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3.1 The primary investment objective of the fund is to provide long-term capital growth investing predominantly in equity securities. 3.2 The fund will follow a concentrated investment strategy with a large exposure to small and mid-cap companies. 3.3 This will be a highly focused equity portfolio concentrating on a maximum of 30 securities. 3.4 The portfolio may invest in listed and unlisted financial instruments as allowed by the Act. 3.5 The portfolio may also include assets in liquid form and participatory interests or any other form of participation in portfolios of collective investment schemes. Where the aforementioned schemes are operated in territories other than 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 sufficient standard to provide investor protection at least equivalent to that in South Africa, all to be acquired at fair market value. 3.6 Nothing in the Supplemental Deed shall preclude the manager from varying ratios of securities, to maximise the long term capital growth 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 and assets in liquid form of the aggregate value required from time to time by the Act. 3.7 The manager will be permitted to invest on behalf of the portfolio in offshore investments as legislation permits. 3.8 The trustee shall ensure that the investment policy set out in this Supplemental Deed, and the Deed and in all supplemental deeds thereto, is carried out 3.9 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 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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