Acceptance of awards 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”) ACCEPTANCE OF AWARD Further to the circular to unitholders of Liberty Two Degrees (“Unitholders”) dated Monday, 30 July 2018 (“Circular”) relating to the Proposed Transactions (as defined in the Circular), Unitholders are referred to paragraph 3.2 of the Circular in terms of which it was advised that the Manager assumed the obligation to make delivery of 277 922 Liberty Two Degrees units (“Units”) to the current Chief Executive Officer, Amelia Beattie, in lieu of prior awards relating to her employment by STANLIB Asset Management before the establishment of the CISIP. The obligation to make delivery in terms of those awards was assigned to Liberty Holdings Limited and the cost thereof will not be borne by New L2D or 2 Degrees Properties Proprietary Limited. Unitholders are accordingly advised that further to the vesting of awards in line with the vesting periods, Amelia Beattie has accepted a cash consideration payment in lieu of Units on the terms set out below: Date of transaction: 17 August 2018 Number of Units: 119 572 Price per Unit: R8.02 Value of transaction: R 958 967.44 (pre-taxation) Extent of interest: Direct beneficial Clearance to deal: Yes Johannesburg 17 August 2018 Sponsor: The Standard Bank of South Africa Limited Date: 17/08/2018 10:00:00 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.