Financial Times Stock Exchange Classification CAPITAL APPRECIATION LIMITED (Incorporated in the Republic of South Africa) (Previously Firefly Investments 285 Proprietary Limited) (Registration number 2014/253277/06) JSE code: CTA ISIN: ZAE000208245 (“Capital Appreciation” or “the Company”) FINANCIAL TIMES STOCK EXCHANGE (“FTSE”) CLASSIFICATION Capital Appreciation was categorised in the “Speciality Finance” sector of the Main Board, under the abbreviated name: “CAPPREC”, in the Pre-Listing Statement released on 28 September 2015. The JSE Limited (“JSE”), in conjunction with an instruction from FTSE, have indicated that Capital Appreciation’s category classification will be, pursuant to FTSE Industry Classification Benchmark codes for equity instruments, “8995 – Non Equity Investment Instruments” a subsector under the “Financial Services” sector. This classification will persist while Capital Appreciation operates as a Special Purpose Acquisition Company (“SPAC”) in terms of the JSE Listings Requirements. Notwithstanding the nomenclature of the subsector classification above, the Capital Appreciation’s shares listed on the JSE remain equity securities. Once the Viable Assets are acquired and SPAC status no longer applies the Company will be reclassified under the sector and subsector best associated with the Viable Assets. Sandton 17 November 2015 Sponsor Investec Bank Limited Date: 17/11/2015 07:49:00 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.