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Mon 23 Feb 2004, 12:53 Dealing in securities by directors
Spanjaard Limited - Dealing in securities by directors                          
  Spanjaard Limited                                                               
  (Incorporated in the Republic of South Africa)                                  
  Registration number 1960/004393/06                                              
  Share Code:  SPA                                                                
  ISIN:  ZAE000006938                                                             
  ("the company")                                                                 
  Dealing in securities by directors                                              
  In compliance with paragraph 3.63 to 3.74 of the JSE Securities Exchange South  
  Africa Listing Requirements, the following information is disclosed:            
  Director                                :  DH Petersen                          
  Date of transaction                     :  23 February 2004                     
  Price per share                         :  R1.28                                
  Number of shares                        :  500                                  
  Total value                             :  R640                                 
  Class of securities                     :  Ordinary shares                      
  Nature of transaction                   :  Purchase                             
  Extent of interest                      :  Direct and beneficial                
  Confirmation of clearance               :  Confirmed                            
  Director                                :  R Sacks                              
  Date of transaction                     :  23 February 2004                     
  Price per share                         :  R1.28                                
  Number of shares                        :  285 500                              
  Total value                             :  R365 440                             
  Class of securities                     :  Ordinary shares                      
  Nature of transaction                   :  Purchase                             
  Extent of interest                      :  Direct and beneficial                
  Confirmation of clearance               :  Confirmed                            
  Director                                :  Robert Spanjaard                     
  Nature of transaction                   :  Sale of shares by Spanjaard Group    
                                             Limited                              
  Date of transaction                     :  19, 20 and 23 February 2004          
  Price per share                         :  R1.28                                
  Number of shares                        :  781 500                              
  Total value                             :  R1 000 320                           
  Class of securities                     :  Ordinary shares                      
  Nature or interest                      :  Chairman of Spanjaard Group Limited  
                                             and Spanjaard Limited                
  Extent of the interest                  :  Indirect and beneficial interest     
  Confirmation of clearance               :  Confirmed                            
  23 February 2004                                                                
  Johannesburg                                                                    
  Sponsor                                                                         
  PricewaterhouseCoopers Corporate Finance (Pty) Ltd                              
  (Registration no: 1970/003711/07)                                               
  Date: 23/02/2004 12:23:05 PM Produced by the JSE SENS Department                
                                                                                  
                                                                                  
                                                                                  
  
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