Results of the Annual General Meeting Capital Appreciation Limited Incorporated in the Republic of South Africa (Registration number 2014/253277/06) JSE Share Code: CTA ISIN: ZAE000208245 (the “Company”) RESULTS OF THE ANNUAL GENERAL MEETING Shareholders are advised that at the Annual General Meeting (“AGM”) of the Company held on 27 August 2019, all resolutions proposed at the AGM were passed by the requisite majority of shareholders. The following information is provided: Total issued number of ordinary shares 1 555 000 000 Number of ordinary shares represented at the meeting 1 085 971 228 Percentage of ordinary shares represented at the meeting 69.84% Details of the results of voting at the AGM are as follows: Resolution proposed For Against Abstain* Ordinary resolution number 1: Acceptance of 1 066 238 446 19 254 253 478 529 annual financial statements 98.23% 1.77% 0.03% Ordinary resolution number 2.1: Retirement, re-election and 1 024 488 922 19 254 253 42 228 053 confirmation of B Bulo as a director 98.16% 1.84% 2.72% Ordinary resolution number 2.2: Retirement, re-election and 1 024 488 922 19 254 253 42 228 053 confirmation of R Morar as a director 98.16% 1.84% 2.72% Ordinary resolution number 2.3: Retirement, re-election and 1 024 488 922 19 254 253 42 228 053 confirmation of MI Sacks as a director 98.16% 1.84% 2.72% Ordinary resolution number 2.4: Retirement, re-election and 1 024 488 922 19 254 233 42 228 053 confirmation of MB Shapiro as a director 98.16% 1.84% 2.72% Ordinary resolution number 3.1: Re-election of VM Sekese as 1 025 703 346 18 039 829 42 228 053 member and Chairman of the Audit and Risk and Opportunity 98.27% 1.73% 2.72% committee Ordinary resolution number 3.2: Re-election of B Bulo as a 1 024 488 922 19 254 253 42 228 053 member of the Audit and Risk and Opportunity committee 98.16% 1.84% 2.72% Ordinary resolution number 3.3: Election of R Morar as a 1 024 488 922 19 254 233 42 228 053 member of the Audit and Risk and Opportunity committee 98.16% 1.84% 2.72% Ordinary resolution number 4: Appointment of external 1 066 244 946 19 247 753 478 529 auditors 98.23% 1.77% 0.03% Ordinary resolution number 5: General authority to issue 1 058 710 747 26 766 775 493 706 shares for cash 97.53% 2.47% 0.03% Ordinary resolution number 6: Non-binding advisory vote on 670 250 247 373 472 751 42 248 230 remuneration policy 64.22% 35.78% 2.72% Ordinary resolution number 7: Non-binding advisory vote on 684 490 512 359 232 486 42 248 230 remuneration implementation report 65.58% 34.42% 2.72% Special resolution number 1: Approval of non-executive 1 066 223 269 19 264 430 483 529 directors’ fees 98.23% 1.77% 0.03% Special resolution number 2: Repurchase of the Company’s 1 053 417 514 32 075 185 478 529 ordinary shares 97.05% 2.95% 0.03% Special resolution number 3: Financial assistance to 1 020 618 745 49 952 443 15 400 040 subsidiaries and other related and interrelated entities 95.33% 4.67% 0.99% * Abstentions are represented as a percentage of total issued ordinary shares. ** With regards to the non-binding advisory resolutions that received less than the required 75% of votes, the group will directly engage with shareholders, the timing of which will be advised to shareholders in due course. By order of the Board Johannesburg 28 August 2019 Sponsor: lnvestec Bank Limited Date: 28/08/2019 10:00:00 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.