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 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.