Indigenisation and Economic Empowerment Act updated May 2011 1.23 “Value” except where otherwise expressly stated means: 1.23.1 with reference to shares listed on the Stock Exchange at any given time then middle market price; 1.23.2 in respect of immovable property the market value, which shall be what a willing buyer and a willing seller might pay for the immovable property given a reasonable period in which to negotiate the sale; 1.23.3 with reference to all other property and investments the price as determined by the managers in consultation with experts when necessary and approved by the Board; 1.24 “Year” means calendar year. PART 2 THE UNIT TRUST ACCOUNT Beneficiaries of the Unit Trust Account 2. The Beneficiaries of the Unit Trust Account shall be the indigenous people of Zimbabwe. 2.1 Objects of the Unit Trust Account The Unit Trust Account shall have the following objectives: 2.1.1 to provide a medium to enable investors in Zimbabwe to obtain undivided participation in a diversified portfolio of financially sound investments approved by the managers, chief executive officer and Board; 2.1.2 to increase, enhance and facilitate the involvement and participation in the national economy of indigenous Zimbabweans. 2.2 Achievement of objects of the Unit Trust Account In order to achieve these objects the Board shall be entitled to: 2.2.1 create and issue an unlimited number of units in a unit portfolio; 2.2.2 acquire, receive and stand possessed of any property and donations of whatever nature; 2.2.3 acquire, receive, purchase or hold interest in any shares, bonds, stocks, equities and/or securities of whatever nature in accordance with the provisions of this Schedule; 2.2.4 establish different unit portfolios in order to provide investors with investment opportunities in more than one group of securities and other forms of investment; 2.2.5 raise funds for the benefit of the Unit Trust Account. This Schedule to bind all holders 3. The terms and conditions of this Schedule, as amended in accordance with section 13(3) of the Act from time to time, shall be binding on each unit holder and all persons claiming through him or her. - 22 -