The Sygnia Equity Fund (the Portfolio) is a portfolio that aims to deliver an annual return in excess of the return of the benchmark. The benchmark of the Portfolio shall be the JSE/FTSE Shareholder Weighted All Share Index (Code: J403T). The Portfolio shall consist of financially sound equity securities, property shares and property related securities listed on exchanges, financial instruments, warrants and assets in liquid form. For clarity, the Portfolio may invest in listed and unlisted financial instruments, in accordance with the provisions of the Act and applicable legislation, as amended from time to time, in order to achieve the portfolio's investment objective. The Manager may include unlisted forward currency, interest rate, index and exchange rate swap transactions for efficient portfolio management. In selecting securities for this Portfolio, where possible, the manager shall seek to deliver long-term capital growth at an acceptable level of volatility. 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 effective equity exposure (including foreign equities) will normally be above 80%. The Portfolio will not follow a specific theme and the manager will have the flexibility to take advantage of short-term, as well as long-term, events and themes within the securities market. Overall the Portfolio seeks to provide investors with maximum capital growth over the medium to long term at a reasonable level of monthly volatility relative to the equity market. To that effect the Portfolio places an emphasis on active stock selection and sector allocation and endeavours to be fully invested in equities at all times. As the Portfolio is managed on a multi-manager basis the assets are split between managers with complementary, but diverse, investment styles and approaches.

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