Dealing in securities African Rainbow Minerals Limited (Incorporated in the Republic of South Africa) (Registration Number 1933/004580/06) JSE Share code: ARI ISIN: ZAE000054045 (“ARM” or “the Company”) DEALING IN SECURITIES Equity settlement of performance shares In terms of paragraphs 3.63 to 3.66 of the Listings Requirements of the JSE Limited (“the Listings Requirements”), we provide the following information regarding the equity settlement of performance shares by ARM to the undermentioned Non-executive Directors of the Company. These awards were made in terms of The African Rainbow Minerals Limited 2008 Share Plan and on recommendation of the Remuneration Committee, approved by ARM’s Board of Directors. The calculation for the equity settlement of these shares is based upon the closing ARM share price of R158.46 on 9 December 2019. Performance shares Date of transaction 13 December 2019 Nature of transaction Equity settlement of performance shares in terms of The African Rainbow Minerals Limited 2008 Share Plan in off-market transactions Date of award 9 December 2016 Vesting date for settlement 10 December 2019 Class of securities Ordinary shares Extent of interest Direct, beneficial Name Designation Number of Gross value performance (before tax shares settled liability) R M Arnold Non-executive Director 120 270 19 057 984 J C Steenkamp Non-executive Director 124 630 19 748 870 The requisite clearances and approvals for this transaction have been obtained in compliance with the Securities Dealing Policies and Procedures of ARM and paragraph 3.66 of the Listings Requirements. The Board of Directors of ARM, on the recommendation of the Remuneration Committee, granted the necessary authority to settle these performance shares in terms of paragraph 3.66 of the Listings Requirements. Sandton 20 December 2019 Sponsor to ARM: Investec Bank Limited Date: 20-12-2019 05:00:00 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.