Dealings in Securities by Directors of Merafe MERAFE RESOURCES LIMITED (Incorporated in the Republic of South Africa) (Registration number 1987/003452/06 Share Code: MRF ISIN: ZAE000060000 (“Merafe”) DEALINGS IN SECURITIES BY DIRECTORS OF MERAFE In compliance with paragraphs 3.63 – 3.66 of the Listings Requirements of the JSE Limited the following information is provided: Vesting of shares in terms of the Share Incentive Scheme In terms of the Merafe Share Incentive Scheme (“Scheme”) the following grant shares vest on 01 April 2015 and the company has the right, at its election, either to issue new shares or settle in cash. The company has opted to settle the respective grant shares in cash. Name of director: Zanele Matlala Transaction date: 01 April 2015 Nature of transaction: Vesting of shares in terms of the Scheme Number of shares vested: 122 194 Issued price per share: Nil Strike price per share 79 cents Total value of shares vesting: R96 739 Total settlement value: R96 739 Type of trade: Off market Class of security: Ordinary shares Extent of director's interest in the transaction: Direct beneficial Name of director: Kajal Bissessor Transaction date: 01 April 2015 Nature of transaction: Vesting of shares in terms of the Scheme Number of shares vested: 77 891 Issued price per share: Nil Strike price per share 79 cents Total value of shares vesting: R61 665 Total settlement value: R61 665 Type of trade: Off market Class of security: Ordinary shares Extent of director's interest in the transaction: Direct beneficial Annual grant of Restricted Shares In terms of the Scheme approved by shareholders on 13 April 2010, Merafe has issued the annual grant of Restricted Shares to the executive directors. These Restricted Shares are Merafe’s ordinary shares that are issued at no cost to eligible employees at the volume weighted average price of 82 cents per ordinary share for the 30 days preceding 1 April 2015 and were accepted on 1 April 2015. These Restricted Shares are held on a direct beneficial basis. Name Number of Restricted Value Shares granted ZJ Matlala (Chief Executive Officer) 2 551 645 R2 092 349 K Bissessor (Financial Director) 907 012 R743 750 These shares shall vest in three tranches, one third on 1 April 2018, one third on 1 April 2019 and one third on 1 April 2020 and are subject to performance- based vesting criteria. Authority to transact has been obtained and the transactions set out above were done off-market. Sandton 07 April 2015 Sponsor: Merrill Lynch South Africa Proprietary Limited Date: 07/04/2015 10:00:00 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.