The fund aims to achieve long-term capital growth by investing primarily in global listed equities with a minimum of 80% of the portfolio invested internationally and a minimum exposure of 80% to equities. Equities also includes but is not limited to exchange-traded funds, exchange-traded notes, equity-linked structured notes and index-tracker funds. The fund aims to achieve returns in excess of the benchmark. The fund will be invested across all market sectors as well as across a range of large, mid and smaller capitalization shares. The portfolio is also permitted to invest in preference shares, debentures, bonds, property, money market instruments and including, but not limited to, listed and unlisted financial instruments in line with conditions as determined by legislation from time to time. 3.2 The portfolio may apart from assets in liquid form also include participatory interests or any other form of participation in portfolios of collective investment schemes or other similar schemes. Where the aforementioned schemes are operated in territories other than in 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 a sufficient standard to provide investor protection at least equivalent to that in South Africa. 3.3 Nothing in the supplemental deed shall preclude the underlying funds Investment Manager from varying the ratios of asset allocation and securities, to maximise capital growth and investment 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 of the aggregate value required from time to time by the Act. 3.4 The Trustee shall ensure that the investment policy set out in this supplemental deed, the Deed and in all Supplemental Deeds thereto is carried out. 3.5 For the purpose of this portfolio, the manager in consultation with the Investment 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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