Dealings In Spear Shares By Associate Of A Director SPEAR REIT 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”) DEALINGS IN SPEAR SHARES BY ASSOCIATE OF A DIRECTOR In compliance with Sections 3.63 to 3.74 of the JSE Limited Listings Requirements the following information regarding the dealing in securities is disclosed: NAME OF DIRECTOR Abubaker Varachhia COMPANY OF WHICH I AM A Spear REIT Limited DIRECTOR STATUS: EXECUTIVE/NON- Non-executive EXECUTIVE TYPE OF SECURITIES Ordinary shares in Spear NATURE OF TRANSACTION Acquisition of shares in Spear by an associate of a director (on-market transaction) DATE OF TRANSACTION (DATE OF 02 February 2018 PURCHASE OF SECURITIES) PURCHASE PRICE PER SECURITY High 930 cents Low 920 cents Average 926 cents NUMBER OF SECURITIES 177 728 TRANSACTED TOTAL RAND VALUE OF R1 646 550 SECURITIES TRANSACTED NAME OF ASSOCIATE Mtshobela Capital Holdings Proprietary Limited RELATIONSHIP WITH DIRECTOR Director and a beneficiary and trustee of the sole shareholder NATURE AND EXTENT OF Indirect, beneficial INTEREST IN THE TRANSACTION CLEARANCE OBTAINED IN TERMS Yes OF SECTION 3.66 OF THE JSE LISTINGS REQUIREMENTS Durbanville 5 February 2018 Sponsor PSG Capital Date: 05/02/2018 11:15:00 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.