Acceptance of Share Appreciation Rights (‘SARs’) by Directors and Company Secretary Afrimat Limited Incorporated in the Republic of South Africa (Registration number: 2006/022534/06) Share code: AFT ISIN: ZAE000086302 ACCEPTANCE OF SHARE APPRECIATION RIGHTS (‘SARs’) BY DIRECTORS AND COMPANY SECRETARY In compliance with the requirements of paragraph 3.63 of the Listings Requirements of the JSE Limited, SARs were granted to directors and the company secretary on 5 November 2018 at a grant price based on the 30-day volume weighted average price (‘VWAP’) of a Afrimat share, as quoted on the JSE, measured over the 30 day period immediately preceding 5 November 2018. As soon as performance criteria is met, the value provided to the participants equates to the growth in share price from grant date to exercise date. Name of director: Andries J van Heerden Designation: Chief Executive Officer Number of SARs accepted: 345 000 Price at which SARs were awarded: R26.79 Acceptance of award: 7 November 2018 Vesting: 4 November 2021 (3 years after award approved) Nature of type of transaction: Direct beneficial off-market Clearance obtained: Yes Name of director: Pieter GS de Wit Designation: Chief Financial Officer Number of SARs accepted: 145 000 Price at which SARs were awarded: R26.79 Acceptance of award: 7 November 2018 Vesting: 4 November 2021 (3 years after award approved) Nature of type of transaction: Direct beneficial off-market Clearance obtained: Yes Name: Mariëtte Swart Designation: Company secretary Number of SARs accepted: 25 000 Price at which SARs were awarded: R26.79 Acceptance of award: 7 November 2018 Vesting: 4 November 2021 (3 years after award approved) Nature of type of transaction: Direct beneficial off-market Clearance obtained: Yes Performance criteria: - Target year 3: HEPS growth of CPI for each of the three years + 6% from base year; - Target year 4: HEPS growth of CPI for each of the four years + 8% from base year; - Target year 5: HEPS growth of CPI for each of the five years + 10% from base year. All of the SARs granted may be exercised on or after the third anniversary of the date of the grant, to the extent that the performance conditions have been met. All SARs must be exercised by the seventh anniversary of the date of grant 7 November 2018 Cape Town Sponsor: Bridge Capital Advisors Proprietary Limited Date: 07/11/2018 04:45:00 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.