Trading statement in respect of the six months ended 30 September 2015 ALEXANDER FORBES GROUP HOLDINGS LIMITED Incorporated in the Republic of South Africa (Registration number: 2006/025226/06) JSE Share Code: AFH ISIN: ZAE000191516 (“Alexander Forbes” or “the Company” or “the group”) TRADING STATEMENT IN RESPECT OF THE SIX MONTHS ENDED 30 SEPTEMBER 2015 In terms of paragraph 3.4 (b) of the Listings Requirements of the JSE Limited, companies are required to publish a trading statement in the event that they are satisfied that a reasonable degree of certainty exists that the earnings per share and headline earnings per share results will differ from the previous corresponding reporting period by at least 20%. On 24 July 2014, the group listed on the Johannesburg Stock Exchange (“JSE”). The costs associated with the listing were disclosed in the pro-forma financial effects on the income statement contained in the company’s pre-listing statement issued on 7 July 2014 and the interim results announcement released on the Stock Exchange News Service (“SENS”) on 2 December 2014. In addition, these costs were disclosed in detail in the annual financial statements of the group made available on the Company website to all shareholders on 30 June 2015. These costs will have a significant effect on the comparability of the current year’s interim results for the six months ended 30 September 2015. The group expects headline earnings per share (HEPS) for the six months ended 30 September 2015 to be between 115% and 135% higher (14 to 16 cents per share higher) compared to the reported profit of 12 cents per share in the previous corresponding period. Earnings per share (EPS) for the six months ended 30 September 2015 is expected to be between 165% and 185% higher (17 and 19 cents per share higher) when compared to the reported profit of 10 cps in the previous corresponding period. The profit from operations before non-trading and capital items more appropriately reflects the core trading results of the operating divisions of the group. This result, is not expected to exceed the 20% criteria of paragraph 3.4 (b) of the listings requirements. As previously reported the growth in profits will continue to be impacted by the accounting for the new share based long term management incentive plans introduced at the time of listing to replace the previous ownership based plan and further investment in the strategic growth initiatives of the group. The financial information on which this trading statement is based has not been reviewed or reported on by the group's external auditors. The financial results of Alexander Forbes for the six months ended 30 September 2015 will be released on SENS on 30 November 2015. 4 November 2015 Sandton Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 04/11/2015 10:15:00 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.