Restatement of comparative normalised earnings RAND MERCHANT INVESTMENT HOLDINGS LIMITED (Incorporated in the Republic of South Africa) Registration number: 2010/005770/06 ISIN: ZAE000210688 Share code: RMI ("RMI") RESTATEMENT OF COMPARATIVE NORMALISED EARNINGS RMI shareholders are referred to the Stock Exchange News Service announcement released by MMI Holdings Limited (MMI) on 27 February 2019 regarding changes to MMI’s primary earnings metric. MMI indicated that its primary earnings metric, being normalised headline earnings, would in future include the impact of investment variances, actuarial basis changes and other non- recurring items, which were previously excluded from its primary earnings metric. RMI treats its investment in MMI as an investment in associate and equity accounts the results of MMI. This change in MMI’s primary earnings metric flows directly through to RMI’s primary earnings metric, being normalised earnings. The tables below provide the original and restated normalised earnings reconciliation of RMI for the six months ended 31 December 2017 and for the year ended 30 June 2018. Earnings and headline earnings are not impacted by this change. Calculation of normalised earnings for the six months ended 31 December 2017: Reported Restated 31 Dec 31 Dec 2017 2017 Difference R million R million R million Headline earnings attributable to equity holders 2 087 2 087 - RMI’s share or normalised adjustments made by investee companies 167 177 10 - Amortisation of intangible assets relating to business combinations 170 170 - - Non-recurring and restructuring expenses 35 7 (28) - Net realised and fair value gains on shareholders’ (28) - 28 assets - Basis and other changes and investment variances (10) - 10 Group treasury shares 17 17 - Normalised earnings attributable to equity holders 2 271 2 281 10 Normalised earnings per share (cents) 150.2 150.9 0.7 Calculation of normalised earnings for the year ended 30 June 2018: Reported Restated 30 June 30 June 2018 2018 Difference R million R million R million Headline earnings attributable to equity holders 4 081 4 081 - RMI’s share or normalised adjustments made by investee companies 416 209 (207) - Amortisation of intangible assets relating to business combinations 332 332 - - Basis and other changes and investment variances 167 - (167) - Non-recurring and restructuring expenses 38 8 (30) - Deferred tax timing difference related to new adjusted IFRS basis (30) (30) - - Unrealised gains on foreign exchange contracts not designated as a hedge (19) (19) - - Net realised and fair value losses on shareholders’ assets 10 - (10) - Deferred tax on assessed losses (88) (88) - - B-BBEE cost 6 6 - Group treasury shares (24) (24) - Normalised earnings attributable to equity holders 4 473 4 266 (207) Normalised earnings per share (cents) 295.1 281.5 13.6 Normalised earnings presented in the tables above represent pro forma financial information, which is the responsibility of RMI’s board of directors and is presented for illustrative purposes only. RMI regards normalised earnings as the appropriate basis to evaluate business performance as it eliminates the impact of non- recurring items and accounting anomalies. Because of its nature, the pro forma financial information may not fairly present RMI’s financial position, changes in equity, results of operations or cash flows. An assurance report on the normalised earnings for the year ended 30 June 2018 as presented above will be obtained in due course. This information has not been reviewed and reported on by the external auditors of RMI. Sandton 6 March 2019 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 06/03/2019 03:49:00 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.