Trading statement for the six months ended 31 December 2019 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”) TRADING STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2019 (1H F2020) In terms of the Listings Requirements of the JSE Limited, a listed company is required to publish a trading statement as soon as it is satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported on next will differ by at least 20% from those of the previous corresponding period. ARM’s basic earnings for 1H F2020 are expected to increase by between 60% and 65% to between R2 090 million and R2 155 million (1H F2019: R1 306 million). Basic earnings for the six months ended 31 December 2018 (1H F2019) included an attributable impairment of Nkomati Mine assets of R892 million after tax. The 1H F2020 basic earnings per share are expected to be between 1 081 and 1 114 cents (1H F2019: 682 cents). Headline earnings for 1H F2020 are expected to decrease by between 1% and 3% to between R2 128 million and R2 176 million (1H F2019: R2 201 million) as higher headline earnings at the platinum group metals (PGM) and iron ore operations were offset by lower headline earnings from the manganese, nickel and coal operations. Headline earnings per share are therefore expected to be between 1 100 cents and 1 125 cents (1H F2019: 1 149 cents). The financial information on which this trading statement is based has neither been reviewed nor reported on by the external auditors of ARM. The Company’s 1H F2020 financial results will be released on or about 28 February 2020. ENDS For all investor relations queries please contact: Jongisa Magagula Executive Director:Investor Relations and New Business Development Tel: +27 11 779 1507 E-mail: jongisa.magagula@arm.co.za Johannesburg 17 February 2020 Sponsor: Investec Bank Limited Date: 17-02-2020 04:33:00 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.