Dealings in Securities LIBERTY TWO DEGREES LIMITED Incorporated in the Republic of South Africa (Registration number 2018/388906/06) (Approved as a REIT by the JSE) Share code: L2D ISIN: ZAE000260576 (“L2D” or “the Company”) DEALINGS IN SECURITIES In compliance with paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements, L2D hereby announces the following transactions for the Directors of the Company in terms of L2D’s Restricted Share Plan (“the “LTIP”). 1. FORFEITURE OF RESTRICTED SHARES PREVIOUSLY AWARDED As a result of the performance condition, being distribution growth in excess of inflation, not being met in respect of 100% of the second tranche of performance-based restricted shares awarded on 1 March 2018, the following restricted ordinary shares held by the Executive Directors were forfeited on 1 March 2022: Director (Chief Executive) Amelia Beattie Number of securities forfeited 166 650 ordinary shares Notional value per share * R4.20 Total notional value lost R699 930.00 Director (Financial Director) José Snyders Number of securities forfeited 124 987 ordinary shares Notional value per share * R4.20 Total notional value lost R524 945.40 As a result of the performance condition, being distribution growth in excess of inflation, not being met in respect of 100% of the first tranche of performance-based restricted shares awarded on 1 March 2019, the following restricted ordinary shares held by the Executive Directors and Company Secretary were forfeited on 1 March 2022: Director (Chief Executive) Amelia Beattie Number of securities forfeited 212 744 ordinary shares Notional value per share * R4.20 Total notional value lost R893 524.80 Director (Financial Director) José Snyders Number of securities forfeited 141 829 ordinary shares Notional value per share * R4.20 Total notional value lost R595 681.80 Company Secretary Benjamin Swanepoel Number of securities forfeited 23 638 ordinary shares Notional value per share * R4.20 Total notional value lost R99 279.60 2. VESTING OF RESTRICTED SHARES PREVIOUSLY AWARDED The following restricted ordinary shares were awarded by STANLIB REIT Fund Managers (RF) Proprietary Limited (“SRFM” or “Manager”) prior to the conversion of L2D to a Corporate REIT, the cost of which was carried by Liberty Holdings Limited as the previous 100% shareholder of SRFM. Director (Chief Executive) Amelia Beattie Date of award 6 December 2016 Date of transaction (Vesting date) 1 March 2022 Number of securities 140 351 ordinary shares Nature of transaction Off-market vesting of restricted share awards in respect of the third and final tranche of share awards made on the listing of L2D in terms of the LTIP. (No shares were sold to cover the income tax liability) Vesting periods One-third on 1 March 2020 (already vested), another one- third on 1 March 2021 (already vested) and the balance on 1 March 2022. No performance conditionality applies. Price per share * R4.20 Total value of transaction R589 474.20 Nature and extent of interest Direct beneficial Director (Financial Director) José Snyders Date of award 1 March 2017 Date of transaction (Vesting date) 1 March 2022 Number of securities 40 849 ordinary shares Nature of transaction Off-market vesting of restricted share awards in respect of the third and final tranche of share awards made on appointment to L2D. Vesting periods One-third on 1 March 2020 (already vested), another one- third on 1 March 2021 (already vested) and the balance on 1 March 2022. No performance conditionality applies. Price per share * R4.20 Total value of transaction R171 565.80 Nature and extent of interest Direct beneficial Director (Financial Director) José Snyders Date of transaction 1 March 2022 Number of securities 18 097 ordinary shares Nature of transaction On-market sale to cover income tax liability Price per share R4.30 Total value of transaction R77 817.10 Nature and extent of interest Direct beneficial Director (Financial Director) José Snyders Date of award 1 March 2017 Date of transaction (Vesting date) 1 March 2022 Number of securities 22 754 ordinary shares Nature of transaction Off-market vesting of restricted share awards in respect of the third and final tranche of share awards made on the listing of L2D in terms of the LTIP. Vesting periods One-third on 1 March 2020 (already vested), another one- third on 1 March 2021 (already vested) and the balance on 1 March 2022. No performance conditionality applies. Price per share * R4.20 Total value of transaction R95 566.80 3. GRANT AND ACCEPTANCE OF SHARE AWARDS BY THE EXECUTIVE DIRECTORS In compliance with paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements, L2D hereby announces that the Directors and Company Secretary of the Company have been granted, and have accepted, share awards in terms of L2D’s Long-Term Incentive Plan (“the LTIP”). L2D’s Remuneration Committee approved the following share awards which are subject to performance conditions: Director (Chief Executive) Amelia Beattie Acceptance date 1 March 2022 Number of securities 1 309 524 Nature of transaction Off-market award and acceptance of share awards in terms of the LTIP. Vesting periods One-third on 1 March 2025, another one-third on 1 March 2026 and the balance on 1 March 2027 subject to performance conditions, being distribution growth, total return of assets against the MSCI benchmark and a strategic component. Price per share * R4.20 Total value of transaction R5 500 000.80 Nature and extent of interest Indirect beneficial, via L2D’s Restricted Share Plan Trust Director (Chief Executive) Amelia Beattie Acceptance date 1 March 2022 Number of securities 282 950 Nature of transaction Off-market award and acceptance of share awards in respect of a portion of short-term incentive remuneration being deferred and converted into restricted shares in terms of the LTIP. Vesting periods One-third on 1 September 2023, another one-third on 1 September 2024 and the balance on 1 September 2025. No conditionality applies. Price per share * R4.20 Total value of transaction R1 188 390.00 Nature and extent of interest Indirect beneficial, via L2D’s Restricted Share Plan Trust Director (Financial Director) José Snyders Acceptance date 1 March 2022 Number of securities 714 286 Nature of transaction Off-market award and acceptance of share awards in terms of the LTIP. Vesting periods One-third on 1 March 2025, another one-third on 1 March 2026 and the balance on 1 March 2027 subject to performance conditions, being distribution growth, total return of assets against the MSCI benchmark and a strategic component. Price per share * R4.20 Total value of transaction R3 000 001.20 Nature and extent of interest Indirect beneficial, via L2D’s Restricted Share Plan Trust Director (Financial Director) José Snyders Acceptance date 1 March 2022 Number of securities 168 929 Nature of transaction Off-market award and acceptance of share awards in respect of a portion of short-term incentive remuneration being deferred and converted into restricted shares in terms of the LTIP. Vesting periods One-third on 1 September 2023, another one-third on 1 September 2024 and the balance on 1 September 2025. No conditionality applies. Price per share * R4.20 Total value of transaction R709 501.80 Nature and extent of interest Indirect beneficial, via L2D’s Restricted Share Plan Trust Clearance to trade was obtained in terms of paragraph 3.66 of the JSE Limited Listings Requirements. * The price per share is the closing price of the L2D ordinary share on Monday, 28 February 2022. Johannesburg 3 March 2022 Sponsor Merchantec Capital Investor Relations Sumenthree Moodley Contact number: 011 358 9171 Date: 03-03-2022 09:55:00 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. 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