Rand Merchant Investment Holdings Limited (RMI) shareholders are referred to the announcements released on the Stock Exchange News Service on 22 September 2022 regarding the transition of RMI to OUTsurance Group Limited and on 8 November 2022 in respect of the report on the proceedings at the annual general meeting and changes to important functions of directors. As a next step in this transition of RMI to OUTsurance Group Limited, shareholders are advised of the following changes to important functions of directors of the company: Jannie Durand will step down as non-executive chairman of RMI on 30 November 2022 and will remain a non-executive director on the RMI board. Herman Bosman will step down as chief executive officer and financial director of RMI on 30 November 2022 and will succeed Jannie as non-executive chairman of RMI on 1 December 2022.

Marthinus Visser, current chief executive officer of OUTsurance Holdings Limited, will succeed Herman as chief executive officer of RMI on 1 December 2022. Jan Hofmeyr, current chief financial officer of OUTsurance Holdings Limited, will assume the responsibility of financial director of RMI on 1 December 2022. Kuben Pillay will succeed Murphy Morobe as the lead independent director of RMI on 1 December 2022.

Murphy will remain an independent, non-executive director on the RMI board.