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 Unitholders are referred 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, and the announcement made by the CISIP on Monday, 17 September 2018 in which it was noted that certain conditions precedent relating to the Proposed Transactions remained outstanding at that time. Although a number of conditions precedent to the Proposed Transactions have been fulfilled, the Board hereby advises Unitholders that certain conditions precedent are still in the process of being fulfilled and remain outstanding currently. Accordingly, the important dates and times as disclosed in the Circular are being amended to allow such conditions precedent to be fulfilled. The Board remains confident that the outstanding conditions precedent will be fulfilled in due course. The Transaction Documents provide for the Final CISIP Distribution to include all qualifying distributable income accruing to the CISIP for the period from 1 July 2018 to the end of the month in which the conditions precedent are fulfilled and for the Proposed Transactions to become effective and be implemented at the beginning of the following month. Accordingly, subject to the fulfilment of the outstanding conditions precedent, the revised important dates and times are set out below: 2018 Finalisation information in respect of the Final CISIP Distribution released Friday, 19 October on SENS Last day to trade to be recorded in the CISIP register in order to be Friday, 26 October eligible to receive the Final CISIP Distribution Last day to trade to be recorded in the CISIP register in order to be Friday, 26 October eligible to receive New L2D Shares on the Effective Date Ex-dividend date in respect of the Final CISIP Distribution Monday, 29 October Units suspended from trading Monday, 29 October Commencement of trading in New L2D Share Entitlements Monday, 29 October Record date in order to be eligible to receive the Final CISIP Distribution Wednesday, 31 October and to be eligible to receive New L2D shares Effective Date Thursday, 1 November Trading in New L2D Shares with the JSE share code: L2D and ISIN: Thursday, 1 November ZAE000260576 commences New L2D shares issued to Unitholders pursuant to the Proposed Thursday, 1 November Transactions Accounts at CSDP or broker updated in respect of dematerialised Thursday, 1 November Shareholders Delisting of Units from the JSE Friday, 2 November Payment of Final CISIP Distribution Wednesday, 14 November Note: Share certificates in the CISIP may not dematerialized or rematerialsed after Friday, 26 October 2018. Capitalised terms used in this announcement bear the same meaning as the capitalised and defined terms used in the Circular. Johannesburg 21 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: 21/09/2018 07:41:00 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.