Dealings In Shares By An Associate Of A Director 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”) DEALINGS IN SHARES BY AN ASSOCIATE OF A DIRECTOR In compliance with paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements, the following information regarding the dealings in securities is disclosed: 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 TRANSACTIONS Purchase of shares by an (1 - 3) associate of the director (on-market transactions) DATE OF TRANSACTIONS 30 October 2019 (1) 31 October 2019 (2) 1 November 2019 (3) PRICE PER SECURITY (CENTS) 899 (1) High: 905 (2) Low: 899 Average: 902.77 905 (3) NUMBER OF SECURITIES TRANSACTED 1 000 (1) 159 (2) 300 (3) TOTAL RAND VALUE OF SECURITIES R8 990.00 (1) TRANSACTED R1 435.41 (2) R2 715.00 (3) NAME OF ASSOCIATE Evlah Investments (1 - 3) Proprietary Limited RELATIONSHIP WITH DIRECTOR Director is a director of the (1 - 3) associate and a beneficiary and trustee of the associate’s sole shareholder NATURE AND EXTENT OF INTEREST IN Indirect, beneficial (1 - 3) THE TRANSACTIONS Clearance for the above was obtained in terms of paragraph 3.66 of the JSE Limited Listings Requirements. Cape Town 4 November 2019 Sponsor PSG Capital Date: 04/11/2019 05:05:00 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.