Alpina, formerly Gold Edge Holdings, has come through a tough year of transition, strategic restructuring and cleaning out.

With the close of Alpina's financial year on 30 June 2004, this month represents a new start for the fund, enabling them to move forward and grow their portfolio.

Under the leadership of Chief Executive Bryan Smith, who has been with Alpina for nine months and has led the reforms within the fund, Alpina will be making a fresh start.

Smith, a civil engineer and MBA graduate, with valuable experience in business turnaround and venture capital, is determined to grow Alpina into a solid investment and shake off the blunders of its past. His principles for the future of Alpina are to "keep it simple and transparent".

Smith describes the historical Gold Edge as an over-geared fund with only one property. Rising from remnants is Alpina, which at the end of its clean-out year had a property portfolio of 20 properties valued at R152 million. Going forward, Alpina's strategy, under Smith's leadership, is to dramatically grow its property assets to over R1 billion in the next 12 months.

"In terms of the Alpina property portfolio we are going back to basics with a straight-forward and clear strategy to grow our portfolio," said Smith.

Alpina is targeting C-grade properties that will be selected for acquisition based on their potential for capital growth and yield enhancement.

The approximate 14% return currently experienced on C-grade properties is in line with Alpina's aim to have an initial yield in the region of 14%. Alpina will supplement these yields through annuity based income from their future investment in property related businesses Mortgage Origination and Property Finance. This initiative is currently unique to the market and will differentiate Alpina from the other listed Property Loan Stocks.

"Through the property acquisitions that will grow our portfolio we will also achieve increased balance in our portfolio both sectorally and geographically," elaborated Smith. "The key to success in this industry is proactive and effective property management and administration – accurate and relevant management information can assist decision making and strategic planning on asset management".

"Our strategy to develop Alpina into a dynamic, innovative and rewarding fund for all stakeholders may seem like a tall order considering where we have come from. By sticking to the basics, we believe that turnaround is possible - the restructuring and redirection has already begun," said Smith.

Issued by: Marketing Concepts

Sandy Davey

Tel. 011 880 2213

Cell 083 453 6668/082 855 4349

On behalf of: Alpina Investments Limited

Bryan Smith

Tel. 011 884 9089

Cell 083 300 8888