Dealings 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 BY ASSOCIATES OF A DIRECTOR

In compliance with paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements, details of the dealings
in securities by associates of Quintin Michael Rossi ("Director") are disclosed in the tables below.

The Director's associates, Evlah Investments Proprietary Limited and Rosvest Proprietary Limited transacted
in the shares of Spear through various on market transactions. The transactions formed part of an internal
restructuring of certain aspects of the Director's company and family investment portfolio and for purposes of
settling certain financial obligations. The disposal is not material to the aggregate shareholding of the Director
and his associates in Spear, and following the dealings, the Director and his associates will still hold more than
3,34% of the issued shares in Spear.

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                                Disposal of shares by an associate of the director
                                                      (on-market transaction)

 DATE OF TRANSACTION                                  30 October 2023

 PRICE PER SECURITY (CENTS)                           760

 NUMBER OF SECURITIES TRANSACTED                      70 000

 TOTAL RAND VALUE OF SECURITIES                       R532 000.00
 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 THE                 Indirect, beneficial
 TRANSACTION


2.
 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                                Purchase of shares by an associate of the director
                                                      (on-market transaction)

 DATE OF TRANSACTION                                  2 November 2023

 PRICE PER SECURITY (CENTS)                           760

 NUMBER OF SECURITIES TRANSACTED                      25 614

 TOTAL RAND VALUE OF SECURITIES                       R194 666.40
 TRANSACTED

 NAME OF ASSOCIATE                                    Rosvest Proprietary Limited

 RELATIONSHIP WITH DIRECTOR                           Director is a director of the associate, a director of a
                                                      shareholder of the associate and a beneficiary and
                                                      trustee of ultimate shareholder of the associate

 NATURE AND EXTENT OF INTEREST IN THE                 Indirect, beneficial
 TRANSACTION

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

Cape Town
3 November 2023

Sponsor
PSG Capital

Date: 03-11-2023 05:15:00
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