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 ISIN: ZAE000210688 Share code: RMI ("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 unaudited results announcement including the dividend declaration for the six months ended 31 December 2017 published on the Stock Exchange News Service (“SENS”) of the JSE Limited (“JSE”) on 12 March 2018. The Company declared an interim gross cash dividend of 39 cents per ordinary share for the six months ended 31 December 2017 ("Cash Dividend") and provided RMI Shareholders an alternative 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 April 2018 (“Record Date”). The results of the Scrip Distribution Alternative and Reinvestment Option are as follows: Aggregate Aggregate number of number of RMI % of RMI RMI Shares Shares held by Shares held by to be electing RMI electing RMI issued Shareholders(*) Shareholders(*)(**) Scrip Distribution Alternative 611 452 66 634 689 4.39% Reinvestment Option 4 259 255 464 738 972 30.62% Total 4 870 707 531 373 661 35.01% *On the Record Date **Shares in issue = 1 517 848 499 The 4 870 707 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 R207 005 047.50. RMI Shareholders recorded in the register of the Company on the Record Date holding 986 474 838 RMI Shares, representing 64.99% of the RMI Shares in issue, elected to receive the Cash Dividend resulting in a total gross Cash Dividend of R384 725 186.82, 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 April 2018. In respect of the Reinvestment Option, share certificates will be posted and CSDP or broker accounts credited/updated on Wednesday, 11 April 2018. The maximum number of 13 928 492 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 April 2018 and as such 9 057 785 RMI Shares will be delisted from the JSE on or about Friday, 13 April 2018. Sandton 9 April 2018 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 09/04/2018 08:00:00 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.