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”)


VESTING, EXERCISE AND RELATED SETTLEMENT OF AWARDS IN TERMS OF THE
SPEAR REIT LIMITED CONDITIONAL SHARE PLAN


In compliance with paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements, the
following information regarding the vesting and exercise of awards in terms of the Spear REIT
Limited Conditional Shares Plan (“CSP”) by directors and a prescribed officer of the Company
are disclosed to shareholders.

Upon the vesting and exercise of the awards, Spear elected to settle some of these awards
on an after-tax net equity settlement basis, through the award of ordinary shares as detailed
below:

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                           Vesting of awards and related after-tax
                                                 net-equity settlement to the director at the
                                                 closing share price on 30 June 2023 of
                                                 R7.20 (Off-market transaction)

 NUMBER OF SECURITIES                            220 000

 DATE OF AWARD                                   1 July 2019

 VESTING DATE                                    30 June 2023

 SETTLEMENT DATE                                 3 July 2023

 AWARD STRIKE PRICE                              Nil

 DEEMED PRICE PER SECURITY                       R7.20
                                                 (being the closing share price on the
                                                 vesting date of 30 June 2023)

 TOTAL DEEMED RAND                VALUE     OF R1 584 000.00
 SECURITIES TRANSACTED
NATURE AND EXTENT OF INTEREST IN Direct, 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                 Vesting of awards and related after-tax
                                      net-equity settlement to the director at the
                                      closing share price on 30 June 2023 of
                                      R7.20 (off-market transaction)

NUMBER OF SECURITIES                  220 000

DATE OF AWARD                         1 July 2019

VESTING DATE                          30 June 2023

SETTLEMENT DATE                       3 July 2023

AWARD STRIKE PRICE                    Nil

DEEMED PRICE PER SECURITY             R7.20
                                      (being the closing share price on the
                                      vesting date of 30 June 2023)

TOTAL DEEMED RAND        VALUE    OF R1 584 000.00
SECURITIES TRANSACTED

NATURE AND EXTENT OF INTEREST IN Direct, beneficial
THE TRANSACTION


3.
 NAME OF PRESCRIBED OFFICER           Clifford Wade Toerien

COMPANY OF WHICH A PRESCRIBED Spear REIT Limited
OFFICER

TYPE AND CLASS OF SECURITIES          Ordinary shares

NATURE OF TRANSACTION                 Vesting of awards and related after-tax
                                      net-equity settlement to the prescribed
                                      officer at the closing share price on
                                      30 June 2023 of R7.20 (off-market
                                      transaction)
 NUMBER OF SECURITIES                           221 413

 DATE OF AWARD                                  1 July 2019

 VESTING DATE                                   30 June 2023

 SETTLEMENT DATE                                3 July 2023

 AWARD STRIKE PRICE                             Nil

 DEEMED PRICE PER SECURITY                      R7.20
                                                (being the closing share price on the
                                                vesting date of 30 June 2023)

 NUMBER OF SECURITIES                           221 413

 TOTAL DEEMED RAND              VALUE     OF R1 594 173.60
 SECURITIES 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
3 July 2023

Sponsor
PSG Capital