Feedback on Shareholder Engagement Regarding the Remuneration Policy MMI Holdings Limited (Incorporated in the Republic of South Africa) (Registration number 2000/031756/06) JSE share code: MMI NSX share code: MIM (“MMI Holdings” or “the Company”) FEEDBACK ON SHAREHOLDER ENGAGEMENT REGARDING THE REMUNERATION POLICY Further to the announcement released on SENS on 27 November 2017 relating to MMI Holdings’ invitation to shareholders to engage with the Company on the remuneration policy as well as subsequent individual invitations distributed to various CSDPs (through whom shareholders had submitted votes against the remuneration policy), shareholders are advised as follows: 1. The telephone conference took place on 4 December 2017 at 09:00 (SA time); 2. All CSDPs to whom individual invitations were sent, contacted MMI and advised that they informed their clients to liaise directly with MMI, alternatively that their clients had received the SENS on the matter and would engage MMI directly, as required; 3. Shareholders holding, or representing, 11.82% shareholding in MMI participated in the teleconference on 4 December (“participating shareholders”); 4. The participating shareholders confirmed that they raised certain areas of concern in relation to the MMI remuneration policy directly with MMI, and that MMI had engaged with them on these issues prior to its Annual General Meeting (“AGM”) held on 24 November 2017. They requested that MMI should set up further individual meetings with them subsequent to the teleconference in order to discuss the previous explanations in greater detail; and 5. MMI Holdings has undertaken to formally table the areas of concern raised at its next Remuneration Committee meeting for consideration, and the outcomes will be reported in the Remuneration Report in the next Integrated Report. By Order of the Board Centurion 6 December 2017 Sponsor Merrill Lynch South Africa (Pty) Limited Date: 06/12/2017 04:15:00 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.