Breach of confidential company information Alexander Forbes Group Holdings Limited (Incorporated in the Republic of South Africa) (Registration number: 2006/025226/06) ISIN: ZAE000191516 Share Code: AFH ("the Company" or "Alexander Forbes" or "the Group") BREACH OF CONFIDENTIAL COMPANY INFORMATION Over the past two days, Alexander Forbes and one of its major shareholders, African Rainbow Capital Limited (ARC), have been subject to adverse media commentary. The reports are factually inaccurate in many respects, contain speculative and misleading comment and rely on unrelated and dated information. It is the Company’s standard approach not to fuel and engage in speculation. The most recent activities however are of such a serious nature that the Board considered it prudent to address these matters. The Board has reason to believe, on a balance of probabilities, that a disgruntled former employee has breached fiduciary duties, the duty of confidentiality and has disclosed confidential Company information, with the specific purpose to discredit the Company and its shareholder, ARC (also a listed entity). In addition, the disclosure of such confidential information may also be in breach of the Financial Markets Act 19 of 2012. The Board has accordingly instituted an investigation in this regard, and will consider any and all legal avenues available to it to protect the Company’s confidential information. The Company has a demonstrable track record of adhering to the highest standards of governance. The Board engages appropriately with all major shareholders and considers all proposals to the Company in the best interest of stakeholders holistically. No single Alexander Forbes shareholder has the power to control the Board through equity control or nominated directors. Real or potential conflicts of interest, are proactively managed and no directors participate in any decisions in which they may directly or indirectly have any interest. The Board accordingly recommends, that no reliance should be placed on the reports and these must be seen in the context set out above. The Board therefore does not regard it necessary to advise shareholders at present to trade with caution in the Company’s shares. Carina Wessels Group General Counsel and Company Secretary 5 March 2019 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 05/03/2019 05:50:00 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.