IMPERIAL HOLDINGS LIMITED - Exercise of share appreciation rights by director of Imperial

Exercise of share appreciation rights by director of Imperial

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

EXERCISE OF SHARE APPRECIATION RIGHTS BY DIRECTOR OF IMPERIAL

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

Director:                                            HR Brody
Nature and extent of interest in transaction:        Direct/beneficial
Date:                                                21 September 2012
Nature of transaction:                               Exercise of Share
                                                     Appreciation Rights
                                                     (SAR)
Number of SAR exercised:                             154 700
Strike price per SAR:                                R55.32
Exercise price:                                      R194.91
Number of shares to be delivered after PAYE:         66 475
Total value of transaction:                          R21 594 573
Type of trade:                                       Off-market

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

Company Secretary
RA Venter

Sponsor:
Merrill Lynch SA (Pty) Limited
Date:
25 September 2012

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