Disclosure of comparative information – Changes to primary earnings metric and segmental reporting of MMI MMI HOLDINGS LIMITED Incorporated in the Republic of South Africa (Registration number: 2000/031756/06) ISIN Code: ZAE000149902 JSE Share Code: MMI NSX Share Code: MIM ("MMI") or ("Company") or (“Group”) MMI GROUP LIMITED Incorporated in the Republic of South Africa (Registration No. 1904/002186/06) Company code: MMIG Disclosure of comparative information – Changes to primary earnings metric and segmental reporting of MMI Holdings Limited As communicated at the last annual results announcement, MMI has changed its primary earnings metric and segmental reporting. A new primary earnings metric, normalised headline earnings, will replace the previous core headline earnings metric. This will be done to align closer to metrics used by the South African insurance industry. Reporting segments will be changed, to align to MMI’s revised internal operating structure. For illustrative purposes, MMI has published a note where these changes have been applied to segmental earnings for the comparative periods 31 December 2017 and 30 June 2018 and due to their nature, they do not fairly present MMI’s financial position, changes in equity, results of operations or cash flows. Please take note that the historical financial information contained in this supplementary financial information has not been reviewed or reported on by the auditors of MMI. This supplementary financial information is the responsibility of the directors of MMI. The note can be found on MMI’s website at the following link: http://www.mmiholdings.co.za/en/investor-relations/financial results Centurion 27 February 2019 Sponsor in South Africa Merrill Lynch South Africa (Pty) Limited Date: 27/02/2019 08:00:00 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.