CAPITAL APPRECIATION LIMITED - Trading Statement for the year ended 31 March 2025

Trading Statement for the year ended 31 March 2025

Capital Appreciation Limited
Incorporated in the Republic of South Africa
(Registration number 2014/253277/06)
Share code: CTA ISIN: ZAE000208245
("Capital Appreciation" or the "Group")

TRADING STATEMENT FOR THE YEAR ENDED 31 MARCH 2025

In terms of paragraph 3.4 (b) of the Listings Requirements of JSE Limited, a listed company is
required to publish a trading statement as soon as it is satisfied that a reasonable degree of
certainty exists that any of its financial results for the period to be reported on next, will differ by
at least 20% from those of the previous corresponding period.

Capital Appreciation is currently finalising its annual results for the year ended 31 March 2025
and expects to release audited annual financial results on or about Tuesday, 24 June 2025. We
refer to our Trading Statement dated 30 May 2025 where we indicated that the Group's Basic
Earnings Per Share ("EPS") and Headline Earnings Per Share ("HEPS") for the year ended 31 March
2025 is expected to be at least 20% higher than the EPS and HEPS for the year ended 31 March
2024.

The Board is pleased to report that the Group's Basic Earnings Per Share ("EPS") and Headline
Earnings Per Share ("HEPS") for the year ended 31 March 2024 will be as follows:

                                      March 2025                   March 2024                  Increase
                                                                    Restated*
 EPS (cents)                       17.32 – 17.60                        13.97                 24% - 26%
 HEPS (cents)                      17.35 – 17.57                        13.99                 24% - 26%

 *With the appointment of new auditors in the current financial year, prior judgements and accounting policies were
  revisited and reviewed, resulting in the restatement of certain prior period errors. The net impact of these changes
  in aggregate, was to increase 2024 EPS from 13.59 cps to 13.97cps, or 2.8% and HEPS increased from 13.61 cps to
  13.99 cps, or 2.8%. The changes had an equally minor impact on the Statement of Financial Position and Statement
  of Cash Flows. Full detail of the restatements will be disclosed in the annual financial results.

As previously disclosed, the period has been characterised by strong financial performance in the
Payments division and improved but below-expectation performance in the Software division.
Both the Payments and Software divisions have continued to attract new clients and diversify
their revenue sources. The divisions remain cash-generative with healthy cash conversion from
operations.

The financial information on which this trading statement is based has not been reviewed or
reported on by the Group's external auditors.

Johannesburg
20 June 2025

Sponsor: Investec Bank Limited

Date: 20-06-2025 11:05:00
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