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1 The investment objective of the Portfolio is to provide investors with a well-diversified exposure to the South African Bond market. The Portfolio will provide a high level of income and seek to enhance investment returns by the active management of interest rate, credit and liquidity risk. This Portfolio seeks to outperform the ALBI benchmark by 75 basis points per annum before fees are measured over a rolling 36 month period.
2 This Portfolio will invest in assets in liquid form, and in high yielding non-equity securities, and interest bearing securities including but not limited to public, parastatal, municipal and corporate bonds, inflation linked bonds, loan stock, debentures, fixed deposits and money market instruments. The Manager will be permitted to invest on behalf of the Portfolio in offshore investments as permitted by legislation. The average maturity profile will vary from time to time depending on market conditions. The Portfolio will have flexibility to invest across the duration, credit and yield spectrum. The Portfolio is permitted to use financial instruments for efficient portfolio management purposes.
3 The Portfolio may apart from assets in liquid form also include participatory interests or any other form of participation in portfolios of collective investment schemes or other similar schemes. Where the aforementioned schemes are operated in territories other than in South Africa, participatory interests or any other form of participation in these schemes will be included in the Portfolio only where the regulatory environment is to the satisfaction of the Manager and Trustee and is of a sufficient standard to provide investor protection at least equivalent to that in South Africa.
4 This Portfolio will be managed in compliance with prudential investment guidelines for retirement funds in South Africa to the extent allowed by the Act
5 Nothing in the supplemental deed shall preclude the Manager from varying the ratios of asset allocation and securities, to maximise capital growth and investment potential in changing economic environments or market conditions or to meet the requirements, if applicable, of any exchange formally recognised in terms of legislation and from retaining cash or placing cash on deposit in terms of the deed and any supplemental deeds thereto; provided that the Manager shall ensure that the aggregate value of the assets comprising the Portfolio shall consist of securities of the aggregate value required from time to time by the Act.
6 The Trustee shall ensure that the investment policy set out in this supplemental deed, the deed and in all supplemental deeds thereto is carried out.
7 For the purpose of this Portfolio, the Manager in consultation with the Investment 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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