SPEAR REIT LIMITED — Director's Dealing 2026

Jan 13, 2026

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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 ASSOCIATES OF 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 associates of director 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	Purchase of shares by an associate of the director (on-market transaction)
DATE OF TRANSACTION	9 January 2026 (1) 12 January 2026 (2)
PRICE PER SECURITY	High:R12.00 Low: R11.98 VWAP: R11.99507 (1)
	High:R12:00 Low: R11.99 VWAP: R11.99334 (2)
NUMBER OF SECURITIES TRANSACTED	2 633 (1)
	150 (2)
TOTAL RAND VALUE OF SECURITIES TRANSACTED	R31 583.02 (1)
	R1 799.00 (2)
NAME OF ASSOCIATE	Rosvest Proprietary Limited
RELATIONSHIP WITH DIRECTOR	Director is a director and a shareholder of the associate
NATURE AND EXTENT OF INTEREST IN THE TRANSACTION	Indirect, beneficial

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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 TRANSACTIONS	Purchase of shares by an associate of the director (on-market transactions)
DATE OF TRANSACTIONS	9 January 2026 (1) & (2) 12 January 2026 (3)
PRICE PER SECURITY	R11.98 (1) R12.00 (2) & (3)
NUMBER OF SECURITIES TRANSACTED	2 100 (1) 1 000 (2) 2 100 (3)
TOTAL RAND VALUE OF SECURITIES TRANSACTED	R25 158.00 (1) R12 000.00 (2) R25 200.00 (3)
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 TRANSACTIONS	Indirect, beneficial

3.

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)
DATE OF TRANSACTIONS	12 January 2026
PRICE PER SECURITY	R11.96
NUMBER OF SECURITIES TRANSACTED	410
TOTAL RAND VALUE OF SECURITIES TRANSACTED	R4 903.60
NAME OF ASSOCIATE	Miss EE Rossi
RELATIONSHIP WITH DIRECTOR	Minor child of the director
NATURE AND EXTENT OF INTEREST IN THE TRANSACTIONS	Indirect, beneficial

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4

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)
DATE OF TRANSACTIONS	12 January 2026
PRICE PER SECURITY	R11.96
NUMBER OF SECURITIES TRANSACTED	410
TOTAL RAND VALUE OF SECURITIES TRANSACTED	R4 903.60
NAME OF ASSOCIATE	Miss EFR Rossi
RELATIONSHIP WITH DIRECTOR	Minor child of the director
NATURE AND EXTENT OF INTEREST IN THE TRANSACTIONS	Indirect, beneficial

5.

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)
DATE OF TRANSACTIONS	12 January 2026
PRICE PER SECURITY	R11.9999
NUMBER OF SECURITIES TRANSACTED	1 335
TOTAL RAND VALUE OF SECURITIES TRANSACTED	R16 019.87
NAME OF ASSOCIATE	LRT Capital Limited, incorporated under the laws
	of the Republic of Mauritius
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
TRANSACTIONS

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

Cape Town 13 January 2026

Sponsor PSG Capital