Acceptance Of Rights Granted Under The Kaap Agri Equity Settled Management Share Incentive Scheme KAAP AGRI LIMITED (Incorporated in the Republic of South Africa) (Registration number: 2011/113185/06) ISIN: ZAE000244711 Share code: KAL (“Kaap Agri” or the “Company”) ACCEPTANCE OF RIGHTS GRANTED UNDER THE KAAP AGRI EQUITY SETTLED MANAGEMENT SHARE INCENTIVE SCHEME (“Scheme”) The following information regarding the acceptance of rights granted under the Scheme is disclosed by the Company in accordance with paragraphs 3.63 to 3.74 of the JSE Listings Requirements: NAME OF DIRECTOR S Walsh (1) GW Sim (2) DC Gempies (3) HJ Smit (4) AJ Griesel (5) T Sulaiman-Bray (6) COMPANY OF WHICH A DIRECTOR Kaap Agri (1), (2) Kaap Agri Bedryf Limited (a major (1) – (6) subsidiary of the Company) STATUS: EXECUTIVE/NON-EXECUTIVE Executive (1) – (6) TYPE AND CLASS OF SECURITIES Rights granted under the Scheme (1) – (6) to acquire ordinary shares DATE OF AWARD 20 March 2018 (1) – (6) DATE OF ACCEPTANCE 26 March 2018 (1) – (6) PRICE AT WHICH RIGHTS AWARDED R48.27 (1) – (6) NUMBER OF SHARE RIGHTS 13 441 (1) ACCEPTED 21 859 (2) 3 673 (3) 3 733 (4) 12 718 (5) 57 494 (6) TOTAL RAND VALUE OF RIGHTS R648 797.07 (1) R1 055 133.93 (2) R177 295.71 (3) R180 191.91 (4) R613 897.86 (5) R2 775 235.38 (6) VESTING DATE OF RIGHTS Vesting in tranches of 25% each (1) – (6) on the 1st day of 2nd, 3rd, 4th and 5th financial years commencing after the award date NATURE OF TRANSACTION Acceptance of rights granted (1) – (6) to acquire ordinary shares in terms of the Scheme NATURE AND EXTENT OF INTEREST Direct, Beneficial (1) – (6) IN THE TRANSACTION Clearance to accept the above rights granted under the Scheme was obtained in accordance with paragraph 3.66 of the JSE Listings Requirements. Paarl 27 March 2018 Sponsor PSG Capital Date: 27/03/2018 05:00:00 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.