Directors’ dealings in securities METAIR INVESTMENTS LIMITED Reg No. 1948/031013/06 (Incorporated in the Republic of South Africa) Share code : MTA ISIN code : ZAE000090692 (“Metair” or “the Company”) DIRECTORS’ DEALINGS IN SECURITIES In terms of paragraph 3.63 of the Listings Requirements of the JSE Limited (“Listings Requirements”), we hereby advise of the following acceptances of the share appreciation rights (“SARs”), which may be settled in cash or Metair shares, in terms of The Metair Investments Limited 2009 Share Plan by directors of the Company and its major subsidiaries. The terms and conditions of the SARs are: Date of allocation 13 November 2012 Number of SARs 224 542 Price paid per SAR Nil Total value of transaction Nil Allocation price per SAR R30.79 Nature of transaction Acceptance of SAR awards First vesting date 13 November 2015 Vesting period In equal thirds on the 3rd, 4th and 5th anniversaries but need not be exercised until the 6th anniversary Transaction completed on market No Clearance obtained in terms of Yes paragraph 3.66 of the Listings Requirements The SARs were accepted by the following directors of Metair and its major subsidiaries: No. of SARs Nature of Director Company name accepted interest Smiths Manufacturing (Pty) Direct Mr K. Lello Ltd 22,110 beneficial Smiths Manufacturing (Pty) Direct Mr S. Camphor Ltd 4,523 beneficial Mr F. Smiths Manufacturing (Pty) Direct Ziemkendorf Ltd 4,538 beneficial Mr J. Smiths Manufacturing (Pty) Direct Esterhuizen Ltd 8,749 beneficial Smiths Manufacturing (Pty) Direct Mr S. Konar Ltd 4,809 beneficial No. of SARs Nature of Director Company name accepted interest Smiths Manufacturing (Pty) Direct Mr N. Oxenham Ltd 4,652 beneficial Smiths Manufacturing (Pty) Direct Mr P. Vermaak Ltd 4,236 beneficial Direct Mr L. Denner Metindustrial (Pty) Ltd 22,004 beneficial Direct Ms H. McLachlan Metindustrial (Pty) Ltd 6,889 beneficial Mr R. Direct Bezuidenhout Metindustrial (Pty) Ltd 6,665 beneficial Direct Mr J. Ward Metindustrial (Pty) Ltd 3,571 beneficial Direct Mr A. Webb Metindustrial (Pty) Ltd 6,218 beneficial Direct Mr M. Slattery Metindustrial (Pty) Ltd 6,614 beneficial Direct Mr N. Mavhungu Metindustrial (Pty) Ltd 6,751 beneficial Direct Mr A. Becker Metindustrial (Pty) Ltd 19,793 beneficial Direct Mr B. Sivlal Metindustrial (Pty) Ltd 7,392 beneficial Direct Mr C. Ellison Metindustrial (Pty) Ltd 6,144 beneficial Direct Mr M. de Lange Metindustrial (Pty) Ltd 7,857 beneficial Direct Mr M. Barley Metindustrial (Pty) Ltd 6,834 beneficial Direct Mr C.T. Loock Metair 44,277 beneficial Direct Mr B.M. Jacobs Metair 19,916 beneficial Johannesburg 14 November 2012 Sponsor: One Capital Date: 14/11/2012 09:41:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.