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The Meago Enhanced Global Property Prescient Fund is a Rand denominated property fund. The fund will seek to follow an investment policy which will secure for investors medium to long-term capital growth over time. In order to achieve this objective the fund will endeavor to deliver performance in line with the GPR 250 REIT Index. The portfolio will predominately invest in global real estate securities listed on recognized exchanges around the world. These assets will consist of property shares, property loan stock, money market instruments, fixed income, securities in listed entities that are backed by real estate property, participatory interests in collective investment schemes in property, real estate investment trusts, listed and unlisted financial instruments in line with the conditions as determined by legislation from time to time, assets in liquid form and non-equity securities which are considered consistent with the portfolio's primary objective and that legislation may allow from time to time. 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, exchange traded funds 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. Nothing in the supplemental deed shall preclude the manager from varying the ratios of securities, to maximise capital growth and investment potential in changing economic environments or market conditions or to meet the Page 2 of 3 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. 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. 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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