1. There can be no assurance that the objectives of the fund will be achieved. The fund could lose some or all of its capital that is invested in any particular investment, which loss could have a significant adverse effect on the performance of the fund as a whole.

2. Investors will be relying on the judgement of the Directors of the fund and the investment manager with respect to the selection, acquisition and disposal of assets of the fund. None of the Directors of the fund and the investment manager is able to provide any guarantee or give assurance that any asset purchased will perform at a specified level or increase in value.

3. Investors should be aware that the value of shares and the return derived from them can fluctuate. Shareholders may not receive on the sale of their shares, or on the winding up of the fund, the full amount they have invested.

4. The past performance of the investment manager or its principals or the fund itself may not be construed as an indication of the future results of an investment in the fund.

5. The fund may be invested partly in developing countries. Developing countries have generally higher commission rates than developed markets. Furthermore, there can be transfer taxes, higher custodial costs and the possibility that foreign taxes will be charged on dividends, capital gains and interest payable on foreign securities. Also nationalisation, expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations (including the ability to transfer money out of the country), political changes or diplomatic developments could adversely affect the fund's investments.

6. It is possible that the fund may invest in fixed income securities. The value of the fund's investments in fixed income securities may fluctuate. During periods of rising interest rates, the values of fixed income securities generally decline. Conversely during periods of falling interest rates, the values of fixed income securities generally rise.

7. Illiquid securities. Liquidity risk exists when particular investments are difficult to buy or sell owing to a limited market or legal restrictions, such that the fund may not be able to sell particular securities at the price at which the fund values them.

8. Small and medium sized companies. Market risk and liquidity risk are particularly pronounced for securities of companies with smaller market capitalisations. These companies may have limited product lines, unproven mineral resources, markets, or financial resources or they may depend on a few key employees. Smaller mining companies depending on a single ore body are particularly vulnerable to the successful exploitation of that ore body resource. Securities of smaller companies may trade less frequently and in lesser volume than more widely held securities and their values may fluctuate more sharply than other securities. They may also trade in the over-the-counter market or on a regional exchange, or may otherwise have limited liquidity.

9. Derivatives. The use of derivative instruments may involve risks different from or greater than the risks associated with investing directly in securities and other more traditional investments. Risks include market risk, liquidity risk and the credit risk of the counter party to the derivatives contract. Also, since their own value depends on the value of other references, there is a greater risk that derivatives will be improperly valued. Another risk is that their value will not correlate perfectly with the other references they are designed to hedge or closely track.

10. Currencies. The currencies in which the fund's investments are traded may decline in value relative to the US dollar, the reference currency of the fund. In hedging strategies there is a risk that the US dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly for several reasons, including demand and supply imbalances in the foreign exchange markets and perceived or actual changes in interest rates.

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