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


ACCEPTANCE OF AWARDS UNDER KAAP AGRI’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 deemed acceptance of awards granted under the Kaap
Agri Long-Term Incentive Plan (“LTIP”) is disclosed:

 NAME OF DIRECTOR                                LJ Abrams

 COMPANY OF WHICH DIRECTOR                       TFC Operations Proprietary Limited
                                                 (a major subsidiary of Kaap Agri)

 STATUS: EXECUTIVE/NON-EXECUTIVE                 Executive

 TYPE AND CLASS OF SECURITIES                    Options awarded under the LTIP to acquire
                                                 ordinary shares

 NATURE OF TRANSACTION                           Acceptance of award of options to acquire
                                                 ordinary shares in terms of the LTIP
                                                 (off-market transaction)

 DATE OF AWARD OF OPTIONS                        2 December 2022

 DATE OF ACCEPTANCE OF OPTIONS                   2 December 2022

 PRICE AT WHICH OPTIONS AWARDED                  Nil cost

 NUMBER OF OPTIONS ACCEPTED                      92 903




 DEEMED TOTAL RAND VALUE OF                      R4 087 732.00
 OPTIONS ACCEPTED, BASED ON THE
 COMPANY’S CLOSING SHARE PRICE ON
 1 DECEMBER 2022
 VESTING DATE OF OPTIONS                       Vesting in tranches of 25% each on the
                                               later of:

                                               •   the 2nd, 3rd, 4th and 5th anniversary of
                                                   the date of award; and
                                               •   to the extent applicable, the date on
                                                   which the remuneration committee
                                                   determines that the performance
                                                   condition(s) has been met; and
                                               •   to the extent applicable, any other
                                                   conditions imposed have been satisfied

 SETTLEMENT PERIOD                             Settlement in respect of the options to
                                               occur within 30 days of the applicable
                                               vesting date

 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
2 December 2022

Sponsor
PSG Capital