Dealings in Securities by Directors SPANJAARD LIMITED (Incorporated in the Republic of South Africa) (Registration number 1960/004393/06) Share code: SPA ISIN code: ZAE000006938 DEALINGS IN SECURITIES BY DIRECTORS Release date: 26 February 2019 Code: SPA In accordance with the requirements of paragraphs 3.63 to 3.74 of the Listings Requirements of the Johannesburg Stock Exchange, the following should be noted: Director: Kentin Welgemoed Date of transaction: 22 February 2019 Price: (cents per share): 119 Number of securities: 300 000 Total value: R357 000 Class of security: Ordinary shares Nature of transaction: Receipt as beneficiary in terms of a deceased estate Nature and extent of interest: Direct beneficial Confirmation of trade : On-market Clearance given in terms of paragraph 3.66: Yes Director: Ian Saunders Date of transaction: 22 February 2019 Price: (cents per share): 63 Number of securities: 160 000 Total value: R100 800 Class of security: Ordinary shares Nature of transaction: Receipt as beneficiary in terms of a deceased estate Nature and extent of interest: Direct beneficial Confirmation of trade: On-market Clearance given in terms of paragraph 3.66: Yes Director: Tracy Stewart Date of transaction: 22 February 2019 Price: (cents per share): 169 Number of securities: 35 832 Total value: R60 556 Class of security: Ordinary shares Nature of transaction: Receipt as beneficiary in terms of a deceased estate Nature and extent of interest: Direct beneficial Confirmation of trade: On-market Clearance given in terms of paragraph 3.66: Yes Sponsor Arbor Capital Sponsors Proprietary Limited Date: 26/02/2019 01:38:00 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.