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 audited results announcement including the dividend declaration for the year ended 30 June 2018 published on the Stock Exchange News Service of the JSE Limited (“JSE”) on 11 September 2018. The Company declared a final gross cash dividend of 65 cents per ordinary share for the year ended 30 June 2018 ("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, 19 October 2018 (“Record Date”). The results of the Scrip Distribution Alternative and Reinvestment Option are as follows: Aggregate Aggregate number % of RMI number of RMI of RMI Shares held Shares held by Shares to be by electing RMI electing RMI issued Shareholders(*) Shareholders(*)(**) Scrip Distribution Alternative 1 083 511 63 344 707 4.16 Reinvestment Option 8 005 053 468 404 651 30.76 Total 9 088 564 531 749 358 34.92 *On the Record Date **Shares in issue = 1,522,719,206 The 9 088 564 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 R345 365 432. RMI Shareholders recorded in the register of the Company on the Record Date holding 990 969 848 RMI Shares, representing 65.08% of the RMI Shares in issue, elected to receive the Cash Dividend resulting in a total gross Cash Dividend of R644 130 401.20, 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, 22 October 2018. In respect of the Reinvestment Option, share certificates will be posted and CSDP or broker accounts credited/updated on Wednesday, 24 October 2018. The maximum number of 26 046 512 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 on Wednesday, 17 October 2018 and as such 16 957 948 RMI Shares will be delisted from the JSE on or about Friday, 26 October 2018. Sandton 22 October 2018 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 22/10/2018 12:51:00 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.