Dealing in Securities by Executive Directors and Company Secretary MERAFE RESOURCES LIMITED (Incorporated in the Republic of South Africa) (Registration number 1987/003452/06) Share Code: MRF ISIN: ZAE000060000 ("Merafe Resources") DEALINGS IN SECURITIES BY EXECUTIVE DIRECTORS AND COMPANY SECRETARY In terms of paragraph 3.63 - 3.66 of the Listings Requirements of the JSE Limited, the following information is disclosed in respect of appointment of CFO and the annual grant of Restricted Shares to the executive directors and the company secretary of Merafe Resources in terms of the Merafe Resources Limited Share Incentive Scheme approved by shareholders on 13 April 2010. These Restricted Shares are Merafe Resources’ ordinary shares that are issued at no cost to eligible employees at the volume weighted average price of 80.20 cents per ordinary share for the 30 days preceding 6 March 2013 and were accepted on 6 March 2013. These Restricted Shares are held on a direct beneficial basis. Name Number of Restricted Value Shares granted DS Chocho (Chief Financial Officer) 1 728 923 R1 386 596 ZJ Matlala (Chief Executive Officer) 2 278 726 R1 827 539 B McBride (Commercial Director) 1 480 272 R1 187 178 A Mahendranath (Company secretary) 299 294 R 240 034 These shares shall vest in three tranches, one third on 6 March 2016, one third on 6 March 2017 and one third on 6 March 2018 and are subject to a mix of time-based and performance-based vesting criteria. Authority to transact has been obtained and the transactions set out above were done off-market. Sandton 7 March 2013 Sponsor: Merrill Lynch South Africa Proprietary Limited Date: 07/03/2013 04:00:00 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.