Dealings in Securities by Directors and Prescribed Officer: Share Vesting SPEAR REIT LIMITED (Incorporated in the Republic of South Africa) (Registration number 2015/407237/06) Share Code: SEA ISIN: ZAE000228995 LEI: 378900F76170CCB33C50 Approved as a REIT by the JSE (“Spear” or “the Company”) DEALINGS IN SECURITIES BY DIRECTORS AND PRESCRIBED OFFICER: SHARE VESTING In compliance with paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements, the following transactions relating to directors and prescribed officer dealings is hereby disclosed, in terms of the provisions of the Spear Conditional share plan (“CSP”), regarding performance and retention shares which have vested after 3 years and 4 months. 1. NAME OF DIRECTOR Quintin Michael Rossi COMPANY OF WHICH A DIRECTOR Spear REIT Limited STATUS: EXECUTIVE/NON-EXECUTIVE Executive TYPE AND CLASS OF SECURITIES Ordinary shares NATURE OF TRANSACTION Off-market vesting of shares obtained in terms of the Spear CSP Scheme DATE OF AWARD 01 March 2018 PRICE PER SECURITY (CENTS) 698 NUMBER OF SECURITIES 219 439 TOTAL RAND VALUE OF SECURITIES TRANSACTED R1 531 684.00 DATE OF TRANSACTION 09 July 2021 NATURE AND EXTENT OF INTEREST IN THE Direct, beneficial TRANSACTION 2. NAME OF DIRECTOR Christiaan Barnard COMPANY OF WHICH A DIRECTOR Spear REIT Limited STATUS: EXECUTIVE/NON-EXECUTIVE Executive TYPE AND CLASS OF SECURITIES Ordinary shares NATURE OF TRANSACTION Off-market vesting of shares obtained in terms of the Spear CSP Scheme DATE OF AWARD 01 March 2018 PRICE PER SECURITY (CENTS) 698 NUMBER OF SECURITIES 219 439 TOTAL RAND VALUE OF SECURITIES TRANSACTED R1 531 684.00 DATE OF TRANSACTION 09 July 2021 NATURE AND EXTENT OF INTEREST IN THE Direct, beneficial TRANSACTION 3. NAME OF PRESCRIBED OFFICER Clifford Wade Toerien COMPANY OF WHICH A PRESCRIBED OFFICER Spear REIT Limited TYPE AND CLASS OF SECURITIES Ordinary shares NATURE OF TRANSACTION Off-market vesting of shares obtained in terms of the Spear CSP Scheme DATE OF AWARD 01 March 2018 PRICE PER SECURITY (CENTS) 698 NUMBER OF SECURITIES 220 050 TOTAL RAND VALUE OF SECURITIES TRANSACTED R1 535 949.00 DATE OF TRANSACTION 09 July 2021 NATURE AND EXTENT OF INTEREST IN THE Direct, beneficial TRANSACTION The date of vesting was 30 June 2021. Clearance for the above was obtained in terms of paragraph 3.66 of the JSE Limited Listings Requirements. Cape Town 12 July 2021 Sponsor PSG Capital Date: 12-07-2021 03:30:00 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.