Further cautionary announcement LIBERTY TWO DEGREES JSE share code: L2D ISIN: ZAE000230553 (Approved as a REIT by the JSE) (“Liberty Two Degrees”) a portfolio established under the Liberty Two Degrees Scheme, a Collective Investment Scheme in Property established in terms of the Collective Investment Schemes Control Act, No 45 of 2002, as amended, and managed by STANLIB REIT Fund Managers (RF) Proprietary Limited (Registration number: 2007/029492/07) (“the Manager”) FURTHER CAUTIONARY ANNOUNCEMENT Unitholders of Liberty Two Degrees (“Unitholders”) are referred to the detailed cautionary announcement released on the Stock Exchange News Service of the JSE Limited on 18 May 2018 and published in the press on 21 May 2018 in relation to the proposed: - cancellation of the Liberty Group Limited Put Option; - acquisition of additional properties from the Liberty Property Portfolio; and - internalization of the management company of Liberty Two Degrees and conversion of Liberty Two Degrees to a corporate REIT, collectively, the “Proposed Transaction”. Unitholders are advised that the parties remain in discussions regarding the definitive terms of the Proposed Transaction and the conclusion of formal agreements. Unitholders should accordingly continue to exercise caution when dealing in their Liberty Two Degrees units until a further announcement is made. Johannesburg 29 June 2018 Financial Adviser and Sponsor The Standard Bank of South Africa Limited Legal Advisers Allen & Overy Webber Wentzel Investor Relations Lizelle du Toit, Instinctif Contact details: 011 447 3030 or 082 465 1244 Date: 29/06/2018 08:00:00 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.