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Alexander Forbes Limited - Announcement                                         
ALEXANDER FORBES                                                                
  (Incorporated in the Republic of South Africa)                                
(Registration number 1958/001974/06)                                          
  Share code AFB   ISIN ZAE000018230                                            
  ("Alexander Forbes")                                                          
Alexander Forbes is pleased to announce that approval has been received from    
the Financial Services Authority in the United Kingdom for the change of        
control of Schroder Pensions Ltd.  As a consequence, the acquisition            
announced on 15 September 2002 has now been completed.                          
Rohan Venter                                                                    
Group Company Secretary                                                         
Alexander Forbes Limited                                                        
1958/001974/06                                                                  
12 February 2003                                                                
Date: 13/02/2003 09:51:00 AM Produced by the JSE SENS Department                

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