The Oasis Property Equity Unit Trust Fund continues to deliver significant returns to the capital of its investors. Since its inception, according to Standard & Poor's Micropal, the Oasis Property Equity Unit Trust Fund is the top performing property equity fund in its fund category to date (31 March 2005).

The Oasis Property Equity Unit Trust Fund has provided investors with a cumulative return of 175.0% to date (31 March 2005), thereby providing a superior return compared to average property fund returns of 167.8% over this period. On an annualised basis, the Oasis Property Equity Unit Trust Fund has relatively outperformed its benchmark, the average return of South African property funds, by 1.0%, with an annualised return of 25.2% to date.

During the 16 bear months since its inception, the Oasis Property Equity Unit Trust Fund decreased on average by 0.2%, while competitors declined by an average of 1.1% per month. The out performance of the Oasis Property Equity Unit Trust Fund is primarily driven by the downside protection - provided by excellent stock picking that protects the portfolio of the Fund during adverse market conditions.

Within its fund peer group, the Oasis Property Equity Unit Trust Fund has the highest Sortino ranking, with a Sortino ratio of 7.0. This indicates that the Fund has out performed inflation, taking into account downside volatility in this sector over the time period since its inception to the 31 March 2005. Its benchmark, the average property fund out performed inflation with a Sortino ratio of 5.0.

The Oasis Property Equity Unit Trust Fund is clearly delivering superior risk-adjusted performance to its investors.

During the first quarter of 2005, the OasisProperty Equity Unit Trust Fund has increased its offshore cash component to position itself to take advantage of offshore property opportunities as they arise. Exposure to domestic property has decreased during this quarter, as the domestic cash holding has increased in cautious response to the significant rally in the domestic property market. We continue to refrain from investing in high risk property companies, seeking only to invest in property companies with portfolios that contain lower risk and are priced below intrinsic value.