RWC Absolute Rate & Currency (ARC) Funds May 2011

2

Introduction to RWC Partners

• RWC Partners is an independent investment firm• Focus is exclusively on high-alpha asset management to institutions, professional investors and intermediaries• Business is built around highly-talented portfolio managers, an intense focus on performance and a strong risk

management culture

• Majority of equity in RWC Partners is owned by RWC personnel – the balance is owned by Schroders• 7 investment teams

• UK Equity John Innes• European Equity Ajay Gambhir• US Equity Mike Corcell• Global Convertible Bond Davide Basile• Global Growth Equity Priya Kodeeswaran• Equity Income and Value Nick Purves & Ian Lance• Absolute Return Bond & Currency Peter Allwright & Stuart Frost

• 66 personnel of which nearly half are investment professionals• Product focus: UCITS III & non-UCITS high alpha & absolute return funds

RWC ARC Team & Investment Strategies

3

0%

3%

6%

0% 5% 10%

Target Returnover LIBOR

Expected Maximum VaR

RWC Cautious ARCTarget: Cash +3%

Structure: UCITS III

RWC Enhanced ARCTarget: Cash +6%

Structure: UCITS III

RWC Absolute Rate & Currency Funds

4

• RWC ARC (Absolute Rate and Currency) Funds• A macro-orientated thought process, investing in liquid interest rate and currency markets• Core, high grade, fixed income portfolio supported by additional “alpha” strategies

• Strategies aim to achieve a net return* of cash +3% and cash +6%, annualised, over the market cycle• Highly liquid securities ensure exposure can be de-risked efficiently to reduce “drawdowns”• Physical High Grade Bond investments provide a stable yield and exposure to duration• Directional and tactical “strategies” provide the majority of excess returns

Alpha Portfolio

High Grade Bond Portfolio

• Short term high grade physical bond portfolio• Provides a cash return on investments• Some alpha component from duration management• Highly liquid and provider of collateral if needed• Short maturities

• Overlay adds pure alpha• Predominantly derivative overlay• Liquid rates and currency• Exchange traded rates and forward and OTC FX• No illiquid derivative structures

*Net of the institutional share class fee

Example of High Grade Bond Portfolio

5

Country Issuer Coupon Maturity Rating Holding (%)

HSH Nordbank (German Guarantee) 2 3/4 20/01/2012 Aaa/AAA 13.54%

RBS (UK Guarantee) 3 3/4 14/11/2011 Aaa/AAA 10.97%

OBLI 2 1/4 15/04/2011 Aaa/AAA 6.07%

HBOS (UK Guarantee) 3 3/8 05/12/2011 Aaa/AAA 5.46%

IKB (German Guarantee) 2 5/8 13/03/2012 Aaa/AAA 5.39%

European Investment Bank 2 1/2 15/04/2012 Aaa/AAA 5.39%

Lloyds (UK Guarantee) 3 3/4 17/11/2011 Aaa/AAA 4.11%

Neder Waterschapsbank 3 3/4 16/01/2012 Aaa/AAA 4.10%

Westpac Banking 4 1/4 25/01/2012 Aa1/AA 3.84%

Shell International 3 3/8 09/02/2012 Aa1/AA 3.80%

Alpha Portfolio

High Grade Bond Portfolio

Source: RWC Partners 29/04/2011

Rating % of Fund

AAA 67.01%

AA 17.58%

A 4.42%

BBB 0.00%

BB and below 0.00%

Unrated 0.00%

Total 89.01%

Sector % of Fund

Sovereign/Agency/Supra 54.35%

Secured/Collateralised 0.00%

Financial 26.74%

Corporate 7.92%

Total 89.01%

Analytics % of Fund

Duration 0.46 years

Current Yield 1.65%

Average rating AAA

• Provides beta element of portfolio• Limited alpha opportunities• Emphasis on liquidity and quality• Residual interest rate and or/ credit risk can

be hedged if necessary

Alpha Portfolio

6

Alpha Portfolio

High GradeBond Portfolio

• Managed as overlay to add return to high grade bond portfolio• Focused, highest conviction investment strategies:

• Rates – bond markets – short term interest rate futures• FX – Global and emerging market currencies• Cross asset class strategies – Bunds vs. Gilts – iTraxx crossover

• Strategies can be directional or market neutral• Typically a small number of strategies deployed at any point in time• One strategy may be implemented in a number of different ways

• Liquid securities ensure overlay can be collapsed or de-risked efficiently and quickly• Exchange traded futures and options• FX funds and OTCs• Physical cash• Interest rate swaps and CDS (iTraxx, sovereign CDS)

Flow Analysis•Aim: Identify supply/demand

dynamics and permanent positioning

•Analyse: Monitoring actions of major market participants

•Action: Directional investments

Price, Flow & Macro Analysis – produces the P.F.M. Scorecard

7

Price Analysis•Aim: To establish current and future

state of play in any given market, i.e. trend or range

•Analyse: Charts of bonds, FX and indices•Action: Identification of trading

opportunities and attractive entry and exit points

Macro Analysis•Aim: To anticipate economic

trends in growth and inflation

•Analyse: Key economic variables; qualitative analysis of economic fundamentals

•Action: Fundamental input for trading ideas

PFM

Investment Process & P.F.M. Analysis

8

• Investment process looks at opportunities from three critical perspectives:• Price Analysis

• Market psychology – price performance relative to economic releases• Study of price trends, patterns of a continuation or reversal nature• Long term charts looking for target areas on trends or ranges• Inflection points on overbought or oversold markets• What market are we in? Trend / Range / Reversal

• Flow Analysis• Auction scheduling/QE buybacks• Exchange Controls Policy• CB/SWF currency diversification policy• Pension solvency regulation

• Macro Analysis• GDP relative to trend• Inflation expectations• Taylor rule analysis

• The Price, Flow, Macro analysis is quantified through the PFM “Scorecard”• Each of the macro, flow, and price chart-based input factors is scored on a scale of -3 to +3• Aggregate scores give a representation of the attractiveness of various points on the yield curve, currencies and bonds• Ratings move frequently as P.F.M. inputs change – formally recreated every week

• Scorecard output is used to help assess and select strategies• It is an idea generator and is not followed mechanically

• A high conviction strategy developed from any of the P.F.M. processes will be tested against the other two analytical processes

MacroFlow

Price

Price

Flow Macro

Price

MacroFlow

PFM Scorecard – highlighting the investment opportunities

9Please note, this is a historical example and not the current scorecard and will therefore not reflect current positions

10

Implementing the Investment Strategies

Expression of Investment View

• Market• Currency• Long or short• Proxy or security

specific

Choice of Security Type• Cash securities• Futures • Options• Forwards• Swaps

Sizing & Risk Management• Risk budget• Liquidity• Volatility• Transparency• Simplicity

Entry and Exit Points• Price targets• Call level• Rolling stop profits• Time Limits

Sizing and Risk Management

11

• Pragmatic, market dependant approach to risk taking• PFM Scorecard highlights trade possibilities• Size of risk allocation dependant on market condition ie. liquidity/volatility, e.g. holidays, auctions or economic release• Risk assessed on a top down ‘whole portfolio’ view as well as an individual trade by trade basis• VaR measure (Monte Carlo) only a backward looking indicator: Cautious ARC 20 day 99% confidence, 500 bps limit

Enhanced ARC 20 day 99% confidence, 1000bps limit• Correlations move to extremes in times of stress• Market neutral (i.e. curve, cross market) strategies may have significant implicit directional bias• DV01/bp risk used to size and set stop profit/loss levels relative to expectations of realised market volatility• Third party risk company AB Funds in Luxembourg using Kinetic Software• Funds managed through Beauchamps (hedge fund accounting system) and thinkFolio, a simple, intuitive and sophisticated portfolio

modelling and trade management system designed specifically for bonds and currency management (not a VaR system)

Example: 5s/10s curve trade 1 bp per bp of fund P+LGilts/Bunds ½ bp per bp of fund P+LOutright long/short ¼ bp per bp of fund P+LFXs percentage exposure relative to

underlying liquidity/volatilityeg. USD ZAR ½% of NAV eg. NOK SEK 2% of NAV

• Option strategies may be used to take exposure, hedge risk or book profit where it is economic and efficient to do so

Expression of Investment View

• Market• Currency• Long or short• Proxy or security

specific

Choice of Security Type• Cash securities• Futures • Options• Forwards• Swaps

Sizing & Risk Management• Risk budget• Liquidity• Volatility• Transparency• Simplicity

Entry and Exit Points• Price targets• Call level• Rolling stop profits• Time Limits

RWC Cautious ARC (Absolute Rate & Currency) Fund – Term Sheet

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• Launch Date 29th December 2006• Liquidity Daily subscriptions & redemptions / daily NAV• Fees A Share Class: Retail 1.35% AMC / 10% performance fee

Fees B Share Class: Institutional 0.70% AMC / 10% performance fee• Performance Fee HWM Yes – highest previous calendar year end• Performance Fee hurdle Yes – HWM + LIBOR or equivalent• Fund structure Luxembourg SICAV (UCITS III)

Sub-fund of the “RWC Funds” SICAV• Currency EUR base currency – USD, GBP, CHF hedged share class• UCITS III status Sophisticated Fund• Administrator Banque Privée Edmond de Rothschild Europe• Local Registrations Luxembourg / UK / Germany / Switzerland / Italy• Tax Registered for Reporting Status for 2010

RWC Enhanced ARC (Absolute Rate & Currency) Fund – Term Sheet

13

• Launch Date 14th February 2011• Liquidity Daily subscriptions & redemptions / daily NAV• Fees A Share Class: Retail 1.5% AMC / 15% performance fee

Fees B Share Class: Institutional 0.8% AMC / 15% performance fee• Performance Fee HWM Paid quarterly. Share class level high water mark• Performance Fee hurdle Yes – HWM + LIBOR or equivalent• Fund structure Luxembourg SICAV (UCITS III)

Sub-fund of the “RWC Funds” SICAV• Currency EUR base currency – GBP, USD hedged share classes• UCITS III designation Sophisticated Fund• Administrator Banque Privée Edmond de Rothschild Europe• Local Registrations TBC - Luxembourg, Germany, UK, Switzerland, Italy• Tax UK Reporting Status Application will be submitted

Daily reporting available for Germany Tax Transparency

14

Appendix

Absolute Return Bond & Currency: portfolio management team

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Peter Allwright – Portfolio Manager• Joined RWC Partners in September 2010 with Stuart Frost as co-head of the Absolute Return

Bond & Currency Team• Threadneedle Asset Management – 2005-2010

• Co-manager on all Absolute Return Bond and Macro Funds from inception• $3bn AUM in absolute return and high alpha strategies• Absolute Return Bond Fund – AA rated by S&P / A rated by OBSR• Awarded 2 Gold Medals by Sauren in 2009 for Absolute Return funds and 2 for the Macro fund• Additional responsibilities included management of core Global and European Bond funds

• Gartmore – Senior Portfolio Manager – 2004-2005• Royal London Asset Management – 2001-2004

• Manager of the award winning Overseas Bond Fund• Professional Pensions best performing Global Bond Fund 2002, 2003 and 2004

• 1993 – 2001 Nomura, Nikko and Svenska Handelsbanken• Proprietary trader and market maker in government bond and credit markets

• MA (Hons) from the University of Cambridge in Engineering and Management Studies; CFA Charterholder

Absolute Return Bond & Currency: portfolio management team

16

Stuart Frost – Portfolio Manager• Joined RWC Partners in September 2010 with Peter Allwright as co-head of the Absolute Return

Bond & Currency Team• Threadneedle Asset Management – 2007-2010

• Co-manager on all Absolute Return Bond and Macro Funds from inception• $3bn AUM in absolute return and high alpha strategies• Absolute Return Bond Fund – AA rated by S&P / A rated by OBSR

• Lloyds TSB Markets – Head of Global Charting - 2006• Gartmore – Senior Portfolio Manager – 2004-2005

• FX Hedge Fund• NatWest Markets – 1980-2000

• 1992-2000 Established and managed the NatWest Treasury FX chart and fundamental research team in London

• 1980-1990 Forward FX dealer, Futures trader and Prop Trader in New York• A regular top 3 winner in the Euro money FX and Greenwich markets survey polls• Responsibilities for client coverage within research – Europe, UK and Asia• Qualifications from New York Institute of Finance in Technical Analysis and Bond Markets• 1994-1997 Guest lecturer in Charting at City University Business School

17

Absolute Return Bond & Currency: portfolio management team

Alice Leedale – Market Strategist

• Joined RWC Partners in March 2011 as a Market Strategist in the Absolute Return Bond & Currency Team

• Goldman Sachs International – 2006-2009• Financial analyst in the UK Mergers and Acquisitions Advisory Group• Extensive experience in financial modelling, company valuation and capital structure analysis

• University of Cambridge – MPhil Economics – 2009-2010• Specialist subjects: Asset Pricing, International Finance, Monetary Policy• Dissertation: ‘Asset Prices and Monetary Policy: Evidence from the UK’

• University of Oxford – First Class BA (Hons) Economics and Management – 2002-2006

Larry Furness – Market Strategist

• Joined RWC Partners in August 2010 as a graduate recruit• Joined the Absolute Return Bond & Currency Team in February 2011

• Permal Investment Management – Investment Analyst (Internship) – 2010• Involved with manager research which included attending Cap Intro events as an Analyst

• Government Economic Service – Assistant Economist (Internship) – 2008• Graduated in 2009 with an honours bachelor’s degree in Economics from The University of Nottingham

18

Performance of Strategy (Net of Fees)Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD

2005 Threadneedle Absolute Return Bond Fund - - - - - - - - - - 0.20% 0.66% 0.86%

2006 Threadneedle Absolute Return Bond Fund 0.42% 0.39% 0.47% 0.33% 0.47% 0.17% 0.08% -0.50% 0.76% 0.42% 0.46% 0.02% 3.55%

2007 Threadneedle Absolute Return Bond Fund -0.21% 1.34% -0.19% -0.34% -0.68% -0.69% 2.76% 1.50% 1.96% 0.89% 0.85% 0.27% 7.64%

2008 Threadneedle Absolute Return Bond Fund 2.33% 1.63% 2.63% -2.03% -1.24% -0.34% 0.67% 2.01% 0.89% 1.72% 2.72% 2.59% 14.30%

2009 Threadneedle Absolute Return Bond Fund -0.12% 0.30% 0.31% 0.77% 1.08% 0.55% -0.23% 0.82% 0.11% 0.41% -0.07% -0.10% 3.86%

2010 Threadneedle Absolute Return Bond Fund 0.03% 0.03% 0.27% -0.37% -0.43% 0.20%* - - - - - - -0.26%

Source: RWC Partners / Bloomberg. NAV to NAV net income reinvested. Net of feesPast performance is not a guide to the future. The price of investments and the income from them may fall as well as rise and investors may not get back the full amount invested*Note. June performance data refers to 1st June 2010 until 29th June 2010

% of up-months

% of down-months Total Return Annualised

Return Annualised Vol Sharpe Ratio

Strategy 73% 27% 33.09% 6.32% 3.39% 0.74

0%

5%

10%

15%

20%

25%

30%

35%

40%

Oct 05

Jan 06

Apr 06

Jul 06

Oct 06

Jan 07

Apr 07

Jul 07

Oct 07

Jan 08

Apr 08

Jul 08

Oct 08

Jan 09

Apr 09

Jul 09

Oct 09

Jan 10

Apr 10

Threadneedle Absolute Return Bond Fund - Institutional Share Class - GBP

Performance of Threadneedle Macro Trading Fund

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Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD

2008 Threadneedle Macro Trading Fund - - - - - - - - - 0.96% 3.65% 2.11% 6.85%

2009 Threadneedle Macro Trading Fund 0.09% 0.31% 1.82% 1.35% 2.07% 0.37% 0.17% 1.43% 0.31% 1.23% 0.66% 0.04% 10.28%

2010 Threadneedle Macro Trading Fund 0.65% -0.19% 0.60% -1.20% -1.72% -0.29% - - - - - - -2.16%

Source: RWC Partners / Bloomberg. NAV to NAV net income reinvested. Net of feesPast performance is not a guide to the future. The price of investments and the income from them may fall as well as rise and investors may not get back the full amount invested

% of up-months

% of down-months Total Return Annualised

Return Annualised Vol Sharpe Ratio

Strategy 81% 19% 15.29% 8.47% 4.09% 1.79

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

Sep 08

Oct 08

Nov 08

Dec 08

Jan 09

Feb 09

Mar 09

Apr 09

May 09

Jun 09

Jul 09

Aug 09

Sep 09

Oct 09

Nov 09

Dec 09

Jan 10

Feb 10

Mar 10

Apr 10

May 10

Jun 10

Threadneedle Macro Trading Crescendo Fund - Class A USD

www.thinkfolio.com

20

Linedata Beauchamp (www.linedata.com)

21

US Inflation Accelerating Over the Last Few Months

22Source: US Bureau of Labor StatisticsSAAR – Seasonally Adjusted Annualised Rate

6.1%

2.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

Mar-2009 Jun-2009 Sep-2009 Dec-2009 Mar-2010 Jun-2010 Sep-2010 Dec-2010 Mar-2011

CPI Last 3 Months SAAR Core CPI Last 3 Months SAAR

UK CPI to Fall Rapidly in 2012 as VAT Effect Drops Out

23Source: ONS, Research Analysts (Goldman Sachs, Morgan Stanley, RBS Markets, UBS)

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12

CPI Actual CPI Forecast (Analyst Average)

Short Sterling Option Condor Spread(underlying: Jun-2012 90 Day Sterling LIBOR)

24Source: Option valuation calculated using the Black-Scholes option pricing model and implied volatility data from Bloomberg

-£10,000

-£5,000

£0

£5,000

£10,000

£15,000

£20,000

£25,000

£30,000

£35,000

98 98.125 98.25 98.375 98.5 98.625 98.75 98.875 99 99.125 99.25 99.375 99.5

Tota

l Pay

off

Option Strike Price

05-May-1125-May-1104-Jun-1113-Jun-1114-Jun-1115-Jun-11

Valuation Dates

96.5

97

97.5

98

98.5

99

Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11

L M

2 C

omdt

y P

rice

L M2 Comdty

Gilts vs Bunds: 10 year yield spread

25Source: Bloomberg

Gilts vs Bunds: 2 year yield spread

26Source: Bloomberg

EURSEK 2001 to date

27Source: Bloomberg

AUDUSD 2001 to date

28Source: Bloomberg

Spot Gold 1981 to date

29Source: Bloomberg

Spot Silver 1981 to date

30Source: Bloomberg

WTI OIC 2001 to date

31Source: Bloomberg

Cotton 1981 to date

32Source: Bloomberg

German BOBL 5 year 1991 to date

33Source: Bloomberg

Gilts 10 year yield 2001 to date

34Source: Bloomberg

US 30 year yield 2001 to date

35Source: Bloomberg

EUR/GBP 2001 to date

36Source: Bloomberg

Dow Jones 1981 to date

37Source: Bloomberg

US 2y/10y 1981 to date

38Source: Bloomberg

Europe 2y vs. 10y 1991 to date

39Source: Bloomberg

US 2y vs. 30y 2001 to date

40Source: Bloomberg

41

Contact Us

Please contact us if you have any general questions or would like to discuss any of our strategies

RWC Partners Ltd60 Petty FranceLondonSW1H 9EU

Tel: +44 20 7227 6000Fax: +44 20 7227 6003

Email: invest@rwcpartners.com

42

Risk Warnings & Disclaimers

This document contains information relating to RWC Partners Limited and RWC Asset Management LLP (collectively, “RWC Partners”), each of which is authorised and regulated in the United Kingdom bythe Financial Services Authority (“FSA”), and services provided by them and may also contain information relating to certain products managed or advised by RWC Partners (“RWC Funds”).RWC Partners may act as investment manager or adviser, or otherwise provide services, to more than one product pursuing a similar investment strategy or focus to the product detailed in this document.RWC Partners seeks to minimise any conflicts of interest, and endeavours to act at all times in accordance with its legal and regulatory obligations as well as its own policies and codes of conduct.The services provided by RWC Partners are available only for and this document is directed only at, persons that qualify as Professional Clients or Eligible Counterparties under rules of the FSA. It is notintended for distribution to and should not be relied on by any person who would qualify as a Retail Client.In addition, although certain sub-funds of RWC Funds SICAV are recognised schemes for the purposes of Section 264 of the Financial Services and Markets Act 2000 of the United Kingdom (“FSMA”), allother RWC Funds are unregulated collective investment schemes for the purposes the FSMA, the promotion of which either in or from the United Kingdom is restricted by law. Accordingly, this document isissued and approved by RWC Partners Limited for communication by RWC Partners only to, and is directed only at, persons reasonably believed by it to be of a kind to whom it may communicate financialpromotions relating to unregulated collective investment schemes by virtue of the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001, asamended (the “Order”), or the Conduct of Business Rules of the FSA. Such persons include: (i) persons outside the United Kingdom; (ii) persons having professional experience of participating inunregulated collective investment schemes; and (iii) high net worth bodies corporate, partnerships, unincorporated associations, trusts, etc. falling within Article 22 of the Order. Any unregulated collectiveinvestment schemes described herein are available only to such persons, and persons of any other description may not rely on the information in this document.Where this document is received outside the United Kingdom, it is the responsibility of every person reading this document to satisfy himself as to the full observance of the laws of any relevant country,including obtaining any government or other consent which may be required or observing any other formality which needs to be observed in that country. Nothing in this document constitutes an offer orsolicitation by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer or solicitation. Interests in RWC Funds are available only injurisdictions where their promotion and sale are permitted.No person receiving this document may further distribute it, or copies of it, to any other person or publish any of its contents, in whole or in part, for any purpose.This document is provided for informational purposes only. The information contained in it is subject to updating, completion, modification and amendment. RWC Partners does not accept any liability(whether direct or indirect) arising from the reliance on or other use of the information contained in it. The information set out in this document is to the reasonable belief of RWC Partners, reliable andaccurate at the date hereof, but is subject to change without notice. In producing this document, RWC Partners may have relied on information obtained from third parties and no representation or guaranteeis made hereby with respect to the accuracy or completeness of such information. Performance figures and data analysis within this document are shown and calculated net of fees and expenses andrepresent the reinvestment of dividends and income. Market index information shown within this document is included to show relative market performance for the periods indicated and not as standards ofcomparison. Such broadly based indices are unmanaged and differ in numerous respects from the portfolio composition of RWC Funds.This document does not constitute offer or solicitation to anyone in any jurisdiction of or to acquire interests in any RWC Fund. Investment in any RWC Fund should be considered high risk. Pastperformance is not a reliable indicator of future results and may not be repeated. The value of investments in RWC Funds and the income from them may fall as well as rise and may be subject to suddenand substantial falls. Changes in rates of exchange may cause the value of such investments to fluctuate. An investor may not be able to get back the amount invested and the loss on realisation may bevery high and could result in a substantial or complete loss of the investment. In addition, an investor who realises their investment in RWC Funds after a short period may not realise the amount originallyinvested as a result of charges made on the issue and/or redemption of such investment. The value of such interests for the purposes of purchases may differ from their value for the purpose ofredemptions. No representations or warranties of any kind are intended or should be inferred with respect to the economic return from, or the tax consequences of, an investment in RWC Funds. Current taxlevels and reliefs may change. Depending on individual circumstances, this may affect investment returns. There is no guarantee that the securities referred to in this document will be held by RWC Funds inthe future. Nothing in this document constitutes advice on the merits of buying or selling a particular investment. This document does not constitute investment, legal or tax advice.This document expresses no views as to the suitability or appropriateness of the RWC Funds or any other investments described herein to the individual circumstances of any recipient. Potential investors inthe RWC Funds should refer to the latest relevant Full Prospectus, Simplified Prospectus and latest Annual and Interim Reports for more information.A United Kingdom investor may not have the right (otherwise provided under the FSA Handbook of Rules and Guidance) to cancel any agreement constituted by acceptance by or on behalf of an RWCFund of an application for interests in an RWC Fund. In addition, most if not all of the protections provided by the United Kingdom regulatory structure will not apply to investments in an RWC Fund.Shareholders in an RWC Fund will not receive compensation under the Financial Services Compensation Scheme in the United Kingdom in the event that the fund is unable or likely to be unable to satisfyclaims against it.This document is issued by RWC Partners Limited, a company registered in England and Wales (No. 03517613) with its registered address at 60 Petty France, London SW1H 9EU.