Trading statement: six months ended 31 December 2013 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 2013 Paragraph 3.4(b) of the Listings Requirements of the JSE Limited requires an issuer to publish a trading statement as soon as it has a reasonable degree of certainty that Earnings Per Share (“EPS”) and / or Headline Earnings Per Share (“HEPS”) for the period to be reported on next will differ by at least 20% from that of the previous corresponding reporting period. RMI considers Normalised Earnings Per Share (“NEPS”), which excludes non-operational items and accounting anomalies, as a more accurate indicator of the group’s underlying operational performance. Guidance regarding the expected outcome for the six months ended 31 December 2013 is as follows: Guidance for Six months the six months ended ended 31 December 31 December Per share (cents) 2012 2013 NEPS 76.5 15% to 20% increase HEPS 75.7 20% to 30% increase EPS 77.3 30% to 40% 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 summarised, unaudited interim results for the six months ended 31 December 2013 are expected to be released on the Stock Exchange News Service on Thursday, 6 March 2014. Sandton 24 February 2014 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 24/02/2014 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, information disseminated through SENS.