Dealing In Spear Shares By An Associate Of A Director 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”) DEALING IN SPEAR SHARES BY AN ASSOCIATE OF A DIRECTOR In compliance with rules 3.63 to 3.74 of the JSE Limited Listings Requirements, the following information is disclosed: NAME OF DIRECTOR CS McCarthy COMPANY OF WHICH I AM A Spear REIT Limited DIRECTOR STATUS: EXECUTIVE/NON-EXECUTIVE Non-executive TYPE OF SECURITIES Shares CLASS OF SECURITIES Ordinary DATE OF TRANSACTION 22 August 2017 CENTS PER SHARE 1 000 NUMBER OF SECURITIES TRANSACTED 295 508 TOTAL RAND VALUE OF SECURITIES R2 955 080.00 NAME OF ASSOCIATE Mega Park Investments Proprietary Limited RELATIONSHIP WITH DIRECTOR The director is a director and shareholder of the associate NATURE OF TRANSACTION Disposal of shares (On market transaction) NATURE AND EXTENT OF INTEREST Indirect, beneficial IN THE TRANSACTION CLEARANCE OBTAINED Yes Clearance to deal in these shares was obtained in accordance with rule 3.66 of the JSE Limited Listings Requirements. 23 August 2017 Cape Town Sponsor PSG Capital Date: 23/08/2017 04:40:00 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.