Voluntary announcement: sale of Youi New Zealand insurance portfolio 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”) VOLUNTARY ANNOUNCEMENT: SALE OF YOUI NEW ZEALAND INSURANCE PORTFOLIO Shareholders are advised that OUTsurance Holdings Limited, the 89%-held subsidiary of RMI, has agreed to transfer its New Zealand insurance business (operated by Youi New Zealand, a subsidiary of Youi Holdings Proprietary Limited) to Tower Insurance Limited, New Zealand’s third largest general insurer (“the sale”). The sale provides an opportunity for Youi to unlock value on favourable terms and, going forward, will allow the Youi group to focus on its Australian business where the greater scale and diversity of the market offers more growth opportunities for a challenger brand like Youi. The sale price range is between NZ$10 million and NZ$13 million. Importantly, the sale will release capital allocated to the New Zealand business (ca. NZ$45 million). The transaction, which is subject to regulatory approval, is expected to close in the fourth quarter of 2019. Sandton 25 September 2019 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 25/09/2019 07:05:00 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.