Dealings In Shares By Associates Of A Director 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”) DEALINGS IN SHARES BY ASSOCIATES 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 Christiaan Barnard 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 associates of the director (on-market transactions) DATE OF TRANSACTIONS 14 May 2020 (1-2) PRICE PER SECURITY (CENTS) High: 530 (1) Low: 527 Average: 528.77 528 (2) NUMBER OF SECURITIES TRANSACTED 9 942 (1) 3 774 (2) TOTAL RAND VALUE OF SECURITIES R52 570.31 (1) TRANSACTED R19 926.72 (2) NAME OF ASSOCIATES CBJB Investments (1) Proprietary Limited J Barnard (2) RELATIONSHIP WITH DIRECTOR Director is a director and a (1) shareholder of the of the associate Spouse (2) NATURE AND EXTENT OF INTEREST IN Indirect, beneficial (1) THE TRANSACTIONS Not applicable (2) Clearance for the above was obtained in terms of paragraph 3.66 of the JSE Limited Listings Requirements. Cape Town 15 May 2020 Sponsor PSG Capital Date: 15-05-2020 11:35:00 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.