Trading Statement: Six Months Ended 31 December 2012 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: SIX MONTHS ENDED 31 DECEMBER 2012 Paragraph 3.4(b) of the Listings Requirements of the JSE Limited requires an issuer to publish a trading statement as soon as it is satisfied that a reasonable degree of certainty exists that the financial results to be reported on next will differ by at least 20% from those of the previous corresponding period. Guidance for the expected outcome in RMI’s earnings per share (“EPS”), headline EPS and normalised EPS for the six months ended 31 December 2012 are set out below. 1. RESTATEMENT OF PRIOR PERIOD COMPARATIVE Shareholders were previously advised of a change in accounting policy by a subsidiary in the second half of the financial year ended 30 June 2012, resulting in a restatement of prior period comparatives. Consequently, it is necessary for EPS, headline EPS and normalised EPS for the six months ended 31 December 2011 to also be restated, as follows: As originally published As restated Per share (cents) 31 Dec 2011 31 Dec 2011 EPS 63.0 65.4 Headline EPS 61.9 64.3 Normalised EPS 69.1 72.7 RMI’s summarised results for the six months ended 31 December 2012 will provide further analysis of the restatement. 2. EARNINGS GUIDANCE FOR THE SIX MONTHS ENDED 31 DECEMBER 2012 The following guidance is provided to shareholders regarding the expected outcome for the six months ended 31 December 2012: A. COMPARED TO ORIGINALLY PUBLISHED 31 DECEMBER 2011 RESULTS As originally Guidance for the published six months ended Per share (cents) 31 Dec 2011 31 Dec 2012 20% to 25% EPS 63.0 increase 20% to 25% Headline EPS 61.9 increase 8% to 13% Normalised EPS 69.1 increase B. COMPARED TO RESTATED 31 DECEMBER 2011 RESULTS Guidance for the Restated six months ended Per share (cents) 31 Dec 2011 31 Dec 2012 15% to 20% EPS 65.4 increase 15% to 20% Headline EPS 64.3 increase 2% to 7% Normalised EPS 72.7 increase As previously communicated to shareholders, RMI considers normalised EPS to most accurately represent underlying operational performance. 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 summarised results for the six months ended 31 December 2012 are expected to be released on SENS on or about Thursday, 7 March 2013. Sandton 28 February 2013 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 28/02/2013 05:01:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.