The portfolio's equity exposure will always be in excess of 80% of its net asset value. Apart from assets in liquid form, the portfolio will invest in equity securities and derivatives giving equity exposures with the balance, if any, in s or any other form of participation in portfolios of collective investment schemes or other similar collective investment schemes as the Act may allow from time to time, and which are consistent with the portfolio's investment policy. Where the aforementioned schemes are operated in territories other than South Africa, participatory interests or any other form of participation in portfolios of these schemes will be included in the portfolio only where the regulatory environment is, to the satisfaction of the manager and the trustee, of sufficient standard to provide investor protection at least equal to that in South Africa. 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 manager may also include forward currency, interest rate and exchange rate swap transactions for efficient portfolio management purposes.

ASISA Fund Classification Standard Maximum foreign exposure as permitted by SARB Supplemental Deed constraints The portfolio's equity exposure will always be in excess of 80% of its net asset value.