Trading statement: year ended 30 June 2015 RMB HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number 1987/005115/06) ISIN: ZAE000024501 JSE ordinary share code: RMH (RMH) TRADING STATEMENT: YEAR ENDED 30 JUNE 2015 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 reporting period. RMH’s sole investment is its 34.06% interest in FirstRand Limited (FirstRand). RMH’s results are mainly driven by the operational performance of FirstRand. Certain changes in share ownership, however, while not impacting the results of FirstRand will impact the results of RMH. As communicated in the interim results released on the Stock Exchange News Service (“SENS”) on 11 March 2015, the staff and director components of the FirstRand BEE transaction matured on 31 December 2014. For the interim period to 31 December 2014, FirstRand bought back 63 million FirstRand shares which increased the effective shareholding of RMH in FirstRand and resulted in an accounting loss. On 20 January 2015 FirstRand issued 35 million FirstRand shares to reinstate the normalised net asset value (which was reduced by the initial buy-back). This resulted in a dilution in the effective shareholding of RMH in FirstRand but created an accounting profit. The net effect of these transactions was an increase in the effective shareholding in FirstRand to 34.06% and a net accounting profit of R427 million. In accordance with the requirements of International Financial Reporting Standards, both the loss and profit related to the change in interest in the equity-accounted associate is recognised in the RMH income statement. Management is of the view that these are equity transactions in the records of the associate and that recognising RMH’s share of the investee’s equity transactions in the income statement does not appropriately reflect the performance of the underlying associate. Accordingly, for the year ended 30 June 2015, the net profit is deducted when calculating headline earnings in terms of Circular 2/2013, Headline earnings per share. It therefore has no impact on headline and normalised earnings. Guidance for the expected increase in RMH’s basic earnings per share (EPS) is as follows: As reported for year Guidance expected increase Guidance expected ended 30 June 2014 for the year ended 30 June increase for the year ended 2015 (%) 30 June 2015 (cents) EPS 449.0 20 - 26 538.8 - 565.7 As previously communicated to shareholders, RMH considers normalised EPS to most accurately represent underlying operational performance. Normalised earnings is expected to increase between 12% to 18% (494.7 cents to 521.1 cents). The financial information on which this trading statement is based has not been reviewed and reported on by RMH’s external auditors. RMH’s results for the year ended 30 June 2015 will be released on SENS on or about Friday 11 September 2015. Sandton 10 September 2015 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited Date: 10/09/2015 02:00:00 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.