Dealings in Spear Securities Pursuant to a Dividend Reinvestment Plan 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 SPEAR SECURITIES PURSUANT TO A DIVIDEND REINVESTMENT PLAN Shareholders are referred to the circular regarding the dividend reinvestment alternative (“Reinvestment Alternative”) issued to shareholders on 3 November 2020 and the results of the dividend reinvestment announcement published on SENS on 23 November 2020 and are hereby advised that out of the 6 209 657 ordinary Spear shares issued in respect of the Reinvestment Alternative, 55.22% were issued to directors and their associates and prescribed officers of Spear, as set out below, which aligns with shareholders’ interests and Spear’s strategy to reduce its loan-to-value. 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: 1. 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 TRANSACTION Reinvestment of dividend in terms of reinvestment alternative (off-market transaction) DATE OF TRANSACTION 20 November 2020 PRICE PER SECURITY 445.65535 cents NUMBER OF SECURITIES TRANSACTED 264 752 TOTAL RAND VALUE OF SECURITIES R1 179 881.45 TRANSACTED NAME OF ASSOCIATE Evlah Investments Proprietary Limited RELATIONSHIP WITH DIRECTOR Director is a director of the associate and a beneficiary and trustee of the associate’s sole shareholder NATURE AND EXTENT OF INTEREST IN Indirect, beneficial THE TRANSACTION 2. 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 TRANSACTION Reinvestment of dividend in terms of reinvestment alternative (off-market transaction) DATE OF TRANSACTION 20 November 2020 PRICE PER SECURITY 445.65535 cents NUMBER OF SECURITIES TRANSACTED 5 267 (1) 513 (2) TOTAL RAND VALUE OF SECURITIES R23 472.67 (1) TRANSACTED R2 286.21 (2) NAME OF ASSOCIATE CBJB Investments (1) Proprietary Limited J Barnard (2) RELATIONSHIP WITH DIRECTOR Director is a director and a (1) shareholder of the associate Spouse (2) NATURE AND EXTENT OF INTEREST IN Indirect, beneficial (1) THE TRANSACTION Not applicable (2) 3. NAME OF DIRECTOR Michael Naftali Flax COMPANY OF WHICH A DIRECTOR Spear REIT Limited STATUS: EXECUTIVE/NON-EXECUTIVE Non-executive TYPE AND CLASS OF SECURITIES Ordinary shares NATURE OF TRANSACTION Reinvestment of dividend in terms of reinvestment alternative (off-market transaction) DATE OF TRANSACTION 20 November 2020 PRICE PER SECURITY 445.65535 cents NUMBER OF SECURITIES TRANSACTED 1 370 076 (1) 3 983 (2) 3 241 (3) TOTAL RAND VALUE OF SECURITIES R6 105 817.00 (1) TRANSACTED R17 750.45 (2) R14 443.69 (3) NAME OF ASSOCIATE Fronsac Investments (1) Limited Minor Children (2) – (3) RELATIONSHIP WITH DIRECTOR Director is a director (1) of the associate (1) Minor Children (2) – (3) NATURE AND EXTENT OF INTEREST IN Indirect, non-beneficial (1) THE TRANSACTION Indirect, beneficial (2) – (3) 4. NAME OF DIRECTOR Abubaker Varachhia COMPANY OF WHICH A DIRECTOR Spear REIT Limited STATUS: EXECUTIVE/NON-EXECUTIVE Non-executive TYPE AND CLASS OF SECURITIES Ordinary shares NATURE OF TRANSACTION Reinvestment of dividend in terms of reinvestment alternative (off-market transaction) DATE OF TRANSACTION 20 November 2020 PRICE PER SECURITY 445.65535 cents NUMBER OF SECURITIES TRANSACTED 690 889 (1) 6 103 (2) 3 292 (3) TOTAL RAND VALUE OF SECURITIES R3 078 983.79 (1) TRANSACTED R27 198.35 (2) R14 670.97 (3) NAME OF ASSOCIATE Mtshobela Capital Holdings Proprietary Limited (1) Avari Investments (2) Proprietary Limited Navari Investments Proprietary Limited (3) RELATIONSHIP WITH DIRECTOR Director is a director and a (1) shareholder of the associate Director is a beneficiary and (2) – (3) trustee of the associates’ sole shareholder NATURE AND EXTENT OF INTEREST IN Indirect, beneficial (1) – (3) THE TRANSACTION 5. NAME OF DIRECTOR Cormack Sean McCarthy COMPANY OF WHICH A DIRECTOR Spear REIT Limited STATUS: EXECUTIVE/NON-EXECUTIVE Non-executive TYPE AND CLASS OF SECURITIES Ordinary shares NATURE OF TRANSACTION Reinvestment of dividend in terms of reinvestment alternative (off-market transaction) DATE OF TRANSACTION 20 November 2020 PRICE PER SECURITY 445.65535 cents NUMBER OF SECURITIES TRANSACTED 1 002 323 TOTAL RAND VALUE OF SECURITIES R4 466 906.07 TRANSACTED NAME OF ASSOCIATE Mega Park Investments Proprietary Limited RELATIONSHIP WITH DIRECTOR Director is a director and shareholder of the associate NATURE AND EXTENT OF INTEREST IN Indirect, beneficial THE TRANSACTION 6. NAME OF DIRECTOR Jalaloodien Ebrahim Allie COMPANY OF WHICH A DIRECTOR Spear REIT Limited STATUS: EXECUTIVE/NON-EXECUTIVE Non-executive TYPE AND CLASS OF SECURITIES Ordinary shares NATURE OF TRANSACTION Reinvestment of dividend in terms of reinvestment alternative (off-market transaction) DATE OF TRANSACTION 20 November 2020 PRICE PER SECURITY 445.65535 cents NUMBER OF SECURITIES TRANSACTED 6 584 TOTAL RAND VALUE OF SECURITIES R29 341.95 TRANSACTED NAME OF ASSOCIATE Snowy Owl Prop 10 Proprietary Limited RELATIONSHIP WITH DIRECTOR Director is a director and shareholder of the associate NATURE AND EXTENT OF INTEREST IN Indirect, beneficial THE TRANSACTION 7. NAME OF DIRECTOR Brian Leon Goldberg COMPANY OF WHICH A DIRECTOR Spear REIT Limited STATUS: EXECUTIVE/NON-EXECUTIVE Non-executive TYPE AND CLASS OF SECURITIES Ordinary shares NATURE OF TRANSACTION Reinvestment of dividend in terms of reinvestment alternative (off-market transaction) DATE OF TRANSACTION 20 November 2020 PRICE PER SECURITY 445.65535 cents NUMBER OF SECURITIES TRANSACTED 28 533 TOTAL RAND VALUE OF SECURITIES R127 158.84 TRANSACTED NAME OF ASSOCIATE Jenben Trust RELATIONSHIP WITH DIRECTOR Director is a beneficiary of the associate NATURE AND EXTENT OF INTEREST IN Indirect, beneficial THE TRANSACTION 8. NAME OF DIRECTOR Niclas Kjellström-Matseke COMPANY OF WHICH A DIRECTOR Spear REIT Limited STATUS: EXECUTIVE/NON-EXECUTIVE Non-executive TYPE AND CLASS OF SECURITIES Ordinary shares NATURE OF TRANSACTION Reinvestment of dividend in terms of reinvestment alternative (off-market transaction) DATE OF TRANSACTION 20 November 2020 PRICE PER SECURITY 445.65535 cents NUMBER OF SECURITIES TRANSACTED 41 153 TOTAL RAND VALUE OF SECURITIES R183 400.55 TRANSACTED NATURE AND EXTENT OF INTEREST IN Direct, beneficial THE TRANSACTION 9. NAME OF PRECRIBED OFFICER Clifford Wade Toerien COMPANY OF WHICH A PRESCRIBED Spear REIT Limited OFFICER TYPE AND CLASS OF SECURITIES Ordinary shares NATURE OF TRANSACTION Reinvestment of dividend in terms of reinvestment alternative (off-market transaction) DATE OF TRANSACTION 20 November 2020 PRICE PER SECURITY 445.65535 cents NUMBER OF SECURITIES TRANSACTED 65 TOTAL RAND VALUE OF SECURITIES R289.68 TRANSACTED NATURE AND EXTENT OF INTEREST IN Direct, beneficial THE TRANSACTION 10. NAME OF PRECRIBED OFFICER Kim Karg COMPANY OF WHICH A PRESCRIBED Spear REIT Limited OFFICER TYPE AND CLASS OF SECURITIES Ordinary shares NATURE OF TRANSACTION Reinvestment of dividend in terms of reinvestment alternative (off-market transaction) DATE OF TRANSACTION 20 November 2020 PRICE PER SECURITY 445.65535 cents NUMBER OF SECURITIES TRANSACTED 164 TOTAL RAND VALUE OF SECURITIES R730.87 TRANSACTED NATURE AND EXTENT OF INTEREST IN Direct, beneficial THE TRANSACTION 11. NAME OF COMPANY SECRETARY René Cheryl Stober COMPANY OF WHICH A COMPANY Spear REIT Limited SECRETARY TYPE AND CLASS OF SECURITIES Ordinary shares NATURE OF TRANSACTION Reinvestment of dividend in terms of reinvestment alternative (off-market transaction) DATE OF TRANSACTION 20 November 2020 PRICE PER SECURITY 445.65535 cents NUMBER OF SECURITIES TRANSACTED 1 975 TOTAL RAND VALUE OF SECURITIES R8 801.69 TRANSACTED NATURE AND EXTENT OF INTEREST IN Direct, beneficial THE TRANSACTION Clearance for the above was obtained in terms of paragraph 3.66 of the JSE Limited Listings Requirements. Cape Town 25 November 2020 Sponsor PSG Capital Date: 25-11-2020 05:00:00 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. 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