Cautionary announcement ALEXANDER FORBES PREFERENCE SHARE INVESTMENTS LIMITED (Incorporated in the Republic of South Africa) (Registration number 2006/031561/06) (Share code: AFP) (ISIN: ZAE000188942) (“AF Pref” or “the Company”) CAUTIONARY ANNOUNCEMENT Holders of AF Pref preference shares (“Preference Shareholders”) are advised that Alexander Forbes Equity Holdings Proprietary Limited (“EquityCo” or “the Group”) is exploring various strategic options for maximising shareholder value, which includes a possible listing of the Group by way of an initial public offering (“IPO”). The Group has recently also received expressions of interest from several parties to acquire the Group. The EquityCo Board has mandated the Group executive to formally explore these expressions of interest whilst still progressing with the possible IPO. Accordingly, Preference Shareholders are advised that the Group has embarked on processes which, if successfully concluded, may have a material effect on the price of the Company’s preference shares. Accordingly, Preference Shareholders are advised to exercise caution when dealing in the Company’s preference shares until a further announcement is made. Sandton 17 April 2014 Sponsor to AF Pref RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 17/04/2014 02:51:00 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.