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 DIRECTORS
_________________________________________________________________________

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 TRANSACTIONS                          Purchase of shares by an associate of
                                                 the director (on-market transactions) (1-2)

 DATES OF TRANSACTIONS                           9 December 2025                        (1)
                                                 10 December 2025                       (2)

 PRICE PER SECURITY (CENTS)                      1 168                                   (1)
                                                 1 150                                   (2)

 NUMBER OF SECURITIES TRANSACTED                 6 000                                   (1)
                                                 2 200                                   (2)

 TOTAL RAND VALUE OF SECURITIES                  R70 080.00                             (1)
 TRANSACTED                                      R25 300.00                             (2)

 NAME OF ASSOCIATE                               Evlah Investments Proprietary Limited
                                                                                    (1-2)

 RELATIONSHIP WITH DIRECTOR                      Director is a director of the associate and
                                                 a beneficiary and trustee of the
                                                 associate’s sole shareholder          (1-2)

 NATURE AND EXTENT OF INTEREST IN                Indirect, beneficial                  (1-2)
 THE TRANSACTIONS


2.
 NAME OF DIRECTOR                                Joan Solms

 COMPANY OF WHICH A DIRECTOR                     Spear REIT Limited

 STATUS: EXECUTIVE/NON-EXECUTIVE                 Independent non-Executive
 TYPE AND CLASS OF SECURITIES                   Ordinary shares

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

 DATE OF TRANSACTION                            10 December 2025

 PRICE PER SECURITY (CENTS)                     High: 1 146
                                                Low: 1 138
                                                Average: 1 143

 NUMBER OF SECURITIES TRANSACTED                13 900

 TOTAL RAND VALUE OF SECURITIES                 R158 862.00
 TRANSACTED

 NAME OF ASSOCIATE                              Salisbury Motors CC

 ASSOCIATE’S RELATIONSHIP WITH                  Spouse is a sole member of the associate
 SPOUSE

 NATURE AND EXTENT OF INTEREST IN               Indirect, non-beneficial
 THE TRANSACTION


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

Cape Town
11 December 2025

Sponsor
PSG Capital