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AFB
 AFB                                                                             
Alexander Forbes - Cautionary Announcement                                      
Alexander Forbes Limited                                                        
("Alexander Forbes")                                                            
Registration number: 1958/001974/06                                             
ISIN: ZAE000018230                                                              
JSE Code: AFB                                                                   
ALEXANDER FORBES LIMITED - FURTHER CAUTIONARY ANNOUNCEMENT                      
Shareholders are referred to two previous cautionary announcements by the       
Company on 20 March 2006 and 31 March 2006 regarding the practice of bulking of 
retirement funds" current bank accounts and are advised to continue to exercise 
caution when trading in the Company"s shares until a further announcement is    
made.  The Company expects to be in a position to make this further announcement
in the next fourteen days.                                                      
Sandton                                                                         
16 May 2006                                                                     
Sponsor:                                                                        
J.P.Morgan Equities Limited                                                     
Investec                                                                        
Date: 16/05/2006 05:50:52 PM Produced by the JSE SENS Department                
                                                                                
                                                                                

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