Dealing in Spear Shares by an 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”) DEALING IN SPEAR SHARES BY AN 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 Quintin Michael Rossi COMPANY OF WHICH A DIRECTOR Spear REIT Limited STATUS: EXECUTIVE/NON- Executive EXECUTIVE TYPE OF SECURITIES Ordinary shares in Spear NATURE OF TRANSACTIONS Purchase of shares in Spear by an associate of a director (on- market transaction) DATE OF TRANSACTIONS (DATE 2 February 2018 (1) – (5) OF PURCHASE OF SECURITIES) PURCHASE PRICE PER SECURITY 930 cents (1) (CENTS) 940 cents (2) 940 cents (3) 950 cents (4) 975 cents (5) NUMBER OF SECURITIES 14 463 (1) TRANSACTED 2 799 (2) 2 000 (3) 7 738 (4) 15 000 (5) TOTAL RAND VALUE OF R134 505.90 (1) SECURITIES TRANSACTED R26 310.60 (2) R18 800.00 (3) R73 511.00 (4) R146 250.00 (5) NAME OF ASSOCIATE Evlah Investments 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 Proprietary Limited Date: 05/02/2018 03:00:00 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.