MMI Holdings and African Bank partnership MMI Holdings Limited Incorporated in the Republic of South Africa Registration Number: 2000/031756/06 ISIN: ZAE000149902 NSX share code: MIM JSE share code: MMI ("MMI Holdings" or "MMI") MMI Holdings and African Bank partnership MMI Holdings and African Bank have entered into an agreement where they will offer expanded financial services solutions to their respective customers to facilitate financial wellness. The agreement is subject to regulatory approval. The two companies envisage that investing in this symbiotic relationship will enable them to provide a wider range of products and services to their customers and expand their service footprint; ultimately leading to an improved client experience. To this end, MMI Holdings and African Bank will enter into mutually beneficially relationships on 3 fronts: • African Bank will provide the capabilities to enable a credit (lending) solution to MMI clients, for distribution via MMI’s established sales channels. African Bank will be the exclusive provider of consumer credit products to MMI, for solutions falling within its product range. • Over time, MMI’s full range of insurance products (appropriate to the relevant target market) will, on an exclusive basis, be made available to African Bank’s customer base through its branch infrastructure and other distribution channels at its disposal. • African Bank will act as sponsoring bank to facilitate deposit-taking and extend transactional banking capabilities that MMI wishes to offer to its clients. For the lending solution, our plan is to build up a loan book in excess of R10bn over the next five years. The plan for the insurance initiative is to build a distribution channel able to generate in-force premiums in excess of R1bn within five years from inception of the venture. On both lending and insurance, profits will be shared 50/50 between the partners. The first phase of the insurance co-operative venture is expected to go live in the second half of 2017, with lending activities becoming fully functional during the first half of 2018. Presentation to analysts on the partnership is available on the MMI Holdings website in the investor relations section of the website (http://www.mmiholdings.co.za/en/investor-relations/presentations). Centurion 12 June 2017 Sponsor: Merrill Lynch South Africa (Pty) Ltd Date: 12/06/2017 12:00:00 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.