To achieve a reasonable level of current income and long-term capital growth at average risk
levels whilst complying with the prudential investments guidelines.
The portfolio will consist of a diversified spread of investments in securities and non-equity
securities, in a manner which is similar to that usually employed by retirement schemes with
maximum equity exposure of 40%. The portfolio may also invest in participatory interest and other
forms of participation in portfolios of collective investment schemes or other similar schemes
operated in territories with regulator 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.