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Acceptance of awards in terms of the Heriot REIT Conditional Share Plan (“CSP”)
HERIOT REIT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2017/167697/06)
(Approved as a REIT by the JSE)
JSE share code: HET
ISIN: ZAE000246740
("Heriot" or "the Company")
ACCEPTANCE OF AWARDS IN TERMS OF THE HERIOT REIT CONDITIONAL SHARE PLAN
("CSP")
In compliance with paragraphs 3.63 to 3.74 of the JSE Limited ("JSE") Listings Requirements
("Listings Requirements"), the following information regarding the acceptance of awards by
participants in terms of the Heriot CSP are herewith disclosed:
1.
NAME OF DIRECTOR Richard Herring
COMPANY OF WHICH A DIRECTOR Heriot REIT Limited
STATUS: EXECUTIVE/NON-EXECUTIVE Executive
TYPE AND CLASS OF SECURITIES Ordinary shares
NATURE OF TRANSACTION Off-market acceptance of retention
awards and performance share awards in
terms of the Heriot CSP (1) vesting on the
expiry of the vesting period on 31 October
2028 and (2) subject to the fulfilment of
award conditions
DATE OF ACCEPTANCE 23 December 2025
DEEMED PRICE PER SECURITY (CENTS) 2101
MAXIMUM NUMBER OF SECURITIES 111 000 (88 800 performance share
AWARDED awards and 22 200 retention share
awards)
DEEMED TOTAL RAND VALUE OF R2 332 110
SECURITIES AWARDED
NATURE AND EXTENT OF INTEREST IN Direct, beneficial
THE TRANSACTION
2.
NAME OF DIRECTOR Daniel Snoyman
COMPANY OF WHICH A DIRECTOR Heriot REIT Limited
STATUS: EXECUTIVE/NON-EXECUTIVE Executive
TYPE AND CLASS OF SECURITIES Ordinary shares
NATURE OF TRANSACTION Off-market acceptance of retention share
awards and performance share awards in
terms of the Heriot CSP (1) vesting on the
expiry of the vesting period on 31 October
2028 and (2) subject to the fulfilment of
award conditions
DATE OF ACCEPTANCE 23 December 2025
DEEMED PRICE PER SECURITY (CENTS) 2101
MAXIMUM NUMBER OF SECURITIES 156 250 (125 000 performance share
AWARDED awards and 31 250 retention share
awards)
DEEMED TOTAL RAND VALUE OF R3 282 812.50
SECURITIES AWARDED
NATURE AND EXTENT OF INTEREST IN Direct, beneficial
THE TRANSACTION
Notes:
1. The retention awards and performance share awards are conditional rights to the delivery of ordinary shares,
subject to the fulfilment of certain conditions.
2. The retention share awards are subject to the fulfilment of the employment condition that the employee shall
remain an employee in good standing of the Company from the date of the award and until 31 October 2028
("Employment Condition").
3. The performance share awards are subject to the fulfilment of both the Employment Condition and
performance conditions, measured over the financial years ending 30 June 2026 ("FY2026"), 30 June 2027
("FY2027") and 30 June 2028 ("FY2028"). The performance conditions are as follows:
i) Absolute growth in distributable income per share ("DIPS") - measured as annualised average year-on-
year growth in DIPS over a 3-year period from FY2026 to FY2028 (weighting 65%); and
ii) Absolute total return per share (NAV-based) - measured as growth in NAV per share as at FY2028 over
30 June 2025 ("FY2025"), plus dividends declared over period FY2026 to FY2028, expressed as
annualised average return over 3 years on FY2025 NAV per share (weighting 35%).
4. As the CSP is share based and not option/price based, the deemed price per security is illustrative only.
Clearance for the above transactions was obtained in terms of paragraph 3.66 of the Listings
Requirements.
Johannesburg
23 December 2025
Designated Advisor
Valeo Capital (Pty) Ltd
Date: 23-12-2025 12:00:00
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