Registration number 1968/006415/06
                                                                                         ISIN ZAE000026480
                                                                                   JSE and A2X Share code REM

S U M M A R Y O F U N AUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2022 AND
CASH DIVIDEND DECLARATION

SALIENT FEATURES
• Headline earnings per share: up by 5.7% to 626.2 cents
• Earnings per share: down by 19.7% to 701.1 cents
• Interim dividend per share: up by 60.0% to 80 cents
• Intrinsic net asset value per share as at 31 December 2022: R223.86 (30 June 2022: R213.10)

INTRODUCTION
The second half of the 2022 calendar year continued to be marked globally as a period of macroeconomic and
geopolitical instability, largely resulting from the Russia-Ukraine war, the ensuing geopolitical tensions, escalating
commodity prices coupled with inflationary pressures from supply chain disruptions. In the South African context, the
period’s global pressures were exacerbated by serious power supply constraints, slow progress on economic and
structural reforms, and rising interest rates. Furthermore, the South African GDP declined by 1.3% in the fourth quarter
of 2022. Despite these challenges, Remgro is more than encouraged that its prudent management, strong financial
position and capital allocation track record (as evidenced by its resilient portfolio) has enabled it to maintain earnings
momentum through all the headwinds. We continued to place emphasis on ensuring that our businesses are well
capitalised and prepared to deal with the current economic pressures. In this interim period, Remgro continued to focus
on the completion of the various corporate actions as part of ongoing portfolio optimisation efforts. Whilst the regulatory
red tape has resulted in delays in attaining approvals, Remgro and its respective strategic partners remain committed
to the successful implementation of these transactions.

RESULTS
For the period under review, headline earnings increased by 5.5% from R3 345 million to R3 529 million, while headline
earnings per share (HEPS) increased by 5.7% from 592.3 cents to 626.2 cents. The results are not directly comparable
to the prior period due to the impact of various corporate actions. Therefore, this muted increase does not reflect the
underlying performance of Remgro’s resilient portfolio.

The increase in headline earnings is mainly due to higher contributions from OUTsurance Group Limited’s (OUTsurance
Group) continuing operations, Kagiso Tiso Holdings Proprietary Limited, Community Investment Ventures Holdings
Proprietary Limited (turning profitable) and FirstRand Limited, as well as higher interest income. The increase is partly
offset by lower contributions from TotalEnergies Marketing South Africa Proprietary Limited, RCL Foods Limited and
Grindrod Limited (due to its unbundling). In addition, the comparative period also included the contributions of Grindrod
Shipping Holdings Limited (which was disposed of) and the discontinued operations of OUTsurance Group
(OUTsurance Group unbundled its investments in Discovery Limited and Momentum Metropolitan Holdings Limited, as
well as disposed of its investment in Hastings Group Holdings plc).

INTRINSIC NET ASSET VALUE
Remgro’s intrinsic net asset value per share increased by 5.0% from R213.10 at 30 June 2022 to R223.86 at
31 December 2022. The closing share price at 31 December 2022 was R133.03 (30 June 2022: R129.91), representing
a discount of 40.6% (30 June 2022: 39.0%) to the intrinsic net asset value.

DECLARATION OF CASH DIVIDEND NO. 45
Notice is hereby given that an interim gross dividend of 80 cents (2021: 50 cents) per share has been declared out of
income reserves, in respect of both the ordinary shares of no par value and the unlisted B ordinary shares of no par
value, for the six months ended 31 December 2022.
The Board is satisfied that the Company is solvent and liquid, thus confirming that the Company has sufficient capital
and reserves after the payment of the interim dividend, to support its operations for the foreseeable future.
A dividend withholding tax of 20% or 16 cents per share will be applicable, resulting in a net dividend of 64 cents per
share, unless the shareholder concerned is exempt from paying dividend withholding tax or is entitled to a reduced rate
in terms of an applicable double-tax agreement.

The issued share capital at the declaration date is 529 217 007 ordinary shares and 39 056 987 B ordinary shares. The
income tax number of the Company is 9500-124-71-5.

Dates of importance:
 Last day to trade in order to participate in the dividend                                      Tuesday, 18 April 2023
 Shares trade ex dividend                                                                    Wednesday, 19 April 2023
 Record date                                                                                       Friday, 21 April 2023
 Payment date                                                                                    Monday, 24 April 2023

Share certificates may not be dematerialised or rematerialised between Wednesday, 19 April 2023, and Friday,
21 April 2023, both days inclusive.

In terms of the Company’s Memorandum of Incorporation, dividends will only be transferred electronically to the bank
accounts of shareholders. In the instance where shareholders do not provide the Transfer Secretaries with their banking
details, the dividend will not be forfeited but will be marked as “unclaimed” in the share register until the shareholder
provides the Transfer Secretaries with the relevant banking details for payout.

DIRECTORS’ STATEMENT
The directors, who take responsibility for the contents of this short-form announcement, present the unaudited results
of Remgro for the six months ended 31 December 2022. The preparation of the Group’s consolidated results was
supervised by the Chief Financial Officer, Neville Williams CA(SA).

The financial information in this short-form announcement is a summary only and does not contain full details of the
consolidated financial results. Accordingly, any investment decisions should be based on information contained in the
full announcement, published and available at
https://senspdf.jse.co.za/documents/2023/JSE/ISSE/REM/REMDec2022.pdf and on the Company’s website at
www.remgro.com.

RESULTS WEBCAST AND PRESENTATION
Shareholders and other interested parties are invited to join management in discussing Remgro's interim results via
webcast at 09:00 am SAST on Thursday, 23 March 2023 at the following link:

https://services.themediaframe.com/links/remgro10043841.html




Signed on behalf of the Board of Directors.


Johann Rupert                                                                      Jannie Durand
Chairman                                                                           Chief Executive Officer

Stellenbosch
Approved by the Board: 22 March 2023
SENS release date: 23 March 2023
DIRECTORATE

Non-executive directors
Johann Rupert (Chairman), F Robertson* (Deputy Chairman),
S E N De Bruyn*, N P Mageza*, J Malherbe, P J Moleketi*,
M Morobe*, P J Neethling, G G Nieuwoudt*,
K S Rantloane*, A E Rupert
(* Independent)

Executive directors
J J Durand (Chief Executive Officer),
M Lubbe, N J Williams

CORPORATE INFORMATION

Secretary
D I Dreyer
Listings
Primary listing - JSE Limited
Sector: Financials – Financial Services – Investment Banking and Brokerage Services – Diversified Financial Services
Secondary listing – A2X

Business address and registered office
Millennia Park, 16 Stellentia Avenue, Stellenbosch 7600
(PO Box 456, Stellenbosch 7599)

Transfer Secretaries
Computershare Investor Services Proprietary Limited,
Rosebank Towers, 15 Biermann Avenue, Rosebank 2196
(Private Bag X9000, Saxonwold 2132)

Auditors
PricewaterhouseCoopers Inc.
Stellenbosch, South Africa

Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)

ACCESS TO INFORMATION

The financial results:
• can be viewed on www.jse.co.za;
• can be viewed online at www.remgro.com;
• are available for inspection at the Company’s registered office and the offices of the sponsor at no charge, during
  normal business hours from 23 March 2023; or
• may be requested in printed format from Ms D I Dreyer, tel: +27 21 888 3373.

FOR MORE INFORMATION

www.remgro.com