Results of Capital Raise SPEAR REIT LIMITED (previously Arrow 2 Investments Proprietary Limited) Incorporated in the Republic of South Africa Registration number 2015/407237/06 Share Code: SEA, ISIN ZAE000228995 Approved as a REIT by the JSE (“Spear” or “the Company”) RESULTS OF CAPITAL RAISE Shareholders are referred to the announcement published on SENS on 29 May 2017, advising that Spear would be undertaking an investor roadshow as part of a capital raise, in order to fund acquisitions that have been concluded and announced on SENS. Spear sought to raise up to R280 million in terms of the capital raise through the issue of new shares in terms of a vendor consideration placing. Spear is pleased to advise that it has received bids for R528 million in terms of the capital raise and that the capital raise was 1.89 times oversubscribed. Due to authority restraints, the size of the capital raise has not been increased and accordingly 29.3 million new Spear shares will be issued at an issue price of R9.50 in terms of the capital raise. Subject to approval of the JSE, listing and issue of the new Spear shares will commence at 09:00 on Monday, 12 June 2017 (“New Issue”). Following the New Issue, Spear will have a total of 127,619,928 shares in issue of which 217,693 will be treasury shares. PSG Capital acted as the sole bookrunner in the capital raise. 5 June 2017 Cape Town Sponsor and Bookrunner: PSG Capital Date: 05/06/2017 08:59:00 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.