Dealing in securities by directors and company secretary BSI STEEL Limited (Incorporated in the Republic of South Africa) (Registration number 2001/023164/06) JSE code: BSS ISIN: ZAE000125134 (“BSI” or "the company") DEALING IN SECURITIES BY DIRECTORS AND THE COMPANY SECRETARY In compliance with paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements, the company hereby discloses the following dealings in the company’s securities by directors and the company secretary in terms of which the directors and company secretary accepted the grant of equity-settled share appreciation rights (“SAR”) in terms of BSI’s Share Appreciation Rights Scheme (“the Scheme”): Name of director of BSI: Craig Parry – Executive Director (1) Kevin Paxton – Executive Director (2) Emmerentia Vermaak - Executive Director (3) Company secretary of BSI: Stephen Hackett (4) Date of grant: 2 December 2014 Date of acceptance: 3 December 2014 Class of securities: Equity-settled share appreciation rights Grant price: 42 cents Vesting date: 30 June 2017 Number of SARs granted: 4 000 000 (1) 2 000 000 (2) 500 000 (3) 250 000 (4) Total Rand value of the SARs R1 680 000 (1) R840 000 (2) R210 000 (3) R105 000 (4) Nature of interest: Direct beneficial Nature of transaction: Acceptance of SARs granted to the directors and Company secretary in terms of the Scheme. The vesting of the SARs is subject to certain performance conditions being fulfilled by the vesting date. (Off-market transaction) Clearance obtained Yes 4 December 2014 Designated Advisor: Sasfin Capital (a division of Sasfin Bank Limited) Date: 04/12/2014 11:41:00 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.