Results of the First Annual General Meeting of Shareholders and Operational Update LIBERTY TWO DEGREES LIMITED (Registration number: 2018/388906/06) JSE share code: L2D ISIN: ZAE000260576 (“L2D” or “the Company”) RESULTS OF THE FIRST ANNUAL GENERAL MEETING OF SHAREHOLDERS AND OPERATIONAL UPDATE L2D shareholders are advised that at the first annual general meeting of shareholders of the Company held at 12h00 on Friday, 10 May 2019 (“Annual General Meeting”), all the ordinary and special resolutions, as set out in the Notice of the Annual General Meeting, were passed by the requisite majority of votes of shareholders present in person or represented by proxy. - As at Friday, 3 May 2019, being the Annual General Meeting Record Date (“Voting Record Date”), the total number of L2D ordinary shares in issue (“L2D Issued Ordinary Shares”) was 908 443 334; - The L2D Issued Ordinary Shares eligible to vote by being present in person or by submitting proxies was 882 609 278, being 97.16% of the L2D Issued Ordinary Shares. The voting results were as follows: 1. Ordinary Resolution Number 1 – Adoption of Annual Financial Statements Shares Total Shares voted abstained For (%) Against (%) Number %(1) %(1) 99.997% 0.003% 881 644 800 97.052% 0.104% 2. Ordinary resolution 2 – Election of directors appointed by the Board of Directors Shares Total Shares voted abstained Directors Against For (%) Number %(1) %(1) (%) 2.1 Mr B Azizollahoff 99.997% 0.003% 881 664 800 97.052% 0.104% 2.2 Ms Z Adams 99.997% 0.003% 881 664 800 97.052% 0.104% 3. Ordinary resolution 3 – Election of Audit and Risk Committee Members Shares Total Shares voted abstained Directors Against For (%) Number %(1) %(1) (%) 3.1 Mr C Cesman 99.997% 0.003% 881 664 800 97.054% 0.102% 3.2 Mr B Azizollahoff 99.997% 0.003% 881 664 800 97.052% 0.104% 3.3 Ms Z Adams 99.997% 0.003% 881 664 800 97.052% 0.104% 4. Ordinary Resolution Number 4 – Appointment of PricewaterhouseCoopers Inc. as auditor and note that Ms J Basson will be the individual registered auditor Shares Total Shares voted abstained For (%) Against (%) Number %(1) %(1) 99.933% 0.067% 881 644 800 97. 052% 0.067% 5. Ordinary Resolution Number 5 – Approval of the Remuneration Policy by way of a non-binding advisory vote Total Shares voted Shares abstained For (%) Against (%) Number %(1) %(1) 83.853% 16.147% 881 659 800 97.052% 0.105% 6. Ordinary Resolution Number 6 – Approval of the Remuneration Implementation Report by way of a non- binding advisory vote Total Shares voted Shares abstained For (%) Against (%) Number %(1) %(1) 84.383% 15.617% 881 659 800 97.052% 0.105% 7. Ordinary Resolution Number 7 – To place the unissued authorised ordinary shares under the control of the directors Total Shares voted Shares abstained For (%) Against (%) Number %(1) %(1) 82.805% 17.195% 881 664 800 97.052% 0.104% 8. Ordinary Resolution Number 8 – General authority to issue ordinary shares for cash Total Shares voted Shares abstained For (%) Against (%) Number %(1) %(1) 98.449% 1.551% 881 664 800 97.052% 0.104% 9. Special Resolution Number 1 – Non-executive directors’ remuneration 2019 Shares Total Shares voted abstained Board Against For (%) Number %(1) %(1) (%) 1.1 Chairman 99.931% 0.069% 881 664 800 97.052% 0.104% 1.2 Lead Independent Director 99.997% 0.003% 881 664 800 97.052% 0.104% 1.3 Member 99.997% 0.003% 881 664 800 97.052% 0.104% 1.4 International Member 99.931% 0.069% 881 664 800 97.052% 0.104% Committees 1.5 Audit and Risk Chairman 99.931% 0.069% 881 664 800 97.052% 0.104% 1.6 Audit and Risk Member 99.996% 0.004% 881 664 800 97.052% 0.104% 1.7 Social, Ethics & Transformation Chairman 99.927% 0.073% 881 664 800 97.052% 0.104% 1.8 Social, Ethics & Transformation Member 99.991% 0.009% 881 664 800 97.052% 0.104% 1.9 Remuneration and Nomination Chairman 99.927% 0.073% 881 664 800 97.052% 0.104% 1.10 Remuneration and Nomination Member 99.991% 0.009% 881 664 800 97.030% 0.126% 1.11 Other committee meetings Member 99.996% 0.004% 881 664 800 97.076% 0.139% 10. Special Resolution Number 2 – Financial assistance to related and inter-related parties Total Shares voted Shares abstained For (%) Against (%) Number %(1) %(1) 99.758% 0.242% 881 349 577 97.018% 0.139% 11. Special Resolution Number 3 – General authority to repurchase ordinary shares Total Shares voted Shares abstained For (%) Against (%) Number %(1) %(1) 98.877% 1.123% 881 664 800 97.053% 0.104% (1) Expressed as a percentage of 908 443 334 L2D ordinary shares in issue as at the Voting Record Date of Friday, 3 May 2019. Operational update L2D’s performance in 2018, the corporate conversion and refreshed strategy were well received by the market in the first few months of 2019. It has also been encouraging to see that the key indicators of the business continue to show a steady upwards trajectory, especially vacancies and trading densities. The share price performed well in April 2019 and outperformed both the SAPY and All Share. L2D’s vision to be the leading South African precinct focused, retail-centred REIT remains relevant and the leadership is committed to drive it forward with passion to capture the opportunities of the fast-changing environment. L2D has a clear and focused strategy that is captured in the strategic pillars being: driving the future proofing of our assets, passionate people and grow to make an impact. There are five building blocks embedded within the driving to future proofing our assets strategic pillar, which are embracing technology, time is valuable, curating experiences, community place making and sustainable and flexible. As announced to the press today, L2D is taking a bold step to eradicate plastic shopping bags across its malls by 1 January 2020. L2D believes that the future of retail is defined by a continued adaption of standards that meet national and global sustainability goals. The company has therefore embedded sustainability values into the fabric of the organisation to deliver on these essentials and to achieve its vision of a Net Zero sustainability target by 2030, which sees the reduction of usage of energy and water as well as an efficient waste management system. The commitment of L2D’s valued tenants, many of whom have already made this declaration publicly, will be crucial in implementing the policy. The production of plastic, particularly single-use plastics is one of the environment’s greatest risks, having reached an epidemic proportion. This operational update has not been reviewed and reported on by the Company’s external auditors. L2D will be hosting a pre-close conference call at 14h00 on Tuesday, 28 May 2019 and will provide further details on its operational performance at that time. Johannesburg 10 May 2019 Sponsor The Standard Bank of South Africa Limited Investor Relations Gareth Rees Contact number: 011 448 6804 Date: 10/05/2019 04:05:00 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.