To outperform an investable benchmark made up of international equities as represented by the MSCI AC World Index and investment grade government bonds as represented by the Citigroup Global Government Bond Index over rolling five year periods. The benchmark will be calculated as a 60% weighting to the MSCI AC World Index and a 40% weighting to the Citigroup Global Government Bond Index.

The portfolio will invest in a wide spread of investments in the equity, bond, money and property markets to maximise total return (compromising capital and income growth) over the long term. The portfolio may be exposed to exchange rate swaps.

" The limit on South African investments will be in accordance with the requirements for global portfolios as per the ASISA Fund Classification for South African Regulated Collective Investments Portfolios.