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Wed 18 Aug 2004, 12:01 Further Cautionary Announcement
Alpina Investments Limited - Further Cautionary Announcement                    
 ALPINA INVESTMENTS LIMITED                                                     
Formerly Gold Edge Holdings Limited                                             
(Incorporated in the Republic of South Africa) (Registration number:            
1997/21085/06)                                                                  
Share Code: ALA   ISIN: ZAE000048377                                            
(`Alpina` or `the company`)                                                     
FURTHER CAUTIONARY ANNOUNCEMENT                                                 
In an announcement made on 6 July 2004 (and published in the press on 7 July    
2004), the Alpina board informed shareholders that the company had commenced    
negotiations to acquire a property portfolio to the value of approximately R200 
million. These discussions are continuing including the board`s consideration of
the restructuring of the company`s issued `a-class` and `b-class` linked units. 
As the proposed acquisition and restructure, if implemented, may impact on the  
price at which Alpina`s linked units may trade, shareholders are advised to     
continue to exercise caution when dealing in the company`s securities until a   
full announcement is made.                                                      
Johannesburg                                                                    
18 August 2004                                                                  
Sponsor                                                                         
Imara Corporate Finance South Africa (Pty) Ltd
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