RAND MERCHANT INVESTMENT HOLDINGS LIMITED - Dealing in securities by the company

Dealing in securities by the company

Rand Merchant Investment Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2010/005770/06)
ISIN: ZAE000210688
JSE ordinary share code: RMI
("RMI" or "the Company")

DEALING IN SECURITIES BY THE COMPANY

In compliance with the JSE Limited Listings Requirements, the
following information is disclosed:

Company                      : RMI
Date of transaction          : 23 December 2020
Nature of transaction        : Off-market acquisition and sale
                               of RMI call options
Class and number of          : Call options on 7 223 966 RMI
securities acquired            ordinary shares
Class and number of          : Call options on 2 891 666 RMI
securities sold                ordinary shares
Delta reference              : 3 197.17 cents per ordinary
                               share
Notional amount              : R230 962 574
Strike price range of        : 2 937.00 cents to 5 700.00
securities acquired            cents per ordinary share
Strike price range of        : 4 800.00 cents to 6 500.00
securities sold                cents per ordinary share
Premium paid                 : R45 289 830
Expiry date range            : 4 October 2021 to 2 October
                               2025
Nature of interest           : Direct beneficial
Clearance obtained           : Yes

RMB Holdings Limited (RMH) unbundled it’s 34% equity stake in
FirstRand Limited (FirstRand) in June 2020. Prior to this unbundling
transaction, RMI and RMH considered a total return swap between the
companies to be the optimal way of hedging the exposure to cash-
settled share appreciation rights (SARs) issued to participants.
Following RMH’s unbundling of FirstRand, RMI re-evaluated the
situation and decided to use call options to hedge its exposure to
the SARs.

Sandton
30 December 2020

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

Date: 30-12-2020 11:26:00
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