Acceptance Of Rights Granted 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”) ACCEPTANCE OF RIGHTS GRANTED 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 acceptance of 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) T Sulaiman-Bray (6) COMPANY OF WHICH WE ARE Kaap Agri (1) – (2) DIRECTORS Kaap Agri Bedryf Limited (1) – (6) (a major subsidiary of Kaap Agri) STATUS: EXECUTIVE/NON-EXECUTIVE Executive TYPE AND CLASS OF SECURITIES Rights granted under the Scheme to acquire ordinary shares NATURE OF TRANSACTION Acceptance of award of rights to acquire ordinary shares in terms of the Scheme (off-market transaction) (1) – (6) DATE OF AWARD OF RIGHTS 15 January 2020 (1) – (6) DATE OF ACCEPTANCE OF RIGHTS 31 January 2020 (1) – (6) PRICE AT WHICH RIGHTS AWARDED R27.31 (1) – (6) (being the 90-day VWAP prior to the award date) NUMBER OF RIGHTS ACCEPTED 776 926 (1) 309 510 (2) 171 609 (3) 159 612 (4) 158 047 (5) 143 148 (6) TOTAL RAND VALUE OF RIGHTS R21 218 811.63 (1) ACCEPTED R8 453 099.88 (2) R4 686 856.82 (3) R4 359 206.13 (4) R4 316 468.26 (5) R3 909 556.26 (6) VESTING DATES OF RIGHTS Vesting in tranches of 25% each on the 1st day of 2nd, 3rd, 4th and 5th financial years commencing after the award date (1) – (6) SETTLEMENT PERIOD Settlement in respect of rights to occur within 120 days of the applicable vesting date (1) – (6) NATURE AND EXTENT OF INTEREST IN Direct, beneficial (1) – (6) THE TRANSACTION Clearance for the above was obtained in terms of paragraph 3.66 of the JSE Limited Listings Requirements. Paarl 31 January 2020 Sponsor PSG Capital Date: 31-01-2020 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.