b'At Kopernik, We Discover Value through Independent, Original ResearchMikolaj Kopernik, better known as Nicolaus Copernicus, was an independent thinker. He went beyond the acceptedbeliefsofhistime.Hisdiscoveriesweresosignificant;theirimpactwillbefeltforuntoldfuturegenerations of humankind.At Kopernik, we embrace the spirit of Copernicus At Kopernik, we are excited to invest in value opportunities and his visionary approach. As investors, we seek outthat many others overlook. From developing original value where others may not venture.ideas to buying and selling exceptional businesses, our guiding principles lead us to discover value.At Kopernik, we believe:MarketinefficienciescreatesignificantopportunitiesThe tenets we follow are:to identify quality businesses that are mispricedGlobal perspectives to enhance understanding Deep, independent research of a companys of markets and companiesbusiness, competitive positioning and management,Long-term investment horizon to allow foralong with industry supply/demand, uncoverinherent value to be realizedimportant opportunitiesValue as a prerequisite, not a philosophyRealrisk,frequentlymis-definedasvolatility, Original bottom-up, fundamental analysis to gainis the prospect of permanent loss of capital.a thorough understanding of a companysVolatility can be as much an opportunity as a business and valuationrisk to a skilled investorCapacity managed to maximize return potentialBy applying these principles, and assessing distinct industry characteristics and success drivers usingTo follow Copernicus was aindustry-tailored valuation metrics, we can systematically far more radical step, it meantappraise a variety of businesses. Our clients trust usrejecting the whole prevailingtofindcompellingopportunitiesthatearnresults.conception of the universe.Edwin Arthur BurttKopernik Global Investors, LLC|1'