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ALEXANDER FORBES LTD - ANNOUNCEMENT TO ALEXANDER FORBES SHAREHOLDERS            
Alexander Forbes Ltd                                                            
(Incorporated in the Republic of South Africa)                                  
(Registration number 1958/001974/06)                                            
Share code:  AFB   ISIN: ZAE000018230                                           
Announcement to Alexander Forbes shareholders                                   
Alexander Forbes has announced the acquisition of The Bureaux Limited by        
Alexander Forbes Financial Services in the UK. A copy of the press release is   
posted on the company"s website, "alexanderforbes.com".  The acquisition is for 
a maximum consideration of GBP3.5 million dependant upon results achieved over a
four year period.                                                               
28 January 2004                                                                 
Sponsor                                                                         
Investec Bank Limited                                                           
Date: 28/01/2004 01:08:02 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department

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