The investment policy aims to generate long term capital growth through investments in a broad range of asset classes, in particular in the global equity markets and European bond and money markets. Overall, the goal is to achieve over the medium-term a performance comparable to a balanced portfolio consisting of 15% global equity markets and 85% medium-term Euro bond markets. The fund management will specify a weighting of investments in bond-, money- or equitymarket oriented positions, based on an active asset allocation
approach with volatility as a key input factor. In times of high volatility, the equity market oriented portion will be reduced. In times of low volatility, the equity market oriented portion will be increased.