Directors Dealing Announcement LIBERTY TWO DEGREES JSE share code: L2D ISIN: ZAE000230553 (Approved as a REIT by the JSE) (“CISIP”) 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 (“CISCA”), and managed by STANLIB REIT Fund Managers (RF) Proprietary Limited (Registration number: 2007/029492/07) (“SRFM” or the “Manager”) LIBERTY TWO DEGREES LIMITED (Registration number: 2018/388906/06) JSE share code: L2D ISIN: ZAE000260576 (“New L2D”) DIRECTORS DEALING ANNOUNCEMENT In terms of Section 3.63 of the Listings Requirements of the JSE Limited, Unitholders advised of the following dealings by Amelia Beattie, Chief Executive Officer: Director: Amelia Beattie Date of transaction: 1 September 2018 Transaction: Acceptance of a cash consideration payment in lieu of Liberty Two Degrees units (“Units”) that vested as part of the Liberty Two Degrees Incentive Scheme Number of Units: 32 647 Price per Unit: R7.50 Value of transaction: R244 852.50 (pre-taxation) Cash consideration: R134 668.88 (post-taxation) Extent of interest: Direct beneficial Clearance to deal: Yes Director: Amelia Beattie Date of transaction: 3 September 2018 Transaction: On market acquisition of Units Number of Units: 18 000 Price per Unit: R7.79 Value of transaction: R140 220.00 Extent of interest: Direct beneficial Clearance to deal: Yes Johannesburg 3 September 2018 Sponsor: The Standard Bank of South Africa Limited Date: 03/09/2018 03:30:00 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.