Update relating to finalisation information 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) (the “Manager”) LIBERTY TWO DEGREES LIMITED (Registration number: 2018/388906/06) JSE share code: L2D ISIN: ZAE000260576 (“New L2D”) UPDATE RELATING TO FINALISATION INFORMATION Further to the Circular posted to Unitholders on Monday, 30 July 2018, as supplemented by the Supplementary Information published on SENS on Monday, 6 August 2018 in relation to the Proposed Transactions including the conversion of the CISIP to a corporate REIT in the form of New L2D, Unitholders are advised that certain conditions precedent, as detailed in the Circular, are currently outstanding and accordingly, finalisation information is not able to be published today as per the timetable disclosed in the Circular. Further information regarding the timing of finalisation information in relation to both the Final CISIP Distribution and Proposed Transactions will be published on SENS by Friday, 21 September 2018. All other important dates and times remain as detailed in the Circular. Capitalised terms used in this announcement bear the same meaning as the capitalised and defined terms used in the Circular. Johannesburg 17 September 2018 Financial Advisor and Transaction Sponsor The Standard Bank of South Africa Limited Independent Sponsor Questco Corporate Advisory Proprietary Limited Investor Relations Gareth Rees Contact number: 011 448 6804 Date: 17/09/2018 05:20:00 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.