RAND MERCHANT INSURANCE HLDGS LTD - Realisation of deferred bonus plan benefit

Realisation of deferred bonus plan benefit

RAND MERCHANT INSURANCE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2010/005770/06)
ISIN: ZAE000153102
JSE ordinary share code: RMI
("RMI" or the "company")

REALISATION OF DEFERRED BONUS PLAN BENEFIT

In compliance with the JSE Limited Listings Requirements, the
following information is disclosed:

In September 2012 RMI awarded Mr Peter Cooper performance related
remuneration of which R790 000 was converted to RMI shares, with
delivery of the shares deferred for two years. Further details of
the award made are set out in the company’s annual integrated
report.

Mr Cooper became entitled to the benefit under the plan on
15 September 2014, on which date the RMI share price was R36.00.
The final restrictive condition has now been complied with and the
benefits that accrue to the participant are as follows:

Director                         :   Peter Cooper
Company                          :   RMI
Date of transaction              :   15 September 2014
Nature of transaction and        :   Off-market settlement of
class of securities                  deferred bonus award by way of
                                     ordinary shares
Number of RMI shares delivered   :   37 253
Deemed price                     :   R36.00
Vesting date                     :   15 September 2014
Value of settlement              :   R1 341 108.00
Director’s interest              :   Direct beneficial
Clearance obtained               :   Yes

The restriction on the deferred award was lifted on 15 September
2014. Mr Cooper elected to take delivery of the total number of
shares that constitute the award and will fund the income tax
liability arising from his own resources.

Sandton
17 September 2014

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

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