The Board of Capital Appreciation Limited advising that Mr. Kuseni Dlamini has been appointed as Lead Independent non- executive Director of Capital Appreciation Limited, replacing Mr. Meyer Kahn, who passed away in June 2022. Kuseni was appointed to the Board of Capital Appreciation in May 2018 and has extensive knowledge and experience of the Group's business. Kuseni is currently the Chairman of Massmart Holdings and Chairman of Aspen Pharmacare Holdings.

Kuseni is the former CEO of Old Mutual South Africa and Emerging Markets and was also the Head of Anglo American South Africa, Member of the Executive Committee of Anglo American pie in London and a Director of Anglo Platinum. He is also a member of the Council of the University of Pretoria and a former Chairman of the Board of South African National Parks (SANParks). Kuseni is a graduate of the University of KwaZulu-Natal where he graduated with a BA (Hons) and Oxford University where he graduated with a MPhil and was also a Rhodes Scholar.

Mr. Victor Sekese, who has been a non-executive director of Capital Appreciation Limited from the date of listing in 2015 has, in addition to being Chairman of the Board Audit and Risk and Opportunity Committee, also been appointed as a member of the Nominations and Remuneration Committee.