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 transaction by a director of Metair is 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”). The last third of this grant of Share Appreciation Rights has vested and has been exercised by the below Participant pursuant to which the Participant received Shares at no cost. Director Mr C.T. Loock Total number of Shares exercised 3 861 Deemed value of Share Appreciation Rights on exercise R72 432.36 at a price of R18.76 per Share, being the 20 day VWAP as at 26 September 2017 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 26 September 2017 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 Nature of interest Direct beneficial Johannesburg 26 September 2017 Sponsor One Capital Date: 26/09/2017 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.