Abridged consolidated cash flow statement

Reviewed results for Alexander Forbes Preference Share Investments Limited and
Alexander Forbes Equity Holdings (Pty) Limited
for the period ended 31 March 2008

for the thirteen months ended 31 March 2008
(including eight months of consolidated trading results for the acquired Alexander Forbes group)

	31 March 2008 Rm
CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from operations	727
Net finance costs requiring servicing	(425)
Movement in working capital	(3)
Movement in insurance balances	962
Taxation paid	(238)
Net cash inflow from operating activities	1,023
CASH FLOWS FROM INVESTING ACTIVITIES
Subsidiaries and businesses acquired net of disposals	(8,305)
Investment in financial assets	(70)
Proceeds on disposal of property and equipment	1
Capital expenditure for the period	(60)
Net cash outflow from investing activities	(8,434)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds of share issues	3,261
Borrowings received	5,119
Cash settlement of cash management and retirement benefit commitments	(91)
Payments to minority shareholders	(8)
Net cash inflow from financing activities	8,281
Net cash outflow from discontinued operations	(67)
Net movement in cash and cash equivalents	803
Cash balances of subsidiaries and businesses acquired	2,467
Foreign subsidiaries translation adjustment	52
CASH AND CASH EQUIVALENTS AT END OF PERIOD	3,322