AFRIMAT LIMITED - Acceptance of shares in terms of the Share Appreciation Rights (SAR) Scheme

Acceptance of shares in terms of the Share Appreciation Rights (“SAR”) Scheme

AFRIMAT LIMITED
Incorporated in the Republic of South Africa
(Registration number: 2006/022534/06)
Share code: AFT
ISIN: ZAE000086302
("Afrimat" or "the Company")


ACCEPTANCE OF SHARES IN TERMS OF THE SHARE APPRECIATION RIGHTS ("SAR") SCHEME


In compliance with paragraphs 6.77 to 6.89 of the JSE Limited Listings Requirements
("Listings Requirements"), the following information is disclosed:

 NAMES OF DIRECTOR(S)/ PRESCRIBED              Andries J van Heerden (1)
 OFFICER / COMPANY SECRETARY                   Collin Ramukhubathi   (2)
                                               Marthinus G Odendaal  (3)
                                               Pieter GS De Wit      (4)
                                               Catharine Burger      (5)


 COMPANY OF WHICH A DIRECTOR/                  Afrimat Limited (1 – 5)
 PRESCRIBED OFFICER / COMPANY
 SECRETARY
 
 STATUS: EXECUTIVE/NON-EXECUTIVE               Executive (1 – 4)


 TYPE AND CLASS OF SECURITIES                  Share Appreciation Rights (1 – 5)


 NATURE OF TRANSACTIONS                        Acceptance      of    awards     of    share
                                               appreciation rights in terms of the Afrimat
                                               SAR Scheme (off-market transactions)
                                               (1 – 5)


 DATE OF ACCEPTANCE OF AWARD                   2 June 2026 (1 – 5)


 DATE OF VESTING                               21 May 2029 (1 – 5)
                                               (Subject to fulfilment of vesting conditions)
 
 AWARD PRICE PER RIGHT                         R 33.85 (1 – 5)
                                               (based on the 30-day VWAP on 20 May 2026)
 
 NUMBER OF SAR's AWARDED                       445 000 (1)
                                               185 000 (2)
                                               185 000 (3)
                                               185 000 (4)
                                                35 000 (5)
 
 NATURE AND EXTENT OF INTEREST IN              Direct, beneficial (1 – 5)
 THE TRANSACTIONS



Clearance for the above was obtained in terms of paragraph 6.83 of the Listings
Requirements.


Cape Town
3 June 2026


Sponsor
Valeo Capital (Pty) Ltd

Date: 03-06-2026 12:00:00
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