Each of the managers will seek to invest opportunistically in listed companies:

• in the Small Ordinaries Accumulation Index that have been undervalued due to volatile market forces or specific circumstances which exhibit attractive prospects, and are expected to recover or mature over the medium to long term;
• in the Small Ordinaries Accumulation Index that are trading at a significant discount to valuation at their current stage of maturity, but which exhibit attractive prospects and are expected to mature over the medium to long term; and