Capital Appreciation Limited
Incorporated in the Republic of South Africa
(Registration number 2014/253277/06)
Share code: CTA
ISIN: ZAE000208245
(“the Group”)

GRANTING OF CONDITIONAL SHARE AWARDS TO EXECUTIVE DIRECTORS

Executive Directors have been awarded Conditional Share Awards in terms of the 2020
Capital Appreciation Conditional Share Plan.
Awards are subject to performance criteria and continued employment for the three
financial year period, commencing 1 April 2023 to 31 March 2026 and vesting will occur
in June 2026.

 Name of director:                        Michael Reuven Pimstein
 Grant and acceptance date:               8 June 2023
 Class of securities                      Ordinary shares
 Number of securities:                    1,562,500 ordinary shares
 Price per security:                      Fair values at grant date per share using the three-
                                          day volume weighted average price of 149,8721
                                          cents per ordinary share
 Total value of award:                    R2,341,752
 Nature of award                          Off-market grant and acceptance of award
                                          made pursuant to the Capital Appreciation
                                          Conditional Share Plan
 Conditions of the award:                 The award is subject to performance criteria
                                          over a three financial year performance period
                                          and continued employment for the duration of a
                                          3-year vesting period.
 Nature and extent of director's          Direct beneficial
 interest:
 Clearance to award received:             Yes

 Name of director:                        Bradley Jonathan Sacks
 Grant and acceptance date:               8 June 2023
 Class of securities                      Ordinary shares
 Number of securities:                    1,562,500 ordinary shares
Price per security:               Fair values at grant date per share using the three-
                                  day volume weighted average price of 149,8721
                                  cents per ordinary share
Total value of award:             R2,341,752
Nature of award                   Off-market grant and acceptance of award
                                  made pursuant to the Capital Appreciation
                                  Conditional Share Plan
Conditions of the award:          The award is subject to performance criteria over
                                  a three financial year performance period and
                                  continued employment for the duration of a 3-
                                  year vesting period.
Nature and extent of director's   Direct beneficial
interest:
Clearance to award received:      Yes

Name of director:                 Alan Charles Salomon
Grant and acceptance date:        8 June 2023
Class of securities               Ordinary shares
Number of securities:             1,562,500 ordinary shares
                                  Fair values at grant date per share using the three-
Price per security:               day volume weighted average price of 149,8721
                                  cents per ordinary share
Total value of award:             R2,341,752
Nature of award                   Off-market grant and acceptance of award
                                  made pursuant to the Capital Appreciation
                                  Conditional Share Plan
Conditions of the award:          The award is subject to performance criteria
                                  over a three financial year performance period
                                  and continued employment for the duration of a
                                  3-year vesting period.
Nature and extent of director's   Direct beneficial
interest:
Clearance to award received:      Yes


Name of director:                 Michael Brian Shapiro
Grant and acceptance date:        8 June 2023
Class of securities               Ordinary shares
Number of securities:             900,000 ordinary shares
 Price per security:               Fair values at grant date per share using the three-
                                   day volume weighted average price of 149,8721
                                   cents per ordinary share
 Total value of award:             R1,348,849
 Nature of award                   Off-market grant and acceptance of award
                                   made pursuant to the Capital Appreciation
                                   Conditional Share Plan
 Conditions of the award:          The award is subject to performance criteria
                                   over a three financial year performance period
                                   and continued employment for the duration of a
                                   3-year vesting period.
 Nature and extent of director's   Direct beneficial
 interest:
 Clearance to award received:      Yes

Johannesburg

9 June 2023


Sponsor: Investec Bank Limited