Dealing in Shares – Transfer of Shares From an Associate To a Director

KAP LIMITED
(Former name as KAP Industrial Holdings Limited)
(Incorporated in the Republic of South Africa)
(Registration number: 1978/000181/06)
Share code: KAP
ISIN: ZAE000171963
LEI code: 3789001F51BC0045FD42
("KAP" or "the Company")

DEALING IN SHARES – TRANSFER OF SHARES FROM AN ASSOCIATE TO A DIRECTOR

Shareholders are advised that the chief financial officer of the Company, Mr Frans Olivier ("Director"), acquired
KAP shares from his associate, as part of an internal restructuring of the Director's family investment portfolio,
solely for purposes of estate planning, which transfer does not affect the aggregate shareholding of the Director
and his associates in KAP.

In compliance with paragraphs 3.63 to 3.74 of the JSE Listings Requirements, details of the transfer are disclosed
in the table below:

 NAME OF DIRECTOR                                   FH Olivier

 COMPANY OF WHICH A DIRECTOR                        KAP Limited

 STATUS: EXECUTIVE/NON-EXECUTIVE                    Executive director

 TYPE AND CLASS OF SECURITIES                       Ordinary shares

 NATURE OF TRANSACTIONS                             (1)   Off-market transaction in terms of which the Director
                                                          acquired ordinary shares from his associate,
                                                          Mashoweng Investments Proprietary Limited
                                                    (2)   Off-market transaction in terms of which Mashoweng
                                                          Investments Proprietary Limited, an associate of the
                                                          Director, sold ordinary shares to the Director

 DATE OF TRANSACTION                                24 October 2023

 NUMBER OF SECURITIES TRANSACTED                    480 000

 PRICE PER SECURITY (CENTS)                         203 (being the market price per share at close of business
                                                    on 20 October 2023)

 TOTAL RAND VALUE OF SECURITIES                     R974 400.00
 TRANSACTED

 NAME OF ASSOCIATE                                  Mashoweng Investments Proprietary Limited

 RELATIONSHIP WITH DIRECTOR                         The Director is a director and the beneficial owner of
                                                    Mashoweng Investments Proprietary Limited

 NATURE AND EXTENT OF INTEREST IN                   (1)   Acquisition of shares by the Director: Direct beneficial
 THE TRANSACTIONS                                   (2)   Sale of shares by associate: Indirect beneficial

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

Stellenbosch
24 October 2023

Sponsor: PSG Capital

Date: 24-10-2023 05:00:00
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