Results of Cash Dividend, Scrip Distribution Alternative and Reinvestment Option RAND MERCHANT INVESTMENT HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number: 2010/005770/06) JSE ordinary share code: RMI ISIN: ZAE000210688 (“RMI” or the "Company") RESULTS OF CASH DIVIDEND, SCRIP DISTRIBUTION ALTERNATIVE AND REINVESTMENT OPTION The ordinary shareholders of the Company ("RMI Shareholders") are referred to the Company’s summarised audited results announcement including the dividend declaration for the year ended 30 June 2017 published on the Stock Exchange News Service of the JSE Limited (“JSE”) on 19 September 2017. The Company declared a final gross cash dividend of 65 cents per ordinary share for the financial year ended 30 June 2017 ("Cash Dividend") and provided RMI Shareholders an alternative, the implementation of which was subject to the approval of RMI shareholders, to elect to (i) receive fully paid up RMI ordinary shares with a par value of R0.0001 (“RMI Shares”) in the Company in lieu of the Cash Dividend (“Scrip Distribution Alternative”); or (ii) reinvest all or part of the Cash Dividend (net of any applicable taxes) (subscription value) in RMI Shares by RMI (a) crediting such subscription value to RMI Shareholders; and (b) applying such credit on behalf of RMI Shareholders to subscribe for reinvestment shares (“Reinvestment Option”), in respect of all or a part of their shareholding recorded in RMI’s securities register at 12:00 on the record date, being Friday, 6 October 2017 (“Record Date”). The results of the Scrip Distribution Alternative and Reinvestment Option are as follows: Aggregate Aggregate number of % of RMI Shares number of RMI RMI Shares held by held by electing RMI Shares to be electing RMI Shareholders(*) (**) issued Shareholders(*) Scrip Distribution Alternative 3 952 637 231 078 132 15.35% Reinvestment Option 8 207 516 483 339 511 32.10% Total 12 160 153 714 417 643 47.45% *On the Record Date **Shares in issue = 1 505 688 346 The 12 160 153 new RMI Shares issued today to RMI Shareholders in respect of the Scrip Distribution Alternative and the Reinvestment Option resulted in a capitalisation of the distributable retained profits of the Company of R462 085 814. RMI Shareholders recorded in the register of the Company on the Record Date holding 791 270 703 RMI Shares, representing 52.55% of the RMI Shares in issue, elected to receive the Cash Dividend resulting in a total gross Cash Dividend of R514 325 956.95, which was paid out of the distributable retained profits of the Company. In respect of the Scrip Distribution Alternative, share certificates will be posted and electronic funds transfers, CSDP or broker accounts will be credited/updated today, Monday, 9 October 2017. In respect of the Reinvestment Option, share certificates will be posted and CSDP or broker accounts credited/updated on Wednesday, 11 October 2017. The maximum number of 25 755 195 RMI Shares that could have been elected by RMI Shareholders to be received as part of the Scrip Distribution Alternative and the Reinvestment Option were provisionally listed on the JSE list on Wednesday, 4 October 2017 and as such 13 595 042 RMI Shares will be delisted from the JSE list on or about Friday, 13 October 2017. Johannesburg 9 October 2017 Corporate broker, financial adviser and transaction sponsor Deutsche Securities (SA) Proprietary Limited 2 Date: 09/10/2017 04:30:00 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.