Executive Changes at MMI Holdings 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 company") EXECUTIVE CHANGES AT MMI HOLDINGS Shareholders are informed that Chief Operating Officer (Danie Botes) and Chief Executive of Momentum Retail (Etienne de Waal) have resigned to pursue other interests. Both Danie and Etienne were with the group for more than 20 years and leave a lasting legacy. MMI Holdings would like to thank Danie and Etienne for their contribution to the group. In response to the resignations and to enable the group to deliver on its strategic initiatives, we wish to announce the following executive changes: Mary Vilakazi, current group Finance Director, has been appointed Deputy Chief Executive of MMI Holdings. Mary’s portfolio will include responsibility for the group’s finance, information technology, and operations functions. The Deputy CEO role will effectively amalgamate the previous COO and FD roles. To support Mary in the expanded responsibility, two new roles have been added to the MMI executive committee; Group Chief Financial Officer and Group Head of Operations. Risto Ketola, current Investor Relations and Business Performance Executive, has been appointed Group CFO. Risto will take executive accountability for investor relations, performance management, group reporting, certain group-wide services, merger & acquisitions, and balance sheet management. Ashlene van der Colff, current Group Chief Internal Audit Executive, has been appointed Group Head of Operations. Ashlene has a proven track record in implementing business processes and will take responsibility to ensure that MMI operations and work practices are robust, effective, and efficient. Khanyi Nzukuma has been appointed CEO of Momentum Retail. Khanyi has a strong track record having led the extensive channel restructuring in Metropolitan Retail that is now bearing fruit. Khanyi’s skill set in distribution and in leadership makes him the ideal candidate to take forward Momentum’s plans around revitalising its distribution models and client engagement experiences. As mentioned to shareholders previously, the group continues to revitalise its operating model to ensure that we deliver on our strategic vision of being the preferred lifetime Financial Wellness partner, with a reputation for innovation and trustworthiness. In the medium term our focus is to invest in our distribution capabilities and in our client engagement solutions as well as to narrow our geographic footprint in Africa in order to maximise delivery in our core businesses in South Africa. 22 June 2017 Sponsor: Merrill Lynch South Africa (Pty) Ltd Date: 22/06/2017 05:00:00 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.