CALGRO M3 HOLDINGS LIMITED - Engagement with shareholders

Engagement with shareholders

CALGRO M3 HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2005/027663/06)
JSE Share code: CGR
ISIN: ZAE000109203
Company Alpha Code: CGRI1
LEI: 3789003B0859E9438F25
(“Calgro M3” or “the Company”)

ENGAGEMENT WITH SHAREHOLDERS

Further to the announcement released on SENS on 25 June 2026, Calgro M3 invites those shareholders who
voted against the Remuneration Policy and the Implementation Report on the Remuneration Policy
(“Dissenting Shareholders”) at the annual general meeting of the Company held on Thursday, 25 June 2026
(“AGM”) to attend a virtual session on Thursday, 8 October 2026 at 14:00, at which the Company will discuss
the current Remuneration Policy and Implementation Report. Dissenting Shareholders are requested to
contact the Company Secretary at sirkien@juba.co.za for the relevant meeting details.

In preparation for this engagement, the Remuneration Committee (“Remco”) has undertaken the following:

•   Confidential poll of Dissenting Shareholders
    Subsequent to the AGM, an anonymous poll of Dissenting Shareholders was commissioned, in order to
    understand the specific concerns underlying their dissenting votes. The poll was administered on a
    confidential basis by an independent service provider, and the identity of individual participants and their
    individual responses were not disclosed to the Remco, the Board or the Company’s management. Only
    aggregated and anonymised findings were reported back to the Remco for its consideration, so as to
    enable Dissenting Shareholders to engage openly and without reservation.

•   External remuneration benchmarking exercise
    In parallel, the Remco commissioned an independent, external benchmarking exercise of executive
    director remuneration, conducted by Willis Towers Watson, to assess the Company’s remuneration
    structures, quantum and pay practices against an appropriate comparator group of peer companies and
    the broader market.

The outcomes of the benchmarking exercise were considered by the Remco alongside the findings of the
confidential poll referred to above as well as remarks made and read out by a group of shareholders at the
2025 annual general meeting

Dissenting Shareholders who wish to raise any further comments or concerns regarding the Remuneration
Policy and Implementation Report are invited to contact the Company Secretary in writing at
sirkien@juba.co.za by close of business on Friday, 02 October 2026.

Johannesburg
01 September 2026

Equity and Debt Sponsor
PSG Capital
Date: 01/09/2026 07:00:00
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