SPANJAARD LIMITED - Changes to the Board of Directors

Changes to the Board of Directors

SPANJAARD LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1960/004393/06)
Share code: SPA ISIN: ZAE000006938
(“the company”)


CHANGES TO THE BOARD OF DIRECTORS


Shareholders are advised that, at a meeting of the Board of Directors held 28 November 2016,
the founder of the company, Mr. Robert Spanjaard has relinquished his position as Executive
Chairman of the company. It was also resolved at the same time to appoint Prof. DP van der
Nest, the current Lead Independent Non-Executive Director, as Non-Executive Chairman of the
company.


Mr. Spanjaard will continue to act as CEO.



By order of the board

Johannesburg

28 November 2016


Sponsor

Arbor Capital Sponsors Proprietary Limited
(Registration number 2006/033725/07)

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