Risk factors you should consider prior to investing in the trust include the following.

• In common with most investment companies, investment trusts may borrow to finance further investment (gearing). The use of gearing is likely to lead to volatility in the Net Asset Value ("NAV") meaning that a relatively small movement, down or up, in the value of a trust's assets will result in a magnified movement, in the same direction, of that NAV.
  
  
• The trust invests in small companies and/or companies investing in technology or venture and development capital stocks where the potential volatility may increase the risk to the value of your investment. Above average price movements may be expected.
  
  
• The trust invests in a specialist market sector and is likely to carry higher risks than a more widely invested fund.
  
  
• The value of shares and the income from them can go down as well as up and you may get back less than the amount invested.
  
  
• Past performance is not a guide to the future.
  
  
• Exposure to a single country market increases potential volatility.
  
  
• There is no guarantee that the market price of shares in the trust will fully reflect their underlying NAV.
  
  
• As with all stock exchange investments the value of investment trust share purchases will immediately fall by the difference between the buying and selling prices, the bid-offer spread.