Dealings in securities by directors Capital Appreciation Limited Incorporated in the Republic of South Africa (Registration number 2014/253277/06) Share code: CTA ISIN: ZAE000208245 (“CAPPREC" or “the Company”) DEALINGS IN SECURITIES BY DIRECTORS In terms of paragraphs 3.63 to 3.74 of the JSE Listings Requirements, the following information, relating to dealings in securities by directors, is disclosed: Director: Michael Sacks Company: Capital Appreciation Limited Nature of the transaction: Purchase of Ordinary shares, on market Date of transaction: 25 November 2019 Number of shares: 203,117 Highest price per share: R0.79 Lowest price per share: R0.75 Volume weighted price per share: R0.78 Value: R157,712.04 Class of shares: Ordinary Shares Extent of interest: Direct Beneficial Written clearance obtained: Yes Director: Michael Pimstein Company: Capital Appreciation Limited Nature of the transaction: Purchase of Ordinary shares, on market Date of transaction: 25 November 2019 Number of shares: 203,117 Highest price per share: R0.79 Lowest price per share: R0.75 Volume weighted price per share: R0.78 Value: R157,712.04 Class of shares: Ordinary Shares Extent of interest: Direct Beneficial Written clearance obtained: Yes Director: Alan Salomon Company: Capital Appreciation Limited Nature of the transaction: Purchase of Ordinary shares, on market Date of transaction: 25 November 2019 Number of shares: 78,997 Highest price per share: R0.79 Lowest price per share: R0.75 Volume weighted price per share: R0.78 Value: R61,337.94 Class of shares: Ordinary Shares Extent of interest: Direct Beneficial Written clearance obtained: Yes 26 November 2019 Johannesburg Sponsor Investec Bank Limited Date: 26-11-2019 11:55:00 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.