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 Waived Bonus Method Equity settlement of bonus shares and performance shares A. 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 bonus shares and performance shares by ARM to the undermentioned Executive Director of ARM. These awards were made in terms of The African Rainbow Minerals Limited 2008 Share Plan and in terms of ARM’s Waived Bonus Method approved by ARM’s Board of Directors on the recommendation of the Remuneration Committee. The calculation of the equity settlement of these shares is based on the closing ARM share price of R154.00 on 14 November 2019. 1. Bonus shares Date of transaction 9 December 2019 Nature of transaction Equity settlement of bonus shares in terms of The African Rainbow Minerals Limited 2008 Share Plan in off-market transactions Date of grant 14 November 2016 Vesting date for settlement 15 November 2019 Class of securities Ordinary shares Extent of interest Direct, beneficial Name Designation Number of Gross value bonus (before tax shares liability) settled R Dr PT Motsepe Executive Chairman 47 218 7 271 572 2. Performance shares Date of transaction 9 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 14 November 2016 Vesting date for settlement 15 November 2019 Class of securities Ordinary shares Extent of interest Direct, beneficial Name Designation Number of Gross value performance (before tax shares liability) settled R Dr PT Motsepe Executive Chairman 47 218 7 271 572 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 bonus shares and performance shares in terms of paragraph 3.66 of the Listings Requirements. Transfer of shares B. In terms of paragraphs 3.63 to 3.66 of the Listings Requirements, the following information is provided regarding the election by the Executive Chairman of ARM, Dr Patrice Motsepe, to transfer his shares acquired by subscription as described in “A” above to African Rainbow Minerals & Exploration Investments Proprietary Limited (“ARMI”). The shares of ARMI are indirectly held and beneficially owned by trusts, which trusts, with the exception of the Motsepe Foundation, hold those shares for the benefit of Dr Patrice Motsepe and his immediate family (“the Motsepe Family Structure”). The Motsepe Foundation applies the benefits emanating from its indirect shareholding in ARMI for philanthropic purposes. 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. Date of transaction 9 December 2019 Nature of transaction Off-market transfer of shares to the Motsepe Family Structure with no change in beneficial ownership Deemed price of securities Closing price of R154.00 on 14 transferred November 2019 Class of securities Ordinary shares Nature of interest Indirect, beneficial Clearance to deal Yes Name Designation Number of Total value Ordinary shares (before tax transferred liability) of shares transferred R Dr PT Motsepe Executive Chairman 94 436 14 543 144 Award and acceptance of conditional shares C. In terms of paragraphs 3.63 to 3.66 of the Listings Requirements, we 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 9 December 2019 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 7 December 2022 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 107 420 16 603 909 MP Schmidt Chief Executive Officer 93 663 14 477 490 AM Mukhuba Finance Director 43 150 6 669 696 A Joubert Prescribed Officer 45 754 7 072 196 NV Khumalo Director of Two Rivers 23 969 3 704 888 Platinum Proprietary Limited, a major subsidiary of ARM HL Mkatshana Executive Director 40 027 6 186 973 AJ Wilkens Executive Director 47 455 7 335 119 * 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 5 December 2019, which was R154.57. 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, approved the award of the conditional shares as set out above. Sandton 12 December 2019 Sponsor to ARM: Investec Bank Limited Date: 12-12-2019 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.