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”) DIRECTORS’ DEALINGS IN SECURITIES In accordance with the requirements of paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements (“Listings Requirements”), the following off-market transactions by directors of Metair and its major subsidiaries are hereby disclosed. On 26 September 2011, Metair ordinary shares ("Shares") were conditionally granted (“Share Appreciation Rights”), to certain of the directors of Metair and its major subsidiaries (“Participants”) in accordance with The Metair Investments Limited 2009 Share Plan (“Share Plan”). These Share Appreciation Rights have partially vested and have been exercised by the Participants pursuant to which the Participants received Shares at no cost. In order to facilitate the disposal of these Shares received by the Participants in an orderly fashion, the Participants have entered into a pooled sale in terms of which the Participant's Shares were disposed through a single arranged on-market trade on 29 September 2015. DETAILS OF SALE OF SHARES Date of transaction 29 September 2015 Nature of transaction On-market sale of Shares Class of Share Ordinary shares Price per Share R29.1480 Total number of Shares sold 20 558 Total value of Shares sold R599 224.58 Written clearance to deal obtained Yes Further details of the exercise of the Share Appreciation Rights, the related receipt of Shares and sale of Shares are provided below: DETAILS OF EXERCISE OF SHARE APPRECIATION RIGHTS Total number of Shares exercised 20 558 Deemed value of Share Appreciation Rights on exercise R639 559.38 at a price of R31.11 per Share, being the 20 day volume weighted average price as at 25 September 2015 Class of securities Ordinary shares Nature of transaction Off-market acquisition of Shares pursuant to the exercise of Share Appreciation Rights at no cost Date of award 26 September 2011 Date of Share Appreciation Rights exercised 28 September 2015 Vesting period In equal thirds on the 3rd, 4th and 5th anniversaries but need not be exercised until the 6th anniversary Written clearance to deal obtained Yes Details of the exercise of the Share Appreciation Rights, the related receipt of Shares and sale of Shares by directors of Metair and its major subsidiaries who were Participants are tabled below. The nature of the interest of all Participants is direct beneficial. Director Company name No. of Share Deemed value No. of Value of Appreciation of Share Shares Shares sold Rights Appreciation sold (Rand) exercised Rights exercised (Rand) Dr L. Denner Mutlu Holding 6 362 197 921.82 6 362 185 439.58 Anonim Sirketi Mr C.J. Janse van Mutlu Holding 1 296 40 318.56 1 296 37 775.80 Rensburg Anonim Sirketi Mr C.T. Loock Metair 12 900 401 319.00 12 900 376 009.20 Johannesburg 30 September 2015 Sponsor One Capital Date: 30/09/2015 04:05:00 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.