Announcement regarding Interim Report 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”) ANNOUNCEMENT REGARDING INTERIM REPORT Shareholders are respectfully referred to the Company's SENS announcement dated 12 October 2015, wherein shareholders were advised of the results of the Private Placement, the Company's profile of investors and the number of shares in issue. Since that date no additional shares have been issued nor has there been any deviation from the predicted pattern of activity contemplated in the Pre-listing Statement. In addition, no material commercial activity has taken place, nor has an appropriate Viable Asset yet been identified for acquisition in terms of the JSE Listings Requirements. The founders’ contribution to the constituent costs and the payment of certain operating costs as outlined in the Pre-listing Statement are the only receipts and payments falling within the interim period end. Accordingly, the JSE has granted Capital Appreciation dispensation from releasing an interim report in terms of the JSE Listings Requirements. Shareholders are reminded that the Company’s year-end was changed to 31 March during the listing process and that the audited results for the year end are expected to be released on or about 15 May 2016. In the event of a shareholder meeting being necessary to consider a Viable Asset acquisition during the intervening period, an appropriate announcement will be timeously released on SENS. 26 January 2016 Johannesburg Investec Bank Limited Sponsor Date: 26/01/2016 11:00:00 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.