Results of The Annual General Meeting Capital Appreciation Limited Incorporated in the Republic of South Africa (Registration number 2014/253277/06) JSE Share Code: CTA ISIN: ZAE000208245 (the “Company”) RESULTS OF THE ANNUAL GENERAL MEETING Shareholders are advised that at the Annual General Meeting (“AGM”) of the Company held on 31 August 2018, all resolutions proposed at the AGM were passed by the requisite majority of shareholders. The following information is provided: Total issued number of ordinary shares 1 555 000 000 Number of ordinary shares represented at the meeting 1 158 545 694 Percentage of ordinary shares represented at the meeting 75% Details of the results of voting at the AGM are as follows: Resolution proposed For Against Abstain* Ordinary resolution 1 157 989 104 6 500 550 090 number 1: Acceptance of 100% 0.00% 0.04% annual financial statements Ordinary resolution 1 131 808 607 6 500 26 730 587 number 2.1: Retirement, re- 100% 0.00% 1.72% election and confirmation of B Bulo as a director Ordinary resolution 1 131 808 607 6 500 26 730 587 number 2.2: Retirement, re- 100% 0.00% 1.72% election and confirmation of DK Dlamini as a director Ordinary resolution 1 131 808 607 6 500 26 730 587 number 2.3: Retirement, re- 100% 0.00% 1.72% election and confirmation of JM Kahn as a director Ordinary resolution 1 131 808 607 6 500 26 730 587 number 2.4: Retirement, re- 100% 0.00% 1.72% election and confirmation of E Kruger as a director Ordinary resolution 1 131 808 607 6 500 26 730 587 number 2.5: Retirement, re- 100% 0.00% 1.72% election and confirmation of M Mokoka as a director Ordinary resolution 1 131 649 178 165 929 26 730 587 number 2.6: Retirement, re- 99.99% 0.01% 1.72% election and confirmation of R Morar as a director Ordinary resolution 1 131 808 607 6 500 26 730 587 number 2.7: Retirement, re- 100% 0.00% 1.72% election and confirmation of E Neishlos as a director Ordinary resolution 1 131 808 607 6 500 26 730 587 number 2.8: Retirement, re- 100% 0.00% 1.72% election and confirmation of H Neishlos as a director Ordinary resolution 1 157 989 104 6 500 550 090 number 2.9: Retirement, re- 100% 0.00% 0.04% election and confirmation of MR Pimstein as a director Ordinary resolution 1 157 989 104 6 500 550 090 number 2.10: Retirement, 100% 0.00% 0.04% re-election and confirmation of BJ Sacks as a director Ordinary resolution 1 131 808 607 6 500 26 730 587 number 2.11: Retirement, 100% 0.00% 1.72% re-election and confirmation of MI Sacks as a director Ordinary resolution 1 157 989 104 6 500 550 090 number 2.12: Retirement, 100% 0.00% 0.04% re-election and confirmation of AC Salomon as a director Ordinary resolution 1 131 808 607 6 500 26 730 587 number 2.13: Retirement, 100% 0.00% 1.72% re-election and confirmation of VM Sekese as a director Ordinary resolution 1 131 808 607 6 500 26 730 587 number 2.14: Retirement, 100% 0.00% 1.72% re-election and confirmation of CL Valkin as a director Ordinary resolution 1 157 989 104 6 500 550 090 number 3.1: Re-election of 100% 0.00% 0.04% VM Sekese as member and Chairman of the Audit and risk and opportunity committee Ordinary resolution 1 157 989 104 6 500 550 090 number 3.2: Re-election of 100% 0.00% 0.04% B Bulo as member and Chairman of the Audit and risk and opportunity committee Ordinary resolution 1 157 989 104 6 500 550 090 number 3.3: Re-election of 100% 0.00% 0.04% CL Valkin as member and Chairman of the Audit and risk and opportunity committee Ordinary resolution 1 157 766 524 229 080 550 090 number 4: Re-appointment 99.98% 0.02% 0.04% of external auditors Ordinary resolution number 5: General authority Withdrawn to issue shares for cash Special resolution number 1 131 774 607 26 220 997 550 090 1: Approval of non-executive 97.74% 2.26% 0.04% directors’ remuneration Special resolution number 1 128 366 700 29 628 904 550 090 2: Repurchase of the 97.44% 2.56% 0.04% Company’s ordinary shares Special resolution number 1 131 649 178 26 346 426 550 090 3: Financial assistance to 97.72% 2.28% 0.04% subsidiaries and other related and interrelated entities * Abstentions are represented as a percentage of total issued ordinary shares By order of the Board Johannesburg 3 September 2018 Sponsor: lnvestec Bank Limited Date: 03/09/2018 10:45:00 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.