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 A. 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 Executive Directors, Prescribed Officer and Company Secretary of the Company, and the undermentioned Director of Two Rivers Platinum Proprietary Limited, a major subsidiary 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. 1. 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 PT Motsepe, Dr Executive Chairman 244 653 38 767 714 MP Schmidt Chief Executive Officer 193 452 30 654 404 HL Mkatshana Executive Director 66 762 10 579 107 A Joubert Prescribed Officer 76 300 12 090 498 NV Khumalo Director of Two Rivers 41 571 6 587 341 Platinum Proprietary Limited, a major subsidiary of ARM AJ Wilkens Prescribed Officer 124 630 19 748 870 AN D’Oyley Company Secretary 8 089 1 281 783 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. Transfer of shares B. In terms of paragraphs 3.63 to 3.66 of the Listings Requirements, the following information is provided regarding the election by the Executive Chairman of ARM, Dr Patrice Motsepe, to transfer his shares acquired by subscription as described in “A” above to African Rainbow Minerals & Exploration Investments Proprietary Limited (“ARMI”). The shares of ARMI are indirectly held and beneficially owned by trusts, which trusts, with the exception of The Motsepe Foundation, hold those shares for the benefit of Dr Patrice Motsepe and his immediate family (“the Motsepe Family Structure”). The Motsepe Foundation applies the benefits emanating from its indirect shareholding in ARMI for philanthropic purposes. 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. Date of transaction 13 December 2019 Nature of transaction Off-market transfer of shares to the Motsepe Family Structure with no change in beneficial ownership Deemed price of securities Closing price of R158.46 on Monday, 9 transferred December 2019 Class of securities Ordinary shares Nature of interest Indirect, beneficial Clearance to deal Yes Name Designation Number of Total value Ordinary shares (before tax transferred liability) of shares transferred R PT Motsepe, Dr Executive Chairman 244 653 38 767 714 Sandton 17 December 2019 Sponsor to ARM: Investec Bank Limited Date: 17-12-2019 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.