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”) 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 and the company secretary (“Participants”) are hereby disclosed. ALLOCATION OF SHARE APPRECIATION RIGHTS The terms and conditions of the share appreciation rights (“SARs”) are: Date of award 27 November 2018 Number of SARs awarded to Participants 414 025 Price paid per SAR Nil Total value of transaction Nil Allocation price per SAR R17.70 Nature of transaction Acceptance of awards First vesting date 27 November 2021 Vesting period In equal thirds on the 3rd, 4th and 5th anniversaries but need not be exercised until the 6th anniversary Clearance obtained in terms of paragraph Yes 3.66 of the 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. Participant Company name No. of SARs accepted Mr A. Lulsdorf Mutlu Holding Anonim Sirketi 49 681 Mr T. Tulgar Mutlu Holding Anonim Sirketi 13 751 Mr M. Aksel Bukagikiran Mutlu Holding Anonim Sirketi 14 163 Mr H. Demir Mutlu Holding Anonim Sirketi 14 026 Mr Y. Kaptan Mutlu Holding Anonim Sirketi 19 067 Mr H. Okur Mutlu Holding Anonim Sirketi 15 527 Mr V. Kizil Mutlu Holding Anonim Sirketi 10 250 Ms S. Emiroglu Mutlu Holding Anonim Sirketi 9 670 Mr D. Seker Mutlu Holding Anonim Sirketi 14 982 Mr C.T. Loock Metair 152 663 Mr S. Douwenga Metair 75 110 Mr A. Jogia Metair 11 868 Ms S.M. Vermaak Metair 13 267 Johannesburg 27 November 2018 Sponsor One Capital Date: 27/11/2018 03:46:00 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.