Trading Statement SPANJAARD LIMITED (Incorporated in the Republic of South Africa) (Registration number 1960/004393/06) Share Code: SPA ISIN: ZAE000006938 (“the company”) TRADING STATEMENT During the period under review, the company experienced extremely harsh trading conditions, mainly due to the upheavals in the mining industry and at ESKOM, as well as exceptionally high wage increases negotiated by the unions. These negative effects were exacerbated by the installation of a new Enterprise Resource Planning (ERP) system, which required the services of three separate contractors to finally achieve some measure of success. This resulted inter alia in severe disruption to management information systems. Shareholders are therefore advised that it is reasonably certain that for the twelve months ended 28 February 2015, as compared to the comparable prior financial period: - headline earnings/ (loss) per share will be between (15,5) and (17,4) cents per share (2014: 17,90 cents), a decrease of between 187 and 197%; and - Earnings/ (loss) per share will be between (17,5) and (20,6) cents per share (2014: 30,2 cents), a decrease of between 158 and 168%. The financial information on which this trading statement is based has not been reviewed or reported on by the company’s external auditors. It is expected that the reviewed provisional results for the period will be published on or about 29 May 2015. By order of the board. SF Pitchford Company Secretary Johannesburg 27 May 2015 Sponsor Arbor Capital Sponsors Proprietary Limited Date: 27/05/2015 04:55:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.