AFRICAN RAINBOW MINERALS LIMITED - Dealing in securities

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
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