MGL01-Exercise of Early Redemption Option Notice MMI Group Limited (Incorporated in the Republic of South Africa) (Registration No. 1904/002186/06) Company code: MMIG (“MMI”) Instrument code: MGL01 ISIN: ZAG000029935 Exercise of Early Redemption Option Notice 1. On 25 April 2006 MMI Group Limited (formerly Momentum Group Limited) (the Issuer) issued ZAR1,000,000,000 Unsecured Subordinated Callable Notes (MGL01) (the MGL01 Notes) due 15 September 2020 (the Maturity Date) pursuant to the terms and conditions contained in the Applicable Pricing supplement (the Previous Momentum Applicable Pricing Supplement) dated on or about 25 April 2006 read together with the terms and conditions contained in the programme memorandum dated 20 April 2006(the Previous Momentum Programme Memorandum) pursuant to the ZAR1,000,000,000 Unsecured Subordinated Callable Note Programme established by Momentum Group Limited (the Previous Momentum Programme) 2. On 5 March 2014, the Issuer updated and consolidated the Previous Momentum Programme together with the Metropolitan Life Limited ZAR500,000,000 Unsecured Subordinated Callable Note Programme (the Previous Metropolitan Programme) established on 13 December 2006 pursuant to a programme memorandum dated 13 December 2006 (the Previous Metropolitan Programme Memorandum) and established the MMI Group Limited Unsecured Subordinated Callable NoteProgramme (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 Momentum Applicable Pricing Supplement to reflect the amended terms and conditions of the Programme Memorandum. The MGL01 Notes are redeemable at the option of the Issuer on 15 September 2015. This notice is delivered by the Issuer to each holder of MGL01 Notes (the Noteholders) issued under the Programme Memorandum in accordance with Condition 9.3 (Redemption at the Option of the Issuer) read 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 MGL01 Notes on 15 September 2015 at the face value thereof, together with any interest accrued thereon up until that date. Dated 11 August 2015 For further information contact: FirstRand Bank Limited, acting through its Rand Merchant Bank division (RMB) Debt Sponsor Rand Merchant Bank (A division of FirstRand Bank Limited) Date: 11/08/2015 01:58:00 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.