Gardeners’Gardeners’WorldWorld

Robert Burdett & Gary PotterRobert Burdett & Gary Potter

Gardeners’Gardeners’WorldWorld

Robert Burdett & Gary PotterRobert Burdett & Gary Potter

MARCHMARCH

All articles dated between March – August 2007

March News and ViewsMarch News and Views

All articles dated between March – August 2007

Meanwhile in the Multi-Manager world…Meanwhile in the Multi-Manager world…

All articles dated between March – August 2007

Consistency in Bear marketsConsistency in Bear markets

Source: LipperPerformance generated by the Multi-Manager team as constituted from time to time for and on behalf of Credit Suisse

Constellation Bear Market Constellation Bear Market 10/8/01 to 12/3/0310/8/01 to 12/3/03

Credit SuisseCredit SuisseMulti ManagerMulti ManagerCONSTELLATIONCONSTELLATIONAccAcc

579 days from 10/08/2001 to 12/03/2003

Perc

enta

ge G

row

th T

otal

Ret

urn,

Tax

Def

ault,

GB

PR

elat

ive

to IM

A G

loba

l Gro

wth

(IN

:IN)

-2.5

0.0

2.5

5.0

7.5

10.0

12.5

15.0

10/2001 01/2002 04/2002 07/2002 10/2002 01/2003

12.5%

Consistency in Bull marketsConsistency in Bull markets

Source: LipperPerformance generated by the Multi-Manager team as constituted from time to time for and on behalf of Credit Suisse

Constellation Bull Market Constellation Bull Market 12/3/03 to 28/2/0712/3/03 to 28/2/07

1449 days from 12/03/2003 to 28/02/2007-5.0

0

5.0

10.0

15.0

20.0

07/2003 01/2004 07/2004 01/2005 07/2005 01/2006 07/2006

Perc

enta

ge G

row

th T

otal

Ret

urn,

Tax

Def

ault,

GB

PR

elat

ive

to IM

A G

loba

l Gro

wth

(IN

:IN)

17.3%

01/2007

Credit SuisseCredit SuisseMulti ManagerMulti ManagerCONSTELLATIONCONSTELLATIONAccAcc

Consistent outperformance overall Consistent outperformance overall

Constellation – all marketsConstellation – all markets

Source: LipperPerformance generated by the Multi-Manager team as constituted from time to time for and on behalf of Credit Suisse

Perc

enta

ge G

row

th T

otal

Ret

urn,

Tax

Def

ault,

GB

PR

elat

ive

to IM

A G

loba

l Gro

wth

(IN

:IN)

37.4%

Credit SuisseCredit SuisseMulti ManagerMulti ManagerCONSTELLATIONCONSTELLATIONAccAcc

2028 days from 10/08/2001 to 28/02/2007

-5

0

5

10

15

20

25

30

35

40

01/2002 07/2002 01/2003 07/2003 01/2004 07/2004 01/2005 07/2005 01/2006 07/2006 01/2007

APRILAPRIL

April News and ViewsApril News and Views

All articles dated between March – August 2007

Meanwhile in the Multi-Manager world…Meanwhile in the Multi-Manager world…

All articles dated between March – August 2007

MAYMAY

May News and ViewsMay News and Views

All articles dated between March – August 2007

All articles dated between March – August 2007

Meanwhile in the Multi-Manager world…Meanwhile in the Multi-Manager world…

JUNEJUNE

June News and ViewsJune News and Views

All articles dated between March – August 2007

Meanwhile in the Multi-Manager world…Meanwhile in the Multi-Manager world…

All articles dated between March – August 2007

JULYJULY

July News and ViewsJuly News and Views

All articles dated between March – August 2007

Meanwhile in the Multi-Manager world…Meanwhile in the Multi-Manager world…

All articles dated between March – August 2007

AUGUSTAUGUST

August News and ViewsAugust News and Views

All articles dated between March – August 2007

Meanwhile in the Multi-Manager world…Meanwhile in the Multi-Manager world…

All articles dated between March – August 2007

Time to plan for the future…Time to plan for the future…

Thames River – AUM $11.3 bnAs at 31 July 2007Thames River – AUM $11.3 bnAs at 31 July 2007

TeamTeamHedgeHedgeFundsFunds

AUM ($m)AUM ($m)

TraditionalTraditionalFundsFunds

AUM ($m)AUM ($m)No. FundsNo. Funds No. StaffNo. Staff

Global CreditGlobal Credit 1,1801,180 1,8531,853 22 1313

Multi-Manager HedgeMulti-Manager Hedge 1,2641,264 -- 99 88

EuropeanEuropean 760760 341341 44 1010

Emerging MarketsEmerging Markets 2,0632,063 1,1831,183 33 2727

JapanJapan 2727 8888 22 55

Global FixedGlobal Fixed -- 513513 33 33

PropertyProperty -- 2,0082,008 33 77

Multi-Manager TraditionalMulti-Manager Traditional -- -- -- 5*5*

Total 7,147 4,133 26 78**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 fundsLack of consistency from single manager funds

Source: Lipper Global Sectors, % growth in £ terms, total return, 31.12.03-31.12.06

0

20

40

60

80

100

0

20

40

60

80

100

Europe

Ranking

Ranking

% C

onsi

sten

tly Q

1

USA

9/408

56/408

Asia ExJapan

0/178

Japan

0/227

10/227

GEM

3/134

12/134

GlobalFixed

5/251

36/251

GlobalEquity

44/719

151/709

TOTAL

93/2592

429/2592

% C

onsi

sten

tly H

1

UKIncome

6/84

21/84

GBPCorps

8/97

25/97

UK

14/360

70/360

4/134

25/134

Europe USAAsia ExJapan

JapanGEMGlobalFixed

GlobalEquity

TOTALUK

IncomeGBP

CorpsUK

23/178

Top Quartile PerformanceRolling 3 Years (Calendar Year terms)

Above Average PerformanceRolling 3 Years (Calendar Year terms)

Global Boutiques – primarily global equitiesGlobal Boutiques – primarily global equities

Equity Managed – mainly equities Equity Managed – mainly equities (50% UK / 50% Intl)(50% UK / 50% Intl)

Balanced Managed – up to 85% equitiesBalanced Managed – up to 85% equities

Cautious Managed – up to 60% equitiesCautious Managed – up to 60% equities

Distribution – up to 60% equities, Distribution – up to 60% equities, targeting a high incometargeting a high income

Offshore range to comeOffshore range to come

Fund RangeFund Range

EQUITYbias

INCOMEbias

Performance consistency mattersPerformance consistency matters

Rolling Year Performance (Feb – Feb) Rolling Year Performance (Feb – Feb) Quartile RankingQuartile Ranking

Core Funds 2006/7 2005/6 2004/5 2003/4 2002/3Since

Launch

CSMM Equity ManagedCSMM Equity Managed 22(26th (26th

percentile)percentile)

11 11 11 22 11

CSMM ConstellationCSMM Constellation 22 22 22 11 11 11

CSMM Cautious ManagedCSMM Cautious Managed 22 11 11 11 33 11

CSMM Balanced ManagedCSMM Balanced Managed 22 2*2* -- -- -- 2**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 28/2/07The 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

SummarySummary

We are excited to be backWe are excited to be back

We are in the right placeWe are in the right place

We have a great opportunity We have a great opportunity and a fresh portfolioand a fresh portfolio

We are looking forward to doing We are looking forward to doing business with youbusiness with you

Important NoticeREGULATORY INFORMATION AND RISK WARNINGSImportant 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)