SPEAR REIT LIMITED - Cautionary Announcement Potential Acquisition

Cautionary Announcement – Potential Acquisition

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")

CAUTIONARY ANNOUNCEMENT – POTENTIAL ACQUISITION

Following on the Company's recent successful capital raise, Shareholders are advised that Spear is in
negotiations with a third party, in relation to the potential acquisition of a Western Cape property and
accompanying letting enterprise, which, if successfully concluded, may have a material effect on the price of
the Company's securities. The counterparty is not a related party of the Company.

The potential acquisition, if successfully concluded, will likely constitute a category 2 acquisition in terms of the
JSE Listings Requirements. Should the terms of the potential acquisition be agreed, Spear will publish the
requisite Category 2 announcement in accordance with the JSE Listings Requirements.

Accordingly, shareholders are advised to exercise caution when dealing in Spear's securities until a full
announcement is made.

Cape Town
19 May 2026

Sponsor and Transaction Advisor                             Legal Advisor
PSG Capital                                                 Cliffe Dekker Hofmeyr

Date: 19-05-2026 07:15:00
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.