Gardeners’ World

1. Gardeners’World Robert Burdett & Gary Potter

2. Gardeners’World Robert Burdett & Gary Potter

3. MARCH

4. All articles dated between March – August 2007

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

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

7. Consistency in Bear markets Constellation Bear Market 10/8/01 to 12/3/03 15.0 12.5% 12.5 10.0 Credit SuisseMulti ManagerCONSTELLATIONAcc 7.5 Percentage Growth Total Return, Tax Default, GBP Relative to IMA Global Growth (IN:IN) 5.0 2.5 0.0 579 days from 10/08/2001 to 12/03/2003 -2.5 10/2001 01/2002 04/2002 07/2002 10/2002 01/2003 Performance generated by the Multi-Manager team as constituted from time to time for and on behalf of Credit Suisse Source: Lipper

8. Consistency in Bull markets Constellation Bull Market 12/3/03 to 28/2/07 20.0 17.3% 15.0 10.0 Percentage Growth Total Return, Tax Default, GBP Relative to IMA Global Growth (IN:IN) Credit SuisseMulti ManagerCONSTELLATIONAcc 5.0 0 -5.0 1449 days from 12/03/2003 to 28/02/2007 07/2003 01/2004 07/2004 01/2005 07/2005 01/2006 07/2006 01/2007 Performance generated by the Multi-Manager team as constituted from time to time for and on behalf of Credit Suisse Source: Lipper

9. Consistent outperformance overall Constellation – all markets 40 35 37.4% 30 25 20 Percentage Growth Total Return, Tax Default, GBP Relative to IMA Global Growth (IN:IN) Credit SuisseMulti ManagerCONSTELLATIONAcc 15 10 5 0 2028 days from 10/08/2001 to 28/02/2007 -5 01/2002 07/2002 01/2003 07/2003 01/2004 07/2004 01/2005 07/2005 01/2006 07/2006 01/2007 Performance generated by the Multi-Manager team as constituted from time to time for and on behalf of Credit Suisse Source: Lipper

10. APRIL

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

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

13. MAY

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

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

16. JUNE

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

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

19. JULY

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

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

22. AUGUST

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

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

26. Time to plan for the future…

27. Thames River – AUM $11.3 bnAs at 31 July 2007 *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

28. GBP Corps UKIncome Global Equity Global Fixed Asia Ex Japan Europe UK USA GEM Japan TOTAL Lack of consistency from single manager funds 100 Top Quartile Performance Rolling 3 Years (Calendar Year terms) 80 60 % Consistently Q1 40 20 0 8/97 6/84 44/719 4/134 14/360 9/408 5/251 0/178 3/134 0/227 93/2592 Ranking GBP Corps UKIncome Global Equity Global Fixed Asia Ex Japan Europe UK USA GEM Japan TOTAL 100 Above Average Performance Rolling 3 Years (Calendar Year terms) 80 60 % Consistently H1 40 20 0 25/97 21/84 151/709 25/134 70/360 56/408 36/251 23/178 12/134 10/227 429/2592 Ranking Source: Lipper Global Sectors, % growth in £ terms, total return, 31.12.03-31.12.06

29. Fund Range • 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 EQUITY bias INCOME bias

30. Performance consistency matters 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

31. 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

32. Important NoticeREGULATORY 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)