Dealing in Securities by a Director SPANJAARD LIMITED (Incorporated in the Republic of South Africa) (Registration number 1960/004393/06) (“Spanjaard” or “the Company”) Share code: SPA ISIN code: ZAE000006938 DEALING IN SECURITIES BY A DIRECTOR In compliance with paragraphs 3.63 to 3.74 of the Listings Requirements of the Johannesburg Stock Exchange (“JSE”), the following dealings should be noted: Name of director: Robert Johannes Willem Spanjaard through Spanjaard Group Limited Date of transaction: 21 February 2017 Number of securities: 7 300 Class of securities: Ordinary shares Nature of transaction: Sale Price per share: R2.50 Nature of interest: Indirect beneficial Extent of interest: 0.09% Value of transaction: R18 250.00 How traded On market Clearance to deal obtained: Yes Name of director: Robert Johannes Willem Spanjaard through Spanjaard Group Limited Date of transaction: 21 February 2017 Number of securities: 1 500 Class of securities: Ordinary shares Nature of transaction: Sale Price per share: R2.55 Nature of interest: Indirect beneficial Extent of interest: 0.02% Value of transaction: R3 825.00 How traded On market Clearance to deal obtained: Yes Johannesburg 23 February 2017 Sponsor Arbor Capital Sponsors Proprietary Limited Date: 23/02/2017 11:16:00 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.