Dealings in securities by Directors and a Prescribed Officer of ARM 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 and a Prescribed Officer of ARM A. Exercise of share options In compliance with paragraphs 3.63 to 3.66 of the Listings Requirements of the JSE Limited (“the Listings Requirements”), the following information is provided regarding the exercise of share options by the undermentioned Director of ARM: In terms of the ARM Share Incentive Scheme the share options described below will expire on 15 October 2020 and on 29 October 2021 respectively, if not exercised by those dates. Name of Director Hamilton Luthando Mkatshana Category of director Executive Director Date of transaction 2 September 2020 Nature of transaction Exercise of share options Class of securities Ordinary shares Offer price R168.37 per share option; granted on 15 October 2012 and vested on 16 October 2016 Number of securities 8 167 Market price of securities R211.1836 per ARM share Total market value of R1 724 736.46 securities Nature of interest Direct, beneficial Clearance to deal Yes B. Net settlement of share options In compliance with paragraphs 3.63 to 3.66 of the Listings Requirements, the following information is provided regarding the exercise of share options by net settlement, by the undermentioned Prescribed Officer of ARM. The calculation for net settlement is based upon the closing share price of R204.99 on 1 September 2020. Name of director Andre Joubert Category of director Prescribed Officer Date of transaction 2 September 2020 Nature of transaction Exercise of share options by net settlement and on-market sale of shares Class of securities Ordinary shares Number of share options 20 106 granted Reduced number of share 2 105 options exercised Offer price 10 691 options at R168.37 per share option; granted on 15 October 2012 and vested on 16 October 2016; and 9 415 options at R200.75 per share option; granted on 29 October 2013 and vested on 30 October 2017 Sale price of securities R211.3069 Value of the transaction R444 801.02 Nature of interest Direct, beneficial Clearance to deal Yes C. Sale of shares In compliance with paragraphs 3.63 to 3.66 of the Listings Requirements, we hereby provide the following information regarding dealings in ARM securities by a Non-executive Director of ARM: Name of director Michael Arnold Category of director Non-executive Director Date of transaction 2 September 2020 Nature of transaction On-market sale of shares Class of securities Ordinary shares Number of securities 59 000 Selling price of securities Volume weighted average price of R210.5138 per share (with a low of R208.50 per share and a high of R212.25 per share) Total value of transaction R12 420 312.28 Nature of interest Direct, beneficial The requisite clearances and approvals for these transactions were obtained in compliance with the securities dealing policies and procedures of ARM and paragraph 3.66 of the Listings Requirements. Sandton 4 September 2020 Sponsor to ARM: Investec Bank Limited Date: 04-09-2020 04:30:00 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.