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The Ashburton Global Flexible Fund is to achieve capital growth through an asset allocation strategy of international equity, bond, cash and property collective investment schemes. Although there are no limitations in terms of the maximum or minimum exposure to any one asset class the portfolio will be managed around a strategic benchmark of 50% global equities and global fixed income collective investment schemes. The portfolio will aim to be fully invested in offshore collective investment schemes at all times and the manager shall have the discretion to invest in locally domiciled offshore collective investment schemes. The portfolio benchmark is CPIX plus 4% over a 3-year rolling period. The portfolio will invest in equity, bond income, property and money market collective investment schemes will be decided by the manager through the investment markets and identifying trends and cycles in the investment markets. Investments to be included in the Ashburton Global Flexible Fund will, apart from assets in liquid form be solely participatory interests in other portfolios registered in the Republic of South Africa or of participatory interests in other portfolios of collective investment schemes or other similar schemes operated in territories with a regulatory environment which is to the satisfaction of the manager and trustee of a sufficient standard to provide investor protection at least equivalent to that in South Africa. Further, in view of the exchange control restrictions, the portfolio may, within the discretion of the portfolio manager, invest in participatory interests and other forms of participatory in schemes registered in the Republic of South Africa. The investment policy of all investments (whether participatory interests or any other type of participation referred to above will comply with the investment policy of the RMB Private Bank Global Flexible Fund of Funds referred to in clause 3.1 above and shall comply with the limits and restrictions of the Act at all times. The Ashburton Global Flexible Fund is a fund of funds portfolio. The trustee shall ensure that the investment policy, as set out above, is adhered to, providing that nothing contained in the investment policy shall preclude the manager from varying the ratio of the above mentioned securities relative to each other (except as required by the Act) or the securities themselves, should changing economic factors or market factors so demand or to meet the requirements, if applicable, of any exchange formally recognised in terms of legislation. There shall be no limit to the proportion of assets, which may be invested in any one country, and nothing contained in the investment policy shall preclude the manager from retaining cash in the portfolio and /or placing cash on deposit in terms of the deed. The manager will be permitted to invest on behalf of Ashburton Global Flexible Fund in offshore investments as permitted by legislation. For the purpose of this portfolio, the manager shall reserve the right to close the portfolio to new investors on the date determined by the manager. This will be done in order to be able to manage the portfolio in accordance with its mandate. The manager may once its portfolio has been closed open the portfolio again to new investors on a date determined by the manager. The trustee shall ensure that the investment policy set out in the Supplemental Deed is carried out. The fund offers investors long-term capital growth through a balanced mandate of global asset allocation, with access to emerging market growth opportunities. To achieve this, the fund invests across a broad range of asset classes including international equities, bonds, cash and property markets. Investments are made directly into these markets, and indirectly through participatory interests in other collective investment schemes. The mandate is to have a maximum 75% and a minimum of 45% exposure to equity markets. For the purposes of efficient portfolio management, the fund may also invest its assets in derivatives such as futures, options, forwards and swaps. Risks include market risk, liquidity risk, risk of loss, macroeconomic risk, political risk, exchange rate risk, exchange derivatives risk and settlement risk.

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