Dealings in securities LIBERTY TWO DEGREES LIMITED (Registration number: 2018/388906/06) JSE share code: L2D ISIN: ZAE000260576 (“L2D” or “the Company”) SETTLEMENT OF SHARE AWARDS FOR AN EXECUTIVE DIRECTOR AND THE COMPANY SECRETARY In compliance with paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements, shareholders are hereby advised of the following dealings by the Chief Executive and Company Secretary. Director (Chief Executive) Amelia Beattie Date of transaction 01 April 2019 Number of securities 158 350 Nature of transaction Acceptance of a cash consideration payment in lieu of restricted shares awarded during employment at STANLIB Asset Management. The payment is made by Liberty Holdings Limited and not L2D (off market) Price per share R6.65 Total value of transaction R1 053 027.50 (pre-taxation) Cash consideration R579 165.13 (post-taxation) Nature and extent of interest Direct beneficial Clearance obtained Yes Company Secretary Ben Swanepoel Date of transaction 1 April 2019 Number of securities 64 767 Nature of transaction Acceptance of a cash consideration in lieu of shares following the vesting of a tranche of shares awarded at commencement of employment (off market) Price per share R6.65 Total value of transaction R430 700.55 (pre-taxation) Cash consideration R236 885.30 (post-taxation) Nature and extent of interest Direct beneficial Clearance obtained Yes Johannesburg 3 April 2019 Sponsor: The Standard Bank of South Africa Limited Investor Relations Gareth Rees Contact number: 011 448 6804 Date: 03/04/2019 02:10:00 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.