Notice of AGM and change statement SPUR CORPORATION LIMITED (Incorporated in the Republic of South Africa) (Registration number 1998/000828/06) Share Code: SUR ISIN: ZAE000022653 ("Spur" or "the company") NOTICE OF ANNUAL GENERAL MEETING AND CHANGE STATEMENT Shareholders are advised that the company’s Notice of Annual General Meeting, Form of Proxy and Summarised Audited Consolidated Financial Statements have been posted to shareholders today and that the complete Audited Consolidated Financial Statements of the company for the year ended 30 June 2019 (“AFS”) as well as the 2019 Integrated Report will be available on the company’s website (www.spurcorporation.com/investors/results-centre/) from 11h00 today, 25 October 2019. 1. Change Statement The AFS were audited by Spur’s auditors, KPMG Inc., and contain a reclassification of revenue items (“Reclassification”) within the revenue note (refer note 5 to the AFS) as compared to the same information disclosed in note 4 to the Reviewed Condensed Consolidated Results which were released on SENS on 12 September 2019 (“Reviewed Results”). In this regard: - “distribution and rebate income” included in revenue from “sales-based royalties” in the Reviewed Results was separated into “distribution income” and “rebate income” and reallocated to revenue “recognised at a point in time” in the AFS; - “marketing supplier income” included in revenue “recognised at a point in time” in the Reviewed Results was reallocated to revenue “recognised over time”; and - revenue from “services rendered” included in revenue “recognised at a point in time” in the Reviewed Results was reallocated to revenue “recognised over time” in accordance with the company’s accounting policy for revenue as detailed in note 42.13 to the AFS. The table below shows the effect of the Reclassification: Reviewed Reviewed Results Results Revenue AFS 2019 2019 AFS 2018 2018 R'000 (note 5) (note 4) Dif (note 5) (note 4) Dif Sales-based royalties 588 999 640 080 (51 081) 539 420 580 577 (41 157) Distribution and rebate income - 51 081 (51 081) 41 157 (41 157) Ongoing franchise fee income 354 494 354 494 - 326 896 326 896 - Marketing fund contributions 234 505 234 505 - 212 524 212 524 - Recognised at a point in time 326 037 294 307 31 730 324 832 304 384 20 448 Sales of purchased and manufactured sauces 150 853 150 853 - 145 067 145 067 - Retail restaurants' sales 69 753 69 753 - 69 534 69 534 - Distribution income 46 517 - 46 517 34 981 - 34 981 Marketing supplier contributions - 8 712 (8 712) - 9 971 (9 971) Sales of franchisee supplies 45 188 45 188 - 51 893 51 893 - Sales of marketing materials 9 162 9 162 - 17 181 17 181 - Rebate income 4 564 - 4 564 6 176 - 6 176 Services rendered - 10 639 (10 639) - 10 738 (10 738) Recognised over time 29 743 10 392 19 351 27 545 6 836 20 709 Initial franchise fee income 10 392 10 392 - 6 836 6 836 - Services rendered 10 639 - 10 639 10 738 - 10 738 Marketing supplier contributions 8 712 - 8 712 9 971 - 9 971 Total external revenue 944 779 944 779 - 891 797 891 797 - The Reclassification has no impact on the statements of profit or loss and other comprehensive income, financial position, changes in equity, and cash flows included in the AFS relative to the Reviewed Results and furthermore has no effect on earnings, headline earnings, earnings per share, headline earnings per share, diluted earnings per share, and diluted headline earnings per share. Other than the Reclassification, there were no modifications to the Reviewed Results. 2. Notice of the Annual General Meeting Notice is hereby given that the Annual General Meeting of Spur shareholders will be held at 11h00 on Friday, 6 December 2019 at 14 Edison Way, Century Gate Business Park, Century City, Cape Town to transact the business as stated in the Notice of Annual General Meeting which was posted to shareholders on, and available on the company's website from, 25 October 2019. 3. Salient dates The Notice of Annual General Meeting was posted to shareholders of the company who were recorded as such in the company's securities register on 18 October 2019. The date on which shareholders of the company must be recorded as such in the company's securities register in order to attend and vote at the Annual General Meeting is Friday, 29 November 2019. The last day to trade in order to be entitled to vote at the Annual General Meeting is Tuesday, 26 November 2019. Forms of Proxy may be presented at any time prior to, or at, the Annual General Meeting. If Forms of Proxy are directed to the Company’s transfer secretaries these must be lodged by no later than 11h00 on Thursday, 5 December 2019. 4. Broad-based Black Economic Empowerment Certificate Shareholders are hereby notified that in accordance with the JSE Listings Requirements, Spur’s compliance report in terms of section 13G(2) of the Broad- Based Black Economic Empowerment Act 53 of 2003 read with the Broad-Based Black Economic Empowerment Act 46 of 2013, has been published and is available on the company’s website, www.spurcorporation.com/investors/results-centre/. Cape Town 25 October 2019 Sponsor Sasfin Capital (A member of the Sasfin Group) Date: 25/10/2019 11:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 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