Opportunities in GLOBAL CREDIT

1. Opportunities in GLOBAL CREDIT Italian Forum, Milan8th November 2007 Frank Engels, Chief Economist Global Credit Team Hillside Apex Fund High Income Fund

2. Overview • Thames River Capital is an integrated asset management business formed in 1998 by a group of executives from major European institutions • Performance focused fund management • Attract the very best fund managers in various asset classes • Assets under management $11.9bn (at 30.09.07)* • Nevsky Capital LLP formed in January 2007 • Focus on absolute rather than relative returns • Strong organisational structure *Above figures include Nevsky Capital LLP, an affiliate of Thames River Capital LLP

3. Assets under Management and Staff AUM Staff Above figures include Nevsky Capital LLP, an affiliate of Thames River Capital LLP. Source: TRC to 30.09.07

4. Warrior Warrior II Sentinel Equity Focus Distressed Focus Hedge Ventures 2X Currency Alpha 1X Currency Alpha European Opps† Eastern European Global Boutiques† Equity Managed† Global Emerging Mkts European Abs. Return† £ Global Bond Balanced Managed† Cautious Managed† € Global Bond Distribution† $ Global Bond Organisation GLOBALFIXED GLOBAL EQUITIES EUROPEAN EQUITIES JAPAN EQUITIES MULTI MANAGERHEDGE GLOBAL CREDIT PROPERTY MULTI MANAGERTRADITIONAL TEAMS $3,050m $538m $3,588m $1,134m $104m $1,950m $1,530m ASSETS Kingsway Hillside Apex Nevsky Edo Kingsway Plus HEDGE FUNDS Tybourne High Income European Japan Property Growth & Income UCITS III / LONG ONLY FUNDS Hedge+ TRPIT CLOSED ENDED FUNDS Sigma Emerging Asia 1 Nov 2007 Longstone Hedge1 Dec 2007‡ NEW FUNDS † Assets n/a - funds launched 01.10.07 ‡ Subject to regulatory approval Global Equities are managed by Nevsky Capital LLP, an affiliate of Thames River Capital LLP. TRC assets data to 30.09.07

5. Fund characteristics Source: Northern Trust (IFAS) Ireland

6. Performance The Global Credit Team is now in its tenth year Hillside Apex Fund performance ($) High Income Fund performance (€) Established funds with strong risk adjusted performance Hillside Apex - $ shares. High Income - € shares (old) Note: YTD return to 30.09.07. Volatility – annualised standard deviation of monthly returns

7. Hillside Apex Fund Credit crisis Rate rise fears UST / Autos Rate rises Fed changes language UST collapse Brazil crisis Argentina default Sep 11th Argentina crisis Strong risk adjusted returns Source: TRC, Bloomberg, weekly data

8. High Income Fund Credit crisis Rate rise fears UST / Autos Rate rises Fed changes language UST collapse Argentina default Brazil crisis Sep 11th Argentina crisis Strong risk adjusted returns Source: TRC, Bloomberg, daily data

9. Investment scope TOP DOWN MACRO (outright positions & hedges) • G7 bonds, FX and Equity • Futures & Options SOVEREIGNS CORPORATES • Hard Currency (HC) • EM • Bonds • CDS • Options • Local Currency (LC) • EM • Bonds • Interest Rate Swaps (IRS) • Options • FX forwards • Global High Yield • EM (HC & LC) • Developed (HC) • Special Situations • EM (HC & LC) • Developed (HC) • Bonds • Loans • Distressed • EM (HC & LC) • Developed (HC) • Bonds • Loans EQUITIES COMMODITIES • Public • Private • Energy • Metals • Softs Hillside Apex Fund High Income Fund

10. Investor groups Assets types and regions CROSSOVER DEDICATED Type of Investor • Global Fixed Income Funds • Pension Funds • High Yield Funds Examples of Bonds Targeted • Colombia Govt bonds (USD & ARS) • Argentina Corp Bonds • Turkey Govt USD Bonds Beta - Medium Type of Investor • EM Bond Funds • Macro Funds Examples of Bonds Targeted • Argentina Govt Peso bonds • Brazil Govt USD Bonds Beta - High Low Correlation PERIPHERY DISTRESSED Type of Investor • Hedge Funds • Vulture Funds Examples of Bonds Targeted • Borrowers in default or distress Beta – Low/Nil Type of Investor • Various (e.g. CDOS, CBOS, retail) Examples of Bonds Targeted • Corporate loans • Sovereign loans • Jamaican Govt Bonds Beta - Low

11. Investment ProcessTeam Responsibilities TOP DOWN MACRO Mehrdad Noorani (FM) Bernt Tallaksen (FM) Mehrdad Noorani (FM) Frank Engels Bernt Tallaksen (FM) Additional Input Sovereign Analysis Frank Engels (G3, Latam) Nikolaus Siegfried (M.E.A., China, Commodities) Sonal Desai (Japan, EMEA, CIS, Asia) Simon Holmes (Trader) Corporate Analysis (*) Chris Currington (Asia, EMEA, US) Stefan Benedetti (Latam, EMEA) Zafar Zohidov (E. Europe, LA) Rodney Thomas (W. Europe, Asia) Amy Xie (Trader) SOVEREIGNBOTTOM UP CORPORATEBOTTOM UP Middle Office (*) Chris Currington (Global Credit COO) Michelle Lynch & Rob Leahy

12. Outlook - The Culprit: The US The Good, The Bad and The Ugly Source: GCT forecasts

13. Outlook – Sovereign Opportunity Set The Good, The Bad and The Ugly Sovereign Good: Buy Bad: Selective buy/sell Ugly: Wait Action

14. Outlook – Corporate Opportunity Set The Good, The Bad and The Ugly Corporate Good: Buy Bad: Selective buy/sell Ugly: Wait Action

15. Summary Strong risk-adjusted returns • Strong experienced Fund Management team with proven record • Fund Managers well supported by a large team with broad skills • Broad opportunities to drive returns in all market conditions • Established funds with strong team and proven process

16. Team Biographies Appendix

17. Team BiographiesFund Managers Bernt Tallaksen Fund Manager Mehrdad Noorani Fund Manager Chris Currington COO Global Credit Team Chris joined Thames River Capital in March 2003. From June 2001 he was with MacLeod Phillips, a corporate advisory firm focused on restructuring and M&A services for UK and European mid-market corporates. Previously he spent twenty years at Andersen, based both in London and internationally where he led a significant number of European, American, Asian and developing country assignments. During his time at Andersen he was an Audit and Corporate Restructuring Partner for nine years including Deputy Managing Partner responsible for the Privatisation and Emerging Markets practice. In 1980 Chris graduated with an Honours degree in Business Administration from York University (Toronto, Canada). He is a member of both the Canadian and Scottish Institutes of Chartered Accountants. Mehrdad joined Thames River Capital in August 2005. He is an experienced Proprietary Trader who has traded a wide range of asset classes in both cash and derivatives across a large number of regions including North America, LatAm, Europe and Asia. He joined from UFJ where he was a Proprietary Trader focused on volatility strategies. Prior to that, he was a Proprietary Trader at Merrill Lynch for two years and Head Trader at JP Morgan Chase for seven years where he set up a European and Asian internal relative value hedge fund. Before JP Morgan Chase he worked at Salomon Brothers for four years as a Senior Analyst. In 1989 Mehrdad graduated with a Masters of Communication Engineering from the University of London and in 1995 he graduated with an MBA (Analytic Finance and Economics) from the University of Chicago, GSB. Bernt joined Thames River Capital in June 1998. From May 1997 Bernt was a Senior Emerging Market Debt Analyst at CapMAC Investment Management in San Francisco, where he was responsible for assessing relative-value strategies and developing risk management and security analysis tools. From 1995 to 1997 he worked at LGT Asset Management in San Francisco as an Emerging Market Debt Analyst, where he focused on hard currency and local currency relative value bond and derivative trades. In 1991 Bernt graduated with a BSc. in Business Administration from California State University and in 1995 he graduated with an MBA (Analytic Finance and Economics) from the University of Chicago, GSB.

18. Team BiographiesCorporate Credit Specialists Stefan Benedetti Investment Manager Rodney Thomas Investment Analyst Zafar Zohidov Investment Analyst Zafar joined Thames River Capital in July 2006 as an Investment Analyst. Previously he spent three years with Deutsche Bank as a Primary Credit Officer for Russia/CIS with responsibility for credit analysis, transaction approvals, research and rating of corporate, bank and NBFIs’ credits. Prior to that, he was with the European Bank for Reconstruction and Development where he was responsible for credit and transaction analysis, investment screening and cash flow modelling. Previous positions include Senior Financial Analyst at UzOilRefining and work for the EU Commission’s TACIS Projects in Uzbekistan. Zafar has an MSc. in International Securities, Investment and Banking from ICMA Centre at University of Reading, UK and a BSc. (Hons) in Economics from Ferghana State University, Uzbekistan. Stefan is a credit specialist with a focus on distressed and special situations. He joined Thames River Capital in July 2002 after six years with Klesch & Company, a London based investment firm specialising in European distressed securities and private equity in turnaround situations. Prior to that, Stefan worked in the corporate finance department of Charterhouse Bank in London. Stefan trained and qualified as a Chartered Accountant with KPMG in London. Whilst at KPMG, he gained experience auditing and investigating the loan books and trading activities of a number of banks. Stefan studied at the Università Commerciale “Luigi Bocconi” in Milan and at the London School of Economics, where he earned a BSc. in Economics. Rodney Thomas joined Thames River Capital in June 2006 as an Investment Analyst. He was previously with Citigroup Global Markets, Fixed Income Division for seven years. At Citigroup, his responsibilities included credit analysis and transaction approvals in the U.S. power sector, review and restructuring of exposure to energy and power sector credits during the California utility market and U.S. energy trading crises of 2001-2002, and the origination and structuring of debt financings in the power, energy and financial services sector in both the U.S. and Europe. Prior to that, he spent five years as a U.S. diplomat, serving assignments at the U.S. Embassies in Abu Dhabi, Tunis, and Sanaa, Yemen. He has an MBA from the University of Virginia and a BA in Economics from Amherst College.

19. Team BiographiesEconomists Frank Engels Economist Nikolaus Siegfried Economist Sonal Desai Economist Frank joined Thames River Capital in June 2004 as an Economist. From 2002 to 2004 he was a Senior Economist at the European Central Bank (ECB) in Frankfurt analysing economic developments in France, the Netherlands and Greece for the ECB's macroeconomic projections. Prior to the ECB he worked as an Economist at the International Monetary Fund (IMF) in Washington for more than three years. His main IMF country assignments included Lithuania, Iceland and the UK. He also focused on monetary and exchange rate policies in small open economies and issues involving financial stability. Before joining the IMF, he was an Economist in the Emerging Markets Team at Swiss Reinsurance Company in Zurich, covering macroeconomic and reinsurance related developments in Latin American and African countries. Frank has a Ph.D. in International Macroeconomics from the WHU Koblenz in Germany. In his Ph.D. thesis he analysed the underlying reasons for the success or failure of various exchange rate-based macroeconomic stabilisation programs in Latin American emerging markets. Nikolaus joined Thames River Capital in November 2005 as an Economist. From 2002 to 2005 he was an Economist at the European Central Bank (ECB) in Frankfurt analysing economic and political developments in the Middle East and North Africa. He also focused on analytical aspects of the ECB's international work, notably on the currency denomination of bond issuance by multinational companies, the causes and effects of workers' remittances from the euro area, and implications for the international role of the euro. Prior to the ECB he was a Summer Associate at Merrill Lynch European Economics and Strategy and held teaching and research assistant positions at Hamburg and Humboldt Universities in Germany. Nikolaus has a Ph.D. in Economics from Hamburg University. In his Ph.D. thesis he analysed the monetary transmission mechanism in the euro area, focusing on the effects of a common monetary policy on different countries and firms. He was also a Special Student at Harvard University in 1993 and 1994. Sonal joined Thames River Capital in August 2006 as an Economist. From 2002 to 2006 she was a Senior Economist with Dresdner Kleinwort, responsible for following economic and political developments in Russia, Turkey, and the CIS. Prior to moving to the private sector Sonal worked for over six years as an economist with the International Monetary Fund (IMF) in Washington. During her time at the IMF her country assignments included Romania, Croatia and Egypt, focusing mainly on monetary and exchange rate policies. She also worked on the development of IMF program and policy issues for consideration by the IMF Board during her time in the Policy Development and Review Department. Sonal holds a Ph.D. from Northwestern University in Evanston. Her dissertation focused on the impact of openness to trade on development, in the context of a theoretical endogenous growth model, analysing the case of India. After completing her doctoral work she worked as an Assistant Professor at the University of Pittsburgh before joining the IMF.

20. Team BiographiesTraders Amy Xie Corporate Trader Simon Holmes Sovereign Trader Amy joined Thames River Capital in May 2007 as a Corporate Trader. Previously she spent three years at Citigroup Global Markets as a Market Maker in Non-Dollar Latin American External Debt and Central & Eastern European, Middle Eastern and African Sovereign and External Corporate Debt. Amy began her career at Merrill Lynch International as a summer Analyst and has a BA (Hons) Economics from Emmanuel College, University of Cambridge. Simon joined Thames River Capital in October 2007 as a Sovereign Trader. From 2004, he was an Engagement Manager at McKinsey & Company. Previously he was a Product Accountant in the Fixed Income Division of Salomon Smith Barney in Sydney, Australia. Prior to that he spent one year undertaking project work in the Equity Derivatives Group at Barclays Capital, as well as one year as an FX Trader / Risk Analyst at Daiwa Europe Bank. He has a BSc. (Hons) in Natural Sciences from the University of Durham and an MBA from INSEAD. He also has a Chartered Financial Analyst (CFA) qualification.

21. Team BiographiesMiddle Office & Support Rob Leahy Asst. Middle Office Manager Michelle Lynch Middle Office Manager Rob joined Thames River Capital in May 2002. He initially joined the Investment Administration team working on various Thames River Funds. In January 2007 he joined the Global Credit team as Assistant Middle Office Manager. Before joining Thames River Capital, he worked in operations at ABN Asset Management and prior to that Schroder Investment Management in a similar role. Michelle joined Thames River Capital in March 2006 as Middle Office Manager. From 2000 to 2005 she was Assistant Manager / Operations Manager at AIB/BNY Fund Management (Ireland). Prior to that she was Fund Accounting Supervisor at BISYS Fund Services and before that she held Fund Accountant positions at Brown Brothers Harriman in Dublin. She started her career as Custodian Administrator / Fund Controller at Deutsche Morgan Grenfell in 1994. Michelle has a Bachelor of Business Studies degree from Dundalk Regional Technical College in Ireland.

22. Important NoticeREGULATORY INFORMATION AND RISK WARNINGS This document is issued for information only by Thames River Capital LLP (“Thames River”) in respect of the funds named below and their relevant sub-funds save for Nevsky Fund Limited and Traditional Funds plc - Eastern European Fund, Global Emerging Markets Fund, European Opportunities Fund and European Absolute Return Fund, which are issued by Nevsky Capital LLP (“Nevsky Capital”). Thames River and Nevsky Capital are both authorised and regulated by the Financial Services Authority (“FSA”). Content relating to unregulated collective investment schemes is only directed at investors meeting the FSA’s Annex 5 categories. It must not be relied upon by non-qualifying persons. It does not constitute an offer by Thames River or Nevsky Capital to enter into any contract/agreement nor is it a solicitation to buy or sell any investment. 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 and Nevsky Capital, their 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 is not aimed at persons who are residents of any country, including the United States of America ("USA") and South Africa, where the Funds referred to herein are not registered or approved for marketing and/or sale or in which the dissemination of information on the Funds or services is not permitted. This document should not be distributed to any third party without the express approval of Thames River and has been designed for a professional audience only. Funds referred to herein are neither registered under the Securities Act 1933 of the USA, nor are they registered under the Investment Company Act of 1940. Consequently, they cannot be offered for sale or be sold in the USA, its territories, possessions or protectorates under its jurisdiction, nor to nationals, citizens or residents in any of those areas. This document should be read in conjunction with the Prospectus of the relevant fund 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. Thames River Hillside Apex Fund Segregated Portfolio, Thames River Kingsway Fund Segregated Portfolio, Thames River Kingsway Plus Fund Limited, Nevsky Fund Limited, Thames River Edo Fund Limited, Thames River Sentinel Fund, Thames River Warrior Fund, Thames River Warrior II Fund, Thames River Equity Focus Fund, Thames River Distressed Focus Fund, Thames River 1X Currency Alpha Fund, Thames River Hedge Ventures Limited, Thames River 2X Currency Alpha Fund Limited, Thames River Property Growth & Income Fund Limited and Thames River Tybourne Fund Limited are unregulated collective investment schemes which are not recognised schemes under s.264 of the Financial Services and Markets Act 2000. Thames River Hedge+ is a cell of Thames River Multi Hedge PCC Limited, listed on the London and Channel Islands Stock Exchanges. The Thames River European Fund, Thames River High Income Fund, Eastern European Fund, Thames River Japan Fund, Global Emerging Markets Fund, Thames River Global Bond Fund (£), Thames River Global Bond Fund (€) and Thames River Global Bond Fund ($) are sub-funds of Traditional Funds plc, an open-ended investment company with segregated liability between sub-funds incorporated in Ireland, authorised by the Irish Financial Services Regulatory Authority and listed on the Irish Stock Exchange. This company is a recognised collective investment scheme under s.264 of the Financial Services and Markets Act. TR Property Investment Trust plc is a UK investment trust listed on the London Stock Exchange. Many of the protections provided by the United Kingdom regulatory structure may not 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. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. The unregulated schemes and TR Property Investment Trust plc are permitted to and use gearing as an investment strategy. The effect of such gearing is that movements in the price of the schemes will be more volatile than the movements in the prices of their underlying investments. You should obtain professional advice on taxation where appropriate before proceeding with any investment. You should be aware that investments in higher yielding bonds issued by borrowers with lower credit ratings may result in a greater risk of default and have a negative impact on income and capital value. Income payments may constitute a return of capital in whole or in part. Income may be achieved by foregoing future capital growth. 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. With the exception of TR Property Investment Trust plc and Thames River Hedge+, the funds are not traded on an exchange or recognised market and in common with some of their investments may not be readily realisable. 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. (070925) Potential investors should follow the links below for information on any current side letters relating to the schemes. http://www.thamesriver.co.uk/downloads/disclosures.htm http://www.nevskycapital.com/downloads/disclosures.htm Notice to Investors: Please note Paying Agents/Representatives for the following countries have been appointed by Traditional Funds plc in accordance with local requirements: Germany, Austria, Switzerland, Malta, Luxembourg, Netherlands. Local language versions of the Traditional Funds plc prospectus and simplified prospectus are available from their offices. For a full list of Paying Agents’ details, please follow the following links: http://www.thamesriver.co.uk/pdf/paying_agents.pdf http://www.nevskycapital.com/pdf/paying_agents.pdf Complied: 23-Oct-07 Print Date: 10-Jun-14