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RAND MERCHANT INSURANCE HLDGS LTD - Summarised, audited results announcement and cash dividend declaration for the year ended 30 June 2013

Release Date: 12/09/2013 08:00
Code(s): RMI     PDF:  
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Summarised, audited results announcement and cash dividend declaration for the year ended 30 June 2013

RAND MERCHANT INSURANCE HOLDINGS LIMITED ("RMI")
Registration number: 2010/005770/06
JSE ordinary share code: RMI
ISIN code: ZAE000153102

Summarised, audited results announcement and cash dividend declaration for the year ended 30 June 2013

KEY HIGHLIGHTS

Normalised earnings +7% to 169.9 cents

Ordinary dividend +19% to 95 cents

Market value +45% to 2 520 cents

Economic environment

The macro-economic environment remained challenging over the financial year ended 30 June 2013 with global growth as a whole remaining uncertain and
below the long-term trend throughout the period.

However, during 2013 activity in the United States (US) started to improve to such a degree that its central bank authorities contemplated the possible unwinding
of current US monetary policy stimulus. This development negatively impacted emerging market flows, which had benefited from low US interest rates. Emerging
economies have gradually lost growth momentum, even though they are still outperforming the developed world.

For South Africa this resulted in some currency weakness. Amidst an atmosphere of diminished investor confidence arising from increasing social and labour
instability, South Africa's economic performance and prospects have also dimmed meaningfully over the past year.

Overview of results

For all our investments, operating conditions remained challenging and highly competitive. Local equity markets remained high while interest rate and currency
volatility continued. Overall consumer confidence remained fragile.

Particularly violent hailstorms in Gauteng during the last quarter of 2012 resulted in our short-term insurance businesses experiencing the most severe weather
related catastrophes in their history.

Notwithstanding such a challenging background, all of the businesses in which Rand Merchant Insurance Holdings Limited (RMI) is invested produced satisfying
results, with strong growth in normalised earnings being recorded by Discovery, driven largely by the performance of its United Kingdom operations:

Normalised earnings

                                                                                                 For the year ended 30 June
                                                                                                 2013              2012                 %
R million                                                                                     Audited           Audited            change
Discovery                                                                                       2 787             2 316                20
MMI                                                                                             3 241             2 955                10
OUTsurance                                                                                      1 161             1 157                 -
RMBSI                                                                                              89                96                (7)

As a result, the earnings derived by RMI from its investments in these companies were as follows:

                                                                                                 For the year ended 30 June
                                                                                                 2013              2012                %
R million                                                                                     Audited           Audited           change
Normalised earnings from:
- Discovery                                                                                       699               579               21
- MMI                                                                                             803               746                8
- OUTsurance                                                                                      990             1 010               (2)
- RMBSI                                                                                            70                74               (5)
                                                                                                2 562             2 409                6
Funding and holding company costs                                                                 (37)              (39)               5
Normalised earnings                                                                             2 525             2 370                7
Normalised earnings per share (cents)                                                           169.9             159.5                7

RMI regards normalised earnings as the appropriate basis to evaluate business performance as it eliminates the impact of non-recurring items and accounting
anomalies.

A reconciliation of the adjustments made to derive normalised earnings is presented in the accompanying schedules.

Market value of investments

On the back of strong financial performance, Discovery and MMI, the group's two listed associates, benefited from a significant market re-rating during the
financial year. Discovery's market capitalisation on the JSE increased by 62% while that of MMI rose by 23%.

Over the course of the year, RMI's market capitalisation increased by 45%:

- as a result of the above-mentioned re-rating of our listed investments; as well as
- an implied market revaluation of our unlisted investments.

On a "look-through" basis, the market value attributed to RMI's interest in OUTsurance (83.4%) and RMBSI (76.4%) increased by 51% to R16.3 billion, reflecting
in part, market recognition of the progress made in building out OUTsurance's Australian initiative, Youi.

                                                                                                            As at 30 June
                                                                                                                                          %
R million                                                                                          2013              2012            change
Market value of interest in:
- Discovery                                                                                      12 445             7 699                62
- MMI                                                                                             8 701             7 050                23
Market value of listed investments                                                               21 146            14 749                43
Implied market value of unlisted investments                                                     16 337            10 843                51
Gross market value of portfolio                                                                  37 483            25 592                46
Net (liabilities)/assets of holding company                                                         (44)              214             >(100)
RMI market capitalisation                                                                        37 439            25 806                45
RMI closing share price (cents)                                                                   2 520             1 737                45

Dividend payment

The board is of the opinion that RMI is adequately capitalised at this stage and that the company will be able to meet its obligations in the foreseeable future
after payment of the final dividend declared below. The board is also of the view that at present the level of borrowings that the group carries at the center is
appropriate.

We have continued with our stated practice of paying out to shareholders dividends received from our underlying investments, after servicing any funding
commitments that RMI may have at the center.

Consequently, the board resolved to declare a final dividend of 55.0 cents per ordinary share.

Such final dividend, together with the interim dividend of 40.0 cents per ordinary share, brings the total dividends for the year ended 30 June 2013 to 95.0 cents
per ordinary share (2012: 80.0 cents per ordinary share, excluding the special dividend of 55.0 cents per ordinary share), a year-on-year increase of 19%. Such
dividend is covered 1.8 times by the normalised earnings of 169.9 cents per share. The apparent divergence in the growth in dividends relative to the growth in
underlying earnings can be ascribed to OUTsurance (having accessed the cash earnings generated relative to its re-investment requirements) paying out a larger
than normal dividend.

Shareholders are referred to the cash dividend declaration forming part of this announcement regarding the applicability of Dividend Withholding Tax to the
ordinary dividend.

Outlook for the coming year

The difficult economic environment is expected to continue in the current financial year. Growth in insurance new business volumes will remain largely dependent
upon the economic environment, including a recovery in employment and stronger disposable income levels. All of the groups in which RMI is invested face both
opportunities and threats posed by the highly regulated environment in which they operate, including evolving capital regimes as well as social security reform
proposals.

Notwithstanding these challenges, RMI expects to produce good organic growth during the coming year. In particular:

- the progress made by Discovery over the past financial year positions it strongly for continued growth and profitability in the future; while
- MMI's strategic focus has shifted from integration to outward looking growth initiatives with innovative strategies to unlock value; and
- OUTsurance expects its life insurance offering to gain further traction in South Africa and it is excited about the growth prospects of Youi.

For and on behalf of the board

GT Ferreira          P Cooper
Chairman             Chief executive officer

Sandton
12 September 2013

Cash dividend declaration

Notice is hereby given that a gross final dividend of 55.0 cents per ordinary share payable out of income reserves was declared on 12 September 2013 in respect
of the financial year ended 30 June 2013.

RMI has utilised Secondary Tax on Companies credits amounting to 1.97593 cents per ordinary share. The balance of the dividend will be subject to Dividend
Withholding Tax at a rate of 15%, which will result in a net dividend of 47.04639 cents per ordinary share for those shareholders who are not exempt. The
company's tax reference number is 9469/826/16/9. Its issued share capital at the declaration date is 1 485 688 346 ordinary shares and 848 501 redeemable
preference shares.

Shareholders' attention is drawn to the following important dates:

Last day to trade in order to participate in these dividends                   Friday, 4 October 2013
Shares commence trading "ex dividend" on                                       Monday, 7 October 2013
The record date for the dividend payment will be                               Friday, 11 October 2013
Dividend payment date                                                          Monday, 14 October 2013

No dematerialisation or rematerialisation of share certificates may be done between Monday, 7 October 2013 and Friday, 11 October 2013 (both days inclusive).

By order of the board

JS Human
Company secretary
12 September 2013


REVIEW OF INVESTMENT PERFORMANCE

For a comprehensive review of the investment performance of RMI's investee companies, shareholders are referred to www.rminsurance.co.za.

BASIS OF PREPARATION OF RESULTS

The accompanying summarised financial results for the year ended 30 June 2013 reflect:

- the consolidation of the operations of Rand Merchant Insurance Holdings Limited (RMI) and its subsidiaries, including OUTsurance Holdings Limited (OUTsurance)
and RMB-SI Investments Proprietary Limited (RMBSI); and
- RMI's proportionate interest in its associates, Discovery Limited (Discovery) and MMI Holdings Limited (MMI), which have been equity accounted.

The annual financial statements for the year ended 30 June 2013, to which this summarised results announcement relates, were prepared in accordance with:

- International Financial Reporting Standards (IFRS), including IAS 34: Interim financial reporting;
- the requirements of the South African Companies Act, Act 71 of 2008, as amended; and
- the Listings Requirements of the JSE Limited.

Schalk Human CA(SA) prepared these consolidated financial results under the supervision of Peter Cooper CA(SA). The results were audited by
PricewaterhouseCoopers Inc. A copy of their unmodified audit opinion is available for inspection at RMI's registered office.

The accounting policies applied in the preparation of the annual financial statements for the year ended 30 June 2013 are consistent with those applied in the
previous financial year.

The board of directors takes full responsibility for the preparation of this announcement and that the financial information has been correctly extracted from the
underlying audited annual financial statements. The independent auditors' report does not necessarily encompass all the information contained in this
announcement. Unless the financial information is specifically stated as audited, it should be assumed that it is unaudited. The complete annual financial
statements were audited by PricewaterhouseCoopers Inc. and their unmodified audit opinion is dated 12 September 2013. Shareholders are advised that for a full
understanding of the nature of the auditors' engagement they should obtain a copy of the auditors' unmodified report, together with the complete annual
financial statements from RMI's registered office, 3rd Floor, 2 Merchant Place, corner Fredman Drive and Rivonia Road, Sandton.

RMI's effective interest in the group entities is different from the actual holdings as a result of the following consolidation adjustments:

-   treasury shares held by the group entities;
-   shares held by consolidated share incentive trusts;
-   "deemed" treasury shares arising from BEE transactions entered into; and
-   "deemed" treasury shares held by policyholders and mutual funds managed by them.

At 30 June 2013 the effective interest held by RMI can be compared to the actual interest in the statutory issued share capital of the companies as follows:

                                                                                                         30 June 2013                     30 June 2012
                                                                                               Effective            Actual         Effective        Actual
                                                                                                 Audited           Audited           Audited       Audited
Discovery                                                                                          26.7%             25.0%             26.7%         25.0%
MMI                                                                                                25.2%             25.0%             25.1%         24.9%
OUTsurance                                                                                         85.3%             83.4%             85.6%         83.4%
RMBSI                                                                                              79.1%             76.4%             80.5%         76.4%


SUMMARISED CONSOLIDATED INCOME STATEMENT

                                                                                                 For the year ended 30 June
                                                                                                 2013             2012               %
R million                                                                                     Audited          Audited          change
Earned premiums net of reinsurance                                                              7 869            6 661              18
Fee income                                                                                        146              119              23
Investment income                                                                                 631              569              11
Profit on sale of subsidiary                                                                       38                -               -
Net fair value gains on financial assets                                                          560              209            >100
Income                                                                                          9 244            7 558              22
Net claims paid                                                                                (3 873)          (2 581)             50
Fair value adjustment to investment contracts and insurance contract provisions                (1 027)            (677)             52
Fair value adjustment to financial liabilities                                                   (201)            (220)             (9)
Acquisition, marketing and administration expenses                                             (2 418)          (1 971)             23
Profit before finance costs, share of after tax results of associates and taxation              1 725            2 109             (18)
Net finance costs                                                                                (125)            (138)             (9)
Share of after tax results of associates                                                        1 179              975              21
Profit before taxation                                                                          2 779            2 946              (6)
Taxation                                                                                         (371)            (517)            (28)
Profit for the year                                                                             2 408            2 429              (1)
Attributable to:
Equity holders of RMI                                                                           2 214            2 248              (2)
Non-controlling interests                                                                         194              181               7
Profit for the year                                                                             2 408            2 429              (1)


COMPUTATION OF HEADLINE EARNINGS

                                                                                                 For the year ended 30 June
                                                                                                 2013             2012               %
R million                                                                                     Audited          Audited          change
Earnings attributable to equity holders                                                         2 214            2 248              (2)
Adjustment for:(1)
 Profit on sale of subsidiary                                                                     (24)              (1)
 Loss on dilution of shareholding                                                                  11              208
 Goodwill and other impairments                                                                     1               17
 Realised profit on sale of available-for-sale financial assets                                    (1)             (15)
 Profit on step-up of associate                                                                     -              (54)
 Impairment of available-for-sale reserve                                                           -                7
Headline earnings attributable to equity holders                                                2 201            2 410              (9)
(1) Adjustments are net of taxation and non-controlling interest and include RMI's share of adjustments made by associates.


SOURCES OF HEADLINE EARNINGS

                                                                                                 For the year ended 30 June
                                                                                                 2013              2012              %
R million                                                                                     Audited           Audited         change
Headline earnings from:
- Discovery                                                                                       551               569             (3)
- MMI                                                                                             628               550             14
- OUTsurance                                                                                      990             1 261            (21)
- RMBSI                                                                                            69                76             (9)
                                                                                                2 238             2 456             (9)
Funding and holding company costs                                                                 (37)              (46)            20
Headline earnings                                                                               2 201             2 410             (9)


COMPUTATION OF EARNINGS PER SHARE

                                                                                                 For the year ended 30 June
                                                                                                 2013              2012              %
R million                                                                                     Audited           Audited         change
Earnings attributable to equity holders                                                         2 214             2 248             (2)
Headline earnings attributable to equity holders                                                2 201             2 410             (9)
Number of shares in issue (millions)                                                            1 486             1 486              -
Weighted average number of shares in issue (millions)                                           1 483             1 481              -
Earnings per share (cents)                                                                      149.2             151.8             (2)
Diluted earnings per share (cents)                                                              148.2             150.7             (2)
Headline earnings per share (cents)                                                             148.4             162.8             (9)
Diluted headline earnings per share (cents)                                                     147.4             161.8             (9)
Dividend per share (cents)
Interim dividend                                                                                 40.0              30.0             33
Final dividend                                                                                   55.0              50.0             10
Special dividend                                                                                    -              55.0           (100)
Total dividend                                                                                   95.0             135.0            (30)
Less: Special dividend                                                                              -             (55.0)           100
Total normal dividend                                                                            95.0              80.0             19


SUMMARISED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

                                                                                                 For the year ended 30 June
                                                                                                 2013              2012
R million                                                                                     Audited           Audited
Profit for the year                                                                             2 408             2 429            (1)
Other comprehensive income for the year
Items that may subsequently be reclassified to income, before and after taxation
 Currency translation differences                                                                  62                77           (19)
 Fair value movement on available-for-sale financial assets                                        19                 7          >100
Share of other comprehensive income of associates                                                 173               134            29
Items that may subsequently be reclassified to income, after taxation                             173               120            44
Items that will not be reclassified to income, after taxation                                       -                14          (100)
Other comprehensive income for the year                                                           254               218            17
Total comprehensive income for the year                                                         2 662             2 647             1
Total comprehensive income attributable to:
Equity holders of RMI                                                                           2 457             2 459             -
Non-controlling interests                                                                         205               188             9
Total comprehensive income for the year                                                         2 662             2 647             1


SUMMARISED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

                                                                                                 As at 30 June
                                                                                                 2013             2012
R million                                                                                     Audited          Audited
Assets
Property and equipment                                                                            460              413
Goodwill and other intangible assets                                                               43               50
Investments in associates                                                                      10 442            9 864
Financial assets                                                                                7 781            7 603
Loans and receivables including insurance receivables                                           1 668              998
Deferred acquisition cost                                                                          38               32
Reinsurance contracts                                                                             275              273
Deferred taxation                                                                                 414              441
Disposal group held for sale                                                                        -              211
Cash and cash equivalents                                                                       2 664            2 462
Total assets                                                                                   23 785           22 347
Equity
Share capital and premium                                                                      13 632           13 614
Reserves                                                                                          (67)            (430)
Capital and reserves attributable to equity holders of the company                             13 565           13 184
Non-controlling interests                                                                         586              626
Total equity                                                                                   14 151           13 810
Liabilities
Insurance contracts                                                                             4 855            3 710
Share-based payment liability                                                                      50                -
Financial liabilities                                                                           3 601            3 730
Payables and provisions                                                                           913              700
Deferred taxation                                                                                 176              324
Taxation                                                                                           39               14
Disposal group held for sale                                                                        -               59
Total liabilities                                                                               9 634            8 537
Total equity and liabilities                                                                   23 785           22 347


STATEMENT OF CHANGES IN EQUITY

                                                                                                                   Audited
                                                                                                        Trans-
                                                                                 Share                 actions
                                                                               capital      Equity   with non-                                Non-
                                                                                   and   accounted controlling      Other    Retained  controlling       Total
R million                                                                      premium    reserves   interests   reserves    earnings    interests      equity
Balance as at 30 June 2011                                                      13 571        (117)     (2 352)        23         219          310      11 654
Total comprehensive income for the year                                              -         134           -         77       2 248          188       2 647
Dividends paid                                                                       -           -           -          -        (946)         (86)     (1 032)
Income of associates retained                                                        -         408           -          -        (408)           -           -
Movement in treasury shares                                                         43           2           -          -           -            -          45
Transactions with non-controlling interests                                          -          (8)          -          -           -            -          (8)
Sale of shares in subsidiary                                                         -           -         281          -           -          210         491
Transfer from contingency reserve                                                    -           -           -        (20)         20            -           -
Share-based payment reserve                                                          -           1           -          8           -            1          10
Change in reserves due to a change in holding                                        -           -           -          -           -            3           3
Balance as at 30 June 2012                                                      13 614         420      (2 071)        88       1 133          626      13 810
Total comprehensive income for the year                                              -         173           -         70       2 214          205       2 662
Dividends paid                                                                       -           -           -          -      (2 154)        (189)     (2 343)
Income of associates retained                                                        -         271           -          -        (271)           -           -
Movement in treasury shares                                                         18          21           -          -           -            -          39
Transactions with non-controlling interests                                          -          22           -          -           -            -          22
Profit on preference share buy-back                                                  -          28           -          -           -            -          28
Sale of subsidiary                                                                   -           -           -         (1)          -          (75)        (76)
Share-based payment reserve                                                          -           -           -          1           -            -           1
Change from equity-settled to cash-settled scheme                                    -           -           -         (9)         (2)          (2)        (13)
Change in reserves due to a change in holding                                        -           -           -         13         (13)          21          21
Balance as at 30 June 2013                                                      13 632         935      (2 071)       162         907          586      14 151


SUMMARISED CONSOLIDATED STATEMENT OF CASH FLOWS

                                                                                         For the year ended 30 June
                                                                                         2013                2012
R million                                                                             Audited             Audited
Cash available from operating activities                                                3 076               1 957
Dividends paid                                                                         (2 154)               (946)
Investment activities                                                                     351                (936)
Financing activities                                                                   (1 164)               (205)
Net increase/(decrease) in cash and cash equivalents                                      109                (130)
Unrealised foreign currency translation adjustments                                        93                 143
Cash and cash equivalents included under disposal group held for sale                       -                  (7)
Cash and cash equivalents at the beginning of the year                                  2 462               2 456
Cash and cash equivalents at the end of the year                                        2 664               2 462


COMPUTATION OF NORMALISED EARNINGS

                                                                                         For the year ended 30 June
                                                                                         2013                2012                    %
R million                                                                             Audited             Audited               change
Headline earnings attributable to equity holders                                        2 201               2 410                   (9)
RMI's share of normalised adjustments made by associates:                                 341                 230
Amortisation of intangible assets relating to business combinations                       171                 152
Basis and other changes and investment variances                                           92                  76
Recapture of reinsurance                                                                   84                   -
Finance costs raised on puttable non-controlling interest financial liability              41                  38
Once-off costs                                                                             15                   -
Net realised and fair value gains on shareholders' assets                                 (85)                (65)
STC                                                                                         -                  37
Other                                                                                      23                  (8)
Group treasury shares                                                                     (17)                (53)
Recognition of deferred tax asset on assessed losses                                        -                (214)
Earnings of disposal group held for sale                                                    -                 (10)
STC                                                                                         -                   7
Normalised earnings attributable to equity holders                                      2 525               2 370                    7


COMPUTATION OF NORMALISED EARNINGS PER SHARE

                                                                                         For the year ended 30 June
                                                                                         2013                 2012                  %
                                                                                      Audited              Audited             change
Weighted average number of shares in issue (millions)                                   1 486                1 486                  -
Normalised earnings per share (cents)                                                   169.9                159.5                  7
Diluted normalised earnings per share (cents)                                           168.6                157.8                  7
Dividend cover (normal dividend relative to normalised earnings)                          1.8                  2.0


SEGMENT REPORT

The segmental analysis is based on the management accounts prepared for the group.

                                                                                           Discovery          MMI   OUTsurance         RMBSI      Other(1)    Group
R million                                                                                    Audited      Audited      Audited       Audited      Audited   Audited
Year ended 30 June 2013
Operating profit/(loss)                                                                            -            -        1 746           (36)          15     1 725
Finance costs                                                                                      -            -           (1)          (20)        (104)     (125)
Share of after tax results of associates                                                         542          628           10            (1)           -     1 179
Profit/(loss) before taxation                                                                    542          628        1 755           (57)         (89)    2 779
Taxation                                                                                           -            -         (515)          146           (2)     (371)
Profit/(loss) for the year                                                                       542          628        1 240            89          (91)    2 408
Normalised earnings                                                                              699          803        1 161            89         (227)    2 525
Assets                                                                                             -            -        7 554         5 111          635    13 300
Associates                                                                                     4 456        5 935           23            28            -    10 442
Intangible assets                                                                                  -            -           39             1            3        43
Total assets                                                                                   4 456        5 935        7 616         5 140          638    23 785
Total liabilities                                                                                  -            -        4 023         4 722          889     9 634
Year ended 30 June 2012
Operating profit                                                                                   -            -        1 845           263            1     2 109
Finance costs                                                                                      -            -           (1)          (44)         (93)     (138)
Share of after tax results of associates                                                         571          397            8            (1)           -       975
Profit/(loss) before taxation                                                                    571          397        1 852           218          (92)    2 946
Taxation                                                                                           -            -         (383)         (122)         (12)     (517)
Profit/(loss) for the year                                                                       571          397        1 469            96         (104)    2 429
Normalised earnings                                                                              579          746        1 157            96         (208)    2 370
Assets                                                                                             -            -        7 170         4 369          894    12 433
Associates                                                                                     3 927        5 914           18             5            -     9 864
Intangible assets                                                                                  -            -           47             1            2        50
Total assets                                                                                   3 927        5 914        7 235         4 375          896    22 347
Total liabilities                                                                                  -            -        3 078         3 974        1 485     8 537
(1) "Other" includes RMI Holdings Limited, Firness International Proprietary Limited, consolidation of treasury shares and other consolidation entries.


GEOGRAPHICAL SEGMENTS

                                                                                                  South
                                                                                                 Africa           Australia          Total
R million                                                                                       Audited             Audited        Audited
Year ended 30 June 2013
Profit/(loss) before taxation                                                                     2 870                 (91)         2 779
Taxation                                                                                           (429)                 58           (371)
Profit/(loss) for the year                                                                        2 441                 (33)         2 408
Total assets                                                                                     20 946               2 839         23 785
Total liabilities                                                                                 7 624               2 010          9 634
Year ended 30 June 2012
Profit/(loss) before taxation                                                                     3 067                (121)         2 946
Taxation                                                                                           (789)                272           (517)
Profit for the year                                                                               2 278                 151          2 429
Total assets                                                                                     20 288               2 059         22 347
Total liabilities                                                                                 7 382               1 155          8 537
ADMINISTRATION

RAND MERCHANT INSURANCE HOLDINGS LIMITED ("RMI")
Registration number: 2010/005770/06
JSE ordinary share code: RMI
ISIN code: ZAE000153102

Directors
GT Ferreira (Chairman), P Cooper (CEO), L Crouse (appointed 17 September 2012), LL Dippenaar, JW Dreyer, JJ Durand, PM Goss, PK Harris, TV Mokgatlha, 
O Phetwe (appointed 6 February 2013), (Ms) SEN Sebotsa and KC Shubane.

Alternates
NDJ Carroll (resigned 31 October 2012) and (Ms) A Kekana (appointed 6 February 2013).

Secretary and registered office
JS Human
Physical address: 3rd Floor, 2 Merchant Place, corner of Fredman Drive and Rivonia Road, Sandton, 2196
Postal address: PO Box 786273, Sandton, 2146
Telephone: +27 11 282 8166
Telefax: +27 11 282 4210
Web address: www.rminsurance.co.za

Sponsor
(in terms of JSE Limited Listings Requirements)
Rand Merchant Bank (a division of FirstRand Bank Limited)
Physical address: 1 Merchant Place, corner of Fredman Drive and Rivonia Road, Sandton, 2196

Transfer secretaries
Computershare Investor Services 2004 Proprietary Limited
Physical address: Ground floor, 70 Marshall Street, Johannesburg, 2001
Postal address: PO Box 61051, Marshalltown, 2107
Telephone: +27 11 370 5000
Telefax: +27 11 688 5221

Date: 12/09/2013 08:00:00 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,
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