Another fund on board., page-7

INVESTMENT STRATEGY

NGE has a flexible investment mandate and invests according to a defined set of investment principles, summarised as follows:

• Only invest in a compelling opportunity, otherwise hold cash;
• Invest based on fundamental analysis;
• Target investments that can generate strong returns with an adequate margin of safety; and
• Aim to hold a concentrated portfolio of high conviction investments.

This is similar to Spheria, one of our largest shareholders, which is reassuring as it implies that professional investors assessment of HZN is that is relatively cheap on core assets (BG and NZ) with plenty of PNG blue sky.