MMIG - Availability of the Annual Financial Statements of MML for the year ended 30 June 2022 MOMENTUM METROPOLITAN LIFE LIMITED Incorporated in the Republic of South Africa Registration number: 1904/002186/06 LEI: 378900E0A78B7549C212 Company code: MMIG (“Momentum Metropolitan Life” or “MML” or “MML Group”) Availability of the Annual Financial Statements of MML for the year ended 30 June 2022 Noteholders are advised that the consolidated audited annual financial statements (“AFS”) of Momentum Metropolitan Life for the year ended 30 June 2022 (“F2022”), has been published on the Momentum Metropolitan Holdings Limited website at https://www.momentummetropolitan.co.za/en/investor-relations/debt- investor. The consolidated AFS for F2021 have been audited by MML’s auditors, Ernst & Young Inc. (“EY”), and their unqualified audit report for F2022, together with the AFS identified in the audit opinion, are available for inspection at the registered offices of MML. In the MML Group AFS, the following mandatory restatements are disclosed: 1. The Group invests into Qualified Investor Hedge funds that, as a result of the requirements in IFRS 10 - Consolidated financial statements, are consolidated. As a result of a further detailed review of the financial instruments held by these hedge funds, a number of refining correcting adjustments were required to the MML statement of financial position and income statement. These adjustments do not impact the net asset value of the hedge fund nor that of MML. The adjustments made in respect of the statement of financial position relate to the following: - the offset and classification of interest rate derivatives and carry positions; and - the offset and recording of financed trade positions carried out in the funds. The statement of financial position has been restated accordingly. The adjustments made in respect of the income statement relate to the following: - inappropriate application of the offsetting criteria applied in respect of interest income and finance costs; and - consolidation of the full income statement disclosures of the hedge funds, which resulted in a reclassification between the relevant lines of the income statement and fair value adjustments on Collective Investment Schemes (CIS) liabilities. The income statement has therefore been restated accordingly. 2. In accordance with the Financial Advisory and Intermediary Services Act 37 of 2002 as well as the Policyholder Protection Rules, there is an obligation to re-intermediate clients that are not linked to a financial advisor. Accumulated balances that were due to the financial advisors originally linked to policyholders, were previously reported as other payables. However, when these financial advisors went out of force, the balance was no longer contractually payable and therefore the balance should have been changed to a provision for the expected cost of reintermediation that is required in order to settle the obligation towards policyholders. In the previous reporting periods, this balance was however reported as a payable and has therefore been retrospectively reclassified from a payable to a provision to provide for the cost that is required to re-intermediate these clients with in-force policies, but no financial advisors. The statement of financial position has been restated accordingly. 3. As a result of the requirements in IFRS 10 - Consolidated financial statements, the Group consolidates certain CISs and as such consolidates the complete statement of profit or loss and statement of financial position of such funds. It is often the case that funds of this nature incur asset management expenses and conversely the investment managers earn fee income. A number of eliminations are required as many entities within the Group perform the function of inhouse investment manager for a number of consolidated funds and as such these asset management fees are considered to be inter-company. Upon further analysis of sub-investment manager arrangements, a number of additional external sub- investment managers were identified. As a result, a portion of asset management fee expenses and income that were previously considered to be associated with inhouse investment managers and therefore inter-company and subsequently eliminated, were in fact external and should not have been eliminated entirely. This has led to the restatement of fee income and the asset management expenses. 4. Long-term insurance companies are required to pay tax on behalf of policyholders according to the five- funds tax approach as required by section 29A of the South African Income Tax Act of 1962. The approach requires the insurer to collect taxation in respect of policies held, determined with reference to different rates of tax (including effective capital gains tax rates) to be applied to different categories of policyholders. In practice, the collection of tax from policyholders and specifically capital gains tax, follows a more simplistic approach than the calculation that is used for the income tax calculation when submitting a tax return to the South African tax authorities. This difference in methodology resulted in over-recoveries from policyholders. The over-recovery was accounted for as an ‘other payable’. Management has re-assessed the recognition of this balance and has created an actuarial data reserve. As such, the balance has subsequently been re-classified from other payables to insurance liabilities. The statement of financial position has been restated accordingly. 5. Share portfolios reclassification: Investments held in share portfolios were previously incorrectly classified as cash and cash equivalents. These share portfolios have now been correctly split into the underlying assets. The balance sheets for the financial years ended 30 June 2020 and 30 June 2021 (prior year), have been restated as a result. Additionally, realised fair value gains on certain share portfolios incorrectly included dividends received. The prior year income statement has been restated. 6. Finance cost correction: Finance costs and net realised and unrealised fair value gains/(losses) have been corrected related to the elimination of an intercompany transaction. This has led to the restatement of these lines. 16 September 2022 Debt Sponsor Rand Merchant Bank (A division of FirstRand Bank Limited) Date: 16-09-2022 05:41:00 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.