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 A. Equity settlement of conditional 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 conditional shares by ARM to the undermentioned Directors and Prescribed Officer of the Company, and the undermentioned Directors of Two Rivers Platinum Proprietary Limited and ARM Mining Consortium Limited, major subsidiaries of the Company. These awards were made in terms of The African Rainbow Minerals Limited 2018 Conditional Share Plan (the “Plan”) and on recommendation of the Remuneration Committee, approved by ARM’s Board of Directors. The gross value of conditional shares vested is based upon the closing ARM share price of R271.90 on 7 March 2022. Conditional shares Date of transaction 23 March 2022 Nature of transaction Equity settlement of conditional shares in terms of The African Rainbow Minerals Limited 2018 Conditional Share Plan by means of on-market purchase of shares in the market Date of award 7 December 2018 Vesting date for settlement 8 March 2022 Class of securities Ordinary shares Extent of interest Direct, beneficial Name Designation Number of Gross value Number of Number of Value of conditional of vested shares conditional conditional shares shares at withheld shares shares vested vesting to cover settled on a settled date tax net of tax (R) (before tax liability2 basis liability) (R) PT Motsepe, Executive 321 710 87 472 949 N/A 321 710 86 442 287 Dr 1 Chairman MP Schmidt Chief 254 384 69 167 009 118 826 135 558 36 423 933 Executive Officer HL Mkatshana Executive 91 284 24 820 119 42 640 48 644 13 070 463 Director A Joubert Prescribed 104 345 28 371 405 48 741 55 604 14 940 589 Officer NV Khumalo Director of 54 664 14 863 141 25 535 29 129 7 826 854 Two Rivers Platinum Proprietary Limited, a major subsidiary of ARM BR Mashiane Director of 50 978 13 860 918 23 813 27 165 7 299 135 ARM Mining Consortium Limited, a major subsidiary of ARM PS Thwala Director of 52 287 14 216 835 24 424 27 863 7 486 685 ARM Mining Consortium Limited, a major subsidiary of ARM The calculation of the value of the conditional shares settled is based upon the volume weighted average price of shares purchased in settlement, being R268.6963, with a low of R253.18 per share and a high of R294.93 per share. 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. 1Dr PT Motsepe has elected to pay for the tax liability from his own resources. 2The number of shares withheld for tax is determined based on the 20-day volume weighted average share price on the vesting date, i.e. 8 March 2022, in accordance with the provisions of the Plan rules. 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 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. Date of transaction 23 March 2022 Nature of transaction Off-market transfer of shares to ARMI with beneficial ownership as described above Deemed price of securities Volume weighted average price of shares transferred purchased in settlement, being R268.6963, with a low of R253.18 per share and a high of R294.93 per share. 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 321 710 86 442 287 The calculation of the value of the shares transferred is based upon the volume weighted average price of shares purchased in settlement, being R268.6963, with a low of R253.18 per share and a high of R294.93 per share. 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. Sandton 24 March 2022 Sponsor to ARM: Investec Bank Limited Date: 24-03-2022 05:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 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