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Objective

The portfolio will be an actively managed exchange traded fund. The portfolio's primary objective is to deliver a real return of CPI + 7% over any rolling seven-year period, while maintaining a high-risk profile. The portfolio places strong emphasis on capital appreciation. The portfolio is expected to display higher short-term volatility, while aiming to maximise long-term capital growth. The portfolio will be managed in accordance with the prudential investment requirements applicable to South African retirement funds (Regulation 28 of the Pension Funds Act), to the extent permitted by the CISCA; and the investment limitations applicable to the ASISA South African - Multi Asset - High Equity portfolio classification category. The portfolio will follow a research-driven investment strategy, informed by the Manager's macro- economic outlook and market assessments. Investments will include individual securities and participatory interests in portfolios of collective investment schemes that align with the portfolio's objectives, selected thorough robust due diligence. Asset selection criteria will include consistency of performance, soundness of investment process, management team experience, and appropriateness to the portfolio's high-risk profile. The strategy will emphasise capital growth, while manage volatility, and favour instruments aligned with a high equity risk tolerance. To achieve its objective, the portfolio will be invested in a diversified mix of permitted South African and foreign assets, appropriate to a high equity multi-asset class portfolio. These assets may include South African and foreign: equities, listed property, binds and other interest-bearing securities, cash, cash equivalents and money market instruments (collectively known as assets in liquid form), participatory interests in portfolios of collective investment schemes (including ETFs), and financial instruments (both listed and unlisted), subject to the conditions set out in the applicable legislation. The portfolio is permitted to invest in foreign assets, financial instruments (both listed and unlisted), subject to the conditions set out in applicable legislation. The portfolio may also include participatory interests or any other form of participation in portfolios of collective investment schemes or other similar schemes, in addition, the portfolio may invest in exchange traded funds or exchange traded notes, whether organised as a portfolio of a collective investment scheme or not, subject to the conditions of the Act. Where the 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. Investors may obtain participatory interests in the portfolio on the secondary market or by subscribing for new participatory interest in the portfolio on the primary market. In order to achieve this object, the Manager may, subject to the Act and the Deed, create and issue or redeem and cancel an unlimited number of participatory interests in the portfolio.

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