Gardeners’ World Robert Burdett & Gary Potter Robert Burdett & Gary Potter

Gardeners’ World Robert Burdett & Gary Potter Robert Burdett & Gary Potter

MARCH

All articles dated between March – August 2007

March News and Views All articles dated between March – August 2007

Meanwhile in the Multi-Manager world… All articles dated between March – August 2007

Consistency in Bear markets Source: Lipper Performance generated by the Multi-Manager team as constituted from time to time for and on behalf of Credit Suisse Constellation Bear Market 10/8/01 to 12/3/03 Credit Suisse Multi Manager CONSTELLATION Acc 579 days from 10/08/2001 to 12/03/2003 Percentage Growth Total Return, Tax Default, GBP Relative to IMA Global Growth (IN:IN) /200101/200204/200207/200210/200201/ %

Consistency in Bull markets Source: Lipper Performance generated by the Multi-Manager team as constituted from time to time for and on behalf of Credit Suisse Constellation Bull Market 12/3/03 to 28/2/ days from 12/03/2003 to 28/02/ /200301/200407/200401/200507/200501/200607/2006 Percentage Growth Total Return, Tax Default, GBP Relative to IMA Global Growth (IN:IN) 17.3% 01/2007 Credit Suisse Multi Manager CONSTELLATION Acc

Consistent outperformance overall Constellation – all markets Source: Lipper Performance generated by the Multi-Manager team as constituted from time to time for and on behalf of Credit Suisse Percentage Growth Total Return, Tax Default, GBP Relative to IMA Global Growth (IN:IN) 37.4% Credit Suisse Multi Manager CONSTELLATION Acc 2028 days from 10/08/2001 to 28/02/ /200207/200201/200307/200301/200407/200401/200507/200501/200607/200601/2007

APRIL

April News and Views All articles dated between March – August 2007

Meanwhile in the Multi-Manager world… All articles dated between March – August 2007

MAY

May News and Views All articles dated between March – August 2007

Meanwhile in the Multi-Manager world…

JUNE

June News and Views All articles dated between March – August 2007

Meanwhile in the Multi-Manager world… All articles dated between March – August 2007

JULY

July News and Views All articles dated between March – August 2007

Meanwhile in the Multi-Manager world… All articles dated between March – August 2007

AUGUST

August News and Views All articles dated between March – August 2007

Meanwhile in the Multi-Manager world… All articles dated between March – August 2007

Time to plan for the future…

Thames River – AUM $11.3 bn As at 31 July 2007 Team Hedge Funds AUM ($m) Traditional Funds AUM ($m) No. Funds No. Staff Global Credit 1,1801, Multi-Manager Hedge 1, European Emerging Markets 2,0631, Japan Global Fixed Property-2,00837 Multi-Manager Traditional ---5* Total7,1474, * *These figures includes Rob Burdett and Gary Potter who joined Multi-Manager Traditional team on 14 August 2007 The above figures include Nevsky Capital LLP which is an affiliate of Thames River Capital LLP

Lack of consistency from single manager funds Source: Lipper Global Sectors, % growth in £ terms, total return, Europe Ranking % Consistently Q1 USA 9/408 56/408 Asia Ex Japan 0/178 Japan 0/227 10/227 GEM 3/134 12/134 Global Fixed 5/251 36/251 Global Equity 44/ /709 TOTAL 93/ /2592 % Consistently H1 UK Income 6/84 21/84 GBP Corps 8/97 25/97 UK 14/360 70/360 4/134 25/134 EuropeUSA Asia Ex Japan GEM Global Fixed Global Equity TOTAL UK Income GBP Corps UK 23/178 Top Quartile Performance Rolling 3 Years (Calendar Year terms) Above Average Performance Rolling 3 Years (Calendar Year terms)

Global Boutiques – primarily global equities Equity Managed – mainly equities (50% UK / 50% Intl) Balanced Managed – up to 85% equities Cautious Managed – up to 60% equities Distribution – up to 60% equities, targeting a high income Offshore range to come Fund Range EQUITY bias INCOME bias

Performance consistency matters Rolling Year Performance (Feb – Feb) Quartile Ranking Core Funds2006/72005/62004/52003/42002/3 Since Launch CSMM Equity Managed 2 (26th percentile) CSMM Constellation CSMM Cautious Managed CSMM Balanced Managed 22*---2** Source: Lipper Hindsight percentage Growth TR GBP. All data up to 28/2/07 *Performance of Fund from 3/5/05, the date the team assumed management responsibility **Performance of Fund from 3/5/05 to 28/2/07 The core funds above represented over 70% of the total UK domiciled Multi-Manager assets managed by the team at the time of the team’s departure in February 2007 and are funds being replicated at TR Multi-Capital

Summary We are excited to be back We are in the right place We have a great opportunity and a fresh portfolio We are looking forward to doing business with you

Important Notice REGULATORY INFORMATION AND RISK WARNINGS This document is issued for information only by Thames River Multi-Capital LLP (“Thames River”)in respect of the Funds named below. Thames River is authorised and regulated by the Financial Services Authority (“FSA”). This does not constitute an offer by Thames River to enter into any contract/agreement nor is it a solicitation to buy or sell any investment. This document is not aimed at persons who are residents of any country, including the United States of America ("USA") where the Fund referred to herein is not registered or approved for marketing and/or sale or in which the dissemination of information on the Fund is not permitted. Nothing in this document should be deemed to constitute the provision of financial, investment or other professional advice in any way. The contents of this document are based upon sources of information believed to be reliable, however, save to the extent required by applicable law or regulations, no guarantee, warranty or representation (express or implied) is given as to its accuracy or completeness and Thames River its members, officers and employees of the managing member do not accept any liability or responsibility in respect of the information or any views expressed herein. This document may include forward-looking statements that are based upon our current opinions, expectations and projections. We undertake no obligation to update or revise any forward-looking statements. Actual results could differ materially from those anticipated in the forward-looking statements. This document should be read in conjunction with the Prospectus of the relevant Funds that will exclusively form the basis of any application and an investment should not be contemplated until the risks of investment and tax implications have been considered fully. We recommend that recipients who are not professional investors contact their financial adviser. Thames River Global Boutiques Fund, Thames River Equity Managed Fund, Thames River Balance Managed Fund, Thames River Cautious Managed Fund and Thames River Distribution Fund are sub-funds of Thames River Multi-Capital Funds ICVC, an investment company with variable capital authorised by the Financial Services Authority. Protections provided by the United Kingdom regulatory structure will apply to investments in these funds, including access to the Financial Services Compensation Scheme and the Financial Ombudsman Service. Past performance is not necessarily a guide to future performance. Values may fall as well as rise and you may not get back the amount you invested. Income from investments may fluctuate. Income payments may constitute a return of capital in whole or in part. Income may be achieved by foregoing future capital growth. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. Fund charges may be applied in whole or part to capital, which may result in capital erosion. You should be aware of the additional risks associated with investment in emerging and developing markets. The prices of some investments may be extremely volatile. This factor can make it difficult to obtain independent verification of the investment value and the extent of the risks to which they are exposed. (070905)