Acceptance of Awards under KAL’s Long-Term Incentive Plan

KAL GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2011/113185/06)
Share code: KAL
ISIN: ZAE000244711
("KAL" or "the Company")

ACCEPTANCE OF AWARDS UNDER KAL'S LONG-TERM INCENTIVE PLAN

In compliance with paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements, the
following information regarding the deemed acceptance of awards granted under the
KAL long-term incentive plan ("LTIP") is disclosed:

 NAMES OF DIRECTORS                              S Walsh                         (1)
                                                 GW Sim                          (2)
                                                 DC Gempies                      (3)
                                                 HJ Smit                         (4)
                                                 T Sulaiman-Bray                 (5)
                                                 A Abeln                         (6)
                                                 LJ Abrams                       (7)

 COMPANIES OF WHICH DIRECTORS                    KAL                             (1) – (2)
                                                 Agrimark Operations Limited     (1) – (6)
                                                 (a major subsidiary of KAL)
                                                 ("Agrimark")
                                                 PEG Retail Holdings (Pty) Ltd   (1)(2)(5)(7)
                                                 (a major subsidiary of KAL)
                                                 ("PEG")

 STATUS: EXECUTIVE/NON-EXECUTIVE                 Executive directors of KAL      (1) – (2)
                                                 Executive directors of Agrimark (1) – (6)
                                                 Executive director of PEG       (7)
                                                 Non-executive directors of PEG  (1)(2)(5)

 TYPE AND CLASS OF SECURITIES                    Options awarded under the       (1) – (7)
                                                 LTIP to acquire ordinary
                                                 shares

 NATURE OF TRANSACTION                           Acceptance of award of          (1) – (7)
                                                 options to acquire
                                                 ordinary shares in terms
                                                 of the LTIP
                                                 (off-market transaction)

 DATE OF AWARD OF OPTIONS                        24 May 2025                     (1) – (7)

 DATE OF ACCEPTANCE OF OPTIONS                   24 May 2025                     (1) – (7)

 PRICE AT WHICH OPTIONS AWARDED                    Nil cost                      (1) – (7)
 NUMBER OF OPTIONS ACCEPTED                        292 465                       (1)
                                                   153 748                       (2)
                                                    95 837                       (3)
                                                   100 592                       (4)
                                                    84 716                       (5)
                                                   129 508                       (6)
                                                   112 961                       (7)

 DEEMED TOTAL RAND VALUE OF                        R11 493 874.50                (1)
 OPTIONS ACCEPTED, BASED ON THE                    R 6 042 296.40                (2)
 COMPANY'S CLOSING SHARE PRICE ON                  R 3 766 394.10                (3)
 23 MAY 2025, BEING R39.30.                        R 3 953 265.60                (4)
                                                   R 3 329 338.80                (5)
                                                   R 5 089 664.40                (6)
                                                   R 4 439 367.30                (7)

 VESTING DATES OF OPTIONS                      Vesting in tranches of            (1) – (7)
                                               25% each on the later of:

                                               •     the 2nd, 3rd, 4th and 5th anniversary of
                                                     the date of award; and
                                               •     to the extent applicable, the date on
                                                     which the remuneration committee
                                                     determines that the performance
                                                     condition(s) has been met; and
                                               •     to the extent applicable, any other
                                                     conditions imposed have been satisfied

 SETTLEMENT PERIOD                             Settlement in respect of          (1) – (7)
                                               the options to occur within
                                               30 days of the applicable
                                               vesting date

 NATURE AND EXTENT OF INTEREST IN              Direct, beneficial                (1) – (7)
 THE TRANSACTION

Clearance for the above was obtained in terms of paragraph 3.66 of the JSE Limited Listings
Requirements.

Paarl
26 May 2025

Sponsor
PSG Capital

Date: 26-05-2025 11:11:00
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.