Removal of 10% derivatives net exposure limit

18/04/2011

From 18 April 2011, The Fund’s 10% net exposure limit to derivatives has been removed.

Reason for change

Removing the 10% limit on the amount of derivatives that the Fund can hold will enable us to make greater use of derivatives when adjusting the Fund’s position within the existing asset allocation ranges.

Please note that we continue to have in place strict policies and procedures on the use of derivatives and are not permitted to use derivatives to gear the Fund.