IMPERIAL HOLDINGS LIMITED - VESTING OF RIGHTS AND SHARES IN TERMS OF SHARE INCENTIVE SCHEMES AND EXERCISE OF SAR BY DIRECTORS

VESTING OF RIGHTS AND SHARES IN TERMS OF SHARE INCENTIVE SCHEMES AND EXERCISE OF SAR BY DIRECTORS

Imperial Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number: 1946/021048/06
Share code: IPL
ISIN: ZAE000067211
("Imperial")

VESTING OF RIGHTS AND SHARES IN TERMS OF SHARE INCENTIVE SCHEMES AND
EXERCISE OF SAR BY DIRECTORS

In compliance with the Listings Requirements of the JSE Limited the
following information is provided:

Vesting on 17 September 2012 of Share Appreciation Rights (SAR) at a
strike price of R55.32 per SAR and vesting of no consideration matching
ordinary shares in terms of Deferred Bonus Plan (DBP) at a price of
R190.00 per share.

The SAR, which were awarded in 2009, vested upon fulfilment of the
related performance conditions.

DBP shares were acquired by scheme participants in 2009 on the open
market at the ruling price with their after tax bonus. Upon vesting,
matching ordinary shares are awarded at no further consideration.


Director:                                              OS Arbee
Nature and extent of
interest in transaction:                               Direct/beneficial
Number of matching DBP shares vested:                  12 764
Number of matching DBP shares to be
Delivered:                                             12 764
Total value of transaction:                             R2 425 160
Number of SAR vested                                    91 507

Director:                                               HR Brody
Nature and extent of
interest in transaction:                               Direct/beneficial
Number of matching DBP shares vested:                  23 386
Number of matching DBP shares to be
delivered (net of tax):                                14 031
Total value of transaction:                            R4 443 340
Number of SAR vested                                   154 700

Director:                                               MP de Canha
Nature and extent of
interest in transaction:                               Direct/beneficial
Number of matching DBP shares vested:                  14 333
Number of matching DBP shares to be
Delivered:                                             14 333
Total value of transaction:                            R2 723 270
Number of SAR vested                                   100 186

Director:                                              RL Hiemstra
Nature and extent of
interest in transaction:                               Direct/beneficial
Number of matching DBP shares vested:                  18 859
Number of matching DBP shares to be
delivered (net of tax):                                11 315
Total value of transaction:                            R3 583 210
Number of SAR vested                                   93 590

Director:                                              AH Mahomed
Nature and extent of
interest in transaction:                               Direct/beneficial
Number of matching DBP shares vested:                  22 443
Number of matching DBP shares to be
delivered (net of tax):                                13 465
Total value of transaction:                            R4 264 170
Number of SAR vested:                                  143 761

Director:                                              M Swanepoel
Nature and extent of
interest in transaction:                               Direct/beneficial
Number of matching DBP shares vested:                  16 267
Number of matching DBP shares to be
delivered (net of tax):                                9 760
Total value of transaction:                            R3 090 730
Number of SAR vested:                                  83 578

Company secretary:                                     RA Venter
Nature and extent of
interest in transaction:                               Direct/beneficial
Number of matching DBP shares vested:                  7 543
Number of matching DBP shares to be
delivered (net of tax):                                4 525
Total value of transaction:                            R1 433 170
Number of SAR vested:                                  55 575

EXERCISE OF SAR BY DIRECTORS

Director:                                              MP de Canha
Nature and extent of
interest in transaction:                               Direct/beneficial
Date:                                                  17 September 2012
Number of SAR exercised:                               100 186
Strike price per SAR:                                  R55.32
Exercise price:                                        R193.05
Number of shares to be
Delivered:                                             71 476
Total value of transaction:                            R13 798 618

Director:                                              M Swanepoel
Nature and extent of
interest in transaction:                               Direct/beneficial
Date:                                                  18 September 2012
Number of SAR exercised:                               83 578
Strike price per SAR:                                  R55.32
Exercise price:                                        R191.45
Number of shares to be
Delivered:                                             35 656
Total value of transaction:                            R11 377 473


Prior written approval, in terms of paragraph 3.66 of the Listings
Requirements, was obtained.

Company Secretary
RA Venter

Sponsor
Merrill Lynch SA Proprietary Limited

Date:
18 September 2012

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