CAPITAL APPRECIATION LIMITED - Granting of Conditional Share Awards to Executive Directors

Granting of Conditional Share Awards to Executive Directors

Capital Appreciation Limited
Incorporated in the Republic of South Africa
(Registration number 2014/253277/06)
Share code: CTA
ISIN: ZAE000208245
(“CAPPREC" or “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
periods, commencing 1 April 2022 to 31 March 2025 and vesting will occur in December 2025.

Name of director:                           Michael Reuven Pimstein
Grant and acceptance date:                  5 December 2022
Class of securities:                        Ordinary shares
Number of securities:                       1,600,000 ordinary shares
Price per security:                         Fair values at grant date per share using the three-day
                                            volume weighted average price of 144,4229 cents per
                                            ordinary share
Total value of award:                       R2,310,766
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 interest:   Direct beneficial
Clearance to award received:                Yes

Name of director:                           Bradley Jonathan Sacks
Grant and acceptance date:                  5 December 2022
Class of securities:                        Ordinary shares
Number of securities:                       1,600,000 ordinary shares
Price per security:                         Fair values at grant date per share using the three-day
                                            volume weighted average price of 144,4229 cents per
                                            ordinary share
Total value of award:                       R2,310,766
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 interest:   Direct beneficial
Clearance to award received:                Yes

Name of director:                           Alan Charles Salomon
Grant and acceptance date:                  5 December 2022
Class of securities:                        Ordinary shares
Number of securities:                       1,600,000 ordinary shares
                                            Fair values at grant date per share using the three-day
Price per security:                         volume weighted average price of 144,4229 cents per
                                            ordinary share
Total value of award:                       R2,310,766
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 interest:   Direct beneficial
Clearance to award received:                Yes


Name of director:                           Michael Brian Shapiro
Grant and acceptance date:                  5 December 2022
Class of securities:                        Ordinary shares
Number of securities:                       800,000 ordinary shares
Price per security:                         Fair values at grant date per share using the three-day
                                            volume weighted average price of 144,4229 cents per
                                            ordinary share
Total value of award:                       R1,155,383
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 interest:   Direct beneficial
Clearance to award received:                Yes

Johannesburg
6 December 2022


Sponsor: Investec Bank Limited

Date: 06-12-2022 11:30:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.