| KDF | KnysnaDoc Fund

CURRENT ASSETS

The Knysna Quays Protea Hotel - The Knysna Quays Protea Hotel is the primary investment within the Knysnadoc Fund. The Knysnadoc portion of this upmarket hotel offers 29 income-generating rooms and is situated in a prime location at the Knysna Waterfront. The Knysna Quays Protea Hotel proved to be an invaluable investment and a decision was taken to make an additional investment of a further 30% interest in the Body Corporate Trust which owns the restaurant (a top rated breakfast restaurant), bar area and foyer of the hotel. The beneficial return of the public space is 12% growing at CPIX.

Pinnacle Point Beach and Golf Club - The Knysnadoc Fund purchased two exquisite stands at the Pinnacle Point Beach and Golf Club with breathtaking views over the Indian Ocean, an estimated value of approximately R2.9 million each. In addition, the luxurious Pinnacle Point Golf Villa was purchased for R7 million. Knysnadoc Fund secured the deposit for the Villas and the balance is due by November 2006. The Golf Villa comprises a 10-bedroom sectional-title villa, split into two and three bedroom units and offers awe-inspiring views of the Indian Ocean. The estimated value of this magnificent property amounts to approximately R10 million today.



Mandela Lithographs - The Knysnadoc Fund has invested in a full set of Nelson Mandela’s Robben Island Series 1 and Series 2 Lithographs. The current asking price for these Lithographs is £99 000.