Trading statement for the year ended 30 June 2021 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 FOR THE YEAR ENDED 30 JUNE 2021 RMI regards normalised earnings (which excludes non-operational items and accounting anomalies) as the key indicator of the group’s operational performance. Although the operating environment during the 2021 financial year was once again dominated by the COVID-19 pandemic, with elevated mortality experience impacting materially on the group’s life insurance operations, the group delivered a strong overall operational performance, with pleasing growth in normalised earnings as guided in the table below. The growth in normalised earnings was driven by OUTsurance and Hastings, the group’s two large short-term insurance investments, the impact of the lower interest rate environment on the group’s funding costs and an excellent performance by RMI Investment Managers. The main reason for the significant increase in earnings and headline earnings compared to the previous financial year ended 30 June 2020 ("prior year") is the stabilisation of long-term interest rates in South Africa and the United Kingdom which resulted in materially lower economic assumption adjustments at Discovery compared to the prior year. This item is excluded from normalised earnings. There were also significantly lower impairment charges included in earnings compared to the prior year, mainly at Momentum Metropolitan, which are excluded from headline earnings and normalised earnings. Pursuant to paragraph 3.4(b) of the JSE Limited Listings Requirements, the following guidance is provided to RMI shareholders regarding the group’s expected earnings for the year ended 30 June 2021: Reported Guidance for the year ended year ended 30 June 2021 30 June 2020 Expected % Expected range (cents) increase (cents) Normalised earnings per share 201.5 10% to 20% 221.7 to 241.8 Headline earnings per share 127.9 45% to 55% 185.5 to 198.2 Earnings per share 104.1 75% to 85% 182.2 to 192.6 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 audited results for the year ended 30 June 2021 are expected to be released on the Stock Exchange News Service on Monday, 20 September 2021. Rosebank 15 September 2021 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 15-09-2021 09:18:00 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.