Alexander Forbes Preference Share Investments Limited (“AF Pref”) was incorporated on 10 October 2006 with the sole purpose of being the special purpose vehicle through which existing shareholders of Alexander Forbes Limited could remain invested following the private equity buyout of the Alexander Forbes group.

AF Pref holds 26.5% of the ordinary shares in Alexander Forbes Equity Holdings (Proprietary) Limited (”AFEH”), which 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”). Details of the scheme of arrangement are provided in the pre-listing statement issued by AF Pref on 10 July 2007. AF Pref also owns 28.6% of the preference shares in AFEH and 100% of the Pay-in- Kind (“PIK”) debentures issued by a subsidiary of AFEH, Alexander Forbes PIK Funding (Proprietary) Limited (“AF PIK”), the latter investment forming part of the financing arrangement of the scheme of arrangement. The interests in the ordinary shares, preference shares and PIK debentures were acquired on the effective date.

AF Pref changed its financial year end to 31 March to coincide with the financial year end of AFEH and its subsidiaries. AF Pref’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 AFEH on 26 July 2007 up to the financial year end.

This results announcement should be read in conjunction with the results announcement of AFEH which is made available to all AF Pref preference shareholders.

AF Pref has issued two instruments, namely redeemable participating preference shares and unsecured fixed rate debentures, which together constitute a linked unit listed on the JSE Limited. The preference shares give the holder the see-through economic and voting rights in the pro rata underlying investment in the equity of AFEH and the debentures give the holder the see-through economic rights in the pro rata underlying PIK debentures investment in AF PIK.

As detailed in the pre-listing statement issued on 10 July 2007, AF Pref does not anticipate receiving any dividends in the foreseeable future from its investment in AFEH. AF Pref therefore does not intend to declare any dividends for the foreseeable future.