1.

Basis of preparation
This abridged financial information has been prepared in accordance with, and complies with, International Financial Reporting Standards (“IFRS”), and the South African Companies Act No 61 of 1973, as amended.

The accounting policies applied in the preparation of these results are consistent with those detailed in the circular to shareholders issued by Alexander Forbes Limited on 30 May 2007. There have been no new standards or interpretations, which have had a material effect on the results.

The AFEH group did not trade prior to the acquisition of Alexander Forbes Limited on 26 July 2007. Thus, there are no income statement and cash flow comparative figures for the prior reporting period.

In accordance with IFRS 3 Business Combinations, the excess of the purchase consideration over the tangible net asset value of the acquired Alexander Forbes group is allocated among goodwill, computer software and other intangible assets. A comprehensive purchase price allocation exercise is in the process of being completed. The indicative result of this exercise has been accounted for in these results and differs to the provisional percentage split applied in the group’s interim results published on 14 December 2007. The entire exercise is on track to be completed within the required twelve months of date of acquisition. It should be noted that any accounting adjustments made on completion of the exercise will have no effect on cash flows as previously reported.