Issue of Equity

The Company has today issued 1,355,000 new ordinary shares in the capital of the Company (the “New Shares”) to a number of directors and employees of the Company’s Investment Advisor, pursuant to the Investment Advisor Incentive Scheme. Application has been made for the New Shares to be admitted to trading on 6 June 2008.
Of the New Shares being issued, 600,000 are being issued for the benefit of Martin Slabbert, who is a director of the Company. Martin’s beneficial interest in the equity of the Company following this issue is 797,500 ordinary shares, representing 2.83% of the enlarged issued share capital of the Company.