Principal Risks and Uncertainties

Before investing in the Group, prospective investors should consider the following risks and uncertainties carefully. This list is intended to describe only the major risks and uncertainties that could have a material impact upon the Group and is not intended to be a comprehensive list. These risks are under active review by the Board, who are collectively responsible for the Group’s risk management.

The Group’s main operating activity is to enter into and hold investments, which are primarily in the natural resources sector, with a view to making returns for shareholders. The performance of the Group’s investments is critical to the Group’s prospects. Accordingly, the key risks have been split between risks to the Investment Portfolio and direct risks to the Group.