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Tue 31 Jan 2006, 17:27 Alexander Forbes Limited - Dealing in securities b
AFB
 AFB                                                                             
Alexander Forbes Limited - Dealing in securities by a director of a major       
subsidiary                                                                      
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 OF A MAJOR SUBSIDIARY                       
In terms of paragraph 3.63 - 3.65 of the Listings Requirements of the JSE       
Limited, the following information is disclosed:                                
EXECUTIVE DIRECTOR OF SUBSIDIARY:  S I M Braudo                                 
DIRECTOR OF:                       Alexander Forbes South Africa Holdings (Pty) 
                                   Limited, Alexander Forbes Group (Pty) Limited
                                   and Investment Solutions Holdings Limited    
TRANSACTION DATE:                  30 January 2006                              
NO. OF TRUST SHARES EXERCISED:     379 457                                      
AVERAGE OFFER (STRIKE) PRICE:      852 cents                                    
PRICE PER SHARE:                   1700 cents                                   
NET PROCEEDS:                      R2 949 523.69                                
                                   Net proceeds are based on gross proceeds less
                                   the loan balance at date of exercise.        
                                   However, the loan balance is based on the    
original offer price multiplied by the number
                                   of shares and accumulates interest with      
                                   dividends being set off against the loan     
                                   balance.                                     
CLASS OF SECURITY:                 Ordinary shares                              
EXTENT OF INTEREST:                Direct beneficial interest                   
NATURE OF TRANSACTION:             Sale of shares by share trust participant to 
                                   the trust, not on the open market            
CLEARANCE TO DEAL OBTAINED:        Yes                                          
Sandton                                                                         
30 January 2006                                                                 
Sponsor: J.P.Morgan Equities Limited                                            
Date: 31/01/2006 05:27:09 PM Produced by the JSE SENS Department                
                                                                                
                                                                                
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