Voluntary Announcement - Acquisition Of Tyger Manor Retail Centre Spear REIT Limited (previously known as 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”) VOLUNTARY ANNOUNCEMENT - ACQUISITION OF TYGER MANOR RETAIL CENTRE 1. INTRODUCTION The board of directors of Spear is pleased to advise shareholders that the Company, through its wholly-owned subsidiary Spear Holdco Proprietary Limited (“Purchaser”), has entered into a sale of letting enterprise agreement with Accelerate Property Fund Limited (“Seller”) dated 21 July 2017 (“the Agreement”)to acquire the property situated on Erf 34109, Bellville, City of Cape Town, known as Tyger Manor Retail Centre (“the Property”) and the letting enterprise conducted by the Seller as a going concern (“Letting Enterprise”) in respect of the Property (“the Acquisition”). 2. RATIONALE The Acquisition is in line with Spear’s strategy to increase its investments in the Tygervalley node and is at a yield of 9,31%, which is accretive to shareholders. The Property is in very close proximity to Spear’s existing properties in the area and will allow Spear to enhance value to the Property given Spear’s acute understanding of tenant demands in the area. 3. PURCHASE CONSIDERATION In terms of the Agreement, the purchase price for the Property and the Letting Enterprise is R59 600 000 (inclusive of VAT at a rate of 0%) and will be funded by debt facilities and /or a vendor consideration placing. 4. CATEGORISATION The Acquisition is uncategorised in terms of the JSE Listings Requirements, and the information contained in this announcement has been voluntarily disclosed by the Company. 26 July 2017 Cape Town PSG Capital Proprietary Limited Transaction Adviser and Sponsor Date: 26/07/2017 04:30:00 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.