Public Company Announcement

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November 16, 2020

Risks

Africa is comprised of 54 different countries with low connectivity between them, varying languages, laws, tribal customs and histories, which make each environment distinct. Some considerations are the following: Lack of government transparency in many countries. Private equity funds and strategic investors have historically experienced sub-par returns due to lack of exits, absence of capital markets and M&A activity The impact of political stability and changing government policy, a lack of economic diversity, with an overdependence on natural resources Complex legal considerations, such as property ownership rights and investment restrictions The volatility of local currencies against the US dollar The time frame of investments and restrictions on possible exit strategy A few countries have experienced terror attacks Expropriation by government. Financing risk to not raising capital for projects Poverty, unemployment in most countries Poor inland transportation network Educational considerations Lack of legal framework and intellectual property protection Changes to the tax and royalties system for mining, oil and gas projects High cost of capital and borrowing rates and lack of liquidity may impinge access to working capital Dependence on third party financial guarantees may be necessary Insurance coverage may not be adequate to cover all losses or liabilities that may arise in connection with operations Organizational structures, particularly risk management, might prove insufficient and might fail to identify or avoid undesirable developments and risks and impending or already perpetrated violations of the law in a timely manner Exposure to the credit risk of customers and counterparties Global capital and credit market issues negatively affecting liquidity, further increasing costs of borrowing Risk that we, our affiliated entities or our or their respective officers, directors, employees and agents may take actions determined to be in violation of such anti-corruption laws, including the Foreign Corrupt Practices Act (the “FCPA”) and the UK Bribery Act. Any such violation could result in substantial fines, sanctions, civil and/or criminal penalties, curtailment of operations in certain jurisdictions, and might adversely affect our business, results of operations or financial condition. In addition, actual or alleged violations could damage our reputation and ability to do business. Furthermore, detecting, investigating, and resolving actual or alleged violations is expensive and can consume significant time and attention of our senior management.