Results of the Annual General Meeting Capital Appreciation Limited Incorporated in the Republic of South Africa (Registration number 2014/253277/06) 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 10 August 2017, all resolutions proposed at the AGM were passed by the requisite majority of shareholders. The following information is provided: Total issued number of ordinary shares 1 555 000 000 Number of ordinary shares represented at the meeting 1 203 881 368 Percentage of ordinary shares represented at the meeting 77.42% Details of the results of voting at the AGM are as follows: Resolution proposed For Against Abstain* Ordinary resolution 1 203 826 368 5 000 50 000 number 1: Acceptance of 99.99% 0.01% 0.01% annual financial statements Ordinary resolution 1 156 662 497 5 000 47 213 871 number 2.1: Re-election of 99.99% 0.01% 3.04% V Sekese as member and Chairman of the audit committee Ordinary resolution 1 156 662 497 5 000 47 213 871 number 2.2: Re-election of 99.99% 0.01% 3.04% B Bulo as a member of the audit committee Ordinary resolution 1 156 662 497 5 000 47 213 871 number 2.3: Re-election of 99.99% 0.01% 3.04% C Valkin as a member of the audit committee Ordinary resolution 1 203 821 368 10 000 50 000 number 3: Re-appointment 99.99% 0.01% 0.01% of external auditors Ordinary resolution 1 094 526 528 109 304 840 50 000 number 4: General authority 90.92% 9.08% 0.01% to issue shares for cash Special resolution number 1 156 570 083 34 784 47 726 501 1: Approval of non-executive 99.99% 0.01% 3.04% directors’ remuneration Special resolution number 1 180 065 772 23 765 596 50 000 2: Repurchase of the 98.03% 1.97% 0.01% Company’s ordinary shares Special resolution number 1 156 587 583 47 243 785 50 000 3: Financial assistance to 96.08% 3.92% 0.01% subsidiaries and other related and interrelated entities * Abstentions are represented as a percentage of total issued ordinary shares By order of the Board Johannesburg 11 August 2017 Sponsor: Investec Bank Limited Date: 11/08/2017 11:10:00 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.