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The investment objective of the portfolio is to provide investors with high long-term capital growth from a portfolio that maintains a high risk profile. This portfolio may create some income, but it will not be a primary objective for this portfolio.
The equity exposure in this portfolio will be between 0% and 75% of the portfolio's net asset value. The composition of the portfolio shall reflect the investment structure of a retirement fund with a medium risk profile and will comply with prudential investment guidelines to the extent allowed by the Act. Investments to be included in the portfolio will, apart from assets in liquid form consist solely of participatory interest in portfolios of collective investment schemes registered in the Republic of South Africa or of participatory interest in collective investment schemes or other similar schemes operated in territories with a regulatory environment which is to the satisfaction of the manager and the trustee of a sufficient standard to provide investor protection which is at least equivalent to that in South Africa. The portfolio will invest in a wide spectrum markets, including equity, bond, money and property markets and may have exposure to financial instruments, subject to prevailing regulations.

The asset allocation in the portfolio will be actively managed and the assets will be shifted between the markets and asset classes to reflect changing economic and market conditions. The Manager will be permitted to invest on behalf of the portfolio in offshore investments as legislation permits. Nothing in this Supplemental Deed shall preclude the manager from varying the ratios of securities or assets in liquid form in changing economic environment or market conditions, or to meet the requirements in terms of legislation and from retaining cash or placing cash on deposit in terms of the Deed and this Supplemental Deed. The Trustee shall ensure that the investment policy set out in this Supplemental Deed is carried out.
For the purpose of this portfolio, the manager shall reserve the right to close the portfolio to new investors on a 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 a portfolio has been closed, open that portfolio again to new investors on a date determined by the manager.

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