The Fund aims to increase the value of your shares by investing the majorityof its assets in US companies, across a wide range of companies andindustry sectors.The Fund uses a research driven approach combining quantitative andqualitative analysis to identify attractively priced companies, believed tohave the potential to increase in value. This potential may be realised inmany ways, some of which include:? Free cash flow generation? Product or process enhancements? Margin increases? Improved capital structure managementFurthermore, the Fund will use fundamental analysis of issuers and theirpotential in light of their financial condition, industry position, marketopportunities, senior management teams and any special situations as wellas any relevant economic, political and regulatory factors. Investments maybe sold when price targets are achieved, other opportunities are moreattractive, and/or research indicates deteriorating fundamentals. The Fundtakes a high conviction approach which may result in concentratedholdings. The Funds investment in equity options will not exceed 5% of itsNet Asset Value ("NAV") on a deltaadjusted basis. The Fund may also investin Financial Derivative Instruments that exaggerate the potential returns orpotential losses to achieve more growth, reduce risk or increase operationalefficiencies.The Fund promotes environmental and social characteristics pursuant toArticle 8 of the SFDR.As your shares are in South African Rand and the Fund is in US Dollars,currency exchange contracts are used to reduce the effect of changes in thecurrency exchange rate.Income will be rolled up into the value of your investment.Term:The Fund has no fixed maturity date, however it may be terminated incertain circumstances as described in the prospectus including if the NetAsset Value of the Fund does not exceed or falls below US$75,000,000 (orsuch other amount as may be approved by the Directors).The shares may be exchanged for shares in another subfund in accordancewith the terms of the Prospectus. Charges may apply.Shares in the Fund can be bought or sold on any day defined as a BusinessDay in Prospectus.NBIF is established as umbrella fund with segregated liability between subfunds under Irish law.Brown Brothers Harriman Trustee Services (Ireland) Limited (BBH) isappointed as the depositary of NBIF.You can obtain copies of the Prospectus and the latest reports and accountsfor NBIF free of charge in English, German, French, Italian and Spanish, alongwith the latest published prices of shares and other information on the Fund,free of charge from BBH (the "Administrator"), 30 Herbert Street, Dublin 2,Ireland.