Acceptance of rights to participate in share incentive plans HULAMIN LIMITED Incorporated in the Republic of South Africa (Registration number 1940/013924/06) ISIN: ZAE000096210 JSE Code: HLM (“Hulamin”) ACCEPTANCE OF RIGHTS TO PARTICIPATE IN SHARE INCENTIVE PLANS BY DIRECTORS AND THE COMPANY SECRETARY OF HULAMIN AND BY DIRECTORS OF A MAJOR SUBSIDIARY On 17 May 2017, executive directors and the company secretary of Hulamin and directors of Hulamin Operations Proprietary Limited accepted Share Appreciation Rights (“Rights”) to participate in Hulamin’s share incentive plans. The Rights, which are granted and accepted off-market are subject to performance conditions and vest after 3 years from 26 April 2017 at a grant price of R6.50 per ordinary share: Hulamin executive directors: Nature of interest Number of Rights RG Jacob Direct beneficial 604 005 AP Krull Direct beneficial 327 554 MZ Mkhize Direct beneficial 304 817 Hulamin company secretary: W Fitchat Direct beneficial 108 603 Directors of Hulamin Operations (Pty) Ltd MA Janneker Direct beneficial 239 111 FB Bradford Direct beneficial 305 592 DR Weisz Direct beneficial 258 032 Clearance to accept the Rights was received. Pietermaritzburg 18 May 2017 Sponsor Questco Corporate Advisory (Proprietary) Limited Date: 18/05/2017 04:37:00 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.