MERAFE RESOURCES LIMITED - Dealing in Securities by Directors and Company Secretary of Merafe

Dealing in Securities by Directors and Company Secretary of Merafe

MERAFE RESOURCES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/003452/06
Share Code: MRF
ISIN: ZAE000060000
(“Merafe”)

DEALING IN SECURITIES BY DIRECTORS AND COMPANY SECRETARY OF MERAFE

In compliance with paragraphs 3.63 – 3.66 of the Listings Requirements of the
JSE Limited the following information is provided:

Grant of Restricted Shares

In terms of the Scheme approved by shareholders on 13 April 2010, Merafe has
awarded restricted ordinary shares (“Restricted Shares”) to the executive
directors and the company secretary.

These Restricted Shares are awarded at no cost to eligible employees and issued
at the volume weighted average price of 132.4 cents per ordinary share for the
30 days preceding 30 September 2014, and were accepted on 30 September 2014.

These Restricted Shares are held on a direct beneficial basis.

Name                                    Number of Restricted      Value
                                        Shares granted

DS Chocho (Chief Financial Officer)      1 068 519               R1 414 719.16
B McBride (Commercial Director)          1,221,423               R1 617 164.05
A Mahendranath (Company secretary)         282,045               R 373 427.58

In terms of the Scheme, these shares vest in three tranches, one third on 30
September 2017, one third on 30 September 2018 and one third on 30 September
2019. However, in terms of the restructuring process announced on 12 August
2014, these shares shall vest on date of termination of employment and are
subject to performance conditions.

Authority to transact has been obtained and the transactions set out above were
done off-market.

Sandton
30 September 2014

Sponsor:
Merrill Lynch South Africa Proprietary Limited

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