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 A. Director dealing in ARM securities In compliance with paragraphs 3.63 – 3.66 of the Listings Requirements of the JSE Limited (the “Listing Requirements”), we hereby provide the following information regarding dealings in ARM securities by a director of a major subsidiary of the Company: Name of director Nicholus Vusimuzi Khumalo Category of director Director of a major subsidiary Date of transaction 7 May 2020 Nature of transaction On-market sale of shares Class of securities Ordinary shares Number of securities 25 000 Selling price of securities Volume weighted average price of R132.9047 per share (with a low of R131.53 per share and a high of R135.14 per share) Total value of transaction R3 322 617.50 Nature of interest Direct, beneficial The requisite clearances and approvals for this transaction has been obtained in compliance with the securities dealing policies and procedures of ARM and paragraph 3.66 of the Listings Requirements. B. Award and acceptance of conditional shares In terms of paragraphs 3.63 – 3.66 of the Listings Requirements, we provide the following information regarding the award and acceptance of conditional shares by the undermentioned executive director of the Company: Conditional Shares Acceptance date 11 May 2020 Nature of transaction Off-market awards and acceptance of conditional shares in terms of The African Rainbow Minerals Limited 2018 Conditional Share Plan Vesting date for settlement 12 May 2023 Class of securities Ordinary shares Extent of interest Direct, beneficial Name Designation Number of Value of conditional award shares* R** J Magagula Executive Director 16 445 R2 025 366 * The vesting of the conditional 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 8 May 2020, which was R123.16. The requisite clearances and approvals for this transaction has 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, approved the award of the conditional shares as set out above. Sandton 11 May 2020 Sponsor to ARM: Investec Bank Limited Date: 11-05-2020 05:50:00 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.