Momentum Strategic Review

Momentum Retail

Agenda Introduction to business unit Current structure / organogram Retail distribution review Client centricity Growth Excellence Looking ahead

Agenda Introduction to business unit Current structure / organogram Retail distribution review Client centricity Growth Excellence Looking ahead

Operating environment Distribution in flux / RDR Competition for static upper market Economic realities Risk business down Volatile markets Corporate strategies New regulations

Market dynamics (NMG survey) Class of advisers Change in market share Independent financial advisers -13% Aligned advisers * 6% Tied agents 16% Bank brokerages -11% Source: NMG Risk Survey

Trend of new business premium by Channel Swiss Re New Business Volume Survey Momentum Myriad | Aug 2015 6

Agenda Introduction to business unit Current structure / organogram Retail distribution review Client centricity Growth Excellence Looking ahead

Momentum Retail Sales and Client and Brand and Client Middle Market COO Distribution intermediary marketing Solutions Segment (Johann Jooste) (Vacant) interactions (Danie vd Bergh) (Teshlin Akaloo) (Frank Magwegwe) (Teshlin Akaloo) Finance (Jan Lotter) Human Capital (Vacant)

Agenda Introduction to business unit Current structure / organogram Retail distribution review Client centricity Growth Excellence Looking ahead

Retail Distribution Review

Agenda Introduction to business unit Current structure / organogram Retail distribution review Client centricity Growth Excellence Looking ahead

Neuro-marketing research Eye tracking

Multiply | Education Platform 10 000 LIKES IN A MONTH

Financial wellness take-up 5 000 76 037 80 000 4 500 4 347 70 000 4 079 3 977 4 000 3 476 60 000 3 500 3 179 3 160 3 124 3 113 3 155 3 158 3 023 50 000 3 000 ers 2 746 2 651 2 630 Us rse 2 568 d sU 2 500 2 421 40 000 te w 2 282 2 314 ula eN umc 2 000 Ac 30 000 1 500 20 000 1 000 500 10 000 - il e t r r y y h il e t r - rp uly us be ber ber ar ar c pr uly us A May Jun J ug mbe to nu ru A May Jun J ug mbe A pet Oc vem cem Ja Mar A pte eS No De Feb Se 2014 2014 2014 2014 2014 2014 2014 2014 2014 2015 2015 2015 2015 2015 2015 2015 2015 2015 New Users Accumulated Users

New multiply partners

Multiply value proposition Online Shop R9,0 million Mango R30,5 million Pick n Pay R0,8 million Dis-Chem Momentum Health R9,0 million R6,3 million Myriad R61,4 million Cyclelab Ro,3 million The Pro Shop R0,3 million Gym R105,8 million

New brand properties

Strong client brand

ATL - Momentum Short Term Insurance

ATL - Myriad | Critical illness campaign

Client value proposition Our approach to creating a Client Value Proposition

Education Client Value Proposition

Agenda Introduction to business unit Current structure / organogram Retail distribution review Client centricity Growth Excellence Looking ahead

Online capabilities Online panel surveys Virtual group discussions

Other new products

Growth through diversification

Middle market sales per product line 1600 1400 1200 1000 800 600 400 200 0 F15 - Q1 F15 - Q2 F15 - Q3 F15 - Q4 F16 - Q1 Funeral Life MSP

Middle market channel split 1600 1400 1200 1000 800 600 400 200 0 F15 - Q1 F15 - Q2 F15 - Q3 F15 - Q4 F16 - Q1 Call Centre MPAS

Middle market agency growth 160 140 120 100 80 60 40 20 0 2014 - September 2014 - December 2015 - March 2015 - June 2015 - September Intern Trainee Adviser Experienced

Momentum Retail Segments Wealth creation HIGH NET WORTH & protection Leaving a legacy & giving back More Time 0.01% of entire SA population, yet form 35% of South Africa’s Convenience total individual wealth h60 h 00 h 59 Security & trust ort$ 1lion ort$ 2 ort$ 2 W US Bil W US Billion W USBillion 2007 2013 2017 This excludes the ‘undiscovered’ market

Growth through diversification

Market share for brokers by segment Market share for brokers by segment 35% 30% 30% 25% ) % ( 21% e20% r a h 18% s t e 15% k15% r a M 10% MetLife 9% Myriad 5% 5% 0% 0.6% 0.3% All Large Medium Small Mega Market Segment Swiss Re New Business Volume Survey | Momentum | 2015 41

Market share for tied agents by segment Market share for tied agents by segment 35% 30% 25% ) % ( 20% e r a h s t 15% 15% e k r 13% a M 10% 10% 10% MetLife Myriad 5% 6% 5% 0% 1% 0.4% Overall Large Medium Small Mega Market Segment Swiss Re New Business Volume Survey | Momentum | 2015 42

Attracting more Financial Planners 660 640 620 600 580 560 540 Jun 10 Jun 11 Jun 12 Jun 13 Jun 14 Jun 15 Sep 15*

MFP business has more than doubled in 5 years s1 400 onilli M1 200 1 000 800 600 400 200 0 Jun 10 Jun 11 Jun 12 Jun 13 Jun 14 Jun 15

Quality of business Lapses are down 67 % over the last 7 years 30% 25% 24% 20% 19% 15% 13% 10% 10% 10% 9% 9% 5% 6% 0% Jun 09 Jun 10 Jun 11 Jun 12 Jun 13 Jun 14 Jun 15 Sep 15 Benchmark MFP Lapse Ratio

Momentum Consult headcount

Call centre | Health case count growth 900 50% 44.9% 800 45% 39.9% 700 40% 36.7% 32.0% 35% 600 30.2% 31.2% 31.1% 30.3% 30% 500 25.8% 25.1% 22.2% 27.5% 25% 400 18.8% 20% 300 15% 200 10% 100 5% 778 610 611 251 606 668 685 543 605 552 694 427 407 0 0% Sep14 Oct14 Nov14 Dec14 Jan15 Feb15 Mar15 Apr15 May15 Jun15 Jul15 Aug15 Sep15 Case Count % of Total Health Sales

Call Centre | Multiply case count growth 1 800 70% 61.7% 1 600 59.2% 56.9% 55.7% 60% 55.5% 55.6% 1 400 51.7% 47.6% 50% 1 200 42.7% 39.8% 39.3% 1 000 40% 35.2% 800 30% 600 20% 400 10% 200 525 583 542 412 1 552 1 403 1 398 1 019 1 080 1 267 1 378 1 416 0 0% Sep14 Oct14 Nov14 Dec14 Jan15 Feb15 Mar15 Apr15 May15 Jun15 Jul15 Aug15 Case Count % of Total Multiply Sales

Growth through diversification

The quality of our products are market leading Momentum’s quality is perceived to be one of the highest in the industry Source: SAcsi 2014 Q4 Life Insurance Report

Clients are more satisfied with our service While the Life Insurance Industry showed a 2.8 point decline Momentum was a the only brand to improve since 2013 The Life Insurance Industry showed a Source: SAcsi 2014 Q4 Life Insurance Report

Agenda Introduction to business unit Current structure / organogram Retail distribution review Client centricity Growth Excellence Looking ahead

Our clients are more willing to choose our brand again When asked how likely they are to choose their brand if they had to choose a life insurer again, Momentum clients scored the highest The Life Insurance Industry showed a Source: SAcsi 2014 Q4 Life Insurance Report

Improvement in mortality experience Mortality experience 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Counts Net Sum assured Expected

Impact of focus on quality Total mortality and morbidity basis changes and experience profits for the period F2011 – F2015 R1.7 billion

Technology key enabler

Myriad | Self captured 90% 80% 70% s60% ecas of50% geta ne40% Perc 30% 20% 10% 0% RSA Namibia

Agenda Introduction to business unit Current structure / organogram Retail distribution review Client centricity Growth Excellence Looking ahead

Introducing Voice Biometrics !!! Normal Customers Excessive call Agent time often get handling and to identify frustrated frustration when Expensive Lost business Between with having to data is forgotten, password / when customers 10 and 60 remember things or wrong details recovery give up! seconds

New technology F2016 • CRM • Wealth management solutions • Web improvements • Online fulfillment • New mobile platform