Market Update

SPUR CORPORATION LIMITED
(Incorporated in the Republic of South Africa
Registration number 1998/000828/06
Share code: SUR
ISIN: ZAE000022653
("Spur" or "the company" or "the group")


MARKET UPDATE


ARBITRATION OUTCOME - LEGAL DISPUTE WITH GPS FOOD GROUP

Background

As previously reported, two companies within the group ("the Defendants") were served with a
summons in 2019 by GPS Food Group RSA (Pty) Ltd ("GPS").

GPS alleges that
   -   an oral agreement was concluded between GPS and the two defendants in terms of which
       the parties would, inter alia, establish a joint venture to acquire, develop and manage a rib
       processing facility, with a damages claim ranging between R119.9 million and R167.0
       million (Claim A);
   -   with an alternative delictual claim of approximately R95.8 million, comprising GPS's alleged
       accumulated losses to the date of the claim (Claim B).

The parties agreed to refer the matter to arbitration, which commenced on 23 October 2023.
Closing arguments were heard on 9 December 2024.


Arbitration outcome – part award

Shareholders are advised that the Arbitrator made a part award yesterday, 26 August 2025, where
he found in favour of GPS against one of the group entities on the merits of Claim A, but has not
yet determined or made any award on the quantum of damages. No award has been made on
Claim B.

The group intends to lodge an appeal against this award, in terms of its rights in the arbitration
agreement, within the next 30 days.

An appeal would constitute an appeal panel of three arbitrators. The pleadings and documents
that served before the Arbitrator in the arbitration will serve before the appeal panel. An appeal
award would ultimately be final and binding and there is no further right of appeal. The appeal
process timeline is currently uncertain.

The group will continue to update shareholders with any meaningful developments in this matter.

The company's liquidity position and dividend declarations remain unaffected by this part award.


Cape Town
27 August 2025


Sponsor
Questco Corporate Advisory Proprietary Limited

Date: 27-08-2025 01:00:00
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