Voluntary announcement - Joint Venture KAAP AGRI LIMITED (Incorporated in the Republic of South Africa) (Registration number 2011/113185/06) Share code:KAL, ISIN:ZAE000244711 (“Kaap Agri” or “the Company”) VOLUNTARY ANNOUNCEMENT – JOINT VENTURE 1. INTRODUCTION The board of directors of Kaap Agri is pleased to advise shareholders that the Company, through its wholly-owned subsidiary, Kaap Agri Bedryf Limited (“Kaap Agri Bedryf”) has entered into a joint venture agreement (“Agreement”) with Pupkewitz Holdings Proprietary Limited (“Pupkewitz”) dated 1 August 2017. In terms of the Agreement, Pupkewitz will acquire 50% of the shareholding in Kaap Agri Namibia Proprietary Limited (“Kaap Agri Namibia”) (a wholly-owned subsidiary of Kaap Agri Bedryf) (“Joint Venture”). 2. RATIONALE The rationale behind the Joint Venture is to provide the Company with a more comprehensive footprint. The combined, inclusive offering of Pupkewitz Megabuild and Kaap Agri Namibia will service retail, agriculture and contractor customers in Namibia by combining and enhancing the product and service offerings at competitive prices. The strategies and values of the businesses are closely aligned and the Joint Venture will further provide clear benefits to Kaap Agri shareholders in terms of synergies it will create. The combined focus on people development will greatly enhance the management and leadership potential of the people of Kaap Agri. 3. CATEGORISATION The disposal in terms of the Joint Venture is uncategorised in terms of the JSE Listings Requirements, and the information contained in this announcement has been voluntarily disclosed by the Company. Malmesbury 3 August 2017 PSG Capital Proprietary Limited Transaction Adviser and Sponsor Date: 03/08/2017 02:42:00 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.