Alexander Forbes Equity Holdings (Proprietary) Limited (“AFEH”) is the ultimate holding company of the Alexander Forbes group of companies (“the group”). AFEH acquired the entire issued share capital of Alexander Forbes Limited effective 26 July 2007 (“the effective date”) following the implementation of a scheme of arrangement in terms of section 311 of the Companies Act No 61 of 1973, as amended (“the scheme of arrangement”). Prior to the implementation of the scheme of arrangement, Alexander Forbes Limited was listed on the JSE Limited. The historical financial information of this company is published on the group’s website, www.alexanderforbes.com.

Details of the scheme of arrangement were provided in the circular to shareholders issued by Alexander Forbes Limited on 30 May 2007 and in the pre-listing statement issued by Alexander Forbes Preference Share Investments Limited on 10 July 2007.

AFEH changed its financial year end to 31 March to coincide with the financial year end of the acquired Alexander Forbes group (namely Alexander Forbes Limited and its subsidiaries). AFEH’s results are therefore presented for the thirteen months ended 31 March 2008, but include only eight months of trading results covering the period from the effective date of acquisition of Alexander Forbes Limited on 26 July 2007 up to the financial year end. The full segmental trading results of the acquired Alexander Forbes group for the year ended 31 March 2008, as well as commentary thereon, is provided in note 9 to these results in order to provide more comprehensive information concerning the recent trading performance of the acquired group.

The implementation of the equity and debt funding structure at the time of acquisition of Alexander Forbes Limited has exposed the group to financial risk in relation to increases in variable interest rates and depreciation of the Rand against foreign currencies. This risk has been mitigated by implementing interest rate and currency hedges, which are of a medium term duration.

As detailed in the pre-listing statement issued by Alexander Forbes Preference Share Investments Limited on 10 July 2007, AFEH does not intend to declare any dividends for the foreseeable future.

Changes in directorate

Further to the changes in directorate advised in the interim results announcement, the board is pleased to announce the appointment of Dr Len Konar as an independent non-executive director with effect from 1 February 2008. Mr Richard Pender resigned and was replaced by Mr Anthonie De Beer as Mr André Roux’s alternate director with effect from 29 February 2008.