No fund manager's comment available.

The portfolio will have investment instrument exposure across multiple asset classes in order to ensure portfolio diversification and therefor risk reduction. The portfolio will be managed in compliance with prudential investment guidelines for retirement funds in South Africa to the extent allowed for by the Act. On a look through basis, the portfolio's equity exposure will ranging between 0% and 75% of the portfolio's asset value. Investments to be included in the portfolio will consist of assets in liquid form as well as participatory interests and other forms of participation of collective investment schemes, or other similar schemes operated in territories with a regulatory environ-ment 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 and which is consistent with the portfolio's primary objective, investing in amongst others equity securities, property securities, non-equity securities, money market instruments, pref-erence shares, listed and unlisted financial instruments, bonds and other interest bearing instruments and securities.