Acceptance of rights to participate in share incentive plans by executive directors and company secretary HULAMIN LIMITED Incorporated in the Republic of South Africa (Registration number: 1940/013924/06) ISIN: ZAE000096210 Share Code: HLM (“Hulamin”) ACCEPTANCE OF RIGHTS TO PARTICIPATE IN SHARE INCENTIVE PLANS BY EXECUTIVE DIRECTORS AND COMPANY SECRETARY On 20 May 2014, Executive Directors accepted Rights to participate in Hulamin’s share incentive plans as follows: Share appreciation rights in respect of ordinary shares, which are off market and which are subject to performance conditions and vest after three years at a grant price of R6.80. R G Jacob 633 100 rights Direct Beneficial D A Austin 196 546 rights Direct Beneficial M Z Mkhize 201 780 rights Direct Beneficial Long term incentive plan awards, which are off market and which are subject to performance conditions and vest after three years. R G Jacob 236 998 conditional awards Direct Beneficial D A Austin 85 780 conditional awards Direct Beneficial M Z Mkhize 88 064 conditional awards Direct Beneficial Long term incentive plan awards, which are off market and which are subject to no performance conditions and vest after three years. R G Jacob 78 999 conditional awards Direct Beneficial D A Austin 28 593 conditional awards Direct Beneficial M Z Mkhize 29 355 conditional awards Direct Beneficial On 20 May 2014, the Company Secretary accepted rights to participate in Hulamin's share incentive plans as follows: Share appreciation rights in respect of ordinary shares, which are off market and which are subject to performance conditions and vest after three years at a grant price of R6.80. W Fitchat 73 436 rights Direct Beneficial Long term incentive plan awards, which are off market and which are subject to performance conditions and vest after three years. W Fitchat 42 755 conditional awards Direct Beneficial Long term incentive plan awards, which are off market and which are subject to no performance conditions and vest after three years. W Fitchat 14 251 conditional awards Direct Beneficial The allocations have been approved by the Board. 20 May 2014 Pietermaritzburg Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 20/05/2014 05:06:00 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.