SPANJAARD LIMITED - Resignation of Director

Resignation of Director

Spanjaard Limited
(Incorporated in the Republic of South Africa)
(Registration number 1960/004393/06)
Share Code: SPA           ISIN: ZAE000006938

(“Spanjaard” or “the Company”)



RESIGNATION OF DIRECTOR


Shareholders are advised that Ms Elista Nepgen has resigned as an executive
director of Spanjaard Limited and its subsidiary companies with immediate effect
in order to pursue her own interests.

The board thanks Ms Nepgen for her contribution to the Company and wishes
her well in her future endeavours.


By order of the board

Johannesburg

26 May 2015

Sponsor

Arbor Capital Sponsors Proprietary Limited

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