Dealings in securities LIBERTY TWO DEGREES LIMITED (Registration number: 2018/388906/06) JSE share code: L2D ISIN: ZAE000260576 (“L2D” or “the Company”) DEALING IN SECURITIES BY EXECUTIVE DIRECTORS 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”). Director (Chief Executive) Amelia Beattie Date of award 1 March 2017 Vesting date 1 September 2019 Date of transaction 2 September 2019 Number of securities 32 647 ordinary shares Nature of transaction Off-market vesting of restricted 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 after 18 months, another one-third after 30 months and the balance after 42 months. No conditionality applies Price per share R7.00 Total value of transaction R228 529.00 Nature and extent of interest Direct beneficial Director (Chief Executive) Amelia Beattie Date of award 1 March 2018 Vesting date 1 September 2019 Date of transaction 2 September 2019 Number of securities 15 623 ordinary shares Nature of transaction Off-market vesting of restricted 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 after 18 months, another one-third after 30 months and the balance after 42 months. No conditionality applies Price per share R7.00 Total value of transaction R109 361.00 Nature and extent of interest Direct beneficial Director (Chief Executive) Amelia Beattie Date of transaction 2 and 3 September 2019 Number of securities 21 810 ordinary shares Nature of transaction On-market sale to cover the income tax liability Price per share R7.00 Total value of transaction R152 670.00 Nature and extent of interest Direct beneficial Director (Financial Director) José Richard Snyders Date of award 1 March 2018 Vesting date 1 September 2019 Date of transaction 2 September 2019 Number of securities 10 415 ordinary shares Nature of transaction Off-market vesting of restricted 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 after 18 months, another one-third after 30 months and the balance after 42 months. No conditionality applies Price per share R7.00 Total value of transaction R72 905.00 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 5 September 2019 Sponsor: The Standard Bank of South Africa Limited Investor Relations Gareth Rees Contact number: 011 448 6804 Date: 05/09/2019 01:30:00 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.