Dealings In Shares By Directors MMI HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number: 2000/031756/06) ISIN Code: ZAE000149902 Share Code: (JSE) MMI Share Code: (NSX) MIM (“MMI Holdings”) DEALINGS IN SHARES BY DIRECTORS In compliance with the JSE Limited Listing Requirements, the following share transactions are disclosed in respect of the executive directors. In terms of a private long term funding transaction with Rand Merchant Insurance Holdings Limited (“RMIH”), the following executive directors have, in their individual capacities, purchased MMI shares and European Call Options on MMI shares as follows. Director : Nicolaas Abraham Stefanus Kruger Company : MMI Holdings and MMI Group Limited Nature of transaction : On market purchase of securities Nature and extent of interest : Indirect Beneficial Class of securities : Ordinary shares Date of transaction : 10 December 2015 Number of securities : 1,619,574 Volume weighted average purchase price : R21.65 Highest purchase price : R22.00 Lowest purchase price : R21.20 Total value of transaction : R35,060,214.04 Date of transaction : 11 December 2015 Number of securities : 622,913 Volume weighted average purchase price : R19.76 Highest purchase price : R20.20 Lowest purchase price : R19.28 Total value of transaction : R12,306,020.06 Date of transaction : 14 December 2015 Number of securities : 490,595 Volume weighted average purchase price : R21.02 Highest purchase price : R21.90 Lowest purchase price : R20.10 Total value of transaction : R10,313,974.92 Date of transaction : 10 December 2015 Nature of transaction : Off market purchase of European call options in respect of MMI ordinary shares Number of options : 2,733,082 Class of securities : Options over MMI ordinary shares Option reference price : R21.1045 Option strike price : R37.9880 (180% of reference price) Option expiration date : Ranging from 2 November 2020 to 13 November 2020 Director : Mary Vilakazi Company : MMI Holdings and MMI Group Limited Nature of transaction : On market purchase of securities Nature and extent of interest : Indirect Beneficial Class of securities : Ordinary shares Date of transaction : 10 December 2015 Number of securities : 647,830 Volume weighted average purchase price : R21.65 Highest purchase price : R22.00 Lowest purchase price : R21.20 Total value of transaction : R14,024,094.27 Date of transaction : 11 December 2015 Number of securities : 249,165 Volume weighted average purchase price : R19.76 Highest purchase price : R20.20 Lowest purchase price : R19.28 Total value of transaction : R4,922,404.07 Date of transaction : 14 December 2015 Number of securities : 196,238 Volume weighted average purchase price : R21.02 Highest purchase price : R21.90 Lowest purchase price : R20.10 Total value of transaction : R4,125,589.97 Date of transaction : 10 December 2015 Nature of transaction : Off market purchase of European call options in respect of MMI ordinary shares Number of options : 1,093,233 Class of securities : Options over MMI ordinary shares Option reference price : R21.1045 Option strike price : R37.9880 (180% of reference price) Option expiration date : Ranging from 2 November 2020 to 13 November 2020 Clearance to deal has been obtained for all the aforementioned transactions. CENTURION 15 December 2015 Sponsor in South Africa Merrill Lynch South Africa (Pty) Limited Sponsor in Namibia Simonis Storm Securities (Pty) Limited Date: 15/12/2015 11:00:00 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.