Dealings 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”) DEALINGS IN SECURITIES Award and acceptance of conditional shares In compliance with paragraphs 3.63 to 3.66 of the Listings Requirements of the JSE Limited (“the Listings Requirements”), we hereby provide the following information regarding the award to and acceptance of conditional shares by the undermentioned Executive Directors and Prescribed Officer of the Company, and the undermentioned Director of Two Rivers Platinum Proprietary Limited, a major subsidiary of the Company: Conditional Shares Acceptance date 14 December 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 8 December 2023 Class of securities Ordinary shares Extent of interest Direct, beneficial Name Designation Number of Value of conditional award shares* R PT Motsepe, Dr Executive Chairman 70 909 17 101 896 MP Schmidt Chief Executive Officer 61 828 14 911 733 TTA Mhlanga Finance Director 27 573 6 650 081 A Joubert Prescribed Officer 30 203 7 284 387 NV Khumalo Director of Two Rivers 15 822 3 815 964 Platinum Proprietary Limited, a major subsidiary of ARM J Magagula Executive Director 28 219 6 805 884 HL Mkatshana Executive Director 26 422 6 372 482 * 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 4 December 2020, which was R241.1809. 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. Sandton 15 December 2020 Sponsor to ARM: Investec Bank Limited Date: 15-12-2020 03:00:00 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.