Dealings in securities by Directors and the Group Company Secretary and Governance Officer 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 the Group Company Secretary and Governance Officer A. Exercise of share options and acquisition of shares The exercise of share options and acquisition of shares by subscription by the Executive Chairman of ARM. 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 and acquisition of shares by subscription by the Executive Chairman of ARM: In terms of the ARM Share Incentive Scheme the share options described below will expire on 15 October 2020, if not exercised by this date. Name of director Dr Patrice Motsepe Category of director Executive Chairman Date of transaction 4 September 2020 Nature of transaction Exercise of share options and off-market acquisition of shares by subscription Class of securities Ordinary shares Offer price 22 964 options at R168.37 per share option; granted on 15 October 2012 and vested on 16 October 2016 Number of securities 22 964 Market price of securities Closing price of R207.04 per ARM share on Friday, 4 September 2020 Total market value of R4 754 466.56 securities Nature of interest Direct, beneficial Clearance to deal Yes B. Transfer of shares 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 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 4 September 2020 Name of director Dr Patrice Motsepe Category of director Executive Chairman Nature of transaction Off-market transfer of shares to ARMI with no change in beneficial ownership Class of securities Ordinary shares Number of securities 22 964 Market value of securities Closing price of R207.04 per share on Friday, 4 September 2020 Total market value of Total value of shares transferred - transaction R4 754 466.56 Nature of interest Indirect, beneficial Clearance to deal Yes C. Exercise 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 the undermentioned Directors and Group Company Secretary and Governance Officer 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. 1. Name of Director Michael Peter Schmidt Category of director Chief Executive Officer Date of transaction 7 September 2020 Nature of transaction Exercise of share options settled by on- market sale of shares Class of securities Ordinary shares Offer price 15 963 options at R200.75 per share option; granted on 29 October 2013 and vested on 30 October 2017 Number of securities 15 963 Market price of securities Closing price of R213.85 per ARM share on Monday, 7 September 2020 Total market value of R3 413 687.55 securities Nature of interest Direct, beneficial Clearance to deal Yes 2. Name of Director Jongisa Magagula Category of director Executive Director Date of transaction 4 September 2020 Nature of transaction Exercise of share options settled by on- market sale of shares Class of securities Ordinary shares Offer price 2 548 options at R168.37 per share option; granted on 15 October 2012 and vested on 16 October 2015 Number of securities 2 548 Market price of securities Closing price of R207.04 per ARM share on Friday, 4 September 2020 Total market value of R527 537.92 securities Nature of interest Direct, beneficial Clearance to deal Yes 3. Name of Group Company Alyson Nerene D’Oyley Secretary and Governance Officer Category of executive Group Company Secretary and Governance Officer Date of transaction 4 September 2020 Nature of transaction Exercise of share options settled by on- market sale of shares Class of securities Ordinary shares Offer price 3 055 options at R168.37 per share option; granted on 15 October 2012 and vested on 16 October 2015 2 865 options at R200.75 per share option; granted on 29 October 2013 and vested on 30 October 2016 Number of securities 5 920 Market price of securities Closing price of R207.04 per ARM share on Friday, 4 September 2020 Total market value of R1 225 676.80 securities Nature of interest Direct, beneficial Clearance to deal Yes 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 9 September 2020 Sponsor to ARM: Investec Bank Limited Date: 09-09-2020 02:39:00 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.