Momentum Employee Benefits Dec Dec Key aspects 2012 2013 Change • Positive net cash flow Rm Rm Total funds received 7 908 11 219 42% • Strong new business New business PVP 4 977 6 506 31% volumes Recurring 253 532 >100% • Excellent value of new business Single 3 128 1 704 (46)% • Continued growth in Value of new business 66 90 36% Health membership PVP margin 1.3% 1.4% • Mixed risk experience Momentum Open Scheme membership (‘000) 101 112 11% • Increased operational Operating profit after tax 159 179 13% efficiencies Strong operating performance