Recent SENS announcements

RMH - RMB HOLDINGS LIMITED - Report on proceedings at the RMH annual general meeting and general update on RMH and on RMH Property's strategy
Published Date : 2018/11/21 16:59:00
Source : JSE Securities Exchange - SENS
Report on proceedings at the RMH annual general meeting and general update on RMH and on RMH Property's strategy

RMB HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1987/005115/06)
JSE ordinary share code: RMH
ISIN: ZAE000024501
("RMH")

REPORT ON PROCEEDINGS AT THE RMH ANNUAL GENERAL MEETING AND GENERAL UPDATE ON RMH AND ON RMH PROPERTY'S
STRATEGY

REPORT ON PROCEEDINGS AT THE RMH ANNUAL GENERAL MEETING

At the thirty first annual general meeting ("AGM" or "meeting") of the shareholders of RMH held today, 21 November 2018, all the ordinary and special resolutions
proposed at the meeting were approved by the requisite majority of votes. In this regard, RMH confirms the voting statistics from the AGM as follows:

                                                                 Votes cast disclosed as a             Number of            Shares voted            Shares abstained
                                                                 percentage in relation to the total   shares voted         disclosed as a          disclosed as a
                                                                 number of shares voted at the                              percentage in           percentage in
Resolutions                                                      meeting                                                    relation to the total   relation to the total
            %                                                          issued share            issued share
                                                                                                                            capital*                capital*
                                                                 For                Against                                 %             %
                                                                                                                                                       
Ordinary resolutions

1. Re-election of directors
1.1 Johan Petrus (Johan) Burger                                  89.98              10.02              1 299 593 489         92.06                   0.49
1.2 Lauritz Lanser (Laurie) Dippenaar                            89.84              10.16              1 299 593 489         92.06                   0.49
1.3 Paul Kenneth (Paul) Harris                                   89.44              10.56              1 299 593 489         92.06                   0.49
1.4 Albertinah Kekana                                            90.11               9.89              1 299 593 489    92.06                   0.49
Vacancies filled by directors during the year
1.5 Matsotso Mamongae (Mamongae) Mahlare                         100.00              -                 1 299 587 089         92.06                   0.49
1.6 Ralph Tendai (Ralph) Mupita                                  99.19               0.81              1 299 587 089         92.06                   0.49
1.7 James Andrew (James) Teeger                                  99.82               0.18              1 299 593 489         92.06                   0.49
2. General authority to place 5% (five percent) of authorised
ordinary shares under the control of the directors               92.32               7.68              1 301 431 731         92.19                   0.36
3. General authority to issue ordinary shares for cash           90.79               9.21              1 301 432 740         92.19                   0.36
4. Approval of re-appointment of auditor                         90.59               9.41              1 301 497 350         92.19                   0.36
5. Appointment of Audit and Risk Committee members
5.1 Sonja Emilia Ncumisa (Sonja) De Bruyn                        98.00               2.00              1 301 432 740         92.19                   0.36
5.2 Per-Erik Lagerstrom                                          99.79               0.21              1 301 432 740         92.19                   0.36
5.3 James Andrew (James) Teeger                                  99.83               0.17              1 301 432 740         92.19                   0.36
6. Signing authority                                           100.00              -                 1 299 658 392         92.06                   0.49

                                                                 Votes cast disclosed as a             Number of             Shares voted            Shares abstained
                                                                 percentage in relation to the total   shares voted          disclosed as a          disclosed as a
                                                                 number of shares voted at the                               percentage in           percentage in
Resolutions                                                      meeting                                                     relation to the total   relation to the total
                                                              %                                                           issued share            issued share
                                                                                                                             capital*                capital*
                                                                 For    Against                               %                       %
                                                                                                                                                        
Special resolutions

1. Approval of non-executive directors' remuneration with
effect 1 December 2018                                           99.34                 0.66            1 299 626 743         92.06                    0.49
2. General authority to repurchase company shares                99.76                 0.24            1 299 557 636         92.06                    0.49
3. Issue of shares, convertible securities and/or options to
persons listed in section 41(1) of the Companies Act for the
purposes of their participation in a reinvestment option         95.21                 4.79            1 299 592 489         92.06                    0.49
4. Financial assistance to directors, prescribed officers and
employee share scheme beneficiaries                              83.49                 16.51           1 301 426 191         92.19                    0.36
5. Financial assistance to related or inter-related entities     95.12                 4.88       1 301 426 191         92.19                    0.36
*Total issued share capital is 1 411 703 218

The special resolutions will, where necessary, be lodged for registration with the Companies and Intellectual Property Commission in due course.

GENERAL UPDATE ON RMH AND ON RMH PROPERTY'S STRATEGY

Shareholders are referred to the following link on RMH's website (https://www.rmh-online.co.za/stakeholder-relations/financial-results/) where a document setting out a
general update on RMH and on RMH Property Holdings Proprietary Limited's ("RMH Property") strategy provided to shareholders present at the AGM, is available.

RMH Property has entered into a joint venture opportunity with Atterbury Europe B.V. in Bucharest ("Atterbury Bucharest") to develop a new hub for business,
entertainment, retail and residential living. RMH Property invested R698 million of equity capital in November 2018 into Atterbury Bucharest, with a further R1.8 billion
committed for deployment in 2019, subject to certain conditions being met. In addition, R150 million of equity capital was invested in Divercity Urban Property Fund
Proprietary Limited in October 2018.

Post deployment of the above equity capital, RMH Property and its investments will be adequately capitalised at approximately R4 billion, providing a foundation to enter a
period of consolidation for future growth. In collaboration with its core partner, Atterbury Property Holdings Proprietary Limited, as well as the satellite partners, the focus of
RMH Property will shift to value maximisation from the existing portfolio. No further investments are contemplated by RMH Property for the foreseeable future.

RMH Property will maintain existing balance sheet support for its portfolio companies with approximately R2.3 billion of committed guarantees to facilitate medium-term
development growth in these companies.

Taking into account the committed equity capital set out above and based on current funding rates, less than 2%1 of the dividends received from FirstRand Limited will be
utilised to service funding for RMH Property.

The RMH Board continues to dynamically assess options for its interest in RMH Property that may include a structural liberation of RMH Property from RMH at the
appropriate time.

Sandton
21 November 2018

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

1
    Based on broker consensus forecasts of the FirstRand dividend per share for FY19. Source: Reuters, 20 November 2018.

Date: 21/11/2018 04:55:00 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.

RMH - RMB HOLDINGS LIMITED - No change statement, notice of annual general meeting and update on BEE compliance report
Published Date : 2018/10/24 14:35:00
Source : JSE Securities Exchange - SENS
No change statement, notice of annual general meeting and update on BEE compliance report

RMB HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1987/005115/06
ISIN: ZAE000024501
Share Code: RMH
(RMH)

NO CHANGE STATEMENT, NOTICE OF ANNUAL GENERAL MEETING AND UPDATE
ON BEE COMPLIANCE REPORT

NO CHANGE STATEMENT

Shareholders are advised that the annual integrated report incorporating the report of
directors, the summary financial statements for the year ended 30 June 2018, the audit
and risk committee report and the notice of the annual general meeting have been
published on RMH's website, at http://www.rmh-online.co.za/stakeholder-relations/integrated-
reports/ today, Wednesday, 24 October 2018. The annual integrated report, together with
the notice of the annual general meeting, have also been posted to shareholders today.
The annual financial statements contain no modifications to the audited results which were
published on the Stock Exchange News Service ("SENS") on 7 September 2018.

We further confirm, that there have been no changes to the auditor's report which was
referenced in the audited results and made available to shareholders at RMH's registered
office on the same date as the release of the audited results.

NOTICE OF THE ANNUAL GENERAL MEETING

Notice is hereby given that the thirty first annual general meeting of RMH shareholders will
be held in the Dr AE Rupert boardroom, Remgro head office, Millenia Park, 16 Stellentia
Avenue, Stellenbosch,7600 on Wednesday, 21 November 2018 at 14h00 to transact the
business as stated in the annual general meeting notice forming part of the annual
integrated report.

SALIENT DATES

Record date to determine which shareholders are entitled to                   Friday,
receive the notice of annual general meeting                                12 October 2018

Last day to trade in order to be eligible to attend and vote at the                Tuesday,
annual general meeting                                                     13 November 2018

Record date to determine which shareholders are entitled to                         Friday,
attend and vote at the annual general meeting                              16 November 2018

Forms of proxy for the annual general meeting to be lodged by                       Monday,
9h00 on*                                                                   19 November 2018

*any proxies not lodged by this time must be handed to the chairman of the annual general
meeting immediately prior to such proxy exercising his/her right to vote at the annual
general meeting.

UPDATE ON BEE COMPLIANCE REPORT

With reference to the SENS announcement dated 2 October 2018, the annual integrated report
has been submitted to the BEE commission.

Sandton
24 October 2018

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 24/10/2018 02:28:00 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.

RMH - RMB HOLDINGS LIMITED - Availability of BEE compliance report
Published Date : 2018/10/02 16:18:00
Source : JSE Securities Exchange - SENS
Availability of BEE compliance report

RMB HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1987/005115/06
ISIN: ZAE000024501
Share Code: RMH
("RMH")

AVAILABILITY OF BEE COMPLIANCE REPORT

Shareholders are advised that the annual compliance report in terms of Section 13G(2) of
the Broad-Based Black Economic Empowerment Amendment Act No.46 of 2013, is
available on RMH's website www.rmh.co.za. The link is provided below:

http://www.rmh-online.co.za/stakeholder-relations/BBBEE/

No case number is assigned as the annual integrated report will only be available on or
about 24 October 2018. Once the annual integrated report is submitted, a case number
will be assigned.


Sandton
2 October 2018

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 02/10/2018 04:10:00 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.

RMH - RMB HOLDINGS LIMITED - Audited summary final financial results announcement and cash dividend declaration for the year ended 30 June 2018
Published Date : 2018/09/07 11:21:00
Source : JSE Securities Exchange - SENS
Audited summary final financial results announcement and cash dividend declaration for the year ended 30 June 2018

RMB HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1987/005115/06
JSE Ordinary share code: RMH
ISIN code: ZAE000024501

Audited summary final financial results announcement and cash dividend declaration for the year ended 30 June 2018

Basis of preparation

This report covers the audited summary final financial results of RMB Holdings Limited (RMH), based on International Financial Reporting Standards (IFRS), for
the year ended 30 June 2018.

The primary results and accompanying commentary are presented on a normalised basis as we believe this most accurately reflects the group's
underlying economic performance. The normalised earnings have been derived from the audited, IFRS financial results. A reconciliation of the adjustments
made to derive normalised earnings is presented in the accompanying schedules. Refer below.

Ellen Marais, CA(SA), prepared these financial results under the supervision of Herman Bosman, LLM CFA.

The directors take full responsibility and confirm that this information has been correctly extracted from the audited annual financial statements from which
the summary consolidated financial statements were derived.

A more comprehensive announcement is available on our website, www.rmh.co.za. 

For the basis of presentation, refer below. 

About RMH

RMH positions itself as a value-adding, stable and aspirational shareholder.

Who we are

RMH is an investment holding company with a proud track record of investing in disruptive and entrepreneurial financial services businesses. This
performance has been achieved by partnering with exceptional management teams for the long term.

Since its listing in 1992, RMH has provided shareholders with a vehicle to co-invest with the founders of FirstRand Limited (FirstRand). In 2011, RMH's insurance
interests were separately listed as Rand Merchant Investment Holdings Limited (RMI). RMH has since expanded its investment strategy to include a property
investment business, comprising scalable entrepreneur-led businesses with proven track records in managing and building out property portfolios.

What we do

RMH is the biggest shareholder in FirstRand, South Africa's largest banking group, with a 34% stake. RMH is the founding shareholder of FirstRand and views
this as its core asset. RMH is represented on all the relevant strategic and governance forums and provides FirstRand with a responsible and stable
shareholder of reference. FirstRand represents an exciting opportunity to build new businesses on the existing platform.

On a selective basis, RMH invests in other banking and property businesses.

Investment portfolio

FirstRand

FirstRand is generally regarded as one of Southern Africa's leading financial services groups. It is listed separately and has a market capitalisation of R358.4
billion as at 30 June 2018 (2017: R264.5 billion).

RMH Property

RMH's property investments are housed in a wholly-owned subsidiary, RMH Property Holdings Proprietary Limited (RMH Property), managed by a dedicated
investment team led by Brian Roberts. During the financial year, RMH Property expanded its core partnership by acquiring a direct interest in Atterbury
Europe, a logistical strategic alignment for the business, providing an opportunity for geographic diversification, and access to a promising European
market. During the financial year, the intrinsic value of RMH Property increased from R899 million to R2 067 million.

Investment policy

RMH invests in businesses that can deliver superior earnings, dividend growth and sustained long-term capital growth. We specifically target businesses and
industries complementary to our current portfolio.

Dividend policy

RMH has a stated policy of returning net dividends (after providing for funding and operational costs incurred at the centre) received in the ordinary
course of business to shareholders.

Our strategy

RMH is defined by its value-adding shareholding in FirstRand. This core asset provides RMH with exposure across the universal Southern African financial
services landscape and should deliver a sound balance between capital and dividend returns.

It is RMH's intention to retain its stake in FirstRand in its current structure as it holds structuring and financing value. It is recognised that RMH's market value
may trade at a discount to its underlying value. However, the value of the long-term optionality the structure provides, and has provided over the past
decades, outweighs this. RMH will continue to dynamically evaluate its position.

The investment in RMH Property will be evaluated in a similar way. Currently, the business is still in its formative phase and building critical mass as a
potentially independent property investment group.

Delivering enduring value

Our objective is to create a portfolio of businesses which are market-leaders and can deliver sustainable earnings, an attractive dividend yield and capital
growth.

We will deliver on our strategy by way of:

Diversification

We are constantly evaluating opportunities to expand the services and reach of our existing investees or add new investments, thereby creating more
enduring value.

During the year, we supported FirstRand in its geographic diversification into the UK market with the acquisition of Aldermore for £1.1 billion.

Optimisation

We focus on continuously improving the value our investees provide in order to create better enduring value for our shareholders.
This includes responding to market demands, such as FirstRand obtaining a licence to market short-term insurance to its large existing customer base.

Modernisation

We are well aware of renewal in our industries and will encourage our investees to be future-ready.

The true value RMH creates is measured in terms of capital growth, which reflects the growth in the underlying value of our investments. For a detailed
analysis of RMH's underlying intrinsic value, refer to the table below.

We measure short-term performance in terms of normalised earnings, which excludes non-operational items and accounting anomalies from headline
earnings. For the detailed calculation of normalised earnings in respect of the current and prior year, refer below.

It is RMH's objective to provide shareholders with a consistent annual dividend flow. In extraordinary circumstances, this can be complemented by other
distributions in the form of special dividends or the unbundling of investments to shareholders.

Our strategy is based on enduring values

The strong, enduring values instilled by our founders and board and embraced by management provide us with the tools to deliver on our strategy.

Performance and outlook

External environment

South Africa's new president, Cyril Ramaphosa, took office in February and promised to revive the economy, clamp down on corruption and attract $100
billion in new investments. The change in the political environment marked an initial positive turning point for business and consumer confidence. Rating
agencies, acknowledging the favourable political developments, have refrained from further downgrades since November 2017.

The South African economy is experiencing:
- a more stable political environment;
- stable inflation and interest rates;
- an unemployment rate which remains high; and
- a lack of growth.

Despite the improved political environment, policy uncertainties remain, such as the financial turnaround of state enterprises and the revival of the mining
sector. In addition, potential land reform policy, allowing land expropriation without compensation, raises uncertainty about property rights, which could
lead to a significant decline in investment into South Africa.

FNB SA economic forecasts

                                               2012    2013    2014    2015    2016    2017   2018F   2019F   2020F

% Real GDP growth                               2.2     2.5     1.7     1.3     0.6     1.3     1.6     1.5     1.4
% Unemployment                                 24.9    24.7    25.1    25.4    26.7    27.5    27.9*   28.3*   28.6*
% CPI average                                   5.6     5.8     6.1     4.6     6.3     5.3     4.9     5.1     5.2
Rand/Dollar average                            8.21    9.65   10.85   12.78   14.70   13.30   12.20   12.60   13.20

* International Monetary Fund forecast

Enduring value created

RMH produced satisfactory results for the year ended 30 June 2018:

- Normalised earnings increased 8% to R8.8 billion (2017: R8.2 billion). Normalised earnings per share amounted to 624.4 cents per share
  (2017: 578.5 cents per share);
- RMH's core investment, FirstRand, produced a good performance despite the challenging economic climate, increasing normalised earnings
  by 8% (2017: 7%) and delivering a return on equity (ROE) of 23.0% (2017: 23.4%). FirstRand franchises, FNB, RMB and newly acquired Aldermore produced
  resilient operating results, with WesBank feeling the macroeconomic pressure;
- RMH Property more than doubled its intrinsic value and delivered a normalised profit of R16 million;
- Market capitalisation increased by 29% to R107 billion; and
- Dividends for the year distributed to shareholders increased by 7% to 351 cents (2017: 327.0 cents).

Sources of income

FirstRand's well-diversified income stream is drawn from the full spectrum of banking services and is predominantly sourced from South Africa.
RMH's normalised earnings are made up as follows:

                                                                                    For the year ended
                                                                                          30 June

R million                                                                           2018           2017       % change

FNB                                                                               14 877         12 801             16
RMB                                                                                7 327          6 918              6
WesBank                                    3 626          3 996             (9)
Aldermore                                                                            276              -              -
Other*                                                                               305            756            (60)

FIRSTRAND NORMALISED EARNINGS                                                     26 411         24 471              8

Attributable to RMH                                                                8 995          8 334              8
RMH Property                                                                          16              8           amp;gt;100
RMH's funding and administrative costs                                              (196)          (176)            11

RMH NORMALISED EARNINGS                                                            8 815          8 166              8

* Other is the total of FCC including group treasury, preference dividend paid on perpetual preference shares issued
  by FirstRand and the dividend on the contingent convertible securities. It further includes capital endowment, the
  impact of accounting mismatches, interest rate management and foreign currency liquidity management.

Normalised earnings has shown compound growth of 11% per annum over the past five years.

Underlying intrinsic value

During the year to 30 June 2018, RMH's market capitalisation increased by 29.1%. At year-end, it amounted to R107.0 billion (June 2017: R82.9 billion) or
7 579 cents per share (June 2017: 5 875 cents). This represents a 12.1% discount (June 2017: 7.3% discount) to RMH's underlying intrinsic value.

                                                                                       As at 30 June

R million                                                                           2018           2017      % change

Market value of listed interest (FirstRand)                                      122 058         90 077      36
Book value of RMH Property                                                         2 067            899          amp;gt;100
Net funding                                                                       (2 267)        (1 945)           17

TOTAL INTRINSIC VALUE                                                            121 858         89 031            37

Intrinsic value per share (cents)                                                8 632.0        6 306.6            37


Final dividend payment

The board of RMH has declared a gross final dividend of 183 cents per share (2017: 174.0 cents), bringing the total dividend for the year ending 30 June
2018 to 351 cents per ordinary share (2017: 327.0 cents). The dividend is covered 1.8 times (2017: 1.8 times) by normalised earnings per share and
represents a year-on-year increase of 7%.

Board changes
Since announcing our interim results:
- James Teeger was appointed as a member of the audit and risk committee, which is now chaired by Sonja de Bruyn;
- Murphy Morobe is the new chairperson of the social, ethics and transformation committee, replacing Sonja de Bruyn, who remains a member; and
- Murphy Morobe is also the new lead independent director and chairperson of the directors' affairs and governance committee.

Outlook and future value creation

Management will focus on the following in the year ahead:

Diversify

Diversification of income stream and distribution of assets

On a selective basis, RMH may consider investments in businesses where partnerships with entrepreneurial and industry-disruptive management teams can
add value to RMH and its shareholders.

Investments with the following attributes will be of particular interest:
- banking, property and related industries;
- the ability to form a partnership between the investment, RMH and FirstRand;
- unlisted;
- digitally-oriented;
- the ability and possibility of RMH to add value; and
- relevance in terms of the size of the enterprise and its shareholding.

In addition, the dedicated RMH Property team will continue to identify opportunities for the both the core and specialist partnerships.

Optimise

Optimisation of our established investments

RMH will dynamically assess whether investments, other than FirstRand, are optimally housed in RMH. In the past this assessment has led to the listing of
Discovery, the merger of Momentum and Metropolitan, the listing of MMI and the unbundling of RMI.

Modernisation

RMH will continue to support its investee companies in being or becoming future-ready.

We remain confident that our clear strategy, in conjunction with a solid investment portfolio, underpinned by unwavering values, will allow RMH to continue
delivering on its primary objective of creating enduring value for shareholders.

For and on behalf of the board

JJ Durand           HL Bosman
Chairman            Chief executive officer

Sandton
7 September 2018



Final dividend declaration

Notice is hereby given that a gross final dividend of 183 cents per share, payable out of income reserves, was declared on 7 September 2018 in respect of
the year ended 30 June 2018.

The dividend will be subject to Dividend Withholding Tax at a rate of 20%, which will result in a net dividend of 146.40 cents per share for those shareholders
who are not exempt. The company's tax reference number is 9950/098/71/6. Its issued share capital at the declaration date comprises 1 411 703 218
ordinary shares and 11 800 redeemable preference shares.

Shareholders' attention is drawn to the following important dates:

- Last day to trade in order to participate in this dividend: Tuesday, 2 October 2018
- Shares commence trading ex-dividend on Wednesday, 3 October 2018
- Record date: Friday, 5 October 2018
- Dividend payment date: Monday, 8 October 2018

No dematerialisation or rematerialisation of share certificates may be done between Wednesday, 3 October 2018 and Friday, 5 October 2018 (both days
inclusive).

By order of the board

(Ms) EJ Marais
Company secretary
7 September 2018

Financial review

The dominant part of RMH's income is its share in the after-tax profits of FirstRand, amounting to R9 043 million (2017: R8 371 million).

Audited summary consolidated income statement

                                                                                       For the year ended
                                                 30 June

R million                                                                              2018           2017       % change

Revenue                                                                                  26             16
Share of after-tax profit of associate companies                                      8 812          8 374        5
Fee income                                                                               18              3
Net fair value (loss)/gain on financial assets and liabilities                          (45)             6

Net income                                                                            8 811          8 399              5
Administration expenses                                   (56)           (40)            40

Income from operations                                                                8 755          8 359              5
Finance costs                                                                          (173)          (152)            14

Profit before tax                                                                     8 582          8 207              5
Income tax expense                                                                      (22)            (5)          amp;gt;100

PROFIT FOR THE YEAR                                                                   8 560          8 202              4


Audited summary consolidated statement of comprehensive income

                                      For the year ended
                                                                                           30 June

R million                                                                              2018           2017       % change

Profit for the year                                                                   8 560          8 202              4

Other comprehensive income, after tax:
Items that may be reclassified to profit or loss
Share of other comprehensive income/(loss) of associate after tax and
non-controlling interests*                                                              250           (742)
Available-for-sale financial assets                                                      21            (14)

Profits/(losses) arising during the year                                                 27            (18)
Deferred income tax                                                                      (6)             4

Exchange difference on translating foreign operations                                    94              -
Items that may not subsequently be reclassified to profit or loss
Share of other comprehensive income of associate after tax and
non-controlling interests                                                                13             58

Other comprehensive income/(loss)                                                              378           (698)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR                                               8 938          7 504             19

* Large movement due to translation of FirstRand's foreign operations.

Audited computation of headline earnings

                                                                                       For the year ended
                                                                                             30 June

R million                                                                              2018           2017       % change

Earnings attributable to equity holders                                               8 560          8 202              4
Adjusted for:
RMH's share of adjustments made by FirstRand
  Gain on disposal of investment securities and other investments of a
  capital nature                                                                        (10)            (1)
  Loss due to the fair value adjustment of a non-current asset held for sale              -             32
  Loss/(gain) on disposal of available-for-sale assets                                   31            (18)
  Transfer to foreign currency translation reserve                                       37              -
  Loss on disposal of investments in non-private equity associates                        -         2
  Impairment of non-private equity associates                                             -              1
  Gain on disposal of investments in subsidiaries                                       (33)          (619)
  (Gain)/loss on disposal of property and equipment                                     (21)             5
  Fair value movement on investment properties                     (10)             -
  Impairment of goodwill                                                                  4             41
  Impairment of assets in terms of IAS 36                                                14            126
  Gain from a bargain purchase                                                          (14)             -
  Other                                                 (10)             -
  Tax effects of adjustments                                                              -              9
  Non-controlling interests adjustments                                                   -            146
RMH's own adjustments
  (Profit)/loss on deemed sale of associate due to change in effective
  shareholding                                                                (5)             1
  Impairment of assets in terms of IAS 36                                                61              -
  Impairment of associate                                                               247              -

HEADLINE EARNINGS ATTRIBUTABLE TO EQUITY HOLDERS                                      8 851          7 927             12

Computation of normalised earnings

RMH regards normalised earnings as the appropriate basis to evaluate business performance as it eliminates the impact of non-recurring items and
accounting anomalies.
                                                                                     For the year ended
                 30 June

R million                                                                            2018          2017         % change

Headline earnings attributable to equity holders                                    8 851         7 927
RMH's share of adjustments made by FirstRand
  TRS and IFRS 2 liability remeasurement                                              (18)          (21)
  Treasury shares                                                                       6            (4)
  IAS 19 adjustment                                                                   (37)          (40)
  Private equity subsidiary realisations                                               16           307
Adjusted for
  Group treasury shares(1)                (3)           (3)

NORMALISED EARNINGS ATTRIBUTABLE TO EQUITY HOLDERS                                  8 815         8 166                8

(1) Adjustment to reflect earnings impact based on actual RMH shareholding in FirstRand i.e. reflecting treasury
     shares as if they are non-controlling interests.

Audited computation of per share information

                                                   For the year ended
                                                                                      30 June

R million                                                                          2018          2017        % change

Earnings attributable to equity holders                                           8 560         8 202               4
Headline earnings attributable to equity holders                                  8 851         7 927              12
Normalised earnings attributable to equity holders                                8 815         8 166               8
Net asset value                                                                  46 323        41 381              12

Number of shares in issue (millions)                                       1 412         1 412               -
Weighted average number of shares in issue (millions)                             1 411         1 411               -
Diluted weighted average number of shares in issue (millions)                     1 411         1 411               -
Weighted average number of shares in issue (millions) for normalised
earnings                                                              1 412         1 412               -

Earnings per share (cents)                                                        606.5         581.2               4
Diluted earnings per share (cents)                                                606.5         581.2               4
Headline earnings per share (cents)                 627.1         561.7              12
Diluted headline earnings per share (cents)                                       627.1         561.7              12
Normalised earnings per share (cents)                                             624.4         578.5               8
Diluted normalised earnings per share (cents)                                     624.4         578.5     8
Net asset value per share (cents)                                               3 281.4       2 931.3              12


Audited dividend per share

                                                                                  For the year ended
                                                                                       30 June

cents                                   2018          2017        % change

Dividend per share
  Interim                                                                         168.0         153.0              10
  Final                                                                           183.0         174.0               5

TOTAL DIVIDEND PER SHARE         351.0         327.0               7

Dividend cover (relative to headline earnings)                                      1.8           1.7
Dividend cover (relative to normalised earnings)                                    1.8           1.8

Audited summary consolidated statement of financial position

The investment in associates increased with RMH's share of after-tax profits of R8 812 million (2017: R8 374 million) and RMH's share of associates' other
reserves of R1 186 million (2017: R731 million). This was offset by dividends received of R5 082 million (2017: R4 528 million).

                                                                                      For the year ended
                                                                                          30 June

R million                                                                            2018           2017

ASSETS
Cash and cash equivalents                                                              43             39
Loans and receivables                                                                  57            114
Investment securities           523            334
Taxation receivable                                                                     4              5
Derivative financial instruments                                                       55              8
Deferred tax asset                                                                      -              4
Investment in associates                            48 590         43 130

TOTAL ASSETS                                                                       49 272         43 634

EQUITY
Share capital and premium                                                           8 825          8 825
Reserves                                                                           37 498         32 556

TOTAL EQUITY                                                          46 323         41 381

LIABILITIES
Trade and other payables                                                              232             81
Financial liabilities                                                               2 692          2 154
Derivative financial instruments                                                        -      6
Long-term liabilities                                                                   -              1
Deferred tax liability                                                                 25             11

TOTAL LIABILITIES                                                                   2 949          2 253

TOTAL EQUITY AND LIABILITIES        49 272         43 634


Audited summary consolidated statement of cash flows

                                                                                     For the year ended
                                                                                           30 June

R million                                                                             2018          2017

Cash flow from operating activities
Cash generated from operations                                                       5 201         4 404
Income tax paid                                                                         (8)           (7)

NET CASH GENERATED FROM OPERATING ACTIVITIES                                         5 193         4 397

Cash flow from investing activities
Investment in associates                                                              (397)         (699)
Additions to investments securities                                                   (157)         (141)
Additions to derivatives                                                               (11)            -

NET CASH USED IN INVESTMENT ACTIVITIES                                                (565)    (840)

Cash flow from financing activities
Preference shares issued                                                               372             -
Borrowings withdrawn                                                                     5           957
Borrowings repaid                                                                        -           (21)
Interest paid                                                   (5)          (64)
Dividends paid on preference shares in issue                                          (168)          (88)
Dividends paid to equity holders                                                    (4 828)       (4 320)

NET CASH OUTFLOW IN FINANCING ACTIVITIES                                            (4 624)       (3 536)

Net increase in cash and cash equivalents                                                4            21
Cash and cash equivalents at the beginning of the year                                  39            18
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR                                        43            39

Audited summary statement of changes in equity

                                                                 Foreign                                  Total
                                                                    Share         Equity                       currency                                 equity
                                                              capital and      accounted  Available-for-    translation      Other      Retained      holders'
R million                                                         premium       reserves    sale reserve        reserve   reserves      earnings         funds

Balance as at 1 July 2016                                           8 825         26 245               -              -        333         2 841        38 244
Total comprehensive income for the year                     -           (684)            (14)             -          -         8 202         7 504
Dividends paid                                                          -              -               -              -          -        (4 320)       (4 320)
Income of associates retained                                           -          3 722               -              -          -      (3 722)            -
Reserve movements relating to associates                                -             76               -              -          -          (123)          (47)

BALANCE AS AT 30 JUNE 2017                                          8 825         29 359             (14)             -        333         2 878        41 381

Balance as at 1 July 2017                8 825         29 359             (14)             -        333         2 878        41 381
Total comprehensive income for the year                                 -            263              21             94          -         8 560         8 938
Dividends paid                                                          -              -               -              -          -    (4 828)       (4 828)
Income of associates retained                                           -          3 971               -              -          -        (3 971)            -
Reserve movements relating to associates                                -            832               -              -          -             -           832

BALANCE AS AT 30 JUNE 2018             8 825         34 425               7             94        333         2 639        46 323


Basis of presentation of results

This report is prepared in accordance with:
- The framework concepts and the recognition and measurement requirements of International Reporting Standards (IFRS), including interpretations issued
  by the IFRS Interpretations Committee;
- Financial Reporting Pronouncements as issued by Financial Reporting Standards Council;
- SAICA Financial Reporting Guide as issued by the Accounting Practices Committee;
- As a minimum, the information required by IAS 34 Interim Financial Reporting; and
- The requirements of the South African Companies Act, Act 71 of 2008, applicable to summary financial statements.

The directors take full responsibility and confirm that this information has been correctly extracted from the audited annual financial statements from which
the summary consolidated financial statements were derived.

Accounting policies

These summary results incorporate accounting policies that are consistent with those used in preparing the financial results for the year ended 30 June
2017.

The audited consolidated financial statements, from which these summary consolidated financial statements are extracted, are prepared in accordance
with the going concern principle under the historical cost basis, as modified by the fair value accounting of certain assets and liabilities, where required or
permitted by IFRS.

Amendments to IAS 7 Statement of Cash Flows (IAS 7) and IAS 12 Income Taxes (IAS 12) became effective in the current year. These amendments have not
had an impact on the group's reported earnings, financial position or reserves, or a material impact on the accounting policies.

The amendments to IAS 7 introduce additional disclosures in the statement of cash flows that will enable the users of the financial statements to evaluate
changes in liabilities arising from financing activities. This amendment has been applied retrospectively and comparative information has been presented
in line with the amended disclosure requirements. The amendment to IAS 12 relates to the recognition of a deferred tax asset for unrealised losses on debt
instruments that are measured at fair value for accounting purposes but considered at cost for tax purposes. The group is accounting for deferred tax on
these assets in line with the amendments. The adoption of these amendments has no impact on the group.

No other new or amended IFRS became effective for the year ended 30 June 2018 that impacted the group's reported earnings, financial position or
reserves, or the accounting policies.

IFRS 15 and IFRS 9

RMH has reviewed its financial assets and liabilities and is expecting the following impact from the adoption of the new standard on 1 July 2018:

Equity securities currently classified as available-for-sale will going forward be classified as fair value through profit and loss.

Debt securities currently carried at amortised cost will be continued to be carried at amortised cost.

The new impairment model requires the recognition of impairment provisions based on expected credit losses (ECL) rather than only incurred credit losses
as is the case under IAS 39. It applies to financial assets classified at amortised cost. This will not have an impact on RMH's direct instruments but will have a
significant impact on RMH's associate, FirstRand. The current indication received from FirstRand is that the impact will be between 47 bps to 57 bps on the
CET I Capital of FirstRand.

The implementation of IFRS 9 will not have a significant impact on RMH Property associates.

The new standard also introduces expanded disclosure requirements and changes in presentation. These are expected to change the nature and extent
of the group's disclosures about its financial instruments, particularly in the year of the adoption of the new standard.

The standard must be applied for financial years commencing on or after 1 January 2018. The group will apply the new rules retrospectively from 1 July
2018, with the practical expedients permitted under the standard. Comparatives for 2018 will not be restated and adjustment will be made as an opening
adjustment on 1 July 2018.

Normalised results

RMH believes normalised earnings more accurately reflect operational performance.

Headline earnings in terms of Circular 4/2018 Headline Earnings are adjusted to take into account the following non-operational and accounting
anomalies:

1. RMH's portion of normalised adjustment made by its associate, FirstRand Limited, which have a financial impact:
   - the Total Return Swap, which is an economic hedge against the cash-settled share-based payment;
   - IFRS 2 share-based payment expense in terms of the BEE transaction;
   - FirstRand shares held for client trading activities;
   - IAS 19 measurement of plan asset; and
   - the consolidation of private equity subsidiaries which is excluded from the Rule 1 exemption of Circular 4/2018, Headline Earnings per Share.

2. RMH shares held for client trading activities by FirstRand's addition, in terms of IAS 28 Investments in Associates, upstream and downstream profits are
   eliminated when equity accounting is applied, and, in terms of IAS 32, profits or losses cannot be recognised on an entity's own equity instruments. For
   the income statement, the RMH's portion of the fair value change in RMH shares by FirstRand is, therefore, deducted from equity-accounted earnings
   and the investment recognised using the equity-accounted method.

3. Adjustment to reflect earnings impact based on actual RMH shareholding in FirstRand based on actual number of shares issued by FirstRand.

Normalised earnings presented in these summary financial results constitutes pro forma financial information. The pro forma financial information is the
responsibility of the directors and is presented for illustrative purposes. Because of its nature, the pro forma financial information may not fairly present
RMH's financial position, changes in equity, results of operations or cash flows. An assurance report has been prepared and issued by our auditor,
PricewaterhouseCoopers Inc., on the pro forma financial information included in this report. It is available at the registered office of RMH.

Auditor's report

The summary consolidated financial statements for the year ended 30 June 2018 contained in this booklet have been audited by PricewaterhouseCoopers
Inc., who expressed an unmodified opinion thereon in terms of ISA 810 (revised).

The auditor also expressed an unmodified opinion on the annual financial statements from which the summary consolidated financial statements were
derived. Unless the financial information is specifically stated as audited, it should be assumed to be unaudited.

A copy of the auditor's report on the annual consolidated financial statements is available for inspection at RMH's registered office, 2 Merchant Place,
corner Fredman Drive and Rivonia Road, Sandton, together with the financial statements identified in the respective auditor's reports.

The auditor's report does not necessarily report on all of the information contained in these condensed consolidated financial statements. Shareholders
are therefore advised that, in order to obtain a full understanding of the nature of the auditor's engagement, they should review the auditor's report
together with the accompanying financial information from the issuer's registered office.

The forward-looking information has not been commented or reported on by the group's external auditor. RMH's board of directors take full responsibility
for the preparation of this booklet.

Audited contingencies and commitments

                                                                                          as at 30 June

R million                                                                              2018            2017

Contingencies and commitments
Guarantees                                                                            2 823           1 603

BALANCE AT THE END OF THE YEAR                                                        2 823           1 603


Subsequent events

Subsequent to the year end, FirstRand concluded a transaction with Discovery, through the issuance of preference shares, for the ultimate transfer and
disposal of its remaining effective 25.01% interest in Discovery Card and Discovery Bank, respectively. The consideration of this transaction is R1.8 billion,
which together with the preference share issuance of R1.3 billion in 2016, results in a total value unlock for FirstRand shareholders of approximately R3 billion.
This transaction is expected to be concluded during the financial year ending 30 June 2019.

At 30 June 2018, FNB includes Discovery Card advances with a gross value of R4.3 billion which will also be transferred at carrying value.


SEGMENTAL REPORT
                                                                                                   FCC and                       RMH
R million                                              FNB         RMB    WesBank   Aldermore        other    FirstRand     Property      Other       RMH

Year ended 30 June 2018
Investment income                                        -           -          -           -            -            -           18          8        26
Share of after-tax profit of associates              5 068       2 496      1 235          94          150        9 043         (236)         5     8 812
Fee income                                 -           -          -           -            -            -            -         18        18
Net fair value loss on financial assets                  -           -          -           -            -            -          (53)         8       (45)

Net income                                           5 068       2 496      1 235          94          150        9 043         (271)        39     8 811
Administration expenses                                  -           -          -           -            -            -          (10)       (46)      (56)

Income from operations                               5 068       2 496      1 235          94          150        9 043         (281)        (7)    8 755
Finance costs       -           -          -           -            -            -           (5)      (168)     (173)

Profit before tax                                    5 068       2 496      1 235          94          150        9 043         (286)      (175)    8 582
Income tax expense                                       -           -          -           -            -            -           (6)       (16)      (22)

PROFIT FOR THE YEAR                                  5 068       2 496      1 235          94          150        9 043         (292)      (191)    8 560

Headline earnings                                    5 068       2 496      1 235          94          137        9 030           16       (195)    8 851
Normalised earnings                                  5 067       2 495      1 235          94          104        8 995           16       (196)    8 815
As at 30 June 2018
Investment in associates                                 -           -          -           -            -       46 557        2 033          -    48 590
Other assets                                             -           -          -           -            -            -          397        285       682

TOTAL ASSETS                                             -           -          -           -            -       46 557        2 430        285    49 272

TOTAL LIABILITIES                                        -           -          -           -            -            -          363      2 586     2 949



    FCC and                          RMH
R million                                              FNB         RMB    WesBank      other      FirstRand      Property      Other       RMH

Year ended 30 June 2017
Investment income                                        -           -          -          -              -             6         10        16
Share of after-tax profit of associates     4 361       2 356      1 361        293          8 371             4         (1)    8 374
Fee income                                               -           -          -          -              -             -          3         3
Net fair value loss on financial assets                  -           -          -          -              -             -          6         6

Net income                                   4 361       2 356      1 361        293          8 371            10         18     8 399
Administration expenses                                  -           -          -          -              -             -        (40)      (40)

Income from operations                               4 361       2 356      1 361        293          8 371            10        (22)     8 359
Finance costs                                            -           -          -          -              -            (2)      (150)      (152)

Profit before tax                                    4 361       2 356      1 361        293          8 371             8       (172)     8 207
Income tax expense                                       -           -          -          -          -             -         (5)        (5)

PROFIT FOR THE YEAR                                  4 361       2 356      1 361        293          8 371             8       (177)     8 202

Headline earnings                                    4 361       2 356      1 361         17          8 095             8       (176)     7 927
Normalised earnings                                  4 360    2 356      1 361        257          8 334             8       (176)     8 166
As at 30 June 2017
Investment in associates                                 -           -          -          -         42 427           703          -     43 130
Other assets                                             -           -          -          -              -           244        260        504

TOTAL ASSETS                                             -           -          -          -         42 427           947        260     43 634

TOTAL LIABILITIES                                        -           -          -          -              -            48      2 205      2 253




GEOGRAPHICAL SEGMENTS
                                                                                             United
R million                                                                South Africa       Kingdom           Europe             RMH

Year ended 30 June 2018
Share of after-tax profit of associates                                         8 674            94               44           8 812
Profit for the year                                                             8 422            94           44           8 560
As at 30 June 2018
Investment in associates                                                       47 181             -            1 409          48 590


In the prior year, RMH did not have multiple geographic segments as both FirstRand and RMH Property were viewed as South African entities with the
majority of their underlying businesses also in South Africa.


Administration

Directors
JJ Durand (Chairman), HL Bosman (CEO), JP Burger, P Cooper, (Ms) SEN De Bruyn, LL Dippenaar, PK Harris, (Ms) A Kekana, P Lagerström, (Ms) MM Mahlare,
MM Morobe, R Mupita and JA Teeger
Alternate directors: DA Frankel, F Knoetze and O Phetwe

Secretary and registered office
(Ms) EJ Marais

Physical address:    3rd Floor, 2 Merchant Place, Corner of Fredman Drive and Rivonia Road, Sandton, 2196
Postal address:      PO Box 786273, Sandton, 2146
Telephone:           +27 11 282 8000
Telefax:             +27 11 282 4210
Web address:          www.rmh.co.za

Sponsor
(in terms of JSE Limited Listings Requirements)
Rand Merchant Bank
(a division of FirstRand Bank Limited)
Physical address: 1 Merchant Place, corner of Fredman Drive and Rivonia Road, Sandton, 2196

Transfer secretaries
Computershare Investor Services Proprietary Limited
Physical address:    Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196
Postal address:      PO Box 61051, Marshalltown, 2107
Telephone:           +27 11 370 5000
Telefax:             +27 11 688 5221

Friday, 7 September 2018

Date: 07/09/2018 11:17:00 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.

RMH - RMB HOLDINGS LIMITED - Changes to important functions of directors
Published Date : 2018/04/25 10:02:00
Source : JSE Securities Exchange - SENS
Changes to important functions of directors

RMB HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1987/005115/06
ISIN: ZAE000024501
Share Code: RMH
("RMH")

CHANGES TO IMPORTANT FUNCTIONS OF DIRECTORS

Following the changes in directorate announced on 7 March 2018,
RMH shareholders are advised of the following changes to
subcommittees of the board of RMH:
  •  Mr James Teeger is appointed as member of the audit and risk
     committee and Ms Sonja De Bruyn will act as chairperson of
     this committee.
  •  Mr Murphy Morobe is appointed as chairperson of the social,
     ethics and transformation committee. Ms Sonja de Bruyn, the
     previous chairperson, will remain a member of this committee.
  •  Mr Jannie Durand does not qualify as an independent non-
     executive chairman. As per the guidance of King IV and
     required by the JSE Limited Listings Requirements, Mr Murphy
     Morobe is appointed as the lead independent director and will
     act as chairperson of the directors' affairs and governance
     committee.

These changes are implemented with immediate effect.


Sandton
25 April 2018

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 25/04/2018 09:59:00 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.

RMH - RMB HOLDINGS LIMITED - RMH property management ownership participation scheme
Published Date : 2018/03/23 14:54:00
Source : JSE Securities Exchange - SENS
RMH property management ownership participation scheme

RMB HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/005115/06)
ISIN: ZAE000024501
JSE ordinary share code: RMH
("RMH" or "the group")

RMH Property management ownership participation scheme

RMH wishes to update the market following requests for additional information around the RMH Property
Holdings Proprietary Limited management ownership participation scheme ("ownership participation"). An
outline was included in the RMH results announcement for the six months ended 31 December 2017 and
published on SENS on 7 March 2018.

The ownership participation will have a maximum participation of 10% and is aimed to align RMH and
management's long-term objectives. The concept of the management ownership participation, with
conditions attached, has been approved by the RMH board. The detailed design and implementation of the
ownership participation has taken considerable time and RMH envisages finalising the arrangements in
Q2 2018. The group will therefore provide full disclosure in the annual financial statements for the
year ending 30 June 2018.

Sandton

23 March 2018

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 23/03/2018 02:49:00 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.

RMH - RMB HOLDINGS LIMITED - Announcement of RMH condensed unaudited interim results, cash dividend and board changes
Published Date : 2018/03/07 11:20:00
Source : JSE Securities Exchange - SENS
Announcement of RMH condensed unaudited interim results, cash dividend and board changes

RMB HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1987/005115/06
JSE Ordinary share code: RMH
ISIN code: ZAE000024501

ANNOUNCEMENT OF RMH CONDENSED UNAUDITED INTERIM RESULTS, CASH DIVIDEND DECLARATION AND BOARD CHANGES

Basis of preparation

This report covers the unaudited interim financial results of RMB Holdings Limited (RMH), based on International Financial Reporting Standards (IFRS), for the
six months ended 31 December 2017.

The primary results and accompanying commentary are presented on a normalised basis as we believe this most accurately reflects the group's
underlying economic performance. The normalised earnings have been derived from the unaudited, IFRS financial results. A reconciliation of the
adjustments made to derive normalised earnings is presented in the accompanying schedules. Refer below.

Ellen Marais CA(SA) prepared these financial results under the supervision of Herman Bosman LLM CFA.

Value created for the six months ended 31 December 2017
(comparatives at 31 December 2016)

Net asset value up 8% to R42.7 billion (2016: R39.5 billion)
Intrinsic value of portfolio up 27% to R127.5 billion (2016: R100.5 billion)
Market capitalisation up 19% to R111.8 billion (2016: R93.7 billion)
Net income up 3% to R4.2 billion (2016: R4.0 billion)
Headline earnings up 6% to R4.2 billion (2016: R4.0 billion)
Normalised earnings up 7% to R4.2 billion (2016: R3.9 billion)
Dividend per share up 10% to 168 cents (2016: 153 cents)

ABOUT RMH

RMH is a top 40 JSE-listed investment holding company with a 34% share in FirstRand and 100% of RMH property.

Leading South African businessmen, GT Ferreira, Laurie Dippenaar and Paul Harris, founded RMH's forerunner 41 years ago.

Since its listing in 1992, RMH has provided shareholders with a vehicle to co-invest with the founders of FirstRand. In 2011, the insurance interests were
separately listed as Rand Merchant Investment Holdings Limited (RMI). In 2016, RMH expanded its investment strategy to include a property investment
business, comprising scalable entrepreneur-led businesses with proven track records in managing and building out property portfolios.

Investment portfolio

RMH's main interest is its 34% investment in separately-listed FirstRand Limited (FirstRand), generally regarded as southern Africa's pre-eminent financial
services group, with a market capitalisation of R377.2 billion at 31 December 2017 (2016: R298.3 billion).

The extension of the investment strategy into property involved the acquisition of a 27.5% interest in Atterbury Property Holdings Proprietary Limited
(Atterbury), a 34.1 % interest in Propertuity Development Proprietary Limited (Propertuity), an urban renewal business and 40% of Genesis Properties Three
Proprietary Limited (Genesis Properties), a mezzanine debt and equity funding business, to form RMH Property. A management ownership participation
scheme with maximum participation of 10% in RMH Property has been put in place.

Investment policy

RMH invests in businesses that can deliver superior earnings, dividend growth and sustained long-term capital growth. We specifically target the wider
financial services industry and industries complementary to our current portfolio.

Dividend policy

RMH has a stated policy of returning net dividends (after providing for funding and operational costs incurred at the centre) received in the ordinary
course of business to shareholders. Funding costs are expected to increase during the build phase of RMH Property.

End of an era

GT Ferreira has been RMH's chairman since inception and a driving force behind the group's value creation and relentless pursuit of high values.
He has been involved in the financial services sector since graduating with commerce degrees from the University of Stellenbosch. In a stellar career, he
was a driving force in building significant businesses and wealth.

In April he will turn 70 and, with that, reach the point of compulsory retirement.

Joining him are Pat Goss, Jan Dreyer and Khehla Shubane. These directors have a combined service of more than 130 years. RMH would like to thank
these directors for their wisdom, innovation and commitment to RMH. Their leadership has created a legacy of leading financial services businesses such
as FirstRand, Discovery, MMI Holdings and OUTsurance. The combined value of these businesses is R566 billion. RMH achieved shareholder returns of more
than 25% per annum since 1992.

Whilst GT will be sorely missed by his peers, his legacy shall remain.

A set of unique values has been instilled in RMH with the most noticeable the ethos of an owner-manager culture. These values will ensure that the set
strategy will be implemented with integrity and discipline to create further value for stakeholders.

PERFORMANCE OUTLOOK

External environment

The South African economy has already experienced a positive impact as a result of the improved domestic political environment, most notably in the
strengthening in the local currency and improved business confidence. That, together with the broad-based upturn in the global economy, has improved
the prospects for GDP growth. However, a number of major hurdles still remain.

Whilst the economy is expected to recover moderately in 2018 and 2019 on the back of higher prices for commodities, growth will remain constrained if
structural imbalances in the economy are not addressed. This is further hampered by high profile corporate failures and critical water shortages in various
parts of the country.

FNB SA Economic Forecasts

                                                               2012        2013   2014       2015     2016    2017F    2018F    2019F

% Real GDP growth                                               2.2         2.5    1.7        1.3      0.3      0.9      1.6      1.7
% Unemployment                                                 24.9        24.7   25.1       25.4     26.7     26.7
% CPI average                                                   5.6         5.8    6.1        4.6      6.3      5.3      4.5      5.5
Rand/Dollar average                                             8.2         9.6   10.8       12.8     14.7     13.3     12.8     13.4


Despite the challenges associated with the political uncertainty and other pressures during the last half of 2017, RMH, on the back of a resilient
performance by FirstRand, produced satisfactory results, in keeping with its commitment to long-term value creation.

Value created

RMH produced satisfactory results for the six months ended 31 December 2017:

- Normalised earnings increased 7% to R4.2 billion (2016: R3.9 billion).

  Normalised earnings per share amounted to 295.2 cents per share (2016: 275.4 cents per share).

  RMH's core investment, FirstRand, produced a resilient performance despite the challenging economic climate, increasing normalised earnings by 7%
  (2016:7%) and delivering a return on equity (ROE) of 22.5% (2016:22.9%). FirstRand franchises, FNB and RMB, produced strong operating results as
  WesBank came under pressure. The results of RMH Property were negatively impacted as the property sector faced strong headwinds.

- Market capitalisation
  increased by 19% to R111.8 billion (2016: R93.7 billion).

- Dividends for the period distributed to shareholders increased by 10% to 168.0 cents per share (2016: 153.0 cents per share).

Sources of income

FirstRand's well-diversified income stream provides a universal set of transactional, lending, investment and insurance products and services. RMH's
normalised earnings, predominantly sourced from South Africa, are made up as follows:

                                                               
                                                                   For the six months ended                    
                                                                        31 December                                  For the
                                                                                            %        year ended
R million                                                           2017             2016           change      30 June 2017

FNB                                                                7 160            6 409               12            12 801
RMB                              3 139            2 821               11             6 902
WesBank                                                            1 915            1 944               (1)            3 996
Other*                                                               247              472              (48)              772

FirstRand normalised earnings     12 461           11 646                7            24 471

Attributable to RMH                                                4 243            3 965                7             8 334
RMH Property                                                         (15)               7            amp;gt;(100)                8
Centre costs                                                         (60)    (84)             (30)             (176)

RMH normalised earnings                                            4 168            3 888                7             8 166

* Other is the total of FCC including group treasury and preference dividend paid on perpetual preference shares
  issued by FirstRand. It further includes capital endowment, the impact of accounting mismatches, interest rate
  management and foreign currency liquidity management.

Underlying intrinsic value

At 31 December 2017, RMH's market capitalisation had increased by 19% year-on-year. At that date, it amounted to R111.8 billion (2016: R93.7 billion) or 
7 917 cents (2016: 6 640 cents) per share. This represented a 14.1% discount (2016: 7.2% discount) to RMH's underlying intrinsic value. Net asset value per
share increased 8% to 3 022.4 cents (2016: 2 796.4 cents) per share.

                                                                 For the six months ended
                                                                      31 December                                    For the
                                                                                                         %        year ended
R million                                                           2017             2016           change      30 June 2017

Market value of listed interest (FirstRand)                      128 601          101 578               27            90 077
Book value of RMH Property*                                          743              922              (19)              899
Net funding*                                            (1 876)          (1 990)              (6)           (1 546)
Total intrinsic value                                            127 468          100 510               27            89 430
Intrinsic value per share (cents)                                9 029.4          7 119.8               27           6 334.9
Net asset value per share (cents)                   3 022.4          2 796.4                8           2 931.4

* Recalculated on a consistent basis. Stated after impairment of associates totalling R174 million.



Discount to underlying intrinsic value

Since the unbundling of RMI in 2011, RMH has traded at an average 1.1% discount compared to the underlying intrinsic value of its investments. Over the
last three and five years respectively, RMH has traded at an average discount of 3.6% and 5.9%. It is widely accepted and empirically observed that
holding companies typically trade at a discount due to frictional costs such as central head-office costs and tax.

Notwithstanding the 70% increase in RMH's share price since 1 August 2017 (up to 5 March 2018), RMH has traded at an average 11.6% discount to
its intrinsic value since 1 August 2017, peaking at 17.4% on 15 February 2018. The board believes that the recent widening of the discount is not a structural
deviation from historical performance and can be attributed to changes in liquidity and volatility patterns on the JSE.

Shareholders are referred to the document entitled, "Reflections on RMH's recent trading in relation to underlying discount to intrinsic value" on 
the RMH website, www.rmh.co.za for a more detailed assessment. 

Interim dividend payment

The board of RMH has resolved to declare a gross interim dividend of 168.0 cents per share (2016: 153.0 cents). The dividend is covered 1.8 times (2016:
1.8 times) by normalised earnings per share and represents a year-on-year increase of 10% (2016: 8%).

Update on RMH'S strategy

RMH's aim is to be a value-adding active enabler of leadership and innovation in banking and property. Our objective is to create a portfolio of
businesses which are market-leaders and can deliver sustainable earnings, an attractive dividend yield and capital growth. We pursue opportunities in
the changing financial services landscape which meet our stringent criteria and strong values.

- Diversification

We are constantly evaluating opportunities to expand the services of our existing investees or add new investments, thereby creating more value.

- Optimisation

We focus on continuously improving the value our investees provide in order to create better value for our shareholders.

- Modernisation

We are well aware of renewal in our industries and will acquire proven businesses or invest in start-ups with special opportunities and drivers, which can
create new value.

RMH has consistently measured its performance in terms of normalised earnings, which adjusts headline earnings to take into account non-operational
items and accounting anomalies.

For the detailed calculation of normalised earnings in respect of the current and prior period, refer below.

The true value created is measured in terms of capital growth, which reflects the growth in the underlying value of our investments.
For a detailed analysis of RMH's intrinsic and net asset value, refer to the underlying intrinsic value table above.

RMH measures the success of its active, value-adding portfolio management strategy to its stakeholders in the form of investments that can deliver
superior earnings, dividend growth and sustained long-term capital growth.

The above does not preclude RMH from considering opportunities to sell and achieve a premium for FirstRand or parts thereof or an unbundling, as the
case may be, at the appropriate time.

Outlook and future value creation

Management will focus on the following in the period ahead:

- Diversify

Diversification of income stream and distribution of assets

Management will focus on the newly-created property business in identifying opportunities for both the core portfolio and specialist portfolio.
It will evaluate expanding RMH's geographic footprint further, either independently and/or through the existing portfolio.

- Optimise 

Optimisation of our established investments

Management will continue its strategic dialogue and activity across the portfolio. It will assist with creating leadership stability and succession planning.

- Modernise

Modernisation

RMH will continue to identify new businesses, technologies and industry trends to complement RMH and its investee companies.

RMH was instrumental in FirstRand's acquisition of Aldermore plc (see below). This demonstrates the value of RMH as a strategic shareholder and delivers
on the strategy of diversification, optimisation and modernisation.

We remain confident that both our clear strategy, in conjunction with the solid investment portfolio and underpinned by unwavering values, will allow RMH
to continue delivering on its primary objective of creating sustainable, long-term value for shareholders.

For and on behalf of the board

GT Ferreira          JJ Durand                 HL Bosman
Chairman             Deputy chairman           Chief executive
Sandton
7 March 2018


INTERIM DIVIDEND DECLARATION

Notice is hereby given that a gross interim dividend of 168.0 cents per share, payable out of income reserves, was declared on 7 March 2018 in respect of
the six months ended 31 December 2017.

The dividend will be subject to Dividend Withholding Tax at a rate of 20%, which will result in a net dividend of 134.4 cents per share for those shareholders
who are not exempt. The company's tax reference number is 9950/098/71/6. Its issued share capital at the declaration date comprises 1 411 703 218
ordinary shares and 11 800 redeemable preference shares.

Shareholders' attention is drawn to the following important dates:

- Last day to trade in order to participate in this dividend              Monday, 26 March 2018
- Shares commence trading ex-dividend on                                  Tuesday, 27 March 2018
- The record date for the dividend payment will be                        Thursday, 29 March 2018
- Dividend payment date                                                   Tuesday, 3 April 2018

No dematerialisation or rematerialisation of share certificates may be done between Tuesday, 27 March 2018 and Thursday, 29 March 2018 (both days
inclusive).

By order of the board

(Ms) EJ Marais
Company secretary

7 March 2018

BOARD CHANGES

In addition to GT Ferreira (chairman), Jan Dreyer and Khehla Shubane also retire effective 31 March 2018. Pat Goss (lead independent) will retire on 10
April 2018. A new lead independent will be announced in due course.

In their stead, RMH welcomes the following new independent non-executive directors and alternate on 31 March 2018:

- Mamongae Mahlare MBA (Harvard) BSc (Chemical Engineering), managing director of Illovo Sugar S.A, who was previously employed by Coca Cola
  Beverages South Africa, SABMiller and Bain & Company;
- Ralph Mupita MBA BSc (Engineering), chief financial officer of MTN and past chief executive officer of Old Mutual Emerging Markets;
- James Teeger BCom CA(SA), leads the investment activities of the Oppenheimer family. He was previously a director of De Beers and spent 12 years at
  RMB, first as the head of property finance and then as co-head of structured finance; and
- David Frankel BSc (Elecrtical Engineer) MBA (Harvard), alternate to James Teeger, managing partner and co-founder of Founder Collective. He was
  co-founder and chief executive officer of Internet Solutions on the board of Dimension Data plc. He has served on the board of RMB since 2007.

Jannie Durand will become chairman of the board. He is a long-serving non-executive director on RMH's board and was previously appointed deputy
chairman in anticipation of GT Ferreira's retirement.

EVENTS SUBSEQUENT TO REPORTING PERIOD

During January 2018, RMH Property acquired a further 43.8% interest in Atterbury Europe, in addition to its indirect interest through Atterbury. This
transaction was concluded in a phased approach and completed by the middle of February 2018. The transaction was financed by the issue of a
combination of cumulative, redeemable preference shares and notes under RMH's recently established debt programme.

FINANCIAL REVIEW

The dominant part of RMH's income is its share in the after-tax profits of FirstRand, amounting to R4 342 million (2016: R4 049 million).

Condensed consolidated income statement

                                                                      For the six months                         
               ended                               For the
                                                                         31 December                         year ended
                                                                                                     %          30 June
R million                                                            2017          2016         change             2017

Revenue                                                                11             6                              16
Share of after-tax profit of associates                             4 183         4 073                           8 374
Fee income                                                              3             -                               3
Net fair value gain on financial assets and liabilities                17            27                               6

Net income                                                          4 214         4 106              3            8 399
Administration expenses                                               (25)          (35)           (29)             (40)

Income from operations           4 189         4 071              3            8 359
Finance costs                                                         (80)          (73)            10             (152)

Profit before tax                                                   4 109         3 998              3            8 207
Income tax expense                                                    (12)           (8)     50               (5)

PROFIT FOR THE PERIOD                                               4 097         3 990              3            8 202


Attributable to:
Equity holders of the company                                       4 097         3 990              3            8 202

PROFIT FOR THE PERIOD                                               4 097         3 990              3            8 202


Condensed consolidated statement of comprehensive income

                                                             For the six months                 
                                                                   ended                         For the
                                                                31 December                   year ended
                                                              %        30 June
R million                                                    2017          2016    change           2017

Profit for the period                                       4 097         3 990         3          8 202

Other comprehensive income, after tax:
Items that may be reclassified to profit or loss
Share of other comprehensive income of associates
after tax and
non-controlling interests                                    (332)         (543)                    (742)
Available-for-sale financial assets                            23           (13)                     (14)

Profit/(loss) arising during the period                        29           (16)                     (18)
Deferred income tax                         (6)            3                        4

Items that may not subsequently be reclassified to profit
or loss                                                                       
Share of other comprehensive income of associates after
tax and non-controlling interests                             (15)          (28)                      58

Other comprehensive income for the period                    (324)         (584)      (45)          (698)

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD                   3 773         3 406        11          7 504

Total comprehensive income attributable to:
Equity holders of the company                               3 773         3 406        11          7 504

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD                   3 773    3 406        11          7 504



Computation of headline earnings

                                                                                             
                                                              For the six months   
                                                                    ended                        For the           
                               31 December                  year ended
                                                                                        %        30 June
R million                                                    2017          2016    change           2017

Earnings attributable to equity holders                     4 097         3 990         3          8 202
Adjusted for:
RMH's share of adjustments made by FirstRand:
  Gain on disposal of investment securities and
  other investments of capital nature                         (11)            -                       (1)
  Loss due to the fair value adjustment of a
  non-current asset held for sale                               -             -                       32
  Gain on disposal of available-for-sale assets              (7)          (22)                     (18)
  Loss on disposal of investments in non-private
  equity associates                                             -             1                        2
  Impairment of non-private equity associates                   -             -                        1
  (Gain)/loss on disposal of investments in subsidiaries      (33)            2                (619)
  (Gain)/loss on disposal of property and equipment            (9)            3                        5
  Fair value movement on investment properties                 (1)            -                        -
  Impairment of goodwill                                        -             -                       41
  Impairment of assets in terms of IAS 36                       -             -                      126
  Other                                                       (10)            -                        -
  Tax effects of adjustments                                    4             5                        9
  Non-controlling interests adjustments                         7             -                      146
RMH's own adjustments
  (Profit)/loss on deemed sale of associate due
  to change in effective shareholding                          (4)          (18)                       1
  Impairment of assets in terms of IAS 36                      24             -                        -
  Impairment of associates                                    150             -                        -

HEADLINE EARNINGS ATTRIBUTABLE TO EQUITY HOLDERS            4 207         3 961         6          7 927


Computation of normalised earnings

RMH regards normalised earnings as the appropriate basis to evaluate business performance as it eliminates the impact of non-recurring items

                                                                    For the six months                       
            ended                               For the
                                                                      31 December                          year ended
                                                                                                 %            30 June
R million                                                          2017            2016     change     2017

Headline earnings attributable to equity holders                  4 207           3 961          6              7 927
RMH's share of adjustments made by FirstRand:
  TRS and IFRS 2 liability remeasurement                            (47)            (57)                          (21)
  Treasury shares                                                     3               2         (4)
  IAS 19 adjustment                                                 (19)            (18)                          (40)
  Private equity subsidiary realisations                             25               -                           307
Adjusted for:
  Group treasury shares1                                             (1)              -                            (3)

NORMALISED EARNINGS FOR THE PERIOD                                4 168           3 888          7              8 166

1 Adjustment to reflect earnings impact based on actual RMH shareholding in FirstRand i.e. reflecting
  treasury shares as if they are non-controlling interests.


Computation of per share information

                                                                 For the six months             
                                                                        ended                               For the
                                                                     31 December                         year ended
                                                                                                %           30 June
R million                           2017             2016     change              2017

Earnings attributable to equity holders                         4 097            3 990          3             8 202
Headline earnings attributable to equity holders                4 207            3 961          6             7 927
Normalised earnings attributable to equity holders              4 168            3 888       7             8 166
Net asset value                                                42 676           39 485          8            41 381

Number of shares in issue (millions)                            1 412            1 412                        1 412
Weighted average number of shares in issue (millions)           1 411            1 411                        1 411
Diluted weighted average number of shares in issue
(millions)                                                      1 411            1 411                        1 411
Weighted average number of shares in issue (millions)
for normalised earnings                                         1 412            1 412                        1 412

Earnings per share (cents)                                      290.4            282.8          3             581.2
Diluted earnings per share (cents)                              290.4            282.8          3             581.2
Headline earnings per share (cents)                             298.2            280.7          6             561.7
Diluted headline earnings per share (cents)                     298.2            280.7          6             561.7
Normalised earnings per share (cents)                           295.2            275.4          7             578.5
Diluted normalised earnings per share (cents)                   295.2            275.4          7             578.5
Net asset value per share (cents)                             3 022.4          2 796.4          8           2 931.3


Dividend per share

                                              
                                                                  For the six months  
                                                                         ended                           For the    
                                                                      31 December                     year ended
                                                           %         30 June
cents                                                            2017            2016     change            2017

Dividend per share
  Interim                                                       168.0           153.0         10           153.0
  Final                                                             -       -          -           174.0

TOTAL                                                           168.0           153.0         10           327.0

Dividend cover (relative to headline earnings)                    1.8             1.8                        1.7
Dividend cover (relative to normalised earnings)                  1.8             1.8                        1.8


Condensed consolidated statement of financial position

The investment in associates increased with RMH's share of after-tax profits of R4 183 million (2016: R 4 073 million) and RMH's share of associates' other
reserves of negative R22 million (2016: R5 million). This was offset by dividends received of R2 598 million (2016: R2 254 million).

                                                                          As at                     
                                                                       31 December                  As at
                                                                                                  30 June
R million                                                          2017           2016               2017

ASSETS
Cash and cash equivalents                     81             21                 39
Loans and receivables                                                94              3                114
Investment securities                                               401            413                334
Taxation receivable                                                   1              7                  5
Derivative financial instruments                                     42             25                  8
Deferred tax asset                                                    -              -                  4
Investment in associates                                         44 346         41 281             43 130

TOTAL ASSETS                                                     44 965         41 750             43 634

EQUITY
Share capital and premium                                         8 825          8 825              8 825
Reserves                                                         33 851         30 660             32 556

TOTAL EQUITY                                                     42 676         39 485             41 381

LIABILITIES
Trade and other payables         103             86                 81
Provisions                                                            -             13                  -
Financial liabilities                                             2 138          2 137              2 154
Derivative financial instruments                                     25             15                  6
Long-term liabilities                                   1              1                  1
Deferred tax liability                                               22             13                 11

TOTAL LIABILITIES                                                 2 289          2 265              2 253

TOTAL EQUITY AND LIABILITIES                                     44 965         41 750             43 634


Condensed consolidated statement of cash flows

                                                                    For the six months             
                                                                          ended                   For the
                                                                       31 December             year ended
                                                   30 June
R million                                                           2017          2016               2017

Net cash generated from operating activities                       2 525         2 246              4 397
Dividends paid                                                    (2 456)       (2 160)            (4 320)
Net cash outflow in investment activities                            (11)         (929)              (840)
Net cash (out)/inflow in financing activities                        (16)          846                784

Net decrease in cash and cash equivalents                             42             3                 21
Cash and cash equivalents at the beginning of the period              39            18                 18

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD                    81            21                 39


Condensed consolidated statement of changes in equity

                                                                                                       Total
                                                                    Share                             equity            Non-
                                                              capital and            Total          holders'     controlling         Total
R million                                                         premium         reserves             funds        interest        equity

Balance as at 1 July 2016                                           8 825           29 419            38 244     -        38 244
Total comprehensive income for the tear                                 -            3 406             3 406               -         3 406
Dividends paid                                                          -           (2 160)           (2 160)              -        (2 160)
Reserve movements relating to associates                                -               (5)      (5)              -            (5)

BALANCE AS AT 31 DECEMBER 2016                                      8 825           30 660            39 485               -        39 485

Balance as at 1 July 2016                                           8 825           29 419            38 244               -        38 244
Total comprehensive income for the year                                 -     7 504             7 504               -         7 504
Dividends paid                                                          -           (4 320)           (4 320)              -        (4 320)
Reserve movements relating to associates                                -              (47)              (47)              -           (47)

BALANCE AS AT 30 JUNE 2017        8 825           32 556            41 381               -        41 381

Balance as at 1 July 2017                                           8 825           32 556            41 381               -        41 381
Total comprehensive income for the period                               -            3 773             3 773               -         3 773
Dividends paid                              -           (2 456)           (2 456)              -        (2 456)
Reserve movements relating to associates                                -              (22)              (22)              -           (22)

BALANCE AS AT 31 DECEMBER 2017                                      8 825           33 851            42 676               -        42 676


BASIS OF PRESENTATION OF RESULTS

The report is prepared in accordance with:
- the framework concepts and the recognition and measurement requirements of International Reporting Standards (IFRS), including interpretations
  issued by the IFRS Interpretations Committee;
- Financial Reporting Pronouncements as issued by Financial Reporting Standards Council;
- SAICA Financial Reporting Guide as issued by the Accounting Practices Committee;
  as a minimum, the information required by IAS 34 Interim Financial Reporting; and
- the requirements of the South African Companies Act, 71 of 2008, applicable to summary financial statements.

The condensed consolidated interim results for the six months ended 31 December 2017 have not been audited or independently reviewed by the
external auditor.

Accounting policies

These condensed results incorporate accounting policies that are consistent with those used in preparing the financial results for the year ended
30 June 2017.

These results are prepared in accordance with the going concern principle under the historical cost basis as modified by the fair value accounting of
certain assets and liabilities where required or permitted by IFRS.
Amendments to IAS 7 Statement of Cash Flows (IAS 7) and IAS 12 Income Taxes (IAS 12) became effective in the current year. These amendments have
not had an impact on the group's reported earnings, financial position or reserves, or a material impact on the accounting policies.

The amendments to IAS 7 introduce additional disclosures in the statement of cash flows that will enable the users of the financial statements to evaluate
changes in liabilities arising from financing activities. This amendment has been applied retrospectively and comparative information has been presented
in line with the amended disclosure requirements. The amendment to IAS 12 relates to the recognition of a deferred tax asset for unrealised losses on debt
instruments that are measured at fair value for accounting purposes but considered at cost for tax purposes. The group is accounting for deferred tax on
these assets in line with the amendments. The adoption of these amendments has no impact on the group.

No other new or amended IFRS became effective for the six months ended 31 December 2017 that impacted the group's reported earnings, financial
position or reserves, or the accounting policies.

Normalised results

RMH believes normalised earnings more accurately reflect operational performance. Headline earnings are adjusted to take into account the following
non-operational and accounting anomalies:

1. RMH's portion of normalised adjustment made by its associate, FirstRand Limited, which have a financial impact:
   - the Total Return Swap, which is an economic hedge against the cash-settled share-based payment;
   - IFRS 2 share-based payment expense in terms of the broad-based black economic empowerment transaction;
   - FirstRand shares held for client trading activities;
   - IAS 19 measurement of plan asset; and
   - the consolidation of private equity subsidiaries, which is excluded from the Rule 1 exemption of Circular 2/2015, Headline Earnings per Share.

2. RMH shares held for client trading activities by FirstRand's addition, in terms of IAS 28 Investments in Associates, upstream and downstream profits are
   eliminated when equity accounting is applied, and, in terms of IAS 32, profits or losses cannot be recognised on an entity's own equity instruments. For
   the income statement, the RMH's portion of the fair value change in RMH shares by FirstRand is, therefore, deducted from equity-accounted earnings
   and the investment recognised using the equity-accounted method.

3. Adjustment to reflect earnings impact based on actual RMH shareholding in FirstRand based on actual number of shares issued by FirstRand.

Contingencies and commitments

                                                                     For the six months          
                                ended                  For the
                                                                        31 December            year ended
                                                                                                  30 June
R million                                                           2017            2016             2017

Contingencies and commitments
Guarantees                                                         1 603             645            1 603

BALANCE AT THE END OF THE PERIOD                                   1 603             645            1 603


SEGMENTAL REPORT
                                                                                                FCC and                      RMH
R million                                    FNB         RMB     WesBank        other   FirstRand     Property       Other             RMH

For the six months ended 31 December 2017
Revenue                                                          -           -           -            -           -            5           6              11
Share of after-tax profit of associates                      2 439       1 069         652          182       4 342         (164)          5           4 183
Fee income                                                       -           -           -            -           -            -           3               3
Net fair value gain on financial assets                          -           -           -            -           -          (24)         41              17

Net income                                                   2 439       1 069         652          182       4 342         (183)         55           4 214
Administration expenses                                          -           -           -            -           -           (3)        (22)            (25)

Income from operations                                       2 439       1 069     652          182       4 342         (186)         33           4 189
Finance costs                                                    -           -           -            -           -           (3)        (77)            (80)

Profit before tax                                            2 439       1 069         652          182       4 342         (189)        (44)          4 109
Income tax expense                                               -           -           -            -           -            -         (12)            (12)

PROFIT FOR THE PERIOD                                        2 439       1 069         652          182       4 342         (189)        (56)          4 097

Headline earnings                                            2 439       1 069         652        122       4 282          (15)        (60)          4 207
Normalised earnings                                          2 438       1 069         652           84       4 243          (15)        (60)          4 168

Assets                                                           -           -           -            -           -          262         357             619
Investment in associates                                         -           -           -            -      43 809          537           -          44 346

TOTAL ASSETS                                                     -           -           -            -      43 809          799         357          44 965

TOTAL LIABILITIES                                                -           -           -            -          -           56       2 233           2 289


                                                                                                FCC and                        RMH
R million                                                      FNB         RMB     WesBank        other    FirstRand      Property     Other             RMH

For the six months ended 31 December 2016
Revenue                                                   -           -           -            -            -             1         5               6
Share of after-tax profit of associates                      2 183         961         676          230        4 050             6        17           4 073
Net fair value gain on financial assets/liabilities              -           -           -            -            -             1        26              27

Net income                                                   2 183         961         676          230        4 050             8        48           4 106
Administration expenses                                          -           -           -            -            -             -       (35)            (35)

Income from operations                                   2 183         961         676          230        4 050             8        13           4 071
Finance costs                                                    -           -           -            -            -            (1)      (72)            (73)

Profit before tax                                            2 183         961         676          230        4 050             7       (59)          3 998
Income tax expense                                               -           -           -            -            -             -        (8)             (8)

PROFIT FOR THE PERIOD                                        2 183         961         676          230        4 050             7       (67)          3 990

Headline earnings                         2 183         961         676          220        4 040             7       (86)          3 961
Normalised earnings                                          2 183         961         676          147        3 967             7       (86)          3 888

Assets                                                           -           -           -            -            -      194       275             469
Investment in associates                                         -           -           -            -       40 553           728         -          41 281

TOTAL ASSETS                                                     -           -           -            -       40 553           922       275          41 750

TOTAL LIABILITIES                 -           -           -            -            -             -     2 265           2 265


                                                                                                FCC and                       RMH
R million                                                      FNB         RMB      WesBank       other    FirstRand     Property      Other             RMH
  
For the year ended 30 June 2017
Revenue                                                          -           -            -           -            -            6         10              16
Share of after-tax profit of associates                      4 361       2 351        1 361         298        8 371            4         (1)          8 374
Fee income            -           -            -           -            -            -          3               3
Net fair value gain on financial assets                          -           -            -           -            -            -          6               6

Net income                                                   4 361       2 351        1 361         298        8 371           10         18           8 399
Administration expenses                                          -           -            -           -            -            -        (40)            (40)

Income from operations                                       4 361       2 351        1 361         298        8 371           10        (22)          8 359
Finance costs                                                    -           -            -           -            -           (2)      (150)           (152)

Profit before tax                                            4 361       2 351        1 361         298        8 371            8       (172)          8 207
Income tax expense                                               -           -            -           -            -            -         (5)     (5)
 
PROFIT FOR THE YEAR                                          4 361       2 351        1 361         298        8 371            8       (177)          8 202

Headline earnings                                            4 361       2 351        1 361          22        8 095            8       (176)          7 927
Normalised earnings                                          4 360       2 351        1 361         262        8 334            8       (176)          8 166

Assets                                                           -           -            -           -            -          244        260             504
Investment in associates                                         -           -            -           -       42 427          703          -          43 130

TOTAL ASSETS                                                     -           -            -           -       42 427          947        260          43 634

TOTAL LIABILITIES                                                -           -            -           -            -          48       2 205           2 253


Geographical segments

RMH does not have any geographic segments as both FirstRand and RMH Property are viewed as South African entities. This is expected to change in the
forthcoming financial year.


Directors

GT Ferreira (chairman), JJ Durand (deputy chairman) HL Bosman (chief executive), JP Burger, P Cooper, (Ms) SEN De Bruyn, LL Dippenaar, JW Dreyer,
PM Goss, PK Harris, (Ms) A Kekana, O Phetwe, P Lagerstrom, MM Morobe and KC Shubane
Alternate directors: F Knoetze and DR Wilson

Secretary and registered office

(Ms) EJ Marais
Physical address:          3rd Floor, 2 Merchant Place, corner of Fredman Drive and Rivonia Road, Sandton, 2196
Postal address:            PO Box 786273, Sandton, 2146
Telephone:                 +27 11 282 8000
Telefax:                   +27 11 282 4210
Web address:               www.rmh.co.za

Sponsor

(in terms of JSE Listings Requirements)
Rand Merchant Bank (a division of FirstRand Bank Limited)
Physical address:          1 Merchant Place, corner of Fredman Drive and Rivonia Road, Sandton, 2196

Transfer secretaries

Computershare Investor Services Proprietary Limited
Physical address:          First floor, Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196
Postal address:            PO Box 61051, Marshalltown, 2107
Telephone:           +27 11 370 5000
Telefax:                   +27 11 688 5221

Date: 07/03/2018 11:15:00 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
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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.

RMH - RMB HOLDINGS LIMITED - Report on proceedings at the RMB Holdings Limited (RMH) annual general meeting
Published Date : 2017/11/24 10:28:00
Source : JSE Securities Exchange - SENS
Report on proceedings at the RMB Holdings Limited (RMH) annual general meeting

RMB HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1987/005115/06)
JSE ordinary share code: RMH
ISIN: ZAE000024501

REPORT ON PROCEEDINGS AT THE RMB HOLDINGS LIMITED (RMH) ANNUAL GENERAL MEETING

At the thirtieth annual general meeting ("AGM") of the shareholders of RMH held on Wednesday, 22 November 2017, all the ordinary and special
resolutions proposed at the meeting were approved by the requisite majority of votes. In this regard, RMH confirms the voting statistics from the AGM as
follows:

                                                              Votes carried disclosed as a                          Shares voted        Shares abstained
                                                              percentage in relation to the                         disclosed as a        disclosed as a
                                                            total number of shares voted at                         percentage in         percentage in
                                                                      the meeting        Number of        relation to the       relation to the
 Resolutions                                                              %                      shares voted      total issued share   total issued share
                                                                                                                       capital*             capital*        
                                                                For                Against                                %                     %
 Ordinary resolutions

 1. Re-election of directors
 1.1 Jan Jonathan (Jannie) Durand                               90.95              9.05        1 201 003 381            85.07                  0.09
 1.2 Peter Cooper                   88.69             11.31        1 201 003 381            85.07                  0.09
 1.3 Lauritz Lanser (Laurie) Dippenaar                          89.71             10.29        1 201 004 381            85.07                  0.09
 1.4 Per-Erik (Per) Lagerström                                  99.85              0.15        1 201 087 854            85.08                  0.08
 1.5 Mafison Murphy (Murphy) Morobe                             99.85              0.15        1 201 088 854            85.08                  0.08
 2. Place of 5% (five percent) of authorised ordinary
    shares under the control of the directors                   94.60              5.40        1 201 042 823            85.08                  0.08
 3. General authority to issue ordinary shares for cash         92.58              7.42        1 201 089 116            85.08                  0.08
 4. Approval of re-appointment of auditor                       89.44             10.56        1 201 040 793            85.08                  0.08
 5. Appointment of audit and risk committee members
 5.1 Jan Willem Dreyer                                          88.10             11.90        1 201 088 854            85.08                  0.08
 5.2 Sonja Emilia Ncumisa De Bruyn-Sebotsa                      99.12              0.88        1 191 202 483            84.38                  0.78
 5.3 Per-Erik Lagerstr?m                                        99.85              0.15        1 201 087 854            85.08                  0.08

      Votes carried disclosed as a                       Shares voted        Shares abstained
                                                                percentage in relation to the                      disclosed as a        disclosed as a
                                                              total number of shares voted at                      percentage in         percentage in
                                                                     the meeting              Number of        relation to the       relation to the
 Resolutions                                                                 %                  shares voted     total issued share    total issued share                    
                                        capital*              capital*
                                                              For                  Against                                %                     %                                                                       
 Special resolutions

 1. Approval of non-executive directors' remuneration
    with effect 1 December 2017                          99.82                0.18         1 201 065 514            85.08                 0.08
 2. General authority to repurchase company shares            98.94                1.06         1 201 047 651            85.08                 0.08
 3. Issue of shares, convertible securities and/or options
    to persons listed in section 41(1) of the Companies Act
    for the purposes of their participation in a 
    reinvestment option                                       95.27                4.73         1 201 081 268            85.08                 0.08                                                                           
 4. Financial assistance to directors, prescribed officers,
    employee share scheme beneficiaries and related or
    inter-related companies                             85.19               14.81         1 201 023 122            85.08                 0.09
 5. Adoption of revised memorandum of incorporation           86.02               13.98         1 201 081 268            85.08                 0.08


*Total issued share capital is 1 411 703 218.

The special resolutions will, where necessary, be lodged for registration with the Companies and Intellectual Property Commission in due course.

Sandton
24 November 2017

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 24/11/2017 10:22:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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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.

RMH - RMB HOLDINGS LIMITED - No change statement and notice of annual general meeting
Published Date : 2017/10/25 13:04:00
Source : JSE Securities Exchange - SENS
No change statement and notice of annual general meeting

RMB HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1987/005115/06
ISIN: ZAE000024501
Share Code: RMH
(RMH)

NO CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING

NO CHANGE STATEMENT

Shareholders are advised that the annual integrated report incorporating the report of
directors, the audited financial statements for the year ended 30 June 2017, the audit and
risk committee report and the notice of the annual general meeting will be published on
RMH's website, www.rmh.co.za on or about Wednesday, 25 October 2017. The report
together with the notice of the annual general meeting will be posted to shareholders on the
same day. The documents contain no modifications to the audited results which were
published on the Stock Exchange News Service on 8 September 2017.

NOTICE OF THE ANNUAL GENERAL MEETING

Notice is hereby given that the thirtieth annual general meeting of RMH shareholders will be
held in the boardroom, 4th Floor, 2 Merchant Place, Corner Rivonia Road and Fredman
Drive, Sandton on Wednesday, 22 November 2017 at 10h00 to transact the business as
stated in the annual general meeting notice forming part of the annual integrated report.

SALIENT DATES

     Record date to determine which shareholders are entitled to                         Friday,
     receive the notice of annual general meeting                                13 October 2017

     Last day to trade in order to be eligible to attend and vote at the                Tuesday,
     annual general meeting                                                     14 November 2017

     Record date to determine which shareholders are entitled to                         Friday,
     attend and vote at the annual general meeting                              17 November 2017

     Forms of proxy for the annual general meeting to be lodged by                       Monday,
     9h00 on*                                                                   20 November 2017

*any proxies not lodged by this time must be handed to the chairman of the annual general
meeting immediately prior to such proxy exercising his/her right to vote at the annual
general meeting.

Sandton
25 October 2017

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 25/10/2017 01:00:00 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.

RMH - RMB HOLDINGS LIMITED - Availability of annual compliance report in terms of section 16.20(g) of the JSE Listings Requirements
Published Date : 2017/10/02 16:33:00
Source : JSE Securities Exchange - SENS
Availability of annual compliance report in terms of section 16.20(g) of the JSE Listings Requirements

RMB HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1987/005115/06
ISIN: ZAE000024501
Share Code: RMH
("RMH")

AVAILABILITY OF ANNUAL COMPLIANCE REPORT IN TERMS OF SECTION 16.20(g)
OF THE JSE LISTINGS REQUIREMENTS.

Shareholders are advised that the annual compliance report in terms of Section 13G(2) of
the Broad-Based Black Economic Empowerment Amendment Act No.46 of 2013, is
available on RMH's website www.rmh.co.za.


Sandton
2 October 2017

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 02/10/2017 04:30:00 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.

RMH - RMB HOLDINGS LIMITED - Audited summary financial results, board changes and cash dividend declaration for the year ended 30 June 2017
Published Date : 2017/09/08 10:23:00
Source : JSE Securities Exchange - SENS
Audited summary financial results, board changes and cash dividend declaration for the year ended 30 June 2017

RMB HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1987/005115/06
JSE Ordinary share code: RMH
ISIN code: ZAE000024501

Audited summary financial results announcement, board changes and cash dividend declaration for the year ended 30 June 2017

Basis of preparation

This report covers the audited summary final financial results of RMB Holdings Limited (RMH), based on International Financial Reporting
Standards (IFRS), for the year ended 30 June 2017.

The primary results and accompanying commentary are presented on a normalised basis as we believe this most accurately reflects the
group's underlying economic performance. The normalised earnings have been derived from the audited, IFRS financial results. A
reconciliation of the adjustments made to derive normalised earnings is presented in the accompanying schedules.
Ellen Marais, CA(SA), prepared these financial results under the supervision of Herman Bosman, LLM CFA.

About RMH

RMH is a top-40 JSE-listed investment holding company with a 34% share in FirstRand and 100% of RMH Property

Leading South African businessmen, GT Ferreira, Laurie Dippenaar and Paul Harris, founded RMH's forerunner almost 40 years ago. They still play
an important role in decision-making today.

Since its listing in 1992, RMH has provided shareholders with a vehicle to co-invest with the founders of FirstRand. In 2011, insurance interests
were separately listed as Rand Merchant Investment Holdings Limited (RMI). In the previous year, RMH expanded its investment strategy to
include a property investment business, comprising scalable entrepreneur-led businesses with proven track records in managing and building
out property portfolios.

Investment portfolio

RMH's main interest is its 34% investment in separately-listed FirstRand Limited (FirstRand), generally regarded as southern Africa's pre-eminent
financial services group, with a market capitalisation of R264.5 billion at 30 June 2017 (2016: R251.5 billion).

The extension of the investment strategy into property involved the acquisition of a 27.5% interest in Atterbury Property Holdings Proprietary
Limited (Atterbury), a 34.1 % interest in Propertuity Development Proprietary Limited (Propertuity), an urban renewal business and 40% of
Genesis Properties Three Proprietary Limited (Genesis Properties), a mezzanine debt and equity funding business, to form the newly established
RMH Property.

The RMH portfolio comprises:

FirstRand

First National Bank (FNB) - the retail and commercial bank
Rand Merchant Bank (RMB) - the corporate and investment bank
WesBank - the instalment finance business
Ashburton Investments - the group's investment management business

RMH property

Atterbury - a leading South African property group
Propertuity - an urban renewal business
Genesis - a mezzanine debt and equity funding business

Investment policy

RMH invests in businesses that can deliver superior earnings, dividend growth and sustained long-term capital growth. We specifically target
the wider financial services industry and industries complementary to our current portfolio.

Dividend policy

RMH has a stated policy of returning net dividends (after providing for funding and operational costs incurred at the centre) received in the
ordinary course of business to shareholders.

Board changes

Effective 1 September 2017, Mr David Wilson joined the board as alternate non-executive director. In future Mr Obakeng Phetwe will be a
non-executive director of RMH and not act as alternate director to Ms Albertinah Kekana.

Performance and outlook

External environment

RMH's external environment is characterised by the following trends:

- low GDP growth in SA;
- currency fluctuations;
- political uncertainty;
- changing consumer behaviour and expectations; and
- rapid technological change.

Current macroeconomic conditions suggest a negative global economic growth outlook and continued lack of growth locally. The ongoing
political and policy uncertainty is expected to continue at least until the ANC's December electoral conference. Inflation in South Africa will
remain towards the top end of the target band. The Rand is expected to remain weak against the Dollar, especially after the sovereign
downgrades and fears that the independence of the central bank could potentially be undermined by the government's efforts to revive the
ailing economy.

FNB SA Economic Forecasts

                                                      2012       2013    2014      2015     2016   2017F   2018F   2019F

% Real GDP growth                                      2.2        2.5     1.7       1.3      0.3     0.4     0.9     1.3
% Unemployment    24.9       24.7    25.1      25.4     26.7
% CPI average                                          5.6        5.8     6.1       4.6      6.3     5.4     4.9     5.4
Rand/Dollar average                                   8.21       9.65   10.85     12.78     14.7    13.5    14.9    15.5


With the backdrop of past global growth but prolonged local uncertainty, it was particularly pleasing that RMH managed to produce solid
results, in keeping with its commitment to long-term value creation.

Value created

RMH produced satisfactory results for the year ended 30 June 2017:

- Normalised earnings increased 7% to R8.2 billion (2016: R7.7 billion). Normalised earnings per share amounted to 578.5 cents per share
  (2016: 542.5 cents per share).
  RMH's core investment, FirstRand, produced a good performance despite the challenging economic climate, increasing normalised
  earnings by 7% (2016: 9%) and delivering a return on equity (ROE) of 23.4% (2016: 24.0%). FirstRand franchises, FNB, RMB and WesBank, all
  produced resilient operating results. The RMH results include the first contribution by RMH Property, which was mostly off-set by an increase in
  finance cost and the amortisation of a intangible asset created on acquisition.
- Market capitalisation increased by 4% to R82.9 billion.
- Dividends for the year distributed to shareholders increased by 11% to 327.0 cents per share (2016: 295.0 cents per share).

Sources of income

FirstRand's well-diversified income stream is drawn from the full spectrum of banking services and is predominantly sourced from South Africa.
RMH's normalised earnings is made up as follows:

                                                             For the year ended
                                                                   30 June
                                                                                            %
R million                                                  2017            2016        change

FNB                                             12 951          12 294             5
RMB                                                       6 955           6 287            11
WesBank                                                   3 996           3 927             2
Other*                                                      569             347            64

FIRSTRAND NORMALISED EARNINGS                      24 471          22 855             7

Attributable to RMH                                       8 334           7 783             7
RMH Property                                                  8               -           100
Centre costs                                               (176)           (124)           42

RMH NORMALISED EARNINGS                                   8 166           7 659             7

* Other is the total of FCC including group treasury and preference dividends paid on
  perpetual preference shares issued by FirstRand. It includes the capital endowment, the
  impact of accounting mismatches, interest rate management and foreign currency
  liquidity management.

Underlying intrinsic value

During the year to 30 June 2017, RMH's market capitalisation increased by 4%. At year-end, it amounted to R82.9 billion (June 2016: R79.4
billion) or 5 875 cents per share (June 2016: 5 625 cents). This represents a 7.3% discount (June 2016: 6.1 % discount) to RMH's underlying
intrinsic value. Net asset value per share increased 8% to 2 931.4 cents per share (June 2016: 2 709.1 cents).


      as at
                                                                   June

R million                                                  2017              2016    % change

Market value of listed interest (FirstRand)              90 077            85 664           5
Book value of RMH Property                                  899                 -         100
Net funding                         (1 546)           (1 072)         44

Total intrinsic value                                    89 430            84 592           6

Intrinsic value per share (cents)                       6 334.9           5 992.2           6


Final dividend payment

The board of RMH has resolved to declare a gross final dividend of 174.0 cents per share (2016: 153.0 cents), bringing the total dividend for
the year ending 30 June 2017 to 327.0 cents per ordinary share (2016: 295.0 cents). The dividend is covered 1.8 times (2016: 1.8 times) by
normalised earnings per share and represents a year-on-year increase of 11%.

Update on RMH's strategy

RMH's aim is to be a value-adding active enabler of leadership and innovation in banking and property. Our objective is to create a portfolio
of businesses which are market-leaders and can deliver sustainable earnings, an attractive dividend yield and capital growth. We pursue
opportunities in the changing financial services landscape which meet our stringent criteria and strong values.

RMH's strategy is based on three initiatives designed to create sustainable value. They are:

Diversification
We are constantly evaluating opportunities to expand the services of our existing investees or add new investments, thereby creating more
value.

Optimisation
We focus on continuously improving the value our investees provide in order to create better value for our shareholders.

Modernisation
We are well aware of renewal in our industries and will acquire proven businesses or invest in start-ups with special opportunities and drivers,
which can create new value.

RMH has consistently measured its performance in terms of normalised earnings, which adjusts headline earnings to take into account
non-operational items and accounting anomalies.

For the detailed calculation of normalised earnings in respect of the current and prior year, refer to table below.

The true value created is measured in terms of capital growth, which reflects the growth in the underlying value of our investments.
For a detailed analysis of RMH's intrinsic and net asset value refer to the underlying intrinsic value table above.

It is RMH's objective to provide shareholders with a consistent annual dividend flow. In extraordinary circumstances, this can be
complemented by other distributions in the form of special dividends or the unbundling of investments to shareholders.

Outlook and future value creation

Management will focus on the following in the year ahead:

Diversification of income stream and distribution of assets:
Management will focus on the newly-created property business in identifying opportunities for both the core portfolio and specialist portfolio.
It will evaluate expanding RMH's geographic footprint further, either independently and/or through the existing portfolio.

Optimisation of our established investments:
Management will continue its strategic dialogue and activity across the portfolio. It will assist with creating leadership stability and succession
planning.

Modernisation:
RMH will continue to identify new businesses, technologies and industry trends to complement RMH and its investee companies.

We remain confident that both our clear strategy, in conjunction with the solid investment portfolio and underpinned by unwavering values,
will allow RMH to continue delivering on its primary objective of creating sustainable, long-term value for shareholders.
For and on behalf of the board

GT Ferreira  HL Bosman
Chairman     Chief executive officer
Sandton
8 September 2017


Final dividend declaration

Notice is hereby given that a gross final dividend of 174.0 cents per share, payable out of income reserves, was declared on 8 September
2017 in respect of the year ended 30 June 2017.

The dividend will be subject to Dividend Withholding Tax at a rate of 20%, which will result in a net dividend of 139.2 cents per share for those
shareholders who are not exempt. The company's tax reference number is 9950/098/71/6. Its issued share capital at the declaration date
comprises 1 411 703 218 ordinary shares and 11 800 redeemable preference shares.

Shareholders' attention is drawn to the following important dates:

- Last day to trade in order to participate in this dividend          Tuesday, 3 October 2017
- Shares commence trading ex-dividend on                              Wednesday, 4 October 2017
- The record date for the dividend payment will be                    Friday, 6 October 2017
- Dividend payment date                                               Monday, 9 October 2017

No dematerialisation or rematerialisation of share certificates may be done between Wednesday, 4 October 2017 and Friday, 6 October 2017
(both days inclusive).

By order of the board
(Ms) EJ Marais

Company secretary
8 September 2017

Financial review
The dominant part of RMH's income is its share in the after-tax profits of FirstRand, amounting to R8 202 million (2016: R7 559 million).

Audited summary consolidated income statement

                                                                            For the year ended
                30 June

R million                                                                    2017           2016       % change

Revenue                                                                        16              7
Share of after-tax profit of associate companies                            8 374          7 684              9
Fee income                           3              -
Net fair value gain/(loss) on financial assets and liabilities                  6            (14)

Net income                                                                  8 399          7 677              9
Administration expenses                                                       (40)           (16)          amp;gt;100

Income from operations                                               8 359          7 661              9
Finance costs                                                                (152)           (87)            75

Profit before tax                                                           8 207          7 574              8
Income tax expense                                                             (5)           (15)           (67)

PROFIT FOR THE YEAR                                                         8 202          7 559              9


Audited summary consolidated statement of comprehensive income


                                                                             For the year ended
                                                                                   30 June

R million                                                                  2017           2016       % change

Profit for the year                                                         8 202          7 559              9

Other comprehensive income, after tax:
Items that may be reclassified to profit or loss
Share of other comprehensive income of associate after tax and
non-controlling interests*                                           (742)            82
Available-for-sale financial assets                                           (14)             -

Losses arising during the year                                                (18)             -
Deferred income tax                                                             4              -

Items that may not subsequently be reclassified to profit or loss
Share of other comprehensive income of associate after tax and

non-controlling interests                                                      58            (47)

Other comprehensive income for the year                                      (698)            35

TOTAL COMPREHENSIVE INCOME FOR THE YEAR                                     7 504          7 594             (1)

* Large movement due to translation of FirstRand's foreign operations.


Audited computation of headline earnings


                                                                              For the year ended
                                                                                   30 June

R million                                                                    2017           2016     % change

Earnings attributable to equity holders                                     8 202          7 559              9
Adjusted for:
RMH's share of adjustments made by FirstRand:
  Gain on disposal of investment securities and other investments
  of a capital nature                                                          (1)            (2)
  Loss due to the fair value adjustment of a non-current asset held
  for sale                                                                     32              -
  Gain on disposal of available-for-sale assets                               (18)            (2)
  Loss on disposal of investments in non-private equity associates              2              -
  Impairment of non-private equity associates                                   1      -
  Gain on disposal of investments in subsidiaries                            (619)           (28)
  Loss/(gain) on disposal of property and equipment                             5            (50)
  Fair value movement on investment properties                                  -              7
  Impairment of goodwill                                                       41              3
  Impairment of assets in terms of IAS 36                                     126             16
  Tax effects of adjustments                                                    9             (7)
  Non-controlling interests adjustments                                       146              3
RMH's own adjustments:
  Loss on deemed sale of associate due to change in effective
  shareholding                                                       1              4

HEADLINE EARNINGS ATTRIBUTABLE TO EQUITY HOLDERS                            7 927          7 503              6


Computation of normalised earnings

RMH regards normalised earnings as the appropriate basis to evaluate business performance as it eliminates the impact of non-recurring
items and accounting anomalies.


                                                                     For the year ended
                                                                                   30 June

R million                                                                    2017           2016       % change

Headline earnings attributable to equity holders                            7 927          7 503              6
RMH's share of adjustments made by FirstRand:
TRS and IFRS 2 liability remeasurement                                        (21)           168
Treasury shares                                                                (4)            (2)
IAS 19 adjustment                                                             (40)           (35)
Private equity subsidiary realisations                      307             28
Adjusted for:
  RMH shares held by associate(1)                                               -              1
  Group treasury shares(2)                                                     (3)            (4)

NORMALISED EARNINGS ATTRIBUTABLE TO EQUITY HOLDERS                          8 166          7 659              7

(1) RMH shares held for client trading activities by FirstRand.
(2) Adjustment to reflect earnings impact based on actual RMH shareholding in FirstRand i.e. reflecting
    treasury shares as if they are non-controlling interests.


Audited computation of per share information


                                                                             For the year ended
                      30 June

R million                                                                    2017           2016       % change

Earnings attributable to equity holders                                     8 202          7 559              9
Headline earnings attributable to equity holders                            7 927          7 503              6
Normalised earnings attributable to equity holders                          8 166          7 659              7
Net asset value                                                            41 381         38 244              8

Number of shares in issue (millions)                                        1 412          1 412              -
Weighted average number of shares in issue (millions)                       1 411          1 411              -
Diluted weighted average number of shares in issue (millions)               1 411          1 411              -
Weighted average number of shares in issue (millions) for
normalised earnings                                                         1 412          1 412              -

Earnings per share (cents)                                                  581.2          535.7          8
Diluted earnings per share (cents)                                          581.2          535.7              8
Headline earnings per share (cents)                                         561.7          531.7              6
Diluted headline earnings per share (cents)                                 561.7          531.7              6
Normalised earnings per share (cents)                        578.5          542.5              7
Diluted normalised earnings per share (cents)                               578.5          542.5              7
Net asset value per share (cents)                                         2 931.3        2 709.1              8


Audited dividend per share

                                                                              For the year ended
                                                                                    30 June

cents                                                                        2017           2016       % change

Dividend per share
 Interim                                                                    153.0          142.0              8
 Final                        174.0          153.0             14

TOTAL                                                                       327.0          295.0             11

Dividend cover (relative to headline earnings)                                1.7            1.8
Dividend cover (relative to normalised earnings)                              1.8            1.8


Audited summary consolidated statement of financial position

The investment in associates increased with RMH's share of after-tax profits of R8 374 million (2016: R7 684 million) and RMH's share of
associates' other reserves of R 731 million (2016: R321 million). This was offset by dividends received of R4 528 million (2016: R4 298 million).


                                                                                as at 30 June

R million                                                                    2017           2016

ASSETS
Cash and cash equivalents                                                      39             18
Loans and receivables                                                         114              3
Investment securities                                                         334    223
Taxation receivable                                                             5              1
Derivative financial instruments                                                8              -
Deferred tax asset                                                              4             12
Investment in associates                                                   43 130         39 316

TOTAL ASSETS                                                               43 634         39 573

EQUITY
Share capital and premium                                                   8 825          8 825
Reserves                                                                   32 556         29 419

TOTAL EQUITY                                                               41 381         38 244

LIABILITIES
Trade and other payables                                                       81             62
Provisions                                                                      -              1
Financial liabilities                                                       2 154          1 218
Derivative financial instruments                                                6             29
Long-term liabilities                                                           1             10
Deferred tax liability                                                         11              9

TOTAL LIABILITIES                                                           2 253          1 329

TOTAL EQUITY AND LIABILITIES                                               43 634         39 573



Audited summary consolidated statement of cash flows

                                                                              For the year ended
                                                                                    30 June

R million                                                                    2017           2016

Net cash generated from operating activities      4 397          4 273
Dividends paid                                                             (4 320)        (4 178)
Net cash outflow in investment activities                                    (840)             -
Net cash in/(out)flow in financing activities                                 784            (93)

Net decrease in cash and cash equivalents                                      21              2
Cash and cash equivalents at the beginning of the year                         18             16

CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR                               39             18



Audited summary consolidated statement of changes in equity

                        Total
                                                                         Share          Equity                                                    equity
                                                                   capital and       accounted   Available-for-        Other       Retained      holders'
R million        premium        reserves     sale reserve     reserves       earnings        funds

Balance as at 1 July 2015                                                8 815          23 175                -          333          2 851       35 174
Total comprehensive income for the year                                      -              35                -            -          7 559        7 594
Dividends paid                                                               -               -                             -         (4 178)      (4 178)
Income of associate company retained                                         -           3 026                -            -         (3 026)           -
Reserve movements relating to associate                                      -               9              -            -           (365)        (356)
Movement in treasury shares                                                 10               -                -            -              -           10

BALANCE AS AT 30 JUNE 2016                                               8 825          26 245                -          333          2 841       38 244

Balance as at 1 July 2016                                       8 825          26 245                -          333          2 841       38 244
Total comprehensive income or the year                                       -            (684)             (14)           -          8 202        7 504
Dividends paid                                                               -               -                -            -     (4 320)      (4 320)
Income of associates retained                                                -           3 722                -            -         (3 722)           -
Reserve movements relating to associates                                     -              76                -            -           (123)         (47)

BALANCE AS AT 30 JUNE 2017       8 825          29 359              (14)         333          2 878       41 381


Basis of presentation of results

This report is prepared in accordance with:
- the framework concepts and the recognition and measurement requirements of International Reporting Standards (IFRS), including
  interpretations issued by the IFRS Interpretations Committee;
- Financial Reporting Pronouncements as issued by Financial Reporting Standards Council;
- SAICA Financial Reporting Guide as issued by the Accounting Practices Committee;
- as a minimum, the information required by IAS 34 Interim Financial Reporting; and the requirements of the South African Companies Act,
  Act 71 of 2008, applicable to summary financial statements.

The directors take full responsibility and confirm that this information has been correctly extracted from the annual financial statements from
which the summary consolidated financial statements were derived.

Accounting policies

These summary results incorporate accounting policies that are consistent with those used in preparing the financial results for the year
ended 30 June 2016.

The consolidated financial statements, from which these summary consolidated financial statements are extracted, are prepared in
accordance with the going concern principle under the historical cost basis, as modified by the fair value accounting of certain assets and
liabilities, where required or permitted by IFRS.

No new or amended IFRS standards which become effective had an impact on the results for the year ended 30 June 2017.

Normalised results

RMH believes normalised earnings more accurately reflect operational performance. Headline earnings are adjusted to take into account
the following non-operational and accounting anomalies :
1. RMH's portion of normalised adjustments made by its associates, which have a financial impact:
   - the Total Return Swap (TRS), which is an economic hedge against the cash-settled share-based payment;
   - IFRS 2 share-based payment expense in terms of the BEE transaction;
   - FirstRand shares held for client trading activities;
   - IAS 19 measurement of plan asset; and
   - the consolidation of private equity subsidiaries, which is excluded from the Rule 1 exemption of Circular 2/2015, Headline Earnings
     per Share.

2. RMH shares held for client trading activities by FirstRand's addition, in terms of IAS 28 Investments in Associates. Upstream and downstream
   profits are eliminated when equity accounting is applied, and, in terms of IAS 32, profits or losses cannot be recognised on an entity's own
   equity instruments. For the income statement RMH's portion of the fair value change in RMH shares held by FirstRand is, therefore, deducted
   from equity-accounted earnings and the investment recognised using the equity-accounted method.

3. Adjustment to reflect earnings impact based on actual RMH shareholding in FirstRand based on actual number of shares issued
   by FirstRand.

Normalised earnings presented in these summary financial results constitutes pro forma financial information. 
The pro forma financial information is the responsibility of the directors and is presented for illustrative purposes. 
Because of its nature, the pro forma financial information may not fairly present RMH's financial position, changes 
in equity, results of operations or cash flows. An assurance report has been prepared and issued by our auditors, 
PricewaterhouseCoopers Inc. on the pro forma financial information included in this report that is available at the
registered office of RMH.

Auditor's report

The summary consolidated financial statements for the year ended 30 June 2017 contained in this booklet have been audited by
PricewaterhouseCoopers Inc., who expressed an unmodified opinion thereon in terms of ISA 810 (revised).
The auditors also expressed an unmodified opinion on the annual financial statements from which the summary consolidated financial
statements were derived. Unless the financial information is specifically stated as audited, it should be assumed to be unaudited.
A copy of the auditor's report on the annual consolidated financial statements is available for inspection at RMH's registered office,
2 Merchant Place, corner Fredman Drive and Rivonia Road, Sandton, together with the financial statements identified in the respective 
auditor's reports.

The auditor's report does not necessarily report on all of the information contained in these summary consolidated financial statements.
Shareholders are therefore advised that in order to obtain a full understanding of the nature of the auditors' engagement they should review
the auditor's report together with the accompanying financial information from the issuer's registered office.

The forward-looking information has not been reviewed or reported on by the group's external auditor. RMH's board of directors take full
responsibility for the preparation of this announcement.



Audited contingencies and commitments

                                                as at 30 June

R million                                     2017         2016
Contingencies and commitments
Guarantees               1 603          321

BALANCE AT THE END OF THE YEAR               1 603          321



Segmental report
                                                                                     FCC and                           RMH
R million                                      FNB          RMB       WesBank          other       FirstRand       Property       Other      RMH

Year ended 30 June 2017
Share of after-tax profit of associates      4 411        2 370         1 361            229           8 371              4           (1)     8 374
Fee income                                       -            -             -              -               -              -            3          3
Investment income                                -            -             -              -               -              6           10         16
Net fair value loss on financial assets          -            -             -              -               -              -            6          6

Net income                                   4 411        2 370         1 361            229           8 371             10           18      8 399
Administration expenses                          -            -             -              -               -              -          (40)       (40)

Income from operations                       4 411        2 370         1 361            229           8 371             10          (22)     8 359
Finance costs                                    -            -             -              -               -             (2)        (150)      (152)

Profit before tax                            4 411        2 370         1 361            229           8 371              8         (172)     8 207
Income tax expense                               -            -             -              -               -              -           (5)        (5)

PROFIT FOR THE YEAR                          4 411        2 370         1 361            229           8 371              8         (177)     8 202

Headline earnings                            4 411        2 370         1 361            (47)          8 095              8         (176)     7 927
Normalised earnings                          4 411        2 369         1 361            193           8 334              8         (176)     8 166

Investment in associates                         -       -             -              -          42 427            703            -     43 130
Other assets                                     -            -             -              -               -            244          260        504

TOTAL ASSETS                                     -            -             -              -          42 427            947          260     43 634

TOTAL LIABILITIES                                -            -             -              -               -             48        2 205      2 253


                                                                                     FCC and                           RMH
R million                                      FNB          RMB       WesBank          other       FirstRand       Property        Other        RMH

Year ended 30 June 2016
Share of after-tax profit of associate       4 189        2 142         1 338             19           7 688              -           (4)     7 684
Investment income                                -            -             -              -               -                           7          7
Net fair value loss on financial assets          -            -         -              -               -              -          (14)       (14)

Net income                                   4 189        2 142         1 338             19           7 688              -          (11)     7 677
Administration expenses                          -            -             -              -               -              -          (16)       (16)

Income from operations                       4 189        2 142         1 338             19           7 688              -          (27)     7 661
Finance costs                                    -            -             -              -               -              -          (87)       (87)

Profit before tax                            4 189        2 142         1 338             19           7 688              -         (114)     7 574
Income tax expense                               -            -             -              -               -              -          (15)       (15)

PROFIT FOR THE YEAR                          4 189        2 142         1 338             19           7 688              -         (129)     7 559

Headline earnings                            4 189        2 142         1 338            (41)          7 628              -         (125)     7 503
Normalised earnings                          4 187        2 141         1 337            118           7 783              -         (124)     7 659

Investment in associates                         -            -             -              -          39 316              -            -     39 316
Other assets                    -            -             -              -               -              -          257        257

TOTAL ASSETS                                     -            -             -              -          39 316              -          257     39 573

TOTAL LIABILITIES                                -            -             -              -               -              -        1 329      1 329


Geographical segments

RMH does not have any geographic segments as both FirstRand and RMH Property are viewed as South African entities.

Directors
GT Ferreira (Chairman), JJ Durand (Deputy chairman) HL Bosman (CEO), JP Burger, P Cooper, (Ms) SEN De Bruyn Sebotsa, LL Dippenaar,
JW Dreyer, PM Goss, PK Harris, (Ms) A Kekana, O Phetwe, P Lagerstrom, MM Morobe and KC Shubane

Alternate directors: F Knoetze and D Wilson

Secretary and registered office
(Ms) EJ Marais

Physical address:    3rd Floor, 2 Merchant Place, corner of Fredman Drive and Rivonia Road, Sandton, 2196
Postal address:      PO Box 786273, Sandton, 2146
Telephone:           +27 11 282 8000
Telefax:             +27 11 282 4210
Web address:         www.rmh.co.za

Sponsor
(in terms of JSE Listings Requirements)
Rand Merchant Bank
(a division of FirstRand Bank Limited)
Physical address:      1 Merchant Place, corner of Fredman Drive and Rivonia Road, Sandton, 2196

Transfer secretaries
Computershare Investor Services Proprietary Limited
Physical address:    First floor, Rosebank Towers,
                     15 Biermann Avenue, Rosebank, 2196
Postal address:      PO Box 61051, Marshalltown, 2107
Telephone:           +27 11 370 5000
Telefax:             +27 11 688 5221

Date: 08/09/2017 10:20:00 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.

RMH - RMB HOLDINGS LIMITED - Changes to directorate
Published Date : 2017/09/01 15:22:00
Source : JSE Securities Exchange - SENS
Changes to directorate

RMB HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1987/005115/06
ISIN: ZAE000024501
Share Code: RMH
("RMH")

CHANGES TO DIRECTORATE

In compliance with the JSE Limited Listings Requirements, RMH
shareholders are advised of the appointment of Mr David Wilson as
an alternate non-executive director to the RMH board, effective
1 September 2017.

Mr David Wilson is a chartered accountant by profession and is
currently employed by Royal Bafokeng Holdings(RBH) as Head of
Portfolio. He is a director of Royal Bafokeng Platinum Limited,
representing RBH. Prior to joining RHB, he was a director and Head
of Mergers and Acquisitions for sub-Saharan Africa at Deutsche
Bank, South Africa. Before joining Deutsche Bank in 2004, he was
an Associate Director, Corporate Finance at HSBC, South Africa and
Vice President, Corporate Finance at ING Barings, South Africa.

Mr Obakeng Phetwe will be a non-executive director of RMH and not
act as an alternate director to Ms Albertinah Kekana effective
1 September 2017.

Sandton
1 September 2017

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 01/09/2017 03:18:00 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.

RMH - RMB HOLDINGS LIMITED - RMB Holdings Limited - Internal Group Restructure
Published Date : 2017/06/14 15:09:00
Source : JSE Securities Exchange - SENS
RMB Holdings Limited - Internal Group Restructure

RMB Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1987/005115/06)
ISIN: ZAE000024501
JSE ordinary share code: RMH
("RMH" or "Group")

RMB HOLDINGS LIMITED - INTERNAL GROUP RESTRUCTURE

In accordance with section 122(3) (b) of the Companies Act (no 71 of 2008) ("the Act") and
paragraph 3.83(b) of the JSE Limited Listings Requirements, shareholders are advised of the
following:

RMH has completed an internal Group restructure in terms of which, inter alia, an asset
holding entity and a treasury entity have been created within the Group. Both entities are
100% owned by RMH.

RMH's 34.06% shareholding in FirstRand Limited has been moved to the asset holding
entity, RMH Asset Holding Company Proprietary Limited.

As required in terms of section 122(3)(a) of the Act, RMH has filed the required notice with
the Takeover Regulation Panel.


14 June 2017

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 14/06/2017 03:05:00 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.

RMH - RMB HOLDINGS LIMITED - Unaudited interim results, cash dividend declaration and board changes for six months ended 31 December 2016
Published Date : 2017/03/10 08:11:00
Source : JSE Securities Exchange - SENS
Unaudited interim results, cash dividend declaration and board changes for six months ended 31 December 2016

RMB HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1987/005115/06
JSE Ordinary share code: RMH
ISIN code: ZAE000024501


Condensed unaudited interim results announcement, cash dividend declaration and board changes for the six months ended 31 December 2016


Financial indicators
for the six months ended 31 December 2016


Normalised earnings +6% to 275.4 cents per share
Dividend +8% to 153.0 cents per share
Net asset value +7% to 2 796.4 cents per share
Intrinsic value +26% to 7 120.7 cents per share


Basis of preparation


This report covers the unaudited interim financial results of RMB Holdings Limited (RMH), based on International Financial Reporting Standards (IFRS), for the
six months ended 31 December 2016.


The primary results and accompanying commentary are presented on a normalised basis as we believe this most accurately reflects the group's
underlying economic performance. The normalised earnings have been derived from the unaudited, IFRS financial results. A reconciliation of the
adjustments made to derive normalised earnings is presented in the accompanying schedules.


Ellen Marais CA(SA) prepared these financial results under the supervision of Herman Bosman LLM CFA.


Who we are


RMH is a top 40 JSE-listed investment holding company with a 34% share in one of Southern Africa's leading banking and financial services groups, FirstRand


Our primary objective is to create long-term value for our shareholders


RMH was founded by leading South African businessmen GT Ferreira, Laurie Dippenaar and Paul Harris almost 40 years ago. It represents the merger of
Rand Consolidated Investments and Rand Merchant Bank, then owned and managed by Johann Rupert of Remgro. Our founding members still play an
important role in the decision-making of RMH.


Since its listing in November 1992, RMH has provided shareholders with a vehicle to co-invest with the founders of FirstRand.
In 2011, all insurance interests were separately listed as Rand Merchant Investment Holdings Limited (RMI). Since then, RMH has been a dedicated
investment vehicle into FirstRand.


In 2016 RMH announced the expansion of its investment strategy to include a property investment business alongside its investment in FirstRand. This
involves establishing a diversified portfolio of scalable entrepreneur-led businesses with proven track records in managing and building out property
portfolios.


Our portfolio


RMH is well-known for its entrepreneurship, innovation and value creation. We invest in businesses that can deliver superior earnings, dividend growth and
sustained capital growth. RMH specifically targets the wider financial services industry and industries complementary to its current portfolio.
RMH's main interest is its 34% investment in separately listed, FirstRand. The extension of the investment strategy to include property, involved the previously-
announced acquisition of a 27.5% interest in Atterbury Property Holdings Proprietary Limited (Atterbury) and a 34% interest in Propertuity, an urban
renewal business. In addition, during the period under review, RMH concluded a transaction to acquire 40% of Genesis Properties Three Proprietary Limited
(Genesis Properties), a mezzanine debt and equity funding business.


The RMH portfolio comprises:

                                 First National Bank (FNB)                       the retail and commercial bank

      Rand Merchant Bank (RMB)                        the corporate and investment bank
 FirstRand
                                 WesBank                                         the instalment finance business

                                 Ashburton Investments                           the group's investment management business


                                 Atterbury                    a leading South African property group

 RMH Property                    Propertuity                                     an urban renewal business

                                 Genesis                                         a mezzanine debt and equity funding business


RMH is an influential shareholder and partners management in strategic dialogue. The group provides benefits such as broad-based black economic
(BBBEE) shareholding, portfolio optimisation and long-term focus.


Our dividend policy
We seek to achieve a sound balance between providing an attractive yield to shareholders and achieving sustained capital growth. RMH has a stated
policy of returning net dividends (after providing for funding and operational costs incurred at the centre) received in the ordinary course of business to
shareholders.


Our performance and outlook


Economic environment


The macroeconomic environment remained tough during the reporting period, with global and local political and economic uncertainty increasing.
The South African economy was impacted by rising unemployment and inflation, combined with lower business and consumer confidence. This resulted in
decreased household and business spending. The inflation rate remained well above the South African Reserve Bank's 6% upper-range, which prevented
any interest rate relief.


The Rand was supported by the fall in domestic imports and an increase in export growth as a result of a decrease in the trade deficit and a significant
improvement in South Africa's terms of trade.


The continued local political uncertainty negatively impacted local and international investor confidence. This was compounded by increased global
political uncertainty in the aftermath of the US election.


The macroeconomic environment in the rest of the sub-Saharan region remained challenging and experienced lower commodity prices, weakened
government finances, drought conditions and policy uncertainty.


Overview of results


Despite the challenging economic climate, FirstRand produced a satisfactory performance, increasing normalised earnings by 7% (2015: 9%) and
delivering a return on equity (ROE) of 22.9% (2015: 23.4%). The RMH results include the first contribution of R7 million by RMH Property, which was mostly
offset by an increase in finance cost due to an increase in funding of R925 million. RMH increased normalised earnings by 6% (2015: 9%) and produced
normalised earnings of R3.9 billion (2015: R3.6 billion). Normalised earnings per share amounted to 275.4 (2015: 258.8) cents per share. FirstRand franchises,
FNB, RMB and WesBank, all produced resilient operating results. RMH Property delivered results within RMH's investment expectation.


The RMH interim dividend of 153.0 (2015: 142.0) cents per share increased by 8% (2015: 16%). This is in line with RMH's stated policy of returning dividends to
shareholders after provision for RMH's funding and administrative costs.


Sources of income


FirstRand's well-diversified income stream is drawn from the full spectrum of banking services and is predominantly sourced from South Africa. RMH's
normalised earnings is made up as follows:

                                                        For the six months ended                         For the
R million                                                                   31 December                             year ended
                                                                                                                       30 June
                                           2016           2015      % change             2016

FNB                                                                        6 462          6 278             3           12 294
RMB                                                                        2 853          2 805             2            6 287
WesBank                        1 944          1 786             9            3 927
Other*                                                                       387             46          amp;gt;100              347

Firstrand normalised earnings                                             11 646         10 915             7           22 855

Attributable to RMH          3 965          3 717             7            7 783
RMH Property                                                                   7              -           100                -
RMH's funding and administrative costs                                       (84)           (63)          (33)            (124)

Rmh normalised earnings                                                    3 888        3 654             6            7 659

* Other is the total of FCC including group treasury and the preference dividend paid on non-cumulative, non-redeemable
  preference shares issued by FirstRand. It includes year-on-year negative accounting mismatches, improvement of interest
  rate management and improvement in foreign currency liquidity management.


Underlying intrinsic value


During the six months to 31 December 2016, RMH's market capitalisation increased by 19% year-on-year. At that date, it amounted to R93.7 billion (June
2016: R79.4 billion) or 6 640 cents (June 2015: 5 625 cents) per share. This represented a 7.2% discount (June 2016: 6.1% discount) to RMH's underlying
intrinsic value. Net asset value per share increased 7% to 2 796.4 cents (June 2015: 2 709.1) per share.

                                                                             As at 31 December                           As at
                                                                                                                       30 June
R million                                                                   2016           2015      % change             2016

Market value of listed interest (FirstRand)                              101 578         80 945                         85 664
Carrying value of RMH Property                                               728              -                              -
Net funding                                                               (1 783)        (1 068)                        (1 072)

Total intrinsic value                                          100 523         79 877            26           84 592

Intrinsic value per share (cents)                                        7 120.7        5 658.2            26          5 992.2

Net asset value per share (cents)                                        2 796.4        2 613.5             7          2 709.1

Price-to-book ratio (times)                              2.4            2.1                            2.1


Interim dividend payment


RMH's sole source of dividend income is its investment in FirstRand. FirstRand believes, that due to the sustained superior return profile and strong
performances from franchises, combined with a strong capital position and low growth in risk-weighted assets for the six months period to December
2016, an increase in dividend above earnings growth was appropriate. As a result, the dividend cover is slightly below FirstRand's stated long-term cover
range of 1.8 to 2.2. The range is assessed on an annual basis.


The board is of the opinion that RMH is adequately capitalised and that the company will be able to meet its obligations in the foreseeable future, after
payment of the interim dividend.


Having due regard to the interim dividend receivable from FirstRand and applying the dividend practice outlined above, the board of RMH has resolved
to declare a gross interim dividend of 153.0 cents per share (2015: 142.0 cents). This dividend is 1.8 times (2015: 1.8 times) covered by normalised earnings
per share and represents a year-on-year increase of 8% (2015: 16%).


Changes to the board of directors


In compliance with the JSE Limited Listings Requirements, RMH advises the following changes to its board of directors:
- Jannie Durand was appointed deputy chairman and non-executive director, effective 13 March 2017. He was previously alternate to Faffa Knoetze.
- In turn, Faffa Knoetze resigned as non-executive director from the RMH board effective the same day and was appointed as alternate to Jannie
  Durand effective 13 March 2017.


Outlook


Based on the FirstRand outlook and current macroeconomic conditions, the group expects economic growth to pick up in the second half of the year.
Global and local political uncertainty imposes downside risk.


RMH management will focus on the following during the rest of the year:


Diversify


Diversification of income stream and distribution of assets:
Identifying opportunities for our core and specialist portfolio in the newly-created property business.
Evaluate expanding RMH's geographic footprint further, either independently and/or through the existing portfolio.


Optimise


Optimisation of our established investments:
Will continue its strategic dialogue and activity across the portfolio and it will assist with capital planning and provide a funding platform for investee
companies.


Modernise


Modernisation:
RMH recognises the technological development in the global financial services industry.
Will continue to assess and invest in new business trends and disruptive technologies, either independently or in partnership with investee companies.


The board is of the opinion that the diversification of the income base of RMH, together with FirstRand's stated intent to continue to deliver ongoing
growth and superior returns, will contribute positively to returns for RMH shareholders over the short-, medium- and long-term. RMH has a strong pipeline of
potential property investment opportunities spanning a wide variety of niche sub-segments that meet the mandate of RMH's specialist property portfolio.
However, given the challenging macroeconomic outlook, RMH remains cautious in terms of deploying large amounts of capital into established property
portfolios, preferring to focus on partnering with entrepreneurs who have high levels of intellectual property and track records with less mature property
portfolios. There are no imminent transactions at this reporting date.


For and on behalf of the board


GT Ferreira          Herman Bosman
Chairman             Chief executive
Sandton
10 March 2017


Interim dividend declaration


Notice is hereby given that a gross interim dividend of 153.0 cents per share, payable out of income reserves, was declared on 10 March 2017 in respect
of the six months ended 31 December 2016.


The dividend will be subject to Dividend Withholding Tax at a rate of 20%, which will result in a net dividend of 122.4 cents per share for those shareholders
who are not exempt. The company's tax reference number is 9950/098/71/6. Its issued share capital at the declaration date comprises 1 411 703 218
ordinary shares and 11 800 redeemable preference shares.


Shareholders' attention is drawn to the following important dates:


Last day to trade in order to participate in this dividend           Tuesday, 28 March 2017
Shares commence trading ex-dividend on                               Wednesday, 29 March 2017
The record date for the dividend payment will be                     Friday, 31 March 2017
Dividend payment date                                                Monday, 3 April 2017


No dematerialisation or rematerialisation of share certificates may be done between Wednesday, 29 March 2017 and Friday, 31 March 2017 (both days
inclusive).


In the interest of facilitating safer and faster payment of dividends and other payments by RMH, it has been decided that no further cheques will be
issued and all future payments will only be made by electronic transfer into a nominated bank account. RMH's memorandum of incorporation has been
amended accordingly. RMH dividends, therefore will no longer be paid by cheque to stakeholders. Shareholders who have not yet provided bank
account details to Computershare Investor Services (Pty) Ltd are reminded to contact Computershare on 0861 100 930/933 with their bank account
details into which ordinary dividends can be electronically paid.
By order of the board


Ellen Marais
Company secretary
10 March 2017


Financial review


The dominant part of RMH's income is its share in the after-tax profits of FirstRand, amounting to R4 049 million (2015: R3 569 million).


Condensed consolidated income statement

                                                                           For the six months ended                        For the
                                31 December                            year ended
                                                                                                                           30 June
R million                                                                     2016            2015        % change            2016

Share of after-tax profit of associate companies                      4 073           3 569              14           7 684
Investment income                                                                6              (5)                              7
Net fair value gain/(loss) on financial assets and liabilities                  27             (21)                            (14)

Net income                 4 106           3 543              16           7 677
Administration expenses                                                        (35)             (2)          amp;gt;(100)            (16)

Income from operations                                                       4 071           3 541              15           7 661
Finance costs                 (73)            (43)            (70)            (87)

Profit before tax                                                            3 998           3 498              14           7 574
Income tax expense                                                              (8)              -            (100)            (15)

PROFIT FOR THE PERIOD            3 990           3 498              14           7 559

Attributable to:
Equity holders of the company                                                3 990           3 498              14           7 559

PROFIT FOR THE PERIOD                                                        3 990           3 498              14           7 559


Condensed consolidated statement of comprehensive income

                                                                           For the six months ended                        For the
                                                                                  31 December                           year ended
                                                                                                                           30 June
R million                                                                     2016            2015        % change            2016

Profit for the period                                                        3 990           3 498              14           7 559

Other comprehensive income, after tax:
Items that may be reclassified to profit or loss
Share of other comprehensive income of associates after tax and
non-controlling interests                                                     (543)            792                              82
Items that may not subsequently be reclassified to profit or loss
Net loss on available-for-sale financial assets                                (13)              -                               -
Share of other comprehensive income of associates after tax and
non-controlling interests                                                      (28)            (22)                            (47)

OTHER COMPREHENSIVE INCOME FOR THE PERIOD                                     (584)            770           amp;gt;(100)             35

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD                                    3 406           4 268             (20)          7 594

Total comprehensive income attributable to:
Equity holders of the company                                                3 406           4 268             (20)          7 594

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD                                    3 406           4 268             (20)          7 594


RMH regards normalised earnings as the appropriate basis to evaluate business performance as it eliminates the impact of non-recurring items and
accounting anomalies.


Computation of headline and normalised earnings

                                                                          For the six months ended                         For the
                                                                                31 December                             year ended
                                                                                                                        30 June
R million                                                                    2016            2015       % change              2016

Earnings attributable to equity holders                                     3 990           3 498             14             7 559
Adjustment for:
RMH's share of adjustments made by associates:
  Gain on disposal of investment securities and other investments
  of a capital nature                                                           -              (2)                              (2)
  (Gain)/Loss on disposal of available-for-sale assets                        (22)              1                               (2)
  Loss on disposal of investments in associates or joint ventures               1               -                                -
  Loss/(Gain) on disposal of investment in subsidiaries                         2               -                              (28)
  Loss/(Gain) on the disposal of property and equipment                         3             (27)                             (50)
  Fair value of investment properties                                           -               -                                7
  Impairment of goodwill                                                        -               -                                3
  Impairment of assets in terms of IAS 36                                       -               -                               16
  Tax effects of adjustments                                                    5               -                               (7)
  Non-controlling interests adjustment                                          -               -                                3
RMH's own adjustments:
  (Gain)/Loss on deemed sale of associate due to change in
  effective shareholding                                                      (18)             6                                4

HEADLINE EARNINGS ATTRIBUTABLE TO EQUITY HOLDERS                            3 961           3 476             14             7 503

RMH's share of adjustments made by FirstRand:
Treasury shares                                                                 2               -                               (2)
Total Return Swap adjustment                                     (57)            194                              168
IAS 19 adjustment                                                             (18)            (18)                             (35)
Private equity subsidiary realisations                                          -               -                               28
Adjustment for:
  RMH shares held by associate(1)                                               -               3                                1
  Group treasury shares(2)                                                      -              (1)                              (4)

NORMALISED EARNINGS ATTRIBUTABLE TO EQUITY HOLDERS                          3 888           3 654              6             7 659

(1) RMH shares held for client trading activities by FirstRand.
(2) Adjustment to reflect earnings impact based on actual RMH shareholding in FirstRand, i.e. reflecting treasury shares
    as if they are non-controlling interests.


Computation of earnings per share

                                                                       For the six months ended                            For the
                                         31 December                                year ended
                                                                                                                           30 June
R million                                                                    2016            2015      % change               2016

Earnings attributable to equity holders                                  3 990           3 498            14              7 559
Headline earnings attributable to equity holders                            3 961           3 476            14              7 503
Normalised earnings for the period                                          3 888           3 654             6              7 659
Net asset value                          39 485          36 902             7             38 244

Number of shares in issue (millions)                                        1 412           1 412                            1 412
Weighted average number of shares in issue (millions)                       1 411           1 411                            1 411
Diluted weighted average number of shares in issue (millions)               1 411           1 411                            1 411
Weighted average number of shares in issue (millions) for
normalised earnings                                                         1 412           1 412                            1 412

Earnings per share (cents)                                                  282.8           247.9             14             535.7
Diluted earnings per share (cents)                                          282.8           247.9             14             535.7

Headline earnings per share (cents)                                         280.7           246.4             14             531.7
Diluted headline earnings per share (cents)                                 280.7           246.4             14             531.7

Normalised earnings per share (cents)                                       275.4           258.8              6             542.5
Diluted normalised earnings per share (cents)                               275.4           258.8              6             542.5

Net asset value per share (cents)                                         2 796.4         2 613.5              7           2 709.1


Dividend per share

                                                                         For the six months ended                          For the
                                                                               31 December                              year ended
                                                                                                                           30 June
R million                                                                    2016            2015       % change              2016

Dividend per share (cents)
Interim                                                                     153.0           142.0              8             142.0
Final                                                                           -               -                153.0

TOTAL                                                                       153.0           142.0              8             295.0

Dividend cover (relative to headline earnings)                                1.8             1.7                              1.8
Dividend cover (relative to normalised earnings)                              1.8             1.8             1.8


The investment in associates increased with RMH's share of after-tax profits of R4 049 million (2015: R3 569 million) and RMH's share of associates' other
reserves of R5 million (2015: R367 million). This was offset by dividends received of R2 254 million (2015: R2 235 million).


Condensed consolidated statement of financial position

                                        
                                                                               As at 31 December           As at
                                                                                                         30 June                                                                                                         
R million                                                 2016            2015           2016

ASSETS
Cash and cash equivalents                                                      21              16             18
Loans and receivables                                                           3               2              3
Investment securities                                                         413             209            223
Derivative financial instruments                                               25              14             12
Taxation receivable                                                             7               -              1
Investment in associates                                                   41 281          37 970         39 316

TOTAL ASSETS                                               41 750          38 211         39 573

EQUITY
Share capital and premium                                                   8 825           8 813          8 825
Reserves                                                                   30 660          28 089         29 419

TOTAL EQUITY                                                               39 485          36 902         38 244

LIABILITIES
Financial liabilities                                                       2 137           1 217          1 218
Derivative financial instruments                                               15              24             29
Trade and other payables                                                       86              54             62
Long-term liabilities                                                           1              12             10
Provisions                                                                     13               2              1
Deferred tax liability                                                         13               -              9

TOTAL LIABILITIES                                                           2 265           1 309          1 329

TOTAL EQUITY AND LIABILITIES                                               41 750          38 211         39 573


Condensed consolidated statement of cash flows

                                                                         for the six months ended        For the
                                                                               31 December            year ended
                                                                                                         30 June
R million                                                                    2016            2015           2016

Net cash generated from operating activities                                2 246           2 179          4 273
Dividends paid                                           (2 160)         (2 174)        (4 178)
Net cash outflow in investment activities                                    (929)              -              -
Net cash in/(out)flow in financing activities                                 846              (5)           (93)

Net decrease in cash and cash equivalents                                       3      -              2
Cash and cash equivalents at the beginning of the period                       18              16             16

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD                             21              16             18


Condensed statement of changes in equity


                                                                               Share                       Total
                                                                             capital                      equity           Non-
                                                                                 and          Total      holders'   controlling         Total
R million                                                                    premium       reserves        funds       interest        equity

Balance as at 1 July 2015                                                      8 815         26 359       35 174              -        35 174
Total comprehensive income for the period                                          -          4 268        4 268              -         4 268
Dividend paid                                                                      -         (2 174)      (2 174)             -        (2 174)
Reserve movements relating to associate                                            -           (367)        (367)             -          (367)
Movement in treasury shares                                                       (2)             3            1              -             1

BALANCE AS AT 31 DECEMBER 2015             8 813         28 089       36 902              -        36 902

Balance as at 1 July 2015                                                      8 815         26 359       35 174              -        35 174
Total comprehensive income for the period                                          -          7 594        7 594              -         7 594
Dividend paid                                            -         (4 178)      (4 178)             -        (4 178)
Reserve movements relating to associate                                            -           (356)        (356)             -          (356)
Movement in treasury shares                                                       10              -           10              -            10

BALANCE AS AT 30 JUNE 2016                                                     8 825         29 419       38 244              -        38 244

Balance as at 1 July 2016                                                      8 825         29 419       38 244              -        38 244
Total comprehensive income for the period                                          -          3 406        3 406              -         3 406
Dividend paid                                                                      -         (2 160)      (2 160)             -        (2 160)
Reserve movements relating to associates                                           -             (5)          (5)             -            (5)

BALANCE AS AT 31 DECEMBER 2016                                                 8 825         30 660       39 485              -        39 485


Basis of preparation of results


The accompanying condensed results for the six months ended 31 December 2016 reflect the operations of RMH and its proportionate interests in its
associates, which have been equity accounted.


The report is prepared in accordance with:


- International Financial Reporting Standards (IFRS), including IAS 34: Interim Financial Reporting;
- The requirements of the South African Companies Act, 71 of 2008;
- SAICA Financial Reporting Guide, as issued by the Accounting Practices Committee;
- Financial Reporting Pronouncements as issued by Financial Reporting Standards Council; and
- The Listings Requirements of the JSE Limited.


The results are prepared in accordance with the going concern principle under a historical cost basis, as modified by the fair value accounting of certain
assets and liabilities, where required or permitted by IFRS. This announcement is the responsibility of the directors. The information contained in this
announcement, including any forward-looking statements, do not constitute an earnings forecast and has not been reviewed and reported on by the
company's external auditor.


Accounting policies


These summarised results incorporate accounting policies that are consistent with those used in preparing the financial results for the year ended
30 June 2016.


There were no new or amended IFRS standards and interpretations which became effective for the first time in the current financial period.


Normalised results


RMH believes that normalised earnings more accurately reflect its operational performance. Headline earnings are adjusted to take into account the
following non-operational and accounting anomalies:


1. RMH's portion of normalised adjustment made by its associate, FirstRand Limited, which have a financial impact:
   - the Total Return Swap, which is an economic hedge against the share-based payment obligation;
   - FirstRand shares held for client trading activities;
   - IAS 19 measurement of plan asset; and
   - the consolidation of private equity subsidiaries, which is excluded from the Rule 1 exemption of Circular 2/2015, Headline Earnings per Share.


2. RMH shares held for client trading activities by FirstRand.


3. Adjustment to reflect earnings impact based on the actual RMH shareholding in FirstRand.


Contingencies and commitments

                                                            As at 31 December              As at
                                                                                         30 June
R million                                                 2016            2015              2016

Contingencies and commitments
Guarantees                                                 645               -               321

Balance at the end of the period                           645               -               321


Segmental report

                                                                     FCC and          Total       RMH               Total
R million                                   FNB   RMB     WesBank      other      FirstRand  Property    Other        RMH

Six months ended 31 December 2016
Share of after-tax profit of associates   2 201   972         662        214          4 049         6       18      4 073
Investment income                             -     -           -          -              -         1        5          6
Net fair value loss on financial assets       -     -           -          -              -         1       26         27

Net income                          2 201   972         662        214          4 049         8       49      4 106
Administration expenses                       -     -           -          -              -         -      (35)       (35)

Income from operations                    2 201   972         662        214          4 049         8       14      4 071
Finance costs                                 -    -           -          -              -        (1)     (72)       (73)

Profit before tax                         2 201   972         662        214          4 049         7      (58)     3 998
Income tax expense                            -     -           -          -              -         -       (8)        (8)

PROFIT FOR THE PERIOD                     2 201   972         662        214        4 049         7      (66)     3 990

Headline earnings                         2 201   972         662        203          4 038         7      (84)     3 961
Normalised earnings                       2 201   972         662        130          3 965         7      (84)     3 888
Assets                                        -     -           -          -              -         -      469       469
Associates                                    -     -           -          -         40 553       728        -     41 281

TOTAL ASSETS                                  -     -           -          -         40 553       728      469     41 750

TOTAL LIABILITIES                             -     -           -          -              -         -    2 265      2 265

Six months ended 31 December 2015
Share of after-tax profit of associate    2 139   956         608       (133)         3 570         -       (1)     3 569
Investment income                             -     -           -          -              -         -       (5)        (5)
Net fair value loss on financial assets       -     -           -          -              -         -      (21)       (21)

Net income                         2 139   956         608       (133)         3 570         -      (27)     3 543
Administration expenses                       -     -           -          -              -         -       (2)        (2)

Income from operations                    2 139   956         608       (133)         3 570         -      (29)     3 541
Finance costs                                 -     -           -          -              -         -      (43)       (43)

Profit before tax                         2 139   956         608       (133)         3 570         -      (72)     3 498
Income tax expense                            -     -           -          -              -         -        -          -

PROFIT FOR THE PERIOD                     2 139   956         608       (133)      3 570         -      (72)     3 498

Headline earnings                         2 139   956         608       (159)         3 543         -      (67)     3 476
Normalised earnings                       2 139   956         608         14          3 717         -      (63)     3 654
Assets                                        -     -           -          -              -         -      241     241
Associate                                     -     -           -          -         37 970         -        -     37 970

TOTAL ASSETS                                  -     -           -          -         37 970         -      241     38 211

TOTAL LIABILITIES                             -     -           -          -              -         -    1 309      1 309


Segmental report

                                                                                       FCC and        Total          RMH                 Total
R million                                                 FNB         RMB     WesBank       other    FirstRand     Property     Other         RMH

Year ended 30 June 2016
Share of after-tax profit of associate                  4 189       2 142       1 338         19        7 688            -        (4)      7 688
Investment income                                           -           -           -           -            -            -         7           7
Net fair value loss on financial assets                     -           -           -           -            -            -       (14)        (14)

Net income          4 189       2 142       1 338          19        7 688            -       (11)      7 677
Administration expenses                                     -           -           -           -            -            -       (16)        (16)

Income from operations                                  4 189       2 142       1 338          19        7 688            -       (27)       7661
Finance costs                                               -           -           -           -            -            -       (87)        (87)

Profit before tax                                       4 189       2 142       1 338          19        7 688            -      (114)      7 574
Income tax expense                                          -           -           -           -            -          -       (15)        (15)

PROFIT FOR THE PERIOD                                   4 189       2 142       1 338          19        7 688            -      (129)      7 559

Headline earnings                                       4 189       2 142       1 338         (41)       7 628            -      (125)      7 503
Normalised earnings                                     4 187       2 141       1 337         118        7 783            -      (124)      7 659
Assets                                                      -           -           -           -            -            -       257         257
Associate                                                   -           -           -           -       39 316            -         -      39 316

TOTAL ASSETS                            -           -           -           -       39 316            -       257      39 573

TOTAL LIABILITIES                                           -           -           -           -            -            -     1 329       1 329


Geographical segments


RMH does not have multiple geographic segments as all its associates are viewed as South African entities.


Administration


Directors
GT Ferreira (chairman), Herman Bosman (chief executive), Johan Burger, Peter Cooper, Sonja De Bruyn Sebotsa, Laurie Dippenaar, Jan Dreyer, Pat Goss,
Paul Harris, Albertinah Kekana, Faffa Knoetze, Per Lagerstrom, Murphy Morobe and Khehla Shubane


Alternate directors: Jannie Durand and Obakeng Phetwe


Secretary and registered office


Ellen Marais


Physical address:         3rd Floor, 2 Merchant Place, corner of Fredman Drive and Rivonia Road, Sandton, 2196
Postal address:           PO Box 786273, Sandton, 2146
Telephone:                +27 11 282 8000
Telefax:                  +27 11 282 4210
Web address:              www.rmh.co.za


Sponsor
(in terms of JSE Limited Listings Requirements)
Rand Merchant Bank
(a division of FirstRand Bank Limited)
Physical address:       1 Merchant Place, corner of Fredman Drive and Rivonia Road, Sandton, 2196


Transfer secretaries
Computershare Investor Services Proprietary Limited
Physical address:         Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196
Postal address:           PO Box 61051, Marshalltown, 2107
Telephone:                +27 11 370 5000
Telefax:                  +27 11 688 5221

Date: 10/03/2017 08:06:00 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.

RMH - RMB HOLDINGS LIMITED - Dealing in securities by a director
Published Date : 2016/12/12 15:05:00
Source : JSE Securities Exchange - SENS
Dealing in securities by a director

RMB Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1987/005115/06)
ISIN: ZAE000024501
JSE ordinary share code: RMH
("RMH")

DEALING IN SECURITIES BY A DIRECTOR

In compliance with the JSE Limited Listings Requirements, the
following information is disclosed:

Transaction 1
Director                       :   Paul Kenneth Harris
Company                :   RMH
Date of transaction            :   7 December 2016
Nature of transaction          :   Off-market over the counter
                                   option trade
Class of securities            :   Ordinary shares
Number of options              :   7 000 000
Option Style                   :   European
Option Type                    :   Put
Strike Price                   :   6 288 cents per share
Total value of transaction     :   R 440 160 000.00
Expiry date                    :   30 September 2020
Nature of interest             :   Indirect beneficial
Clearance obtained             :   Yes

Transaction 2
Director                       :   Paul Kenneth Harris
Company                        :   RMH
Date of transaction            :   7 December 2016
Nature of transaction          :   Off-market over the counter
                                   option trade
Class of securities            :   Ordinary shares
Number of options              :   5 250 000
Option Style                   :   European
Option Type                    :   Call
Strike Price                   :   8 803 cents per share
Total value of transaction     :   R462 157 500.00
Expiry date           :   30 September 2020
Nature of interest             :   Indirect beneficial
Clearance obtained             :   Yes

These transactions form part of the previously advised
diversification of Mr Harris's investment portfolio.

Sandton
12 December 2016

Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)

Date: 12/12/2016 03:02:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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 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.

RMH - RMB HOLDINGS LIMITED - Report on proceedings at annual general meeting
Published Date : 2016/11/28 13:02:00
Source : JSE Securities Exchange - SENS
Report on proceedings at annual general meeting

RMB HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1987/005115/06)
JSE ordinary share code: RMH
ISIN: ZAE000024501

REPORT ON PROCEEDINGS AT ANNUAL GENERAL MEETING

At the twenty ninth annual general meeting ("AGM") of the shareholders of RMH held on Thursday, 24 November 2016, all the ordinary and special
resolutions proposed at the meeting were approved by the requisite majority of votes. In this regard, RMH confirms the voting statistics from the AGM as
follows:

                                            Votes carried disclosed as a                                Shares voted     Shares abstained
                                           percentage in relation to the                              disclosed as a       disclosed as a
                                         total number of shares voted at                               percentage in        percentage in
                                                             the meeting             Number of       relation to the      relation to the
Resolutions                                                            %          shares voted    total issued share   total issued share                                     
                                                                                                            capital*             capital*
                                                    For          Against                                           %                    %                                                 
                                                    
Ordinary resolutions

1. Re-election of directors
1.1 Gerrit Thomas Ferreira                        91.35             8.65         1 081 910 167                 76.64                 0.06
1.2 Johan Petrus Burger                           91.75             8.25         1 081 910 167                 76.64                 0.06
1.3 Sonja Emilia Ncumisa De Bruyn
Sebotsa                                           99.81             0.19         1 081 910 167                 76.64                 0.06
1.4 Patrick Maguire Goss                          88.47            11.53         1 081 910 167                 76.64                 0.06
1.5 Khehla Cleopas Shubane                        97.19       2.81         1 081 910 167                 76.64                 0.06
    Election of director
1.6 Francois Knoetze                              91.68             8.32         1 081 910 167                 76.64                 0.06
2. Advisory endorsement of
remuneration policy                               88.80            11.20         1 081 661 358                 76.62                 0.08
3. Place of 5% (five percent) of
unissued ordinary shares under the                94.47             5.53         1 081 904 259                 76.64                 0.06
control of the directors
4. General authority to issue
ordinary shares for cash                          94.48             5.52         1 081 905 309                 76.64                 0.06
5. Approval of re-appointment of                  99.67             0.33         1 081 906 409                 76.64                 0.06
auditor                                                 
6. Appointment of audit and risk
committee members
6.1 Jan Willem Dreyer                             99.13             0.87         1 081 448 540                 76.61                 0.09
6.2 Sonja Emilia Ncumisa De Bruyn-
Sebotsa                                      99.67             0.33         1 081 448 540                 76.61                 0.09
6.3 Per-Erik Lagerstrom                          100.00             0.00         1 081 908 617                 76.64                 0.06

Special resolutions

1. Approval of non-executive
directors' remuneration with effect 1            100.00             0.00         1 081 888 823                 76.64                 0.06
December 2016
2. General authority to repurchase
company shares                                    98.84             1.16         1 081 878 085                 76.64                 0.06
3. Adoption of revised memorandum
of incorporation                                  87.44            12.56         1 081 905 408                 76.64       0.06

*Total issued share capital is 1 411 703 218.

The special resolutions will, where necessary, be lodged for registration with the Companies and Intellectual Property Commission in due course.

Sandton
28 November 2016

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 28/11/2016 01:00:00 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.

RMH - RMB HOLDINGS LIMITED - No change statement and notice of annual general meeting
Published Date : 2016/10/27 15:01:00
Source : JSE Securities Exchange - SENS
No change statement and notice of annual general meeting

RMB HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1987/005115/06
ISIN: ZAE000024501
Share Code: RMH
(RMH)

NO CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING

NO CHANGE STATEMENT

Shareholders are advised that the annual integrated report incorporating the report of
directors, the audited financial statements for the year ended 30 June 2016, the audit and
risk committee report and the notice of the annual general meeting will be published on
RMH's website, www.rmh.co.za on or about Thursday, 27 October 2016. The report
together with the notice of the annual general meeting will be posted to shareholders on
the same day. The documents contain no modifications to the audited results which were
published on the Stock Exchange News Service on 9 September 2016.

NOTICE OF THE ANNUAL GENERAL MEETING

Notice is hereby given that the twenty ninth annual general meeting of RMH shareholders
will be held in the Dr AE Rupert boardroom, Remgro Limited, Millenia Park, 16 Stellentia
Avenue, Stellenbosch, 7600 on Thursday, 24 November 2016 at 16h00 to transact the
business as stated in the annual general meeting notice forming part of the annual
integrated report.

SALIENT DATES

     Record date to determine which shareholders are entitled to                       Friday,
     receive the notice of annual general meeting                             21 October 2016

     Last day to trade in order to be eligible to attend and vote at the              Tuesday,
     annual general meeting                                                  15 November 2016

     Record date to determine which shareholders are entitled to                       Friday,
     attend and vote at the annual general meeting                           18 November 2016

     Forms of proxy for the annual general meeting to be lodged by                    Tuesday,
     16h00 on*                                                               22 November 2016

*any proxies not lodged by this time must be handed to the chairman of the annual general
meeting immediately prior to the annual general meeting.

Sandton
27 October 2016

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 27/10/2016 03:00:00 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.

RMH - RMB HOLDINGS LIMITED - Audited summarised results announcement and cash dividend declaration for the year ended 30 June 2016
Published Date : 2016/09/09 09:18:00
Source : JSE Securities Exchange - SENS
Audited summarised results announcement and cash dividend declaration for the year ended 30 June 2016

RMB HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1987/005115/06
JSE Ordinary share code: RMH
ISIN code: ZAE000024501


Audited summarised results announcement and cash dividend declaration for the year ended 30 June 2016


Key highlights
for the year ended June 2016


Normalised earnings +7% to 542.5 cents
DIVIDEND +7% to 295.0 cents
NET ASSET VALUE +9% to 2 709.1 cents


RMH at a glance


RMH's main interest is its 34% investment in separately listed FirstRand Limited (FirstRand), generally regarded as Southern Africa's pre-eminent financial
services group.


The FirstRand group comprises a portfolio of leading financial services franchises:


- RMB: the retail and commercial bank
- FNB: the corporate and investment bank
- WesBank: the instalment finance business
- Ashburton Investments: the group's investment management business


In 2016 RMH announced the extension of its investment strategy to include a property investment business. RMH concluded its first acquisition, a 27.5%
interest in Atterbury Property Holdings Proprietary Limited (Atterbury) in July 2016 and is in the process of finalising the acquisition of a 34% interest in
Propertuity, an urban renewal business.


RMH has a three-tiered investment strategy which comprises:


1. Diversification - geographic, business and product diversification is evaluated and implemented in RMH and across the portfolio.
2. Optimisation - established relationships with the boards and management ensure that RMH participates in the strategic dialogue and activity across
   our portfolio. The group and capital structure is designed in order to provide optimal returns to shareholders and to create a platform for potential
   value-adding M&A or fund raising opportunities.
3. Modernisation - new businesses, technologies and industry trends are identified and assessed to complement RMH and its investee companies.


To execute on this strategy, RMH positions itself as an influential shareholder. It partners with management in formulating a long-term strategy and capital
allocation plan and provides the necessary stability in the shareholder base of investee companies. Management is empowered to execute on strategy.


The group has a track record of entrepreneurship, innovation and value creation.


Basis of preparation


This report covers the audited financial results of RMB Holdings Limited (RMH or the group) based on International Financial Reporting Standards (IFRS) for
the year ended 30 June 2016.


The primary results and accompanying commentary are presented on a normalised basis as we believe this most accurately reflects underlying
economic performance. The normalised earnings have been derived from audited IFRS financial results. A reconciliation of the adjustments made to
derive normalised earnings is presented in the accompanying schedules.


Ellen Marais CA(SA) prepared these financial results under the supervision of Herman Bosman LLM CFA.


Economic environment


The past year was headlined by Brexit and the economic and political instability in South Africa, which introduced short-term volatility and long-term
uncertainty in the local and global business environment. Inflation firstly hit the top end of the target band of the South African Reserve Bank, and
secondly Gross Domestic Product (GDP) growth was even lower than anticipated. The unemployment rate also increased to 26.6%, the Rand was weak
against most currencies and commodity prices remain weak.


The rest of Africa is still facing significant growth headwinds as commodity prices remained low.


Overview of results


RMH produced satisfactory results for the year ended 30 June 2016, reporting normalised earnings of R7.7 billion (2015: R7.2 billion), an increase of 7%.
Normalised earnings per share amounted to 542.5 cents per share (2015: 507.0 cents per share). The new property investment arm of RMH will only start
contributing to the results over the medium term.


RMH's core investment, FirstRand, performed well, with satisfactory results from all major brands, again demonstrating their leading market positions.
The final dividend of 153.0 cents per share (2015: 154.0 cents) resulted in dividends for the year increasing by 7%.


Sources of income


FirstRand's well-diversified income stream is drawn from the full spectrum of banking services and is predominantly sourced from South Africa. RMH's
interest in FirstRand's normalised earnings is as follows:

                                                                                 For the year ended
                                                                                                   30 June

R million                                                                                    2016            2015       % change

FNB                             12 282          11 385              8
RMB                                                                                         6 287           5 758              9
WesBank                                                                                     3 941           3 221             22
Other*                   345             922            (63)

FirstRand normalised earnings                                                              22 855          21 286              7

Attributable to RMH                                                                         7 783           7 240              8
RMH centre**        (124)            (82)            51

RMH normalised earnings                                                                     7 659           7 158              7

* Other is the total of FCC including group treasury and preference dividend paid on perpetual preference shares issued by
   FirstRand. It includes negative year-on-year accounting mismatches primarily reflected in the nominal net interest income
   growth of FirstRand.
** Includes funding cost and share-based payment cost directly linked to the RMH share price.


Underlying intrinsic value


During the year to 30 June 2016, RMH's market capitalisation decreased by 15%. At year-end it amounted to R79.4 billion (June 2015: R93.8 billion) or 5 625
cents per share (June 2015: 6 645 cents). This represented a 6.1% discount (June 2015: 6.9 % discount) to RMH's underlying intrinsic value.

                                                                                                     as at
                                                                                                    30 June

R million                                                                                    2016            2015     % change

Market value of listed interest (FirstRand)                                                85 664         101 864            (16)
Net funding                                                                                (1 072)         (1 067)            (1)

Total intrinsic value                                                                      84 592         100 797            (16)

Intrinsic value per share (cents)                                                         5 992.2         7 140.1            (16)

At 30 June 2016 net borrowing at the RMH centre amounted to R1.07 billion of which the core element comprised R1.18 billion fixed rate preference
shares due for redemption on 6 December 2017, paying dividends at 7.09% per annum, six-monthly in arrears.


Final dividend payment


At this stage, RMH's sole source of dividend income is its investment in FirstRand. FirstRand believes that, based on actual performance, forward-looking
macroeconomic conditions, demand for capital and potential regulatory and accounting changes, its current dividend strategy remains appropriate.
FirstRand considers a dividend pay-out level of between 1.8 and 2.2 to be appropriate, but will consider this level on an annual basis.


The board is of the opinion that RMH is adequately capitalised at this stage and that the company will be able to meet its obligations in the foreseeable
future after payment of the final dividend.


Having due regard to the final dividend receivable from FirstRand and applying the dividend practice outlined above, the board of RMH has resolved to
declare a gross final dividend of 153.0 cents per share (2015: 154.0 cents). Such final dividend, together with the interim dividend of 142.0 cents, brings the
total dividend for the year ending 30 June 2016 to 295.0 cents per ordinary share (2015: 276.0 cents). The dividend is covered 1.8 times by normalised
earnings per share and represents a year-on-year increase of 7%.


Expansion of investment strategy


On 3 May 2016, RMH announced the expansion of its investment strategy to include property. In keeping with the group's history and ethos, the focus will
be on entrepreneurial and owner-managed businesses. The strategy will involve investing in physical property portfolios as well as vertically integrated
property companies, specifically with internal management teams that offer asset management, development management and property management
skills.


The property strategy will create a diversified portfolio of superior and scalable entrepreneur-led businesses with proven track records in managing and
building out property portfolios. RMH will follow a phased approach to acquire its various property investments.


RMH will assist these players with capital, strategic input, networking opportunities, structural longevity and additional governance systems.


The RMH property investment case will be characterised by owner-managed businesses, access to a broader value chain in property, the unlisted nature
of the portfolio, a balance between net asset value growth and yield, as well as a limited concentration risk as RMH will acquire stakes across multiple
strategies, sub-sectors and geographies in time.

As previously mentioned as a first step in the execution of this strategy, RMH acquired a 27.5% interest in Atterbury in July 2016 and is in the process of
finalising the acquisition of a 34% interest in Propertuity.


Both acquisitions will be funded through the issue of preference shares, which will increase the funding cost at the RMH centre. At this stage, the net
contribution to earnings from these acquisitions will have an immaterial impact on the results of RMH and dividend pay-outs until the medium to long
term.


Outlook


Locally, growth rates will remain under pressure during 2017. Ongoing political and policy uncertainty, combined with a negative global economic growth
outlook, enhanced by Brexit, poses further downside risk. Inflation will remain above the top end of the target band. The Rand is expected to remain weak
against the Dollar and could weaken even further if the FED hikes rates aggressively and the sovereign downgrade is effected. Dollar strength poses a
challenge to countries with high levels of foreign debt.


GDP in the rest of Africa is expected to average between 2.5% to 4%. The slowing Chinese growth trend with the move away from resource-intensive
investment to consumption poses little relief to Africa.


FirstRand, together with RMH, remains committed to growing economic profit on a sustainable basis and will continue to only allocate capital to growth
initiatives that maximise shareholder returns. It remains confident that the quality of FirstRand's portfolio of businesses, the strength of its balance sheet,
discipline in resource allocation and the strategies it is currently investing in will ensure ongoing growth and superior returns to shareholders.


The board is of the opinion that the diversification of the income base of RMH together with FirstRand's stated intent to continue to deliver ongoing
growth and superior returns will contribute positively to returns to RMH shareholders over the medium to long term. RMH maintains a strong pipeline of
potential property opportunities spanning a wide variety of niche sub-segments that meet the mandate of RMH's specialist property portfolio. However,
given the challenging macroeconomic outlook, RMH remains cautious of deploying large amounts of capital into established property portfolios,
preferring to focus on partnering with entrepreneurs who have high levels of intellectual property and track records with less developed property
portfolios. With the exception of Propertuity, there are no imminent transactions as at the reporting date.


For and on behalf of the board
GT Ferreira                   Herman Bosman
Chairman                      Chief executive


Sandton
9 September 2016


Final dividend declaration


Notice is hereby given that a gross final dividend of 153.0 cents per share, payable out of income reserves, was declared on 9 September 2016 in respect
of the year ended 30 June 2016.


The dividend will be subject to Dividend Withholding Tax at a rate of 15%, which will result in a net dividend of 130.05 cents per share for those
shareholders who are not exempt. The company's tax reference number is 9950/098/71/6. Its issued share capital at the declaration date comprises 1 411
703 218 ordinary shares and 11 800 redeemable preference shares.


Shareholders' attention is drawn to the following important dates:


Last day to trade in order to participate in this dividend             Tuesday, 4 October 2016
Shares commence trading ex-dividend on                                 Wednesday, 5 October 2016
The record date for the dividend payment will be                       Friday, 7 October 2016
Dividend payment date                                                  Monday, 10 October 2016


No de-materialisation or re-materialisation of share certificates may be done between Wednesday, 5 October 2016 and Friday, 7 October 2016 (both
days inclusive).


By order of the board


Ellen Marais
Company secretary


9 September 2016



Audited summarised consolidated income statement

                                                                                             For the year ended
                                                                                                   30 June

R million                                                                                    2016       2015     % change

Share of after-tax profit of associate company                                              7 684          7 388            4
Investment income                                                                               7            434
Net fair value (loss)/gain on financial assets and liabilities                                (14)            83

Net income                                                                       7 677          7 905           (3)
Administration expenses                                                                       (16)           (41)         (61)

Income from operations                                                                      7 661          7 864           (3)
Finance costs                                                       (87)           (86)           1

Profit before tax                                                                           7 574          7 778           (3)
Income tax expense                                                                            (15)            (9)          67

PROFIT FOR THE YEAR                                  7 559          7 769           (3)

Attributable to:
Equity holders of the company                                                               7 559          7 769           (3)

PROFIT FOR THE YEAR                                                                         7 559          7 769           (3)



Audited computation of headline and normalised earnings

                                                                                             For the year ended
                                                                                                   30 June

R million                                                                                    2016           2015     % change

Earnings attributable to equity holders                                         7 559          7 769           (3)
Adjustment for:
RMH's share of adjustments made by associate:
Loss on disposal of investment securities and other investments of a capital nature            (2)             -
Gain on disposal of available-for-sale assets                                                  (2)          (100)
Gain on disposal of investment in subsidiaries                                                (28)           (75)
Gain on the disposal of property and equipment                                                (50)             2
Fair value of investment properties                                                             7            (11)
Impairment of goodwill                                                                          3              -
Impairment of assets in terms of IAS 36                                                        16              -
Other                                                                                           -              3
Tax effects of adjustments                                                                     (7)             6
Non-controlling interests adjustment                                                      3             10
RMH's own adjustments:
Net profit on maturing of the FirstRand BEE transaction                                         -           (427)
Loss on deemed sale of associate due to change in effective shareholding                        4              -

HEADLINE EARNINGS ATTRIBUTABLE TO EQUITY HOLDERS              7 503          7 177            5

RMH's share of adjustments made by associate:
IFRS 2 Share-based payment expenses                                                             -             26
Treasury shares                                                                                (2)             9
Total return swap adjustment               168            (12)
IAS 19 adjustment                                                                             (35)           (36)
Private equity subsidiary realisations                                                         28             63
Adjustment for:
RMH shares held by associate(1)                                                                 1              1
Group treasury shares(2)                                                                       (4)           (34)
Other(3)                                                                                        -            (36)

NORMALISED EARNINGS ATTRIBUTABLE TO EQUITY HOLDERS                                          7 659          7 158            7

(1) RMH shares held for client trading activities by FirstRand.
(2) Adjustment to reflect earnings impact based on actual RMH shareholding in FirstRand i.e. reflecting treasury shares as if
    they are non-controlling interests. For the prior year the effect of the issue of an additional 35 420 014 shares issued on
    21 January was taken into account on 1 January 2015 as the impact is immaterial on the group results.
(3) Adjustment reflects reversal of a once-off hedge break gain realised on the restructuring of the funding facility in the
    prior year.



Audited computation of per share information

                                                                                  For the year ended
                                                                                        30 June

R million                                           2016         2015    % change

Earnings attributable to equity holders                                            7 559        7 769          (3)
Headline earnings attributable to equity holders                                   7 503        7 177           5
Normalised earnings for the year                                                   7 659        7 158           7
Net asset value                                                                   38 244       35 174           9

Number of shares in issue (millions)                                               1 412        1 412           -
Weighted average number of shares in issue (millions)                              1 411        1 411           -
Diluted weighted average number of shares in issue (millions)                      1 411        1 411           -
Weighted average number of shares in issue (millions) for normalised earnings      1 412        1 412           -

Earnings per share (cents)                                                         535.7        550.5          (3)
Diluted earnings per share (cents)                                                 535.7        550.5          (3)
Headline earnings per share (cents)                                                531.7        508.5           5
Diluted headline earnings per share (cents)                                        531.7        508.5           5
Normalised earnings per share (cents)                                              542.5        507.0           7
Diluted normalised earnings per share (cents)                                      542.5        507.0           7
Net asset value per share (cents)                                                2 709.1      2 491.1           9

Dividend per share (cents)
Interim                                                                           142.0         122.0          16
Final             153.0         154.0          (1)

TOTAL                                                                             295.0         276.0           7

Dividend cover (relative to headline earnings)                                      1.8           1.8
Dividend cover (relative to normalised earnings)                                    1.8           1.8




Audited summarised consolidated statement of comprehensive income

                                                                                  For the year ended
                                                                                        30 June

R million                                                                          2016          2015    % change

Profit for the year                                7 559         7 769          (3)

Other comprehensive income, after tax:
Items that may be reclassified to profit or loss
Share of other comprehensive income of associate after tax and non-controlling
interests                                                                            82          (144)
Items that may not subsequently be reclassified to profit or loss
Share of other comprehensive income of associate after tax and non-controlling
interests                                                                           (47)          (48)

Other comprehensive income for the year                                              35          (192)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR                                           7 594         7 577

Total comprehensive income attributable to:
Equity holders of the company                                                     7 594         7 577          amp;lt;1

TOTAL COMPREHENSIVE INCOME FOR THE YEAR                                           7 594         7 577          amp;lt;1



Audited summarised consolidated statement of financial position

             as at 30 June

R million                                                               2016         2015

ASSETS
Cash and cash equivalents                                                 18           16
Loans and receivables                                                      3            1
Investment securities                                                    223          229
Derivative financial instruments                                          12           36
Taxation receivable                                                        1            -
Investment in associate                                               39 316       36 241

TOTAL ASSETS                                                          39 573       36 523

EQUITY
Share capital and premium                                    8 825        8 815
Reserves                                                              29 419       26 359

TOTAL EQUITY                                                          38 244       35 174

LIABILITIES
Financial liabilities                                                  1 218        1 221
Derivative financial instruments             29           46
Trade and other payables                                                  62           60
Taxation payable                                                           -            1
Long-term liabilities                                                     10           18
Provisions                                                                 1            3
Deferred tax liability                                                     9            -

TOTAL LIABILITIES                                                      1 329        1 349

TOTAL EQUITY AND LIABILITIES                                          39 573       36 523



Audited summarised consolidated statement of cash flows

                                                                       For the year ended
                                                                             30 June

R million                                                               2016         2015

Net cash generated from operating activities                           4 273        3 661
Dividends paid                                                        (4 178)      (3 522)
Net cash outflow in financing activities                                 (93)        (137)

Net decrease in cash and cash equivalents                                  2            2
Cash and cash equivalents at the beginning of the year                    16           14

CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR                          18           16


Audited summarised consolidated statement of changes in equity

                                                                     Share
                                                                 capital and        Total      Total
R million                                                            premium     reserves     equity

Balance as at 1 July 2014                                              8 819       23 401     32 220
Total comprehensive income for the year                                    -        7 577      7 577
Dividends paid                                                             -       (3 522)    (3 522)
Share option expense - IFRS 2                                              -           (1)        (1)
Reserve movements relating to associate                                    -       (1 097)    (1 097)
Movement in treasury shares                                               (4)           1         (3)

BALANCE AS AT 30 JUNE 2015                                             8 815       26 359     35 174

Balance as at 1 July 2015                                              8 815       26 359     35 174
Total comprehensive income for the year                                    -        7 594      7 594
Dividends paid                                                             -       (4 178)    (4 178)
Reserve movements relating to associate                                    -         (356)      (356)
Movement in treasury shares                                               10            -         10

BALANCE AS AT 30 JUNE 2016                                             8 825       29 419     38 244



Basis of presentation of results


The accompanying audited summarised results for the year ended 30 June 2016 reflect:
- the operations of RMH and its proportionate interest in its associate, FirstRand, which has been equity accounted. This does not qualify as a group under
  the strict definition of IFRS but as an economic entity. In the announcement where, the term group is used, it actually refers to the economic entity.


The report is prepared in accordance with:


- International Financial Reporting Standards (IFRS), including IAS 34: Interim Financial Reporting;
- The requirements of the South African Companies Act, Act 71 of 2008;
- SAICA Financial Reporting Guide as issued by the Accounting Practices Committee;
- Financial Reporting Pronouncements as issued by Financial Reporting Standards Council; and
- The Listings Requirements of the JSE Limited .


The directors take full responsibility and confirm that this information has been correctly extracted from the annual financial statements from which the
summarised consolidated annual financial statements were derived.


Accounting policies


These summarised results incorporate accounting policies that are consistent with those used in preparing the financial results for the year ended
30 June 2016.


The consolidated annual financial statements, from which these summarised consolidated annual financial statements are extracted are prepared in
accordance with the going concern principle under the historical cost basis as modified by the fair value accounting of certain assets and liabilities,
where required or permitted by IFRS.


No new or amended IFRS standards became effective for the year ended 30 June 2016.


Normalised results


RMH believes normalised earnings more accurately reflect operational performance. Headline earnings are adjusted to take into account the following
non-operational and accounting anomalies :
1. RMH's portion of normalised adjustment made by its associate FirstRand Limited which have a financial impact:
   - the total return swap which is an economic hedge against the cash-settled share-based payment;
   - IFRS 2 share-based payment expense in terms of the BEE transaction;
   - FirstRand shares held for client trading activities;
   - IAS 19 measurement of plan asset; and
   - the consolidation of private equity subsidiaries which is excluded from the Rule 1 exemption of Circular 2/2015, Headline Earnings per Share.


2. RMH shares held for client trading activities by FirstRand. In terms of IAS 28 Investments in Associates, upstream and downstream profits are eliminated
   when equity accounting is applied, and, in terms of IAS 32, profits or losses cannot be recognised on an entity's own equity instruments. For the income
   statement, RMH's portion of the fair value change in RMH shares by FirstRand is, therefore, deducted from equity-accounted earnings and the
   investment recognised using the equity-accounted method.


3. An adjustment to reflect earnings impact based on actual RMH shareholding in FirstRand based on actual number of shares issued by FirstRand.


4. The once-off hedge break gain realised on the restructuring of the preference share facility on 21 August 2014 in the prior year.


Auditor's report


The summarised consolidated annual financial statements for the year ended 30 June 2016 contained in this announcement have been audited by
PricewaterhouseCoopers Inc., who expressed an unmodified opinion thereon.


The auditor also expressed an unmodified opinion on the annual financial statements from which the summarised consolidated annual financial
statements were derived. Unless the financial information is specifically stated as audited, it should be assumed it is unaudited.


A copy of the auditor's reports on the announcement and annual consolidated financial statements are available for inspection at RMH's registered
office, 2 Merchant Place, corner Fredman Drive and Rivonia Road, Sandton, together with the annual financial statements identified in the respective
auditors' reports.


The auditor's report does not necessarily report on all of the information contained in these summarised consolidated financial statements. Shareholders
are therefore advised that in order to obtain a full understanding of the nature of the auditor's engagement they should review the auditor's report
together with the accompanying financial information from the issuer's registered office.


The forward-looking information has not been commented or reported on by the group's external auditor. RMH's board of directors take full responsibility
for the preparation of this announcement.



Audited segment report

                                                                                     FCC and
R million                                FNB           RMB       WesBank         other      FirstRand    Other       RMH

Year ended 30 June 2016
Share of after-tax profit of associate        4 185        2 142         1 343            18          7 688       (4)    7 684
Investment income                                 -            -             -             -              -        7         7
Net fair value loss on financial assets           -            -             -             -              -      (14)      (14)

Net income                                    4 185        2 142         1 343            18          7 688      (11)    7 677
Administration expenses                           -            -             -             -              -      (16)      (16)

Income from operations                      4 185        2 142         1 343            18          7 688      (27)    7 661
Finance costs                                     -            -             -             -              -      (87)      (87)

Profit before tax                             4 185        2 142         1 343            18          7 688     (114)    7 574
Income tax expense         -            -             -             -              -      (15)      (15)

PROFIT FOR THE YEAR                           4 185        2 142         1 343            18          7 688     (129)    7 559

Headline earnings                             4 185        2 142         1 343           (42)         7 628     (125)    7 503
Normalised earnings                           4 183        2 141         1 342           117          7 783     (124)    7 659

Assets                                            -            -             -             -              -      257       257
Associate                                         -            -             -             -         39 316        -    39 316

TOTAL ASSETS                                      -            -             -             -         39 316      257    39 573

TOTAL LIABILITIES                                 -            -             -             -              -    1 329     1 329

                                                                                     FCC and
R million                                       FNB          RMB       WesBank         other      FirstRand    Other       RMH

Year ended 30 June 2015
Share of after-tax profit of associate        3 891        1 967         1 101           431          7 390       (2)    7 388
Investment income                                 -            -             -             -              -      434       434
Net fair value gain on financial assets           -            -             -             -              -       83     83

Net income                                    3 891        1 967         1 101           431          7 390      515     7 905
Administration expenses                           -            -             -             -              -      (41)      (41)

Income from operations                        3 891        1 967         1 101           431          7 390      474     7 864
Finance costs                                                                                             -      (86)      (86)

Profit before tax                             3 891        1 967         1 101           431          7 390      388     7 778
Income tax expense                                -            -             -             -              -       (9)       (9)

PROFIT FOR THE YEAR                       3 891        1 967         1 101           431          7 390      379     7 769

Headline earnings                             3 891        1 967         1 101           265          7 224      (47)    7 177
Normalised earnings                           3 872        1 959         1 096           313          7 240      (82)    7 158

Assets          -            -             -             -              -      282       282
Associate                                         -            -             -             -         36 241        -    36 241

TOTAL ASSETS                                      -            -             -             -         36 241      282    36 523

TOTAL LIABILITIES                                 -      -             -             -              -    1 349     1 349


Geographical segments
RMH does not have multiple geographic segments as FirstRand is viewed as a South African entity.



Administration


RMB HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1987/005115/06
JSE Ordinary share code: RMH ISIN code: ZAE000024501


Directors:
GT Ferreira (Chairman), Herman Bosman (CEO), Johan Burger, Peter Cooper, Leon Crouse (resigned 31 March 2016), Sonja De Bruyn-Sebotsa, Laurie
Dippenaar, Jan Dreyer, Pat Goss, Paul Harris, Albertinah Kekana, Faffa Knoetze (appointed 1 April 2016), Per Lagerstrom, Murphy Morobe and Khehla
Shubane


Alternate directors: Jannie Durand and Obakeng Phetwe


Secretary and registered office:


Ellen Marais BCom(Hons), CA(SA)
Physical address:   3rd Floor, 2 Merchant Place, Corner of Fredman Drive and Rivonia Road, Sandton, 2196
Postal address:     PO Box 786273, Sandton, 2146
Telephone:          +27 11 282 8000
Telefax:            +27 11 282 4210
Web address:        www.rmh.co.za


Sponsor:


(in terms of JSE Limited Listings Requirements)
Rand Merchant Bank
(a division of FirstRand Bank Limited)
Physical address: 1 Merchant Place, corner of Fredman Drive and Rivonia Road, Sandton, 2196


Transfer secretaries:


Computershare Investor Services (Pty) Limited
Physical address:  Ground Floor, 70 Marshall Street, Johannesburg, 2001
Postal address:    PO Box 61051, Marshalltown, 2107
Telephone:        +27 11 370 5000
Telefax:          +27 11 688 5221

Date: 09/09/2016 09:15:00 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.

RMH - RMB HOLDINGS LIMITED - Dealing in securities by a director
Published Date : 2016/06/28 09:22:00
Source : JSE Securities Exchange - SENS
Dealing in securities by a director

RMB Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1987/005115/06)
ISIN: ZAE000024501
JSE ordinary share code: RMH
("RMH")

DEALING IN SECURITIES BY A DIRECTOR

In compliance with the JSE Limited Listings Requirements, the
following information is disclosed:

Director                        :   Paul Kenneth Harris
Company    :   RMH
Date of transaction             :   23 June 2016
Nature of transaction           :   On-market sale of shares
Class of securities             :   Ordinary shares
Number of securities            :   1 453 851
Volume weighted selling price   :   5 797.07 cents per share
Highest price                   :   5 835 cents per share
Lowest price                    :   5 750 cents per share
Total value of transaction      :   R84 280 760.17
Nature of interest              :   Indirect beneficial
Clearance obtained              :   Yes

Director                        :   Paul Kenneth Harris
Company                         :   RMH
Date of transaction             :   24 June 2016
Nature of transaction           :   On-market sale of shares
Class of securities             :   Ordinary shares
Number of securities            :   546 149
Volume weighted selling price   :   5 492.86 cents per share
Highest price                   :   5 647 cents per share
Lowest price                    :   5 468 cents per share
Total value of transaction      :   R29 999 199.96
Nature of interest              :   Indirect beneficial
Clearance obtained              :   Yes

These transactions form part of the previously advised
diversification of Mr Harris's investment portfolio.


Sandton
28 June 2016

Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)

Date: 28/06/2016 09:19:00 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.

RMH - RMB HOLDINGS LIMITED - RMB Holdings Limited (RMH) announces second transaction in the execution of its property strategy
Published Date : 2016/06/27 14:01:00
Source : JSE Securities Exchange - SENS
RMB Holdings Limited (RMH) announces second transaction in the execution of its property strategy

RMB HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1987/005115/06)
ISIN: ZAE000024501
JSE ordinary share code: RMH
("RMH")

RMB HOLDINGS LIMITED (RMH) ANNOUNCES SECOND TRANSACTION IN THE
EXECUTION OF ITS PROPERTY STRATEGY

Following investment in leading South African property group, Atterbury, RMH makes a
34% investment in urban renewal property company, Propertuity

Investment holding company RMH announces the second transaction in the execution of its
property investment business that is set to expand alongside its current, single 34% investment in
FirstRand Limited. As a further step in the strategy of establishing a diversified portfolio of scalable
entrepreneur-led businesses with proven track records in managing and building out property
portfolios, RMH confirms its intention to make a 34% investment in leading South African urban
renewal group, Propertuity Development Company (Propertuity).

Propertuity represents the first investment into RMH's specialist portfolio that will focus on niche
areas of the property sector. As communicated in the announcement on the Stock Exchange News
Service on 3 May 2016, the specialist portfolio sits alongside RMH's core property portfolio that will
target the more traditional and larger areas of South African property. Atterbury is RMH's key
development partner in the core portfolio.

The specialist portfolio will house best-of-breed specialist developers and managers focused on
key niches in the property market. This portfolio is aimed at achieving higher yields and faster net
asset value growth than the more traditional core portfolio.

As communicated previously, the overall RMH property strategy will focus on owner-managed
businesses across a broader value chain in property. It will primarily target unlisted opportunities
and will balance net asset value growth and yield. RMH will continue to follow a phased approach
in acquiring its various property investments over the coming years.

Shareholding in Propertuity post the transaction will consist of management (46%), RMH (34%)
and Buffet Investments (20%). Buffet is an established property investor which has had significant
success in backing entrepreneurial property investments.

Since its creation seven years ago, Propertuity has focused on the redevelopment of dilapidated
industrial and office areas in Johannesburg and Durban. The group currently has around 50
properties in Johannesburg and 20 in Durban, with early entrance into the Pretoria CBD underway.
The financial effects of this transaction will be immaterial on the financial results of RMH over the
short to medium term. RMH intends to fund its investment into Propertuity through preference
share funding.

The successful conclusion of the investment into Propertuity is subject to regulatory and
commercial approvals.


Sandton
27 June 2016

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

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