No Change Statement and Notice of Annual General Meeting Capital Appreciation Limited Incorporated in the Republic of South Africa (Registration number 2014/253277/06) Share code: CTA ISIN: ZAE000208245 (“CAPPREC") NO CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING Shareholders are advised that the Company`s Integrated Annual Report and Group Audited Annual Financial Statements for the year ended 31 March 2018 were posted to shareholders and inserted on the Company’s website (www.capitalappreciation.co.za) on Friday, 27 July 2018 and contain no modifications to the Reviewed Results which were published on 16 May 2018. Ernst & Young Inc. audited the results and the Group Audited Annual Financial Statements of the Company and their reports are available for inspection at the registered offices of the Company. Notice is hereby given that the Annual General Meeting of the Company will be held at 14h30 on Friday, 31 August 2018, at 1st Floor, 61 Katherine Street, Sandton, 2196, to transact business as stated in the Notice of the Annual General Meeting. The record date for the purpose of determining which shareholders are entitled to participate in and vote at the Annual General Meeting is Friday, 24 August 2018. Sandton 27 July 2018 Sponsor: Investec Bank Limited Date: 27/07/2018 09:00:00 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.