Trading statement: 6 months ended 31 December 2017 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 group") TRADING STATEMENT: SIX MONTHS ENDED 31 DECEMBER 2017 Paragraph 3.4(b) of the JSE Limited Listings Requirements prescribes that an issuer must publish a trading statement as soon as it becomes apparent with a reasonable degree of certainty that earnings per share (“EPS”) and/or headline earnings per share (“HEPS”) for the next reporting period are expected to differ by at least 20% from those of the previous corresponding reporting period. RMI regards normalised EPS (which excludes non-operational items and accounting anomalies) as the key indicator of the group’s operational performance. RMI shareholders are referred to the unaudited interim results announcement of Discovery Limited released on the Stock Exchange News Service (“SENS”) on 20 February 2018, the trading statement released on SENS by MMI Holdings Limited on 21 February 2018 and the audited results announcement of Hastings Group Holdings plc, which is listed on the London Stock Exchange, for the year ended 31 December 2017 released on 1 March 2018. The following guidance is provided to RMI shareholders regarding the expected outcome for the six months ended 31 December 2017: Six months Guidance for the six months ended ended 31 December 2017 31 December 2016 (cents) % increase Range (cents) EPS 109.2 20% to 30% 131.0 to 142.0 HEPS 109.6 20% to 30% 131.5 to 142.5 Normalised EPS 121.5 20% to 30% 145.8 to 158.0 The financial information on which this trading statement is based has not been reviewed and reported on by the group’s external auditor. RMI’s unaudited summarised results for the six months ended 31 December 2017 are expected to be released on SENS on Monday, 12 March 2018. Sandton 6 March 2018 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 06/03/2018 01:10:00 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.