Dealings in Securities by Directors 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 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 2016 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 2016 Nature of transaction: Vesting of shares in terms of the Scheme Number of shares vested: 174,563 Issued price per share: Nil Strike price per share R0.7700 Total value of shares vesting: R134 414 Total settlement value: R134 414 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 2016 Nature of transaction: Vesting of shares in terms of the Scheme Number of shares vested: 90,191 Issued price per share: Nil Strike price per share R0.7700 Total value of shares vesting: R69,447 Total settlement value: R69,447 Type of trade: Off market Class of security: Ordinary shares Extent of director's interest in the transaction: Direct beneficial Annual share grant allocation In terms of the Scheme approved by shareholders on 13 April 2010, Merafe has issued annual share grants to the executive directors. These share grants are Merafe’s ordinary shares that are issued at no cost to eligible employees at the average price of R0.7779 per ordinary share for 31 March 2016 and were accepted on 1 April 2016. These share grants are held on a direct beneficial basis. Name Number of share Value grants K Bissessor (Financial Director) 1 003 905 R780 938 ZJ Matlala (Chief Executive Officer) 2 824 227 R2 196 966 These share grants shall vest in three tranches, one third on 1 April 2019, one third on 1 April 2020 and one third on 1 April 2021 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 04 April 2016 Sponsor: Merrill Lynch South Africa Proprietary Limited Date: 04/04/2016 02:40:00 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.