KAP LIMITED
(former name KAP Industrial Holdings Limited)
(Incorporated in the Republic of South Africa)
(Registration number: 1978/000181/06)
JSE alpha code: KAP
LEI code: 3789001F51BC0045FD42
(‘KAP’ or ‘the Company’)



EXERCISE AND RELATED SETTLEMENT OF OPTIONS IN TERMS OF THE KAP PERFORMANCE SHARE
RIGHTS SCHEME


In compliance with paragraphs 6.42 to 6.44 of the JSE Limited Debt Listings Requirements, the following
information regarding the exercise of options by certain executive directors of KAP and of its major subsidiaries
and the related settlement thereof, in terms of the KAP Performance Share Rights Scheme (“KAP SRS”), is
disclosed.

Upon the exercise of the options referred to below, the Company and the beneficiaries elected to settle same on
an after-tax net-equity basis, through the issue of ordinary shares as detailed below:

 NAME OF DIRECTOR                                      GN Chaplin                                          (1)
                                                       FH Olivier                                          (2)
                                                       SP Lunga                                            (3)
                                                       G Victor                                            (4)
                                                       W Killian                                           (5)
                                                       JN van Niekerk                                      (6)
                                                       WC Els                                              (7)

 COMPANY OF WHICH A DIRECTOR                           KAP Ltd                                           (1-3)
                                                       PG Bison (Pty) Ltd*                               (4-5)
                                                       Safripol (Pty) Ltd*                               (6-7)
                                                       * major subsidiary of the Company

 STATUS: EXECUTIVE/NON-EXECUTIVE                       Executive                                         (1-7)

 TYPE AND CLASS OF SECURITIES                          Ordinary shares                                   (1-7)

 NATURE OF TRANSACTION                                 Exercise of options by the director and related
                                                       after-tax net-equity settlement by way of the
                                                       issue of ordinary shares to the director
                                                       (off-market transaction)                          (1-7)

 VESTING DATE OF OPTIONS EXERCISED                     1 December 2023                                   (1-7)

 DATE OF EXERCISE OF OPTIONS                           1 December 2023                                   (1-7)

 OPTION STRIKE PRICE                                   R0.20                                             (1-7)


 NUMBER OF OPTIONS EXERCISED                           3 210 657                                           (1)
                                                       1 952 427                                           (2)
                                                       1 043 138                                           (3)
                                                       1 209 388                                           (4)
                                                         376 875                                           (5)
                                                       1 825 490                                           (6)
                                                         738 051                                           (7)
 NUMBER OF ORDINARY SHARES ISSUED                    1 765 861                                          (1)
                                                     1 073 834                                          (2)
                                                       573 725                                          (3)
                                                       665 163                                          (4)
                                                       207 281                                          (5)
                                                     1 004 019                                          (6)
                                                       405 928                                          (7)

 NATURE AND EXTENT OF INTEREST IN THE                Direct, beneficial                                (1-7)
 TRANSACTION


Clearance for the above was obtained in terms of paragraph 6.45 of the JSE Limited Debt Listings Requirements.


Stellenbosch
4 December 2023

Debt Sponsor: Nedbank Corporate and Investment Bank, a division of Nedbank Limited