KAP LIMITED - Change to the board of directors

Change to the board of directors

KAP LIMITED
(former name KAP Industrial Holdings Limited)
(Incorporated in the Republic of South Africa)
(Registration number: 1978/000181/06)
JSE alpha code: KAP
LEI code: 3789001F51BC0045FD42
("KAP" or "the Company" or "the group")


CHANGE TO THE BOARD OF DIRECTORS


Bondholders are advised that Mr KJ ("Jo") Grové will not be making himself available for re-election
at the Company's 2023 Annual General Meeting on 21 November 2023 ("AGM"), after having served
on the KAP board of directors ("Board") for a period of 11 years.

Accordingly, the Company herewith confirms Jo's retirement as an independent non-executive
director and a member of the investment committee and the human capital and remuneration
committee, with effect from the date of the AGM, in accordance with the Board succession plan.

The Board wishes to express its sincere gratitude to Jo, who has served the Company with distinction.
As the former Chief Executive Officer ("CEO") of KAP, he successfully initiated and guided KAP's
growth trajectory. Near the end of his term on the Board, he served as the lead independent non-
executive director where he made valuable contributions as a sounding board to both the chairperson
and the current CEO. The Board wishes him well in his retirement.

The nomination committee has reviewed the suitability of the composition of the Board following Jo's
retirement, and is satisfied that the Board collectively has the necessary skills and expertise to
continue to operate efficiently until such time as a suitable candidate with the relevant experience and
expertise, has been found to replace Jo as an independent non-executive director on the Board.

Stellenbosch
23 October 2023

Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 23-10-2023 03:01:00
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