Trading statement MMI Holdings Limited Incorporated in the Republic of South Africa Registration Number: 2000/031756/06 JSE share code: MMI NSX share code: MIM ISIN: ZAE000149902 ("MMI" or the "group") Trading statement in terms of the JSE Listings Requirements MMI will be releasing interim results for the six months ended 31 December 2013 on 5 March 2014. Shareholders are advised that the group’s diluted earnings per share and diluted headline earnings per share are expected to be up between 20 and 30 percent on the corresponding financial period of 2013 while diluted core headline earnings is expected to be up between 10 and 15 percent. Core headline earnings is a measure of performance used by MMI in addition to earnings and headline earnings. Core headline earnings is regarded by the directors of MMI as an appropriate measure of longer-term operational performance, given that items of both a once-off and an inherently volatile nature are eliminated. These items include changes to the valuation basis, investment variances, fair value movements on shareholder assets and the amortisation of any intangible assets recognised due to business combinations. The increase in earnings and headline earnings in the current period relative to the increase in core headline earnings is largely due to increased fair value movements on shareholder assets and investment variances. The financial information on which this trading statement is based has not been reviewed and reported on by MMI’s external auditors. Centurion 20 February 2014 Sponsor: Merrill Lynch South Africa (Pty) Ltd Date: 20/02/2014 03:54:00 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.