Chapter 14People

• 14.5Directors' and prescribed officers' remuneration

• 14.5.1 Remuneration 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.

• 14.5.2 Summary of remuneration

	NCOE/guaranteed remuneration plus circumstantial				Short-term   incentives		Long-term incentives
2024	Basic salary R	Benefits and   allowances1 R	Retirement fund contributions R		Performance   bonuses2 R		Gains on management share schemes R
Executive directors
Dr N Tsengwa8	8 551 807	330 488	665 091				13 910 110
PA Koppeschaar	6 353 469	262 198	508 121		4 010 572		8 318 829
Total executive directors' remuneration	14 905 276	592 686	1 173 212		4 010 572		22 228 939
Prescribed officers
S Govender9	2 938 993	311 091	274 245		1 313 392		2 219 214
L Groenewald	4 950 085	212 973	496 690		4 514 049		3 507 115
RE Lilleike	4 459 427	55 833	323 570		2 724 180
PK Masia	5 283 171		419 190
JG Meyer	4 361 194	357 219	401 225		2 305 816		4 198 909
MH Nana10	2 072 179		161 157		916 388
AT Ndoni11	3 018 327	159 836	220 722				2 259 892
TT Ratsheko12	2 605 792	48 254	162 293		997 402		1 896 597
JA Rock	4 098 884	210 598	301 110		2 076 548
M Veti	4 339 876		383 438		2 042 298		4 517 623
Total prescribed officers' remuneration	38 127 928	1 355 804	3 143 640		16 890 073		18 599 350

	Other				Long-term incentives
2024	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
Dr N Tsengwa8		4 260	15 879	23 477 635		11 885 251	(13 910 110)	21 452 776
PA Koppeschaar		4 260		19 457 449		5 846 252	(8 318 829)	16 984 872
Total executive directors' remuneration		8 520	15 879	42 935 084		17 731 503	(22 228 939)	38 437 648
Prescribed officers
S Govender9		82 060		7 138 995		1 483 280	(2 219 214)	6 403 061
L Groenewald		4 260		13 685 172	1 728 524	179 395	(3 507 115)	12 085 976
RE Lilleike				7 563 010		2 185 083		9 748 093
PK Masia		4 260		5 706 621		5 435 663		11 142 284
JG Meyer		4 260		11 628 623		2 808 681	(4 198 909)	10 238 395
MH Nana10			2 420 000	5 569 724		264 036		5 833 760
AT Ndoni11	1 884 174	4 260	2 114 268	9 661 479		(898 016)	(2 259 892)	6 503 571
TT Ratsheko12		4 260		5 714 598		1 201 206	(1 896 597)	5 019 207
JA Rock			1 383 179	8 070 319		1 432 369		9 502 688
M Veti		4 260		11 287 495		3 066 706	(4 517 623)	9 836 578
Total prescribed officers' remuneration	1 884 174	107 620	5 917 447	86 026 036	1 728 524	17 158 403	(18 599 350)	86 313 613

2024	Fees for services R	Fees for services rendered to subsidiaries R	Total R
Non-executive directors
GJ Fraser-Moleketi	1 495 520		1 495 520
KM Ireton	891 534		891 534
B Magara13	1 100 503		1 100 503
IN Malevu	707 165		707 165
B Mawasha	917 671		917 671
L Mbatha14	282 759	123 785	406 544
N Medupe	1 147 289		1 147 289
Dr P Mnganga	1 121 908		1 121 908
VZ Mntambo	768 756	218 535	987 291
N Molope15	913 632		913 632
MLB Msimang	895 573		895 573
CJ Nxumalo	1 106 079		1 106 079
MG Qhena (Chairman)	2 397 450		2 397 450
PCCH Snyders	1 311 845		1 311 845
Total non-executive directors' remuneration	15 057 684	342 320	15 400 004

1	Includes leave days purchased as well as travel and acting allowances.
2	All incentive schemes are performance related and were approved by the board of directors.
3	Includes a mutual separation 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	Resigned on 5 February 2025.
9	Appointed as acting chief coal operations officer on 15 November 2024. Remuneration information relates to the full year.
10	Appointed as group company secretary on 1 May 2024.
11	Resigned on 30 November 2024.
12	Appointed as acting chief strategic resilience and governance officer on 25 September 2024. Remuneration information relates to the full year.
13	Appointed as CEO on 1 April 2025 and will step down as independent non-executive director.
14	Retired on 23 May 2024.
15	Appointed on 3 January 2024.

Retirement amounts relate to defined contribution retirement funds.

	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
Dr 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
Dr 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

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
IN Malevu	685 337			685 337
B Mawasha	885 625			885 625
L Mbatha	681 040		70 068	751 108
N Medupe15	829 565			829 565
Dr 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

1	Includes leave days purchased as well as travel and acting allowances.
2	All incentive schemes are performance related 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	Travelling 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.

• 14.5.3 Directors' interests in Exxaro shares

	2024			2023
At 31 December	Direct number	Indirect number		Direct number	Indirect number
Beneficial interests (number of shares)
PA Koppeschaar	74 446	8 023		74 446	1 774
VZ Mntambo		4 448 839			4 448 839
Dr N Tsengwa	179 578	6 401		135 712	3 359

At 31 December	2024 %	2023 %
Percentages of direct and indirect shareholdings
PA Koppeschaar	0.02	0.02
VZ Mntambo	1.27	1.27
Dr N Tsengwa	0.05	0.04

There have been no changes in the directors' interests in Exxaro shares between the end of the financial year 2024 and the date on which the annual financial statements were approved, except as issued on SENS.

• 14.5.4 Share 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:

Management share scheme – LTIP

2024	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   forfeited3 Number	Sale price/  market price  R	Pre-tax  gain  R	Date  exercised
Executive directors
Dr N Tsengwa		01/04/2024			79 047	1 068	168.78	13 341 553	01/04/2024
	14 224	01/04/2025	2 246 681	2 246 681
	78 093	01/04/2025	12 334 789	12 334 789
	112 157	01/04/2026	17 715 198	17 715 198
	132 640	01/04/2027	20 950 488	20 950 488
	337 114		53 247 156	53 247 156	79 047	1 068		13 341 553
PA Koppeschaar		01/04/2024			49 288	666	168.78	8 318 829	01/04/2024
	41 816	01/04/2025	6 604 837	6 604 837
	51 829	01/04/2026	8 186 391	8 186 391
	61 258	01/04/2027	9 675 701	9 675 701
	154 903		24 466 929	24 466 929	49 288	666		8 318 829
Prescribed officers
S Govender		01/04/2024			12 775	172	168.78	2 156 165	01/04/2024
	10 838	01/04/2025	1 711 862	1 711 862
	13 531	01/04/2026	2 137 221	2 137 221
	15 993	01/04/2027	2 526 094	2 526 094
	40 362		6 375 177	6 375 177	12 775	172		2 156 165
L Groenewald		01/04/2024			18 920	255	168.78	3 193 318	01/04/2024
	16 832	01/04/2025	2 658 614	2 658 614
	16 832		2 658 614	2 658 614	18 920	255		3 193 318
RE Lilleike	38 223	01/10/2026	6 037 323	6 037 323
	41 604	01/04/2027	6 571 352	6 571 352
	79 827		12 608 675	12 608 675
PK Masia	34 170	01/04/2025	5 397 152	5 397 152
	34 170	01/04/2025	5 397 152	5 397 152
	42 264	01/04/2026	6 675 599	6 675 599
	49 954	01/04/2027	7 890 234	7 890 234
	160 558		25 360 137	25 360 137
JG Meyer		01/04/2024			24 878	336	168.78	4 198 909	01/04/2024
	21 107	01/04/2025	3 333 851	3 333 851
	26 308	01/04/2026	4 155 349	4 155 349
	31 094	01/04/2027	4 911 297	4 911 297
	78 509		12 400 497	12 400 497	24 878	336		4 198 909
MH Nana	12 417	01/05/2027	1 961 265	1 961 265
	12 417		1 961 265	1 961 265
AT Ndoni		01/11/2024			12 003	162	167.09	2 005 581	01/12/2024
		01/04/2025				9 296
		01/04/2026				11 499
		01/09/2026				8 481
		01/04/2027				22 551
					12 003	51 989		2 005 581
TT Ratsheko		01/04/2024			10 118	136	168.78	1 707 716	01/04/2024
	8 583	01/04/2025	1 355 685	1 355 685
	10 708	01/04/2026	1 691 329	1 691 329
	12 649	01/04/2027	1 997 910	1 997 910
	31 940		5 044 924	5 044 924	10 118	136		1 707 716
JA Rock	24 928	16/10/2026	3 937 378	3 937 378
	27 591	01/04/2027	4 357 998	4 357 998
	52 519		8 295 376	8 295 376
M Veti		01/04/2024			23 130	312	168.78	3 903 881	01/04/2024
	19 623	01/04/2025	3 099 453	3 099 453
	24 271	01/04/2026	3 833 604	3 833 604
	28 687	01/04/2027	4 531 112	4 531 112
	72 581		11 464 169	11 464 169	23 130	312		3 903 881

1	Option strike price is nil.
2	Based on a share price of R157.95 which prevailed on 31 December 2024.
3	Shares forfeited due to performance conditions not being fully met and shares forfeited due to resignation in the year.

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
Dr 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 in the year.

Management share scheme – DBP

2024	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   forfeited3 Number	Sale price/   market price   R	Pre-tax   gain   R	Date   exercised
Executive directors
Dr N Tsengwa		19/03/2024			589		171.54	101 037	19/03/2024
		31/03/2024			2 770		168.78	467 521	31/03/2024
	6 401	31/03/2027	1 011 038	1 011 038
	6 401		1 011 038	1 011 038	3 359			568 558
PA Koppeschaar4	750	21/09/2024	118 463	118 463
	1 024	04/03/2025	161 741	161 741
	6 249	31/03/2027	987 030	987 030
	8 023		1 267 234	1 267 234
Prescribed officers
S Govender		19/03/2024			179		171.54	30 706	19/03/2024
		31/08/2024			202		160.12	32 344	31/08/2024
	735	31/03/2025	116 093	116 093
	735		116 093	116 093	381			63 050
L Groenewald		19/03/2024			200		171.54	34 308	19/03/2024
		31/03/2024			1 275		168.78	215 195	31/03/2024
		21/09/2024			409		157.20	64 295	21/09/2024
	1 004	04/03/2025	158 582	158 582
	1 845	31/03/2025	291 418	291 418
	2 849		450 000	450 000	1 884			313 798
PK Masia	5 098	31/03/2027	805 229	805 229
	5 098		805 229	805 229
JG Meyer4	301	21/09/2024	47 543	47 543
	301		47 543	47 543
AT Ndoni		04/03/2025				96
		31/03/2026				1 676
		31/03/2027				1 170
						2 942
TT Ratsheko		19/03/2024			144		171.54	24 702	19/03/2024
		31/03/2024			820		168.78	138 400	31/03/2024
		31/08/2024			161		160.12	25 779	31/08/2024
	391	04/03/2025	61 758	61 758
	583	31/03/2025	92 085	92 085
	974		153 843	153 843	1 125			188 881
M Veti4		19/03/2024			449		171.54	77 021	19/03/2024
		31/03/2024			3 180		168.78	536 720	31/03/2024
	278	21/09/2024	43 910	43 910
	7 230	31/03/2026	1 141 979	1 141 979
	3 316	31/03/2027	523 762	523 762
	10 824		1 709 651	1 709 651	3 629			613 741

1	Option strike price is nil.
2	Based on a share price of R157.95 which prevailed on 31 December 2024.
3	Shares forfeited due to resignation in the year.
4	Will be allowed to exercise the September 2024 tranche once removed from the insider register.

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   forfeited3 Number	Sale price/   market price   R	Pre-tax   gain   R	Date   exercised
Executive directors
Dr 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	Shares forfeited due to resignation in the year.

Management share scheme – BMP

2024	Rights held at   31 December1 Number	Exercisable period	Proceeds if   exercisable at   31 December2 R	Pre‑tax gain if   exercisable at   31 December2 R
Prescribed officers
L Groenewald	1 149	01/04/2025	181 485	181 485
	1 149	01/04/2026	181 485	181 485
	2 298		362 970	362 970

1	Option strike price is nil.
2	Based on a share price of R157.95 which prevailed on 31 December 2024.

MSR portfolio shares

2024	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 exercised during the year Number	Sale price/ market price R	Pre-tax gain R	Date exercised
Prescribed officers
JG Meyer	10 796	30/06/2026	1 705 228	1 705 228
	21 798	30/06/2026	3 442 994	3 442 994
	32 594		5 148 222	5 148 222
AT Ndoni		31/10/2026			1 522	167.09	254 311	01/12/2024
					1 522		254 311
M Veti	433	30/06/2026	68 392	68 392
	1 730	30/06/2026	273 254	273 254
	2 163		341 646	341 646

1	Based on a share price of R157.95 which prevailed on 31 December 2024.

2023	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	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.