SPEAR REIT LIMITED — Director's Dealing 2025

Dec 24, 2025

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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 AN ASSOCIATE 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 by associate of a director is disclosed:

NAME OF DIRECTOR	Joan Solms
COMPANY OF WHICH A DIRECTOR	Spear REIT Limited
STATUS: EXECUTIVE/NON-EXECUTIVE	Non-executive
TYPE AND CLASS OF SECURITIES	Ordinary shares
NATURE OF TRANSACTIONS	Purchase of shares by an associate of a director (on-market transactions)
DATE OF TRANSACTIONS	23 December 2025
PRICE PER SECURITY	R11.75
NUMBER OF SECURITIES TRANSACTED	3 506
TOTAL RAND VALUE OF SECURITIES TRANSACTED	R41 195.50
NAME OF ASSOCIATE	Salisbury Motors CC
RELATIONSHIP WITH DIRECTOR	Spouse is a sole member of the associate
NATURE AND EXTENT OF INTEREST IN THE TRANSACTIONS	Indirect, beneficial

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

Cape Town 24 December 2025

Sponsor PSG Capital