Results 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”) RESULTS OF ANNUAL GENERAL MEETING (“ the AGM”) Shareholders are advised that all the resolutions proposed at the AGM of the company held on Friday, 21 August 2015 were passed by the requisite majorities of shareholders. Details of the resolutions and the voting are contained in the table below. Resolution proposed Total Votes in Votes Abstentions number of favour: % against: % : % of votes cast: issued number(% share of issued capital share capital) Ordinary resolution number 1: Approval of annual financial 6 125 019 6 125 019 statements (75,2%) (100%) nil nil Ordinary resolution number 2: Approval of directors’ emoluments 6 125 019 6 125 019 (75,2%) (100%) nil nil Ordinary resolution number 3: Re-election of Mrs. S Hari as a non- executive director 6 125 019 6 046 733 78 286 (75,2%) (98,7%) (1,3%) nil Ordinary resolution number 4: Appointment and remuneration of 6 125 019 6 046 733 78 286 auditors (75,2%) (100%) (1,3%) nil Ordinary resolution umber 5: Placing authorised but unissued 6 125 019 6 046 733 78 286 share capital under the control of the (75,2%) (100%) (1,3%) nil directors Ordinary resolution number 6: Appointment of members of the audit committee 6.1 To appoint Prof. DP van der Nest 6 125 019 6 125 019 as a member and chairman of the (75,2%) (100%) nil nil audit committee 6.2 To appoint BL Montgomery as a 6 125 019 6 125 019 member of the audit committee (75,2%) (100%) nil nil 6.3 To appoint Mrs. S Hari as a 6 125 019 6 046 733 78 286 member of the audit committee (75,2%) (98,7%) (1,3%) nil Special resolution number 1: Financial assistance to related or 6 125 019 6 125 019 inter-related entities to the company (75,2%) (100%) nil nil Special resolution number 2: Financial assistance for the 6 125 019 6 125 019 subscription for or purchase of (75,2%) (100%) nil nil securities by related or inter-related entities to the company Special resolution number 2: Approval of the remuneration of non- 6 125 019 6 046 733 78 286 executive directors for services as (75,2%) (98,7%) (1,3%) nil directors for the following year By order of the board Johannesburg 25 August 2015 Sponsor Arbor Capital Sponsors Proprietary Limited Date: 25/08/2015 11:21:00 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.