities LIBERTY TWO DEGREES LIMITED (Registration number: 2018/388906/06) JSE share code: L2D ISIN: ZAE000260576 (“L2D” or “the Company”) DEALING IN SECURITIES BY EXECUTIVE DIRECTORS In compliance with paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements, L2D hereby announces the following transactions for the directors of the Company in terms of L2D’s Restricted Share Plan (“the “LTIP”). These restricted ordinary shares below were awarded by STANLIB REIT Fund Managers Proprietary Limited (“SRFM”) prior to the conversion of L2D to a Corporate REIT and is therefore not for the cost of the shareholders of the new L2D.. Executive Director José Richard Snyders Date of award 1 March 2017 Date of transaction (Vesting date) 1 March 2020 Number of securities 40 849 ordinary shares Nature of transaction Off-market vesting of restricted share awards in respect of the first tranche of share awards made on appointment to L2D in terms of LTIP Vesting periods One-third after 36 months, another one-third after 48 months and the balance after 60 months. No conditionality applies Price per share R5.40 Total value of transaction R220 584.60 Nature and extent of interest Direct beneficial Executive Director Amelia Beattie Date of award 6 December 2016 Date of transaction (Vesting date) 1 March 2020 Number of securities 140 351 ordinary shares Nature of transaction Off-market vesting of restricted share awards in respect of the first tranche of share awards made on the listing of L2D in terms of the LTIP Vesting periods One-third after 36 months, another one-third after 48 months and the balance after 60 months. No conditionality applies Price per share R5.40 Total value of transaction R757 895.40 (gross of taxation) Nature and extent of interest Direct beneficial Director (Chief Executive) Amelia Beattie Date of transaction 3 March 2020 Number of securities 63 306 ordinary shares Nature of transaction On-market sale to cover the income tax liability Price per share R5.41 Total value of transaction R342 485.46 Nature and extent of interest Direct beneficial Director (Chief Executive) Amelia Beattie Date of award 6 December 2016 Date of transaction (Vesting date) 1 March 2020 Number of securities 77 045 ordinary shares Nature of transaction Off-market vesting of restricted share awards in respect of the first tranche of share awards made on the listing of L2D in terms of the LTIP Vesting periods One-third after 36 months, another one-third after 48 months and the balance after 60 months. No conditionality applies Price per share R5.40 Total value of transaction R416 043.00 (net of taxation) Nature and extent of interest Direct beneficial Clearance to trade was obtained in terms of paragraph 3.66 of the JSE Limited Listings Requirements. Johannesburg 4 March 2020 Sponsor: The Standard Bank of South Africa Limited Investor Relations Gareth Rees Contact number: 011 448 6804 Date: 04-03-2020 05:45:00 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.