Abridged 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 trading results for the acquired AFEH group)

	31 March 2008 Rm
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash flow from operating activities	—
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of associate investment	(1,121)
Acquisition of PIK debentures investment	(750)
Net cash outflow from investing activities	(1,871)
CASH FLOWS FROM FINANCING ACTIVITIES
Preference shares issued	1,122
Debentures issued	750
Net cash inflow from financing activities	1,872
Net movement in cash and cash equivalents	1
Cash and cash equivalents at beginning of period	—
CASH AND CASH EQUIVALENTS AT END OF PERIOD	1