Dealing 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”) DEALING IN SECURITIES A. Equity settlement of performance shares 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 performance shares by ARM to the undermentioned Directors, Prescribed Officer and Group Company Secretary and Governance Officer (“Company Secretary”) of the Company, and the undermentioned Director of Two Rivers Platinum Proprietary Limited, a major subsidiary of the Company. These awards were made in terms of The African Rainbow Minerals Limited 2008 Share Plan and on recommendation of the Remuneration Committee, approved by ARM’s Board of Directors. The calculation for the number of performance shares vested is based upon the closing ARM share price of R243.91 on 16 November 2020. 1. Performance shares Date of transaction 17 December 2020 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 16 November 2017 Vesting date for settlement 17 November 2020 Class of securities Ordinary shares Extent of interest Direct, beneficial 1 Name Designation Number of Gross value Number of Number of Value of performance of vested shares performance performance shares shares at withheld shares shares vested vesting to cover settled on a settled date tax net of tax R (before tax liability basis liability) R PT Motsepe, Executive 237 685 57 973 748 N/A 237 685 59 124 144 Dr * Chairman MP Schmidt Chief 142 509 34 759 370 65 580 76 929 19 136 089 Executive Officer M Arnold Non-executive 78 349 19 110 105 36 055 42 294 10 520 633 Director J Magagula Executive 6 637 1 618 831 3 055 3 582 891 023 Director HL Mkatshana Executive 50 064 12 211 110 23 039 27 025 6 722 469 Director A Joubert Prescribed 49 705 12 123 547 22 874 26 831 6 674 211 Officer NV Khumalo Director of 27 081 6 605 327 12 463 14 618 3 636 228 Two Rivers Platinum Proprietary Limited, a major subsidiary of ARM AN D’Oyley Company 5 959 1 453 460 2 743 3 216 799 980 Secretary The calculation of the value of the performance shares settled is based upon the closing ARM share price on 15 December 2020, which was R248.75. *Dr PT Motsepe has elected to pay for the tax liability from his own resources. 2. Bonus shares Date of transaction 17 December 2020 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 award 16 November 2017 Vesting date for settlement 17 November 2020 Class of securities Ordinary shares Extent of interest Direct, beneficial Name Designation Number of Gross value Number of Number of Value of bonus of vested shares bonus bonus shares shares at withheld shares shares vested vesting to cover settled on settled date tax a net of R (before tax liability tax basis liability) R PT Motsepe, Executive 78 307 19 099 860 N/A 78 307 19 478 866 Dr * Chairman MP Schmidt Chief 16 486 4 021 100 7 587 8 899 2 213 626 Executive Officer HL Mkatshana Executive 6 572 1 602 977 3 025 3 547 882 316 Director The calculation of the value of the bonus shares settled is based upon the closing ARM share price on 15 December 2020, which was R248.75. *Dr PT Motsepe has elected to pay for the tax liability from his own resources. The requisite clearances and approvals for these transactions have been obtained in compliance with the Securities Dealing Policies and Procedures of ARM and paragraph 3.66 of the Listings Requirements. 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 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 17 December 2020 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 R243.91 on 16 November transferred 2020 Class of securities Ordinary shares Nature of interest Indirect, beneficial Clearance to deal Yes Name Designation Number of Ordinary Total value shares transferred (before tax liability) of shares transferred R PT Motsepe, Dr Executive Chairman 315 992 78 603 010 The calculation of the value of the shares transferred is based upon the closing ARM share price on 15 December 2020, which was R248.75. 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 and Company Secretary of ARM: 1. Name of director Anton Dirk Botha Category of director Non-executive Director Date of transaction 17 December 2020 Nature of transaction On-market sale of shares Class of securities Ordinary shares Number of securities 4 450 shares Selling price of securities Volume weighted average price of R256.8911 per share (with a low of R254.25 per share and a high of R258.97 per share). Value of transaction R1 143 165.40 Nature of interest Indirect, beneficial 2. Name of Company Alyson Nerene D’Oyley Secretary Category of executive Group Company Secretary and Governance Officer Date of transaction 17 December 2020 Nature of transaction On-market sale of shares Class of securities Ordinary shares Number of securities 8 780 shares Selling price of securities Volume weighted average price of R262.7876 per share (with a low of R261.83 per share and a high of R264.08 per share). Value of transaction R2 307 274.87 Nature of interest Indirect, beneficial The requisite clearances and approvals for these transactions have been obtained in compliance with the Securities Dealing Policies and Procedures of ARM and paragraph 3.66 of the Listings Requirements. Sandton 21 December 2020 Sponsor to ARM: Investec Bank Limited Date: 21-12-2020 05:07:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 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