ALEXANDER FORBES GROUP HOLDINGS LIMITED - Trading statement in respect of the six months ended 30 September 2017

Trading statement in respect of the six months ended 30 September 2017

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 group”)

TRADING STATEMENT IN RESPECT OF THE SIX MONTHS ENDED 30 SEPTEMBER 2017

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/or headline
earnings per share for the financial period to be reported on next (“the period”) will
differ from the previous corresponding reporting period by at least 20%.

On 19 December 2016, the group announced the disposal of its 60% interest in Lane Clark
and Peacock LLP together with its subsidiaries in Ireland and the Netherlands (“LCP”)
(”Disposal”) to the LCP individual partners and funds managed by Inflexion Private
Equity, for a total consideration of GBP75.4 million. The group will report the earnings
of these businesses as discontinued operations for the prior period ended September
2016, however the earnings and headline earnings per share include the results of the
discontinued operations.

In addition, on 20 January 2017, the shareholders approved a transaction whereby African
Rainbow Capital Proprietary Limited purchased 10% of the group’s Africa operations. The
earnings of the group for 30 September 2017 reflect the increase in the non-controlling
interest resulting from this transaction.

Both transactions contribute to a decline in the group earnings and headline earnings
for the period.

The group expects headline earnings per share (“HEPS”) and earnings per share (“EPS”)
for the six month period ended 30 September 2017 to fall within the following ranges:

                                       Reported       Expected           Change
                                     30/09/2016     30/09/2017
                                          cents          cents
Headline earnings per share                27.0    20.9 – 22.3     (18%) – (23%)
Earnings per share                         27.3    21.2 – 22.5     (18%) – (23%)

The profit from operations before non-trading and capital items more appropriately
reflects the core trading results of the operating divisions of the group. The profit
from operations before non-trading items is expected to be between 3% to 5% higher than
the six month period in the prior year.

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 month period ended 30 September 2017 will be released on SENS on 4
December 2017.


21 November 2017
Sandton

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

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