KAL GROUP LIMITED - Settlement of Awards under KAL Groups Long-Term Incentive Plan

Settlement of Awards under KAL Group’s Long-Term Incentive Plan

KAL GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2011/113185/06)
ISIN: ZAE000244711
Share code: KAL
("KAL Group" or the "Company")

SETTLEMENT OF AWARDS UNDER KAL GROUP'S LONG-TERM INCENTIVE PLAN

In compliance with paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements, the
following information regarding the vesting, automatic exercise and after-tax net-equity
settlement of awards in terms of the KAL Group Long-term Incentive Plan ("LTIP"), is disclosed:

1.
     NAME OF DIRECTOR                     S Walsh

     COMPANY OF WHICH A DIRECTOR          KAL Group

     STATUS: EXECUTIVE/NON-EXECUTIVE      Executive

     TYPE AND CLASS OF SECURITIES         Nil-cost options ("NCOs") in relation to
                                          ordinary shares

     NATURE OF TRANSACTION                Vesting, automatic exercise and after-tax
                                          net-equity settlement of NCOs, resulting
                                          in the delivery of ordinary shares to a
                                          participant under the LTIP
                                          (off-market transaction)

     TRANSACTION DATE                     20 January 2026
     (VESTING, EXERCISE AND SETTLEMENT)

     NUMBER OF NCOs VESTED                18 911

     TOTAL VALUE OF NCOs VESTED           R 940,135.89, based on a deemed value
                                          of R49.71 per NCO

     NUMBER OF ORDINARY SHARES            10 401
     RECEIVED (POST-TAX NET EQUITY
     SETTLEMENT)

     NATURE AND EXTENT OF INTEREST IN     Direct, beneficial
     THE TRANSACTION
2.
     NAME OF DIRECTOR                     GW Sim

     COMPANY OF WHICH A DIRECTOR          KAL Group

     STATUS: EXECUTIVE/NON-EXECUTIVE      Executive

     TYPE AND CLASS OF SECURITIES         NCOs in relation to ordinary shares

     NATURE OF TRANSACTION                Vesting, automatic exercise and after-tax
                                          net-equity settlement of NCOs, resulting
                                          in the delivery of ordinary shares to a
                                          participant under the LTIP
                                          (off-market transaction)

     TRANSACTION DATE                     20 January 2026
     (VESTING, EXERCISE AND SETTLEMENT)

     NUMBER OF NCOs VESTED                9 030

     TOTAL VALUE OF NCOs VESTED           R 448,914.76, based on a deemed value
                                          of R49.71 per NCO

     NUMBER OF ORDINARY SHARES            4 966
     RECEIVED (POST-TAX NET EQUITY
     SETTLEMENT)

     NATURE AND EXTENT OF INTEREST IN     Direct, beneficial
     THE TRANSACTION


3.
     NAME OF DIRECTOR                     H Smit

     COMPANY OF WHICH A DIRECTOR          Agrimark Operations Limited
                                          (a major subsidiary of KAL Group)

     STATUS: EXECUTIVE/NON-EXECUTIVE      Executive

     TYPE AND CLASS OF SECURITIES         NCOs in relation to ordinary shares

     NATURE OF TRANSACTION                Vesting, automatic exercise and after-tax
                                          net-equity settlement of NCOs, resulting
                                          in the delivery of ordinary shares to a
                                          participant under the LTIP
                                          (off-market transaction)

     TRANSACTION DATE                     20 January 2026
     (VESTING, EXERCISE AND SETTLEMENT)

     NUMBER OF NCOs VESTED                4 990

     TOTAL VALUE OF NCOs VESTED           R 248,071.39, based on a deemed value
                                          of R49.71 per NCO
     NUMBER OF ORDINARY SHARES            2 744
     RECEIVED (POST-TAX NET EQUITY
     SETTLEMENT)

     NATURE AND EXTENT OF INTEREST IN     Direct, beneficial
     THE TRANSACTION


4.
     NAME OF DIRECTOR                     T Sulaiman-Bray

     COMPANY OF WHICH A DIRECTOR          Agrimark Operations Limited
                                          (a major subsidiary of KAL Group)

     STATUS: EXECUTIVE/NON-EXECUTIVE      Executive

     TYPE AND CLASS OF SECURITIES         NCOs in relation to ordinary shares

     NATURE OF TRANSACTION                Vesting, automatic exercise and after-tax
                                          net-equity settlement of NCOs, resulting
                                          in the delivery of ordinary shares to a
                                          participant under the LTIP
                                          (off-market transaction)

     TRANSACTION DATE                     20 January 2026
     (VESTING, EXERCISE AND SETTLEMENT)

     NUMBER OF NCOs VESTED                3 634

     TOTAL VALUE OF NCOs VESTED           R 180,659.61, based on a deemed value
                                          of R49.71 per NCO

     NUMBER OF ORDINARY SHARES            1 998
     RECEIVED (POST-TAX NET EQUITY
     SETTLEMENT)

     NATURE AND EXTENT OF INTEREST IN     Direct, beneficial
     THE TRANSACTION

Clearance for the above was obtained in terms of paragraph 3.66 of the JSE Limited Listings
Requirements.

Paarl
20 January 2026

Sponsor
PSG Capital

Date: 20-01-2026 11:30:00
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.