The 10X SA Property Index Fund shall be an index tracking portfolio. The primary investment objective of the portfolio is to track as closely as possible the total return of the 10X SA Property Index a published South African index that is calculated and published daily by a recognised index compiler. The index seeks to track the performance of the 14 largest listed property shares on South African markets, with a 15% cap applied to all counters twice a year, when the index is rebalanced. The portfolio may invest in listed property shares, collective investment schemes in property and property loan stock and real estate investment trusts, financial instruments and assets in liquid form. The portfolio may also include participatory interests or any other form of participation in portfolios of collective investment schemes or other similar collective investment schemes as the Act may allow from time to time. Where the aforementioned schemes are operated in territories other than South Africa, participatory interests or any other form of participation in portfolios of these schemes will be included in the portfolio only where the regulatory environment is to the satisfaction of the manager and trustee of a sufficient standard to provide investor protection at least equivalent to that of South Africa. The trustee shall ensure that the investment policy set out in this Supplemental Deed is carried out by the manager. The manager reserves the right to close the fund to new investors to preserve the fund's ability to meet its objectives. The manager may, after the fund has been closed, open the fund again to new investors, at its sole discretion.

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