The Company will invest in securities that provide exposure to Emerging Markets and may also invest in securities that provide exposure to Frontier Markets. Investments in such markets may include a higher element of risk compared to Developed Markets and the value of the Company’s investments may be adversely affected by potential political and social uncertainties in those jurisdictions. Certain developments are beyond the control of the Company, such as the possibility of nationalisation, expropriations, confiscatory taxation, political changes and instability, government regulation, social and civil unrest, pandemic outbreaks, diplomatic disputes or other similar developments, could adversely affect the Company’s investments. In addition, the securities of issuers based in Emerging Markets or Frontier Markets may carry the risks of less publicly available and less reliable information, lower liquidity, significantly more volatile markets and temporary trading suspensions, less strict securities markets and other financial regulation, less favourable tax provisions, settlements being slower and subject to greater risk of failure, intermediaries being less experienced or technologically equipped, as well as custodians not offering the level of service, administration and safe-keeping that is customary in Developed Markets. In addition, many of the fundamental laws in certain Emerging Market and Frontier Market countries have only recently come into force, which increases the risk of ambiguity and inconsistency in their application, interpretation, and enforcement.