African Rainbow Capital Investments Limited
                                     (Incorporated in the Republic of Mauritius)
                                           (Registration number C148430)
                                            JSE and A2X share code: AIL
                               ISIN code: MU0553S00000 LEI: 378900F086B090C6FB94
                                                (“ARC Investments”)



DEALINGS IN SECURITIES BY A DIRECTOR OF A RELATED COMPANY

In compliance with rule 3.63 to 3.74 of the JSE Listings Requirements, shareholders of ARC Investments are
advised of the following dealings in ARC Investments securities by a director of a related company:

       Name of director:                                      Thomas Andrew Boardman
       Office held:                                           Chairman of UBI General Partner Limited
                                                              Investment Committee
       Name of related company:                               UBI General Partner Proprietary Limited, the
                                                              general partner of the ARC Fund*


       Date of transaction:                                   02 June 2023
       Nature of transaction:                                 Off-market sale and purchase of ordinary
                                                              shares
       Name of Seller of the securities:                      Navigamus Investments (Pty) Ltd (“Seller”)
       Relationship to director:                              T Boardman is a director and a shareholder of
                                                              the Seller


       Name of Purchaser of the securities:                   Momentum Life Limited (“Purchaser”)
       Relationship to director:                              T Boardman is a member of a pension fund
                                                              administered by the Purchaser

       Number of securities:                                  320,000 ordinary no par value shares
       Class of securities:                                   ARC Investments ordinary shares
       Purchase price:                                        625c per share
       Total value of the transaction:                        R2,000,000
       Clearance obtained:                                    Yes
       Nature of interest:                                    Indirect beneficial


*ARC Investments is a Limited Partner in the ARC Fund, an en-commandite partnership. Full details of the
structure were disclosed in the Pre-Listing Statement published on 28 August 2017.

Ebene, Mauritius (with simultaneous circulation in Johannesburg)
5 June 2023

Sponsor
Deloitte & Touche Sponsor Services Proprietary Limited