Successful Closing Of The MWPROP Transaction SPEAR REIT LIMITED (previously Arrow 2 Investments Proprietary Limited) (Incorporated in the Republic of South Africa) (Registration number 2015/407237/06) (Share Code: SEA, ISIN ZAE000228995) Approved as a REIT by the JSE (“Spear” or “the Company”) SUCCESSFUL CLOSING OF THE MWPROP TRANSACTION Shareholders are referred to the Company’s announcement released on SENS on 19 September 2017 (“Announcement”), relating to the acquisition of Erf 23427 Parow, measuring 2.2322 hectares, held by deed of transfer T42314/2017 situated at 100 Fairway Close, Parow (“Property”) and the rental enterprise conducted in respect of the Property (“Transaction). The Company is pleased to announce that all conditions precedent in relation to the Transaction have been fulfilled and the Transaction successfully closed today. The purchase consideration in respect of the Transaction has been settled through the assumption of liabilities and through the issue of 2 674 830 new ordinary shares of no par value (“Consideration Shares”). Following the issue of the Consideration Shares today, Spear now have a total of 165,190,689 shares in issue of which 1,084,469 are treasury shares. 18 January 2018 Cape Town PSG Capital Sponsor Date: 18/01/2018 12:00:00 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.