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 the directors of its major subsidiaries are hereby disclosed.

VESTING AND EXERCISE OF SHARE APPRECIATION RIGHTS AND SALE OF SHARES

On 27 November 2017, 27 November 2018 and 27 November 2019 Metair ordinary shares ("Shares") were
conditionally granted (“Share Appreciation Rights”), to certain directors, the company secretary of Metair and
the 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 VESTING AND EXERCISE OF SHARE APPRECIATION RIGHTS
 Total number of Shares exercised             35 163
 Deemed value of Share Appreciation Rights on R1 016 210.70 at a price of R28.90 per Share, being
 exercise                                     the previous day’s closing price as at
                                              28 November 2022

 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 awards                                             27 November 2017, 27 November 2018 and
                                                            27 November 2019
 Date of Share Appreciation Rights exercise                 28 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 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 28 November 2022.

 DETAILS OF SALE OF SHARES
 Date of transaction                                        28 November 2022
 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 R28.0015;
                                                           - highest price of R28.07; and
                                                           - lowest price of R28.00
 Total number of Shares sold                               35 163
 Total value of Shares sold                                R984 616.74
 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)
                       Mutlu Holding
 Mr D. Seker                                       3 421           98 866.90           3 421          95 793.13
                       Anonim Sirketi
                       Mutlu Holding
 Mr Y. Kaptan                                      4 389          126 842.10           4 389         122 898.58
                       Anonim Sirketi
                       Mutlu Holding
 Ms S. Emiroglu                                    1 519           43 899.10           1 519          42 534.28
                       Anonim Sirketi
 Mr S. Douwenga        Metair                     19 315          558 203.50          19 315         540 848.97

 Mr A. Jogia           Metair                      3 073           88 809.70           3 073          86 048.61
 Ms S.M.
                       Metair                      3 446           99 589.40           3 446          96 493.17
 Vermaak


Johannesburg
30 November 2022

Sponsor
One Capital