Investment Policy, Term Funds

The purpose of this Statement is to outline a philosophy and strategy which will guide the management of assets towards the desired results. It is intended to be sufficiently specific to be meaningful, yet broad and flexible to allow the Manager(s) sufficient scope to exercise their judgement on behalf of the Funds In particular, it is the responsibility of the Manager(s) to request a change in this Statement where it believes that the Statement is inhibiting it in any way from carrying out its role or in achieving the investment objectives of the Funds.