Acceptance of Awards in Terms of the Spear Reit Limited Conditional Share Plan 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”) ACCEPTANCE OF AWARDS IN TERMS OF THE SPEAR REIT LIMITED CONDITIONAL SHARE PLAN ACCEPTANCE OF AWARDS BY DIRECTORS IN TERMS OF THE SPEAR REIT CONDITIONAL SHARE PLAN (“CSP”) In compliance with paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements, the following information regarding the acceptance of conditional awards of Spear shares is disclosed: 1. NAME OF DIRECTOR Quintin Michael Rossi COMPANY OF WHICH A DIRECTOR Spear REIT Limited STATUS: EXECUTIVE/NON-EXECUTIVE Executive Director TYPE AND CLASS OF SECURITIES Ordinary shares NATURE OF TRANSACTION Off-market acceptance of conditional awards in terms of the CSP DATE OF ACCEPTANCE OF AWARDS 1 March 2018 (1) 1 July 2018 (2) AWARD DATE 1 March 2018 (1) 1 July 2018 (2) AWARD PRICE PER SECURITY Zero cost NUMBER OF AWARDS ACCEPTED 400 000 (1) 400 000 (2) DEEMED VALUE 3 820 000 (1) 4 200 000 (2) VESTING DATES OF AWARDS 30 June 2021 (1) 30 June 2022 (2) NATURE AND EXTENT OF INTEREST IN Direct, beneficial THE TRANSACTION 2. NAME OF DIRECTOR Christiaan Barnard COMPANY OF WHICH A DIRECTOR Spear REIT Limited STATUS: EXECUTIVE/NON-EXECUTIVE Executive Director TYPE AND CLASS OF SECURITIES Ordinary shares NATURE OF TRANSACTION Off-market acceptance of conditional awards in terms of the CSP DATE OF ACCEPTANCE OF AWARDS 1 March 2018 (1) 1 July 2018 (2) AWARD DATE 1 March 2018 (1) 1 July 2018 (2) AWARD PRICE PER SECURITY Zero cost NUMBER OF AWARDS ACCEPTED 400 000 (1) 400 000 (2) DEEMED VALUE 3 820 000 (1) 4 200 000 (2) VESTING DATES OF AWARDS 30 June 2021 (1) 30 June 2022 (2) NATURE AND EXTENT OF INTEREST IN Direct, beneficial THE TRANSACTION Clearance for the above was obtained in terms of paragraph 3.66 of the JSE Limited Listings Requirements. Cape Town 24 October 2018 Sponsor PSG Capital Date: 24/10/2018 10:00:00 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.