Exercise of Early Redemption Option Notice - MET01 MMI Group Limited (Incorporated in the Republic of South Africa) (Registration No. 1904/002186/06) Company code: MMIG ISIN MET01: ZAG000035890 (“MMI”) Exercise of Early Redemption Option Notice 1. On 15 December 2006 MMI Group Limited (formerly Metropolitan Life Limited) (the Issuer) issued ZAR500,000,000 Unsecured Subordinated Notes (MET01) (the MET01 Notes) due 15 December 2019 (the Maturity Date) pursuant to the terms and conditions contained in the applicable pricing supplement (the Previous Metropolitan Applicable Pricing Supplement) dated 15 December 2006 read together with the terms and conditions contained in the programme memorandum dated 13 December 2006 (the Previous Metropolitan Programme Memorandum) pursuant to the ZAR500,000,000 Unsecured Subordinated Callable Note Programme established by Metropolitan Life Limited (the Previous Metropolitan Programme). 2. On 5 March 2014, the Issuer updated and consolidated the Previous Metropolitan Programme together with the Momentum Group Limited ZAR1,000,000,000 Unsecured Subordinated Callable Note Programme (the Previous Momentum Programme) established on 20 April 2006 pursuant to a programme memorandum dated 20 April 2006 (the Previous Momentum Programme Memorandum) and established the MMI Group Limited Unsecured Subordinated Callable Note Programme (the Programme) in terms of which the Issuer may from time to time issue debt securities on the Interest Rate Market of the JSE Limited (the JSE) as described in the programme memorandum, which was amended and restated on 5 March 2014 (the Programme Memorandum), read with the relevant applicable pricing supplement from time to time. 3. On 5 March 2014, the Issuer amended and restated the terms of the Previous Metropolitan Applicable Pricing Supplement to reflect the amended terms and conditions of the Programme Memorandum. The MET01 Notes are redeemable at the option of the Issuer on 15 December 2014. 4. This notice is delivered by the Issuer to each holder of MET01 Notes (the Noteholders) issued under the Programme Memorandum in accordance with Condition 17 (Notices) of the section headed “Terms and Conditions of the Notes” in the Programme Memorandum for purposes of notifying Noteholders of the Issuer exercising its option (call option) for early redemption of the MET01 Notes on 15 December 2014 at the face value thereof, together with any interest accrued thereon up until that date. 13 November 2014 For further information contact: FirstRand Bank Limited, acting through its Rand Merchant Bank division (RMB) Sponsor: RMB Date: 13/11/2014 11:29:00 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.