Dealing in Securities by an Executive Director and the Company Secretary LIBERTY TWO DEGREES LIMITED (Registration number: 2018/388906/06) JSE share code: L2D ISIN: ZAE000260576 (“L2D” or “the Company”) DEALING IN SECURITIES BY AN EXECUTIVE DIRECTOR AND THE COMPANY SECRETARY In compliance with paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements, L2D hereby announces the following transactions: Director (Financial Director) José Snyders Date of transaction 31 March 2020 Number of securities 17 333 ordinary shares Nature of transaction Purchase in the open market VWAP per share R4.45 Highest price per share R4.50 Lowest price per share R3.78 Total value of transaction R77 131.85 Nature and extent of interest Direct beneficial Director (Financial Director) José Snyders Date of transaction 1 April 2020 Number of securities 4 297 ordinary shares Nature of transaction Purchase in the open market Price per share R4.61 Total value of transaction R19 809.17 Nature and extent of interest Direct beneficial Company Secretary Benjamin Swanepoel Date of award 1 April 2018 Date of transaction (Vesting date) 1 April 2020 Number of securities 64 767 ordinary shares Nature of transaction Off-market vesting of restricted share awards in respect of the final tranche of share awards made on appointment to L2D Vesting periods One-third on sign-on, another one-third after 12 months and the balance after 24 months. No conditionality applies Price per share R4.85 Total value of transaction R314 119.95 Nature and extent of interest Direct beneficial Company Secretary Benjamin Swanepoel Date of transaction 1 April 2020 Number of securities 33 050 ordinary shares Nature of transaction On-market sale to cover the income tax liability Price per share R4.30 Total value of transaction R142 115.00 Nature and extent of interest Direct beneficial Company Secretary Benjamin Swanepoel Date of award 1 April 2018 Date of transaction (Vesting date) 1 April 2020 Number of securities 31 717 ordinary shares Nature of transaction Off-market vesting of restricted share awards in respect of the final tranche of share awards made on appointment to L2D Vesting periods One-third on sign-on, another one-third after 12 months and the balance after 24 months. No conditionality applies Price per share R4.85 Total value of transaction R153 827.45 (net of taxation) Nature and extent of interest Direct beneficial Clearance to trade was obtained in terms of paragraph 3.66 of the JSE Limited Listings Requirements. Johannesburg 2 April 2020 Sponsor: The Standard Bank of South Africa Limited Investor Relations Gareth Rees Contact number: 011 448 6804 Date: 02-04-2020 05:05:00 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.