KAP LIMITED - Changes to the Board and Board Committees and Update on Appointment of CFO

Changes to the Board and Board Committees and Update on Appointment of CFO

KAP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1978/000181/06)
Share code: KAP
ISIN: ZAE000171963
Company Alpha Code: KAP
LEI code: 3789001F51BC0045FD42
('KAP' or 'the Company')

CHANGES TO THE BOARD AND BOARD COMMITTEES AND UPDATE ON APPOINTMENT OF CFO

In accordance with JSE Listings Requirements and the Debt and Specialist Securities Listings Requirements,
shareholders and noteholders are advised of the following changes to the Company's board of directors
("Board") and Board committees.

CHANGES TO BOARD

Due to capacity constraints and scheduling conflicts, Tamara Isaacs, has submitted her resignation as an
independent non-executive director, member of the Audit and Risk committee and member of the Sustainability,
Social and Ethics committee. Tamara's resignation will be effective from 17 October 2025.

The Board expresses its appreciation to Tamara for her dedication, commitment, and valuable contributions to
the Company, and wishes her well in her future endeavours.

CHANGES TO BOARD COMMITTEES

For purposes of future succession plans, the Board has appointed Samara Totaram, an independent non-
executive director of the Company, as a member of the Human Capital and Remuneration committee, with effect
from 17 October 2025, and as the chairperson of the Audit and Risk committee with effect from 15 November
2025, replacing Ken Hopkins who will remain a member of the Audit and Risk committee given his expertise
and wealth of institutional knowledge.

Steve Muller will step down as member of the Audit and Risk committee with effect from 15 November 2025 and
thus does not make himself available for re-election to the Audit and Risk committee at the Company's upcoming
annual general meeting, scheduled on 26 November 2025 ("2025 AGM").

Further to Gary Chaplin's retirement from the Board and the Sustainability, Social and Ethics committee, as
announced on SENS on 29 May 2025, the Board has appointed Frans Olivier as a member of the Sustainability,
Social and Ethics committee, with effect from 31 October 2025, being the date of Gary's retirement from such
committee. In accordance with the Companies Act, resolutions for the re-appointment of all the members of the
Sustainability, Social and Ethics committee (including Frans) will be proposed to shareholders at the 2025 AGM.

UPDATE ON PROCESS TO APPOINT A NEW CHIEF FINANCIAL OFFICER ("CFO")

The Board has made significant progress in identifying potential candidates to fill the position of CFO, which will
become vacant on 1 November 2025, being the date on which Frans Olivier (who is the current CFO) assumes
the role of chief executive officer of KAP.

The Board expects the appointment of the new CFO to be finalised shortly, whereafter it will announce such
appointment to shareholders on SENS.

Stellenbosch
17 October 2025

Equity and Debt Sponsor
PSG Capital

Date: 17-10-2025 05:00:00
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