Capital Appreciation Limited provided earnings guidance for the year ended March 31, 2023. Shareholders are further advised that, while Group Revenue for the year ended 31 March 2023 has shown strong growth, exceeding 19%, the Group has incurred and expensed substantial budgeted costs in growth and new business initiatives while the economic benefits of such costs will only accrue in the 2024 financial year and future years. As a result, the Group's Headline Earnings Per Share ("HEPS") for the year ended 31 March 2023 are not materially affected by the non-cash expected credit loss provision and will be between 2.0% and 1.0% lower than than the prior year and will be between 13.13 cents and 13.27 cents, when compared to the reported HEPS of 13.40 cents for the reporting period ended 31 March 2022.

The Group's basic Earnings Per Share ("EPS") for the year ended 31 March 2023 will be lower than the corresponding period by between 45.5% and 44.0% and will be between 7.29 cents and 7.49 cents, when compared to the reported EPS of 13.37 cents for the reporting period ended 31 March 2022.