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



SETTLEMENT OF AWARDS UNDER KAL GROUP’S LONG-TERM INCENTIVE PLAN


In compliance with paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements, the
following information regarding the vesting, automatic exercise and after-tax net-equity
settlement of awards in terms of the KAL Group Long-term Incentive Plan (“LTIP”), is disclosed:

1.
     NAME OF DIRECTOR                              S Walsh

     COMPANY OF WHICH A DIRECTOR                   KAL Group

     STATUS: EXECUTIVE/NON-EXECUTIVE               Executive

     TYPE AND CLASS OF SECURITIES                  Nil-cost options (“NCOs”) in relation to
                                                   ordinary shares

     NATURE OF TRANSACTION                         Vesting, automatic exercise and after-tax
                                                   net-equity settlement of NCOs, resulting
                                                   in the delivery of ordinary shares to a
                                                   participant under the LTIP
                                                   (off-market transaction)

     TRANSACTION DATE                              20 January 2026
     (VESTING, EXERCISE AND SETTLEMENT)

     NUMBER OF NCOs VESTED                         18 911

     TOTAL VALUE OF NCOs VESTED                    R 940,135.89, based on a deemed value
                                                   of R49.71 per NCO

     NUMBER OF ORDINARY SHARES                     10 401
     RECEIVED (POST-TAX NET EQUITY
     SETTLEMENT)

     NATURE AND EXTENT OF INTEREST IN              Direct, beneficial
     THE TRANSACTION
2.
     NAME OF DIRECTOR                     GW Sim

     COMPANY OF WHICH A DIRECTOR          KAL Group

     STATUS: EXECUTIVE/NON-EXECUTIVE      Executive

     TYPE AND CLASS OF SECURITIES         NCOs in relation to ordinary shares

     NATURE OF TRANSACTION                Vesting, automatic exercise and after-tax
                                          net-equity settlement of NCOs, resulting
                                          in the delivery of ordinary shares to a
                                          participant under the LTIP
                                          (off-market transaction)

     TRANSACTION DATE                     20 January 2026
     (VESTING, EXERCISE AND SETTLEMENT)

     NUMBER OF NCOs VESTED                9 030

     TOTAL VALUE OF NCOs VESTED           R 448,914.76, based on a deemed value
                                          of R49.71 per NCO

     NUMBER OF ORDINARY SHARES            4 966
     RECEIVED (POST-TAX NET EQUITY
     SETTLEMENT)

     NATURE AND EXTENT OF INTEREST IN     Direct, beneficial
     THE TRANSACTION


3.
     NAME OF DIRECTOR                     H Smit

     COMPANY OF WHICH A DIRECTOR          Agrimark Operations Limited
                                          (a major subsidiary of KAL Group)

     STATUS: EXECUTIVE/NON-EXECUTIVE      Executive

     TYPE AND CLASS OF SECURITIES         NCOs in relation to ordinary shares

     NATURE OF TRANSACTION                Vesting, automatic exercise and after-tax
                                          net-equity settlement of NCOs, resulting
                                          in the delivery of ordinary shares to a
                                          participant under the LTIP
                                          (off-market transaction)

     TRANSACTION DATE                     20 January 2026
     (VESTING, EXERCISE AND SETTLEMENT)

     NUMBER OF NCOs VESTED                4 990

     TOTAL VALUE OF NCOs VESTED           R 248,071.39, based on a deemed value
                                          of R49.71 per NCO
     NUMBER OF ORDINARY SHARES                  2 744
     RECEIVED (POST-TAX NET EQUITY
     SETTLEMENT)

     NATURE AND EXTENT OF INTEREST IN           Direct, beneficial
     THE TRANSACTION


4.
     NAME OF DIRECTOR                           T Sulaiman-Bray

     COMPANY OF WHICH A DIRECTOR                Agrimark Operations Limited
                                                (a major subsidiary of KAL Group)

     STATUS: EXECUTIVE/NON-EXECUTIVE            Executive

     TYPE AND CLASS OF SECURITIES               NCOs in relation to ordinary shares

     NATURE OF TRANSACTION                      Vesting, automatic exercise and after-tax
                                                net-equity settlement of NCOs, resulting
                                                in the delivery of ordinary shares to a
                                                participant under the LTIP
                                                (off-market transaction)

     TRANSACTION DATE                           20 January 2026
     (VESTING, EXERCISE AND SETTLEMENT)

     NUMBER OF NCOs VESTED                      3 634

     TOTAL VALUE OF NCOs VESTED                 R 180,659.61, based on a deemed value
                                                of R49.71 per NCO

     NUMBER OF ORDINARY SHARES                  1 998
     RECEIVED (POST-TAX NET EQUITY
     SETTLEMENT)

     NATURE AND EXTENT OF INTEREST IN           Direct, beneficial
     THE TRANSACTION



Clearance for the above was obtained in terms of paragraph 3.66 of the JSE Limited Listings
Requirements.

Paarl
20 January 2026

Sponsor
PSG Capital