Group restructuring

Shareholders are referred to the restructuring implemented by RMB Holdings Limited (“RMBH”) at the beginning of March 2011. In the context of Rand Merchant Insurance Holdings Limited (“RMI Holdings”) this included, inter alia, the following steps:

After the restructuring and further subsequent acquisitions, the interests of RMI Holdings comprise an investment portfolio of South Africa’s premier insurance brands:

RMI Holdings was incorporated on 24 March 2010. The effective date of the transfer of the investments from RMBH was 1 March 2011. RMI Holdings thus had no activity during the prior comparative reporting period ended 31 December 2010. Where reference is made to the prior year in this announcement, it refers to the performance as recorded within the underlying entities.