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The objective of the ASHBURTON PROPERTY FUND is to provide investors with income and capital growth from investing in JSE listed property companies. The portfolio has an aggressive risk profile and volatility of capital values can happen over the short term and this will be achieved in terms of the investment policy of the portfolio, based on the types of assets the portfolio will be allowed to invest in. This portfolio will invest in assets in liquid form, JSE listed property shares, collective investment schemes in property, property loan stock, which is in line with the portfolio's investment objective. The portfolio will also be allowed to invest in listed and unlisted financial instruments as allowed by the Act. The exposure to property will range between 80% and 100%. The manager will also be permitted to invest on behalf of the portfolio in offshore investments as permitted by legislation. The manager will in executing the investment policy as contained herein manage this portfolio on a single manager basis. The manager will invest and select shares / instruments in accordance with Ashburton Investment's investment philosophy and process as approved by the Ashburton Investment Committee. The portfolio may also invest in participatory interests in portfolios of collective investment schemes registered in the Republic of South Africa or a 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. These underlying CIS portfolios will have an investment policy that supports the investment objective and investment policy of the Ashburton Property Fund. The Trustee shall ensure that the investment policy set out in the preceding clauses is adhered to, provided that nothing contained in this clause shall preclude the Manager from varying the proportions of securities in terms of changing economic factors or market conditions or from retaining cash in the portfolio and/or placing cash on deposit. For the purposes of the Ashburton Property Fund, the Manager shall reserve the right to close the portfolio to new investors. This will be done in order to be able to manage the portfolio in accordance with its mandate. This critical size shall be determined from time to time by the Manager.

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