Changes to the underlying funds of various Investec Funds

Before the Effective Date

From the Effective Date

Name and code of Mirror Fund

 M65 Investec GS Sterling Money

M65 Investec GS Sterling Money

Investment policy of the corresponding underlying fund of the Mirror Fund

The underlying fund aims to give holders of the relevant Shares access to income at wholesale Eurocurrency market interest rates in Sterling. This underlying fund is a short term money market fund and while the Sub Fund aims to preserve capital, this is not guaranteed.

The underlying fund normally comprises deposits repayable within six months and other short-term financial instruments available on the Eurocurrency markets and on the relevant domestic markets (where interest is earned free of withholding tax) having a life to maturity of less than twelve months. The average life to maturity of the deposits is generally unlikely to exceed ninety days. The underlying fund’s portfolio consists of short-term deposits placed in the Eurocurrency interbank markets (maximum maturity six months) and certificates of deposit and other negotiable money market instruments (including bank acceptances, commercial paper, liquid short-term debt securities including treasury bills, bonds, floating rate notes and other debt securities) (maximum maturity twelve months) and short-term fixed interest securities. For the purposes of efficient portfolio management, the underlying fund may hold or engage in repurchase agreements and securities lending in respect of assets held by the underlying fund. However, when, in the opinion of the Investment Manager, interest rates either appear or are judged stable or likely to rise, a shorter average life to maturity may be selected and the converse may apply when there is a prospect of a general fall in interest rates.

A conservative and rigorous approach to credit assessment is adopted and specific limits are established for each bank and institution with which deposits in respect of the underlying fund are made.

Although the investments comprising the underlying fund are usually denominated in Sterling, investments may be made which are denominated in another currency provided that a forward currency sale into the relevant currency of the principal amount of the investment, plus the expected interest to maturity, is undertaken. In this way, advantage may be taken of opportunities to maximise the return in a particular currency, whilst adhering to the principle that there should be no currency risk outside the currency of denomination within the underlying fund.

The underlying fund will also be allowed to use derivatives for the purposes of hedging and/or efficient portfolio management. Derivatives will not be used extensively for investment purposes.

The underlying fund aims to give holders of the relevant

Shares access to income at wholesale Eurocurrency market interest rates in Sterling. This underlying fund is a short term variable net asset value money market fund and while the underlying fund aims to preserve capital, this is not guaranteed.

The underlying fund normally comprises seeks to achieve its objective by investing in short-term deposits repayable within six months and other short-term financial instruments available on the Eurocurrency markets and on the relevant domestic markets (where interest is earned free of withholding tax) having a life to maturity of less than twelve months. The average life to maturity of the deposits is generally unlikely to exceed ninety days. The Sub-Fund’s portfolio consists of short-term The deposits placed in the Eurocurrency inter-bank markets shall have a (maximum maturity of six months) and certificates of deposit and other negotiable money market short term financial instruments (including bank acceptances, commercial paper, liquid short-term debt securities including treasury bills, bonds, floating rate notes and other debt securities) (shall have a maximum residual maturity of twelve months) and short-term fixed interest securities. For the purposes of efficient portfolio management, the Sub-Fund may hold or engage in repurchase agreements and securities lending in respect of assets held by the Sub-Fund. The weighted average life and weighted average maturity of the portfolio will fluctuate according to However, when, in the opinion of the Investment Manager’s opinion on, interest rates either appear or are judged stable or likely to rise, a shorter average life to maturity may be selected and the converse may apply when there is a prospect of a general fall in interest rates, but without exceeding a weighted average life of 120 days, or a weighted average maturity of 60 days. In addition, the money market instruments held by the underlying fund will have a legal maturity at issuance of 397 days or less or a residual maturity until the legal redemption date of 397 days or less.

For so long as the underlying fund remains authorised by the SFC in Hong Kong, the Investment Manager will take all reasonable steps and continue to operate the underlying fund in accordance with the general investment and borrowing restrictions of Chapter 8.2 of the SFC’s Code on Unit Trusts and Mutual Funds.

A conservative and rigorous approach to credit assessment is adopted and specific limits are established for each bank and institution with which deposits maybe made and whose other short-term financial instruments maybe held in respect of the underlying fund are made.

Although the investments comprising the underlying fund are usually denominated in Sterling, investments may be made which are denominated in another currency provided that the relevant currency exposure is hedged back into Sterling a forward currency sale into the relevant currency of the principal amount of the investment, plus the expected interest to maturity, is undertaken. In this way, advantage may be taken of opportunities to maximise the return in a particular currency, whilst adhering to the principle that there should be no currency risk outside the currency of denomination within the Sub-Fund.

The underlying fund will also exclusively be allowed to use derivatives for the purposes of hedging and/or efficient portfolio management interest rate risk or exchange rate risks inherent in other investments of the underlying fund. Derivatives will not be used extensively for investment purposes.

Before the Effective Date

From the Effective Date

Name and code of Mirror Fund

M66 Investec GS US Dollar Money

M66 Investec GS US Dollar Money

Investment policy of the corresponding underlying fund of the Mirror Fund

The underlying fund aims to give holders of the relevant Shares access to income at wholesale Eurocurrency market interest rates in U.S. Dollars. This underlying fund is a short term money market fund and while the Sub- Fund aims to preserve capital, this is not guaranteed.

The underlying fund normally comprises deposits repayable within six months and other short-term financial instruments available on the Eurocurrency markets and on the relevant domestic markets (where interest is earned free of withholding tax) having a life to maturity of less than twelve months. The average life to maturity of the deposits is generally unlikely to exceed ninety days. The Sub Fund’s portfolio consists of short-term deposits placed in the Eurocurrency interbank markets (maximum maturity six months) and certificates of deposit and other negotiable money market instruments (including bank acceptances, commercial paper, liquid short-term debt securities including treasury bills, bonds, floating rate notes and other debt securities) (maximum maturity twelve months) and short-term fixed interest securities. For the purposes of efficient portfolio management, the underlying fund may hold or engage in repurchase agreements and securities lending in respect of assets held by the underlying fund. However, when, in the opinion of the Investment Manager, interest rates either appear or are judged stable or likely to rise, a shorter average life to maturity may be selected and the converse may apply when there is a prospect of a general fall in interest rates.

A conservative and rigorous approach to credit assessment is adopted and specific limits are established for each bank and institution with which deposits in respect of the underlying fund are made.

Although the investments comprising the underlying fund are usually denominated in U.S. Dollars, investments may be made which are denominated in another currency provided that a forward currency sale into the relevant currency of the principal amount of the investment, plus the expected interest to maturity, is undertaken. In this way, advantage may be taken of opportunities to maximise the return in a particular currency, whilst adhering to the principle that there should be no currency risk outside the currency of denomination within the Sub- Fund.

The underlying fund will also be allowed to use derivatives for the purposes of hedging and/or efficient portfolio management. Derivatives will not be used extensively for investment purposes.

The underlying fund aims to give holders of the relevant Shares access to income at wholesale Eurocurrency market interest rates in U.S. Dollars. This underlying fund is a short term variable net asset value money market fund and while the underlying fund aims to preserve capital, this is not guaranteed.

The underlying fund normally comprises seeks to achieve its objective by investing in short-term deposits repayable within six months and other short-term financial instruments available on the Eurocurrency markets and on the relevant domestic markets (where interest is earned free of withholding tax) having a life to maturity of less than twelve months. The average life to maturity of the deposits is generally unlikely to exceed ninety days. The Sub-Fund’s portfolio consists of short-term The deposits placed in the Eurocurrency inter-bank markets shall have a (maximum maturity of six months) and certificates of deposit and other negotiable money market short term financial instruments (including bank acceptances, commercial paper, liquid short-term debt securities including treasury bills, bonds, floating rate notes and other debt securities) (shall have a maximum residual maturity of twelve months) and short-term fixed interest securities. For the purposes of efficient portfolio management, the Sub-Fund may hold or engage in repurchase agreements and securities lending in respect of assets held by the Sub-Fund. The weighted average life and weighted average maturity of the portfolio will fluctuate according to However, when, in the opinion of the Investment Manager’s opinion on, interest rates either appear or are judged stable or likely to rise, a shorter average life to maturity may be selected and the converse may apply when there is a prospect of a general fall in interest rates, but without exceeding a weighted average life of 120 days, or a weighted average maturity of 60 days. In addition, the money market instruments held by the underlying fund will have a legal maturity at issuance of 397 days or less or a residual maturity until the legal redemption date of 397 days or less.

For so long as the underlying fund remains authorised by the SFC in Hong Kong, the Investment Manager will take all reasonable steps and continue to operate the underlying fund in accordance with the general investment and borrowing restrictions of Chapter 8.2 of the SFC’s Code on Unit Trusts and Mutual Funds.

A conservative and rigorous approach to credit assessment is adopted and specific limits are established for each bank and institution with which deposits maybe made and whose other short-term financial instruments maybe held in respect of the underlying fund are made.

Although the investments comprising the underlying fund are usually denominated in U.S. Dollars, investments may be made which are denominated in another currency provided that the relevant currency exposure is hedged back into U.S. dollars a forward currency sale into the relevant currency of the principal amount of the investment, plus the expected interest to maturity, is undertaken. In this way, advantage may be taken of opportunities to maximise the return in a particular currency, whilst adhering to the principle that there should be no currency risk outside the currency of denomination within the Sub- Fund.

The underlying fund will also exclusively be allowed to use derivatives for the purposes of hedging and/or efficient portfolio management interest rate risk or exchange rate risks inherent in other investments of the underlying fund. Derivatives will not be used extensively for investment purposes.