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

Acceptance of share appreciation rights (“SARs”) by directors and company secretary

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

As set out below, SARs, in respect of ordinary shares, were
granted to directors and the company secretary on 14 December 2017
and accepted by them on 15 December 2017 at a grant price of R206-
35 per SAR, which is based on the closing price of Remgro shares
on 13 December 2017.

Mr JJ Durand
Total number of SARs accepted:   132 309
Total value: R27 301 962.15

Mrs M Lubbe
Total number of SARs accepted:   15 481
Total value: R3 194 504.35

Mr NJ Williams
Total number of SARs accepted:   55 677
Total value: R11 488 948.95

Ms DI Heynes (Company Secretary)
Total number of SARs accepted:   1 599
Total value: R329 953.65

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
15 December 2017

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

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