16 February 2016 14:00
SUR 201602160029A
Trading Statement

(Incorporated in the Republic of South Africa)
(Registration number 1998/000828/06)
Share Code: SUR & ISIN: ZAE000022653
("Spur" or "the company")


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 as follows:

                                      Six months
                    Six months to     to 31
                    31 December       December
                    2015              2014         % change

EPS and diluted
EPS (cents)         91.78 - 94.86     61.60        49% – 54%
HEPS and diluted
HEPS (cents)        100.29 – 103.34   61.15        64% - 69%

EPS: earnings per share
HEPS: headline earnings per share

The increase in earnings is due largely to the accounting
in the prior period for the broad-based black economic
empowerment    equity  transaction   with   Grand   Parade
Investments Limited effected on 30 October 2014 (“the GPI
transaction”), in accordance with International Financial
Reporting Standards. The transaction resulted in the issue
of 10 848 093 new ordinary shares, and a share-based
payment expense of R32.957 million for the period to 31
December 2014.

Shareholders are advised that, excluding the impact of the
GPI transaction, the impact of the group’s long-term share-
linked employee retention scheme, foreign exchange gains
and losses and other one-off and exceptional items in the
current and previous comparable periods, Spur is expecting
to report the following:

                              % change from six months
                              ended 31 December 2014 to six
                              months ended 31 December 2015

Comparable profit before                            3% - 8%
income tax

Comparable HEPS                                    (1%)- 4%

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 2015 are expected to be published on 25
February 2016.

Cape Town
16 February 2016

A division of Sasfin Bank Limited

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