Financial results Total earnings (diluted) Dec 2012 Dec 2013 Change Rm Rm Core headline earnings 1 501 1 690 13% Amortisation of intangibles (302) (277) 8% Fair value gains 232 398 72% Basis changes and investment variances 10 64 >100% Other adjustments (3) (48) >(100)% Headline earnings 1 438 1 827 27% Other adjustments 53 (18) >(100)% Total earnings 1 491 1 809 21%

MMI Holdings | Semi-Annual December 2013 Interim Report - Page 7 MMI Holdings | Semi-Annual December 2013 Interim Report Page 6 Page 8