Schroder GAIA (Global Alternative Investor Access) & Egerton Capital Limited

For Professional Investors or Advisers only

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Schroder GAIAThe structure

Schroder GAIASICAV

(UCITS)

Schroder Investment Management (Luxembourg) S.A.

Schroder GAIA Egerton European

Equity

Schroder GAIA Sloane Robinson Emerging Markets

Fund Fund

Egerton Capital Limited

Hedge Fund Investment

ManagerSloane Robinson

LLPHedge Fund Investment

Manager

Regulated by the CSSF Luxembourg

Selected by Schroders’ fund of

hedge funds manager,

NewFinance Capital

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Schroders– Manager selection and product

positioning– Sales, marketing and client service – Management company administration

and oversight– Investment compliance and risk

management

Schroder GAIACombining the strengths of a well established UCITS manager with market leading hedge fund expertise

Schroder GAIA(UCITS Platform)

Luxembourg

NewFinance Capital– Investment Manager selection– Investment Due Diligence– Investment risk management

Hedge Fund Managers– Specialist expertise in managing

alternative investment strategies with proven track records

3

Schroder GAIAOn-going risk management and monitoring

Schroder GAIA provides an extremely robust manager monitoring process

1. Independent daily monitoring of UCITS rule compliance

2. Independent Risk Management and investment monitoring

3. Operational due diligence 4. Quarterly risk review by the Schroders Investment Risk Framework Board

– Portfolio allocation– Investment limits– Counterparty risk

– Performed by specialist Hedge Fund analyst in conjunction with risk monitoring quantitative analyst

– Performance and investment style

– Daily portfolio risks aggregation. (VaR, liquidity, leverage, concentration…)

– Stress tests

– On-going monitoring and evaluation of original due diligence findings

Schroder Investment Management (Luxembourg) S.A.

NewFinance Capital Schroders and NewFinance Capital

Members of Schroders’ senior management

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– Renowned long short investor with one of the longest and best European track records

– Investment approach fits with UCITS III without compromise

– Egerton is a focused “one product” business

– Simple, conservative approach to equity investing with very little to no leverage

Schroder GAIAWhy Egerton

Source: NewFinance Capital, March 2010.

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Schroder GAIA Egerton European Equity – Key Terms

– Investment focus – Long / short portfolio with primary, but not exclusive, focus on European stocks

– Launched on 25th November 2009

– Dealing frequency – Weekly (every Wednesday), and on the last business day of each month

– Deal cut off – 13.00 CET on day preceding dealing day

– Fees C Shares – Management fee - 1.25%, Performance – 20%* of outperformance of EONIA +1% A Shares – Management fee - 2%, Performance – 20%* of outperformance of EONIA +1%

– Minimum Subscription C Shares €500,000 / £500,000 A Shares €5,000 / £5,000

– Local country registration for public marketing is in process – A sterling denominated, non-hedged share class is also available* Subject to High Water Mark

Schroder GAIAIntroducing Egerton Capital Limited

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Egerton Capital LimitedCompany Overview

– Egerton Capital Limited is an experienced, independent, equity oriented money management firm based in London

– The investment team is led by John Armitage, the Chief Investment Officer, together with Marcello Sallusti, Deputy Chief Investment Officer and Ralph Kanza, Senior Advisor. John worked at Morgan Grenfell for thirteen years prior to co-founding Egerton in 1994

– The Portfolio Management Group comprises ten investment professionals, supplemented by a trading staff of two and operational support numbering thirty six

– Egerton focuses principally on European equities

– Investments are also made outside of mainstream Europe, as and when compelling ideas are considered to be superior to those available within the “home” market

– Authorised and regulated by Financial Services Authority (FSA)

Source: Egerton Capital Limited, as at March 2010. Daiwa Europe Fund Managers Ireland Limited, the Fund’s Administrator.

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John Armitage (May 94) Chief Investment Officer

Ralph Kanza (Feb 05) Senior Advisor

Marcello Sallusti (Apr 00) Deputy Chief Investment Officer

Portfolio Management Group

Charles Evans Lombe (Apr 01)Analyst

Jay Huck (Jan 03)Analyst

Leila Govi (Mar 04)Analyst

Nick Jones (Mar 05)Analyst

Michael Blank (Aug 05)Analyst

Paul Tucker (Sep 07)Analyst

Jonathan Rodgers (Jun 08)Analyst

TradingPaul Murphy (Feb 99)

Head of TradingStephen Ward (Apr 06)

Trading Officer

Source: Egerton Capital Limited, as at 31 January 2010.

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Egerton Capital LimitedInvestment objectives

– To target attractive absolute returns over the medium to long term, within the context of a long-biased approach

– To add value through stock selection utilising detailed fundamental analysis of individual equities

– To drive and maintain a wedge between the Fund’s performance and that of the market and retain a commitment to best ideas

Source: Egerton Capital Limited, March 2010.

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Egerton Capital LimitedInvestment process & portfolio construction

Fundamental research

Analysts are unconstrained and conduct intensive bottom-up company research

Risk Management

HedgesCash

DiversificationLiquidity management

Knowing what you own

Portfolio Positions

Top 20 positions typically 50-75%John Armitage (CIO) & Marcello Sallusti (Deputy CIO) are key sizing agents

Source: Egerton Capital Limited, March 2010.

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Egerton Capital LimitedInvestment process

– A fundamental approach to stock selection is taken which is detailed, intensive and forensic

– Strong valuation disciplines are used in the search for equities with the potential for meaningful multiple expansion

– In this process, longer-term investment time frames are utilised

– This “bottom-up” approach creates a portfolio that is dynamic, eclectic and uncorrelated

– Disciplined research and a strong quality/value bias are important elements in on-going portfolio monitoring

Source: Egerton Capital Limited, March 2010.

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Egerton Capital LimitedPortfolio construction

– There is one pool of capital

– Decision making is led by John Armitage, the CIO, working together with the analysts

– The fund’s exposures are principally driven by individual, stock by stock investment decisions

– Wholesale “exposure management” is limited to times when it is perceived that there is a marked change in the financial environment, and/or where relative performance has deteriorated significantly

– Shorts are considered profit centres and not used for funding

– The top 20 holdings typically account for between one half and three quarters of the portfolio’s gross long position

Source: Egerton Capital Limited, March 2010.

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Egerton Capital LimitedRisk control

– “Know what you own”: detailed and forensic knowledge of all constituents within the portfolio is crucial to success

– The goal is to create a diversified portfolio out of an eclectic/uncorrelated group of stocks

– Emphasis on portfolio liquidity is permanent

– Leverage is used sparingly as has been the case since inception

– Cash levels are raised where appropriate, and derivatives are used as “disaster insurance” within a budget

– Individual position sizes are usually limited to no more than 5%-7% of equity at book cost, and small cap position sizes are limited to 0.5%-1.0% of the same

Source: Egerton Capital Limited, March 2010.

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Egerton Capital LimitedStock examples

VISA Inc. – The world’s leading brand and network for credit and debit card payments– Key play, with no credit risk, on multiple trends of cash/cheque replacement and “bancarisation”– Most developed market – USA – still seeing highly positive trends:

– Credit card expenditure has reached a cyclical trough– Debit card spend increasingly replacing cash and cheque, and growing 20% YoY– “Prepaid” card market reaching out to un/under banked (estimated up to 80mn Americans)– Ongoing growth in card usage for business/tourism is accelerating valuable “cross border” volumes– Tapping ever more merchant categories: Quick Service Restaurants, Taxis, Car Parking, Healthcare– Rapid growth of eCommerce is clearly highly geared to card usage

– Developing markets benefit from similar trends, plus ongoing “bancarisation”:– Brazilian card volumes growing at 24% YoY– 85% of Brazilian card usage still at the ATM (no economics for Visa) vs. 15% at POS (Visa earns money)– Russian growth only fell to 40%+ in recession. Top 4 retailers don’t even accept cards today.– High potential for new technology to leapfrog developed world – like cellular: mobile payments, transportation

– High operational leverage, with negligible marginal cost per transaction captured/processed– Strongly cash generative: sitting on $5bn, and generating US$2bn+ annually for dividends and buybacks

Source: Egerton Capital Limited, March 2010.

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Egerton Capital LimitedStock examples

BERKELEY HOMES– Leading UK homebuilder; unique record of management excellence relative to quoted sector.– Prescient change of strategy in 2004, to focus on cash- generation, generated significant returns to shareholders.– Current sector backdrop a significant opportunity for BKL.– Sites, pipeline, and land bank optionality (net cash > 300mn). Is not reflected in share price.

Source: Egerton Capital Limited, March 2010.

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Egerton Capital Limited Annual net returns since launch: 15.4% p.a. since inception against benchmark 7.9%†

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The Egerton European Equity Fund Limited, from Jan 05 Class B

FTSE World Series European Index Total Return Local Currencies† Data to 30/04/2010* Data from 16/9/94 – 31/12/94Source: Egerton Capital Limited, Performance figures calculated and provided by Daiwa Europe Fund Managers Ireland Limited, the Fund's Administrator after 20% performance fee for Class A, 15% for Class B (all Series) & 10% for Class C (all Series), and 1% p.a. management fee for all Classes. All Index values shown are FTSE World Series Europe Index Total Return in Local Currencies

%

Appendix

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The Egerton European Equity Fund Limited - performance analysis(All calculations are based on weekly data points from inception 16-Sep-94 to 30-Apr-10)

– These historical performance figures are not intended as a forecast of the future performance of any of the accounts managed by Egerton Capital Limited Partnership

– This account has been managed since inception by Egerton Capital Limited/Limited Partnership– The performance data used to generate the statistics has been generated by Daiwa Europe Fund Managers Ireland Limited, the fund's

Administrator

Source: Egerton Capital Limited NOTES1 Fees prior to 2005 included performance fees of 20%, and 1% p.a. management fee. Fees from 1 Jan 2005 include performance fees of 15%, and 1% p.a. management fee2 Average Net Long Exposure is since inception and post-delta adjusted3 Maximum Drawdown relates to the period 29-Oct-07 to 27-Oct-084 Maximum Drawdown relates to the period 16 Jul 07 to 09-Mar-09

EEEF (EUR) Class B1 FTSE World Series Europe Index TR LCReturn Analysis (%)Annualised Return (net of fees) 15.40 7.90Gaining Periods 64.41 57.02Largest Weekly Single Gain 6.60 14.96Largest Weekly Single Loss (6.06) (12.22)Risk AnalysisAverage net long exposure (%)2 68.93 100.00Maximum drawdown (%) (29.44)3 (54.28)4

Recovery to new peak n/a n/aAnnualised Standard deviation 10.14 19.62Sharpe Ratio 1.49 0.39

Comparison to BenchmarkExcess Return (%) 608.79Alpha 0.24Beta 0.25R-Squared 0.23Relative Volatility 0.52

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1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

Fund Index Fund Index Fund Index Fund Index Fund Index Fund Index Fund Index Fund Index Fund Index Fund Index Fund Index Class B1 Index

Jan (0.19) (2.07) 2.58 4.29 6.63 6.46 2.90 5.61 5.01 1.68 1.49 (6.03) 0.24 1.54 2.60 (2.06) (3.09) (6.60) 0.54 1.78 2.40 1.43Feb 1.46 0.66 3.50 0.60 (0.91) 3.02 6.33 7.20 (0.50) 0.75 9.95 5.52 2.74 (6.90) 1.74 (0.50) 3.05 (1.94) 2.44 2.23 2.01 2.90Mar (1.15) (0.07) 4.26 1.29 0.59 1.83 10.36 7.73 0.89 2.32 2.69 2.43 (2.65) (4.95) 1.67 4.63 0.71 (2.30) 0.63 (2.34) (1.22) (0.35)Apr 5.04 4.39 4.47 3.76 0.43 2.23 3.34 (0.14) 6.21 5.07 (2.12) (0.46) (2.11) 6.59 3.65 (3.34) 1.16 12.02 1.20 1.98 (2.58) (2.31)May 3.97 3.32 3.17 (0.29) 3.21 2.95 0.14 2.81 (0.31) (4.00) 0.59 (0.06) 3.22 (1.64) 2.88 (2.09) 3.08 2.43 (1.61) (0.79) 3.52 5.07Jun 3.37 (0.26) (0.36) 0.44 3.53 5.31 (4.54) 0.85 4.98 3.17 1.20 (0.31) 0.61 (3.42) (1.48) (8.09) (0.49) 2.55 1.35 1.98 4.19 3.57Jul 6.70 4.34 (2.90) (3.08) 8.10 8.48 (1.87) 1.22 (0.07) (2.04) 2.13 1.55 0.03 (2.70) 0.67 (11.48) (0.49) 4.40 (0.97) (1.98) 3.84 4.22Aug 3.14 0.64 2.43 3.17 (0.13) (6.16) (5.91) (13.81) (0.31) 2.23 1.90 3.24 2.49 (5.14) 0.85 0.53 (0.22) 1.89 0.23 (0.10) 1.13 (0.18)Sep 0.34 (6.16) 4.92 0.27 0.43 3.85 5.77 8.19 3.25 (7.61) 1.51 (2.08) (1.44) (4.55) 4.87 (11.03) 1.82 (14.64) 0.37 (3.57) 3.36 2.41 3.28 4.34Oct 2.26 1.50 0.67 (0.71) 0.36 0.77 (1.05) (7.56) (0.86) 7.71 0.30 4.11 0.22 2.43 (4.57) 4.35 (1.29) 9.96 1.61 6.30 0.16 1.45 (4.76) (2.58)Nov 0.41 0.55 1.26 3.16 4.28 5.05 0.46 2.91 2.35 7.79 11.56 6.45 (1.57) (4.59) (3.11) 4.95 (2.87) 5.14 1.03 1.67 0.75 2.67 6.16 3.61Dec 0.05 (0.04) 1.68 1.82 1.10 2.19 0.96 6.01 1.61 2.82 9.21 9.43 2.88 0.38 0.78 2.24 1.99 (8.15) 2.55 3.26 5.00 2.83 3.55 3.76Annual Performance 3.07 (4.27) 35.56 16.36 25.63 24.05 30.75 37.46 17.22 21.51 44.76 29.73 18.84 (1.12) 2.11 (16.33) 12.72 (28.46) 9.50 20.54 13.69 12.62 23.07 25.70

The Egerton European Equity Fund limitedNet Performance since Inception (%) vs FTSE World Series Europe Index TR LC*

2006 2007 2008 2009 2010Class B1 Index Class B1 Index Class B1 Index Class B1 Index Class B1 Index

Jan 6.17 3.32 1.17 1.66 (7.06) (11.42) (0.68) (6.30) (2.85) (3.76)Feb 1.55 2.12 (1.40) (1.43) 1.52 (0.25) 1.21 (9.11) 0.53 0.47Mar 1.94 3.42 3.71 3.15 0.19 (2.49) (0.12) 3.89 0.19 7.13Apr 2.14 0.61 2.54 4.30 0.06 6.45 0.68 13.34 0.19 (1.61)May (4.02) (4.76) 2.02 3.43 3.34 0.96 1.33 4.72Jun 0.51 1.16 (0.38) (0.62) (6.01) (9.94) 0.32 (1.79)Jul 0.33 1.50 (0.09) (3.44) (2.89) (1.83) 2.80 9.40Aug 1.46 2.41 (1.59) (0.57) (1.59) 2.41 0.71 6.12Sep 2.22 2.29 2.37 1.70 (8.98) (11.55) 2.75 3.91Oct 3.63 3.08 5.33 3.00 (4.77) (13.91) (0.88) (2.80)Nov 2.41 (0.20) (2.60) (3.61) (2.62) (4.54) 3.48 1.93Dec 3.30 3.82 0.00 (0.55) 0.05 0.76 2.65 4.93Annual Performance 23.53 20.12 11.30 6.85 (25.84) (38.60) 12.11 29.35 (1.94) 2.23

Source: Egerton Capital Limited* Share class performance figures for Egerton calculated and provided by Daiwa Europe Fund Managers Ireland Limited, the Fund's Administrator after 15% for Class B (all Series), and 1% p.a. management fee for all Classes. All Index values are calculated by Schroders and are FTSE World Series Europe Index TR in Local Currencies.

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Important information

Risk warnings: The Fund is a high risk vehicle. In particular the use of financial derivative instruments for investment purposes may increase the share price volatility, which may result in higher losses for the Investor. Investments in equities are subject to market risk and, potentially, to currency exchange rate risk.

Important Information: This presentation does not constitute an offer to anyone, or a solicitation by anyone, to subscribe for shares of Schroder GAIA (the “Company”). Nothing in this presentation should be construed as advice and is therefore not a recommendation to buy or sell shares.

Subscriptions for shares of the Company can only be made on the basis of its latest prospectus together with the latest audited annual report (and subsequent unaudited semi-annual report, if published), copied o which can be obtained, free of charge, from Schroder Investment Management (Luxembourg) S.A.

An investment in the Company entails risks, which are fully described in the prospectus.

Past performance is not a reliable indicator of future results, prices of shares and the income from them may fall as well as rise.

FTSE International Limited (“FTSE”) © FTSE 2010. FTSE®” is a trade mark of London Stock Exchange Plc and The Financial Times Limited and is used by FTSE International Limited under licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Schroders has expressed its own views and opinions in this presentation and these may change.

This presentation is issued by Schroder Investment Management Limited, 31, Gresham Street, EC2V 7QA, who is authorised and regulated by the Financial Services Authority. Registration No 1893220, England.

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