Results of the Annual General Meeting Capital Appreciation Limited Incorporated in the Republic of South Africa (Registration number 2014/253277/06) Tax number 9591281176 JSE Share Code: CTA ISIN: ZAE000208245 (the “Company”) RESULTS OF THE ANNUAL GENERAL MEETING Shareholders are advised that at the Annual General Meeting (“AGM”) of the Company held on 17 August 2016, all resolutions proposed at the AGM were passed by the requisite majority of shareholders. The following information is provided: Total issued number of redeemable ordinary shares 1 250 000 000 Number of redeemable ordinary shares represented at the meeting 729 460,964 Percentage of redeemable ordinary shares represented at the meeting 58% Abstentions are represented as a percentage of total issued number of redeemable ordinary shares. Details of the results of voting at the AGM are as follows: Resolution proposed For Against Abstain Ordinary resolution number 1: Acceptance of 729 360 874 Nil 100 090 annual financial 100,00% 0,00% 0,01% statements Ordinary resolution number 2.1: Re-election 729 360 874 Nil 100 090 of V Sekese as member 100,00% 0,00% 0,01% and Chairman of the audit committee Ordinary resolution number 2.2: Re-election 729 360 874 Nil 100 090 of B Bulo as member 100,00% 0,00% 0,01% of the audit committee Ordinary resolution number 2.3: Re-election 729 360 874 Nil 100 090 of C Valkin as member 100,00% 0,00% 0,01% of the audit committee Ordinary resolution number 3: Reappointment 729 360 874 Nil 100 090 of EY Inc. as external 100,00% 0,00% 0,01% auditors of the Company Ordinary resolution number 4: Placement of 656 830 033 72 530 841 100 090 shares under the control 90.06% 9.94% 0,01% of the directors Special resolution number 1: Approval of 729 360 874 Nil 100 090 non-executive directors’ 100,00% 0,00% 0,01% remuneration By order of the Board Johannesburg 17 August 2016 Sponsor: Investec Bank Limited Date: 17/08/2016 04:37:00 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.