Acceptance of share appreciation rights ("SARs") by directors and Company Secretary of Remgro Remgro Limited (Incorporated in the Republic of South Africa) (Registration number 1968/006415/06) (ISIN: ZAE000026480) (Share code: REM) ("Remgro" or "the Company") ACCEPTANCE OF SHARE APPRECIATION RIGHTS ("SARs") BY DIRECTORS AND COMPANY SECRETARY OF REMGRO As set out below, SARs, in respect of ordinary shares, were granted to directors and the company secretary on 26 November 2014 at a grant price of R253-53 per SAR, which is based on the closing price of Remgro shares on 25 November 2014. Mr WE Buhrmann Total number of SARs accepted: 8 958 Total value: R2 271 121.74 Mr L Crouse Total number of SARs accepted: 23 587 Total value: R5 980 012.11 Mr JJ Durand Total number of SARs accepted: 108 468 Total value: R27 499 892.04 Mrs M Lubbe (Company Secretary) Total number of SARs accepted: 4 011 Total value: R1 016 908.83 The SARs may be exercised as follows: - up to one third of the SARs granted may be exercised on or after the third anniversary of the date of grant; - up to two thirds of the SARs granted may be exercised on or after the fourth anniversary of the date of grant, to the extent that they have not been exercised previously; - all of the SARs granted may be exercised on or after the fifth anniversary of the date of grant, to the extent that they have not been exercised previously; - all SARs must be exercised by the seventh anniversary of the date of grant. Approval for the individual allocations has been given, all interests are directly beneficial and all transactions occurred off the market. Stellenbosch 27 November 2014 Sponsor RAND MERCHANT BANK (a division of FirstRand Bank Limited) Date: 27/11/2014 11:18:00 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.