Spear Reit : Trading Statement

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")

TRADING STATEMENT

In terms of the JSE Limited Listings Requirements, a listed property entity may adopt distribution per share as the applicable criteria for trading statement purposes and is then required to publish a trading statement as soon as it becomes reasonably certain that the distribution per share for the next period to be reported on will differ by 15% or more from the distribution per share for the previous corresponding period.

The Company hereby advises that a reasonable degree of certainty exists that for the financial year ended 28 February 2022, the distribution per share will be between 67.51 cents and 69.25 cents, representing an increase of between 15% and 17.97% (based on a pay-out ratio range of between 85% and 90% of distributable income per share ("DIPS")) compared to the distribution per share of 58.70 cents reported for the financial year ended 28 February 2021 (based on a pay-out ratio of 80% of DIPS).

The Company also advises that a reasonable degree of certainty exists that the DIPS generated for the financial year ended 28 February 2022 will be between 77.78 cents and 78.52 cents, representing an increase of between 6% and 7% compared to the DIPS of 73.38 cents reported for the financial year ended 28 February 2021.

The financial information on which this trading statement is based has not been reviewed or reported on by the auditor of the Company. The audited results for the year ended 28 February 2022 are expected to be published on or about 26 May 2022.

Cape Town

05 April 2022

Sponsor PSG Capital