ALPHA CAPITAL TRUST
Alpha Capital (Pty) Ltd ("Alpha Capital") manages the Alpha Capital Trust which
is a vested trust, holding various investments. Each entity within which a strategic
investment is made, is an independent legal entity, with its own executive management,
on which an Alpha Capital executive is generally represented. There are no cross
shareholdings, although certain trust assets may be used to collateralise debt on
other trust assets. Debt may also be employed at the trust level to manage liquidity
and/or enhance the return on equity to investors.