The investment objective of the STANLIB Global Property Feeder Fund is to maximise long term
total return, both capital and income growth. Apart from assets in liquid form, it will consist solely of
participatory interests in a single portfolio of a collective investment scheme 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, namely the
STANLIB Global Property Fund.