Share repurchase programme update METAIR INVESTMENTS LIMITED (Reg No. 1948/031013/06) (Incorporated in the Republic of South Africa) Share code : MTA ISIN code : ZAE000090692 (“Metair” or the “Company”) SHARE REPURCHASE PROGRAMME UPDATE Metair shareholders (“Shareholders”) are referred to the announcements published on SENS on 22 October 2018 and 10 December 2018 (the “Announcements”), pertaining to the Company’s share repurchase programme established pursuant to and in accordance with the authority granted by Shareholders at the Company’s annual general meeting held on Wednesday, 2 May 2018 (“General Authority”), (the “Repurchase Programme”). Unless otherwise defined, capitalised words and terms contained in this announcement shall bear the meanings ascribed thereto in the Announcements. Shareholders are advised that the Company and / or its subsidiaries repurchased, in aggregate, 5 969 577 ordinary shares (“Shares”), representing 3% of the Company’s issued share capital, in terms of the Repurchase Programme. The Repurchase Programme expired on 15 March 2019. In terms of the General Authority, the Company and / or its subsidiaries may repurchase, in aggregate, a maximum of 9 949 294 Shares, being 5% of the Company’s issued share capital, which authority remains valid until the Company’s next annual general meeting. Accordingly, following the repurchase pursuant to the Repurchase Programme (as detailed above), the Company and / or its subsidiaries may repurchase a further 3 979 717 Shares (“Remaining Shares”), being 2% of the Company’s issued share capital, in terms of the General Authority. In the circumstances, the Directors have authorised the repurchase of the Remaining Shares, in accordance with the General Authority, until the Company’s next annual general meeting, being Thursday, 2 May 2019 (“Repurchase”). The total capital allocated by Metair for purposes of the Repurchase is R45 million. Johannesburg 4 April 2019 Sponsor One Capital Date: 04/04/2019 02:25:00 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.