Sales update for the six months ended 31 December 2018 Spur Corporation Limited (Incorporated in the Republic of South Africa) (Registration number 1998/000828/06) Share code: SUR ISIN: ZAE 000022653 (“Spur Corporation” or “the group”) SALES UPDATE FOR THE SIX MONTHS ENDED 31 DECEMBER 2018 Franchised restaurant sales for the group increased by 6.5% to R3.9 billion in the six months to December 2018 (“the period”). In South Africa, franchised restaurant sales increased by 5.7%. Sales from international restaurants increased by 12.7% in Rand terms and by 12.1% on a constant exchange rate basis. Sales information included in this announcement excludes the Captain DoRegos chain which was sold with effect from 1 March 2018. Franchised restaurant sales for the six months ended 31 December 2018 Total restaurant Existing sales restaurant sales (% change) (% change) Spur Steak Ranches 6.1 5.1 Pizza and Pasta (Panarottis and (1.5) (3.2) Casa Bella) John Dory’s Fish Grill Sushi (0.8) (5.4) The Hussar Grill 13.8 8.7 RocoMamas 6.0 (6.7) Total South African operations 5.7 2.3 Total international operations 12.7 (5.8) Total group 6.5 1.4 Locally, 25 outlets were opened and 6 closed during the period, while 14 restaurants were opened internationally. In addition, the group acquired the Nikos Coalgrill Greek chain, which comprised six restaurants at the effective date of 1 August 2018, and opened two further outlets subsequently. At 31 December 2018, the group’s restaurant base totalled 616 (June 2018: 575), including 76 (June 2018: 62) operating outside of South Africa. Chief executive, Pierre van Tonder, said: “Local franchised restaurant sales increased by 11.3% in the first quarter to September 2018, supported by the continued recovery in the Spur Steak Ranches brand and a strong performance in The Hussar Grill, while sales growth in the second quarter slowed to 1.2%. While the second quarter performance was disappointing, it is generally consistent with sales trends in the local retail sector. The South African consumer is taking significant strain due to the sombre state of the economy, although the performance of The Hussar Grill indicates that higher-income consumers continue to be more resilient to the weakening economy.” Van Tonder noted that sales from existing restaurants in the RocoMamas chain reflect a period of consolidation following the unprecedented increase in restaurant numbers since acquisition in March 2015. He added that restaurant turnover for the Panarottis chain was impacted by aggressive discounting by competitors in the takeaway pizza market. “While restaurant trading conditions have deteriorated in Australia and New Zealand, Africa and Mauritius traded well. In particular, 7 new Panarottis restaurants were opened in Zambia, increasing the number of restaurants in that country to 12. The first The Hussar Grill was opened in Saudi Arabia during the period, while the group’s first restaurant, a RocoMamas, was opened in India.” The financial information in this sales update has not been reviewed or reported on by the group’s independent auditor. Spur Corporation’s interim results for the six months ended 31 December 2018 will be released on SENS on 28 February 2019. Cape Town 30 January 2019 Sponsor Sasfin Capital A division of Sasfin Bank Limited Date: 30/01/2019 02:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.