ApexHi unit holders may have read that Madison Property Fund Managers, the main beneficiary of the ApexHi Manco Trust, ApexHi’s asset manager, has announced its intention to list in the Real Estate Sector of the JSE Limited.

ApexHi unit holders at 31 March 2006, are being offered the opportunity to subscribe for linked units in Madison at an issue price of R5 per linked unit.

This offer opened today, Thursday 25 May 2006, and will close at 12h00 on Friday 2 June 2006.

The Madison linked units are expected to list on the JSE with effect from Wednesday 7 June 2006.

Director of Madison, Marc Wainer, serves as ApexHi’s non-executive chairman, and fellow director, Wolf Cesman serves as a non-executive director of ApexHi.

Copies of the prospectus, providing full details of the offer, are available and can also be viewed on the website of Madison Property Fund Managers (www.madisonproperty.co.za.). However, applications for linked units can only be made by way of an original application form attached to a printed prospectus.