Settlement of Share Rights under the Kaap Agri Equity Settled Management Share Incentive Scheme KAAP AGRI LIMITED (Incorporated in the Republic of South Africa) (Registration number 2011/113185/06) ISIN: ZAE000244711 Share code: KAL (“Kaap Agri”) SETTLEMENT OF SHARE RIGHTS UNDER THE KAAP AGRI EQUITY SETTLED MANAGEMENT SHARE INCENTIVE SCHEME (“SCHEME”) In compliance with paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements, the following information regarding the settlement of share rights granted under the Scheme is disclosed: NAMES OF DIRECTORS S Walsh (1) GW Sim (2) DC Gempies (3) HJ Smit (4) AJ Griesel (5) COMPANY OF WHICH WE ARE Kaap Agri (1) – (2) DIRECTORS Kaap Agri Bedryf Limited (1) – (5) (a major subsidiary of Kaap Agri) STATUS: EXECUTIVE/NON-EXECUTIVE Executive TYPE AND CLASS OF SECURITIES Ordinary shares NATURE OF TRANSACTION Settlement of (1) – (5) share rights, resulting in the delivery of ordinary shares to participants under the Scheme (off-market transaction) TRANSACTION DATE (SETTLEMENT 29 January 2020 (1) – (5) DATE) (Settlement to occur within 120 days of the applicable vesting date of 1 October 2019) VESTING PRICE R32.36 (1) – (5) (being the 90-day VWAP prior to the vesting date) GRANT PRICE R23.88 (1) – (5) ORDINARY SHARES DELIVERED TO 16 313 (1) PARTICIPANTS ON THE SETTLEMENT OF 7 462 (2) SHARE RIGHTS 4 734 (3) 4 420 (4) 3 347 (5) TOTAL VALUE OF SHARE RIGHTS R 527 828 (1) SETTLED R 241 444 (2) R 153 169 (3) R 143 023 (4) R 108 282 (5) NATURE AND EXTENT OF INTEREST IN Direct, beneficial (1) – (5) THE TRANSACTION Clearance for the above was obtained in terms of paragraph 3.66 of the JSE Limited Listings Requirements. Paarl 29 January 2020 Sponsor PSG Capital Date: 29-01-2020 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.