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Fri 17 Sep 2004, 17:04 TRADING STATEMENT
ALPINA INVESTMENTS LIMITED - TRADING STATEMENT                                  
  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`)                                                     
  TRADING STATEMENT                                                               
  Following the acquisition of a portfolio of properties during the financial year
  ended 30 June 2004, the results for 2004 are not strictly comparable with those 
  of 2003. This acquisition has had the effect of increasing revenue by           
  approximately 80% and the number of linked units in issue.                      
  Linked unit holders are accordingly advised that Alpina`s headline earnings per 
  linked unit for the year ended 30 June 2004 are expected to be higher than the  
  audited headline earnings per linked unit for the year ended 30 June 2003, and  
  that earnings per linked unit for the year ended 30 June 2004 are expected to be
  lower than the audited earnings per linked unit for the year ended 30 June 2003.
  Alpina`s auditors have not finalised their review and report on the results for 
  the year ended 30 June 2004 as at the date of this announcement, the results are
  expected to be published shortly.                                               
  Johannesburg                                                                    
  17 September 2004                                                               
  Sponsor                                                                         
  Imara Corporate Finance South Africa (Pty) Limited                              
  Date: 17/09/2004 05:01:05 PM Produced by the JSE SENS Department
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