INVESTOR PRESENTATION

Remgro Exchangeable Investor Pres v20160120.pptx\20 JAN 2016\8:18 PM\2 INVESTOR PRESENTATION 26 JANUARY 2016

DISCLAIMER Important Notice This presentation has been prepared by Remgro Limited (the "Company") solely for use at investor meetings. For the purposes of this notice, this "presentation" shall include these slides and any question-and-answer session that follows oral briefings by the Company's executives. This presentation is for informational purposes only and is subject to amendment without notice. Neither this presentation nor any information posted on the Company's website constitutes an offer or invitation to buy any securities in any jurisdiction, including the United States, or a recommendation in respect of buying, holding or selling any securities. No representations or warranties, express or implied, are made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the information presented or contained in this presentation. In particular, actual results and developments may be materially different from any forecast, opinion or expectation about future events expressed in this presentation. Forward-looking statements can be identified by words such as "plans", "expects", "intends", "estimates", "will", "may", "continue", "should" and similar expressions. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Past performance is not an indication of future results and past performance should not be taken as a representation that trends or activities underlying past performance will continue in the future. All views expressed are based on financial, economic, and other conditions as of the date hereof and the Company disclaims any obligation to update any forecast, opinion or expectation, or other forward looking statement, to reflect events that occur or circumstances that arise after the date hereof. This presentation may contain references to certain non-ifrs financial measures and operating measures. Such supplemental measures should not be viewed in isolation or as alternatives to measures of the Company s financial condition, results of operations or cash flows as presented in accordance with IFRS in its consolidated financial statements. Any non-ifrs financial and operating measures used by the Company may differ from, and not be comparable to, similarly titled measures used by other companies. The information contained in this presentation does not constitute investment, legal, accounting, regulatory, taxation or other advice and this presentation does not take into account your investment objectives or legal, accounting, regulatory, taxation or financial situation or particular needs. You are solely responsible for seeking independent professional advice in relation to the information contained in this presentation and any action taken of the basis thereof. This presentation is confidential and is being delivered to selected recipients only. It may not be reproduced (in whole or in part), distributed or transmitted to any other person. Any failure to comply with these restrictions may constitute a violation of applicable securities laws. By attending the meeting at which this presentation is being given, you will be deemed to have represented, warranted and undertaken that you have read and agree to comply with the contents of this notice. The shares of the Company are currently admitted to listing on the Johannesburg Securities Exchange (JSE) operated by JSE Limited in South Africa. The shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent an exemption from registration. 2

REMGRO AT A GLANCE A Unique Investment Holding Company Company Overview Investment holding company that manages all investee companies on a decentralised basis Seven focus industries: Food, Liquor and Home Care; Banking; Healthcare; Insurance; Industrial; Infrastructure; and Media and Sport Investments in both listed and unlisted companies Two operating subsidiaries (controlling-stake) RCL Foods and Wispeco Other investments include associated companies and joint ventures, with significant influence through board representations Established in the 1940s by late Dr Anton Rupert under Rembrandt Group Limited ( Rembrandt ) Listed on the JSE with a market cap of ZAR119Bn / USD7.0Bn (20-Jan-16) Major shareholding by Rupert family through Rupert Beleggings (Pty) Ltd, ~43% voting stake Other major shareholder is Public Investment Corporation, South African govt. owned investment manager, entitled to ~10% of shareholder vote Net Intrinsic Value (NIV) of ZAR149Bn / USD8.8Bn (1)(2) Key Information Latest Reported Key Information (2) ZAR MM USD MM Market Capitalisation 119,186 7,063 Reported Net Intrinsic Value (1) 148,615 8,807 Net Debt (1,123) (67) Discount to NIV Net Debt / NIV (3) Investments Overview By Type (4) Reported Net Intrinsic Value Breakdown (USD8.8Bn (1) ) Private 20% Listed 80% (20)% (1)% 1. Reported Net Intrinsic Value (30-Jun-15) post potential capital gains tax liability, including central cash and other net corporate assets. Reported Net Intrinsic Value of the Group includes valuations of all investments, incorporating subsidiary and associated companies and joint ventures, either at listed market value or, in the case of unlisted investments, at directors valuation. 2. Market data as of 20-Jan-16 ZAR Figures converted to USD at Spot FX rate of 16.87 3. Net Debt is calculated as Total Long-Term and Short Term Loans less Cash and Cash Equivalents +Investments in Money Market Funds 4. Net Intrinsic Value contribution (equity stake weighted) as disclosed in the FY15 Annual Report, contribution excludes Central Treasury, Corporate assets and Potential capital gains tax liability 3

REMGRO AT A GLANCE Strong Shareholder Track Record Breakdown By Shareholder Type (1) List of Top Shareholders (1) % Holding By Shareholder % Geographical Split % Holding By No. of Shares % Holding By Voting Participation (2) Type Private 15% Foreign 33% Rupert Beleggings (Pty) Ltd (B Ordinary Shares) 7% Public Investment Corporation 16% Rupert Beleggings (Pty) Ltd (B Ordinary Shares) 43% Other (< 5%) 47% Institutional 85% South Africa 67% Other (< 5%) 77% Public Investment Corporation 10% Overview of Key Shareholder - Rupert Family Johann Rupert Rupert Beleggings (Pty) Ltd, an investment vehicle owned by Rupert family owns 35,506,352 B ordinary shares in Remgro Johann Rupert, son of Dr. Anton Rupert (founder of Remgro), is the Chairman Mr. Rupert also chairs Compagnie Financiere Richemont, of which the family owns ~10% A Swiss luxury goods firm, best known for its brands Cartier and Montblanc He also chairs Reinet Investments, of which Rupert family owns ~25% An investment holding company based in Luxembourg, with investments in listed and private assets Stake in British American Tobacco (~4%) Unlisted investments include Pension Corporation Group, and Private Equity partnerships with Trilantic Capital Partners, Renshaw Bay, 36 South macro/volatility funds, Asian Private Equity funds and other specialised funds 1. As per the Annual Report FYE 2015 (30-Jun-15) 2. Each B Ordinary share is entitled to 10 votes 4

REMGRO AT A GLANCE Diversified Investment Portfolio Investments Overview By Sector (2) Investments Overview By Assets( 3) Reported Net Intrinsic Value Breakdown (USD8.8Bn (1) ) Industrial 7% Infrastructure 5% Media & Sport 2% Food, liquor & home care 22% Other 15% 6% 8% 8% South Africa Insurance 13% 13% 25% Healthcare 25% Banking 26% 26% 1. Reported Net Intrinsic Value (30-Jun-15) post potential capital gains tax liability, including central cash and other net corporate assets. Reported Net Intrinsic Value of the Group includes valuations of all investments, incorporating subsidiary and associated companies and joint ventures, either at listed market value or, in the case of unlisted investments, at directors valuation. 2. Net Intrinsic Value contribution as at 30-Jun-15, as disclosed in Annual Report and excluding Other investments, Central Treasury, Corporate assets and Potential capital gains tax liability 3. Net Intrinsic Value contribution (equity stake weighted) as disclosed in the FY15 Annual Report, contribution excludes Central Treasury, Corporate assets and Potential capital gains tax liability 5

SIGNIFICANT INTERNATIONAL DIVERSIFICATION IN UNDERLYING PORTFOLIO United Kingdom Switzerland United Arab Emirates Asia-Pacific Distell FirstRand RMI Holdings Mediclinic Mediclinic Mediclinic Distell FirstRand RMI Holdings Grindrod Southern Africa South Africa Southern Asia RCL Foods FirstRand Total PGSI RMI Holdings Distell Business Partners Unilever Grindrod SEACOM Air Products KTH E Media Unilever Distell RCL Foods RMBH FirstRand Mediclinic Air Products KTH Total PGSI Wispeco RMI Holdings Grindrod CIV Group SEACOM E Media Business Partners FirstRand Investee Companies Countries of Operation (1) 6 1. Remgro Company Data

ONE OF EMEA s LARGEST LISTED HOLDING COMPANIES Kinnevik Market Cap (USDBn) (1) 7.0 24.2 7.1 5.3 4.5 4.0 2.0 Discount to NAV (2)(3) (20%) (19%) (28%) (35%) (39%) (32%) (64%) Main Listing Johannesburg Stockholm Stockholm Istanbul Paris Paris London GDRs Moscow Net Debt to NAV (3) (1%) 13% (1%) 246% 108% (3%) 62 Continuing Investments Investments by Sector Insurance 13% Food, Liquor & Homecare 22% Other 14% Banking 26% Healthcare 25% Others 26% Industrials 19% Healthcare 30% Financials 26% Others 3% Entertainment 5% E-commerce 51% Communication 42% Others 23% Retail 13% Energy 24% FIG 40% Media and Services 51% Others 2% Industrials 47% Luxury 22% Others 19% Services 23% Mobility & Leisure 36% Paper 9% High-Tech 17% Others 14% Telecom 60% Type and Holding Status Private 20% Private 26% Private 21% Private 29% Private 33% Private 41% Private 25% Listed 80% Listed 74% Listed 79% Listed 71% Listed 67% Listed 59% Listed 75% Source Broker Reports, Capital IQ, Companies Filings, Bloomberg 1. As of 20 January 2016 2. Discount of market cap to latest disclosed Net Asset Value where disclosed. 3. Net Asset Value as reported and calculated by individual companies, typically at listed market value for listed investments at directors valuation for unlisted investments. Reported Net Intrinsic Value (NIV) used for Remgro. Please refer to page 2 for NIV definition 7

CREDIT HIGHLIGHTS 1 Food, Liquor and Homecare Healthcare Industrial Infrastructure Unique Portfolio of Assets in South Africa with International Diversification South Africa Banking Insurance South Africa Media & Sport Other 2 Net Intrinsic Value (1) (ZAR Bn) Proven Investment Strategy 150 120 90 70 78 105 126 149 60 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 3 Strong Cash Flow Generation Cash Dividends Received From Investee Companies (ZAR MM) 4000 2000 2,806 CAGR 11-15 5.2% 3,363 3,347 3,382 3,442 0 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 4 Experienced Management Team & Governance J P RUPERT Chairman Since 2000 E DE LA H HERTZOG Deputy Chairman Since 2000 J MALHERBE Co-Deputy Chairman Since 2014 J J DURAND CEO 19 Years of Service W E BÜHRMANN INVESTMENTS 28 Years of Service L CROUSE CFO 7 Years of Service 1. Reported Net Intrinsic Value post potential capital gains tax liability, including central cash and other net corporate assets 8

1 UNIQUE PORTFOLIO OF ASSETS IN SOUTH AFRICA WITH INTERNATIONAL DIVERSIFICATION Investments in South Africa's Leading Corporates ZAR / USD Market Cap (1) Enterprise Value (1) Investment Value (1) Asset Description ( ZAR Bn) (USD Bn) ( ZAR Bn) (USD Bn) Remgro Ownership (%) ( ZAR Bn) (USD Bn) Provides comprehensive and high-quality hospital services Presence in Southern Africa, the United Arab Emirates, Switzerland and UK (through Spire) 113.8 6.7 141.1 8.4 42.0% 47.8 2.8 (2) RMBH has a 34.1% interest in FirstRand, Southern Africa s pre-eminent banking group Since the restructuring during 2011, FirstRand Limited is its only asset and performance is therefore directly correlated FirstRand Provides banking, insurance and investment products and services Portfolio of leading franchises; Rand Merchant Bank (RMB), First National Bank (FNB), WesBank and Ashburton Investments Remgro owns 3.9% of FirstRand directly, and has an indirect stake through ownership of RMBH Geographical presence in South Africa Interests in Discovery Holdings (25%), MMI Holdings (25%), OUTsurance (83%) and RMB Structured Insurance (76%) Formed during 2011 as a result of a restructuring, whereby the insurance and banking interests of RMBH were separated and the insurance interests unbundled and listed as RMI on the JSE Geographical presence in South Africa, BLNS countries, China, UK and Australia Moved from passive holding company to also focus on growth opportunities in asset management and next generation financial services 72.8 4.3 73.8 4.4 28.2% 20.5 1.2 222.0 13.2 222.0 13.2 3.9% 8.7 0.5 53.1 3.1 50.5 3.0 30.3% 16.1 1.0 Produces and markets fine wines, spirits and flavoured alcoholic beverages More than 5,500 employees globally Geograhical presence in South Africa, Angola, Kenya, Tanzania, Nigeria, Europe, Taiwan and China SABMiller also hold a 26.5% stake in Distell 34.0 2.0 37.6 2.2 31.0% 10.5 0.6 Holding company with interests in diversified food businesses Including Rainbow Chicken, Foodcorp, TSB Sugar and Zam Chick, as well as integrated logistics operations through Vector Logistics 11.3 0.7 14.2 0.8 77.5% 8.8 0.5 Total 507.1 30.1 539.1 31.9 112.4 6.7 1. Market cap as of 20-Jan-16; Investment value is Remgro s share of current market capitalisation. Figures converted to USD at Spot FX rate of 16.87 2. Pro Forma for the Mediclinic Al Noor transaction, Remgro s ownership will be between 41-45% 9

2 PROVEN INVESTMENT STRATEGY Investment Strategy Key Characteristics Geography Investment Size South Africa and other African countries through investee companies Stakes in large companies with leadership in their sectors Platform Focus 7 existing platforms New opportunities within existing platforms Investment Stake Listed vs. Unlisted Sufficient to exercise influence (>20%) Remgro has a preference towards unlisted investments Preferred Platform Characteristics Competent Management Cash flow generative Trademarks Future growth prospects Good governance Disposals Business Model Ex cash flow growth business No value to be added Risk profile has changed Strategic reasons Decentralised management of investments Autonomous board and management Supports and influences through non-executive board representation Platform Culture Integrity and trust Long-term partnership Deep rooted relationships Track record 10

2 HAS LED TO EXCELLENT FINANCIAL PERFORMANCE Historical Evolution of Net Intrinsic Value ZAR Bn 12% 34% 20% 18% 150 120 105 126 149 90 70 78 60 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Net Intrinsic Value (1) YoY Growth Historical Evolution of Headline Earnings Per Share and Dividend Per Share ZAR 16.0 12.0 8.0 3.4x 10.8 3.2x 2.4x 3.3x 3.6x 15.6 12.9 9.9 8.2 4.0 0.0 3.1 3.1 3.5 3.9 4.3 (2) Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Headline Earnings Per Share Dividend Per Share Dividend Cover (3) 1. Reported Net Intrinsic Value (30-Jun-15) post potential capital gains tax liability, including central cash and other net corporate assets. Reported Net Intrinsic Value of the Group includes valuations of all investments, incorporating subsidiary and associated companies and joint ventures, either at listed market value or, in the case of unlisted investments, at directors valuation. 2. Jun-11 figure represents a 15 month time period, due to change in Remgro Fiscal Year End 3. Jun-13 figure impacted by one-off Mediclinic refinancing charges relating to the comprehensive refinancing of its Swiss and South African debt 11

3 STRONG CASH GENERATION FROM INVESTMENT PORTFOLIO Cash Dividends Received From Investee Companies ZAR MM 19.9% (0.5)% 1.0% 1.8% 4,000 3,000 2,806 3,363 3,347 3,382 3,442 2,000 1,000 Cash Dividends Received Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 YoY Growth Net Cash Dividends (Received Paid) ZAR MM (8.42)% (10.76)% 0.74% 0.21% (0.76)% 2,500 (3.57)x (5.24)x 0.47x 0.17x (0.82)x 2,000 1,500 1,000 500 1,646 1,610 1,635 1,549 1,374 0 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Net Cash Dividends (Received - Paid) (1) (2) (3) Net Debt / Net Intrinsic Value Net Debt / Net Cash Dividends 1. Net Cash Dividends calculated as cash dividends received at the Holding Company less cash dividends paid at the Holding Company 2. Net Debt is calculated as Total Long-Term and Short Term Loans less Cash and Cash Equivalents +Investments in Money Market Funds 3. Reported Net Intrinsic Value post potential capital gains tax liability, including central cash and other net corporate assets. Reported Net Intrinsic Value of the Group includes valuations of all investments, incorporating subsidiary and associated companies and joint ventures, either at listed market value or, in the case of unlisted investments, at directors valuation. 12

3 WITH LIMITED GEARING Net Debt ZAR MM (8.42)% (10.76)% 0.74% 0.21% (0.76)% 2,500 0 774 269 (1,123) (2,500) (5,000) (5,883) (7,500) (8,444) (10,000) Net Debt Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 (1) (2) Net Debt / Net Intrinsic Value Focused on balance sheet strength Remgro maintains a very conservative balance sheet policy and has financial flexibility Remgro has never previously undertaken a Rights Issue, and have the ability to increase debt significantly 1. Net Debt is calculated as Total Long-Term and Short Term Loans less Cash and Cash Equivalents +Investments in Money Market Funds 2. Reported Net Intrinsic Value post potential capital gains tax liability, including central cash and other net corporate assets. Reported Net Intrinsic Value of the Group includes valuations of all investments, incorporating subsidiary and associated companies and joint ventures, either at listed market value or, in the case of unlisted investments, at directors valuation. 13

BALANCE SHEET STRUCTURE Balance Sheet Structure, as at 30 June 2015 R MM Assets Actual 30-Jun-15 (1) Pro Forma (Post Spire) 30-Jun-15 (2) Pro forma (Post Spire & Al Noor) (2)(3) 30-Jun-15 Investments 60,324 64,945 79,285 Other Non-Current Assets 13,242 13,242 13,242 Cash and Cash Equivalents 5,036 3,915 3,915 Other Current Assets 7,623 7,623 7,623 Total Assets 86,225 89,725 104,065 Equity and Liabilities Shareholders Equity 73,114 73,114 73,114 Minority Interest 2,803 2,803 2,803 Total Equity 75,917 75,917 75,917 Long-Terms Loans 3,547 7,047 21,387 Other Long-Term Liabilities 1,857 1,857 1,857 Current Liabilities 4,904 4,904 4,904 Total Equity and Liabilities 86,225 89,725 104,065 1. Actual balance sheet figures for 30-Jun-15 are shown less assets / liabilities held for sale at the end of the period 2. Pro Forma adjustment comprises used cash of c.zar 1.1Bn and outstanding bridge facility of ZAR 3.5Bn in relation to the Spire 29.9% stake acquisition in July 2015. As part of the acquisition, Remgro obtained a bridge funding facility of R7.5 billion from Rand Merchant Bank in order to partly fund the transaction. The full amount of the facility was drawn on 13 July 2015 when payment for the Spire investment had to be effected. On 26 August 2015, Remgro repaid R4.0 billion of the bridge facility after Mediclinic successfully completed its rights issue and acquired Remgro s interest in Spire for an amount of R8.6 billion, which is equal to the purchase price, transaction and funding costs. See page 11 for further transaction details. 3. Additional Pro Forma adjustment comprises outstanding bridge facility of GBP 600 MM, in relation to the reverse takeover of Al Noor by Mediclinic. RMB and Morgan Stanley as original lenders have provided Remgro with: (a) a rand term loan facility in an aggregate amount equal to the ZAR equivalent of 200,000,000; and (b) a sterling term loan facility in an aggregate amount equal to 400,000,000.This has been converted to ZAR at the GBPZAR exchange rate as at 20-Jan-16 (23.90). See page 11 for further transaction details. 14

4 EXPERIENCED GOVERNANCE BODY Highly diversified backgrounds and experiences, with strong reputation in regional corporate arena NON-EXECUTIVE DIRECTORS Chairman Appointed: 18 Aug 00 Compagnie Financière Richemont SA Reinet Investments Manager SA Deputy Chairman Appointed: 18 Aug 00 Non-Exec Chairman of Mediclinic Distell Group Deputy Chairman Appointed: 11 Oct 06 Compagnie Financière Richemont SA Reinet Investments Manager SA J P RUPERT EXECUTIVE DIRECTORS E DE LA H HERTZOG J MALHERBE CEO Years of Service: 19 Investments Years of Service: 28 CFO Years of Service: 7 Discovery Limited Distell Group Limited FirstRand Limited Grindrod Limited Mediclinic RCL Foods RMI Holdings Unilever SA Chairman Invenfin Pembani Remgro Infrastructure Managers Dark Fibre Africa RMB Holdings FirstRand Limited Total South Africa FirstRand Bank Limited MMI Holdings J J DURAND W E BÜHRMANN L CROUSE INDEPENDENT NON-EXECUTIVE DIRECTORS Appointed: 16 Mar 15 Appointed: 4 Nov 09 Appointed: 28 Nov 01 Appointed: 4 Nov 09 RMB and RMI Holdings Chairman Aquarius Platinum (SA) Chairman RMB and RMI Holdings FirstRand Limited FirstRand Bank Limited RMB Holdings Anglo American Platinum Eqstra Holdings MTN Group RCL Foods Sappi Limited S E N DE BRUYN SEBOTSA G T FERREIRA P K HARRIS N P MAGEZA Appointed: 4 Nov 09 Appointed: 18 Jun 07 Appointed: 28 Mar 01 Appointed: 22 Aug 08 Brait South Africa Development Bank (SA) Harith Fund Managers MMI Holdings Limited Vodacom Group Limited Chairman Programme to Improve Learner Outcomes WWF (SA) Steve Biko Foundation Chairman Brimstone Investment Corporation, Commlife Holdings, Lion of Africa Insurance and Assurance Keeromstraat 30 Investments Naspers Investments Trencor Limited Peace Parks Foundation P J MOLEKETI M MOROBE F ROBERTSON H WESSELS 15

FINANCING CONSIDERATIONS During October 2015 Mediclinic and Al Noor announced the terms for a reverse takeover of Al Noor New Mediclinic International Ltd Group Structure Mediclinic Freefloat Remgro Al Noor Freefloat Existing Al Noor shareholders will be entitled to receive a special dividend of GBP3.28 per Al Noor share held and participate in a substantial share buyback To facilitate the combination Remgro will part-fund the Special Dividend and Buyback, and will subscribe for an additional GBP600 MM of new Al Noor shares 44-49% (1) 41-45% (1) 6-15% (1) Mediclinic Remgro will in aggregate directly or indirectly own between 41.0% and 45.2% of the Enlarged Group, dependent on take-up by Al Noor shareholders under the buyback Remgro secured GBP600 MM of bridge financing under a facility agreement with RMB and Morgan Stanley to fund the GBP600 MM share subscription The company is considering alternatives to put in place long term financing Al Noor ME Mediclinic ME Several options being considered including domestic and international bank loan, bond and equity-linked markets The combination will enable Remgro to meaningfully grow its 29.9% Spire Mediclinic SA Mediclinic CH healthcare portfolio and enhance returns via geographic diversification Source: Remgro Company Data, Annual Report (FY2015) 1. Shareholder % s dependent on participation in share buyback 16

Remgro Exchangeable Investor Pres v20160120.pptx\20 JAN 2016\8:18 PM\12 Appendix A Additional Materials

ONE OF SOUTH AFRICA S PRE-EMINENT CORPORATE ENTITIES Dr. Anton Rupert established Voorbrand (South African based tobacco company), forerunner of Rembrandt 1972: Overseas tobacco interests of Rembrandt were consolidated in Rothmans International, which was listed on the LSE Rembrandt expanded its interests in other economic sectors in South Africa 1993: Co-founded South Africa s first cellular telephony company Vodacom, 1995: Rembrandt and Richemont consolidated their respective tobacco interests in Rothmans international 1999: Merged with British American Tobacco Plc (BAT), the world s second largest cigarette producer Nov-2008: In November Remgro unbundled its investment in BAT to its shareholders by way of an interim dividend in specie amounting to a total amount of ZAR55.2Bn Supported Mediclinic s acquisition of a GBP432 MM stake in Spire Healthcare Plc Agree to contribute GBP 600MM into Mediclinic to support reverse merger into Al Noor Hospitals Group plc (subject to completion, expected to occur in Feb 16) 1940s 1950s 1970s 1980s 1990s 2000 2008 2009 2015 1956: Rembrandt listed on the Johannesburg Stock Exchange Separation of local and overseas interests Effected in 1988 with the founding of Richemont 2000: Restructuring of Rembrandt, with South African holding structure, consisting of four listed companies collapsed into Remgro and VenFin Nov-2009: In November Remgro and VenFin merged again, adding media and technology interests to the Group s investments Remgro represented Rembrandt s established tobacco, financial services, mining and industrial interests VenFin housed telecommunication and technology interests 18

SNAPSHOT OF INVESTMENTS By Industry Investments Snapshot By Industry (Ranked by Investment Value) Remgro (1) 1 Banking (26% of NIV) (2) 2 Healthcare (25% of NIV) (2) 3 Food, Liquor and Home Care (22% of NIV) (2) 4 Insurance (13% of NIV) (2) 5 Industrial 6 Infrastructure 7 (7% of NIV) (2) (5% of NIV) (2) Media and Sport (2% of NIV) (2) RMBH (28.2%) ZAR26.4 Bn Mediclinic (42.0%) ZAR36.7 Bn Distell (3) (31.0%) ZAR11.1 Bn RMI Holdings (30.3%) ZAR19.1 Bn Air Products (50.0%) ZAR4.2Bn CIV Group (50.9%) ZAR2.8 Bn E Media (32.4%) ZAR2.0Bn FirstRand (3.9%) ZAR11.7 Bn RCL Foods (77.5%) ZAR11.5 Bn Kagiso Trust Investment (34.9%) ZAR2.7Bn Grindrod (23.0%) ZAR2.3 Bn Other Media and Sport ZAR0.4 Bn Unilever SA (25.8%) ZAR8.7 Bn Total South Africa (24.9%) ZAR1.8 Bn SEACOM (25.0%) ZAR1.0 Bn Wispeco (100%) ZAR0.9 Bn Other Investments Treasury and Management Services PGSI (37.7%) ZAR0.7 Bn Business Partners (42.7%) Remgro Finance Corporation (100%) Remgro Management Services (100%) Listed Private Remgro International Jersey (100%) 1. ZAR amounts denote market value of the of Remgro s stake, % amounts denote effective interest in the company as at 30 June 2015. Net Intrinsic Value as disclosed in Annual Report 2015 2. Intrinsic value contribution as at 30 June 2015, and excluding Other investments, Treasury, Corporate costs and Potential capital gains tax 3. Includes the investments in Capevin Holdings 19

OTHER RECENT INVESTMENT ACTIVITY Spire is a leading UK Private Hospital Operator Remgro acquired a 29.9% stake in Spire for GBP432 million, and sold it on to Mediclinic at the same price Mediclinic / Spire Healthcare This transaction was concluded early in July 2015 During June 2015, in conjunction with the above agreement, Remgro and Mediclinic concluded an agreement which was completed in August 2015 whereby: Mediclinic acquired Remgro s interest in Spire for an amount of R8.6 billion, subsequent to raising R10.0 billion through a rights issue RMB Holdings Limited (RMBH) - During April 2015 Remgro acquired a further 2 990 000 RMBH shares for a total amount of R215.5 million Community Investments Ventures Holdings (CIVH) - Invested R56.6 million in CIVH during August 2014 Other Investment Activity Grindrod - Acquired a further 3 380 435 shares in the open market for a total amount of R58.0 million Kagiso Tiso Holdings (KTH) - Acquired an additional 3 000 ordinary shares for a total amount of R22.5 million Lashou Group Inc (Lashou) - Remgro disposed of its investment in Lashou in the first half of the year realising a loss of $19.9 million Milestone China Opportunities Fund III (Milestone III) - Invested a further $33.1 million (total investment: $86.5 million), remaining commitment at 30 June 2015 amounted to $13.5 million Source: Remgro Company Data, Annual Report (FY2015) 20

REPORTED NET INTRINSIC VALUE Company Name/Sector Reported Net Intrinsic Value, as at 30 June 2015 Value as at 30 June 2015 R MM Food, liquor and home care Unilever South Africa 8,688 Distell (1) 11,098 RCL Foods 11,514 Banking RMBH 26,409 FirstRand 11,720 Healthcare Mediclinic 36,727 Insurance RMI Holdings 19,096 Industrial Air Products South Africa 4,164 KTH 2,696 Total South Africa 1,785 PGSI 672 Wispeco 920 Infrastructure Grindrod 2,329 CIV group 2,797 SEACOM 1,001 Other infrastructure interests 480 Media and sport E Media 2,094 Other media and sport interests 382 Other investments 3,266 Central treasury cash at the centre (2) 4,019 Other net corporate assets 2,224 Net asset value (NAV) 154,081 Potential CGT liability (3) -5,466 NAV after tax 148,615 Issued shares after deduction of shares repurchased (MM) 514.4 NAV after tax per share (Rand) 288.9 1. Includes the investment in Capevin Holdings Limited. 2. Cash at the centre excludes cash held by subsidiaries that are separately valued above (mainly RCL Foods and Wispeco). 3. The potential capital gains tax (CGT) liability is calculated on the specific identification method using the most favourable calculation for investments acquired before 1 October 2001 and also taking into account the corporate relief provisions. Deferred CGT on investments available-for-sale is included in other net corporate assets above. 21

COMPOSITION OF HEADLINE EARNINGS Company Name/Sector Composition of Headline Earnings, as at 30 June 2015 Value as at 30 June 2015 R MM Food, liquor and home care Unilever South Africa 331 Distell (1) 445 RCL Foods (2) 755 TSB (2) - Banking RMBH 2,005 FirstRand 840 Healthcare Mediclinic 1,734 Insurance RMI Holdings 986 Industrial Air Products South Africa 222 KTH (108) Total South Africa 133 PGSI 30 Wispeco 104 Infrastructure Grindrod 135 CIV group 51 SEACOM 24 Other infrastructure interests 182 Media and sport E Media 69 Other media and sport interests (85) Other investments 84 Central treasury 111 Other net corporate costs (52) Headline earnings 7,996 Weighted number of shares (MM) 514.2 Headline earnings per share (Cents) 1,555.0 1. Includes the investment in Capevin Holdings Limited. 2. Remgro disposed of its 100% interest in TSB to RCL Foods during January 2014. Since 1 January 2014 TSB s results were accounted for by RCL Foods. 22

THANK YOU FOR MORE INFORMATION VISIT OUR WEBSITE www.remgro.com