Change Statement and Notice of Annual General Meeting SPANJAARD LIMITED (Incorporated in the Republic of South Africa) (Registration number 1960/004393/06) Share Code: SPA ISIN: ZAE000006938 (“the company”) CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING Shareholders are advised that: - the annual report, incorporating a notice convening the annual general meeting of the company (“the AGM”), was posted to shareholders on 23 July 2015 and save for the changes set out below contains no material modifications to the reviewed provisional results which were published on Friday, 5 June 2015 on SENS. - These changes are highlighted in the table below: Audited Reviewed Variance Year ended 28 February 2015 2015 2015 Note R'000 R'000 R'000 Statement of profit and loss and other comprehensive income Cost of sales 1 (82 650) (83 750) 1 100 Gross Profit 5 37 182 36 082 1 100 Depreciation and amortisation (as part 1 (2 568) (1 468) (1 100) of distribution costs and administrative expenses ) (Loss) / profit before tax 2 (2 583) (2 633) 50 Income tax expense 3, 4 1 531 1 140 391 (Loss) / profit from continuing 5 (1 052) (1 493) 441 operations (Loss) / profit for the year 5 (1 052) (1 493) 441 Other comprehensive income Revaluation on property, plant and 3 4 871 5 801 (930) equipment Total comprehensive (loss)/ income for 5 3 630 4 119 (489) the year attributable to ordinary shareholders Earnings and diluted earnings per 5 (12.9) (18.3) 5.4 ordinary share Statement of financial position Current assets 2, 6, 7 42 057 41 102 955 Current liabilities 6 (28 206) (27 280) (926) Reserves 2, 4 (37 032) (37 521) 489 Deferred tax liability 4, 7 (4 947) (4 429) (518) Statement of cash flow Cash flows from operating activities 8 (4 894) (3 763) (1 131) Cash flows from investing activities 8 827 (304) 1 131 Statement of changes in equity Revaluation reserve 3, 9 10 868 9 266 1 602 Retained earnings 2, 4, 9 26 894 28 985 (2 091) Operating segments Segment result Special lubricants 5, 10 (1 314) (2 689) 1 375 Reconciling items 10 (2 306) (981) (1 325) Loss before interest and tax 5 (1 352) (1 402) 50 Segment assets 10 80 144 79 189 955 Special lubricants 5 65 607 65 388 219 Reconciling items 5, 10 (26 363) (27 099) 736 Segment liabilities 10 36 241 34 797 1 444 Special lubricants 5 38 353 38 181 172 Reconciling items 5, 10 (25 214) (26 486) 1 272 Reconciliation of headline Audited Reviewed earnings Gross Net Gross Net Note R'000 R'000 R'000 R'000 Loss for the year attributable to shareholders 5 (1 052) (1 052) (1 493) (1 493) Loss on disposal of property, plant and equipment 11 0 0 302 217 The differences between the audited and the reviewed results arise from the change in disclosure of the following items: Note 1: Reclassification of depreciation relating to non-manufacturing equipment to distribution costs and administrative expenses. Note 2: Reversal of a provision raised against current assets. Note 3: Reclassification of deferred tax relating to the revaluation on property, plant and equipment, which was recorded in Taxation to Other comprehensive income. Note 4: Recording deferred tax on timing differences which were not previously recognised. Note 5: Changes resulting from other noted changes. Note 6: Reclassification of positive cash balances previously set off against the bank overdraft. Note 7: Reclassification of tax receivable previously reported as a Deferred tax asset. Note 8: Reclassification of cash flows to reflect the nature of these cash flows. Note 9: Correction in calculation of the release of the revaluation reserve to retained earnings due to sale of property. Note 10: Reclassification between segments to correct the classification within segment reporting. Note 11: Correcting the classification of an amount recorded as a loss on disposal of Property, plant and equipment instead of Operating expenses. Earnings per share previously reported on the face of the Statement of Comprehensive Income, was incorrectly reported as the Headline Earnings per share value. This has been corrected in the current year. - the AGM will be held at 12:00 on Friday 21 August 2015 at The Wanderers Club, 21 North Road, Illovo, Johannesburg. By order of the board. Johannesburg 24 July 2015 Sponsor Arbor Capitol Sponsors Proprietary Limited Date: 24/07/2015 10:54:00 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.