G10\MMF Roadshow template.ppt. Outsourced investment solutions

G10\MMF Roadshow template.ppt Outsourced investment solutions

Contents Thames River Multi-Capital LLP who are we? Business and investment philosophy One team, two solutions: Lifestyle risk benchmarked pioneer Traditional bottom up income and growth The investment service proposition A word or two on markets

Thames River Multi-Capital who are we? Thames River Multi-Capital LLP who are we? Business and investment philosophy One team, two solutions: Lifestyle risk benchmarked pioneer Traditional bottom up income and growth The investment service proposition A word or two on markets

3,500 3,000 2,500 Introducing the Thames River Multi-Capital LLP team Team founded in 1996 Over 90 years industry experience Over 60 years picking funds Anthony Willis Associate Paul Green Associate Catherine Sauer Associate Wai-Ling Lam Desk Manager Growth Pe ercentage 2,000 1,500 1,000 500 Gary Potter Co-Head Rob Burdett Co-Head Kelly Prior Associate SEPT 94 MAR 95 DEC 97 JAN 05 JAN 09 3,055 0 APR 81 SEPT 85-500 1963 1967 1971 1975 1979 1983 1987 1991 1995 1999 2003 2007 2009 Calendar dates indicate industry start dates. Light blue area indicates time since team was formed 17773 Days From 10/04/1962 To 29/04/2011. Source: Lipper Hindsight

Team awards and ratings Best Cautious & Income Best Multi- Asset Provider 2010 Best Multi- Manager Group 2009 Highly Commended Best Emerging Markets Group 2007 Best Research Best Multi- Manager Group 2006 Best Multi- Manager *Note: Team awards were achieved by the Multi-Manager team as it was then constituted at Credit Suisse

Team philosophy Consistency Accessibility Stability

Team investment philosophy The common approach for Multi-ManagerManager Meet the managers Analyse performance Examine portfolios The uncommon approach for Multi-Manager Manager Focus on boutiques People over process In early, out early Overweight grey hair Qualitative over quantitative Deliver consistency of outperformance

Our combined absolute performance since 2010 Team record vs IMA Sectors net of full TER Equity Managed 62.69% Cautious Managed 54.17% Global Boutiques 65.75% 39.34% 35.00% 28.81% Burdett & Potter combined Equity Managed IMA Active Managed Burdett & Potter combined Cautious Managed IMA Cautious Managed Burdett & Potter combined Global Growth IMA Global Growth Absolute performance vs sector averages for three of our funds with performance history dating back to 2001. Performance generated by the Multi-Manager team as constituted from time to time for and on behalf of Credit Suisse from 10.08.2001 up to 31.02.2007. Performance of Thames River funds from 01.10.2007 to 28.04.2011. Source Lipper Hindsight, % growth TR GBP rebased

Distribution of rolling twelve month quartile rankings History of TRMC Team including time at Credit Suisse 55 1 1 Above average performance 75% 50 1 1 1 1 1 45 1 1 1 1 1 40 1 1 1 1 1 35 1 1 1 1 1 2 2 2 2 2 30 1 1 1 1 1 2 2 2 2 2 25 1 1 1 1 1 2 2 2 2 2 20 1 1 1 1 1 2 2 2 2 2 3 3 3 3 15 1 1 1 1 1 2 2 2 2 2 3 3 3 3 3 Below average performance 25% 10 1 1 1 1 1 2 2 2 2 2 3 3 3 3 3 4 4 4 4 4 5 1 1 1 1 1 2 2 2 2 2 3 3 3 3 3 4 4 4 4 4 1st Quartile 2nd Quartile 3rd Quartile 4th Quartile Number of Quartiles Number above average 116 87 1 2 Performance in top 25% of peer group Performance between top 25% and 50% of peer group % above average 75% 3 Performance between 50% and 75% of peer group 4 Performance in bottom 25% of peer group Equity Managed represents Thames River Equity Managed A Acc and Aberdeen (formerly Credit Suisse) Multi Manager Equity Managed Acc Cautious Managed represents Thames River Cautious Managed A Acc and Aberdeen (formerly Credit Suisse) Multi Manager Cautious Managed Acc Global Boutiques represents Thames River Global Boutiques A Acc and Aberdeen (formerly Credit Suisse) Multi Manager Constellation Acc Balanced represents Thames River Balanced Managed A Acc Distribution represents Thames River Distribution A Acc Performance generated by the Multi-Manager team as constituted from time to time for and on behalf of Credit Suisse from 10.08.2001 up to 31.02.2007. Performance of Thames River funds from 01.10.2007 to 31.03.2011. Source Lipper Hindsight, % growth TR GBP rebased

Key attributes - Lifestyle and Traditional Multi-Manager Manager Lifestyle Volatility controlled TER capped Investor protection Integrated risk profiled solution Traditional Flexible investment mandate Unique offerings in global and distribution sectors Use of boutiques Consistency of outperformance Both Same investment team Fund selection over asset allocation Whole of market

Lifestyle - a risk rated fund range

Bonds diversifying dynamically with Dickie Percentage growth total return, Tax default in GBP Relative to IMA Corporate Bond (IN) 50 40 Legal & General Dynamic Bond Trust I Acc (MF) IMA Strategic Bond (IN:IN) 46.3e growth Percentage 30 20 10 0-0.1-10 Aug-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 Jun-10 Oct-10 Feb-11 1460 days from 30/04/2007 to 29/04/2011 Source: Lipper

Buxton volatile but worthwhile Percentage growth total return, Tax default in GBP, Relative to IMA UK All Companies (IN:IN) growth Percentage 25 20 15 10 5 0 Schroder UK Alpha Plus A Acc (MF) FTSE All Share TR (IN:IN) 20.3e 6.8e -5-10 Oct-06 Mar-07 Sep-07 Feb-08 Aug-08 Jan-09 Jul-09 Dec-09 Jun-10 Dec-10 1827days from 28/04/2006 to 29/04/2011 Source: Lipper

Plackett the real heir apparent! Percentage growth total return, Tax default in GBP, Relative to FTSE All Share TR (IN:IN) growth 30 25 20 15 BlackRock UK Special Situations Acc (MF) IMA UK All Companies (IN:IN) Fidelity Special Situations Acc (MF) 22.1e Percentage 10 5 0 04e 0.4e -5-10 Oct-06 Mar-07 Sep-07 Feb-08 Aug-08 Jan-09 Jul-09 Dec-09 Jun-10 Dec-10 1827days from 28/04/2006 to 29/04/2011-6.8e Source: Lipper

Thames River Multi-Manager Traditional Range

Thames River Distribution Fund The common approach to Distribution Fund income Bonds, UK Equity, possibly property Single manager The uncommon approach to Distribution Fund income Target top decile yield for Cautious Managed sector Flexible asset allocation across multiple l asset classes Extremely well diversified 28 funds from 24 investment management companies and over 800 sources of income A fund that is effectively a risk category 4 income solution One of the best risk adjusted returns in its peer group *Note: Yield shown is net of fees, gross of tax based on yield of underlying holdings as at 31.01.2011. This yield is not guaranteed and is subject to fluctuation

Thames River Distribution versus peer group 10 From 29.07.2008 to 29.04.2011 8 68 6.8 6 Thames River Distribution A Acc (MF) v. 4 IMA Cautious Managed (IN:IN) % Growth TR 2 Def GBP 0-2 -4 2007 2008 2009 2010 % Growth Total Return, Tax Default, in GBP. Source: Lipper Hindsight

Distribution of rolling twelve month quartile rankings History of TRMC Team including time at Credit Suisse Fund 30/09/2002 31/12/2002 31/03/2003 30/06/2003 30/09/2003 31/12/2003 31/03/2004 30/06/2004 30/09/2004 31/12/2004 31/03/2005 30/06/2005 30/09/2005 No equivalent fund at Aberdeen / (Credit Suisse) 100% Distribution 2 2 1 1 1 2 1 1 1 1 1 31/12/2005 31/03/2006 30/06/2006 30/09/2006 31/12/2006 28 8/02/2007 * 31/12/2008 31/03/2009 30/06/2009 30/09/2009 31/12/2009 31/03/2010 30/06/2010 30/09/2010 31/12/2010 31/03/2011 31/05/2010-31/03/2011 % ab bove average Total observations 11 1 = Performance in the top 25% of peer group 11 2 = Number above average Performance between the top 25% of peer group and above average % above average 100% 3 = Performance between average and the bottom 25% of peer group 4 = Performance in the bottom 25% of peer group Equity Managed represents Thames River Equity Managed A Acc and Aberdeen (formerly Credit Suisse) Multi Manager Equity Managed Acc Cautious Managedrepresents Thames River Cautious Managed A Acc and Aberdeen (formerly Credit Suisse) Multi Manager Cautious Managed Acc Global Boutiques represents Thames River Global Boutiques A Acc and Aberdeen (formerly Credit Suisse) Multi Manager Constellation Acc Balanced represents Thames River Balanced Managed A Acc Distribution represents Thames River Distribution A Acc Performance generated by the Multi-Manager team as constituted from time to time for and on behalf of Credit Suisse from 10.08.2001 up to 31.02.2007. Performance of Thames River funds from 01.10.2007 to 31.03.2011. Source Lipper Hindsight, % growth TR GBP rebased

25 Risk and return: The importance of both 1306D 01/10/2007 To 29/04/2011 Investec Managed Distribution A Inc Net (MF) Invesco Perpetual Distribution Acc (MF) 20 Thames River Distribution A Acc (MF) CF Midas Balanced Income (MF) 15 10 Thames River Distribution fund Thames River Cautious Managed Fund FTSE All share TR AXA Distribution Inc R (MF) Insight Investment Diversified High Inc A Acc (MF) Jupiter Distribution Acc (MF) Thames River Cautious Managed A Acc (MF) Pru Distribution Trust Inc (MF) AXA Global Distribution R Acc (MF) 5 FTSE 100 TR Schroder Multi-Manager Cautious Managed A Acc (MF) Aviva Investors Distribution ib ti SC 1 Inc (MF) 0-5 Legal & General Distribution Trust R Acc (MF) Henderson Managed Distribution Inc (MF) Aberdeen Managed Distribution A Acc (MF) Aberdeen Multi Manager Multi-Asset Distr Acc (MF) HSBC Income Fund of Funds Acc (MF) AXA Defensive Distribution R Acc Gross (MF) Premier Multi-Asset Distribution Acc (MF) -10 Standard Life Inv Dynamic Distribution Ret Acc (MF) CF Canlife Income Acc (MF) -15 0 0.2 0.4 0.6 0.8 1 1.2 1.4 1.6 1.8 Threadneedle Monthly Extra Income (MF) IMA UK Equity & Bond Income (IN:IN) FTSE All Share TR (IN:IN) FTSE 100 TR (IN) % Growth Total Return, Tax Default, in GBP. Source: Lipper Hindsight

Thames River Distribution: Real income diversification Portfolio yield by asset class Yield distribution within fund 8.00% 7.00% 6.00% 8 7 6 Yield 5.00% 4.00% 3.00% Nu umber of Holdin ngs 5 4 3 2.00% 2 1.00% 1 0.00% UK Equities Fixed Interest Global Equities Specialist 0 0-2 2-3 3-4 4-5 5-6 6-7 7-8 8-9 9-10 10+ Estimated % Yields Asset Class As at 31.12.2010

Thames River Distribution: Income and capital analysis Dividends TR Def GBP 50,000000 Inv Income TR Def GBP 50,000000 Inv Single Sum TR Def GBP 50,000000 Inv 900 9,000 62,500 800 700 8,000 7,000 Total income received 60,000 57,500500 Total return Dividend Dis stributions 600 500 400 300 200 100 Income payments received Income Earned 6,000 5,000 4,000 3,000 2,000 1,000 8,472 946 Sing gle Sum 55,000 52,500 50,000 47,500 45,000 60,040e 55,049 0 0 42,500-100 2009 2010 3 Years From 30/04/2008 To 29/04/2011-1,000 2009 2010 3 Years From 30/04/2008 To 29/04/2011 40,000 2009 2010 3 Years From 30/04/2008 To 29/04/2011 Thames River Distribution A Inc (MF) IMA Cautious Managed (IN) Source: Lipper

Chelverton why? Percentage growth total return, Tax default in GBP, Relative to IMA UK Equity Income (IN:IN) 5 Percentage growth 0-5 -10-15 -20-25 Chelverton UK Equity Income Inst Inc (MF) -8.8e -30 May-07 Oct-07 Apr-08 Sep-08 Mar-09 Aug-09 Feb-10 Jul-10 1614days from 27/11/2006 to 29/04/2011 Jan-11 Source: Lipper

Chelverton why not? Percentage growth total return, Tax default in GBP ercentage e growth 40 30 20 10 0 Chelverton UK Equity Income Inst Inc (MF) IMA UK Equity Income (IN:IN) 36.4e 15.1 P -10-20 May-10 Aug-10 Nov-10 Feb-11 417 days from 08/03/2010 to 29/04/2011 Source: Lipper

Middlefield Canadian taking profits = TRMC purchases = TRMC sales Source: Bloomberg Finance L.P./TRMC

Thames River Distribution Fund real income diversification Darwin Leisure Caravan park fund, circa 6.5% yield (open-ended) GCP Government-backed infrastructure projects 8% yield (listed) John Laing listed equity and subordinates infrastructure 6% yield (listed) Medicx Primary healthcare real estate, 6% yield (listed)

Thames River Global Boutiques The common approach for Global Equity Diversified Active The uncommon approach for Global Equity Low volatility Consistency Only boutique funds

Our combined absolute performance Team record vs IMA Sectors net of full TER Equity Managed 62.69% Cautious Managed 54.17% Global Boutiques 65.75% 39.34% 35.00% 28.81% Burdett & Potter combined Equity Managed IMA Active Managed Burdett & Potter combined Cautious Managed IMA Cautious Managed Burdett & Potter combined Global Growth IMA Global Growth Absolute performance vs sector averages for three of our funds with performance history dating back to 2001. Performance generated by the Multi-Manager team as constituted from time to time for and on behalf of Credit Suisse from 10.08.2001 up to 31.02.2007. Performance of Thames River funds from 01.10.2007 to 28.04.2011. Source Lipper Hindsight, % growth TR GBP rebased

Distribution of rolling twelve month quartile rankings History of TRMC Team including time at Credit Suisse 30/09/2002 31/12/2002 31/03/2003 30/06/2003 30/09/2003 31/12/2003 31/03/2004 30/06/2004 30/09/2004 31/12/2004 31/03/2005 30/06/2005 30/09/2005 Fund Global Boutiques 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 3 3 3 2 1 1 1 1 4 3 4 2 2 2 1 80% 31/12/2005 31/03/2006 30/06/2006 30/09/2006 31/12/2006 28/02/2007 * 31/12/2008 31/03/2009 30/06/2009 30/09/2009 31/12/2009 31/03/2010 30/06/2010 30/09/2010 31/12/2010 31/03/2011 31/05/2010-31/03/2011 % above average Total observations 30 1 = Performance in the top 25% of peer group Number above average 24 2 = Performance between the top 25% of peer group and above average % above average 80% 3 = Performance between average and the bottom 25% of peer group 4 = Performance in the bottom 25% of peer group Equity Managed represents Thames River Equity Managed A Acc and Aberdeen (formerly Credit Suisse) Multi Manager Equity Managed Acc Cautious Managedrepresents Thames River Cautious Managed A Acc and Aberdeen (formerly Credit Suisse) Multi Manager Cautious Managed Acc Global Boutiques represents Thames River Global Boutiques A Acc and Aberdeen (formerly Credit Suisse) Multi Manager Constellation Acc Balanced represents Thames River Balanced Managed A Acc Distribution represents Thames River Distribution A Acc Performance generated by the Multi-Manager team as constituted from time to time for and on behalf of Credit Suisse from 10.08.2001 up to 31.02.2007. Performance of Thames River funds from 01.10.2007 to 31.03.2011. Source Lipper Hindsight, % growth TR GBP rebased

Coupling up with Coupland Cardiff Percentage growth total return, Tax default in GBP, Relative to IMA Asia Pacific Excluding Japan (IN) 40 30 CC Asia Alpha B USD (MF) 33.8e growth Percentage 20 10 0-10 -20-30 Oct-07 Feb-08 Jul-08 Nov-08 Mar-09 Jul-09 Nov-09 Mar-10 Jul-10 Dec-10 Apr-11 1403 days from 26/06/2007 to 29/04/2011 Source: Lipper

Adrian Mole - the Schroder years 90 Percentage growth total return, Tax default in GBP 70 Schroder ISF EURO Active Value A1 Acc (MF) IMA Europe Excluding UK (IN) 65.66 growth Percentage 50 30 10-10 36.66-30 Dec-02 Apr-03 Aug-03 Dec-03 Apr-04 Sep-04 Jan-05 965 days from 09/08/2002 to 31/03/2005 Source: Lipper

Adrian Mole since our investment Percentage growth total return, Tax default in GBP Percentage e growth 50 40 30 20 10 0-10 -20-30 -40-50 IVI European EUR (MF) IMA Europe Excluding UK (IN) Feb-08 Jul-08 Nov-08 Mar-09 Jul-09 Nov-09 Mar-10 Jul-10 Nov-10 Apr-11 1283 days from 24/10/2007 to 29/04/2011 36 6 Source: Lipper

And we help you keep your clients informed IFA LOGO

How big is your debt problem? Be honest!

US housing market critical

Europe listen to the people

Can China do Goldilocks?

UK economy and stockmarket dislocate?

Japan cheap and resilient

Market overview - Outlook Generally.. We like the outlook for risk assets Perhaps another conventional year Indications suggest markets are moving from extreme macro to micro fundamentals Bond markets to lag equity and property High yield to outperform investment grade corporate bonds, which outperform sovereign bonds Good quality large-cap western equities to outperform their GEM equivalents The bond to equity switch is gathering momentum But we are mindful of.. An escalation of the Middle East situation to more significant sovereign states Iran, Saudi and China The end of QE2 A significant ifi change in US monetary policy 41

Summary Highly experienced and stable investment team Consistent performance track record Two fund ranges to suit your business requirements Committed to investment service for IFAs and clients

Important notice: regulatory information and risk warnings This document is issued for information only by Thames River Multi-Capital LLP ( Thames River, the Firm ), part of the F&C Group, 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") and South Africa 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. All data is sourced from the Firm unless otherwise indicated. 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. This document should not be distributed to any third party without the express approval of the Firm. It has been designed for a professional audience only and should not be passed onto a retail audience. Thames River Global Boutiques Fund, Thames River Equity Managed Fund, Thames River Balanced 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 and regulated 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. Lifestyle Funds are sub-funds of the F&C Lifestyle Investment Funds ICVC. Issued and approved by F&C Fund Management Limited which is authorised and regulated by the Financial Services Authority. Registered in England No. 2170242. A registered company limited by shares. Past performance is not a guide to future performance. Values may fall as well as rise and investors may not get back the amount 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. Investors 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. (110504) Edition: May 2011 Print Date 15-Jun-11 Compliance Date: 110527 Compliance No: 18059 Team sign-off:rb/gp 43