CHAPTER 14:People

• 14.5DIRECTORS' AND PRESCRIBED OFFICERS' REMUNERATION

• 14.5.1Remuneration policy

The remuneration committee has a defined mandate from the board of directors aimed at:

• Ensuring that the chairman, directors and senior executives are fairly rewarded for their individual contributions to the group's overall performance
• Ensuring that the remuneration strategies and packages, including the incentive schemes, are related to performance, are suitably competitive and give due regard to the interests of the shareholders and the financial and commercial health of the group.

• 14.5.2Summary of remuneration

	NCOE/guaranteed remuneration plus circumstantial				Short term incentives		Long term incentives
2023	Basic salary R	Benefits and allowances1 R	Retirement fund contributions R		Performance bonuses2 R		Gains on management share schemes R
Executive directors
N Tsengwa	7 942 454	307 754	640 422		4 359 964		12 352 870
PA Koppeschaar	5 978 529	230 784	493 080		2 364 604		16 841 852
Total executive directors' remuneration	13 920 983	538 538	1 133 502		6 724 568		29 194 722
Prescribed officers
H Bhola8	2 151 310	271 685	197 875				3 373 356
AS de Angelis9	1 919 566	43 633	137 638		618 150		6 727 930
L Groenewald10	4 483 150	145 844	441 921		3 203 299		6 905 039
RE Lilleike11	1 065 395	13 339	77 304
PK Masia	5 060 073		408 165		1 929 194
JG Meyer	4 073 907	346 513	389 933		1 357 674		5 036 546
MI Mthenjane12	2 558 475	65 396	209 949				7 848 945
AT Ndoni	2 825 232	71 386	196 748		797 073
JA Rock13	875 923		63 136
M Veti	4 072 757		373 354		1 254 870		7 725 257
Total prescribed officers' remuneration	29 085 788	957 796	2 496 023		9 160 260		37 617 073

	Other						Long-term incentives
2023	Exit  payment  paid3 R	Recognition4 R	Other5 R		Total  remuneration  R		VARP  expense6 R	Share-based  payment  expense7 R	Gains on  management  share schemes  R		Total  remuneration  expense  R
Executive directors
N Tsengwa		63 460			25 666 924			10 200 448	(12 352 870)		23 514 502
PA Koppeschaar		2 760			25 911 609			5 623 616	(16 841 852)		14 693 373
Total executive directors' remuneration		66 220			51 578 533			15 824 064	(29 194 722)		38 207 875
Prescribed officers
H Bhola8		2 760	291 182		6 288 168			1 307 136	(3 373 356)		4 221 948
AS de Angelis9	1 771 596	3 760	208 186		11 430 459			2 261 770	(6 727 930)		6 964 299
L Groenewald10		2 760			15 182 013		3 276 180	1 892 191	(6 905 039)		13 445 345
RE Lilleike11			1 200 000		2 356 038			308 287			2 664 325
PK Masia		2 314			7 399 746			3 686 001			11 085 747
JG Meyer		2 760			11 207 333			2 826 144	(5 036 546)		8 996 931
MI Mthenjane12		3 760	492 862		11 179 387			(1 561 347)	(7 848 945)		1 769 095
AT Ndoni		2 760	722 290		4 615 489			1 261 745			5 877 234
JA Rock13			2 766 357		3 705 416			167 556			3 872 972
M Veti		63 460			13 489 698			2 969 195	(7 725 257)		8 733 636
Total prescribed officers' remuneration	1 771 596	84 334	5 680 877		86 853 747		3 276 180	15 118 678	(37 617 073)		67 631 532

1	Includes leave days purchased as well as travel and acting allowances.
2	All incentive schemes are performance based and were approved by the board of directors.
3	Includes severance package.
4	Includes long service awards and LTIFR rewards.
5	Includes leave encashments, sign-on bonuses and retention allowances.
6	Relates to the energy business VARP long-term incentive.
7	Amount recognised for share-based payment expenses, in terms of IFRS 2, in respect of equity-settled share-based payment schemes for services rendered during the year. The employee will only be entitled to the options once all vesting conditions have been met.
8	Ceased to be acting executive head: human resources on 16 October 2023. Remuneration information relates to the period until resignation on 30 November 2023.
9	Accepted a voluntary severance package on 31 July 2023.
10	Appointed as managing director: energy on 1 April 2023 after acting in the position since 16 August 2022. Remuneration information relates to the full year.
11	Appointed as chief growth officer on 1 October 2023.
12	Resigned on 18 August 2023.
13	Appointed as chief people and performance officer on 16 October 2023.
14	Traveling reimbursements for visiting various operations of the company during the year.
15	Appointed on 3 January 2023.
16	Retired on 18 May 2023.

Retirement amounts relate to defined contribution retirement funds.

2023	Fees for services R	Benefits and allowances14 R	Fees for services rendered to subsidiaries R		Total R
Non-executive directors
GJ Fraser-Moleketi	1 423 075				1 423 075
KM Ireton	800 011				800 011
B Magara	897 586				897 586
B Mawasha	885 625				885 625
IN Malevu	685 337				685 337
L Mbatha	681 040		70 068		751 108
M Medupe15	829 565				829 565
P Mnganga	1 001 950				1 001 950
VZ Mntambo	684 262				684 262
LI Mophatlane16	525 499				525 499
MLB Msimang	851 536				851 536
V Nkonyeni16	462 885				462 885
CJ Nxumalo	1 072 369				1 072 369
MG Qhena (Chairman)	2 301 119				2 301 119
PCCH Snyders	1 238 558	8 541			1 247 099
Total non-executive directors’ remuneration	14 340 417	8 541	70 068		14 419 026

	NCOE/guaranteed remuneration plus circumstantial				Short term incentives		Long term incentives
2022	Basic salary  R	Benefits and  allowances1 R	Retirement fund  contributions  R		Performance  bonuses2 R		Gains on  management  share schemes  R
Executive directors
MDM Mgojo7	4 243 282	172 857	404 151		4 047 137		56 866 749
N Tsengwa	6 724 009	261 271	562 520		7 866 142		7 715 608
PA Koppeschaar	5 651 855	190 830	476 590		5 307 320		10 272 043
Total executive directors' remuneration	16 619 146	624 958	1 443 261		17 220 599		74 854 400
Prescribed officers
V Balgobind8	3 006 820	111 975	243 738				4 474 598
H Bhola9	2 214 142	130 034	210 588		1 414 817		2 024 471
AS de Angelis	3 136 377	71 341	227 210		1 765 318		1 433 425
L Groenewald10	3 210 129	229 515	312 735		2 301 752		4 148 534
PK Masia11	4 018 803		336 207		3 494 746
JG Meyer	3 801 032	336 323	378 638		3 070 151		2 361 193
MI Mthenjane	3 837 510	98 234	321 040		2 834 229		4 006 111
AT Ndoni	2 446 471	51 445	177 231		1 484 294
R Tatnall12	3 466 249	959 176			4 586 396
M Veti	3 833 931		364 647		2 845 857		4 390 385
Total prescribed officers' remuneration	32 971 464	1 988 043	2 572 034		23 797 560		22 838 717

	Other						Long-term incentives
2022	Exit  payment  paid3 R	Recognition4 R	Other5 R		Total  remuneration  R		Share-based  payment  expense7 R	Gains on  management  share schemes  R		Total  remuneration  expense  R
Executive directors
MDM Mgojo7	8 424 684	6 260	225 220		74 390 340		3 860 458	(56 866 749)		21 384 049
N Tsengwa		6 260			23 135 810		6 919 965	(7 715 608)		22 340 167
PA Koppeschaar		6 260			21 904 898		5 227 294	(10 272 043)		16 860 149
Total executive directors' remuneration	8 424 684	18 780	225 220		119 431 048		16 007 717	(74 854 400)		60 584 365
Prescribed officers
V Balgobind8	1 238 828	6 260	279 121		9 361 340		(1 389 985)	(4 474 598)		3 496 757
H Bhola9		57 860			6 051 912		1 130 190	(2 024 471)		5 157 631
AS de Angelis		6 260			6 639 931		1 898 044	(1 433 425)		7 104 550
L Groenewald10		6 260	13 966		10 222 891		2 237 496	(4 148 534)		8 311 853
PK Masia11					7 849 756		1 749 882			9 599 638
JG Meyer		6 260			9 953 597		2 657 050	(2 361 193)		10 249 454
MI Mthenjane		6 260	99 417		11 202 801		2 394 111	(4 006 111)		9 590 801
AT Ndoni			722 290		4 881 731		687 842			5 569 573
R Tatnall12	9 000 000		160 650		18 172 471					18 172 471
M Veti		6 260			11 441 080		2 540 937	(4 390 385)		9 591 632
Total prescribed officers' remuneration	10 238 828	95 420	1 275 444		95 777 510		13 905 567	(22 838 717)		86 844 360

2022	Fees for services R	Benefits and allowances13 R	Fees for services rendered to subsidiaries R		Total R
Non-executive directors
GJ Fraser-Moleketi	1 341 322				1 341 322
KM Ireton14	550 142				550 142
B Magara14	550 577				550 577
B Mawasha14	655 316				655 316
IN Malevu	629 194				629 194
L Mbatha	652 318		88 136		740 454
P Mnganga14	662 442				662 442
VZ Mntambo	652 754		116 696		769 450
LI Mophatlane	1 217 826	3 253			1 221 079
MLB Msimang	848 293				848 293
EJ Myburgh15	527 452				527 452
V Nkonyeni	1 067 868				1 067 868
CJ Nxumalo	1 028 084				1 028 084
MG Qhena (Chairman)	2 198 914	22 168			2 221 082
PCCH Snyders	1 177 614				1 177 614
Total non-executive directors’ remuneration	13 760 116	25 421	204 832		13 990 369

1	Includes leave days purchased as well as travel and acting allowances.
2	All incentive schemes are performance based and were approved by the board of directors.
3	Includes ex-gratia and mutual separation pay-outs.
4	Includes long service awards, zero-fatality and LTIFR rewards.
5	Includes leave encashments and retention.
6	Amount recognised for share-based payment expenses, in terms of IFRS 2, in respect of equity-settled share-based payment schemes for services rendered during the year. The employee will only be entitled to the options once all vesting conditions have been met.
7	Retired on 31 July 2022.
8	Resigned on 30 November 2022.
9	Appointed as acting executive head: human resources on 13 September 2022. Remuneration information relates to the full year.
10	Appointed as acting managing director: energy on 16 August 2022. Remuneration information relates to the full year.
11	Appointed as managing director: minerals on 1 March 2022.
12	Resigned on 31 August 2022.
13	Traveling reimbursements for visiting various operations of the company during the year.
14	Appointed on 7 February 2022.
15	Retired on 25 May 2022.

Retirement amounts relate to defined contribution retirement funds.

• 14.5.3Interests in Exxaro shares

(i) Number of shares

	2023			2022
Directors at 31 December	Direct	Indirect		Direct	Indirect
Beneficial interests
PA Koppeschaar	74 446	1 774		68 846	7 374
VZ Mntambo		4 448 839			4 448 839
N Tsengwa	135 712	3 359		100 361	3 777

(ii) Percentages (direct and indirect)

Directors at 31 December	2023 %	2022 %
PA Koppeschaar	0.02	0.02
VZ Mntambo	1.27	1.27
N Tsengwa	0.04	0.03

There have been no changes in the directors' interests in Exxaro shares between the end of the financial year 2023 and the date on which the annual financial statements were approved, except as issued on SENS.

• 14.5.4Share options and restricted share awards

The following options and rights in shares in the company were exercised or are outstanding in favour of directors and prescribed officers of the company under the company's share option schemes:

2023	Rights held at 31 December1 Number	Exercisable period	Proceeds if exercisable at 31 December2 R	Pre-tax gain if exercisable at 31 December2 R	MSR election3 Number	Options exercised during the year Number	Shares forfeited4 Number	Sale price/ market price R	Pre-tax gain R	Date exercised
Executive directors
N Tsengwa		01/04/2023				65 405	884	187.75	12 279 789	01/04/2023
	80 115	01/04/2024	16 381 915	16 381 915
	14 224	01/04/2025	2 908 524	2 908 524
	78 093	01/04/2025	15 968 457	15 968 457
	112 157	01/04/2026	22 933 863	22 933 863
	284 589		58 192 759	58 192 759		65 405	884		12 279 789
PA Koppeschaar		01/04/2023				83 938	1 134	187.75	15 759 360	01/04/2023
	49 954	01/04/2024	10 214 594	10 214 594
	41 816	01/04/2025	8 550 536	8 550 536
	51 829	01/04/2026	10 597 994	10 597 994
	143 599		29 363 124	29 363 124		83 938	1 134		15 759 360
Prescribed officers
H Bhola		01/04/2023				16 838	227	187.75	3 161 335	01/04/2023
		01/04/2024					10 447
		01/04/2025					8 828
		01/04/2026					10 920
						16 838	30 422		3 161 335
AS de Angelis		01/04/2023				32 965	445	187.75	6 189 179	01/04/2023
	19 066	01/04/2024	3 898 616	3 898 616
	15 960	01/04/2025	3 263 501	3 263 501
	19 822	01/04/2026	4 053 203	4 053 203
	54 848		11 215 320	11 215 320		32 965	445		6 189 179
L Groenewald		01/04/2023				32 562	440	187.75	6 113 516	01/04/2023
	19 175	01/04/2024	3 920 904	3 920 904
	16 832	01/04/2025	3 441 807	3 441 807
	36 007		7 362 711	7 362 711		32 562	440		6 113 516
RE Lilleike	38 223	01/10/2026	7 815 839	7 815 839
	38 223		7 815 839	7 815 839
PK Masia	34 170	01/04/2025	6 987 082	6 987 082
	34 170	01/04/2025	6 987 082	6 987 082
	42 264	01/04/2026	8 642 143	8 642 143
	110 604		22 616 307	22 616 307
JG Meyer		01/04/2023			21 798	21 798	589	187.75	4 092 575	01/04/2023
	25 214	01/04/2024	5 155 759	5 155 759
	21 107	01/04/2025	4 315 959	4 315 959
	26 308	01/04/2026	5 379 460	5 379 460
	72 629		14 851 178	14 851 178	21 798	21 798	589		4 092 575
MI Mthenjane		01/04/2023			4 109	36 985	555	187.75	6 943 934	01/04/2023
		01/04/2024					23 767
		01/04/2025					19 895
		01/04/2026					24 608
					4 109	36 985	68 825		6 943 934
AT Ndoni	12 165	01/11/2024	2 487 499	2 487 499
	9 296	01/04/2025	1 900 846	1 900 846
	11 499	01/04/2026	2 351 316	2 351 316
	8 481	01/09/2026	1 734 195	1 734 195
	41 441		8 473 856	8 473 856
JA Rock	24 928	16/10/2026	5 097 277	5 097 277
	24 928		5 097 277	5 097 277
M Veti		01/04/2023				40 532	548	187.75	7 609 883	01/04/2023
	23 442	01/04/2024	4 793 420	4 793 420
	19 623	01/04/2025	4 012 511	4 012 511
	24 271	01/04/2026	4 962 934	4 962 934
	67 336		13 768 865	13 768 865		40 532	548		7 609 883

1	Option strike price is nil.
2	Based on a share price of R204.48 which prevailed on 31 December 2023.
3	Election to transfer shares arising from the vested options to the MSR portfolio.
4	Shares forfeited due to performance conditions not being fully met and shares forfeited due to resignation during the year.

 

2022	Rights held at 31 December1 Number	Exercisable period	Proceeds if exercisable at 31 December2 R	Pre-tax gain if exercisable at 31 December2 R	MSR election3 Number	Options exercised during the year Number	Shares forfeited4 Number	Sale price/ market price R	Pre-tax gain R	Date exercised
Executive directors
MDM Mgojo		01/04/2022				88 460	27 109	218.71	19 347 087	01/04/2022
		01/04/2023				91 055	89 974	219.76	20 010 247	22/08/2022
		01/04/2024				45 354	60 946	219.76	9 966 995	22/08/2022
		01/04/2025				7 926	81 055	219.35	1 738 568	01/09/2022
						232 795	259 084		51 062 897
N Tsengwa		01/04/2022				32 393	9 927	218.71	7 084 673	01/04/2022
	66 289	01/04/2023	14 405 263	14 405 263
	80 115	01/04/2024	17 409 791	17 409 791
	14 224	01/04/2025	3 091 017	3 091 017
	78 093	01/04/2025	16 970 390	16 970 390
	238 721		51 876 461	51 876 461		32 393	9 927		7 084 673
PA Koppeschaar		01/04/2022				41 571	12 739	218.71	9 091 993	01/04/2022
	85 072	01/04/2023	18 486 996	18 486 996
	49 954	01/04/2024	10 855 504	10 855 504
	41 816	01/04/2025	9 087 035	9 087 035
	176 842		38 429 535	38 429 535		41 571	12 739		9 091 993
Prescribed officers
V Balgobind		01/04/2022				17 558	5 380	218.71	3 840 110	01/04/2022
		01/04/2023					35 930
		01/04/2024					20 503
		01/04/2025					17 163
						17 558	78 976		3 840 110
H Bhola		01/04/2022				8 340	2 555	218.71	1 824 041	01/04/2022
	17 065	01/04/2023	3 708 395	3 708 395
	10 447	01/04/2024	2 270 238	2 270 238
	8 828	01/04/2025	1 918 413	1 918 413
	36 340		7 897 046	7 897 046		8 340	2 555		1 824 041
AS de Angelis		01/04/2022			1 638	6 554	2 510	218.71	1 433 425	01/04/2022
	33 410	01/04/2023	7 260 327	7 260 327
	19 066	01/04/2024	4 143 232	4 143 232
	15 960	01/04/2025	3 468 268	3 468 268
	68 436		14 871 827	14 871 827	1 638	6 554	2 510		1 433 425
L Groenewald		01/04/2022				16 128	4 942	218.71	3 527 355	01/04/2022
	33 002	01/04/2023	7 171 665	7 171 665
	19 175	01/04/2024	4 166 919	4 166 919
	16 832	01/04/2025	3 657 762	3 657 762
	69 009		14 996 346	14 996 346		16 128	4 942		3 527 355
PK Masia	34 170	01/04/2025	7 425 483	7 425 483
	34 170	01/04/2025	7 425 483	7 425 483
	68 340		14 850 966	14 850 966
JG Meyer		01/04/2022			10 796	10 796	6 617	218.71	2 361 193	01/04/2022
	44 185	01/04/2023	9 601 842	9 601 842
	25 214	01/04/2024	5 479 254	5 479 254
	21 107	01/04/2025	4 586 762	4 586 762
	90 506		19 667 858	19 667 858	10 796	10 796	6 617		2 361 193
MI Mthenjane		01/04/2022			2 035	18 317	6 237	218.71	4 006 111	01/04/2022
	41 649	01/04/2023	9 050 744	9 050 744
	23 767	01/04/2024	5 164 807	5 164 807
	19 895	01/04/2025	4 323 382	4 323 382
	85 311		18 538 933	18 538 933	2 035	18 317	6 237		4 006 111
AT Ndoni	12 165	01/11/2024	2 643 576	2 643 576
	9 296	01/04/2025	2 020 114	2 020 114
	21 461		4 663 690	4 663 690
M Veti		01/04/2022				20 074	6 152	218.71	4 390 385	01/04/2022
	41 080	01/04/2023	8 927 095	8 927 095
	23 442	01/04/2024	5 094 181	5 094 181
	19 623	01/04/2025	4 264 274	4 264 274
	84 145		18 285 550	18 285 550		20 074	6 152		4 390 385

1	Option strike price is nil.
2	Based on a share price of R204.48 which prevailed on 31 December 2022.
3	Election to transfer shares arising from the vested options to the MSR portfolio.
4	Shares forfeited due to performance conditions not being fully met and shares forfeited due to resignation during the year.

Management share scheme – DBP

2023	Rights held at 31 December1 Number	Exercisable period	Proceeds if exercisable at 31 December2 R	Pre-tax gain if exercisable at 31 December2 R	Options exercised during the year Number	Shares forfeited4 Number	Sale price/ market price R	Pre-tax gain R	Date exercised
Executive directors
N Tsengwa		31/08/2023			432		169.17	73 081	31/08/2023
	589	19/03/2024	120 439	120 439
	2 770	31/03/2024	566 410	566 410
	3 359		686 849	686 849	432			73 081
PA Koppeschaar		31/03/2023			4 778		191.01	912 646	31/03/2023
		31/08/2023			1 004		169.17	169 847	31/08/2023
	750	21/09/2024	153 360	153 360
	1 024	04/03/2025	209 388	209 388
	1 774		362 748	362 748	5 782			1 082 493
Prescribed officers
H Bhola		31/03/2023			1 110		191.01	212 021	31/03/2023
		19/03/2024				137
		31/03/2024				778
		31/08/2024				159
		04/03/2025				394
		31/03/2025				584
		31/03/2026				1 996
					1 110	4 048		212 021
AS de Angelis		31/03/2023			1 092		191.01	208 583	31/03/2023
		31/08/2023			466		169.17	78 833	31/08/2023
	202	19/03/2024	41 305	41 305
	1 269	31/03/2024	259 485	259 485
	227	21/09/2024	46 417	46 417
	2 491	31/03/2026	509 360	509 360
	4 189		856 567	856 567	1 558			287 416
L Groenewald		31/03/2023			3 655		191.01	698 142	31/03/2023
		31/08/2023			552		169.17	93 382	31/08/2023
	200	19/03/2024	40 896	40 896
	1 275	31/03/2024	260 712	260 712
	409	21/09/2024	83 632	83 632
	1 004	04/03/2025	205 298	205 298
	1 845	31/03/2025	377 266	377 266
	4 733		967 804	967 804	4 207			791 524
JG Meyer		31/03/2023			4 942		191.01	943 971	31/03/2023
	301	21/09/2024	61 548	61 548
	301		61 548	61 548	4 942			943 971
AT Ndoni	96	04/03/2025	19 630	19 630
	1 676	31/03/2026	342 708	342 708
	1 772		362 338	362 338
M Veti		31/08/2023			682		169.17	115 374	31/08/2023
	449	19/03/2024	91 812	91 812
	3 180	31/03/2024	650 246	650 246
	278	21/09/2024	56 845	56 845
	7 230	31/03/2026	1 478 390	1 478 390
	11 137		2 277 293	2 277 293	682			115 374

1	Option strike price is nil.
2	Based on a share price of R204.48 which prevailed on 31 December 2023.
3	Election to transfer shares arising from the vested options to the MSR portfolio.
4	Shares forfeited due to performance conditions not being fully met and shares forfeited due to resignation during the year.

2022	Rights held at 31 December1 Number	Exercisable period	Proceeds if exercisable at 31 December2 R	Pre-tax gain if exercisable at 31 December2 R	MSR election3 Number	Options exercised during the year Number	Shares forfeited4 Number	Sale price/ market price R	Pre-tax gain R	Date exercised
Executive directors
MDM Mgojo		15/03/2022				1 460		209.58	305 987	16/03/2022
		31/03/2022				8 618		212.89	1 834 686	31/03/2022
		31/03/2023				10 206	2 916	219.76	2 242 871	22/08/2022
		31/08/2023				842	477	219.76	185 038	22/08/2022
		19/03/2024				385	482	219.76	84 608	22/08/2022
		31/03/2024				4 031	5 039	219.76	885 853	22/08/2022
		21/09/2024				274	714	219.76	60 214	22/08/2022
		04/03/2025				270	2 161	219.76	59 335	22/08/2022
		31/03/2025				661	5 289	219.76	145 261	22/08/2022
						26 747	17 078		5 803 853
N Tsengwa		15/03/2022				536		209.58	112 335	24/03/2022
		31/03/2022				2 436		212.89	518 600	04/04/2022
	432	31/08/2023	93 878	93 878
	589	19/03/2024	127 996	127 996
	2 770	31/03/2024	601 949	601 949
	3 791		823 823	823 823		2 972			630 935
PA Koppeschaar		31/03/2022				5 543		212.89	1 180 049	31/03/2022
	4 778	31/03/2023	1 038 307	1 038 307
	1 004	31/08/2023	218 179	218 179
	750	21/09/2024	162 983	162 983
	1 024	04/03/2025	222 525	222 525
	7 556		1 641 994	1 641 994		5 543			1 180 049
Prescribed officers
V Balgobind		15/03/2022				363		209.58	76 078	22/03/2022
		31/03/2022				2 623		212.89	558 410	31/03/2022
		31/03/2023					2 241
		21/09/2024					244
		04/03/2025					1 077
		31/03/2025					1 982
						2 986	5 544		634 488
H Bhola		15/03/2022				227		209.58	47 575	24/03/2022
		31/03/2022				718		212.89	152 855	06/04/2022
	1 110	31/03/2023	241 214	241 214
	137	19/03/2024	29 771	29 771
	778	31/03/2024	169 067	169 067
	159	31/08/2024	34 552	34 552
	394	04/03/2025	85 620	85 620
	584	31/03/2025	126 909	126 909
	3 162		687 133	687 133		945			200 430
AS de Angelis	1 092	31/03/2023	237 303	237 303
	466	31/08/2023	101 266	101 266
	202	19/03/2024	43 897	43 897
	1 269	31/03/2024	275 766	275 766
	227	21/09/2024	49 329	49 329
	3 256		707 561	707 561
L Groenewald		15/03/2022				589		209.58	123 443	16/03/2022
		31/03/2022				2 338		212.89	497 737	08/04/2022
	3 655	31/03/2023	794 268	794 268
	552	31/08/2023	119 955	119 955
	200	19/03/2024	43 462	43 462
	1 275	31/03/2024	277 070	277 070
	409	21/09/2024	88 880	88 880
	1 004	04/03/2025	218 179	218 179
	1 845	31/03/2025	400 937	400 937
	8 940		1 942 751	1 942 751		2 927			621 180
JG Meyer	4 942	31/03/2023	1 073 946	1 073 946
	301	21/09/2024	65 410	65 410
	5 243		1 139 356	1 139 356
AT Ndoni	96	04/03/2025	20 862	20 862
	96		20 862	20 862
M Veti		15/03/2022			433
		31/03/2022			1 730
	682	31/08/2023	148 205	148 205
	449	19/03/2024	97 572	97 572
	3 180	31/03/2024	691 046	691 046
	278	21/09/2024	60 412	60 412
	4 589		997 235	997 235	2 163

1	Option strike price is nil.
2	Based on a share price ofR217.31 which prevailed on 31 December 2022.
3	Election to transfer shares arising from the vested options to the MSR portfolio.
4	Shares forfeited due to performance conditions not being fully met and shares forfeited due to resignation during the year.

MSR portfolio shares

2023	Rights held at 31 December1 Number	Exercisable period	Proceeds if exercisable at 31 December2 R	Pre-tax gain if exercisable at 31 December2 R	MSR election during the year Number	MSR exercised during the year Number	Sale price/ market price R	Pre-tax gain R	Date exercised
Prescribed officers
AS de Angelis						1 638	153.44	251 335	18/08/2023
						1 638		251 335
JG Meyer	10 796	30/06/2026	2 207 566	2 207 566
	21 798	30/06/2026	4 457 255	4 457 255	21 798
	32 594		6 664 821	6 664 821	21 798
MI Mthenjane						2 035	147.30	299 756	21/08/2023
					4 109	4 109	147.30	605 256	21/08/2023
					4 109	6 144		905 012
AT Ndoni	1 522	31/10/2026	311 219	311 219	1 522
	1 522		311 219	311 219	1 522
M Veti	433	30/06/2026	88 540	88 540
	1 730	30/06/2026	353 750	353 750
	2 163		442 290	442 290

¹  Based on a share price of R204.48 which prevailed on 31 December 2023.

2022	Rights held at 31 December Number	Exercisable period	Proceeds if exercisable at 31 December1 R	Pre-tax gain if exercisable at 31 December1 R	MSR election during the year Number
Prescribed officers
AS de Angelis	1 638	30/06/2026	355 954	355 954	1 638
	1 638		355 954	355 954	1 638
JG Meyer	10 796	30/06/2026	2 346 079	2 346 079	10 796
	10 796		2 346 079	2 346 079	10 796
MI Mthenjane	2 035	30/06/2026	442 226	442 226	2 035
	2 035		442 226	442 226	2 035
M Veti	2 163	30/06/2026	470 042	470 042	2 163
	2 163		470 042	470 042	2 163

¹  Based on a share price of R217.31 which prevailed on 31 December 2022.