Results of Annual General Meeting ("the AGM") and Update on Mr Robert Spanjaard 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”) AND UPDATE ON MR. ROBERT SPANJAARD Shareholders are advised that all the resolutions proposed at the AGM of the company held on Friday, 15 September 2017 were passed by the requisite majorities of shareholders. Shareholders are further advised that, due to the continued indisposition of Mr. Robert Spanjaard, the Chief Executive Officer (“CEO”) and major shareholder of the company, the board of directors of the company has: - appointed Mr. Kentin Welgemoed as acting CEO Details of the resolutions and the voting are contained in the table below. The issued share capital of the company is 8 142 850 ordinary shares. Resolution proposed Total Number of Number of Number of number of votes in votes abstentions: votes cast: favour: (% of against: (% of issued number (% total votes (% of total share of issued cast) votes capital) share cast) capital) Ordinary resolution number 1: Approval of annual financial 6 442 168 6 442 168 0 0 statements 79.11% 100.00% 0.00% 0.00% Ordinary resolution number 2: 6 442 168 6 442 168 0 0 Approval of directors’ remuneration 79.11% 100% 0.00% 0.00% Ordinary resolution number 3: Re-election of Prof. DP van der Nest 6 442 168 6 372 109 70 059 0 as a non-executive director 79.11% 98.91% 1.09% 0.00% Ordinary resolution number 4: Appointment and remuneration of 6 442 168 6 442 168 0 0 auditors 79.11% 100% 0.00% 0.00% Ordinary resolution umber 5: Placing authorised but unissued share 6 442 168 6 372 109 70 059 0 capital under the control of the 79.11% 98.91% 1.09% 0.00% directors Ordinary resolution number 6: Appointment of members of the audit committee 6.1 To appoint Prof. DP van der Nest 6 442 168 6 442 168 0 0 as a member and chairman of the 79.11% 100% 0.00% 0.00% audit committee 6.2 To appoint Mr. BL Montgomery as 6 442 168 6 372 109 70 059 0 a member of the audit committee 79.11% 98.91% 1.09% 0.00% 6.2 To appoint Mrs. S Hari as a 6 442 168 6 442 168 0 0 member of the audit committee 79.11% 100% 0.00% 0.00% 7. To authorise any person authorised by Levitt Kirson Business Services to 6 442 168 6 442 168 0 0 continue in office as company 79.11% 100% 0.00% 0.00% secretary 8. To confirm in terms of section 75(5) of the Act that the directors have no 6 442 168 6 442 168 0 0 interests to declare in contracts 79.11% 100% 0.00% 0.00% 9. To transact such other business as may be transacted at an annual 6 442 168 6 442 168 0 0 general meeting 79.11% 100% 0.00% 0.00% Special resolution number 1: Financial assistance to related or inter- 6 442 168 6 372 109 70 059 0 related entities to the company 79.11% 98.91% 1.09% 0.00% Special resolution number 2: Financial assistance for the 6 442 168 6 372 109 70 059 0 subscription for or purchase of 79.11% 98.91% 1.09% 0.00% securities by related or inter-related entities to the company Special resolution number 3: Approval of the remuneration of non- 6 442 168 6 372 109 70 059 0 executive directors for services as 79.11% 98.91% 1.09% 0.00% directors for the following year Special resolution number 4 Approval 6 442 168 6 372 109 70 059 0 of the actions of directors 79.11% 98.91% 1.09% 0.00% By order of the board Johannesburg 19 September 2017 Sponsor Arbor Capital Sponsors Proprietary Limited Date: 19/09/2017 01:52:00 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.