SPANJAARD LIMITED - Takeover Regulation Panel - Compliance Certificate

Takeover Regulation Panel - Compliance Certificate

SPANJAARD LIMITED                                 SPANJAARD GROUP LIMITED
(Incorporated in the Republic of South Africa)   (Incorporated in the Republic of South Africa)
(Registration number 1960/004393/06)             (Registration number 1962/003015/06)
Share code: SPA ISIN: ZAE000006938
(“Spanjaard” or “the Company”)                   (“Spanjaard Group”)


TAKEOVER REGULATION PANEL (TRP) - COMPLIANCE CERTIFICATE

Shareholders are referred to the SENS announcement published on Monday,
13 December 2021 and hereby confirm that the Company received the TRP’s
Compliance Certificate on 13 December 2021 in respect of the Scheme in terms of
sections 119(4) and 121(b) of the Companies Act 71 of 2008 as read with Regulation
102(13) of The Companies Regulations 2011.

By order of the Board

Johannesburg
14 December 2021

Corporate Advisor to Spanjaard          Independent Expert            Sponsor to Spanjaard
Arbor Capital                           Suez Capital                  AcaciaCap Advisors

Date: 14-12-2021 03:00:00
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