GRAND PARADE INVESTMENTS LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1997/003548/06) Share code: GPL ISIN: ZAE000119814 (“GPI” or “the Company”) GPI COMPLETES EXIT FROM RESTAURANT BUSINESSES: UNBUNDLING OF SPUR SHAREHOLDING AND FINALISATION OF COMPLETION ACCOUNTS FOR BURGER KING DISPOSAL Unless defined in the body of this Announcement, capitalised terms shall have the meanings ascribed to them in the definitions section at the end of this Announcement. UNBUNDLING OF SPUR SHAREHOLDING 1. INTRODUCTION 1.1. Shareholders are hereby advised that the Board has resolved to unbundle the Company's shareholding of 8 447 731 Spur Shares, comprising approximately 9,28% of the total issued share capital of Spur, to Shareholders by way of a pro rata distribution in specie, in the ratio of 1 Spur Share for every 63 GPI Shares held on the Unbundling Record Date (“Distribution Ratio”), subject to the fulfilment of the Condition Precedent. Based on the current share price of Spur of R20.65, the value of the 8 447 731 Spur shares, being distributed to GPI Shareholders, is approximately R174 million which is equivalent to 37c per GPI share. 1.2. The Unbundling, if implemented, will constitute a pro rata distribution in specie in terms of section 46 of the Companies Act, with Shareholders thereafter having a direct interest in Spur rather than an indirect interest via GPI. 1.3. As Spur is listed on the JSE and will remain listed on the JSE on the implementation of the Unbundling, the Unbundling will not require the approval of Shareholders in terms of paragraph 5.85 of the JSE Listings Requirements. 2. RATIONALE FOR UNBUNDLING The unbundling of the Spur Shares is aligned with GPI’s strategy to unlock value by reducing the discount at which GPI shares trade, relative to the intrinsic net asset value of GPI’s underlying assets. Currently GPI shares trade at a discount in excess of 20%. The unbundling of the Spur Shares will give GPI’s shareholders the opportunity to hold a direct interest in Spur rather than through GPI. On completion of the Unbundling, the Spur Shares held directly by Shareholders will be valued at the market value thereof as opposed to a discount to market if held through GPI. 3. FURTHER INFORMATION REGARDING THE UNBUNDLING 3.1. Condition Precedent The Unbundling is subject to the condition that the required exchange control approval be obtained from the South African Reserve Bank on terms and conditions acceptable to GPI. 3.2. Implementation of the Unbundling 3.2.1. Under the Unbundling, Shareholders will receive the Spur Distribution Shares in Dematerialised form only. 3.2.2. Accordingly, all Certificated Shareholders wishing to receive their Spur Distribution Shares in Dematerialised form must appoint a CSDP under the terms of the Financial Markets Act, directly or through a Broker, to receive the Spur Distribution Shares on their behalf. 3.2.3. Should a Certificated Shareholder not appoint a CSDP under the terms of the Financial Markets Act, directly or through a Broker, to receive the Spur Distribution Shares on its behalf, such Shareholder will be issued with a statement of allocation, reflecting its Spur Distribution Shares, by the Transfer Secretaries. Such Shareholders can thereafter instruct the Transfer Secretaries to transfer their Spur Distribution Shares, represented by the statement of allocation, to their appointed CSDP or can instruct the Transfer Secretaries to issue them with a share certificate at any time following the Unbundling. 3.2.4. If a Shareholder is in any doubt as to what action to take in respect of the Unbundling, such Shareholder should consult its Broker, CSDP, banker, attorney or other professional advisor. Alternatively, if a Shareholder is in any doubt, such Shareholder may contact the Company for assistance by emailing the following email address: investor-relations@grandparade.co.za or calling 021 412 1408. 3.3. Fractional Entitlements 3.3.1. Where a Shareholder’s entitlement to the Spur Distribution Shares in terms of the Unbundling, calculated in accordance with the Distribution Ratio, gives rise to a fraction of a Spur Distribution Share, such fraction will be rounded down to the nearest whole number, resulting in allocations of whole Spur Distribution Shares and a cash payment in respect of the fraction to such Shareholder. The fractional entitlements will be delivered in aggregate to each CSDP, and they will be responsible for the payment of the cash fractional payment to Shareholders, which will be funded from the disposal of the fractional entitlements to which they are entitled on the market. 3.3.2. In accordance with the JSE Listings Requirements, the weighted average traded price for a Spur Distribution Share on the last day to trade, currently anticipated to be Tuesday, 7 June 2022, plus one business day less 10% will be used to calculate the cash value of the respective fractions of Spur Distribution Shares to be paid to the applicable Shareholders. The cash value in respect of the fractions of Spur Distributions Shares will be announced on SENS on the day immediately preceding the Unbundling Record Date, which is currently anticipated to occur on Friday, 10 June 2022. 3.3.3. Certificated Shareholders whose bank account details are not held by the Transfer Secretaries, are requested to provide such details to the Transfer Secretaries to enable payment of the cash amount due for the aforementioned fraction of a Spur Distribution Share. Should no details be on record, the funds will be held by the Company in trust until such time as the details have been provided and the cash fraction will thereafter be paid to the Shareholder upon its request without interest, subject to the applicable laws of prescription. 3.4. Exchange Control 3.4.1. GPI will apply for the requisite exchange control approval from the Financial Surveillance Department of the South African Reserve Bank for the Unbundling. 3.4.2. If Shareholders are in any doubt as to what action to take, they should consult their professional advisors. 3.4.3. Shareholders who are not resident in, or whose registered addresses are outside the Common Monetary Area, will need to comply with the Exchange Control Regulations with further details to be included in the finalisation announcement. 3.5. Foreign Shareholders 3.5.1. No action has been taken by GPI to obtain any approval, authorisation or exemption to permit the distribution of the Spur Distribution Shares or the possession or distribution of this Announcement (or any other publicity material relating to the Spur Distribution Shares) in any jurisdictions other than South Africa. 3.5.2. The Unbundling is being conducted under the procedural requirements and disclosure standards of South Africa which may be different from those applicable in other jurisdictions. The legal implications of the Unbundling on persons resident or located in jurisdictions outside of South Africa may be affected by the laws of the relevant jurisdiction. Such persons should consult their professional advisors and inform themselves about any applicable legal requirements, which they are obligated to observe. It is the responsibility of any such persons wishing to participate in the Unbundling to satisfy themselves as to the full observance of the laws of the relevant jurisdiction in connection therewith. 3.6. Further information 3.6.1. There are 470,022,741 GPI Shares in issue at the date of this Announcement. The Company’s income tax number is 9037038024. 3.6.2. The Unbundling will not enjoy the benefit of any roll over relief and no apportionment of base cost will apply as it will not meet the requirements as set out in section 46 of the Income Tax Act, 1962. In this particular case, the Unbundling will be funded from income reserves and not from contributed tax capital. The base cost of GPI Shares will thus not be reduced and the distribution of the Spur Distribution Shares will constitute a dividend subject to dividend withholding tax, to the extent applicable. The further details will be set out in the finalisation announcement. 4. SALIENT DATES AND TIMES 4.1. The salient dates for the Unbundling are as follows: 2022 Assuming the Condition Precedent is fulfilled: Declaration Date Tuesday, 10 May Finalisation announcement in respect of the Unbundling Monday, 30 May expected to be published on SENS by 11:00 a.m. on Last day to trade GPI Shares in order to be recorded in the Tuesday, 7 June Register to participate in the Unbundling expected to be on Trading ex entitlement to participate in the Unbundling Wednesday, 8 June expected to commence on Announcement in respect of the cash value of fractional Thursday, 9 June entitlements applicable to the Unbundling expected to occur by 11:00 a.m. on Unbundling Record Date expected to be on Friday, 10 June Announcement of closing share price to occur after market Friday, 10 June close on the Unbundling Record Date expected to be Payment Date (CSDP or Broker accounts updated to reflect Monday, 13 June the Spur Distribution Shares, alternatively, statements of allocation issued in respect of applicable Spur Distribution Shares) Notes: (i) If the finalisation date has not occurred by Monday, 30 May 2022, an updated timetable will be published on SENS. (ii) Share certificates may not be Dematerialised or rematerialised between Wednesday, 8 June 2022 and Friday, 10 June 2022, both dates inclusive. FINALISATION OF COMPLETION ACCOUNTS FOR BURGER KING DISPOSAL 5. UPDATE ON STATUS 5.1. Shareholders are referred to the Company’s various announcements regarding the transaction in which the Company’s wholly-owned subsidiaries, Grand Foods Investments 1 Proprietary Limited and Grand Foods Proprietary Limited, sold all of the shares they held in Burger King South Africa (RF) Proprietary Limited and Grand Foods Meat Plant Proprietary Limited, respectively, to an affiliate of ECP Africa Fund IV LLC and ECP Africa Fund IV A LLC (“Disposal”) and in particular to the Circular to shareholders distributed on the 12 March 2021 (“Circular”). 5.2. Save where the context indicates otherwise, capitalised terms used but not defined in this announcement, shall bear the meanings ascribed to them in the Circular. 5.3. In terms of 2.6.3 of the Circular, no later than 90 Business Days after the Closing Date, the Buyer were to prepare and deliver to the Sellers for review drafts of: (a) in respect of the BKSA Seller, the BKSA Completion Accounts and the BKSA Consideration Statement (together the “BKSA Documents”); and (b) in respect of the GFMP Seller, the GFMP Completion Accounts and the GFMP Consideration Statement (together the “GFMP Documents”). 5.4. In accordance with the aforesaid process, the BKSA Documents and GFMP Documents have been finalised and the BKSA and GFMP Considerations have been agreed as being R 493,968,879 and R 20,226,445, respectively. The agreed amounts represent a reduction on the Purchase Price Estimates as at the Closing Date by R1,727,040 and R1,197,138, respectively. 5.5. In addition, the parties have agreed that the Sellers shall pay the Buyer an aggregate amount of R 21,021,781 in respect of remodeling costs for stores older than 7 years as at the Closing Date. This payment will be set-off in 2 equal amounts against the BKSA Tranche 2 and Tranche 3 payments. 5.6. The BKSA Tranche 2 payment is R12,633,218 and is scheduled to be paid on 10 May 2022 while the BKSA Tranche 3 payment is R14,187,553 and is scheduled to be paid on 3 November 2023. Cape Town 10 May 2022 Sponsor Advisor PSG Capital Rand Merchant Bank DEFINITIONS In this Announcement, unless the context indicates the contrary, the following expressions have the meanings given to them below: “Announcement” means this announcement published on SENS by GPI; “Board” means the board of directors of GPI from time to time; “Broker” means any person registered as a “broking member (equities)” in accordance with the provisions of the Financial Markets Act; “Certificated Shareholder” means a Shareholder who holds Certificated Shares; “Certificated Shares” means Shares which are not Dematerialised, title to which is represented by a share certificate or other Document of Title; “Common Monetary Area” means South Africa, the Republic of Namibia and the Kingdoms of Eswatini and Lesotho; “Companies Act” means the Companies Act, 2008 (Act No. 71 of 2008), as amended from time to time; “Condition Precedent” means the condition precedent to the Unbundling, as set out in paragraph 3.1 of this Announcement; “CSDP” means a central securities depository participant registered in terms of the Financial Markets Act with whom a beneficial holder of shares holds a Dematerialised share account; “Dematerialised” means the process by which securities held in certificated form are converted to or held in electronic form as uncertificated securities and recorded as such in a sub-register of security holders maintained by a CSDP and “Dematerialised” shall bear a corresponding meaning; “Distribution Ratio” means the ratio of 1 Spur Distribution Shares for every 63 GPI Share held on the Unbundling Record Date, to be distributed to Shareholders in terms of the Unbundling, should the Condition Precedent be fulfilled, and the Unbundling be implemented; “Documents of Title” means share certificates, certified transfer deeds, balance receipts or any other documents of title to Certificated Shares acceptable to GPI; “Exchange Control Regulations” means the South African Exchange Control Regulations, promulgated in terms of the South African Currency and Exchanges Act, 1933 (Act No. 9 of 1933), as amended from time to time; “Financial Markets Act” means the Financial Markets Act, 2012 (Act No. 19 of 2012), as amended from time to time; “Foreign Shareholders” means Shareholders that are registered in a jurisdiction outside of South Africa, or who are resident, domiciled or located in, or who are a citizen of, a jurisdiction other than South Africa; “GPI Shares” means no par value ordinary shares in the Company’s share capital; “JSE” means JSE Limited (registration number 2005/022939/06), a public company incorporated under the laws of South Africa and which is licensed as an exchange in terms of the Financial Markets Act; “JSE Listings Requirements” means the Listings Requirements of the JSE; “SENS” means the Stock Exchange News Service of the JSE; “Shareholders” means registered holders of GPI Shares; “Spur” means Spur Corporation Limited (registration number 1998/000828/06), a public company duly incorporated in accordance with the laws of South Africa, the ordinary shares of which are listed on the JSE; “Spur Distribution Shares” means 8 447 731 Spur Shares, comprising approximately 9,28% of the total issued share capital of Spur, which will be distributed by GPI to Shareholders in terms of the Unbundling, should the Condition Precedent be fulfilled, and the Unbundling be implemented; “Spur Shares” means no par value ordinary shares in the issued share capital of Spur; "South Africa” means the Republic of South Africa; “Transfer Secretaries” means Computershare Investor Services Proprietary Limited (registration number 2004/003647/07), a private company incorporated under the laws of South Africa; “Unbundling” means the planned distribution in specie by GPI of the Spur Distribution Shares to the Shareholders in the Distribution Ratio and pro rata to their respective shareholdings in GPI; and “Unbundling Record Date” means the date on which a Shareholder must be registered in the securities register of GPI in order to be eligible to participate in the Unbundling.