Announcement regarding the implementation of the disposal of Guardrisk by Alexander Forbes Alexander Forbes Preference Share Investments Limited (Incorporated in the Republic of South Africa) (Registration number: 2006/031561/06) ISIN: ZAE000098067 Share Code: AFP (“AF Pref”) ANNOUNCEMENT REGARDING THE IMPLEMENTATION OF THE DISPOSAL OF GUARDRISK BY ALEXANDER FORBES AF Pref linked unitholders (“Linked Unitholders”) are referred to the terms announcement released on the Stock Exchange News Service on 4 November 2013 wherein Linked Unitholders were advised that sale and purchase agreements (“Agreements”) had been concluded in terms of which, Alexander Forbes Equity Holdings Proprietary Limited (“Alexander Forbes”) would dispose of its effective 100% interest in the Guardrisk group and its associate, Euroguard Insurance Company PCC Limited (collectively referred to herein as “Guardrisk”) to MMI Holdings Limited, subject to the fulfillment or waiver of certain conditions precedent set out in the Agreements (“the Transaction”). Linked Unitholders are hereby advised that all conditions precedent to the Transaction have been either fulfilled or waived and accordingly the Agreements are now effective. The effective date of the Transaction will be 3 March 2014. Sandton 3 March 2014 Joint Financial Advisers to Alexander Forbes and AF Pref Deutsche Bank RAND MERCHANT BANK (A division of FirstRand Bank Limited) Legal Advisers to Alexander Forbes Bowman Gilfillan Inc. Edward Nathan Sonnenbergs Inc. Sponsor to AF Pref RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 03/03/2014 08:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.