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 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.