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Tue 3 Aug 2004, 11:31 DEALING IN SECURITIES BY A DIRECTOR
ALEXANDER FORBES LIMITED - DEALING IN SECURITIES BY A DIRECTOR                  
  Alexander Forbes Limited                                                        
  (Incorporated in the Republic of South Africa)                                  
  (Registration number 1958/001974/06)                                            
  ISIN: ZAE000018230 Share code: AFB                                              
  (`Alexander Forbes` or `the Company`)                                           
  DEALING IN SECURITIES BY A DIRECTOR                                             
  In terms of paragraph 3.63 - 3.65 of the Listings Requirements of the JSE       
  Securities Exchange South Africa, the following information is disclosed:       
  INDEPENDENT DIRECTOR:         P L Heinamann (Chairman)                          
  DIRECTOR OF:                  Alexander Forbes Limited                          
  TRANSACTION DATE:             2 August 2004                                     
  NUMBER OF SHARES PURCHASED:   5 000                                             
  PRICE PER SHARE:              1010 cents                                        
  TOTAL VALUE:                  R50 500                                           
  CLASS OF SECURITY:            Ordinary shares                                   
  NATURE OF TRANSACTION:        Purchase of shares on open market                 
  EXTENT OF INTEREST:           Direct and beneficial                             
  CLEARANCE TO DEAL OBTAINED:   Yes                                               
  Sandton                                                                         
  3 August 2004                                                                   
  Joint Sponsors                                                                  
  Cazenove                Investec                                                
  Date: 03/08/2004 10:15:16 AM Produced by the JSE SENS Department
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