The Trustee will ensure that it receives regular written reports from its investment managers setting out, amongst other things, the investments made by them and their performance. These reports will be reviewed and retained by the Trustee.

Disconformity

If, as a consequence of a change in market or currency values, the value of an asset or class of assets has ceased to conform to the percentage or range specified for that asset or class, the asset or class shall nevertheless be treated as still complying with this investment strategy if either:

• at its first meeting after learning of the disconformity the Trustee determines that the disconformity is acceptable; or
• steps are taken to eliminate the disconformity within a reasonable time after the valuation.

Asset Values and Performance by Investment Managers

The Trustee shall periodically review the performance of the investment managers as set out in the William M Mercer Pooled Fund Investment Performance Survey, or other similar performance survey.

Benchmarks

The Trustee shall measure the performance of the individual investment managers against:

• the investment performance of a sample group of similar funds managed by other investment managers; and
• against cash rates.

Overall performance

The Trustee shall measure the overall performance of the Fund's investments against the investment objectives.