HERIOT REIT LIMITED - Dealings by a director and an associate of a director

Dealings by a director and an associate of a director

HERIOT REIT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2017/167697/06)
(Approved as a REIT by the JSE)
JSE share code: HET
ISIN: ZAE000246740
("Heriot" or "the Company")


DEALINGS BY A DIRECTOR AND AN ASSOCIATE OF A DIRECTOR


Shareholders are advised that as part of an internal restructuring of Richard Herring's ("Director")
investment portfolio, a number of shares held directly by the Director were transferred to an investment
holding company, BenAv Investments (Pty) Ltd ("BenAv"), of which the controlling shareholder is a
the Herring Family Trust, a trust established for the benefit of the Director and his family. In addition,
the Director transferred shares held in Gabenjosh Investments (Pty) Ltd ("Gabenjosh"), an associate
of the Director, which holds shares in Heriot, to BenAv.

In compliance with paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements, the following
information is disclosed regarding the dealings of the Director and his associates:

1.
 NAME OF DIRECTOR                                   Richard Herring

 COMPANY OF WHICH A DIRECTOR                        Heriot REIT Limited

 STATUS: EXECUTIVE/NON-EXECUTIVE                    Executive

 TYPE AND CLASS OF SECURITIES                       Ordinary shares

 NATURE OF TRANSACTION                              Disposal of shares by a director (off-market
                                                    transaction)

 DATE OF TRANSACTION                                29 December 2025

 DEEMED PRICE PER SECURITY (CENTS)                  2 000

 NUMBER OF SECURITIES TRANSACTED                    3 371 950 *

 DEEMED TOTAL RAND VALUE OF                         R67 439 000.00
 SECURITIES TRANSACTED

 NATURE AND EXTENT OF DIRECTOR'S                    Direct, beneficial
 INTEREST IN THE TRANSACTION


* 2 800 000 of the securities are pledged as security ("Pledge") for a loan owed to the Company, the
balance of which is R28 608 927.92 and the term of which is 10 years and expires June 2027. Pursuant
to the disposal by the Director, the Pledge has been transferred to BenAv.

2.
 NAME OF DIRECTOR                                  Richard Herring

 COMPANY OF WHICH A DIRECTOR                       Heriot REIT Limited

 NAME OF ASSOCIATE                                 BenAv

 TYPE AND CLASS OF SECURITIES                      Ordinary shares

 NATURE OF TRANSACTION                             Purchase of shares by an associate of
                                                   a director (off-market transaction)

 DATE OF TRANSACTION                               29 December 2025

 DEEMED PRICE PER SECURITY (CENTS)                 2 000

 NUMBER OF SECURITIES TRANSACTED                   3 371 950 *

 DEEMED TOTAL RAND VALUE OF                        R67 439 000.00
 SECURITIES TRANSACTED

 NATURE AND EXTENT OF DIRECTOR'S                   Indirect, beneficial
 INTEREST IN THE TRANSACTION

 ASSOCIATE'S RELATIONSHIP WITH                     The Director is the sole director of BenAV. The
 DIRECTOR                                          Director is also a trustee and both the Director
                                                   and his immediate family are beneficiaries of
                                                   the ultimate controlling shareholder of BenAv


* Refer to the notes above regarding the Pledge.

3.
 NAME OF DIRECTOR                                  Richard Herring

 COMPANY OF WHICH A DIRECTOR                       Heriot REIT Limited

 NAME OF ASSOCIATES                                BenAv & Gabenjosh

 NUMBER OF GABENJOSH SECURITIES                    2 Ordinary shares
 TRANSACTED

 DATE OF TRANSACTION                               29 December 2025


 NATURE OF TRANSACTION                             The Director transferred his shares held in
                                                   Gabenjosh, an associate that holds shares in
                                                   Heriot, to BenAV, also an associate of the
                                                   Director

 NUMBER OF HERIOT SECURITIES HELD BY               11 377 399
 GABENJOSH

 NATURE AND EXTENT OF DIRECTOR'S                   Indirect, beneficial
 INTEREST IN HERIOT SECURITIES

 ASSOCIATE'S RELATIONSHIP WITH                     The Director is the sole director of BenAv. The
 DIRECTOR                                          Director is also a trustee and both the Director
                                                   and his immediate family are beneficiaries of
                                                   the ultimate controlling shareholder of BenAv

                                                   The Director is the sole director and a
                                                   shareholder of Gabenjosh


Clearance for the above was obtained in terms of paragraph 3.66 of the JSE Limited Listings
Requirements.


Johannesburg
29 December 2025

Designated advisor
Valeo Capital (Pty) Ltd

Date: 29-12-2025 12:00:00
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