Changes to the board of directors LIBERTY TWO DEGREES LIMITED (Registration number: 2018/388906/06) JSE share code: L2D ISIN: ZAE000260576 (“L2D” or “the Company”) APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR AND CHANGE IN COMMITTEE COMPOSITIONS Shareholders are advised that Mr Peter Nelson has been appointed as an independent non-executive director to the board of directors of L2D as well as a member of the Audit and Risk Committee, the Remuneration and Nominations Committee and the newly established Related Party Committee, effective 26 May 2020. Peter is a Chartered Accountant with extensive business experience locally and internationally. He has worked across several sectors in listed and private entities in South Africa and abroad and brings strong expertise to the board. L2D welcomes Mr Nelson to the board. Further to this, Ms Zaida Adams has been appointed as the Chairman of the Related Party Committee effective 26 May 2020 and Ms Lynette Ntuli stepped down as member of the Audit and Risk Committee effective 25 May 2020. L2D thanks Ms Adams and Ntuli for their continued service. Johannesburg 26 May 2020 Sponsor The Standard Bank of South Africa Limited Investor Relations Gareth Rees Contact number: 011 448 6804 Date: 26-05-2020 07:30:00 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.