Special note for Sage investors

Following all regulatory approvals, the Sage Group is now a wholly owned subsidiary of the Momentum Group. Momentum is now responsible for the administration and management all Sage clients' policies and investments, including the business of Sage Unit Trusts Limited, the Collective Investment Scheme Manager and the management of the underlying Collective Investment Portfolios.

Equinox has received notification from Momentum that the company intends to merge and rebrand the Sage collective investments with its own product range as there is some overlap between the two suites of investment options.

Subject to the approval of the Financial Services Board the anticipated changes will mean that:

· four funds will merge with existing Momentum funds
· one fund will close
· nine funds will only undergo a name change

Certain funds may undergo a change in annual asset management fees as a result of the move to offering one comprehensive offering. The historic, first unit trust fund in South Africa, the Sage Fund will continue to operate - it will simply undergo a change of name.

The proposed merger date has been set for March 4th 2006.