Trading Statement SPUR CORPORATION LIMITED (Incorporated in the Republic of South Africa) (Registration number 1998/000828/06) Share Code: SUR & ISIN: ZAE000022653 ("Spur" or "company" or “group”) TRADING STATEMENT In terms of the Listings Requirements of the JSE Limited, companies are required to publish a trading statement as soon as a reasonable degree of certainty exists that the financial results for the period to be reported upon next will differ by at least 20% from the financial results for the previous corresponding period. Accordingly, shareholders are advised that Spur is expecting to report earnings for the six months to 31 December 2019 (“current period”)as follows: Six months Six months to 31 to 31 December 2019 December 2018 % change (restated 1) EPS (cents) 121.88 – 126.49 92.33 32% – 37% Diluted EPS 121.59 – 126.19 92.11 32% – 37% (cents) HEPS (cents) 121.89 – 126.50 92.34 32% – 37% Diluted HEPS 121.60 – 126.20 92.12 32% – 37% (cents) EPS: earnings per share HEPS: headline earnings per share Note 1: Restatement required as result of the correction in the accounting for marketing funds in accordance with IFRS 15 – Revenue from contracts with customers, full details of which will be published in the interim results announcement of the company on 27 February 2020. The application of IFRS 15, with specific reference to the group’s accounting treatment for marketing funds and marketing fund administration fees (as detailed in note 41.1.1 of the company’s consolidated financial statements for the year ended 30 June 2019), was not applied to the previously published results for the six months ended 31 December 2018. Major factors impacting on expected earnings The group previously reported that at 30 June 2019 it had provided for expected credit losses relating to a receivable from the group’s former black economic empowerment partner, Grand Parade Investments Limited, in the amount of R10.812 million. Of this amount, R4.303 million was recognised as a charge to profit or loss during the six month period to 31 December 2018. During the current period, the group concluded a specific repurchase transaction which resulted in the full receivable being recovered. Accordingly, the full provision for expected credit losses of R10.812 million has been reversed as a credit to profit or loss in the current period. As previously reported, during the six month period to 31 December 2018, the group made an additional provision of R3.163 million for expected credit losses relating to receivables from Australian franchisees, which is included as a charge in profit or loss for that period. Expected earnings excluding above impacts Shareholders are advised that the expected increase in EPS, diluted EPS, HEPS and diluted HEPS would be between 9% and 14% based on the restated results for the six month period to 31 December 2018, had the impact of the above been excluded. The financial information on which this trading statement is based has not been reviewed or reported on by the company’s auditors. Spur’s interim results for the period ended 31 December 2019 are expected to be published on 27 February 2020. Cape Town 21 February 2020 Sponsor SASFIN CAPITAL A member of the Sasfin Group Date: 21-02-2020 10:00:00 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.