Results Of The Annual General Meeting SPEAR REIT 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”) RESULTS OF THE ANNUAL GENERAL MEETING Shareholders are hereby advised that the results of the voting at the annual general meeting of the Company held at 11:00 today, Thursday, 8 August 2019 at 15 on Orange, Autograph Collection, Corner Grey’s Pass and Orange Street, Cape Town (“AGM”), are as follows: Resolutions Votes for Votes Number of Number of Number of proposed at the resolution against shares shares shares AGM as a resolution voted at voted at abstained percentage as a AGM AGM as a as a of total percentage percentage percentage number of of total of shares in of shares in shares number of issue issue voted at shares AGM voted at AGM Ordinary resolution 99.92% 0.00% 192 890 747 93.74% 0.07% number 1: Retirement and re-election of Mr. BL Goldberg as director Ordinary resolution 99.92% 0.00% 192 890 747 93.74% 0.07% number 2: Retirement and re-election of Mr. A Varachhia as director Ordinary resolution 99.92% 0.00% 192 890 747 93.74% 0.07% number 3: Confirmation of Dr. R Phillips’ appointment as director Ordinary resolution 99.92% 0.00% 192 890 747 93.74% 0.07% number 4: Confirmation of Mr. MN Flax’s appointment as director Ordinary resolution 99.92% 0.00% 192 890 747 93.74% 0.07% number 5: To re-appoint Mr. JE Allie as member of the audit and risk committee Ordinary resolution 99.92% 0.00% 192 890 747 93.74% 0.07% number 6: To re-appoint Mr. BL Goldberg as member of the audit and risk committee Ordinary resolution 99.92% 0.00% 192 890 747 93.74% 0.07% number 7: o re-appoint Mr. N Kjellström-Matseke as member of the audit and risk committee Ordinary resolution 99.92% 0.00% 192 890 747 93.74% 0.07% number 8: To re-appoint BDO Cape Incorporated as the auditor of the company Ordinary resolution 96.79% 3.13% 192 890 747 93.74% 0.07% number 9: Non-binding advisory vote on Spear’s remuneration Policy Ordinary resolution 99.40% 0.52% 192 890 747 93.74% 0.07% number 10: Non-binding advisory vote on Spear’s implementation report on the remuneration policy Ordinary resolution 68.59% 31.33% 192 890 747 93.74% 0.07% number 11: General authority to issue ordinary shares for cash Special resolution 78.01% 21.91% 192 890 747 93.74% 0.07% number 1: Remuneration of non-executive directors Special resolution 99.92% 0.00% 192 890 747 93.74% 0.07% number 2: Inter-company financial assistance Special resolution 77.86% 22.06% 192 890 747 93.74% 0.07% number 3: Financial assistance for acquisition of shares in the company or a related or inter- related company Special resolution 95.93% 3.99% 192 890 747 93.74% 0.07% number 4: Share buy-back by Spear and its subsidiaries Note: Total number of shares in issue as at the date of the AGM was 205 776 521. Cape Town 8 August 2019 Sponsor PSG Capital Date: 08/08/2019 03:15:00 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.