Investments and Project Monitoring Committee

Governance structures and delegation

Key milestones and status

MilestoneStatusOutcome

Social Impact Investment Framework

Completed

Policy approved

Portfolio optimisation initiative

Under implementation

86% disposal rate achieved

Mbale City House

Completed

Construction completed and tenant onboarding commenced

Temangalo Housing Project

Under implementation

Approximately 67% physical completion achieved

Strategic diversification initiatives

Under implementation

Portfolio diversification improved

Key investment risks identified and actions taken

Risk identifiedAction takenOutcome

Market and valuation risk

Quarterly review of portfolio performance, valuations and market developments

Portfolio growth exceeded approved targets

Interest-rate risk

Ongoing monitoring of yield opportunities and fixed-income positioning

Continued strong performance of the fixed-income portfolio

Portfolio concentration risk

Ongoing diversification initiatives

Balanced exposure across major asset classes

Project execution risk

Quarterly milestone monitoring and review of management actions

Mbale City House completed and major projects progressed

ESG and sustainability risk

ESG incorporated into investment reviews and oversight processes

Strengthened responsible-investment governance

Up nextProject cost, schedule and occupancy performance

Governance structures and delegation

Investments and Project Monitoring Committee

Project cost, schedule and occupancy performance

The Committee received quarterly reports on project delivery, implementation progress and commercial readiness. Monitoring focused on approved milestones, implementation performance and long-term value creation.

Project cost-performance metrics, budget variances and occupancy levels were not disclosed elsewhere in the Integrated Report.

ProjectCost performanceSchedule performanceOccupancy / sales performance

Mbale City House

UGX 4.5Bn

Completed – 94% of contract paid pending final account

Tenant onboarding commenced

Temangalo Housing Project

UGX 67Bn

Approximately 67% complete

Pre-sales expected to commence in FY26/27

Solana Lifestyle & Residences

USD 67.62Mn

Completed – 92% of contract sum paid pending Final Account.

258 of 306 units sold; 40 units set aside for rent.

Pension Towers

UGX 331Bn

Approximately 85% complete

Tenant engagement ongoing

Yusuf Lule Road Commercial Development

UGX 31Bn

Approximately 6% complete

Ongoing construction

Offtaker Project (Kyanja)

UGX 15.25Bn

Approximately 11% complete

Completion of 160 apartments due in May 2028

Up nextCommittee declaration

Governance structures and delegation

Investments and Project Monitoring Committee

Invitees and Professional Advisers: None during the year under review.

Attendance and meetings

Supported effective oversight through active participation, informed decision-making and responsive governance across strategic investment and project matters.

Committee declaration

The Investments and Project Monitoring Committee is satisfied that it fulfilled its responsibilities in accordance with its Terms of Reference, approved work plan and Board Charter during the year under review. All scheduled meetings were held and the Committee received adequate information to discharge its mandate effectively and make informed recommendations to the Board.

Opportunities

The Committee identified opportunities to:

Further diversify the Fund's investment portfolio.

Participate in carefully selected infrastructure and developmental investments capable of generating sustainable risk-adjusted returns.

Expand responsible-investment practices and ESG integration.

Assess commercially viable housing investments capable of generating competitive risk-adjusted returns while contributing to increased housing supply.

Broader and more resilient sources of long-term returns.
Strengthened portfolio diversification.
Improved alignment between investment performance and long-term national development priorities.
Enhanced sustainable value creation for members.

Value preservation priorities for FY2026/27

The Committee will continue to operate within its approved Terms of Reference and ensure that all matters reserved for its consideration are effectively addressed.

Priority areas include:

Monitoring portfolio performance against approved objectives, benchmarks and strategic targets.

Strengthening diversification across approved asset classes and investment markets.

Assessing commercially viable housing investments capable of generating competitive risk-adjusted returns while contributing to increased housing supply.

Evaluating strategic infrastructure and developmental investments that satisfy the Fund's commercial, legal, fiduciary and risk requirements.

Strengthening oversight of project delivery, implementation and performance.

Enhancing ESG integration and responsible-investment oversight.

Improved portfolio resilience and diversification.
Enhanced risk-adjusted return potential.
Strengthened stewardship of members' savings.
Supported sustainable long-term value creation.

Stakeholders

King IV™

Members are encouraged to make informed long-term savings decisions, taking account of their immediate needs, retirement objectives and the benefits of compound growth. The Committee remains committed to supporting prudent investment decisions that protect members' savings, generate sustainable long-term returns and contribute to the achievement of Vision 2035.

Up nextFinance Committee

Investments and Project Monitoring Committee

Key milestones and status

Key investment risks identified and actions taken

Investments and Project Monitoring Committee

Project cost, schedule and occupancy performance

Investments and Project Monitoring Committee

Attendance and meetings

Committee declaration

Opportunities

Value preservation priorities for FY2026/27

Stakeholders

King IV™

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