The portfolio is positioned as a high yield portfolio to reflect the portfolio's flexible mandate in terms of accessing a broad spectrum of underlying high yielding assets including credit and credit linked instruments and securities linked to equities with due consideration being given to the lower risk mandate for the portfolio, using appropriate strategies to minimise risk where necessary. The portfolio's equity exposure may be as high as 10% of the portfolio's net asset value.
The investable universe of the portfolio include fixed-interest instruments, debentures, equity linked notes, preference shares, derivative instruments including futures and options linked to underlying indices, non-equity securities which are considered consistent with the portfolio's primary objective, equity securities, as well as assets in liquid form. The portfolio may also invest in participatory interests and other forms of participation in portfolios of collective investment schemes, registered in South Africa and other similar schemes operated in territories with a regulatory 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 and which is consistent with the portfolio's primary objective.
The portfolio may from time to time invest in listed and unlisted financial instruments, in accordance with the provisions of the Act, and the Regulations thereto, as amended from time to time, in order to achieve the portfolio's investment objective.
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
Page 2 of 2 ASSOCIATION FOR SAVINGS & INVESTMENT SA
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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