REMGRO LIMITED - Acceptance of share appreciation rights (SARs) by directors and company secretary of Remgro

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 and accepted by directors and the company secretary on
1 December 2016 at a grant price of R209-11 per SAR, which is
based on the closing price of Remgro shares on 30 November 2016.

Mr WE Buhrmann
Total number of SARs accepted: 82 971
Total value: R17 350 065.81

Mr JJ Durand
Total number of SARs accepted:   150 872
Total value: R31 548 843.92

Mrs M Lubbe
Total number of SARs accepted:   65 632
Total value: R13 724 307.52

Mr NJ Williams
Total number of SARs accepted:   98 716
Total value: R20 642 502.76

Ms DI Heynes (Company Secretary)
Total number of SARs accepted: 3 685
Total value: R770 570.35

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
2 December 2016

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

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