Update to shareholders and extension of posting date of a circular 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”) Update to shareholders and extension of posting date of a circular Further to the terms announcement released on SENS on 29 September 2016 (and using the terms defined therein unless otherwise stated), in the interest of expediting the transaction, the Board simplified the transaction and the associated approval process. Therefore, shareholders will only be requested to consider and, if deemed fit, approve the following resolutions: 1. an ordinary resolution, requiring at least 50% shareholder approval, authorising and approving the issue of the Subscription Shares to ARC; 2. an ordinary resolution, requiring at least 50% shareholder approval, authorising and approving the Flip-Up; and 3. an ordinary resolution, requiring at least 50% shareholder approval, authorising certain representatives of the Company to take the necessary steps to implement the transaction. This revised position has been discussed with the JSE and, pursuant to this, an extension in respect of the date of posting the circular has been granted. The circular pertaining to the Subscription and the Flip-Up is expected to be posted on Friday, 2 December 2016 and the general meeting to obtain approval from shareholders is expected to be held on or about Friday, 20 January 2017. The revised and simplified transaction is supported by Mercer and Mercer will renew its irrevocable commitment to vote in favour of the ordinary resolutions in respect of the Subscription and the Flip- Up. Johannesburg 25 November 2016 Corporate Advisor and Transaction Sponsor PricewaterhouseCoopers Corporate Finance (Pty) Ltd. Legal Advisor to Alexander Forbes Bowmans Corporate Advisor to ARC UBS South Africa Proprietary Limited Legal Advisor to ARC Allen & Overy Date: 25/11/2016 04:30:00 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.