ALEXANDER FORBES GROUP HOLDINGS LIMITED - Completion of the sale of the Alexforbes individual client administration business (Afica Group) to Sanlam Life

Completion of the sale of the Alexforbes individual client administration business (Afica Group) to Sanlam Life

Alexander Forbes Group Holdings Limited
(Incorporated in the Republic of South Africa)
Registration Number: 2006/025226/06
JSE Share Code: AFH and ISIN: ZAE000191516
(Alexforbes or the Company)

COMPLETION OF THE SALE OF THE ALEXFORBES INDIVIDUAL CLIENT ADMINISTRATION
BUSINESS (AFICA GROUP) TO SANLAM LIFE

Shareholders are referred to the announcement released by Alexforbes on the Stock Exchange News
Service of the JSE Limited on 6 December 2021 (regarding the conclusion of a binding agreement with
Sanlam Life Insurance Limited (Sanlam Life), a subsidiary of Sanlam Limited, and Alexander Forbes
Limited (AFL), a wholly owned subsidiary of Alexforbes, for the sale of 100% of the Alexforbes individual
client administration business1 to Sanlam Life, subject to the fulfilment of certain conditions precedent (the
Transaction).

Shareholders are advised that the conditions precedent to the Transaction are now fulfilled and the
effective date of the Transaction is 1 March 2023. Glacier by Sanlam, a wholly owned subsidiary of
Sanlam Life and leading investment platform in South Africa, will take full responsibility for these
operations from the effective date.

A comprehensive set of Alexforbes’s individual client products covering both retirement and savings
needs will be administered on the Glacier platform. The administration of employer umbrella funds, in-
fund solutions for AFRF and AF Access will remain with Alexforbes.

The ability to connect at critical points in each individual member’s journey to and through retirement
represents the single greatest opportunity for Alexforbes to make a positive impact on people’s lives by
delivering insight and financial advice. The acceleration of the modernisation of the digital experience
delivered to Alexforbes’s financial advisers and clients through improved administration and user
functionality will be enabled by the best-in-class technological capability of the Glacier system.

Carina Wessels
Executive: Governance, Legal, Compliance and Sustainability (Company Secretary)

1 March 2023
Sandton

Sponsor to Alexforbes
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Legal advisor to Alexforbes
BOWMAN GILFILLAN


1. Alexforbes’s individual client administration business is housed by the AFICA group, which includes Alexander Forbes Individual
   Client Administration Proprietary Limited and its two wholly owned subsidiaries, Alexander Forbes Retail Client Administration
   Proprietary Limited and Alexander Forbes Nominees Proprietary Limited


Date: 01-03-2023 07:30:00
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