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 (“Participants”) are hereby disclosed. 1. ALLOCATION OF SHARE APPRECIATION RIGHTS The terms and conditions of the share appreciation rights (“SARs”) are: Date of award 25 November 2016 Number of SARs awarded to Participants 402 884 Price paid per SAR Nil Total value of transaction Nil Allocation price per SAR R20.02 Nature of transaction Acceptance of awards First vesting date 25 November 2019 Vesting period In equal thirds on 3rd, 4th and 5th anniversaries but need not be exercised until the 6th anniversary Transaction completed on market No Clearance obtained in terms of paragraph 3.66 of the Yes Listings Requirements The details of the allocation of the SARs per Participant are set out below. The nature of the interest of all Participants is direct beneficial. No. of SARs Director Company name accepted Mr G. Paker Mutlu Holding Anonim Sirketi 71 252 Mr T. Tulgar Mutlu Holding Anonim Sirketi 12 051 Mr M. Aksel Bukagikiran Mutlu Holding Anonim Sirketi 12 753 Mr A. Ozutku Mutlu Holding Anonim Sirketi 9 640 Mr H. Demir Mutlu Holding Anonim Sirketi 12 546 Mr Y. Kaptan Mutlu Holding Anonim Sirketi 17 034 Mr H. Okur Mutlu Holding Anonim Sirketi 13 537 Mr O. Ogetbil Mutlu Holding Anonim Sirketi 12 175 Mr E. Tavukcu Mutlu Holding Anonim Sirketi 6 285 Mr O. Bekiroglu Mutlu Holding Anonim Sirketi 13 546 Mr S. Yilmaz Mutlu Holding Anonim Sirketi 9 294 Mr D. Seker Mutlu Holding Anonim Sirketi 14 148 Mr C.T. Loock Metair 120 124 Mr S. Douwenga Metair 59 101 Mr A. Jogia Metair 9 338 Ms S.M. Vermaak Metair 10 060 2. EXERCISE AND VESTING OF BONUS SHARES On 26 November 2013, Metair ordinary shares (“Shares”) were conditionally granted (“Bonus Shares”), to Mr Loock in accordance with the Metair Investments Limited 2009 Share Plan. These Bonus Shares have vested and have been exercised by Mr Loock pursuant to which Mr Loock received Shares at no cost. DETAILS OF EXERCISE OF BONUS SHARES Total number of Shares exercised/settled 150 000 Deemed value of Bonus Shares on exercise 20.99 being the closing price on 25 November 2016 R3 148 500 Class of securities Ordinary shares Nature of transaction Settlement of Bonus Shares at no cost Date of award 26 November 2013 Date of Bonus Shares exercised/settled 28 November 2016 Vesting period Bonus Shares vest on the 3rd anniversary of the award date Clearance obtained in terms of paragraph 3.66 of the Yes Listings Requirements Nature of interest Direct beneficial Johannesburg 29 November 2016 Sponsor One Capital Date: 29/11/2016 09:50:00 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.