SPEAR REIT LIMITED - Acceptance of Awards in Terms of The Spear REIT Limited Conditional Share Plan

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
LEI: 378900F76170CCB33C50
Approved as a REIT by the JSE
("Spear" or "the Company")

ACCEPTANCE OF AWARDS IN TERMS OF THE SPEAR REIT LIMITED CONDITIONAL SHARE PLAN
("CSP")

In compliance with the JSE Listings Requirements, the following information regarding the acceptance of
conditional awards, in terms of the Spear CSP, by directors and prescribed officers of Spear are disclosed:

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 acceptance of conditional awards in terms
                                        of the Spear CSP

 AWARD DATE                             22 May 2026

 DATE OF ACCEPTANCE OF AWARDS           22 May 2026

 NUMBER OF AWARDS ACCEPTED              284 409 restricted conditional awards
                                        663 621 performance conditional awards

 AWARD STRIKE PRICE                     Zero cost

 TOTAL DEEMED VALUE OF AWARDS           R12 409 712.70
 ACCEPTED                               Based on the share price at closing price on the day
                                        prior to acceptance of R13.09

 VESTING DATE OF AWARDS                 18 May 2030

 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 acceptance of conditional awards in terms
                                       of the Spear CSP

AWARD DATE                             22 May 2026

DATE OF ACCEPTANCE OF AWARDS           22 May 2026

NUMBER OF AWARDS ACCEPTED              202 603 restricted conditional awards
                                       472 740 performance conditional awards

AWARD STRIKE PRICE                     Zero cost

TOTAL DEEMED VALUE OF AWARDS           R8 840 239.87
ACCEPTED                               Based on the share price at closing price on the day
                                       prior to acceptance of R13.09

VESTING DATE OF AWARDS                 18 May 2030

NATURE AND EXTENT OF INTEREST IN THE   Direct, beneficial
TRANSACTION


3.
 NAME OF PRESCRIBED OFFICER            Clifford Wade Toerien

COMPANY OF WHICH A PRESCRIBED          Spear REIT Limited
OFFICER

TYPE AND CLASS OF SECURITIES           Ordinary shares

NATURE OF TRANSACTION                  Off-market acceptance of conditional awards in terms
                                       of the Spear CSP

AWARD DATE                             22 May 2026

DATE OF ACCEPTANCE OF AWARDS           22 May 2026

NUMBER OF AWARDS ACCEPTED              131 922 restricted conditional awards
                                       307 818 performance conditional awards

AWARD STRIKE PRICE                     Zero cost

TOTAL DEEMED VALUE OF AWARDS           R5 756 196.60
ACCEPTED                               Based on the share price at closing price on the day
                                       prior to acceptance of R13.09

VESTING DATE OF AWARDS                 18 May 2030

NATURE AND EXTENT OF INTEREST IN THE   Direct, beneficial
TRANSACTION


4.
 NAME OF PRESCRIBED OFFICER            Kim Pfaff- Karg

COMPANY OF WHICH A PRESCRIBED          Spear REIT Limited
OFFICER
 
TYPE AND CLASS OF SECURITIES            Ordinary shares

 NATURE OF TRANSACTION                  Off-market acceptance of conditional awards in terms
                                        of the Spear CSP

 AWARD DATE                             22 May 2026

 DATE OF ACCEPTANCE OF AWARDS           22 May 2026

 NUMBER OF AWARDS ACCEPTED              101 371 restricted conditional awards
                                        236 533 performance conditional awards

 AWARD STRIKE PRICE                     Zero cost

 TOTAL DEEMED VALUE OF AWARDS           R4 423 163.36
 ACCEPTED                               Based on the share price at closing price on the day
                                        prior to acceptance of R13.09

 VESTING DATE OF AWARDS                 18 May 2030

 NATURE AND EXTENT OF INTEREST IN THE   Direct, beneficial
 TRANSACTION

Clearance for the above was obtained in terms of the JSE Listings Requirements.

Cape Town
22 May 2026

Sponsor
PSG Capital

Date: 22-05-2026 04:00:00
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