KAL GROUP LIMITED
(Previously Kaap Agri Limited)
(Incorporated in the Republic of South Africa)
(Registration number: 2011/113185/06)
Share code: KAL
ISIN: ZAE000244711
(“KAL Group” or the "Company”)


DEALINGS IN KAL GROUP SHARES


KAL Group shareholders (“Shareholders”) are referred to the announcement published on
SENS on 12 June 2023, wherein Shareholders were advised of the hedging transaction
entered into between KAL Group and Investec Bank Limited (“Investec”), an independent
third party, to hedge the potential future obligations of the Company under its non-dilutive
long-term incentive plan (“LTIP”) rules (“Hedging Transaction”).

In accordance with paragraphs 3.63 to 3.74 and 3.92 of the JSE Limited Listings
Requirements, Shareholders are hereby advised of the following acquisitions of KAL Group
ordinary shares (“Shares”), in execution of the Hedging Transaction, between 15 September
2023 and 21 December 2023:

 NAME OF ENTITY                                   Investec

 TYPE AND CLASS OF SECURITIES                     Ordinary shares

 NATURE OF TRANSACTION                            Purchase of Shares pursuant to the
                                                  Hedging Transaction to enable settlement
                                                  of LTIP awards (on-market)

 TOTAL NUMBER OF SHARES ACQUIRED                  529,952

 TOTAL RAND          VALUE     OF    SHARES R20,426,248.97
 ACQUIRED

 NATURE OF INTEREST                               Indirect, non-beneficial

 CLEARANCE OBTAINED                               Yes


The breakdown of the acquisition of Shares is as follows:

                                VOLUME
                               WEIGHTED
               NUMBER OF                           HIGH        LOW
   DATE                        AVERAGE                                       VALUE
                SHARES                           (PRICE)     (PRICE)
                                 PRICE
                                 (PAID)

 15-Sep-23             2,063         R37.66       R37.66      R37.25             R77,687.25
 18-Sep-23            11,412         R37.76       R37.90      R37.58            R430,925.80
 19-Sep-23             2,783         R37.02       R37.13      R37.01            R103,017.07
 23-Nov-23          125,000          R36.00       R36.00      R35.72          R4,499,682.50
  28-Nov-23           85    R35.66   R35.67   R35.64      R3,030.93
  29-Nov-23        15,942   R36.00   R36.03   R36.00    R573,940.27
  30-Nov-23        41,703   R36.25   R36.25   R36.18   R1,511,683.04
  01-Dec-23         5,780   R36.72   R36.75   R36.51    R212,254.74
  08-Dec-23         8,562   R38.04   R38.10   R37.81    R325,685.29
  11-Dec-23         3,110   R38.57   R38.74   R38.51    R119,968.01
  12-Dec-23         2,068   R38.76   R38.76   R38.75     R80,155.57
  13-Dec-23          350    R39.00   R39.00   R39.00     R13,650.00
  14-Dec-23        16,379   R39.03   R39.10   R39.00    R639,316.40
  18-Dec-23         7,197   R39.74   R40.00   R38.87    R286,036.53
  19-Dec-23         6,124   R39.84   R40.03   R39.01    R243,963.28
  20-Dec-23        46,447   R40.31   R40.32   R40.09   R1,872,254.65
  21-Dec-23       234,947   R40.15   R40.15   R40.08   R9,432,997.65


Paarl
12 January 2024

Sponsor
PSG Capital