AFRICAN RAINBOW CAPITAL INVESTMENTS LIMITED - Dealings in securities by directors of a related company

Dealings in securities by directors of a related company

African Rainbow Capital Investments Limited
(Incorporated in the Republic of Mauritius)
(Registration number C148430)
Share code: AIL
ISIN: MU0553S00000
("ARC Investments")

DEALINGS IN SECURITIES BY DIRECTORS OF A RELATED COMPANY

In compliance with the JSE Limited Listings Requirements, shareholders are advised of the following
dealing in ARC Investments securities by a director of a related company:

         Name of director:                                   Johan van der Merwe
         Office held:                                        Director
         Name of related company:                            UBI General Partner Proprietary Limited,
                                                             the general partner of the ARC Fund*

         Date of transaction:                                19 March 2020
         Nature of transaction:                              On-market purchase of securities
         Number of securities:                               94177
         Class of securities:                                ARC Investments ordinary shares
         Volume weighted average purchase price:             215,87 cents
         Highest purchase price:                             216.00
         Lowest purchase price:                              215.00
         Total value of the transaction:                     R 203,229.89
         Clearance obtained:                                 Yes

         Name of director:                                   Johan van Zyl
         Office held:                                        Director
         Name of related company:                            UBI General Partner Proprietary
                                                             Limited, the general partner of
                                                             the ARC Fund*

         Date of transaction:                                19 March 2020
         Nature of transaction:                              On-market purchase of securities
         Number of securities:                               94177
         Class of securities:                                ARC Investments ordinary shares
         Volume weighted average purchase price:             215,87 cents
         Highest purchase price:                             216.00
         Lowest purchase price:                              215.00
         Total value of the transaction:                     R 203,229.89
         Clearance obtained:                                 Yes


*ARC Investments is a Limited Partner in the ARC Fund, an en-commandite partnership. Full details of
the structure were disclosed in the Pre-Listing Statement published on 28 August 2017.

Ebene, Mauritius (with simultaneous circulation in Johannesburg)
20 March 2020

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 20-03-2020 04:06:00
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