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 on-market and off-market transactions by directors and the company secretary of Metair and directors of its major subsidiaries are hereby disclosed. VESTING AND EXERCISE OF SHARE APPRECIATION RIGHTS AND SALE OF SHARES On 25 November 2016, Metair ordinary shares ("Shares") were conditionally granted (“Share Appreciation Rights” or “SARs”), to certain of the directors and the company secretary of Metair and directors of its major subsidiaries (“Participants”) in accordance with The Metair Investments Limited 2009 Share Plan. These Share Appreciation Rights have partially vested and have been exercised by the Participants pursuant to which the Participants received Shares at no cost. Details of the exercise of the Share Appreciation Rights, the related receipt of Shares and sale of Shares are provided below: DETAILS OF EXERCISE AND VESTING OF SHARE APPRECIATION RIGHTS Total number of Shares exercised 10 961 Deemed value of Share Appreciation Rights on R262 987.27 at a price of R23.993 per Share, being exercise the 20-day volume weighted average price (“VWAP”) as at 25 November 2019 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 25 November 2016 Date of Share Appreciation Rights exercise 25 November 2019 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 3.66 of the Yes Listings Requirements In order to facilitate the disposal of a portion of the Shares received by the Participants in an orderly fashion, the Participants have entered into a pooled sale in terms of which the Participant's Shares were disposed of through a single arranged on-market trade on 25 November 2019. DETAILS OF SALE OF SHARES Date of transaction 25 November 2019 Nature of transaction On-market sale of Shares Class of Share Ordinary shares Price per Share Various different trades with the following price information: - VWAP of R23.6098; - highest price of R23.64; and - lowest price of R23.60. Total number of Shares sold 3 910 Total value of Shares sold R92 314.32 Clearance obtained in terms of paragraph 3.66 of Yes the Listings Requirements Further details of the exercise of the Share Appreciation Rights, the related receipt of Shares and sale of Shares by each of the Participants are tabled below. The nature of the interest of all Participants is direct beneficial. Director Company No. of Share Deemed No. of Value of name Appreciation value of Shares Shares sold Rights Share sold (Rand) exercised Appreciation Rights exercised (Rand) Mr D. Seker Mutlu Holding 742 17 803 742 17 518 Anonim Sirketi Mr H. Okur Mutlu Holding 710 17 035 710 16 763 Anonim Sirketi Mr M. Aksel Mutlu Holding 669 16 051 669 15 795 Bukagikiran Anonim Sirketi Mr T. Tulgar Mutlu Holding 632 15 164 632 14 921 Anonim Sirketi Mr Y. Kaptan Mutlu Holding 893 21 426 893 21 084 Anonim Sirketi Mr C.T. Loock Metair 6 299 151 132 0 0 Mr A. Jogia Metair 489 11 733 0 0 Ms S.M. Metair 527 12 644 264 6 233 Vermaak ALLOCATION OF SHARE APPRECIATION RIGHTS The terms and conditions of the award of SARs are: Date of award 27 November 2019 Number of SARs awarded to Participants 251 236 Price paid per SAR Nil Total value of transaction Nil Allocation price per SAR R24.015, being the 20-day VWAP as at 26 November 2019 Nature of transaction Acceptance of awards First vesting date 27 November 2022 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 3.66 of Yes 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. Share Appreciation Rights are conditional rights to receive Metair Shares, which are the equivalent to the value of the difference between the future exercise price and the grant price of the SARs granted. Deemed base No. of SARs Participant Company name value of SARS at accepted grant price (Rand) Mr T. Tulgar Mutlu Holding Anonim Sirketi 7 823 187 869 Mutlu Holding Anonim Sirketi Mr M. Aksel Bukagikiran 8 057 193 489 Mutlu Holding Anonim Sirketi Mr Y. Kaptan 10 848 260 515 Mutlu Holding Anonim Sirketi Mr H. Okur 8 834 212 149 Mutlu Holding Anonim Sirketi Ms S. Emiroglu 7 793 187 149 Mutlu Holding Anonim Sirketi Mr D. Seker 8 524 204 704 Mr C.T. Loock Metair 121 858 2 926 420 Mr S. Douwenga Metair 57 296 1 375 963 Mr A. Jogia Metair 9 447 226 870 Ms S.M. Vermaak Metair 10 756 258 305 Johannesburg 27 November 2019 Sponsor One Capital Date: 27-11-2019 05:20:00 Produced by the JSE SENS Department. 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