Dealings in securities by Directors of ARM 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”) Dealings in securities by Directors of ARM 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), the following information is provided regarding the equity settlement of Performance Shares by ARM to the undermentioned Directors of ARM. These awards were made in terms of The African Rainbow Minerals Limited 2008 Share Plan and were approved by the ARM’s Board of Directors on recommendation of the Remuneration Committee. The calculation for the equity settlement of these shares is based upon the closing ARM share price of R126.25 on Friday, 12 October 2018. Date of transaction 6 November 2018 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 22 May 2015 Vesting date 15 October 2018 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 Executive Chairman 165 373 20 878 341.25 MP Schmidt Chief Executive Officer 130 764 16 508 955.00 M Arnold Non-executive Director 78 169 9 868 836.25 HL Mkatshana Executive Director 43 392 5 478 240.00 J C Steenkamp Non-executive Director 81 003 10 226 628.75 AJ Wilkens Executive Director 81 003 10 226 628.75 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, Mr 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 Mr Patrice Motsepe and his immediate family. 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. Date of transaction 6 November 2018 Nature of transaction Transfer of shares to the Motsepe Family Structure, off-market Deemed price of securities Closing price of R126.25 on Friday, transferred 12 October 2018 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 Executive Chairman 165 373 20 878 341.25 Deferred Bonus/Co-Investment Scheme C. In terms of paragraphs 3.63 to 3.66 of the Listings Requirements, the following information is provided regarding the grant to and acceptance by the undermentioned Director of ARM of the right to bonus shares and performance shares in ARM. These awards are 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 of this grant and award is based upon the volume weighted average price of the ARM shares for the 20 trading days ended 5 November 2018, which was R127.92. 1. Bonus shares Date of transaction 6 November 2018 Nature of transaction Grant and acceptance of bonus shares in terms of The African Rainbow Minerals Limited 2008 Share Plan in an off- market transaction Vesting date for settlement 7 November 2021 Class of securities Ordinary shares Extent of interest Direct, beneficial 2. Performance shares Date of transaction 6 November 2018 Nature of transaction Award and acceptance of performance shares in terms of The African Rainbow Minerals Limited 2008 Share Plan in an off-market transaction Vesting date for settlement 7 November 2021 Class of securities Ordinary shares Extent of interest Direct, beneficial Name Designation Number of Value Bonus Shares* R PT Motsepe Executive Chairman 75 115 9 608 710.80 * The vesting of the Bonus shares is conditional on continued employment with ARM and where applicable, the reasons for the cessation of such employment. Name Designation Number of Value Performance Shares* R PT Motsepe Executive Chairman 75 115 9 608 710.80 * The vesting of the Performance shares is conditional on performance criteria and continued employment with ARM and where applicable, the reasons for the cessation of such employment. The Board of Directors of ARM, on the recommendation of the Remuneration Committee, granted the necessary authority to grant and award these bonus shares and performance shares in terms of paragraph 3.66 of the Listings Requirements. Sandton 8 November 2018 Sponsor to ARM: Investec Bank Limited Date: 08/11/2018 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.