RAND MERCHANT INSURANCE HLDGS LTD - Trading statement: Year ended 30 June 2014

Trading statement: Year ended 30 June 2014

RAND MERCHANT INSURANCE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2010/005770/06)
JSE ordinary share code: RMI
ISIN: ZAE000153102
("RMI" or "the Group")

TRADING STATEMENT: YEAR ENDED 30 JUNE 2014

INTRODUCTION

The JSE Limited Listings Requirements prescribe that an issuer
must publish a trading statement as soon as it becomes apparent
with a reasonable degree of certainty that Earnings per Share
(“EPS”) and/or Headline Earnings per Share (“HEPS”) for the next
reporting period are expected to differ by at least 20% from those
of the previous corresponding reporting period.

RMI regards Normalised EPS (which excludes non-operational items
and accounting anomalies) as the key indicator of the Group’s
operational performance.

RESTATEMENT OF PRIOR YEAR COMPARATIVE

Shareholders are advised that following a change in accounting
policy by a subsidiary, the Group’s Normalised EPS, HEPS and EPS
for the prior year ended 30 June 2013 have been restated as
follows:
                                As originally
Year ended 30 June 2013         published       As restated

Normalised EPS(cents)              169.9            172.6
HEPS(cents)                        148.4            151.1
EPS(cents)                         149.2            152.0

Further analysis of the restatement will be provided in RMI’s
audited results for the year ended 30 June 2014.

EARNINGS GUIDANCE FOR THE YEAR ENDED 30 JUNE 2014

The following guidance is provided to shareholders regarding the
expected outcome for the year ended 30 June 2014:

A. WHEN COMPARED TO THE RESULTS FOR THE YEAR ENDED 30 JUNE 2013
   AS ORIGINALLY PUBLISHED

                           ORIGINAL:
                           Year ended        Guidance: Year ended
                           30 June 2013      30 June 2014

Normalised EPS(cents)      169.9             17% to 23% increase
HEPS(cents)                148.4             28% to 34% increase
EPS(cents)                 149.2             35% to 41% increase

B. WHEN COMPARED TO THE RESULTS FOR THE YEAR ENDED 30 JUNE 2013
   AFTER RESTATEMENT

                           RESTATED:
                           Year ended        Guidance: Year ended
                           30 June 2013      30 June 2014

Normalised EPS(cents)      172.6             15% to 21% increase
HEPS(cents)                151.1             25% to 31% increase
EPS(cents)                 152.0             32% to 38% increase

The financial information on which this trading statement is based
has not been reviewed and reported on by the Group’s external
auditors.

RMI’s audited results for the year ended 30 June 2014 are expected
to be released on SENS on Thursday, 11 September 2014.

Sandton
29 August 2014

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

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