Document:

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                                                                    EXHIBIT 10.8

                                     REVISED

                                      RULES

                                     OF THE

                               WTC PROVIDENT FUND

Certified to be the Revised Rules in
force with effect from 1 March 1990

/s/ signature illegible
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CHAIRMAN
COMMITTEE OF MANAGEMENT

/s/ signature illegible
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COMMITTEE MEMBER

/s/ signature illegible
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PRINCIPAL OFFICER

DATE: 10 April 1990

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                               WTC PROVIDENT FUND

                                      INDEX

<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
RULE 1 - GENERAL                                                             01
RULE 2 - DEFINITIONS                                                         02
RULE 3 - COMMITTEE                                                           05
RULE 4 - ADMINISTRATOR                                                       08
RULE 5 - MEMBERSHIP                                                          09
RULE 6 - ACCOUNTS                                                            09
RULE 7 - TRANSFERS AND AMALGAMATIONS                                         09
RULE 8 - DETERMINATION OF MEMBER'S EQUITABLE SHARE                           10
RULE 9 - CONTRIBUTIONS                                                       11
RULE 10 - RETIREMENT BENEFITS                                                12
RULE 11 - DEATH BENEFITS                                                     13
RULE 12 - WITHDRAWAL FROM SERVICE                                            14
RULE 13 - FINANCIAL PROVISIONS                                               15
RULE 14 - TERMINATION OF THE FUND                                            18
RULE 15 - GENERAL PROVISIONS                                                 19

ANNEXURE I                                                                   24

ANNEXURE II                                                                  25
</TABLE>

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                                                                          Page 1

                        WTC PROVIDENT FUND REVISED RULES

RULE 1 - GENERAL,

The WTC Provident Fund commenced on 1 July 1977 and has operated in terms of
Rules drawn up as at that date and subsequently amended. With effect 1 March
1990 the Fund shall operate in terms of these new Rules. Unless it is otherwise
obvious from the context, all references to the Rules shall apply to these new
Rules operative from 1 March 1990 onwards.

These rules amend and replace the previous Rules and it is specifically provided
that no change shall be made in the benefits received or receivable in respect
of any Member who has died, retired or otherwise left the Service of an Employer
prior to 1 March 1990.

Any benefits received on or after 1 March 1990 shall be in accordance with the
provisions of these Rules.

The object of the Fund is to provide benefits for Employees or former Employees
of the Employers upon their retirement on account of age or ill-health, or for
Dependants of Employees or former Employees of the Employers, in accordance with
the provisions of these Rules.

The Registered Office of the Fund shall be the 3rd Floor, 72 Grayston Drive,
Sandown 2177, and all payments due to or by the Fund shall be made at the
Registered Office of the fund in the currency of the Republic of South Africa or
elsewhere, on such terms and in such manner as the Committee appointed in terms
of these Rules shall decide.

The Fund is an independent body and legal person separate from its Members and
is the lawful owner of its property, competent to sue and be sued in law and to
acquire rights and assume obligations in its own name.

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                                                                          Page 2

RULE 2 - DEFINITIONS

In these Rules, where the context so admits, words defined in the Act shall have
the meaning defined therein, the masculine gender shall include the feminine,
words signifying the singular number shall include the plural and vice versa and
the following expressions shall have the following meaning:

"ACT" shall mean the Pension Funds Act 1956 (Act No.24 of 1956) and the
regulations framed thereunder, as amended.

"ADMINISTRATOR" shall mean the corporate body appointed by the Committee to
administer the Fund in terms of these Rules.

"AUDITOR" shall mean an auditor or a firm of auditors registered under the
Public Accountants and Auditors Act 1951, appointed in terms of these Rules.

"BENEFICIARY" shall mean a person other than a Member who becomes entitled to a
benefit in terms of these Rules.

"COMMENCEMENT DATE" shall mean 1 July 1977.

"COMMITTEE" shall mean the Committee of Management appointed in terms of these
Rules.

"DEPENDANT" in relation to a Member, means

     a)   a person in respect of whom the Member is legally liable for
          maintenance;

     b)   a person in respect of whom the Member is not legally liable for
          maintenance, if such person

          i)   was, in the opinion of the Committee, upon the death of a Member
               in fact dependant on the Member for maintenance;

          ii)  is the spouse of the Member, including a party to a customary
               union according to Black law and custom or to a union recognised
               as a marriage under the tenets of any Asiatic religion;

     c)   a person in respect of whom the Member would have become legally
          liable for maintenance, had the Member not died;.

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                                                                          Page 3

RULE 2 (continued)

"DEPOSIT ADMINISTRATION POLICY" shall have the meaning ascribed to it by the
Insurer, be approved as a policy of assurance by the Registrar and shall also
mean any other form of investment policy or contract approved by the Registrar
and issued by the Insurer in the name of the fund. Such policy or policies shall
contain all of the provisions set out in Annexure I to these Rules.

"EMPLOYEE" shall mean an Executive in the employ of an Employer and shall
include full-time working Directors.

"EMPLOYER" shall mean the Principal Employer and such subsidiary or associated
companies and undertakings whose participation in the Fund is agreed by the
Principal Employer. In relation to a Member or former Member, Employer shall
mean that particular Employer by whom the Member is for the time being employed
or by whom the former Member was last employed.

"ENTRY DATE" shall, subject to Rule 5 headed Membership, mean in relation to
Employees of any particular Employer the date on which such Employees commenced
to participate in the Fund and any first day of each subsequent month.

"EXECUTIVE" means a Member who is recorded as an executive in the books of the
Principal Employer and shall include a Senior Executive.

"FUND" shall mean the WTC PROVIDENT FUND.

"FUND SALARY" shall mean the annual wages or salary of the Member, together with
such other regular emoluments as the Employer shall deem to be pensionable, and
declared to the Fund from time to time in the currency of the Republic of South
Africa.

"FUND YEAR" shall mean the period 1 March 1990 - 28 February 1991 and each
following twelve-month period.

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                                                                          Page 4

RULE 2 (continued)

"GROUP POLICY OF ASSURANCE" shall mean the policy or policies issued in the name
of the Fund by an Insurer or Insurers to provide life assurance benefits for
Members.

"INSURER" shall mean an Insurance Company registered in terms of the Insurance
Act 1943 as amended.

"MEMBER" shall mean an Employee who has satisfied the eligibility conditions of
the Fund and who has been entered in the records of Membership of the fund
(which latter provisions shall include an Employee who has not been entered in
such records provided such entry is made as soon as is practicable following his
becoming eligible).

"MEMBERSHIP" shall have a corresponding meaning.

"NORMAL RETIREMENT AGE" shall mean the age of 60 years.

"NORMAL RETIREMENT DATE" shall mean the first day of the month coincident with
or next following that in which the Member attains Normal Retirement Age.

"PAST SERVICE" means service with an Employer or with any Employer in the same
or similar industry or occupation, as recognised by the Principal Employer prior
to becoming a Member of the Fund.

"PRINCIPAL EMPLOYER" shall mean WTC RAND AIRFREIGHT (S.A.) (PTY) LTD.

"REGISTRAR" shall mean the Registrar of Pension Funds in South Africa.

"REVIEW DATE" shall mean 1 March 1990 and 1 March in each subsequent year.

"RULES" shall mean these revised Rules as registered and amended from time to
time.

"SERVICE" shall mean full-time continuous service in the employ of an Employer
or Employers.

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                                                                          Page 5

RULE 3 - COMMITTEE

3.1. The affairs of the Fund shall be controlled by the Committee, the members
     of which shall be appointed by the Executive Committee of the Board of
     Directors of the Principal Employer and which shall consist of at least two
     Employees occupying senior management positions on the staff of the
     Principal Employer.

     The appointment of each Member of the Committee shall be approved by the
     Executive Committee of the Board of Directors of the Principal Employer.

     Subject to the provisions of the Act, the Committee shall have the power to
     carry out the objects and purposes of the Fund in accordance with the Rules
     and without detracting from the generality of this provision shall have the
     following powers:

     (a)  to receive, administer and apply the moneys of the Fund;

     (b)  to appoint and enter into contracts with an Insurer to provide the
          benefits in terms of the Rules, in particular to invest in Deposit
          Administration Policies;

     (c)  to appoint and enter into contracts with the Administrator and to
          delegate to the Administrator such of its powers and duties in terms
          of the Rules as it deems fit;

     (d)  in the name of the Fund to enter into and sign any contracts or
          documents and to institute, conduct, defend, compound or abandon any
          legal proceedings by or against the Fund;

     (e)  subject to the approval of the Registrar of Pension Funds, to appoint
          an Auditor to the Fund;

     (f)  subject to the requirements of the Act, to make by-laws not
          inconsistent with the provisions of the Rules prescribing the manner
          and form in which the general administration of the Fund shall be
          conducted and the rights and options of Members and other
          beneficiaries in terms of the Rules shall be exercised or made;

     (g)  to appoint and enter into contracts with Portfolio Managers registered
          in terms of the Stock Exchange Control Act, 1985, and to delegate to
          the Portfolio Managers such of its powers and duties in terms of the
          Rules as it deems fit.

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                                                                          Page 6

RULE 3 (continued)

3.1. (h)  to co-opt one additional member to the Committee from the Staff of the
          Administrator in an ex-officio capacity only;

     (i)  generally to perform all such other acts or things as are, in its
          opinion, conducive to the attainment of the objects of the Fund.

3.2. The Committee shall appoint, re-appoint or change the Administrator and
     shall agree with the Administrator the basis of expense charges and the
     scale or scales of the fees charged by the Administrator.

3.3. The Principal Employer may remove from Office the Committee or any member
     thereof.

3.4. (a)  A Director of the Principal Employer shall be the Chairman of the
          Committee and shall appoint his Deputy from the remaining members of
          the Committee.

     (b)  The Committee shall meet to conduct the business of the Fund when
          required by the Chairman but in any case not less than once a year.
          Two members shall form a quorum and minutes of all such meetings shall
          be kept.

          At all such meetings the decision of the majority shall be binding and
          in the event of an equality of votes the Chairman at the time shall
          have a casting vote in addition to his deliberative vote.

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                                                                          Page 7

RULE 3 (continued)

3.5. The Committee shall either:

     i)   insure the fund against loss resulting from the dishonesty or fraud of
          any of its officers (including the Committee and the Administrator)
          having the receipt or charge of moneys belonging to the Fund;

          OR

          require and receive such security as it shall deem sufficient from
          such officers for the rendering of a just and true account of all
          moneys received and paid by them on account of the Fund.

3.6. All of the Officers of the Fund including the Committee and the
     Administrator shall be indemnified by the Fund against any losses or
     expenses incurred not resulting from their negligence, dishonesty or fraud.

3.7. Without detraction from the provisions of Rule 3.3. a member of the
     Committee shall cease to hold office if:-

     (a)  he resigns; or

     (b)  he becomes insane or otherwise incapable of acting; or

     (c)  his estate is sequestrated or surrended or assigned for the benefit of
          his creditors; or

     (d)  he is convicted, whether in the Republic of South Africa or elsewhere,
          for theft, fraud, forgery, or uttering of a forged document or perjury
          and has been convicted therefor to serve a term of imprisonment
          without the option of a fine or to a fine exceeding two hundred rand;
          or

     (e)  he is removed by Court on accordance of conduct from any office of
          trust; or

     (f)  he is convicted for any offence and sentenced to imprisonment without
          the option of a fine.

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                                                                          Page 8

RULE 4 - ADMINISTRATOR

4.1. The Committee shall appoint an Administrator to administer the business of
     the Fund. The Administrator shall be a corporate body which, inter alia,
     performs the specialist function of pension and provident fund
     administration.

     The Committee shall delegate to the Administrator in writing such of its
     powers and duties as it deem fit and the Administrator shall assume
     responsibility for the affairs of the Fund to the extent of the powers and
     duties so delegated.

4.2. The Administrator shall, without detraction from the powers conferred on
     the Committee in terms of Rule 3 of these Rules, be required to:-

     (a)  maintain such books of account and other records as may be necessary
          for the purpose of the Fund;

     (b)  establish, maintain and operate a bank account in the name of the Fund
          for the purpose of transacting the pecuniary business of the Fund;

     (c)  agree with the Committee the basis of expense charges and scales of
          remuneration for its services to the Fund.

     (d)  hold in safe-keeping all books of account, entries, registers and such
          other documents as are essential for the proper working of the Fund;

     (e)  prepare and submit the Rules of the Fund and all subsequent amendments
          thereto to the Registrar of Pension Funds and to the Commissioner for
          Inland Revenue in accordance with the provisions of the Act and the
          Income Tax Act (Act No.58 of 1962) as amended;

     (f)  tender all returns as required in terms of the relevant Acts of
          Parliament and generally carry out all such acts and duties as are
          necessary for the proper administration of the Fund.

4.3. The Administrator and the Auditor shall be remunerated by the Fund.

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                                                                          Page 9

RULE 5 - MEMBERSHIP

5.1. All Employees who are Executives are eligible to become Members of the Fund
     on the first date after which they are appointed as an Executive of one of
     the Employers.

5.2. Discretionary waiver of eligibility conditions

     Notwithstanding the provisions of Rule 5.1. the Committee may, with the
     consent of the Principal Employer waive the conditions of eligibility and
     admit to Membership an Employee who would otherwise be ineligible, on such
     terms and conditions as they shall determine.

RULE 6 - ACCOUNTS

6.1. Annual Accounts

     The Committee shall appoint an Auditor who shall have access to all books,
     papers, vouchers, accounts and documents connected with the Fund.

     The books of account of the Fund shall be made up as at 28 February 1990
     and 28 February in each subsequent year and shall be audited by the Auditor
     who shall certify in writing the result of each audit.

RULE 7 - TRANSFERS AND AMALGAMATIONS

If an Employer shall transfer to, amalgamate with or be taken over by any other
business, company or organisation the Employer may elect to:

     i)   withdraw wholly from the Fund in which event the provisions of Rule 14
          shall apply; or

     ii)  continue to contribute to the Fund in respect of Employees, in which
          event the Fund shall not be affected except that "Employer" shall then
          mean the new business, company or organisation.

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                                                                         Page 10

RULE 8 - DETERMINATION OF MEMBER'S EQUITABLE SHARE

8.1. Member's Equitable Share as at Each Review Date

     A Member's Equitable Share shall be determined annually as at each Review
     Date and shall be calculated in accordance with the following formula: -

      B   D
     A = [x]
         C 1

     A = Member's Equitable Share.

     B = the Member's Equitable Share at the preceding Review Date plus interest
         together with the value of the contributions paid in respect of the
         Member after the preceding Review Date plus interest.

     C = The sum of the Values determined in B above for all Members at the
         Review Date.

     D = Value at the Review Date of the Fund.

8.2. Member's Equitable Share as at a Date Other Than a Review Date

     If for any reason a Member's Equitable Share becomes payable at a date
     other than the Review Date there shall be added to his Equitable Share as
     determined at the Review Date immediately preceding such date, the
     following:

     (i)  The contributions made in respect of the Member during the period of
          Membership subsequent to the Review Date

          PLUS

     (ii) an adjustment in respect of the growth of the Fund since the Review
          Date to the date of payment that is equitably attributable to the
          Member's Equitable Share.

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                                                                         Page 11

RULE 9 - CONTRIBUTIONS,

9.1. Contributions by the Employer

     The Employer shall contribute:

     (a)  An amount equal to 1/12th of 10% of each Member's Fund Salary each
          month or 10% of each Member's Fund Salary if paid annually.

     (b)  The contribution in respect of Past Service benefits, as determined at
          each Revision Date, equal to 1/12th of 0,5% of each Member's Fund
          Salary each month for each year of Past Service, or 0,5% of each
          Member's Fund Salary for each year of Past Service if paid annually.

     The contributions detailed in 9.1 (a) and (b) above by the Employer in
     respect of a Member shall not exceed 20% of the Member's Fund Salary, less
     any Employer contributions made to the WTC Rand Pension Fund, in respect of
     a Member of that Fund.

9.2. Payment of Contributions

     The Employer shall pay over the contributions to the Administrator within a
     period of seven days from the last day of the month to which the
     contributions relate. The Administrator shall deposit the contributions
     with an institution registered under the Banks Act, 1965 (Act No.23 of
     1965), not later than the first working day following the receipt of the
     contributions.

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                                                                         Page 12

RULE 10 - RETIREMENT BENEFITS

10.1. Benefit at Normal Retirement Date

     If a Member retires from service at Normal Retirement Date he shall be
     entitled to a capital sum equal to his Equitable Share.

10.2. Benefit on Early Retirement

     With the consent of the Committee, and by agreement with his Employer a
     Member, provided he is within seven years of his Normal Retirement Age, may
     elect to retire early.

     In this event the Member shall receive a capital sum equal to his Equitable
     Share.

10.3. Benefit on Late Retirement

     With the consent of the Committee and by agreement with his Employer a
     Member may continue in the employ of an Employer after the attainment of
     his Normal Retirement Age. In such an event contributions by the Employer
     shall continue and payment of the Member's retirement benefit shall be
     deferred until such time as the Member retires or is retired by his
     Employer.

     At the time of actual retirement the Member shall receive a capital sum
     equal to his Equitable Share.

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                                                                         Page 13

RULE 11 - DEATH BENEFITS,

11.1. Payment of Benefits on the Death of a Member

     Subject to the provisions of Rule 15.5. and Annexure II to these Rules and
     notwithstanding anything to the contrary elsewhere in these Rules or in any
     law, any benefit payable by the Fund in respect of a deceased Member shall
     not form part of the assets in the estate of such Member, but shall be
     dealt with in the following manner:-

     (a)  If the Fund within twelve months of the death of the Member becomes
          aware of or traces a dependant or dependants of the Member, the
          benefit shall be paid to such dependant or, in such proportions as may
          be deemed equitable by the Committee, to such dependants.

     (b)  If the Fund does not become aware of or cannot trace any dependant of
          the Member within twelve months of the death of the Member, and the
          Member has designated in writing to the Fund a nominee who is not a
          dependant of the Member, to receive the benefit or such portion of the
          benefit as is specified by the Member in writing to the fund, the
          benefit or such portion of the benefit shall be paid to such nominee:
          Provided that where the aggregate amount of the debts in the estate of
          the Member exceeds the aggregate amount of the assets in his estate,
          so much of the benefit as is equal to the difference between such
          aggregate amounts of debts and such aggregate amounts of assets shall
          be paid into the estate and the balance of such benefit or the balance
          of such portion of the benefit as specified by the Member in writing
          to the fund shall be paid to the nominee.

     (c)  If a Member has a dependant and the Member has also designated in
          writing to the Fund a nominee to receive the benefit or such portion
          of the benefit as is specified by the Member in writing to the Fund,
          the Fund shall within twelve months of the death of such Member pay
          the benefit or such portion thereof to such dependant or nominee in
          such proportions as the Committee may deem equitable: Provided that
          this paragraph shall only apply to the designation of a nominee after
          the coming into operation of this paragraph.

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                                                                         Page 14

RULE 11 (continued)

RULE 11.1 (continued)

     (d)  If the Fund does not become aware of or cannot trace any dependant of
          the Member within twelve months of the death of the Member and if the
          Member has not designated a nominee or if the Member has designated a
          nominee to receive a portion of the benefit in writing to the Fund,
          the benefit or the remaining portion of the benefit after payment to
          the designated nominee, shall be paid into the estate of the Member
          or, if no inventory in respect of the Member has been received by the
          Master of the Supreme Court in terms of Section 9 of the Estates Act,
          1965 (Act No. 66 of 1965), into the Guardian's Fund.

11.2. Death in Service Before Normal Retirement Age

     In the event of the death of a Member before attaining Normal Retirement
     Age, the Member's Equitable Share shall be payable to the Dependant or
     Dependants, or in terms of Rule 11.1.

11.3. Death in Service After Normal Retirement Age

     In the event of the death of a Member who has continued in the employ of
     the Employer in terms of Rule 10.3, after the attainment of his Normal
     Retirement Age, the Member's Equitable Share shall be payable to the
     Dependant or Dependants, or in terms of Rule 11.1.

RULE 12 - WITHDRAWAL FROM SERVICE

12.1. On leaving the Service of an Employer, other than on death or retirement a
     Member shall be entitled to his Equitable Share, as at the date of leaving
     service.

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                                                                         Page 15

RULE 13 - FINANCIAL PROVISIONS

13.1. The Committee shall have the full power, subject to the provisions of the
     Act, to lend, invest, to effect policies of insurance issued to the Fund by
     a person or persons lawfully carrying on insurance business within the
     meaning of the Insurance Act No. 27 of 1943, or put out at interest, place
     on deposit, make advances of, or otherwise deal with all the moneys of the
     Fund upon such securities and in such manner as it from time to time
     determines, and to realise, vary, reinvest, or otherwise deal with such
     securities as it from time to time determines; provided that:-

     (a)  no loan or advance shall be made by the Fund to an Employer except
          that subject to the consent of the Registrar in terms of Section 19(6)
          of the Act, a loan may be made to an Employer and shares in the
          capital of an Employer may be purchased; provided that the total
          amount so invested shall not exceed 5% of the total assets of the
          Fund;

     (b)  a loan may be made to a Member to enable the Member

          ii)  to redeem a loan granted to the Member by a person other than the
               Fund, against security of immovable property which belongs to the
               Member or his spouse and on which a dwelling has been or will be
               erected which is occupied or, as the case may be, will be
               occupied by the Member or a Dependant of the Member;

          iii) to purchase a dwelling, or to purchase land and erect a dwelling
               on it, for occupation by the Member or a Dependant of the Member;
               or

          iv)  to make additions or alterations to a dwelling which belongs to
               the Member or his or her spouse and which is occupied or will be
               occupied by the Member or a Dependant of the Member.

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                                                                         Page 16

RULE 13 (continued)

13.1. (continued)

     (c)  a loan contemplated in Rule 13.1 (b) shall not be granted;

          i)   unless secured by a first mortgage on the immovable property in
               respect of which it is granted; or

          ii)  unless secured by a pledge of the benefits to which the Member is
               entitled in terms of the Rules of the Fund; or

          iii) unless secured by both such mortage and such pledge;

          iv)  in respect of immovable property if the Member concerned is
               liable to the Fund in respect of a loan granted to him in respect
               of other immovable property;

          v)   at a lower rate of interest than that which may from time to time
               be prescribed by regulation;

          vi)  unless the capital sum is redeemable over a period not exceeding
               30 years in equal weekly or monthly instalments which shall
               include the interest on the capital sum outstanding.

     (d)  a loan contemplated in Rule 13.1.(b) shall not exceed where it is
          secured in accordance with:

          i)   Rule 13.1.(c)(i), 90% of the market value of the hypothecated
               property concerned;

          ii)  Rule 13.1. (c)(ii), the amount of the benefit which the Member
               would receive if he were to terminate his membership of the Fund,
               voluntarily or the market value of the immovable property
               concerned, whichever is the lesser amount; or

          iii) Rule 13.1.(c) (iii), the amount equal to the aggregate of 90% of
               the market value of the hypothecated property concerned and the
               benefit which the Member would receive if he were to terminate
               his membership of the Fund voluntarily or the market value of the
               property, whichever is the lesser amount.

<PAGE>

                                                                         Page 17

RULE 13 (continued)

13.1. (continued)

     (e)  For the purpose of Rule 13.1. (d), "market value" means the price
          which would be obtained on a sale in the Republic of South Africa
          between a willing seller and a willing purchaser (between whom there
          is no direct or indirect connection), as estimated by the person
          appointed by the Committee for that purpose; provided that where a
          transaction for the purchase of an immovable property (other than
          vacant land upon which a dwelling is in the course of erection or
          about to be erected) is pending and a purchase price has already been
          agreed upon, or where such an immovable property was acquired by
          purchase not more than 6 months before the date on which the estimate
          is made, the market value of the property shall not be fixed at an
          amount higher than the true purchase price of the property, as
          declared or to be declared by the parties concerned for transfer duty
          purposes, plus, in the last-mentioned case, R100.

13.2. The Committee may obtain an overdraft from a bank, or borrow from an
     Employer or any other party, on such terms as it thinks fit, such sum as it
     approves for the purpose of completing any investment or for any other
     purpose of the Fund.

13.3. All securities shall be registered in the name of the Fund or in the name
     of a nominee company approved by the Registrar and no security shall be
     transferred, varied, disposed of, or otherwise alienated, except with the
     written approval of the Committee.

13.4. All title deeds and other securities belonging to or held by the Fund
     shall be kept in the safes or strongrooms at the registered office of the
     Fund or in a bank, as decided by the Committee.

<PAGE>

                                                                         Page 18

RULE 14 - TERMINATION OF THE FUND

14.1. Total Termination

     If, for any reasons it becomes necessary to terminate the Fund, the
     Committee, subject to the approval of the Registrar of Pension Funds shall
     appoint a suitable person as liquidator, who shall, as from the date of
     approval of his appointment, liquidate the Fund by dividing the moneys of
     the Fund, after payment of all expenses incurred in liquidating the Fund,
     among the Members in a manner recommended by the Auditor, and approved by
     the Committee provided that;

     i)   Where the Committee directs that such assets be paid to an approved
          Provident or Pension Fund or an approved Retirement Annuity Fund
          and/or to an insurance company registered in terms of the Insurance
          Act 1943, who shall not necessarily be an Insurer, for the purpose of
          securing retirement benefits for Members, the net assets, including
          any Deposit Administration Policy or Policies shall be transferred to
          such approved fund and/or insurance company in such manner as may be
          agreed upon between the Committee and the approved fund and/or the
          Insurer. The Committee shall determine the value of each Member's
          interest in the Fund.

     ii)  Where no such direction is made by the Committee, the liquidator shall
          direct that the assets of the Fund be allocated on an equitable basis
          by the Administrator on the advice of the Auditor among the Members
          then participating in the Fund, for the purchase from an insurance
          company of retirement benefits in respect of each such Member.

14.2. Partial Termination

     In the event of an Employer ceasing to participate in the Fund, the
     Committee shall determine the proportion of the assets of the Fund to be
     allocated for the benefit of the Members, Dependants of Members who are
     Employees of that particular Employer. The amount so determined shall
     mutatis mutandis be subject to the provisions of Rule 14.1. and thereafter
     the Employer ceasing to participate and the Members, Dependants of Members
     who are Employees of the said Employer shall have no further interest or
     claim against the Fund.

14.3. Interpretation

     For the purposes of this Rule:-

     "approved Provident or Pension Fund" or "approved Retirement Annuity Fund"
     shall mean a fund approved as such by the Commissioner for Inland Revenue
     and registered by the Registrar of Pension Funds.

<PAGE>

                                                                         Page 19

RULE 15 - GENERAL PROVISIONS

15.1. Temporary Absence from Work

     (a)  If a Member is temporarily absent from work, the Committee in
          consultation with the Employer, may regard such Member as remaining a
          Member:-

          i)   for a period not exceeding two years if the absence is due to
               compulsory training in the Citizen Force or Commandos:

          OR

          ii)  for a period not exceeding one year if absence is due to any
               other cause;

          provided no benefit has been paid in respect of the Member by the
          Fund.

     (b)  If, at the expiry of the appropriate period of absence, the Member has
          not returned to work he shall be deemed to have left the Service and
          the provisions of Rule 12 shall apply.

15.2. Benefits not Assignable

     Except as otherwise provided in these Rules, no benefit payable under the
     Fund can be assigned, hypothecated, encumbered or alienated in any manner
     whatsoever.

15.3. Interpretation of Rules

     Any dispute arising as to the meaning or interpretation of these Rules
     shall be decided by the Committee whose decision shall be final and
     binding, provided that such decision is not inconsistent with the
     provisions of these Rules and provided further that if any party to such
     dispute is dissatisfied with the decision the Committee shall, on demand by
     such party, refer the dispute to arbitration, in accordance with the Rules
     and Regulations applicable to Arbitration under the laws of the Republic of
     South Africa prevailing at the time.

<PAGE>

                                                                         Page 20

RULE 15 (continued)

15.4. Right of any Employer to Discharge Employees

     Membership of the Fund shall not in any way restrict the right of any
     Employer to discharge any of its Employees and the benefits provided under
     the Fund shall not be made the grounds for increasing a claim for damages
     in any action brought by a Member against his Employer.

15.5. Lien in Favour of Employer

     If at the time a payment is made in terms of the Rule there is a debt or
     liability due by the Member to the Employer, there may, subject to
     compliance with the provisions of Section 37D of the Act, as set out in
     Annexure II to these Rules, be discharged therefrom the amount of such debt
     or liability or part thereof as the case may be, provided that if any
     amount is to be deducted from a retirement benefit to which the Member is
     entitled the amount of the deduction shall be restricted to that portion of
     the benefit which is permitted to be taken as a lump sum benefit as defined
     in the Second Schedule of the Income Tax Act 1962, as amended, or such
     lesser amount, as is adequate to discharge the Member's debt or liability.

15.6. Reduction in remuneration

     If a Member's remuneration is reduced, the Committee shall determine
     whether or not the Member's Fund Salary shall be reduced for the purpose of
     the Fund and if so, to what extent.

15.7. Income Tax

     All payments of benefits in terms of these Rules are subject to PAYE Income
     Tax deductions where applicable.

<PAGE>

                                                                         Page 21

RULE 15 (continued)

15.8. Continuation of Membership

     All Members are obliged to remain Members until withdrawal from Service,
     death or retirement, as the case may be.

15.9. Alienation of Benefits

     No Member or other person entitled to benefits in terms of the Rules of the
     Fund shall alienate any benefit or right to any benefit unless permitted by
     Rule 15.5. No such benefit or right shall be subject to any form of
     attachment or execution.

15.10. Committee's Power Over Payment

     If, in the opinion of the Committee any person otherwise entitled to
     benefits under these Rules:-

     (a)  is, owing to disease, mental disorder or defect not responsible for
          his actions, or is incapable of managing his affairs; or

     (b)  is addicted to the excessive use of any drug or intoxicating liquors
          or is otherwise of intemperate habits; or

     (c)  is prodigal; or

     (d)  has failed on account of imprisonment, desertion, divorce, or any
          other cause, to support persons dependant upon him for maintenance;

     the Committee may, in its absolute discretion, direct that the benefit be
     paid wholly or partly to the Member's Dependants or to the Trustees
     appointed by the Committee in terms of a Trust registered with the Master
     of the Supreme Court for the benefit of the Member or his Dependants or
     both.

<PAGE>

                                                                         Page 22

RULE 15 (continued)

15.11. Benefit Paid as an Annuity

     The Committee shall have the power to direct at its sole and absolute
     discretion that any amount payable in terms of these Rules shall be
     utilised instead, in whole or in part, to provide an annuity certain or a
     life annuity for the benefit of the person or persons entitled to such
     amount.

15.12. Proof of Age

     Proof of age in the form of a birth or baptismal certificate is required
     before the payment of any benefit (other than a cash benefit payable in
     terms of Rule 12) under the Fund will be made.

15.13. Unclaimed Moneys

     Notwithstanding anything to the contrary contained in these Rules, it is
     provided that if a Member who has left the Service of the Employer fails to
     claim any benefit to which the Member had become entitled in terms of Rule
     12, within three years after the date on which such benefit becomes
     payable, all right and claim thereto shall be forfeited and the amount so
     forfeited shall thereafter accrue to the Fund.

     Provided that after the expiry of the said three-year period the Committee
     may, in its sole discretion, pay the benefit to the Member or, if the
     Member has died to his Dependants.

<PAGE>

                                                                         Page 23

RULE 15 (continued)

15.14. Alterations of Rules

     Subject to the provisions of the Act and the approval of the Commissioner
     for Inland Revenue, the Committee may, with the concurrence of the
     Principal Employer, make new Rules or alter or repeal any existing Rule.

     The Committee shall notify the Registrar of Pension Funds and the
     Commissioner for Inland Revenue in the Republic of South Africa and any
     other statutory authority who requires to be so notified of all amendments
     to these Rules.

15.15. Transfers to and from the Fund

     The Committee shall have the power to accept the transfer of members of
     another registered fund to the Fund and to authorise the transfer of
     Members to another registered fund.

     All such transactions shall be subject to the provisions of section 14 of
     the Act.

<PAGE>

                                                                         Page 24

                               WTC PROVIDENT FUND

                                   ANNEXURE I

Each and every Deposit Administration Policy, as defined in Rule 2 of these
Rules, and issued in the name of the Fund, shall contain the following
provisions: -

(a)  the Insurer maintains in its books of account an account in respect of the
     Fund to which account is credited all amounts paid by the Fund to the
     Insurer, plus either interest at the rate agreed upon between the Fund and
     the Insurer, and such bonuses as the Insurer declares from time to time, or
     such investment income and capital profits as are contractually deemed to
     accrue to the Fund from time to time.

(b)  the Insurer debits to such account all amounts withdrawn to provide
     benefits in terms of the Rules of the Fund, such administrative and other
     expenses as are agreed between the Fund and the Insurer from time to time
     and such capital losses as may be contractually agreed to be for the
     account of the Fund from time to time; and

(c)  the Insurer's liability to the fund at any given time in respect of the
     Deposit Administration Policy, is limited to the amount deemed to be
     standing to the credit of the said account after all credits and debits
     which have arisen up to that time have been taken into account.

<PAGE>

                                                                         Page 25

                               WTC PROVIDENT FUND

                                   ANNEXURE II

The Extracts from the Act contained in this Annexure II shall be read in
conjunction with Rule 15.5 and Extract (2) is deemed to form part of Rule 15.5.

Extract (1)

     Extract from Section 19 of the Pension Funds Act. 1956 as amended

(5)  (a)  A registered fund may, if its Rules so permit, grant a loan to a
          Member by way of investment of its funds to enable the member

          i)   to redeem a loan granted to the member by a person other than the
               fund, against security of immovable property which belongs to the
               member or his or her spouse and on which is occupied or, as the
               case may be, will be occupied by the member or dependant of the
               member;

          ii)  to purchase a dwelling, or to purchase land and erect a dwelling
               on it, for occupation by the member or a dependant of the member;
               or

          iii) to make additions or alterations to or to maintain or repair a
               dwelling which belongs to the member or his or her spouse and
               which is occupied or will be occupied by the member or a
               dependant of the member.

<PAGE>

                                                                         Page 26

ANNEXURE II (continued)

Extract (2)

     Extract from Section 37 of the Pension Funds Act - 1956 as amended

37D  Fund may make certain deductions from Pension benefits

     A Registered Fund may -:

     (a)  deduct any amount due to the fund in respect of:

          i)   a loan granted to a member in terms of Section 19 (5) (a); or

          ii)  any amount for which the fund is liable under a guarantee
               furnished in respect of a loan by some other person to a member
               for any purpose referred to in Section 19 (5) (a),

     from the benefit to which the member or a beneficiary is entitled in terms
     of the Rules of the Fund, to an amount not exceeding the amount which in
     terms of the Income Tax Act, 1962 (Act No.58 of 1962), may be taken by a
     member or beneficiary as a lump sum benefit as defined in the Second
     Schedule of that Act;

     (b)  deduct any amount due by a member to his employer on the date of his
          retirement or on which he ceases to be a member of the fund, in
          respect of-

          i)   (aa) a loan granted by the employer to the member for any purpose
               referred to in Section 19 (5) (a); or

<PAGE>

                                                                         Page 27

ANNEXURE II (continued)

37D  (b) i) (continued)

          (bb) any amount for which the employer is liable under a guarantee
               furnished in respect of a loan by some other person to the member
               for any purpose referred to in Section 19 (5) (a),

          to an amount not exceeding the amount which in terns of the Income Tax
          Act, 1962, may be taken by a member or beneficiary as a lump sum
          benefit as defined in the Second Schedule to that Act; or

          ii)  compensation (including any legal costs recoverable from the
               Member in a matter contemplated in sub-paragraph (bb)) in respect
               of any damage caused to the Employer by reason of any theft,
               dishonesty, fraud or misconduct by the member, and in respect of
               which -

          (aa) the Member has in writing admitted liability to the Employer; or

          (bb) judgement has been obtained against the member in any court,
               including Magistrates Court,

          from any benefit payable in respect of the Member or a beneficiary in
          terms of the Rules of the Fund, and pay such amount to the Employer
          concerned.

<PAGE>

                               WTC PROVIDENT FUND

AMENDMENT NO. 1

With effect 1 October 1993 the following amendment shall be to the Rules of the
Fund:-

RULE 1: GENERAL

Paragraph five of Rule 1 shall be deleted and replaced by the following:-

"The Registered Office of the Fund shall be at CBC House, 259-261 Surrey Avenue,
Ferndale 2194, and all payments due to or by the Fund shall be made at the
Registered Office of the Fund in the currency of the Republic of South Africa or
elsewhere, on such terms and in such manner as the Committee appointed in terms
of these Rules shall decide."

RULE 2: DEFINITIONS

The definitions of "Fund" and "Principal Employer" shall be deleted and replaced
by:-

"Fund" shall mean the Uniserv Provident Fund.

All references to the "WTC Provident Fund" in the Rules shall be replaced by
"Uniserv Provident Fund."

"Principal Employer" shall mean Pyramid Freight (Pty) Ltd and Sun Couriers (Pty)
Ltd.

Certified that the resolution in terms of which the amendment has been accepted
as an amendment to the Rules of the Fund has been adopted in accordance with the
provisions of the Rules of the Fund.

SIGNED

/s/ signature illegible                 /s/ signature illegible
-------------------------------------   ----------------------------------------
CHAIRMAN:                               COMMITTEE MEMBER
COMMITTEE OF MANAGEMENT

/s/ signature illegible
-------------------------------------   ----------------------------------------
PRINCIPAL OFFICER                       DATE

Ref: NP\cg

<PAGE>

                             UNISERV PROVIDENT FUND
                                  12/8/15299/1
                                 AMENDMENT NO. 2

Extract from the minutes of a Committee of Management meeting held at
Bedfordview on 12/11/98

RESOLVED that effective 1 December 1998, RULE 3 be deleted and replaced by -:

RULE 3 - COMMITTEE OF MANAGEMENT

3.1        GENERAL

3.1.1      The COMMITTEE shall direct, control and oversee the operations of the
           FUND in accordance with the applicable laws and the RULES.

3.1.2      The COMMITTEE shall consist of a minimum of 4 members, unless the
           FUND has received exemption in terms of Section 7B of the ACT.

3.1.3      Up to 50% of the COMMITTEE (and alternates to act in their absence)
           shall be appointed by the PRINCIPAL EMPLOYER and shall be known as
           EMPLOYER TRUSTEES.

3.1.4      At least 50% of the COMMITTEE (and alternates to act in their
           absence) shall be elected by MEMBERS as set out in RULE 3.2 and shall
           be known as MEMBER TRUSTEES.

3.1.5      A TRUSTEE may resign at any time on giving written notice to the
           COMMITTEE.

<PAGE>

                                                                               2

3.1.6      An EMPLOYER TRUSTEE may be removed by the PRINCIPAL EMPLOYER from
           office at any time and a new TRUSTEE and his alternate appointed.

3.1.7      The MEMBERS may remove a MEMBER TRUSTEE from office if the MEMBERS
           resolve to do so at a special MEMBERS' meeting.

3.1.8      A TRUSTEE shall not hold office or shall cease to hold office if:-

3.1.8.1    he is removed in accordance with RULES 3.1.6 or 3.1.7

           or

3.1.8.2    he resigns in terms of RULE 3.1.5

           or

3.1.8.3    he is mentally or physically incapable of acting

           or

3.1.8.4    his estate is or has been sequestrated or surrendered or assigned in
           favour of his creditors

           or

3.1.8.5    he is an unrehabilitated insolvent

           or

3.1.8.6    he is or has been removed by any competent court from any office of
           trust on account of misconduct

           or

3.1.8.7    he is or has been convicted by any competent court and sentenced to a
           prison term without the option of a fine or to a fine exceeding R100
           for one of the following:- theft, fraud, forgery, or uttering a
           forged document, perjury, an offence under the Prevention of
           Corruption Act, or any offence involving dishonesty

           or

3.1.8.8    he is a minor

           or

<PAGE>

                                                                               3

3.1.8.9    he is not re-elected by the MEMBERS as set out in RULE 3.2

           or

3.1.8.10   in the case of a MEMBER TRUSTEE his period of office expires

3.1.9      A MEMBER TRUSTEE shall hold office until the second anniversary
           following his election or for any such other period as may be agreed
           upon between the COMMITTEE, EMPLOYER and MEMBERS.

3.1.10     A MEMBER TRUSTEE shall be eligible for re-election.

3.1.11     An EMPLOYER TRUSTEE shall be eligible for reappointment

3.2        MEMBER TRUSTEES

3.2.1      The PRINCIPAL EMPLOYER shall call a meeting of, or poll, the MEMBERS
           in order to elect the initial MEMBER TRUSTEES and their alternates on
           giving 14 working days notice in writing to all MEMBERS.

3.2.2      The MEMBERS shall be polled by the COMMITTEE to meet within 2 months
           of each second anniversary date, or on such other date as may be
           agreed upon by the COMMITTEE, EMPLOYER and MEMBERS, following the
           election of the MEMBER TRUSTEES, as set out in RULE 3.2.1, in order
           to elect new or re-elect the MEMBER TRUSTEES and their alternates.

3.2.3      A special MEMBERS' meeting or poll of the MEMBERS shall be called by
           the COMMITTEE if 25 % or more of the MEMBERS submit a petition
           outlining the agenda for such a special meeting and/or poll to the
           COMMITTEE. Any such meeting and/or poll must be held within 21
           working days of the submission.

<PAGE>

                                                                               4

3.2.4      The COMMITTEE shall give 14 working days notice in writing to all
           MEMBERS of any meeting and/or poll as set out in RULES 3.2.2 and
           3.2.3.

3.2.5      The MEMBERS shall elect at any meeting a chairman from amongst
           themselves to preside at that meeting.

3.2.6      Each MEMBER (including a MEMBER TRUSTEE) shall have 1 vote and a
           majority decision shall be binding.

3.2.7      The chairman of any meeting shall have a deliberative as well as a
           casting vote.

3.2.8      No proxy votes shall be allowed.

3.2.9      The voting at any meeting shall be done either by secret ballot or by
           a show of hands as the chairman shall decide.

3.2.10     50% of the MEMBERS shall form a quorum at any meeting.

3.2.11     Unless at least 50% of the MEMBERS vote in the event of a poll, any
           decision under such poll shall be invalid.

3.3        COMMITTEE MEETINGS

3.3.1      COMMITTEE meetings shall be held at least once a year.

3.3.2      Special COMMITTEE meetings may be called at any time provided 2 or
           more TRUSTEES submit a petition outlining the agenda for such a
           special meeting to the COMMITTEE.

<PAGE>

                                                                               5

3.3.3      The chairman shall give the TRUSTEES 14 working days notice in
           writing of a meeting set out in RULES 3.3.1 or 3.3.2.

3.3.4      A chairman shall be elected by the TRUSTEES, provided that if that
           person is absent, the remaining TRUSTEES may elect a chairman for the
           purposes of the meeting from among themselves.

3.3.5      The chairman elected in terms of RULE 3.3.4 shall hold office for
           such period as the COMMITTEE decides, provided that he may be removed
           by the COMMITTEE at any time.

3.3.6      50% of the TRUSTEES shall constitute a quorum provided that:-

3.3.6.1    if the BOARD consists of 4 TRUSTEES or less, all the TRUSTEES shall
           constitute a quorum.

3.3.6.2    at least 50% of the quorum are MEMBER TRUSTEES.

3.3.7      Each TRUSTEE shall have 1 vote, provided that the chairman shall have
           a deliberative as well as casting vote.

3.3.8      The decision of the majority of the TRUSTEES shall be binding.

3.3.9      Proxy votes shall be allowed provided that the chairman is notified
           prior to the meeting.

3.3.10     The voting shall be done by secret ballot or by a show of hands as
           the chairman shall decided.

<PAGE>

                                                                               6

3.3.11     A resolution in writing signed by all the TRUSTEES shall be of the
           same force and effect as a resolution passed at a COMMITTEE meeting.

3.4        DUTIES OF THE COMMITTEE

           The duties of the COMMITTEE shall be to:-

3.4.1      Ensure that proper books are kept as set out in RULE 3.7.

3.4.2      Ensure that proper minutes are kept as set out in RULE 3.5.

3.4.3      Ensure that proper control systems are employed by or on behalf of
           the COMMITTEE.

3.4.4      Ensure that adequate and appropriate information is communicated to
           the MEMBERS informing them of their rights, benefits and obligations
           in terms of the RULES.

3.4.5      Take all reasonable steps to ensure that contributions are paid
           timeously to the FUND in accordance with the ACT.

3.4.6      Obtain expert advice on matters where the TRUSTEES may lack
           sufficient expertise.

3.4.7      Ensure that the RULES comply with the ACT, the Financial Institutions
           (Investment of funds) Act 1984, and all other applicable laws.

3.4.8      Act with due care, diligence and good faith.

<PAGE>

                                                                               7

3.4.9      Avoid conflicts of interest.

3.4.10     Act with impartiality in respect of all MEMBERS, DEPENDANTS and
           NOMINEES.

3.4.11     Take all reasonable care to protect the MEMBER'S interests in terms
           of the RULES and ACT, especially in the event of:-

3.4.11.1   an amalgamation or transfer of business in terms of Section 14 of the
           ACT.

3.4.11.2   withdrawal of a participating EMPLOYER

3.4.11.3   a reduction in or termination of a participating EMPLOYER'S
           contributions.

3.4.11.4   an increase in the MEMBER'S contributions

3.4.11.5   a decrease in benefits in terms of the RULES.

3.4.11.6   Maintain strict confidentiality regarding all information obtained in
           respect of all parties in any way concerned under these RULES whilst
           carrying out their duties.

3.4.11.7   Carry out their other duties and exercise their other powers as may
           be shown elsewhere in the RULES.

3.4.11.8   Make decisions, in consultation with the PRINCIPAL EMPLOYER, in the
           event of an occurrence which has not been provided for in the RULES,
           provided that such decision shall be consistent with the provisions
           of the RULES, the ACT and the INCOME TAX ACT.

<PAGE>

                                                                               8

3.4.11.9   Make arrangements and do anything which shall be consistent with the
           provisions of the RULES, the ACT and the INCOME TAX ACT.

3.5        MINUTE BOOK

3.5.1      Minutes of all COMMITTEE meetings shall be kept.

3.5.2      COMMITTEE resolutions and decisions must be recorded in the minute
           book.

3.5.3      The pages of the minuted book shall be bound in such a way as to
           render the withdrawal or insertion of a page impossible and all pages
           shall be numbered consecutively.

3.6        APPOINTMENTS

           The COMMITTEE -

3.6.1      Shall appoint a PRINCIPAL OFFICER in terms of Section 8 of the Act,
           provided that if the PRINCIPAL OFFICER is absent from the Republic of
           South Africa for more than 30 days or is otherwise unable to perform
           his duties, the COMMITTEE shall appoint another person to act as
           PRINCIPAL OFFICER for the period of his absence or inability and
           shall advise the REGISTRAR of such person's name and address.

3.6.2      May appoint, if necessary, a secretary and such other officers on
           such terms and conditions and for such periods as it may determine
           from time to time.

<PAGE>

                                                                               9

3.6.3      Shall appoint an AUDITOR. The AUDITOR will have access to all books,
           vouchers and other documents pertaining to the FUND and must certify
           the result of each audit in the form of a balance sheet. The same to
           be lodged with the REGISTRAR within six months of the expiration of
           the FINANCIAL YEAR.

3.6.4      Shall appoint a LIQUIDATOR as set out in Section 28(2) of the ACT if
           the FUND is liquidated.

3.6.5      Shall appoint a Manager to administer the FUND. The address of the
           ADMINISTRATORS shall be at the registered office of the FUND.

3.7        BOOKS OF THE FUND

3.7.1      The COMMITTEE shall ensure that proper accounts, entries, registers
           and records as are essential for the proper working of the FUND be
           kept.

3.7.2      The books of account shall be made up at the end of each FINANCIAL
           YEAR.

3.7.3      The COMMITTEE shall keep a register at the registered office of the
           FUND containing the following:

3.7.3.1    the full name of each TRUSTEE, his identity number, date of birth,
           nationality, occupation, residential address, business address and
           postal address and the date of appointment as a TRUSTEE, together
           with any changes to the above information

3.7.3.2    the postal address and registered office of the FUND

<PAGE>

                                                                              10

3.7.3.3    particulars of any AUDITOR

3.7.3.4    particulars of any INSURER involved in the FUND, excluding an INSURER
           utilised for the purpose of purchasing pensions

3.7.3.5    particulars of any ACTUARY.

3.8        EXPENSES

3.8.1      The TRUSTEES, PRINCIPAL OFFICER and any officers of the COMMITTEE
           shall not be entitled to any remuneration for their services.

3.9        INDEMNIFICATION

3.9.1      The TRUSTEES and all other officers of the FUND will be indemnified
           by the PRINCIPAL EMPLOYER against all proceedings, costs and expenses
           incurred by reason of any claim in connection with the FUND not
           arising from their negligence, dishonesty or fraud.

3.9.2      The COMMITTEE shall insure the FUND against any loss resulting from
           the dishonesty or fraud of any of its officers (including the
           TRUSTEES).

3.10       SIGNING OF DOCUMENTS

           The chairman and one other TRUSTEE, so authorised by the COMMITTEE
           shall sign any contract, document or agreement which is binding on
           the FUND, provided that any documents to be deposited with the
           REGISTRAR shall be signed as prescribed in the ACT.

<PAGE>

                                                                              11

3.11       POWER OF THE TRUSTEES

3.11.1     The TRUSTEES shall authorise the ADMINISTRATORS to open a banking
           account in the name of the FUND, and all monies received on behalf of
           the FUND shall be deposited therein.

3.11.2     The TRUSTEES shall have the power, subject to the provisions of
           Section 19 of the ACT and this RULE, to invest in immovable property,
           otherwise invest, lend, put out at interest, place on deposit, make
           advance of, or otherwise deal with all the monies of the FUND upon
           such securities and in such manner as they from time to time
           determine, and to dispose of immovable property, and realise, vary,
           re-invest, or otherwise deal with securities and other investments as
           they from time to time determine; provided that no loan shall be made
           to a MEMBER.

3.11.3     The TRUSTEES may delegate their powers to make investments of any
           type to a financial institution.

3.11.4     The TRUSTEES may invest in immovable property subject to the
           conditions laid down by the REGISTRAR.

3.11.5     The TRUSTEES may obtain an overdraft from a bank, or borrow from an
           EMPLOYER or any other party, on such terms as they think fit, such
           sum as they approve for the purpose of completing any investment or
           meeting any temporary unforeseen cash shortage, and for this purpose
           may give such security as they decide provided that the aggregate
           amount of such loans does not at any time exceed one-half of the
           FUND'S gross income from all sources during the immediately preceding
           FINANCIAL YEAR.

<PAGE>

                                                                              12

The reason for the amendment is to comply with the regulations relating to the
management of the FUND.

Certified that the above resolution has been adopted in accordance with the
RULES of the FUND.

/s/ signature illegible
-------------------------------------
CHAIRMAN

/s/ signature illegible
-------------------------------------
TRUSTEE

/s/ signature illegible
-------------------------------------
PRINCIPAL OFFICER
<PAGE>

                             UNISERV PROVIDENT FUND
                                  12/8/15299/1
                                 AMENDMENT NO 3

Extract from the minutes of a meeting of the Committee of Management of the
Uniserv Provident Fund held at Randburg on 16 July 2001.

RESOLVED: That with effect from 01 July 2001 the RULES of the FUND be amended as
follows:-

RULE 1- GENERAL

Paragraph 5 of RULE 1 shall be deleted and replaced by:

The Registered Office of the Fund shall be at Surrey Place, 291 Surrey Avenue,
Ferndale, Randburg 2194 and all payments due to or by the FUND shall be made at
the Registered Office of the FUND in the currency of the Republic of South
Africa or elsewhere, on such terms and in such manner as the Committee of
Management appointed in terms of the RULES shall decide.

RULE 2 - DEFINITIONS

The following definitions shall be added:

"ADJUDICATOR" shall mean the Pension Funds ADJUDICATOR appointed under section
30c (1) of the ACT.

"APPROVED FUND" shall mean a fund approved by the Commissioner for Inland
Revenue and registered by the REGISTRAR as a pension, provident, retirement
annuity fund or preservation provident fund. It is specifically provided that
the PRINCIPAL EMPLOYER shall be a participating Employer in a preservation
provident fund before any payment is made to the preservation provident fund.

RULE 5 - MEMBERSHIP

The following shall be added:

5.3 MEMBERS IN RECEIPT OF A DISABILITY BENEFIT.

If a MEMBER is in receipt of a monthly income from a disability scheme sponsored
by the EMPLOYER he will no longer be eligible to be a MEMBER of the FUND. In
such an instance he

<PAGE>

                                                                               2

will receive a benefit as detailed in RULE 12

RULE 12 - WITHDRAWAL FROM SERVICE

The following shall be added:

RULE 12.2 - PAYMENT OF THE BENEFIT

12.2.1  The benefit, at the date of termination of SERVICE, in terms of RULE
        12.1 will be paid to the MEMBER as a lump sum

12.2.2  Instead of receiving the benefit entirely as a lump sum the MEMBER may
        transfer all of the benefit to an APPROVED FUND or part of the benefit
        to a find approved by the Commissioner for Inland Revenue and registered
        by the REGISTRAR as a pension, provident or retirement annuity fund Once
        this transfer has been made the MEMBER will have no further claim on the
        FUND.

RULE 14.3 shall be deleted in it entirety.

The reason for the amendment is to change the registered address, conform to
Financial Services Board and Commissioner for Inland Revenue requirements and to
clarify the eligibility conditions.

Certified that the above resolution has been adopted in accordance with the
RULES of the FUND.

/s/ signature illegible
-------------------------------------
CHAIRMAN
COMMITTEE OF MANAGEMENT

/s/ signature illegible
-------------------------------------
COMMITTEE MEMBER

/s/ signature illegible
-------------------------------------
PRINCIPAL OFFICER

<PAGE>

FINANCIAL SERVICES BOARD

Rigel Park 446 Rigel Avenue South Erasmusrand Pretoria South Africa
PO Box 35655 Menlo Park Pretoria South Africa 0102
Tel (012) 428-8000 Fax (012) 347-0221 e-mail Info@fsb.co.za
Int + 27 12 429-8000 Int.+27 347-0221 toll free 0800110443
Internet http://www.fsb.co.za

Enquiries: Matome Thulare               D. Dialing no.: 012 4288071
Our ref:   12/8/15299/1                 Fax:            0123470221
Date:      13 November 2002             e-mail:         matomet@fsb.co.za

SURAKSHA SUNDERPERSAD
GLENRAND M.I.B.
PO BOX 3529
RANDBURG
2125

Dear Sir

AMENDMENT NO. 4 : UNISERV PROVIDENT FUND

With reference to your application for Amendment No. 4 I enclose a copy of the
amendment duly approved by the Registrar in terms of section 12(4) of the Act.

Yours faithfully

/s/ signature illegible
-------------------------------------
REGISTRAR OF PENSION FUNDS

Enclosure
Case no 63392

Board Members: Ms G Marcus (Chairperson) W J Haslam (Deputy Chairman) S Maree G
K Morolo Ms H Wilton Ms Mojela A M Sithole Executive Officer, J. van Rooyen

<PAGE>

                                                                               2

FINANCIAL SERVICES BOARD

Rigel Park 446 Rigel Avenue South Erasmusrand Pretoria South Africa
PO Box 35655 Menlo Park Pretoria South Africa 0102
Tel (012) 428-8000 Fax (8012) 347-0221 e-mail Info@fsb.co.za
Int + 27 12 428-8000 int.+27 12 347-0221 toll free 0800110443
Internet http://www.fsb.co.za

Enquiries: Matome Thulare               D. Dialing no.: 012 4288071
Our ref:   12/8/15299/1                 Fax:            0123470221
Date:      13 November 2002             E-mail:         matomet@fsb.co.za

SURAKSHA SUNDERPERSAD
GLENRAND M.I.B.
PO BOX 3529
RANDBURG
2125

Dear Sir

AMENDMENT NO. 4 : UNISERV PROVIDENT FUND

With reference to your application for Amendment No. 4 I enclose a copy of the
amendment duly approved by the Registrar in terms of section 12(4) of the Act.

Yours faithfully

/s/ signature illegible
-------------------------------------
REGISTRAR OF PENSION FUNDS
Enclosure
Case no 633392

Board Members: Ms G Marcus (Chairperson) W J Haslam (Deputy Chairman) S Maree G
K Morolo Ms H Wilton Ms Mojela A M Sithole Executive Officer, J. van Rooyen

<PAGE>

                             UNISERV PROVIDENT FUND
                                  12/8/15299/1
                                 AMENDMENT NO. 4

Extract from the minutes of the meeting of the Committee of Management of the
Uniserv Provident Fund held at Johannesburg on the 4th day of July 2002.

RESOLVED:.

That with effect from 1 May 2002, the following amendments be made to the Rules
of the FUND:

1.   The definitions of "COMMISSIONER, COMPLAINT AND COMPLAINANT" shall be added
     to the Rules:

     COMMISSIONER

     The COMMISSIONER for South African Revenue Services.

     COMPLAINT

     A COMPLAINT, lodged in writing with the TRUSTEES by a specific COMPLAINANT,
     relating either to the administration of the FUND or its investments, or
     the application or interpretation of the RULES, and containing specific
     allegations as contemplated in the definition of COMPLAINT in section 1 of
     the ACT.

     COMPLAINANT

     In relation to the FUND, means a MEMBER or former member, a beneficiary or
     former beneficiary, an EMPLOYER, a TRUSTEE or former trustee, or any other
     person having an interest in the COMPLAINT.

2.   Sub-Rule 5.2 shall be deleted and substituted by the following:

     Notwithstanding the provisions of sub-Rule 5.1. the Committee may, with the
     approval of the COMMISSIONER and the consent of the Principal Employer,
     waive the conditions of eligibility and admit to Membership an Employee who
     would otherwise be ineligible, on such terms and conditions as they shall
     determine.

/s/ signature illegible                 /s/ signature illegible
-------------------------------------   ----------------------------------------

<PAGE>

3.   RULE 9.1. (A) and (B) shall be deleted and replaced by the following:

     The Employer Shall contribute:

     (a)  An amount equal to 1/12th of 2,5% of each Member's Fund Salary each
          month or 2,5% of each Member's Fund Salary if paid annually.

     (b)  The contribution in respect of Past Service benefits, as determined at
          Revision Date, shall be equal to 1/12th of 2,5% of each Member's Fund
          Salary each month for each year of Past Service, or 2,5% of each
          Member's Fund Salary for each year of Past Service if paid annually.

     The contributions detailed in Rule 9.1 (a) and (b) above by the Employer in
     respect of a Member shall not exceed 20% of the Member's Fund Salary, less
     any Employer contributions made to the Uniserv Executive Provident Fund and
     Uniserv Retirement Fund, in respect of a Member of that Fund.

4.   RULE 15.15 shall be deleted and substituted by the following:

     RULE 15.15 TRANSFERS TO AND FROM THE FUND

     The Committee shall have the power to accept the transfer of Members of
     another APPROVED FUND to the Fund and to authorise the transfer of Members
     to another APPROVED FUND.

5.   The Rule headed DISPUTE RESOLUTION shall be added under RULE 15 and shall
     become SUB-RULE 15.16:

15.16 DISPUTE RESOLUTION

15.16.1  On behalf of the FUND the COMMITTEE shall give due and proper
         consideration to any COMPLAINT and shall issue a reply thereto within
         30 days of receipt thereof.

15.16.2  If the COMMITTEE is unable to make a decision in regard to any
         COMPLAINT or do not issue a reply thereto within 30 days of receipt
         thereof, or if the COMPLAINANT is not satisfied with the reply of the
         TRUSTEES,

15.16.3  the COMPLAINANT may lodge the COMPLAINT with the ADJUDICATOR whereafter
         the provisions of sections 30A through to 30X of the ACT shall apply.

/s/ signature illegible                 /s/ signature illegible
-------------------------------------   ----------------------------------------

<PAGE>

The reason for the amendment is to comply with the requirements of the
COMMISSIONER and the Registrar of Pension Funds.

Certified that the above resolution has been adopted in accordance with the
provisions of the Rules of the Fund.

/s/ signature illegible
-------------------------------------
CHAIRMAN: COMMITTEE OF MANAGEMENT

/s/ signature illegible
-------------------------------------
PRINCIPAL OFFICER

/s/ signature illegible
-------------------------------------
COMMITTEE MEMBER

<PAGE>

                             UNISERV PROVIDENT FUND
                                  1218/15299/1
                                 AMENDMENT NO. 5

Extract from the minutes of the meeting of the Trustees of the Uniserv Provident
Fund (the "Fund"), held at the registered address of the FUND on 11 November
2003.

RESOLVED:.

That with effect from 1 November 2003, the following amendments be made to the
RULES of the FUND:

1.   RULE 2 - Definitions

     The definitions "FUND" and "FUND YEAR" shall be deleted and replaced by the
     following definitions:

     " "FUND" shall mean the UTi Provident Fund."

     " "FUND YEAR" shall mean the twelve-month period ending on 31 January in
     each year."

2    RULE 3 - Committee of Management

     RULE 3.2.2. shall be deleted and be replaced by the following:-

     3.2.2.  The MEMBERS shall be polled by the COMMITTEE to meet within two
             months of each second anniversary date, or on such other date as
             may be agreed upon by the COMMITTEE, EMPLOYER, and MEMBERS,
             following the election of the MEMBER TRUSTEES, as set out in RULE
             3.2.1, in order to elect new or re-elect the MEMBER TRUSTEES and
             their alternates from their number.

Uniserv Provident Fund - Amendment no. 5 V 1                         Page 1 of 1
1/29/2004

<PAGE>

Reasons for the amendment are:

(a)  to effect a change of name of the FUND;

(b)  to change the year-end of the FUND to tie in with the financial year of the
     holding company's year end;

(c)  to make provision for the election of member trustees from the ranks of
     members of the FUND.

Certified that the above Resolution has been adopted in accordance with the
RULES of the FUND

-------------------------------------   ----------------------------------------
CHAIRMAN                                DATE

-------------------------------------   ----------------------------------------
TRUSTEE                                 DATE

-------------------------------------   ----------------------------------------
PRINCIPAL OFFICER                       DATE

<PAGE>

19 May 2004

The Financial Services Board
c/o Glenrand MIB
BY HAND

Dear Sir/Madam

CHANGE OF NAME

This letter serves to confirm that the operations of United Service Technologies
Limited (Uniserv) were sold to Union-Transport Inc, trading as UTi, on 1
February 1995 following South Africa's re-admittance into the international
business community. A copy of the relevant pager of the directors report for the
1996 financial year is attached.

Uniserv still owns 30% of the shares in UTi and accordingly there was no urgency
to update the names of the retirement funds.

We have now re-branded all of our worldwide operations under the UTi name and
would therefore wish to update the name of our South African retirement funds.

Please do not hesitate to contact me on 011 457 2614 if you should have any
queries.

Your faithfully

/s/ D Hughson
-------------------------------------
DC HUGHSON (CA) SA
CORPORATE OFFICE
UTI - AFRICA REGION

  Directors: G C Abbey - W R Mapham, W V G Somerville - M J Wessels (-BRITISH)
   All Business undertaken in terms of our standard trading conditions. Copy
                            available on application.
          Proprietors: PYRAMID FREIGHT (PTY) LTD. Reg No. ____________

<PAGE>

UNISERV

<TABLE>
<S>                 <C>
Directors' report   The directors present their annual report and the audited
                    financial statements for the year ended 31 January 1996.

                    BUSINESS

                    The company is incorporated in the British Virgin Islands
                    under the International Business Companies Ordinance (No. 8
                    of 1984).

                    The merging of the company's interests with Union-Transport
                    Holdings Inc was consumated on 1 February 1995.

                    The company sold its wholly owned subsidiary Goddard Company
                    Limited, which in turn owned the company's operating
                    subsidiaries, to Union-Transport Inc for a consideration of
                    R247 872 000, resulting in a profit of R149 792 000.

                    The purchase price was settled by the issue of 34 190 512
                    ordinary shares of no par value at an issue price of $1 per
                    share and 36 534 586 preference shares of no par value at an
                    issue price of $1 per share.

                    The effects of the above are reflected as an exceptional
                    item in the profit and loss account, and the goodwill
                    arising on the issue of shares in Union-Transport Inc. has
                    due to its nature been amortised fully against the profit on
                    disposal of the company's investment in Goddard Company
                    Limited and its subsidiaries. The resulting net profit has
                    been treated as a capital profit and transferred to a
                    capital reserve.

                    The company is now an investment holding company, with its
                    only interest being its investment in Union Transport Inc.
                    Details of this holding is more fully described in note 7 to
                    the financial statements.

                    FINANCIAL RESULTS

                    The company equity accounts its investment in
                    Union-Transport Inc and these results are reflected in the
                    financial statements following, in South African Rand.

                    Due to the change of nature of the business, the
                    consolidated results for the previous published period ended
                    31 January 1995 are not directly comparable. Accordingly,
                    the directors have presented pro forma comparative
                    information, which equity, accounts the previous interest in
                    past subsidiary companies in order to assist comparability.

                    DIVIDENDS

                    The following dividends have been declared:

                    Ordinary shares

                    A dividend of 6,0 South African cents per share (1995: 11,0
                    cents) has been declared on 7 June 1996, to all shareholders
                    registered on 21 June 1996 and payable on 5 July 1996.

                    "A" variable rate cumulative convertible preference shares
                    (No. 9).

                    A dividend of 11,1 South African cents per share (1995: 8,60
                    cents) has been declared on 31 January 1996.

                    DIRECTORS AND SECRETARY

                    The company's current directors as stated in the Directorate
                    have served throughout the year.

                    In terms of the Articles of Association of the company, the
                    following directors retire by rotation at the forthcoming
                    annual general meeting and they have offered themselves for
                    re-election:

                         B M Saxton
                         A M Rosenzweig

FIVE
</TABLE>

<PAGE>

                             UNISERV PROVIDENT FUND

                                  REVISED RULES

Extract from the minutes of the meeting of the Trustees of the Uniserv Provident
Fund held at ____________________________ on _________________________________

RESOLVED:

That with effect from 1 March 2003 the Rules hereto attached be substituted and
shall form the Rules governing the operation of the aforementioned Fund.

The reason for the substitution is to consolidate amendment numbers 1 to 4 and
comply with the requirements, form and format prescribed in the Pension Funds
Act No. 24 of 1956, as amended.

Certified that the above resolution has been adopted in accordance with a
resolution of the Board of Trustees of the Uniserv Provident Fund.

                                        ----------------------------------------
                                        CHAIRMAN OF THE TRUSTEES

                                        ----------------------------------------
                                        PRINCIPAL OFFICER

                                        ----------------------------------------
                                        TRUSTEE

Uniserv Provident Fund March 2003
<PAGE>

                                      INDEX

<TABLE>
<CAPTION>
 RULE                                                                      PAGE
NUMBER                            DESCRIPTION                             NUMBER
------                            -----------                            -------
<S>      <C>                                                             <C>
  1.     GENERAL                                                            1
  2.     DEFINITIONS                                                      2 - 9
  3.     OPERATION OF THE FUND                                           10 - 11
  4.     MEMBERSHIP                                                      12 - 14
  5.     CONTRIBUTIONS                                                      15
  6.     RETIREMENT BENEFITS                                             16 - 17
  7.     DEATH BENEFITS                                                  18 - 21
  8.     WITHDRAWAL BENEFITS                                             22 - 23
  9.     ADMINISTRATION OF THE FUND                                      24 - 25
  10.    MANAGEMENT OF THE FUND                                          26 - 33
  11.    ANNUAL FINANCIAL STATEMENTS & ACTUARIAL INVESTIGATIONS          34 - 35
  12.    TRANSFERS AND AMALGAMATIONS                                        36
  13.    RECONSTRUCTION, TERMINATION AND PARTIAL TERMINATION OF THE
         FUND                                                            37 - 39
  14.    BENEFITS (GENERAL)                                              40 - 42
  15.    VOLUNTARY ADDITIONAL CONTRIBUTIONS                              43 - 44
  16.    ANNEXURE I                                                         45
  17.    ANNEXURE II                                                     46 - 48
</TABLE>

Uniserv Provident Fund March 2003

<PAGE>

                           THE UNISERV PROVIDENT FUND

RULE 1 - GENERAL

With effect from 1 March 2003 the FUND shall operate in terms of these RULES as
a defined contribution provident fund.

The Registered Office of the FUND shall be at Surrey Place, 291 Surrey Avenue,
Ferndale, Randburg 2194.

The Registration number of the FUND is : 12/8/15299

The Commissioner's reference number is : 18/20/4/8526

Uniserv Provident Fund - March 2003

                                        1

<PAGE>

RULE 2 - DEFINITIONS

In these RULES where the context so admits, words defined in the ACT shall have
the meaning defined therein, the masculine gender shall include the feminine,
and vice versa; words signifying the singular number shall include the plural
and vice versa and the following expressions shall have the following meaning:-

ACT

The Pension Funds Act No. 24 of 1956 and the regulations framed thereunder, as
amended.

ACTUARY

Any Fellow of the Institute of Actuaries of England or of the Faculty of
Actuaries in Scotland, or of the Society of Actuaries of America, or of any
other institute, faculty, society or chapter of actuaries approved by the
MINISTER.

ADJUDICATOR

The Pension Funds ADJUDICATOR appointed under section 30C (1) of the ACT.

ADMINISTRATOR

The corporate body appointed by the TRUSTEES to administer the FUND in terms of
the RULES.

APPROVED FUND

Any pension, provident, retirement annuity or preservation provident fund
approved by the COMMISSIONER. It is specifically provided that the PRINCIPAL
EMPLOYER shall be a participating employer in a preservation provident fund
before any payment is made to the preservation provident fund.

AUDITOR

An AUDITOR registered under the Public Accountants & Auditors Act no. 80 of
1991, as amended from time to time, and who has been appointed by the TRUSTEES
as AUDITOR to the FUND, subject to the provisions of section 9 of the ACT.

BOARD OF TRUSTEES

The Board of Trustees constituted under these Rules and referred to unless the
contrary intention appears as TRUSTEES, or the BOARD.

Uniserv Provident Fund - March 2003

                                        2

<PAGE>

RULE 3 - OPERATION OF THE FUND

COMMENCEMENT DATE

1 July 1977 (the date on which the FUND commenced).

COMMISSIONER

The COMMISSIONER for South African Revenue Services.

COMPLAINT

A COMPLAINT, lodged in writing with the TRUSTEES by a specific COMPLAINANT,
relating either to the administration of the FUND or its investments, or the
application or interpretation of the RULES, and containing specific allegations
as contemplated in the definition of COMPLAINT in section 1 of the ACT.

COMPLAINANT

In relation to the FUND, means a MEMBER or former member, a beneficiary or
former beneficiary, an EMPLOYER, a TRUSTEE or former trustee, or any other
person having an interest in the COMPLAINT.

DEPENDANT

As defined in section 1 of the ACT, in relation to a MEMBER, means -

     a)   a person in respect of whom the MEMBER is legally liable for
          maintenance;

     b)   a person in respect of whom the MEMBER is not legally liable for
          maintenance, if such person -

          (i)  was, in the opinion of the TRUSTEES, upon the death of the MEMBER
               in fact dependent on the MEMBER for maintenance;

          (ii) is the SPOUSE of the MEMBER, including a party to a customary
               union according to Black law and custom or a union recognised as
               a marriage under the tenets of any Asiatic religion;

          (iii) is a child of the MEMBER, including a posthumous child, an
               adopted child or an illegitimate child.

     c)   a person in respect of whom the MEMBER would have become legally
          liable for maintenance, had the MEMBER not died.

DEPOSIT ADMINISTRATION POLICY

Shall have the meaning ascribed to it by the INSURER, be approved as a policy of
assurance by the REGISTRAR and shall also mean any other form of investment

Uniserv Provident Fund - March 2003

                                        3

<PAGE>

RULE 3 - OPERATION OF THE FUND

policy or contract approved by the REGISTRAR and issued by the INSURER in the
name of the FUND. Such policy or policies shall contain all of the provisions
set out in Annexure 1 to these RULES.

DISABILITY BENEFIT SCHEME

An associated scheme underwritten by an INSURER which provides disability income
benefits.

EMPLOYEE

Any person in the service of the EMPLOYER.

EMPLOYER

The PRINCIPAL EMPLOYER, and any subsidiary of the PRINCIPAL EMPLOYER, as may be
admitted to the FUND from time to time by the TRUSTEES and, in relation to any
particular MEMBER, the particular EMPLOYER by whom such MEMBER is for the time
being employed.

ENTRY DATE

In relation to EMPLOYEES of any particular EMPLOYER the COMMENCEMENT DATE, or
the date on which such EMPLOYEES first participated in the FUND.

EXECUTIVE

Shall mean a MEMBER designated as such by the PRINCIPAL EMPLOYER, shall include
a Senior Executive, recorded as such in the books of the PRINCIPAL EMPLOYER and
notified to the TRUSTEES in writing.

FINANCIAL YEAR

Any period commencing on a REVISION DATE and extending to the next following
REVISION DATE.

FUND

Shall mean UNISERV PROVIDENT FUND.

Uniserv Provident Fund - March 2003

                                        4

<PAGE>

RULE 3 - OPERATION OF THE FUND

FUND INTEREST

A fair rate of return as determined by the TRUSTEES in consultation with the
Administrator taking into account the returns earned on the underlying assets of
the FUND and the costs and charges against the FUND'S returns and assets.

GROUP INSURANCE POLICY

The policy or policies issued by an INSURER to the FUND in terms of which part
or all of the benefits of the FUND may be secured.

INDIVIDUAL ACCOUNT

In relation to a MEMBER means - the sum of the amounts in (a), (b), and (c)
below:-

     a)   SHARE OF FUND as determined on the REVISION DATE preceding the
          effective date of calculation.

     b)   contributions made by and on behalf of the MEMBER since the REVISION
          DATE preceding the effective date of any calculation.

     c)   interest on the amounts in (a) and (b) above at the FUND INTEREST
          rate.

INSURER

A person who is registered as a long-term INSURER in terms of the Insurance Act
No. 27 of 1943 and/or the Long Term Insurance Act No. 52 of 1998, whichever
applies.

INVESTMENT ACCOUNT

The account maintained by the TRUSTEES in the name of the FUND to record monies
invested for the provision of benefits in terms of the RULES, the value of such
monies being the net assets of the FUND as determined in accordance with
Schedule F and regulation 12 (2) (b) (iv) of the ACT.

INVESTMENT POLICY

An investment policy issued by any insurer or other authorised investment house
and approved by the REGISTRAR.

MEMBER

An EMPLOYEE who has been admitted to MEMBERSHIP of the FUND and who has neither
retired nor otherwise ceased to be a MEMBER in terms of these RULES, has
satisfied the eligibility conditions of the FUND and who has been recorded as a
MEMBER. The term MEMBERSHIP shall have a corresponding meaning.

Uniserv Provident Fund - March 2003

                                       5

<PAGE>

RULE 3 - OPERATION OF THE FUND

MINISTER

The Minister of Finance.

NORMAL RETIREMENT AGE

In relation to a MEMBER, means age 60.

NORMAL RETIREMENT DATE

In relation to a MEMBER, means the last day of the month in which he attains the
NORMAL RETIREMENT AGE.

OPERATIVE DATE

In relation to a MEMBER, means the date on which his EMPLOYER is first admitted
to participation in the FUND, or the date on which the MEMBER becomes eligible
to join the FUND as a result of an amendment to the RULES, whichever date is
applicable.

PAST SERVICE

Shall mean SERVICE with the EMPLOYER or any EMPLOYER in the same or similar
industry or occupation, as recognized by the PRINCIPAL EMPLOYER prior to
becoming a MEMBER of the FUND.

PENSIONABLE SALARY

In relation to a MEMBER, means the annual equivalent of the MEMBER'S basic
weekly, fortnightly or monthly remuneration and/or such other emoluments that
the TRUSTEES may consider to be pensionable. In the event of a reduction in
PENSIONABLE SALARY a MEMBER may, with the consent of the PRINCIPAL EMPLOYER and
the TRUSTEES, elect to retain such higher PENSIONABLE SALARY amount as was
applicable immediately prior to the reduction and all contributions and benefits
shall be based on such previous higher PENSIONABLE SALARY.

In relation to a MEMBER who is in receipt of an income under the DISABILITY
BENEFIT SCHEME, means the amount of PENSIONABLE SALARY on which the benefit
under that scheme was determined, and increased from time to time in proportion
to the increases in the benefit granted by that scheme.

Uniserv Provident Fund - March 2003

                                       6

<PAGE>

RULE 3 - OPERATION OF THE FUND

PENSIONABLE SERVICE

In relation to a MEMBER, means the number of years' SERVICE (where each
completed month shall count as 1/12th of a year) from the date on which
contributions to the FUND commenced by or on behalf of the MEMBER, to the
effective date of any calculation after that date on which the MEMBER leaves the
FUND.

PRINCIPAL EMPLOYER

PYRAMID FREIGHT (PTY) LTD and SUN COURIERS (PTY) LTD.

PRINCIPAL OFFICER

The Principal Executive Officer referred to in section 8 of the ACT, who may be
a member of a body managing the affairs of the FUND or controlling the FUND.

REGISTRAR

The REGISTRAR, or Deputy REGISTRAR, of Pension Funds as referred to in section 3
of the ACT.

RESERVE ACCOUNT

The Account from where all FUND expenses are paid, such as bank fees,
administration fees and charges, audit fees, Financial Services Board levies,
Regional Services Council levies, Retirement Fund Taxes and any costs and
charges relating to the administration of the FUND.

This account will be credited with bank account interest and contributions
payable by the EMPLOYER'S contributions. At the end of the FUND YEAR any excess
in the RESERVE ACCOUNT may be apportioned to MEMBERS and those who exit the
FUND. Any deficit in the RESERVE ACCOUNT shall be settled in terms of the
transfers from the contingency RESERVE ACCOUNT to the EMPLOYER CONTRIBUTIONS, as
may be decided upon by the TRUSTEES and ACTUARY.

REVISION DATE

1 March in each subsequent year.

Uniserv Provident Fund - March 2003

                                        7

<PAGE>

RULE 3 - OPERATION OF THE FUND

RULES

These RULES as registered and amended from time to time and shall include,
unless the contrary intention appears,-

          a) any Rules, terms and conditions of any policies of insurance
          underwriting any risk benefits under these RULES;

          b) any Rules, terms and conditions of any investment policies wherein
          any assets of the FUND are held.

SERVICE

In relation to a MEMBER, means continuous full-time employment with the
EMPLOYER.

SHARE OF FUND

In relation to a MEMBER, means either the result of the formula in (a) below or
the provision contained in (b) below, whichever is applicable.

          a) INDIVIDUAL ACCOUNT x (V / T)

              where -

          V = Value of funds held in the INVESTMENT ACCOUNT, less the total of
              all MEMBERS' TVC ACCUMULATIONS.

          T = Total of all MEMBERS' INDIVIDUAL ACCOUNTS,

          b) if the effective date of calculation is not coincident with a
          REVISION DATE, SHARE OF FUND shall be the MEMBER'S INDIVIDUAL ACCOUNT.

SPOUSE

In relation to a MEMBER, means a person who:

          a) is married to the MEMBER in a civil law marriage;

          b) is together with the MEMBER, a party to a customary union according
          to Black law and custom or a union recognised as a marriage under the
          tenets of any Asiatic religion;

          c) was not married to the MEMBER and with whom the MEMBER has been
          cohabiting and the TRUSTEES have acknowledged in writing

Uniserv Provident Fund - March 2003

                                        8

<PAGE>

RULE 3 - OPERATION OF THE FUND

          as being accepted as the MEMBER'S SPOUSE for the purpose of this
          definition;

          d) is of the same sex living with the MEMBER in respect of whom the
          TRUSTEES are satisfied that the parties cohabited as if married, and
          was, in the opinion of the TRUSTEES, upon the death of the MEMBER in
          fact in a co-dependent relationship of a permanent nature with the
          MEMBER. Subject to the proviso that any such union shall have endured
          for a period of at least two years prior to a MEMBERS death or
          retirement.

TRANSFER VALUE

The amount transferred from any APPROVED FUND on behalf of a MEMBER in
accordance with the provisions of section 14 of the ACT.

TRUSTEES

The TRUSTEES or their alternates appointed in terms of the RULES, and in the
event of the FUND being controlled by a BOARD OF TRUSTEES or a Management
Committee, any reference to the TRUSTEES shall be construed to refer to such
Management Committee or BOARD OF TRUSTEES as the case may be.

TVC

In relation to the RULES, represents the phrase "Transfers and Voluntary
Contributions".

TVC ACCUMULATION

In relation to a MEMBER, means his share of the TVC SECTOR, as determined by the
ACTUARY.

TVC SECTOR

A portion of the INVESTMENT ACCOUNT set aside to secure paid-up benefits in
respect of former MEMBERS and past service benefits in respect of voluntary
additional contributions including amounts transferred by or on behalf of
MEMBERS from other APPROVED FUNDS.

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RULE 3 - OPERATION OF THE FUND

3.1  OBJECTS OF THE FUND

     The object of the FUND is to provide retirement and other benefits for
     MEMBERS and death benefits for the DEPENDANTS of such MEMBERS.

3.2  LEGAL STATUS

     Upon registration under the ACT, the FUND shall become a separate legal
     person and entity distinct from its MEMBERS, capable of suing and being
     sued in its own name, and shall be the lawful owner of its property,
     movable or immovable, and all assets of the FUND shall be registered in the
     name of the FUND.

3.3  INSPECTION OF RULES

     Each MEMBER shall be entitled to inspect and make extracts from the RULES
     and other documents prepared in terms of sections 15, 16 and 17 of the ACT
     at reasonable times by appointment with the PRINCIPAL OFFICER, and shall on
     request be issued with a copy of the RULES and\or documents prepared in
     terms of section 15 of the ACT.

3.4  AMENDMENT TO THE RULES

          a) Subject to the provisions of the ACT, and the requirements of the
          REGISTRAR, and further subject to the approval of the COMMISSIONER the
          TRUSTEES may make new RULES, or alter or repeal any existing RULES.

          b) The provisions of section 12 of the ACT shall apply in respect of
          any amendment or rescission, alteration or addition to the RULES.

          c) Any amendment to the RULES shall not become effective until
          registered by the REGISTRAR and approved by the COMMISSIONER, unless
          the Resolution amending the RULES indicates the contrary.

          d) The provisions of this RULE will be always subject to the proviso
          that no amendment which affects the EMPLOYER'S contributions to the
          FUND may be made without the consent of the EMPLOYER.

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RULE 3 - OPERATION OF THE FUND

3.5  DISPUTE RESOLUTION

          a) On behalf of the FUND the TRUSTEES in consultation with the
          EMPLOYER shall give due and proper consideration to any COMPLAINT and
          shall issue a reply thereto within 30 days of receipt thereof.

          b) Any dispute which may arise in regard to any claims under these
          RULES, or the Rules themselves, shall be referred to the TRUSTEES.

          c) If the TRUSTEES are unable to make a decision in regard to any
          COMPLAINT or do not issue a reply thereto within 30 days of receipt
          thereof, or if the COMPLAINANT is not satisfied with the reply of the
          TRUSTEES, the COMPLAINANT may lodge the COMPLAINT with the ADJUDICATOR
          whereafter the provisions of sections 30A through to 30X of the ACT
          shall apply.

3.6  CURRENCY

     All contributions due to the FUND in terms of the RULES shall be payable in
     South African currency at the registered office of the FUND.

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<PAGE>

RULE 4 - MEMBERSHIP

4.1  JOINING THE FUND

          a) An EMPLOYEE who is an EXECUTIVE who has not attained NORMAL
          RETIREMENT AGE, shall become eligible to join the FUND on the first
          date after which he is appointed as an EXECUTIVE of one of the
          EMPLOYERS and shall be appointed to the permanent staff of the
          EMPLOYER, whereupon the conditions below will apply.

          b) An EMPLOYEE who is eligible to join the FUND and who commenced
          SERVICE before the OPERATIVE DATE shall have the option to join the
          FUND on that date or on an ENTRY DATE within 12 months thereof and
          should he or she not exercise that option within this twelve month
          period, he or she will not be permitted to join the FUND thereafter.

          c) An EMPLOYEE who commenced SERVICE on or after the OPERATIVE DATE
          shall be required as a condition of employment to join the FUND on the
          ENTRY DATE coincident with or next following the date on which he
          becomes eligible in terms of RULE 4.1(a).

          d) An EMPLOYEE who is not eligible to join the FUND in terms of RULE
          4.1(a) may at the request of the EMPLOYER become a MEMBER on such
          conditions, and with effect from such date, as may be agreed to by the
          TRUSTEES and, where necessary, approved by the COMMISSIONER.

4.2  MEMBERSHIP CONDITIONS

          a) Each MEMBER shall comply with such requirements as the TRUSTEES may
          stipulate in the RULES.

          b) Each MEMBER shall be bound by the RULES of the FUND and the RULES
          of any GROUP INSURANCE POLICY, or investment Policy which underwrites
          any benefit in terms of these RULES.

          c) Each MEMBER shall, on joining the FUND, authorise the EMPLOYER to
          deduct from his remuneration the amount of any contributions payable
          by the MEMBER in terms of the RULES.

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RULE 4 - MEMBERSHIP

          d) Any contributions required from a MEMBER in terms of RULE 5 shall
          commence on the date he joins the FUND, or on such other date as may
          be specified in RULE 4.1, and cease on the date that the MEMBER
          actually retires or otherwise ceases to be a MEMBER in terms of RULE
          4.3.

4.3  CESSATION OF MEMBERSHIP

          a) A MEMBER may not withdraw from the FUND except upon termination of
          SERVICE or on ceasing to be eligible for MEMBERSHIP.

          b) If a MEMBER ceases to be eligible for MEMBERSHIP and this is not as
          a result of being given the option to join another APPROVED FUND in
          which his EMPLOYER participates, his SHARE OF FUND shall be used to
          purchase a retirement benefit.

          c) If a MEMBER ceases to be eligible for MEMBERSHIP as a result of
          being given the option to become a member of an APPROVED FUND set up
          in terms of a collective agreement as specified in the Labour
          Relations Act (Act no. 66 of 1995), his SHARE OF FUND plus his TVC
          ACCUMULATION, if such does not form part of his SHARE OF FUND, shall
          be transferred to such transferee fund in accordance with Section 14
          of the ACT, the provisions of current Income Tax legislation, and the
          provisions of RULE 4.3(f).

          d) If a MEMBER ceases to be eligible for MEMBERSHIP as a result of
          being given the option to become a member of another APPROVED FUND of
          the EMPLOYER, his SHARE OF FUND plus his TVC ACCUMULATION, if such
          does not form part of his SHARE OF FUND, shall be transferred to such
          transferee fund, in accordance with Section 14 of the ACT, the
          provisions of current Income Tax legislation, and the provisions of
          RULES 4.3(e) and 4.3(f).

          e) With the consent of the TRUSTEES, the MEMBER may elect to transfer
          such portion of his SHARE OF FUND as is equal to the cash withdrawal
          benefit specified in RULE 4.3(f) to a retirement annuity fund approved
          by the COMMISSIONER, and the balance of his SHARE OF FUND shall be
          transferred to the transferee fund in accordance with the provisions
          of Section 14 of the ACT and Rule 4.3(d).

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RULE 4 - MEMBERSHIP

4.4  DISABLEMENT IN SERVICE

     If there is a DISABILITY BENEFIT SCHEME and a MEMBER becomes entitled to an
     income benefit thereunder, he may remain a MEMBER of the FUND, whereby
     contributions on his behalf and his entitlement to any of the benefits
     payable in terms of the RULES shall continue.

4.5  BREAK IN SERVICE

     Where a MEMBER is temporarily absent from SERVICE for a period not
     exceeding 2 years the MEMBER may, with the consent of the TRUSTEES, suspend
     payment of any contributions due by him to the FUND for the duration of his
     absence.

4.6  PROOF OF AGE

     Proof of age to the satisfaction of the TRUSTEES is required in respect of
     a MEMBER, and of any other person to whom a benefit may be payable in terms
     of the RULES, before the payment of any benefit can be effected, unless the
     TRUSTEES specify otherwise.

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<PAGE>

RULE 5 - CONTRIBUTIONS

5.1  CONTRIBUTIONS

     The EMPLOYER shall contribute:

          (a) An amount equal to 1/12th of 2,5% of each MEMBER'S PENSIONABLE
          SALARY each month or 2,5% of each MEMBER'S PENSIONABLE SALARY if paid
          annually.

          (b) The contribution in respect of PAST SERVICE benefits, as
          determined at REVISION DATE, shall be equal to 1/12th of 2,5% of each
          MEMBER'S PENSIONABLE SALARY each month for each year of PAST SERVICE,
          or 2,5% of each MEMBER'S PENSIONABLE SALARY for each year of PAST
          SERVICE if paid annually.

     The contributions detailed in RULE 5.1 (a) and (b) above by the EMPLOYER in
     respect of a MEMBER shall not exceed 20% of the MEMBER'S PENSIONABLE
     SALARY, less any EMPLOYER contributions made to the Uniserv Executive
     Provident Fund and Uniserv Retirement Fund, in respect of a MEMBER of that
     FUND.

5.2  CAPPING OF EMPLOYER CONTRIBUTIONS

     Should the costs of the risk benefits and/or the costs of administration
     increase above the percentage contribution mentioned, the EMPLOYER shall
     have the right to reduce the benefits payable. The EMPLOYER may, at its
     sole discretion increase the monthly contribution payable by it.

5.3  PAYMENT OF CONTRIBUTIONS

     The EMPLOYER shall pay over the contributions to the ADMINISTRATOR within a
     period of seven days from the last day of the month to which the
     contributions relate. The ADMINISTRATOR shall deposit the contributions
     with an institution registered under the Banks Act, 1965 (Act No. 23 of
     1965), not later than the first working day following the receipt of the
     contributions.

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<PAGE>

RULE 6 - RETIREMENT BENEFITS

6.1  BENEFIT ON NORMAL RETIREMENT

     If a MEMBER retires from SERVICE at NORMAL RETIREMENT DATE he shall be
     entitled to a capital sum equal to his SHARE OF FUND.

6.2  BENEFIT ON EARLY RETIREMENT

          a) With the consent of the BOARD OF TRUSTEES, and by agreement with
          his EMPLOYER a MEMBER, provided he is within seven years of his NORMAL
          RETIREMENT AGE, may elect to retire early.

          b) In this event the MEMBER shall be entitled to receive a capital sum
          equal to his SHARE OF FUND at the date of early retirement.

          c) If the BOARD OF TRUSTEES (after considering medical evidence) is
          satisfied that the MEMBER is unable to continue in SERVICE due to
          ill-health, the MEMBER may retire at any time prior to NORMAL
          RETIREMENT DATE irrespective of his age at the time of such ill-health
          early retirement, and shall be entitled to his SHARE OF FUND.

6.3  BENEFIT ON LATE RETIREMENT

          a) With the consent of the BOARD OF TRUSTEES and by agreement with his
          EMPLOYER a MEMBER may continue in the employ of an EMPLOYER after the
          attainment of his NORMAL RETIREMENT AGE. In such an event
          contributions by the EMPLOYER shall continue and payment of the
          MEMBER'S retirement benefit shall be deferred until such time as the
          MEMBER retires or retired by his EMPLOYER.

          b) At the time of actual retirement the MEMBER shall be entitled to
          receive a capital sum equal to his SHARE OF FUND.

6.4  BENEFIT IN RESPECT OF MONIES HELD IN TVC SECTOR

          In respect of a MEMBER who is entitled to a benefit from the TVC
          SECTOR, the benefit payable shall be a lump sum amount equal to his
          TVC ACCUMULATION.

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<PAGE>

RULE 6 - RETIREMENT BENEFITS

6.5  COMMUTATION OF BENEFIT

     Whether on early, late, ill-health or Normal Retirement a MEMBER may elect
     to commute his benefit either wholly or in part, for the payment of a cash
     lump sum.

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<PAGE>

RULE 7 - DEATH BENEFITS

7.1  AMOUNT OF BENEFIT

          a) The benefit payable in accordance with this RULE in respect of a
          MEMBER who dies before retirement shall be a lump sum amount equal to
          his SHARE OF FUND.

          b) If a MEMBER dies in SERVICE after attaining the RETIREMENT AGE,
          there shall be payable, subject to the provisions of Section 37C of
          the ACT, his SHARE OF FUND or the benefit the MEMBER would have become
          entitled to had the MEMBER retired one day prior to his death.

          but subject to the provisions of RULES 7.1(c) and 7.1(d).

          c) Where a MEMBER is required to produce evidence of insurability or
          health at the request of the INSURER of the GROUP INSURANCE POLICY and
          such evidence results in the amount of death benefit reassured in
          respect of such MEMBER being wholly or partly declined, the amount of
          death benefit payable by the FUND shall be likewise wholly or partly
          declined.

          d) Payment of a death benefit shall be made in terms of the terms,
          conditions and requirements of the underlying Policy of Insurance.

          e) Where the death benefit, or any other benefit, is reduced as a
          result of any amounts due by the MEMBER in respect of Income Tax,
          Housing Loans, Divorce Orders, Maintenance orders, written
          acknowledgement in terms of Section 37D of the ACT, or any other
          similar amounts due and payable by the MEMBER, the benefit payable
          from the FUND will be reduced by the amount so paid over.

7.2  BENEFIT IN RESPECT OF MONEYS HELD IN TVC SECTOR

     In respect of a MEMBER who is entitled to a benefit from the TVC SECTOR,
     the benefit payable, the Estate or DEPENDANTS of the MEMBER may elect to
     utilise the moneys the TVC SECTOR to purchase a pension from the INSURER of
     their choice. They may also elect to commute this benefit either wholly or
     in part, for a cash lump sum.

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<PAGE>

RULE 7 - DEATH BENEFITS

7.3  PAYMENT OF BENEFITS

     Unless the death benefit is a pension payable (in terms of the RULES) to
     the MEMBER'S SPOUSE, the benefit payable shall be dealt with in the
     following manner:

          a) If the FUND within twelve months of the death of the MEMBER becomes
          aware of or traces a DEPENDANT or DEPENDANTS of the MEMBER, the
          benefit shall be paid to such DEPENDANTS in such proportions as may be
          deemed equitable by the TRUSTEES.

          b) If the FUND does not become aware of or cannot trace any DEPENDANT
          of the MEMBER within twelve months of the death of the MEMBER, and the
          MEMBER has designated in writing to the FUND, a nominee who is not a
          dependant of the MEMBER, to receive the benefit or such portion of the
          benefit as is specified by the MEMBER in writing to the FUND, the
          benefit or such portion of the benefit shall be paid to such nominee:
          provided that where the aggregate amount of the debts in the estate of
          the MEMBER exceeds the aggregate amount of the assets in his estate,
          so much of the benefit as is equal to the difference between such
          aggregate amount of debts and such aggregate amount of assets shall be
          paid into the estate and the balance of such benefit or the balance of
          such portion of the benefit as specified by the MEMBER in writing to
          the FUND shall be paid to the nominee.

          c) If a MEMBER has a DEPENDANT and the MEMBER has also designated in
          writing to the FUND a nominee to receive the benefit or such portion
          of the benefit as is specified by the MEMBER in writing to the FUND,
          the FUND shall within twelve months of the death of such MEMBER pay
          the benefit or a portion thereof either to the DEPENDANT or nominee,
          or all or any such DEPENDANTS or nominees, as the TRUSTEES may deem
          equitable: provided that this paragraph shall only apply to the
          designation of a nominee after 30th June 1989.

          d) If the FUND does not become aware of or cannot trace any DEPENDANT
          of the MEMBER within twelve months of the death of the MEMBER and if
          the MEMBER has not designated a nominee or if the MEMBER has
          designated a nominee to receive a portion of the benefit in writing to
          the FUND, the benefit or the remaining portion of the benefit after
          payment to the designated nominee,

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<PAGE>

RULE 7 - DEATH BENEFITS

     shall be paid into the estate of the MEMBER or, if no inventory in respect
     of the MEMBER has been received by the Master of the High Court in terms of
     section 9 of the Estates Act no. 66 of 1965, into the Guardian's Fund.

          e) Should the TRUSTEES decide that a DEPENDANT or nominee is unable to
          protect himself or manage his own affairs, or is a beneficiary under
          an existing registered trust fund as contemplated in the Trust
          Property Control Act no. 57 of 1988, the TRUSTEES may direct that the
          benefit be paid to -

               (i) the guardian, tutor or curator of such beneficiary already
               appointed or to be appointed by the Master of the Supreme Court,

               OR

               (ii) the trustees for the time being of the said trust fund, or
               such other like trust fund being or about to be created for the
               benefit of the said beneficiary thereunder,

          and such payment shall be deemed to be a payment to such DEPENDANT or
          nominee.

          f) A benefit payable to a minor DEPENDANT or minor beneficiary may be
          paid in more than one payment in such amounts as the TRUSTEES may from
          time to time consider appropriate and in the best interests of such
          DEPENDANT or beneficiary: Provided that interest at a reasonable rate,
          having regard to the investment return earned by the FUND, shall be
          added to the outstanding balance at such times as the TRUSTEES may
          determine: Provided further that any balance owing to a DEPENDANT or
          beneficiary at the date on which he attains majority or dies,
          whichever occurs first, shall be paid in full.

          g) A benefit payable to a major DEPENDANT or major beneficiary may be
          paid in more than one payment if the DEPENDANT or beneficiary has
          consented thereto in writing: Provided that the amounts of the
          payments, intervals of payment, interest to be added and other terms
          and conditions are disclosed in a written agreement.

          h) An agreement contemplated in sub-RULE 7.3 (g) may be cancelled by
          either party by the giving to the other of a maximum of 90 days'
          written notice so to do, and the balance of the benefit shall,
          thereafter, be paid to the DEPENDANT or beneficiary in full

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<PAGE>

RULE 7 - DEATH BENEFITS

          i) The TRUSTEES or the EMPLOYER, may form a Trust into which any
          benefit may be paid for a minor beneficiary or any other DEPENDANT
          suffering from any physical, mental or other disability.

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<PAGE>

RULE 8 - WITHDRAWAL BENEFITS

8.1  AMOUNT OF BENEFIT

     If a MEMBER terminates SERVICE due to resignation, dismissal, desertion or
     retrenchment he shall become entitled to a lump sum benefit equal to his
     SHARE OF FUND.

8.2  PAYMENT OF THE BENEFIT

     Instead of receiving the benefit entirely as a lump sum the MEMBER may
     transfer all of the benefit to an APPROVED FUND or part of the benefit to a
     fund approved by the COMMISSIONER and registered by the REGISTRAR as a
     pension, provident or retirement annuity fund. Once this transfer has been
     made the MEMBER will have no further claim on the FUND.

8.3  BENEFIT IN RESPECT OF MONIES HELD IN THE TVC SECTOR

     In respect of a MEMBER who is entitled to a benefit from the TVC SECTOR,
     the benefit payable shall be a lump sum amount equal to his TVC
     ACCUMULATION.

8.4  REINSTATEMENT

     If a former MEMBER recommences SERVICE before receiving payment of his
     withdrawal benefit, the break in SERVICE may (at the sole discretion of the
     TRUSTEES) be condoned, whereupon such former MEMBER shall be reinstated on
     such terms and conditions as may be stipulated by the TRUSTEES.

8.5  UNCLAIMED BENEFITS

          a) A benefit that remains unclaimed for a period of five years after
          the withdrawal of the MEMBER who became entitled to such benefit shall
          revert to the FUND.

          b) Any benefit which has reverted to the FUND shall subsequently
          become payable to the MEMBER or, in the event of the death of the
          MEMBER, to his DEPENDANTS in accordance with RULE 7, subject to the
          production of documentation satisfactory to the TRUSTEES which
          substantiates a valid claim to the benefit.

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<PAGE>

RULE 8 - WITHDRAWAL BENEFITS

          c) Where the FUND is to be terminated, any benefit payable in terms of
          these RULES which remains unclaimed shall be paid into the Guardian's
          Fund in contemplation of termination of the FUND.

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<PAGE>

RULE 9 - ADMINISTRATION OF THE FUND

9.1  APPOINTMENT OF AN ADMINISTRATOR

     The TRUSTEES shall appoint an ADMINISTRATOR to administer the business of
     the FUND. The ADMINISTRATOR shall be a corporate body, which, inter alia,
     performs the specialist function of pension and provident fund
     administration and registered as such with the Financial Services Board.

9.2  DELEGATION OF ADMINISTRATIVE DUTIES

     The TRUSTEES shall delegate to the ADMINISTRATOR in writing such of its
     powers and duties as it deems fit and the ADMINISTRATOR shall assume
     responsibility for the affairs of the FUND to the extent of the powers and
     duties so delegated.

9.3  DUTIES OF ADMINISTRATOR

          a) The ADMINISTRATOR shall maintain such books of account and other
          records as may be necessary for the purpose of the FUND; and

          b) Shall establish, maintain and operate a banking account in the name
          of the FUND for the purpose of transacting the pecuniary business of
          the FUND; and

          c) Agree with the TRUSTEES the basis of expense charges and scales of
          remuneration for its services to the FUND; and

          d) Shall hold in safe-keeping all books of account, entries, registers
          and such other documents as are essential for the proper working of
          the FUND; and

          e) Shall prepare and submit the RULES of the FUND and all subsequent
          amendments thereto to the REGISTRAR and to the COMMISSIONER in
          accordance with the provisions of the ACT and the Income Tax Act (Act
          No.58 of 1962) as amended; and

          f) Shall render all returns as required in terms of the relevant Acts
          of Parliament and generally carry out all such acts and duties as are
          necessary for the proper administration of the FUND; and

          g) Shall ensure that all contributions are paid to the FUND and
          deposited in the FUND'S bank account within the time periods specified
          in the ACT.

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<PAGE>

RULE 9 - ADMINISTRATION OF THE FUND

9.4  REMUNERATION

     The ADMINISTRATOR shall be remunerated by the FUND.

9.5  INSURANCE

     The ADMINISTRATOR shall insure the FUND against loss resulting from the
     dishonesty or fraud of any of its employees and the operations of the FUND
     shall be directed, controlled and overseen by the TRUSTEES in accordance
     with the applicable laws and the RULES.

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<PAGE>

RULE 10 - MANAGEMENT OF THE FUND

10.1 CONSTITUTION OF THE BOARD OF MANAGEMENT

     The Board of Management shall consist of not less than 4 TRUSTEES, unless
     the FUND qualifies for exemption from this requirement, and such exemption
     has, in fact, been granted by the REGISTRAR in accordance with the
     provisions of section 7B(1)(a) of the ACT.

10.2 APPOINTMENT AND REMOVAL OF TRUSTEES

     Unless the FUND has been exempted from this requirement in terms of section
     7B(1)(b) of the ACT, the MEMBERS shall have the right to elect at least
     one-half of the TRUSTEES as specified in Rule 10.3. Those TRUSTEES not
     elected by the MEMBERS shall be appointed by the PRINCIPAL EMPLOYER. The
     PRINCIPAL EMPLOYER, in respect of his appointees, may nominate an alternate
     to act during the absence of a TRUSTEE and may at any time remove a TRUSTEE
     or alternate by giving notice in writing to the TRUSTEES of his intention
     so to do. The MEMBERS, in respect of their elected TRUSTEES, may nominate
     an alternate to act during the absence of a TRUSTEE and may at any time
     remove a TRUSTEE or alternate by giving notice in writing to the TRUSTEES
     of their intention so to do. Where a vacancy arises as a result of the
     removal of a TRUSTEE, or resignation in accordance with Rule 10.4, the
     PRINCIPAL EMPLOYER and/or MEMBERS shall re-appoint or re-elect a
     replacement TRUSTEE without delay, whichever is applicable.

10.3 ELECTION OF TRUSTEES BY MEMBERS

     The basis of election of a TRUSTEE by the MEMBERS shall be by secret ballot
     where each MEMBER shall be entitled to only one vote. The names of such
     elected TRUSTEES shall be listed in the minutes of each meeting of the
     TRUSTEES.

10.4 RESIGNATION

     A TRUSTEE may resign his office on giving at least 30 days' notice to the
     PRINCIPAL EMPLOYER or to the MEMBERS, as the case may be, and to the other
     TRUSTEES.

10.5 TERM OF OFFICE

     A TRUSTEE shall hold office until the second anniversary following his
     election or for any such other period as may be agreed upon between the
     TRUSTEES,

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<PAGE>

RULE 10 - MANAGEMENT OF THE FUND

     EMPLOYER and MEMBERS whereafter he may stand for re-appointment or
     re-election, whichever is applicable. The Chairman shall, during his term
     of office as a TRUSTEE, hold office as Chairman for such period as the
     TRUSTEES shall decide where after he may stand for re-election. Such
     re-election being conducted in accordance with the provisions of RULE 10.8.

10.6 CESSATION OF OFFICE

          A TRUSTEE shall cease to be a TRUSTEE if -

          a) He has been removed from Office in Accordance with RULE 10.2.

          b) He resigns in terms of RULE 10.4.

          c) He becomes insane or otherwise incapable of acting in his capacity
          as TRUSTEE.

          d) He is an unrehabilitated insolvent, or becomes insolvent, or a
          provisional order of insolvency is granted against his estate.

          e) His estate is sequestrated or assigned for the benefit of
          creditors.

          f) He enters into an offer of compromise with his creditors.

          g) He has been or is convicted for theft, fraud, forgery or uttering
          of a forged document, or perjury, whether in the Republic of South
          Africa or anywhere in the world.

          h) He has been or is convicted of any offence and sentenced to a
          period of imprisonment without the option of a fine whether in the
          Republic of South Africa or anywhere in the world.

          i) He is removed by a Court from any office of trust, on account of
          his misconduct.

          j) He Dies.

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<PAGE>

RULE 10 - MANAGEMENT OF THE FUND

10.7 PRINCIPAL OFFICER

     The TRUSTEES shall appoint a PRINCIPAL OFFICER in terms of section 8 of the
     ACT. If the PRINCIPAL OFFICER is absent from the Republic of South Africa
     for more than 30 days, or is otherwise unable to perform his duties, the
     TRUSTEES shall appoint some other person to act as PRINCIPAL OFFICER for
     the duration of his absence and shall advise the REGISTRAR of such
     appointment.

10.8 CHAIRMAN OF TRUSTEES

     The board of TRUSTEES shall elect from its number a Chairman to chair the
     meetings, and in his absence a temporary Chairman shall be elected in the
     same way for the purpose of any meeting.

10.9 MEETING OF TRUSTEES

     The TRUSTEES, or their alternates, shall meet from time to time, but at
     least once in each FINANCIAL YEAR, to conduct the business of the FUND. The
     attendance of a minimum of 4 TRUSTEES or 50% of the TRUSTEES, whichever
     complement is the greater, present at the beginning of the meeting, shall
     form a quorum provided such number is equally representative of MEMBER and
     PRINCIPAL EMPLOYER appointees, where applicable. If the FUND has been
     exempted from the minimum board requirements in terms of section 7B(1) of
     the ACT, the attendance of all appointed TRUSTEES shall be required to form
     a quorum. Any decisions taken regarding the FUND shall, where applicable,
     be carried by a majority vote and, in the event of equality of votes, the
     Chairman or acting Chairman shall have a casting vote in addition to his
     deliberative vote. Minutes of all meetings shall be kept.

10.10 TRUSTEES RESOLUTIONS

     A resolution in writing signed by a majority of the TRUSTEES shall be
     effective as if it had been passed at a meeting of the TRUSTEES duly
     convened and held. Any resolution passed in terms of this rule shall be
     voted upon and confirmed at the first meeting of the TRUSTEES held after
     the passing of such resolution.

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RULE 10 - MANAGEMENT OF THE FUND

10.11 DUTIES OF THE TRUSTEES

          The duties of the BOARD OF TRUSTEES shall be to:-

          a) Ensure that proper books are kept as set out in RULE 10.13.

          b) Ensure that proper minutes are kept as set out in RULE10.12.

          c) Ensure that proper control systems are employed by or on behalf of
          the TRUSTEES.

          d) Ensure that adequate and appropriate information is communicated to
          the MEMBERS informing them of their rights, benefits and obligations
          in terms of the RULES.

          e) Take all reasonable steps to ensure that contributions are paid
          timeously to the FUND in accordance with the ACT.

          f) Obtain expert advice on matters where the TRUSTEES may lack
          sufficient expertise.

          g) Ensure that the RULES comply with the ACT, the Financial
          Institutions (Investment of Funds) Act 1984, and all other applicable
          laws.

          h) Act with due care, diligence and good faith.

          i) Avoid conflicts of interest.

          j) Act impartiality in respect of all MEMBERS, DEPENDANTS and
          NOMINEES.

          k) Take all reasonable care to protect the MEMBER'S interests in terms
          of the RULES and ACT, especially in the event of:

               (i) an amalgamation or transfer of business in terms of Section
               14 of the ACT;

               (ii) withdrawal of a participating EMPLOYER;

               (iii) a reduction in or termination of a participating EMPLOYER'S
               contributions;

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RULE 10 - MANAGEMENT OF THE FUND

               (iv) an increase in the MEMBER'S contributions;

               (v) a decrease in benefits in terms of the RULES.

          l) Maintain strict confidentiality regarding all information obtained
          in respect of all parties in any way concerned under these RULES
          whilst carrying out their duties.

          m) Carry out their other duties and exercise their other powers as may
          be shown elsewhere in the RULES.

          n) Make decisions, in consultation with the PRINCIPAL EMPLOYER, in the
          event of an occurrence which has not been provided for in the RULES,
          provided that such decision shall be consistent with the provisions of
          the RULES, the ACT and the INCOME TAX ACT.

          o) Make arrangements and do anything which shall be consistent with
          the provisions of the RULES, the ACT and the Income Tax Act.

10.12 MINUTE BOOK

          a) Minutes of all TRUSTEE meetings shall be kept.

          b) TRUSTEE resolutions and decisions must be recorded in the minute
          book.

          c) The pages of the minute book shall be bound in such a way as to
          render the withdrawal or insertion of a page impossible and all pages
          shall be numbered consecutively.

10.13 BOOKS OF THE FUND

          a) The TRUSTEES shall ensure that proper books and accounts, entries,
          registers and records as are essential for the proper working of the
          FUND be kept.

          b) The books of account shall be made up at the end of each FINANCIAL
          YEAR.

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RULE 10 - MANAGEMENT OF THE FUND

          c) The TRUSTEES shall keep a register at the registered office of the
          FUND containing the following:

               (i) the full name of each TRUSTEE, his identity number, date of
               birth, nationality, occupation, residential address, business
               address and postal address and the date of appointment as a
               TRUSTEE, together with any changes to the above information;

               (ii) the postal address and registered address of the FUND;

               (iii) particulars of any AUDITOR;

               (iv) particulars of any INSURER involved in the FUND, excluding
               an INSURER utilised for the purpose of purchasing pensions;

               (v) particulars of the ACTUARY or VALUATOR.

10.14. INDEMNIFICATION AND INSURANCE

          The TRUSTEES shall:

          a) Insure the FUND at the FUND'S expense by means of a fidelity
          guarantee insurance policy, for such amount as they deem sufficient
          after consultation with the AUDITOR, against all losses resulting from
          any mistake of fact or of law, any negligence, fraud or dishonesty by
          any of its officers, including the TRUSTEES;

          b) Obtain from the FUND such indemnity as they deem sufficient,
          against all proceedings, costs and expenses incurred by reason of any
          claim in connection with the FUND not arising from their negligence,
          dishonesty or fraud;

          c) Not be personally liable for any loss incurred through any act or
          omission performed in good faith.

10.15 EXPENSES

     The TRUSTEES, PRINCIPAL OFFICER and any officers of the Board of Management
     shall be entitled to remuneration of any reasonable and necessary expenses
     for fulfilling their duties and services as TRUSTEES.

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<PAGE>

RULE 10 - MANAGEMENT OF THE FUND

10.16. POWER OF THE TRUSTEES

          Subject to the provisions and limitations of the ACT the TRUSTEES
          shall have full power to -

          a) Receive, administer and apply the monies of the FUND;

          b) Bind the FUND as guarantor in respect of a loan granted by the
          EMPLOYER or a registered commercial banking institution for any
          purpose referred to in section 19 (5) (a) of the ACT;

          c) Grant a loan to a MEMBER for a purpose referred to in section 19
          (5) (a) of the ACT, such loan being subject to the provisions
          contained in section 19 (5) (b), (c) and (cA) of the ACT;

          d) Obtain an overdraft from a bank or borrow from an EMPLOYER or any
          other party on such terms as they deem fit, such sum as they may
          approve for the purpose of completing any investment or meeting any
          temporary unforeseen cash shortfall and, for this purpose, may provide
          such security as they deem fit. Such loan shall be limited to a
          duration of 3 months and an amount not exceeding one half of the gross
          income of the FUND from all sources during the immediately preceding
          financial year;

          e) Purchase, sell, lease, lend, borrow, hypothecate, alienate or
          otherwise acquire, deal with or dispose of any movable or immovable
          property for the use of the FUND, provided that any immovable property
          acquired in excess of the FUND'S own requirements for the time being
          may be let;

          f) Invest, put out at interest, place on deposit, make advances of or
          otherwise deal with the monies of the FUND upon such securities and in
          such manner as they from time to time may determine, and to realise,
          vary, reinvest, or otherwise deal with such securities as they from
          time to time determine;

          g) Keep in safe custody in the safes or strongrooms at the registered
          office of the FUND, or with any bank or building society approved by
          the TRUSTEES, any mortgage bond, title deed or other security
          belonging to or held by the FUND;

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RULE 10 - MANAGEMENT OF THE FUND

          h) Enter into and sign any documents or contracts and to make by-laws
          prescribing the form and manner in which claims shall be lodged and
          dealt with by the FUND and, generally, to do all such other acts as
          are in their opinion conducive to the attainment of the objectives of
          the FUND;

          i) Delegate any of their administrative powers to a person approved by
          the REGISTRAR as an administrator under sub section (1) of section 13B
          of the ACT;

          j) Declare interest due on the INVESTMENT ACCOUNT on the advice of the
          ACTUARY.

10.17 APPOINTMENTS

     The TRUSTEES shall appoint -

10.18 an AUDITOR who will have access to all books, vouchers and other documents
     pertaining to the FUND and must certify the result of each audit in the
     form of a balance sheet. The same to be lodged with the REGISTRAR within
     six months of the expiration of the FINANCIAL YEAR.

10.19 a liquidator as set out in Section 28 (2) of the ACT if the FUND is
     liquidated.

10.20 a Manager to administer the FUND. The address of the ADMINISTRATORS shall
     be at the registered office of the FUND.

10.21 a secretary, if necessary and such other officers on such terms and
     conditions and for such periods as they may determine from time to time.

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<PAGE>

RULE 11 - ANNUAL FINANCIAL STATEMENTS & ACTUARIAL INVESTIGATIONS

11.1 ANNUAL FINANCIAL STATEMENTS

          Annual Financial Statements shall be submitted to the REGISTRAR in
          terms of the ACT.

          a) The AUDITOR shall have access to all books, papers, vouchers,
          accounts and documents pertaining to the FUND.

          b) The accounting records of the FUND shall be closed off at the end
          of each FINANCIAL YEAR and, thereafter, audited by the AUDITOR who
          shall certify in writing the result of each audit.

          c) The ADMINISTRATOR shall submit the Annual Financial Statements to
          the REGISTRAR within six months of the FINANCIAL YEAR-end and in
          accordance with the provisions of the ACT.

          d) The AUDITOR shall be remunerated by the FUND.

11.2 ACTUARY'S REPORT

          The FUND shall submit to the REGISTRAR as at 28 February 2004, and at
          least once in every three years thereafter, a certificate by an
          ACTUARY certifying that

          a) All benefits, other than those fully secured by an INSURER, are
          limited to an amount equal to an accumulation of actual contributions,
          adjusted only in accordance with the direct investment return, both in
          terms of income and capital appreciation or depreciation, and in
          accordance with the realised financial impact of withdrawals;

          b) No pensions are payable by the FUND, unless such pensions are to be
          fully secured by an INSURER;

          c) The way the benefits are structured in the RULES meets the
          requirements of (a) and (b) above;

          d) He is not aware that the requirements of (a) and (b) above have not
          been complied with or are in danger of not being complied with;

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<PAGE>

RULE 11 - ANNUAL FINANCIAL STATEMENTS & ACTUARIAL INVESTIGATIONS

          e) In his opinion the assets and liabilities are adequately matched;

          f) In his opinion the assets are suitable considering the liabilities
          of the FUND;

          g) without referring to individual calculations, the method used in
          allocating funds to MEMBERS is in his opinion based on sound
          principles;

          h) If the investment rate of return or bonus credited to MEMBERS'
          benefits is the result of a smoothed rate of the direct investment
          return, he is satisfied that this adjusted rate is reasonable to the
          MEMBERS and does not endanger the financial soundness of the FUND;

          i) In his opinion, the appointment of a valuator and triennial
          valuations as contemplated as sections 9A and 16 of the ACT,
          respectively, are unnecessary.

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<PAGE>

RULE 12 - TRANSFERS AND AMALGAMATIONS

12.1 TRANSFERS AND AMALGAMATIONS

If an EMPLOYER shall transfer to, amalgamate with or be taken over by another
business, company or organisation the EMPLOYER may elect to:

          a) withdraw wholly from the FUND in which event the provisions of RULE
          13 shall apply, or

          b) continue to contribute to the FUND in respect of EMPLOYEES, in
          which event the FUND shall not be affected except that "EMPLOYER"
          shall then mean the new business, company or organisation.

12.2 TRANSFERS TO AND FROM OTHER FUNDS

Subject to the provisions of Section 14 of the ACT the FUND will permit
transfers in to the FUND from any other APPROVED and registered FUND, and will
furthermore permit any transfers from the FUND to any other registered and
APPROVED fund.

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<PAGE>

RULE 13 - RECONSTRUCTION, TERMINATION AND PARTIAL TERMINATION OF THE FUND

13.1 RECONSTRUCTION

     If an EMPLOYER is wound up for the purpose of reconstruction in a similar
     or amended form, the reconstructed organisation shall have the right of
     taking the place of the EMPLOYER and, if it exercises such right, the FUND
     shall not be affected except that "EMPLOYER" shall then mean the
     organisation as reconstructed.

13.2 FULL TERMINATION

          In the event of full termination the following shall apply:

          a) If all the EMPLOYERS cease to carry on business or are wound up
          (whether voluntarily or not) in circumstances to which RULE 13.1 does
          not apply, or if the PRINCIPAL EMPLOYER gives notice in writing to the
          TRUSTEES that the EMPLOYERS' contributions are to be terminated, the
          TRUSTEES shall appoint a suitable person (who shall not himself be a
          TRUSTEE, and whose appointment shall be subject to the REGISTRAR'S
          approval) to act as liquidator of the FUND.

          b) As from the date of the REGISTRAR'S approval of his appointment,
          the liquidator shall realise the assets of the FUND and, after payment
          of all expenses incurred in liquidating the FUND, apportion the
          proceeds amongst the MEMBERS, and other beneficiaries on an equitable
          basis recommended by the ADMINISTRATOR and approved by the liquidator.

          c) In making such apportionment, the liquidator shall include each
          former MEMBER who left SERVICE in the twelve month period ending on
          the date of ceasing to carry on business, or termination of
          contributions as the liquidator may decide but shall reduce the amount
          of the former MEMBER'S apportionment by the amount of the former
          MEMBER'S benefit on the termination of his service.

          d) The amounts apportioned in terms of RULE 13.2 (b) shall be dealt
          with as follows:

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<PAGE>

RULE 13 - RECONSTRUCTION, TERMINATION AND PARTIAL TERMINATION OF THE FUND

               (i) the amount available for a person prospectively entitled to a
               benefit shall, as the liquidator in consultation with the
               ADMINISTRATOR may decide,

               (ii) be transferred to such person's benefit to an APPROVED FUND;
               or,

               (iii) be applied to purchase an annuity for such person from a
               registered INSURER; or

               (iv) be paid to such person in cash.

          e) If all the EMPLOYERS cease to contribute to the FUND as the result
          of a decision to establish, or participate in, another APPROVED FUND
          then, as an alternative to following the procedure set out above, the
          PRINCIPAL EMPLOYER may instruct the TRUSTEES to transfer the assets of
          the FUND to the other APPROVED FUND in order that the liabilities of
          the FUND, in respect of the MEMBERS and other beneficiaries, shall be
          taken over by the other APPROVED FUND.

13.3 PARTIAL TERMINATION

     In the event of partial termination the following shall apply:

          a) If one of the EMPLOYERS ceases to carry on business or is wound up
          (whether voluntarily or not), the portion of the FUND relating to the
          active MEMBERS in the SERVICE of that EMPLOYER shall be determined by
          the ADMINISTRATOR by reference to RULE 13.2(b) of that portion of the
          Fund. Such portion shall be apportioned amongst the active MEMBERS
          concerned on an equitable basis recommended by the ADMINISTRATOR and
          approved by the TRUSTEES. In making such apportionment the
          ADMINISTRATOR shall include each former MEMBER who, during such period
          ending on the date of termination as the ADMINISTRATOR shall agree
          with the TRUSTEES, left SERVICE for reasons, which were not
          attributable to the former MEMBER'S fraud or misconduct; but shall
          reduce the amount of the former MEMBER'S benefit on the termination of
          his SERVICE.

          b) The amount available for each person referred to in RULE 13.3 (a)
          shall, as the TRUSTEES in consultation with the ADMINISTRATOR decide,

               (i) be transferred for such person's benefit to an APPROVED FUND;
               or

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RULE 13 - RECONSTRUCTION, TERMINATION AND PARTIAL TERMINATION OF THE FUND

               (ii) be applied to purchase an annuity for such person from a
               Registered INSURER;

               (iii) be paid to such person in cash.

          c) If one of the EMPLOYERS ceases to fall within the category of
          EMPLOYER as defined in RULE 2, then

               (i) If such EMPLOYER establishes, or participates in, another
               APPROVED FUND, the portion of the FUND relating to the active
               MEMBERS in the SERVICE of that EMPLOYER shall be determined by
               the ADMINISTRATOR by reference to his assessment of the financial
               state of that portion of the FUND and the assets comprising that
               portion shall be transferred to the other APPROVED FUND in order
               that the liabilities of the FUND in respect of those active
               MEMBERS under that portion of the FUND shall be taken over by the
               other APPROVED FUND; or

               (ii) if such EMPLOYER does not establish, or participate in,
               another APPROVED FUND,

          a) Subject to the consent of the PRINCIPAL EMPLOYER and of the BOARD
          OF TRUSTEES, the EMPLOYER may elect to continue to contribute to the
          FUND in respect of its EMPLOYEES; or

          b) the EMPLOYER may elect to withdraw wholly from the FUND, in which
          event the provisions of RULES 13.3(a) and 13.3(b) shall mutatis
          mutandis apply.

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<PAGE>

RULE 14 - BENEFITS (GENERAL)

14.1 RETIREMENT BENEFITS NOT REDUCIBLE, TRANSFERABLE OR EXECUTABLE

     Save to the extent permitted by the ACT, the Income Tax Act no. 58 of 1962,
     and the Maintenance Act no. 23 of 1963, no benefit provided for in the
     RULES of the FUND (including an annuity purchased or to be purchased by the
     FUND from an INSURER for a MEMBER), or right to such benefit, or right in
     respect of contributions made by or on behalf of a MEMBER, shall
     notwithstanding anything to the contrary contained in the RULES of the
     FUND, be capable of being reduced, transferred or otherwise ceded, or of
     being pledged or hypothecated, or be liable to be attached or subjected to
     any form of execution under a judgement or order of a court of law, or to
     the extent of not more than three thousand rand per annum, be capable of
     being taken into account in a determination of a judgement debtor's
     financial position in terms of proceedings in terms of section 65 of the
     Magistrates' Court Act no. 32 of 1944, and in the event of the MEMBER or
     beneficiary concerned attempting to transfer or otherwise cede, or to
     pledge or hypothecate such benefit or right, the FUND may withhold or
     suspend payment thereof: provided that the FUND may pay any such benefit or
     any benefit in pursuance of such contributions, or part thereof, to any one
     or more of the DEPENDANTS of the MEMBER or to a beneficiary or to a
     guardian or trustee for the benefit of such DEPENDANT or DEPENDANTS during
     such period as it may determine.

14.2 POWER OF DEDUCTION

          a) In accordance with the provisions of sections 37D and 19(5)(a) of
          the ACT, the TRUSTEES may deduct any amount due by a MEMBER on the
          date of his retirement or on which he ceases to be a MEMBER of the
          FUND, in respect of -

               (i) a loan granted by the EMPLOYER to the MEMBER to purchase a
               dwelling, or to purchase land and erect a dwelling on it, for
               occupation by the MEMBER or a DEPENDANT of the MEMBER; or

               (ii) a loan granted by the EMPLOYER to the MEMBER to make
               additions or alterations to or to maintain or repair a dwelling
               which belongs to the MEMBER or his or her SPOUSE and which is
               occupied or will be occupied by the MEMBER or a DEPENDANT of the
               MEMBER; or

               (iii) any amount for which the FUND or the EMPLOYER is liable
               under a guarantee furnished in respect of a loan by some other
               person to the MEMBER for any purpose referred to in this Rule, or

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<PAGE>

RULE 14 - BENEFITS (GENERAL)

               (iv) compensation (including any legal cost recoverable from the
               MEMBER in a matter contemplated in section 37D of the ACT) in
               respect of any damage caused to the EMPLOYER by reason of any
               theft, dishonesty, fraud or misconduct by the MEMBER, and in
               respect of which the MEMBER has in writing admitted liability to
               the EMPLOYER, or for which judgement has been obtained against
               the MEMBER in any court, including a Magistrate's court;

               from any benefit payable to or in respect of the MEMBER in terms
          of the RULES, and pay such amount to the EMPLOYER, registered
          commercial banking institution or any third party referred to in these
          Rules.

          b) Any deduction from a benefit as contemplated in Rule 14.2(a), but
          excluding sub-rule 14.2(a)(iv), thereof, shall not exceed the amount
          which in terms of the Income Tax Act no.58 of 1962, may be taken by
          MEMBER or beneficiary as a lump sum benefit as defined in the Second
          Schedule to that Act.

          c) Notwithstanding anything to the contrary contained in Rule14, the
          MEMBER concerned may request that the TRUSTEES disinvest his benefit
          and invest it at a agreed rate of interest or to hedge the investment
          performance of the assets concerned. The MEMBER concerned may request
          that the TRUSTEES pay the balance of the benefit which does not form
          part of the amount claimed by the PRINCIPAL EMPLOYER within 7 days of
          the benefit becoming due.

14.3 TRANSFER OF BENEFITS

          a) If a MEMBER prior to commencement of SERVICE belonged to an
          APPROVED FUND he shall be permitted, subject to the provisions of the
          Income Tax Act and the consent of the TRUSTEES, to transfer to the
          FUND any lump-sum benefit to which he may have become entitled under
          the rules of that fund, the amount of any such benefit so transferred
          being used to purchase additional benefits for the MEMBER under the
          TVC SECTOR in accordance with Rule15.2.

          b) If after consultation with the ACTUARY the TRUSTEES consent to
          grant a transferring MEMBER benefits under the FUND as though he had
          been a MEMBER of the FUND since the date on which he joined the fund
          from which he transferred, the amount transferred to the FUND on his
          behalf shall be

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<PAGE>

RULE 14 - BENEFITS (GENERAL)

          invested in the INVESTMENT ACCOUNT but not in the TVC SECTOR, in which
          case Rule 15.2 shall not apply.

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<PAGE>

RULE 15 - VOLUNTARY ADDITIONAL CONTRIBUTIONS

15.1 VOLUNTARY ADDITIONAL CONTRIBUTIONS

     Notwithstanding anything to the contrary contained in these RULES, subject
     to the approval of the TRUSTEES, a MEMBER may make additional contributions
     to the FUND to meet the cost of providing additional benefits in respect of
     some past period, such additional contributions being accumulated in the
     TVC SECTOR.

15.2 CALCULATION OF PAST SERVICE BENEFITS

     The benefit payable to a MEMBER in respect of such additional contributions
     and/or amounts transferred to the FUND in terms of Rule 14.3, shall be as
     specified in Rule 14 above.

          a)   On Retirement

          His TVC ACCUMULATION. The past service period attributable to such
          (additional) benefit being determined as follows:

                                   PS/SF X TA

               Where-

               PS = (Normal) PENSIONABLE SERVICE, and

               SF = SHARE OF FUND, and

               TA = TVC ACCUMULATION

          b)   On Death prior to Retirement

               The TVC ACCUMULATION payable in accordance with and the past
          service period attributable to such (additional) benefit shall be
          determined as follows:

                                   PS/SF X TA

               Where

               PS = (Normal) PENSIONABLE SERVICE, and

               SF = SHARE OF FUND, and

               TA = TVC ACCUMULATION

          c)   On Withdrawal

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<PAGE>

RULE 15 - VOLUNTARY ADDITIONAL CONTRIBUTIONS

     The TVC ACCUMULATION shall be either transferred to an APPROVED FUND or, if
     the MEMBER so elects, payable in the form of a cash sum benefit.

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<PAGE>

RULE 16 - ANNEXURE I

     UNISERV PROVIDENT FUND

                                   ANNEXURE I

Each and every INVESTMENT POLICY, as defined in RULE 2 of these RULES, and
issued in the name of the FUND, shall contain the following provisions:-

(a)  the INSURER maintains in its books of account an account in respect of the
     FUND to which account is credited all amounts paid by the FUND to the
     INSURER, plus either interest at the rate agreed upon between the FUND and
     the INSURER, and such bonuses as the INSURER declares from time to time, or
     such investment income and capital profits as are contractually deemed to
     accrue to the FUND from time to time.

(b)  the INSURER debits to such account all amounts withdrawn to provide
     benefits in terms of the RULES of the FUND, such administrative and other
     expenses as are agreed between the FUND and the INSURER from time to time
     and such capital losses as may be contractually agreed to be for the
     account of the FUND from time to time; and

(c)  the INSURER'S liability to the FUND at any given time in respect of the
     INVESTMENT POLICY, is limited to the amount deemed to be standing to the
     credit of the said account after all credits and debits which have arisen
     up to that time have been taken into account.

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<PAGE>

RULE 17 - ANNEXURE II

                             UNISERV PROVIDENT FUND

                                   ANNEXURE II

The Extracts from the ACT contained in this Annexure II shall be read in
conjunction with RULE 16.5 and Extract (2) is deemed to form part of RULE 16.5.

EXTRACT (1)

     EXTRACT FROM SECTION 19 OF THE PENSION FUNDS ACT, 1956 AS AMENDED

     (5)(a) A registered fund may, if its RULES so permit, grant a loan to a
     member by way of investment of its funds to enable the member -

     (i) to redeem a loan granted to the member by a person other than the fund,
     against security of immovable property which belongs to the member or his
     or her spouse and on which a dwelling has been or will be erected which is
     occupied or, as the case may be, will be occupied by the member or
     dependant of the member;

     (ii) to purchase a dwelling, or to purchase land and erect a dwelling on
     it, for occupation by the member or a dependant of the member; or

     (iii) to make additions or alterations to or to maintain or repair a
     dwelling which belongs to the member or his or her spouse and which is
     occupied or will be occupied by the member or a dependant of the member.

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<PAGE>

RULE 17 - ANNEXURE II

ANNEXURE II (continued)

EXTRACT (2)

     EXTRACT FROM SECTION 37 OF THE PENSION FUNDS ACT, 1956 AS AMENDED

37D  FUND MAY MAKE CERTAIN DEDUCTIONS FROM PENSION BENEFITS. A REGISTERED FUND
     MAY -

          (a) deduct any amount due to the fund in respect of

               (i) a loan granted to a member in terms of Section 19(5)(a); or

               (ii) any amount for which the fund is liable under a guarantee
               furnished in respect of a loan by some other person to a member
               for any purpose referred to in Section 19(5)(a),

               from the benefit to which the member or a beneficiary is entitled
          in terms of the RULES of the Fund, to an amount not exceeding the
          amount which in terms of the Income Tax Act, 1962 (Act No.58 of 1962),
          may be taken by a member or beneficiary as a lump sum benefit as
          defined in the Second Schedule of that Act;

          (b) deduct any amount due by a member to his employer on the date of
          his retirement or on which he ceases to be a member of the fund, in
          respect of -

     (i)  (aa) a loan granted by the employer to the member for any purpose
               referred to in Section 19(5)(a); or

          (bb) any amount for which the employer is liable under a guarantee
               furnished in respect of a loan by some other person to the member
               for any purpose referred to in Section 19(5)(a),

               to an amount not exceeding the amount which in terms of the
          Income Tax Act, 1962, may be taken by a member or beneficiary as a
          lump sum benefit as defined in the Second Schedule to that Act; or

          (ii) compensation (including any legal costs recoverable from the
          MEMBER in a matter contemplated in sub-paragraph (bb)) in respect of
          any damage caused to the employer by reason of any theft, dishonesty,
          fraud or misconduct by the member, and in respect of which -

               (aa) the MEMBER has in writing admitted liability to the
               EMPLOYER; or

               (bb) judgement has been obtained against the member in any court,
               including a magistrates court,

Uniserv Provident Fund - March 2003

                                       47

<PAGE>

RULE 17 - ANNEXURE II

     from any benefit payable in respect of the member or a beneficiary in terms
     of the RULES of the Fund, and pay such amount to the employer concerned.

Uniserv Provident Fund - March 2003

                                       48

<PAGE>

FINANCIAL SERVICES BOARD

Rigel Park 446 Rigel Avenue South Erasmusrand Pretoria South Africa
PO Box 35655 Menlo Park Pretoria South Africa 0102
Tel(012)428-8000 Fax(012)347-0221 e-Mail info@fsb.co.za
Int +27 12 428-8000 Int +27 12 347-0221 Toll free 0800110443
Internet: http://www.fsb.co.za

Enquiries: Moses Mahlangu               D. Dialling No.: (012) 428-8033
Our ref:   12/8/36056/1                 Fax:             (012) 347-0221
Date:      11 March 2005                e-mail:          mosesm@fsb.co.za

THE PRINCIPAL OFFICER
GLENRAND M.I.B
P O BOX 3529
RANDBURG
2125

ATT: Warren Wheatley

APPROVAL OF THE APPOINTMENT OF A PRINCIPAL OFFICER IN TERMS OF SECTION 8 OF THE
PENSION FUNDS ACT, NO 24 OF 1956: UTI DEFINED CONTRIBUTION FUND

Your letter dated 01 February 2005 refers.

The appointment of Mrs Sally Diack as Principal Officer of the fund with effect
from 01 January 2005 as prescribed in section 8 of the Act is hereby noted and
has been registered on this Office's database.

Yours faithfully

/s/ Moses Mahlangu
------------------------------------
MOSES MAHLANGU
REGISTRAR OF PENSION FUNDS

Board Members: Dr Cyrus Rustomjee (Chairperson) Mr Abel Sithole (Deputy
Chairperson) Mr Brian Hawksworth Ms Jabu Mogadime Ms Nosipho Molope Prof P J
Sutherland Ms Louisa Mojela Ms Hilary Wilton
Executive Officer. Mr J van Rooyen<PAGE>

                                                                    EXHIBIT 10.9

                               SUMMARY OF BENEFITS
                          FOR ALAN C. DRAPER UNDER THE
                      UTI WORLDWIDE (UK) LTD PENSION SCHEME

Accrued Pension at date of leaving

Final Pensionable Salary x 2/3 x        Actual pensionable service
                                 ----------------------------------------
                                 Potential pensionable service (to Normal
                                             Retirement Date)

Pensionable Service Date    1/1/84
Date of leaving             5/4/98
Normal retirement date     4/11/12

Pension accrued to 5/4/98:

L130,000 x 2/3 x 14.25/28.8333 = L42,832.41 per annum

Early retirement pension

The pension is increased at a rate broadly equivalent to the increase in the
Retail Price Index, but not exceeding 5% compound for each complete year from
date of leaving to the pension commencement date. If retirement is early, an
early factor is applied so the pension is reduced to take account of the longer
period of payment. Mr Draper's pension at 30 June 2006 was calculated as
follows:

<TABLE>
<S>                       <C>
Percentage Increase       21.3% (from 5/4/98 to 30/6/06)
Early retirement factor     69%
</TABLE>

L42,832.41 x 1.213 x 69% = L35,849.44 per annum

Cash sum

There is an option to exchange part of the pension for an initial cash sum. The
cash sum is calculated on a similar formula to the pension as follows

Final Pensionable Salary x 1.5 x        Actual pensionable service
                                 ----------------------------------------
                                 Potential pensionable service (to Normal
                                             Retirement Date)

L130,000 x 1.5 x 14.25/28.8333 = L96,372.94

Reduced pension

L35,849.44 - L96,372.94 = L30,114.66 per annum
             ----------
               16.805*

*    Factor actuarially calculated

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}]]