Voluntary announcement in respect of sale of property LIBERTY TWO DEGREES LIMITED (Registration number: 2018/388906/06) JSE share code: L2D ISIN: ZAE000260576 (“L2D” or “the Company”) VOLUNTARY ANNOUNCEMENT IN RESPECT OF SALE OF PROPERTY Shareholders are advised that on 31 October 2019, 2 Degrees Properties Proprietary Limited (“2DP”), a wholly owned subsidiary of the Company, and Liberty Group Limited (together the “Sellers”) entered into a sale of letting enterprise agreement with Spear REIT Limited (the “Purchaser”), in terms of which the Sellers will dispose of the property known as The Liberty Life Building, Century City Boulevard (“Property”) as a going concern for a purchase consideration of R370 000 000 (“Purchase Consideration”) inclusive of value-added tax at a rate of 0%. 2DP’s ownership share of the Property is 33.3007% and its share of the purchase consideration is R123 212 590. The disposal is in line with the Company’s strategy to be a precinct focused, retail-centred REIT and the asset is deemed a non-core asset in the Sellers portfolio. The transaction is subject to approval by the competition authorities in accordance with the Competition Act, No 89 of 1998. Johannesburg 1 November 2019 Sponsor The Standard Bank of South Africa Limited Investor Relations Gareth Rees Contact number: 011 448 6804 Date: 01/11/2019 01:55:00 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. 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.