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 2017 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 2017 Nature of transaction: Vesting of shares in terms of the Scheme Number of shares vested: 626,752 Issued price per share: Nil Strike price per share R1.67 Total value of shares vesting: R1,046,676 Total settlement value: R1,046,676 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 2017 Nature of transaction: Vesting of shares in terms of the Scheme Number of shares vested: 136,182 Issued price per share: Nil Strike price per share R1.67 Total value of shares vesting: R227,424 Total settlement value: R227,424 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 average price of R1.67 per ordinary share for 31 March 2017 and were accepted on 1 April 2017. These Restricted Shares are held on a direct beneficial basis. Name Number of Restricted Value Shares granted K Bissessor (Financial Director) 490,995 R 819,962 ZJ Matlala (Chief Executive Officer) 1,381,300 R2,306,771 These shares shall vest in three tranches, one third on 1 April 2020, one third on 1 April 2021 and one third on 1 April 2022 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 03 April 2017 Sponsor: Merrill Lynch South Africa Proprietary Limited Date: 03/04/2017 04:00:00 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.