Renewal of cautionary announcement 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”) RENEWAL OF CAUTIONARY ANNOUNCEMENT Shareholders are referred to the cautionary announcement released on SENS on 14 March 2016 and subsequent renewals thereof, the last of which was dated 25 July 2016 and therefore requires renewal in terms of the JSE Listings Requirements. Alexander Forbes remains involved in negotiations regarding the potential introduction of a black economic empowerment partner which, if successfully concluded, may have a material effect on the price of the Company’s securities. At this stage, the Company can disclose that negotiations relate to a potential transaction whereby the empowerment partner may subscribe for 10% of the equity in all of the African operations (excluding the International operations outside of the African continent), housed within Alexander Forbes Limited (a subsidiary of the Company). It is currently anticipated that the potential transaction will not require any funding from the Company. The terms and conditions to the potential transaction are in the process of being negotiated and accordingly, shareholders are advised to continue exercising caution when dealing in the Company’s securities, until a further announcement is made. 7 September 2016 Sandton Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 07/09/2016 05:00:00 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.