Results of the General Meeting Capital Appreciation Limited Incorporated in the Republic of South Africa (Registration number 2014/253277/06) JSE Share Code: CTA ISIN: ZAE000208245 (“CAPPREC” or the “Company”) RESULTS OF THE GENERAL MEETING Shareholders are referred to the announcements released on SENS on 10 June 2019, 18 June 2019 and 29 July 2019 regarding a specific share repurchase and small related party transaction (“the Transaction”). In this regard, the General Meeting to approve the Transaction was held on Tuesday, 27 August 2019 (“General Meeting”) and all resolutions proposed at the General Meeting were passed by the requisite majority of shareholders. The following information is provided: Total issued number of ordinary shares 1 555 000 000 Total number of ordinary shares that can be exercised at the meeting (excluding the relevant persons 1 310 000 000 as defined in the circular to shareholders dated 29 July 2019) Number of ordinary shares represented and voting at the meeting (excluding the relevant persons as 864 806 748 defined in the circular to shareholders dated 29 July 2019) Percentage of ordinary shares represented and voting at the meeting as a % of voteable shares 66% Resolution proposed For Against Abstain* Special resolution number 1: 844 273 983 19 227 553 1 305 212 Approval and authorisation of the Transaction - the repurchase 97.77% 2.23% 0.08% of 245 million CAPPREC shares from the relevant persons, pursuant to the share repurchase agreements. Special resolution number 2: Revocation of Special Resolution 844 273 133 19 227 553 1 306 062 Number 1 if the CAPPREC repurchase is terminated for any 97.77% 2.23% 0.08% lawful reason * Abstentions are represented as a percentage of total issued ordinary shares. 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.