Alexander Forbes Group Holdings Limited

(Incorporated in the Republic of South Africa)

Registration Number: 2006/025226/06

JSE Share Code: AFH and ISIN: ZAE000191516

("Alexforbes" or "the company" or "group")

COMPLETION OF THE TRANSFER OF THE GROUP RISK AND RETAIL LIFE BUSINESSES TO SANLAM LIFE

Shareholders are referred to the announcement released by Alexforbes on the Stock Exchange News Service (SENS) of the JSE Limited on 14 June 2021 ('Transfer of the group risk and retail life businesses to Sanlam Life'), regarding the conclusion of a binding agreement with Sanlam Life Limited (Sanlam), a subsidiary of Sanlam Limited, for the sale and transfer of the group risk and retail life business operations within Alexander Forbes Life Limited (AF Life or the Business), subject to the fulfilment of certain conditions precedent (the Transaction). AF Life is a wholly owned subsidiary of Alexander Forbes Limited, a 100% held subsidiary of Alexforbes.

Under the terms of the Transaction, AF Life entered into a sale and transfer agreement whereby the current policies at the effective date of sale will be transferred to Sanlam in accordance with section 50 of the Insurance Act 18 of 2017. The total cash consideration is R100 million, 50% of which will be deferred in two equal payments, 12 and 24 months, from the effective date subject to the achievement of agreed metrics. The proceeds will form part of the surplus capital of the group.

Shareholders are hereby advised that the suspensive conditions precedent to the Transaction have been fulfilled and the parties will therefore proceed to implement the Transaction in accordance with its terms. The effective date of the Transaction is 31 March 2022.

The disposal of AF Life is in line with the group strategy, concludes the exit of its insurance businesses and delivers on the implementation of its advice-led and capital-light strategy.

Carina Wessels

Executive: Governance, Legal and Compliance (Company Secretary)

1 April 2022

Sandton

Sponsor

RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Legal advisor to Alexforbes

BOWMAN GILFILLAN

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Alexander Forbes Group Holdings Ltd. published this content on 01 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 April 2022 06:02:03 UTC.