SPEAR REIT LIMITED - Results of Accelerated Bookbuild

Results of Accelerated Bookbuild

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")

RESULTS OF ACCELERATED BOOKBUILD

Shareholders are referred to the announcement on Wednesday, 22 April 2026 ("Launch Announcement")
regarding the Company's launch of an accelerated bookbuild ("Bookbuild") to raise R1 billion from qualifying
investors ("Equity Raise"). Spear is pleased to announce that, following strong demand, the Equity Raise has
successfully closed with the full R1 billion raised, the book having been multiple times oversubscribed.

In terms of the Bookbuild, 78 740 158 new ordinary shares ("Bookbuild Shares") have been placed at an
issue price of R12.70 per Bookbuild Share. The issue price represents a premium of 0.1% to Spear's weighted
average traded share price over the 30 trading days up to and including Wednesday, 22 April 2026.

Subject to approval by the JSE, the listing and issue of the Bookbuild Shares is anticipated to occur on
Thursday, 30 April 2026.

Spear will use the proceeds of the Equity Raise to accelerate its growth strategy and looks forward to
implementing on its attractive near-term pipeline of convenience retail, commercial and industrial acquisition
opportunities and to executing the brownfield development projects and asset management initiatives,
previously communicated to the market.

Cape Town
23 April 2026

Sole Bookrunner, Transaction Advisor and Sponsor
PSG Capital


TERMS AND CONDITIONS, DISCLAIMERS

The Equity Raise is subject to the terms and conditions and disclaimers set out in the Launch Announcement.

Date: 23-04-2026 08:45:00
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