Amendment to the awards accepted by the the Group Chief Executive Officer 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”) AMENDMENT TO THE AWARDS ACCEPTED BY THE THE GROUP CHIEF EXECUTIVE OFFICER Shareholders are referred to the announcement released on the Stock Exchange News Service (“SENS”) on 18 December 2018, in which they were advised of the acceptance of awards by the Group Chief Executive Officer (“CEO”) in accordance with the Company’s long-term incentive plans namely, the group executive share plan (“the GEC Awards”) and the forfeitable share plan (“the Forfeitable Awards”). Pursuant to the revised Company strategy, as announced on SENS on 26 March 2019, shareholders are now advised that the performance conditions and vesting date applicable to the GEC Awards accepted by the Group CEO have been amended. The Remuneration Committee has approved the revised performance conditions as well as the amended vesting date to better align with the revised Company strategy. The revised performance conditions will be detailed in the Company’s remuneration report forming part of the Company’s annual integrated report. There have been no changes to the Forteitable Awards accepted by the Group CEO. The disclosure contained in the announcement on SENS on 18 December 2018 is accordingly updated as follows: Group CEO : DJ de Villiers Company : Alexander Forbes Date of acceptance : 13 December 2018 Nature of transaction : Off market acceptance of GEC Awards Class of securities : Conditional awards in respect of ordinary shares Number awarded : 1 950 810 Grant price : Based on 3-day VWAP (R5.15) Transaction value : R10 046 671.50 Nature of interest : Direct beneficial Vesting date : Originally 1 November 2022, extended to the date on which the Company’s annual financial results for the period ending 31 March 2023 are published. Carina Wessels Executive: Governance, Legal & Compliance 27 March 2019 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 27/03/2019 11:46:00 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.