ALEXANDER FORBES

YOUR WORLD IS OUR WORLD
Alexander Forbes is a leading provider of financial, risk and insurance services and multi-manager investment solutions internationally with primary operations based in South Africa and the United Kingdom. A significant network of subsidiaries and partners ensures that the company provides an outstanding level of service to all customers. Alexander Forbes' customers include small, medium and large organisations, specialist groups and individuals. Attention is focused on the delivery of swift, efficient local service by empowered people.

Alexander Forbes Equity Holdings (Pty) Limited ("AFEH") is the ultimate holding company of the Alexander Forbes group of companies. AFEH acquired the entire issued share capital of Alexander Forbes Limited in July 2007, when Alexander Forbes Limited delisted from the JSE Limited. AFEH's shares are held by a consortium of private equity investors, management, staff, and BEE partners Alexander Forbes Preference Share Investments Limited ("AF Pref "). AF Pref was incorporated with the sole purpose of being a special purpose vehicle through which public shareholders can invest in the Alexander Forbes group of companies. AF Pref is listed on the JSE Limited (AFP). The group has been in existence since 1935. The Group Chief Executive is Edward Kieswetter and the Group Finance Director is Deon Viljoen.

The group is internationally recognised due to its strong brand and is considered to be a market leader in the areas in which it operates. The group's strategic business units are:

SOUTH AFRICAN FINANCIAL SERVICES

• Employee benefit advice, products and services
• Actuarial consulting and administration services
• Wealth and asset management and advice
• Investment consulting advice

INTERNATIONAL FINANCIAL SERVICES
(Chief Executive Officer: Grant Stobart)

• Employee Benefit consulting
• Actuarial investment consulting, pension advice, administration services
• Wealth and asset management and advice
• Advice regarding selection of asset managers

SOUTH AFRICAN RISK AND INSURANCE SERVICES
(Chief Executive Officer: Jurie Erwee)

• Risk & insurance programme consulting, advice and products
• Riskmanagement and financial advice, products and services
• Insurance products and facilities

INVESTMENT SOLUTIONS - AFRICA AND INTERNATIONAL
(Managing Director: Derrick Msibi)

• Provides multi-manager investment manager research
• Develops risk-profiled investments

AFRINET WITH A NETWORK EXTENDING TO 12 COUNTRIES IN SUB-SAHARAN AFRICA (INCLUDING MAURITIUS)
(Chief Executive Officer: Kofi Amegashie)

• Risk andinsurance programme consulting, advice andproducts
• Employee benefits advice, solutions products and services
• Actuarial consulting and administration services

The group operates with confidence in an attractive, growing South African market. It also has strong businesses in the United Kingdom and Europe which include long-standing relationships with customers and a high client retention rate. The company promotes a culture of innovation which encourages and promotes new product development allowing it to anticipate and deliver on clients' requirements.

EMPLOYEES
People are the lifeblood of the company and it is vital that top talent is attracted and retained. Operating in a highly regulated and technical industry, the group has an intensive Human Resources strategy which is aligned to the business strategy. An experienced and committed management team is in place across all the business units.

BLACK ECONOMIC EMPOWERMENT AND TRANSFORMATION
Alexander Forbes believes that empowerment is not just a social imperative, but also a business imperative. For this reason, a strategic decision was taken to be proactive about empowerment, well ahead of the implementation of the Financial Services Charter. Effective 1 April 2003, 30% of the African operations of Alexander Forbes were sold to the Shanduka Group, a broad-based empowerment consortium. With the change in the Group's shareholding in 2007, our BEE partners now have a 14.7% shareholding in the business, excluding staff and management share schemes. In terms of procurement, suppliers have been proactively interviewed, surveyed and informed of the principles of governments' broad-based BEE strategy and of the Financial Sector Charter, thereby ensuring engagement of suppliers in the process. The company also undergoes a rigorous annual audit of its Black Economic Empowerment credentials.Alexander Forbes currently holds a level three Empowerdex rating.

The AFEH board appointed a Transformation Committee comprising of non-executive directors. It is committed to transformation and recognises the role Alexander Forbes has to play as a Corporate Citizen of South Africa incontributing to the eliminating of unfair discrimination in the workplace and to create an enabling environment for growth of previously disadvantaged groups. Through the Transformation Committee, the Board wants to engender the spirit of transformation through sustainable programmes, where leadership is held accountable to infuse transformation into the day to day activities of business.

SOCIAL RESPONSIBILITY
The Alexander Forbes Community Trust was set up to assist the previously disadvantaged focusing on the aged, disabled, women empowerment, those affected by HIV/Aids and education. The Trust ensures that the organisations that are supported not only facilitate distribution to beneficiaries but are themselves efficiently run to ensure sustainability. It also explores opportunities to form alliances and partnerships with organisations that meet the agreed upon criteria in order to broaden their access to and participation in the general community.

CORPORATE GOVERNANCE
A strong focus is placed on corporate governance. Recently the company's business practices have gone through an unprecedented review by independent auditors and lawyers. Alexander Forbes is confident that the review and adoption of its recommendations demonstrates clear commitment to adherence to best practice and the highest standards with regard to procedures, systems and governance. The company is committed to communicating with all stakeholders openly and transparently.