KAP LIMITED - Resignation and new appointment of Chief Executive Officer

Resignation and new appointment of Chief Executive Officer

KAP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1978/000181/06)
Share code: KAP
ISIN: ZAE000171963
Company Alpha Code: KAP
LEI code: 3789001F51BC0045FD42
('KAP' or 'the Company')

RESIGNATION AND NEW APPOINTMENT OF CHIEF EXECUTIVE OFFICER

In accordance with the JSE Limited Listings Requirements and the Debt and Specialist Securities Listings
Requirements, shareholders are advised of the following change to the board of directors ("Board"):

Following 28 years in the group, with the last 10 years as chief executive officer, Mr Gary Chaplin has advised the
Board of his intention to step down from his executive responsibilities in the KAP group with effect from
31 October 2025. During his tenure as CEO, the group has grown materially and successfully navigated through
some very challenging events including the collapse of its major shareholder, a collapse in the polymer cycle,
Covid and most recently a major investment cycle. Gary and KAP management have created, despite the aforesaid
challenges, a strong platform for further growth and value creation going forward.

While Gary's resignation is a loss to the group, the Board understands his reasons, respects his decision and
thanks him for his service to the group, its shareholders, customers and staff. We wish Gary every success in his
future endeavours. Gary will remain available to the Board and his successor for some time after October 2025 to
ensure an orderly transfer of knowledge.

The Board has resolved to appoint Mr Frans Olivier to the role of chief executive officer, effective
1 November 2025. The appointment was made pursuant to the policy dealing with the nomination of directors of
the Company. Frans will have specific KPI's, in line with KAP's 3-year strategic plan. Frans has been with the
group for 19 years and is the current chief financial officer of the group. Frans has a deep understanding of the
group, its markets, strategy and operations and is ideally suited to execute the strategy of KAP which, following
the completion of a major investment cycle, is to extract value from our recent investments, return under-
performing operations to satisfactory levels of performance and reduce debt. Frans is supported by a very
competent team on a group and operational level.

The Board will appoint a chief financial officer to replace Frans in due course.

Stellenbosch
29 May 2025

Equity and Debt Sponsor
PSG Capital

Date: 29-05-2025 08:30:00
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