Moderately Conservative

Objective

To achieve reasonable returns over the long term. Volatility of returns is likely to be lower than that of more equity-oriented options, although still significant and risk of capital loss over short to medium term periods lower, although still significant.

Return Objective

CPI + 2.5% over rolling 10 years.

Standard Risk Measure

Estimated number of negative annual returns over any 20 year period, 2 to less than 3 years.

Risk Band and Label

Risk Band 4, Medium

Target Asset Allocation

40% Growth Assets
60% Defensive Assets

Strategic Asset Allocation

Date established

May 2003

Performance

For latest returns and market report, see the Performance section