Shareholder Announcement SPANJAARD LIMITED (Incorporated in the Republic of South Africa) (Registration number 1960/004393/06) Share code: SPA ISIN: ZAE000006938 (“the Company”) SHAREHOLDER ANNOUNCEMENT Shareholders are directed to the Company's previous announcements, the last of which was published on 20 August 2019. Further to those announcements, shareholders are advised as follows: 1. Mr. Kentin Welgemoed continued to discharge the duties of the Chief Executive Officer from the date of the annual general meeting. 2. At the first meeting of the re-constituted Board of Directors, which was announced on 20 August 2019, a decision was taken to place Mr. Welgemoed on precautionary suspension. This precautionary suspension become effective on 2 September 2019. 3. The Board has appointed Ms. Tracy Spanjaard as Acting Chief Executive Officer with effect from 6 September 2019. 4. The Board has appointed Mr. John Siddall as the Independent Non-Executive Chairman of the Board of Directors. Shareholders will be appraised of further developments in due course. BY ORDER OF THE BOARD 8 October 2019 Sponsor Arbor Capital Sponsors Proprietary Limited Date: 08/10/2019 02:58:00 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.