Dealings in securities by directors 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 Award and acceptance 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 award and acceptance of conditional performance shares by the undermentioned executive directors of the Company: Performance shares Acceptance date 10 December 2018 Nature of transaction Awards and acceptances of conditional performance shares in terms of The African Rainbow Minerals Limited 2018 Conditional Share Plan in off-market transactions Vesting date for settlement 8 December 2021 Class of securities Ordinary shares Extent of interest Direct, beneficial Name Designation Number of Value of Performance award Shares * R PT Motsepe Executive Chairman 159 694 20 570 184.14 MP Schmidt Chief Executive Officer 126 274 16 265 353.94 AM Mukhuba Finance Director 48 849 6 292 239.69 HL Mkatshana Executive Director 45 313 5 836 767.53 AJ Wilkens Executive Director 81 351 10 478 822.31 * The vesting of performance shares is conditional on pre-determined performance conditions and continued employment by ARM and where applicable, the reasons for the cessation of such employment. The calculation of the value of these awards is based upon the volume weighted average ARM share price for the 20 trading days ended 6 December 2018, which was R128.81 The Board of Directors of ARM, on the recommendation of the Remuneration Committee, approved the award of the performance shares as set out above in terms of paragraph 3.66 of the Listings Requirements. Sandton 12 December 2018 Sponsor to ARM: Investec Bank Limited Date: 12/12/2018 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.