Disposal Of Shares By Directors Of The Company And Its Major Subsidiaries Subsequent To A Vesting Of Share Rights KAP INDUSTRIAL HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1978/000181/06) Share code: KAP ISIN: ZAE000171963 (“KAP” or “the Company”) DEALING IN COMPANY SHARES DISPOSAL OF SHARES BY DIRECTORS OF THE COMPANY AND ITS MAJOR SUBSIDIARIES SUBSEQUENT TO A VESTING OF SHARE RIGHTS GRANTED IN 2015 The share rights granted to participants under the KAP Performance Share Rights Scheme (“the KAP Share Rights Scheme”) in December 2015 vested on 1 November 2018 and a number of executive directors of KAP and of its major subsidiaries received KAP ordinary shares of no par value (“KAP Shares”) in an off-market transaction, as was disclosed on the JSE Limited Stock Exchange News Service (“SENS”) on 5 November 2018. Following the vesting, and in order to settle their income tax obligations arising from the vesting, the below-mentioned directors each disposed of a portion of their shares in the market between 7 to 9 November 2018, as disclosed below: Name of director Number of Sales Date of Proceeds on shares price transaction disposal sold (cents per In 2018 (R) share) KJ Grove*@& 372 552 780 7 November 2 905 905.60 GN Chaplin*#$ (in respect of associate 518 333 780 7 November 4 042 997.40 "Straalhoek Sawmill (Pty)Ltd") LR Pollard**@ 273 483 780 8 November 2 133 167.40 G Victor**@ 273 483 780 8 November 2 133 167.40 TR Nel***@ 113 868 780 7 November 888 170.40 TR Nel***@ 203 440 780 8 November 1 586 832.00 TR Nel***@ 18 096 780 9 November 141 148 80 * Director of KAP Industrial Holdings Ltd ** Director of KAP Diversified Industrial (Pty) Ltd *** Director of Unitrans Holdings (Pty) Ltd & The vesting related to share rights granted in 2015 when the director fulfilled an executive role in KAP, reduced on a pro rata basis in terms of the rules of the KAP Share Rights Scheme upon his retirement on 1 January 2017 # Indirect beneficial interests in the transaction @ Direct beneficial interests in the transaction $ A director of the associate Clearance to deal in securities, as contemplated in Rule 3.66 of the JSE Limited Listings Requirements, was obtained for the disposals. By order of the Board KAP Secretarial Services Proprietary Limited Stellenbosch 12 November 2018 Sponsor PSG Capital Date: 12/11/2018 03:00:00 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.