In vogue by jolinmilioncherie

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           1.25                                                                                                                        MONTHLY NEWSLETTER | ISSUE 154 June 2011                                                                                                                                                                                                                                             -2.25




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                                                                                                                                                                                          The fortunes of these two capital-intensive
                                                                                                                                                                                                                                                                                                                                                                                                             Chart 3: UK break-even rates reflecting inflation
          Alban Lhonneur                                                                                                                                                                  sectors have been intertwined since the
                                                                                                                                                                                                                                                                                                                                                                                                             expectations over the next 5 Years
          Assistant fund manager                                                                                                                                                          Lehman collapse as chart 1 illustrates.
                                                                                                                                                                                          The positive correlation collapsed in
                                                                                                                                                                                          November 2010 and is now firmly negative.                                                                                                                                                                             2.8




                                                                                                                                                                                          So what has been driving this                                                                                                                                                                                         2.6



   Since we last wrote this column (“Reasons to                                                                                                                                           decoupling?
                                                                                                                                                                                                                                                                                                                                                                                                             % 2.4
   be cheerful” – December 2010) European real
                                                                                                                                                                                          Property offers attractive returns
   estate equities have produced a 14% total
  2.8                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                2.800

   return which stands 10% ahead of the wider                                                                                                                                             in a negative real interest rate                                                                                                                                                                                      2.2



   equity market (DJ STOXX Europe). This echoes
  2.6                                                                                                                                                                                     environment                                                                                                                                                                                                                                                                                                                                                                2.614

   a relative outperformance of 3.5% in 2010.                                                                                                                                             The combined effect of global economic                                                                                                                                                                                2.0



% 2.4
                                                                                                                                                                                          slowdown, multi-speed Europe and the                                                                                                                                                                                                  Jul            Aug         Sep Oct
                                                                                                                                                                                                                                                                                                                                                                                                                                                             2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Nov        Dec          Jan          Feb         Mar Apr May Jun
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     2011     2.400
   Listed real estate is often regarded as                                                                                                                                                difficulty in quarantining the sovereign balance                                                                                                                                                                   Source: Bloomberg
   a ‘hybrid’ equity sector sitting between                                                                                                                                               sheet issues of smaller Eurozone countries
   financials and physical real estate. So far
  2.2
                                                                                                                                                                                          has kept government yields at historically low
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     2.200


   this year real estate has been amongst the
                                                                                                                                                                                                                                                                                                                                                                                                             5% surplus between property
                                                                                                                                                                                          levels. As shown in chart 2 real interest rates
   top performing equity sectors in the UK,
  2.0                                                                                                                                                                                                                                                                                                                                                                                                        yield and financing cost in                                                                                                                             -2.000
                                                                                                                                                                                          remain ultra-low (Eurozone, Sweden) or firmly
   Continental 2010 Nov and Jan Feb Mar Apr May Jun
                  Europe Dec the US while at
        Jul Aug Sep Oct
                                     2011
                                                                                                                                                                                                       Jul    Aug     Sep
                                                                                                                                                                                          in negative territory (UK). 2010
                                                                                                                                                                                                                             Oct    Nov                                                                                                                                                      Dec
                                                                                                                                                                                                                                                                                                                                                                                                             real terms
                                                                                                                                                                                                                                                                                                                                                                                                                   Jan                         Feb                       Mar
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Apr                     May                           Jun
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Hi: 0.9762
   the other end of the spectrum banks have                                                                                                                                                                                                    In the UK, sterling futures contracts imply
                                                                                                                                                                                                                                                    1.00


   significantly underperformed.                                                                                                                                                          Interestingly, since the beginning of the year       that three month LIBOR will increase from
                                                                                                                                                                                          the listed property sector has outperformed          0.8% today to around 1.5% by November
   Chart 1: Correlation between ePRA UK Property                                                                                                                                          in both a rising and falling interest rate           2012 and to 2% by September 2013. The five
                                                                                                                                                                                                                                                    0.50


   and FTSe Banks                                                                                                                                                                         environment.                                         year swap (which factors in this interest rate
                                                              Hi: 0.9762                                                                                                                                                                       trajectory) is priced at around 2.4%, implying
   1.00                                                                                                                                                                                   When swap rates began to rise investors Hi: 0.9762 0.00
                                                                                                                                                                                                                                               that a well capitalised UK property company 1.00
                                                                                                                                                                                                                                                                             Correlation -0.7287
                                                                                                                                                                                          praised the hedging capabilities of the sector
                                                                                                                                                                                                                                               ought to be able to finance acquisitions at a
                                                                                                                                                                                          against current inflation (above 4%), inflation
                                                                                                                                                                                                                                               total debt cost of around 4%.
   0.50                                                                                                                                                                                   expectations over 5 years (approaching 3%                -0.50
                                                                                                                                                                                                                                                                                                       0.50

                                                                                                                                                                                          - see chart 3), as well as any upside risk to        We are of the opinion that property, offering
                                                                                                                                                                                                                                                                                      Low: -0.7287
                                                                                                                                                                                          those expectations.                                             yields of Jun Sep Dec Mar Jun Sep Dec
                                                                                                                                                                                                                                               averageSep Dec Mar 6% to 6.5% across the Mar Jun
   0.00                                                                                                                                                                                                                                                    2008         2009          2010          2011
                                                                                                                                                                                                                                               UK and Europe with the likelihood of further 0.00
                                                                                                                                                                                          Since April, bond yields have receded on
                                                                                                                                                                                                                                               income growth to come, remains attractively
                                                                                                                                                                                          the back of the recent run of poor economic
                                                                                                                                                                                                                                               priced relative to fixed income and other
   -0.50                                                                                                                                                                                  data. Likewise we believe this falling rate                                                                  -0.50
                                                                                                                                                                                                                                               asset classes. Indeed, while the nominal
                                                                                                                                                                                          environment has been supportive to the
                                                                                                                 Low: -0.7287                                                                                                                  yield surplus (property rental yield less all-in
                                                                                                                                                                                                                                                                                   Low: -0.7287
                                                                                                                                                                                          sector given the security and relatively high
                                                                                                                                                                                                                                           Dec financing cost) stands currently at 2% in the
                Sep Dec                    Mar Jun Sep                          Dec          Mar Jun Sep                           Dec        Mar Jun
                                                                                                                                                                                                       Sep      Dec    Mar    Jun      Sep            Mar      Jun      Sep    Dec      Mar      Jun
                  2008                           2009                                              2010                                        2011
                                                                                                                                                                                          level of its income stream.
                                                                                                                                                                                                           2008                   2009                             2010                     2011

  Source: Bloomberg                                                                                                                                                                                                                            UK, it approaches 5% in real terms.
                                                                                                                                                                                                                                                                                                                                                                                                             We are particularly positive on prime property
   Chart 2: 5-year real interest rates                                                                                                                                                                                                                                                                                                                                                                       in Central London, Paris and Stockholm but
        4.75                                                                                                                                                                                                                                                                                                                                                                                                 are more negative on Benelux, Southern
                                                                                                                                                                                                                                                                                                                                                                                                             Europe and the UK regions.
        4.25
                                                                                                                                                                                                                                                                                            UK                             Euro                          Sweden
        3.75
        3.25
        2.75
        2.25                                                                                                                                                                                                                                                                                                                                                                                                 “If you owe the bank $100 that’s
   %
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                                                                                                                                                                                                                                                                                                                                                                                                             your problem. If you owe the bank
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                                                                                                                                                                                                                                                                                                                                                                                                             $100 million, that’s the bank’s
           0                                                                                                                                                                                                                                                                                                                                                                                                 problem.” John Maynard Keynes
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        -1.25                                                                                                                                                                                                                                                                                                                                                                                                of the banking sector are plentiful; elevated
        -1.75
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                                                                                                                                                                                                                                                                                                                                                                                                             levels of sovereign risk, European Banking
                                                                                                                                                                                                                                                                                                                                                                                                             Authority EU-wide stress test results due
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                                                                                                                                                                                                                                                                                                                                                                                                             shortly, regulatory (Basel III) and
  Source: Bloomberg



  www.thamesriver.co.uk                                                                                                                                                                                    +44 (0)20 7360 3550
re-capitalisation concerns. This challenging                                      L&G and Allianz are incentivised under the        Our core strategy continues to have a quality
environment may further restrict the banks’                                       Solvency II rules to increase lending secured     bias but we make selective tactical allocations
lending capacity to the corporate sector in                                       against property as it commands a minimal         into more value-add and secondary asset
general and to commercial real estate (CRE)                                       capital requirement as opposed to between         portfolios where we assess that the inherent
in particular.                                                                    25% for direct property investment and            occupational and asset value risks are
                                                                                  above 39% for property equities. Overall we       more than priced into the stock valuation.
The problem is that a high proportion of the
                                                                                  anticipate disintermediation (including private   These include leveraged office and industrial
outstanding debt is lent against non-prime
                                                                                  placements) to accelerate. A lot has been         companies in Sweden, Finland and Germany
property of the type which is not rising in
                                                                                  written and talked about the dire state of UK
value, which is seeing increased levels of                                                                                          After more than a year in existence, the
                                                                                  banks. An estimated 43% of Lloyds Banking
vacancy and therefore losing income with                                                                                            UCITS III Real Estate Securities Fund has
                                                                                  Group and RBS property loans are now in
which to service the outstanding loans. In                                                                                          returned 28.6% outperforming its benchmark
                                                                                  ‘intensive care’. Nevertheless, the recent
the UK, which accounts for roughly a third                                                                                          by 6.75% since launch to the end of May
                                                                                  £560m loan refinancing by British Land done
(£300bn) of the Pan-European CRE debt,                                                                                              2011. The Fund has outperformed its
                                                                                  at attractive margins from a pool of lenders
Savills estimates that 19% of UK loan books                                                                                         benchmark in each quarterly period since
                                                                                  led by RBS illustrates their appetite to lend
are secured against good secondary property,                                                                                        inception and successfully navigated through
                                                                                  out to strong covenants.
19% against ‘poor secondary’ and 38%                                                                                                heightened volatility and a series of macro
against tertiary which is hardly financeable                                                                                        shocks including Eurozone sovereign debt
in current standards. The Irish position is                                       Equity capital waiting on                         issues, the Japanese disaster and political
the worst in Europe with the National Asset                                       the sidelines                                     instability in the Middle East.
Management Agency holding €70 billion of                                          Since the market bottomed out in 2009,
bad loans and pledging to reduce this by                                          sovereign wealth funds (SWF) have been
25% by the end of 2013. So far opportunistic                                      active net acquirers of physical commercial
investors hoping to cash in on the sale                                           real estate. This appetite remains unabated
of distressed assets have been largely                                            and has filtered through the listed property
disappointed both by the paucity of offerings                                     sector. Indeed the Singaporean GIC fund
and by the lack of growth in what they have                                       acquired 6.2% of the recently floated Berlin
purchased to date. With overloaded loan                                           residential owner GSW. During Spring 2011 the
books, the banks have little appetite for new                                     Norwegian SWF (Norges Bank) sent a strong
lending. There is a supply of fresh bank debt                                     signal to the market by building stakes above
but this capital doesn’t want to flow to the                                      3% in seven REITS predominantly in the UK for
property sub-sectors and geographies which                                        a combined market value of £750m.
are most in need of it.
                                                                                  We firmly believe that a large number of
                                                                                  companies in which we invest now enjoy the
Worries about listed property                                                     combination of a portfolio that is exposed
reliance on banking sector                                                        to markets that will see rental and capital
appear to have waned                                                              growth over the next 18 months, as well as a
In contrast, the listed property companies                                        solid balance sheet that allows them to take
started to repair their balance sheets in                                         advantage of investment and development
2009 raising a cumulative €19.3bn of fresh                                        opportunities as they arise.
equity through rights issues, optional share
dividends and accelerated book buildings                                          Polarisation has only started
(Source: Dealogic). With the help of asset                                        and should provide excellent
reflation our Pan-European listed property
universe now operates under robust leverage
                                                                                  investment opportunities
                                                                                  The expected divergence in performance
ratios with an average Loan-To-Value of 44%
                                                                                  across sectors and geographies will shape
with only 9% of debt to be refinanced over the
                                                                                  the exposure of the portfolios and provide
next two years and a healthy interest cover
                                                                                  excellent investment opportunities for active
ratio of 2.8x.
                                                                                  stock pickers like ourselves.
Besides this, we regard the asset quality
                                                                                  Our judgement is that the polarisation of
of the listed property sector as noticeably
                                                                                  performance between prime and non-prime
superior to most of the bank property
                                                                                  assets will take longer than many think to
collaterals (asset portfolios) or the national
                                                                                  play out. A long list of mezzanine lenders has
proxy (e.g. IPD) with an exposure skewed
                                                                                  emerged across Europe and the UK since
towards the buoyant London and Paris offices
                                                                                  the Lehman collapse. However, their return
and good quality retail portfolios.
                                                                                  targets mean that investment yields of prime
As a result, listed real estate companies                                         and good secondary assets are not quite
continue to enjoy superior access to capital                                      cheap enough. Financing is available for those
markets through equity, plain vanilla and                                         good-quality properties. However, we expect
convertible bonds, mezzanine debt, secured                                        that prices of secondary and tertiary assets
and unsecured lending from a more diverse                                         will have to be adjusted downwards to attract
pool of providers including life insurance                                        funding from these alternative providers
groups. Indeed, the likes of Aviva, Axa,                                          of capital.

Thames River Capital LLP is authorised and regulated by the Financial Services Authority


                                                                        THAMES RIVER MONTHLY NEWSLETTER | Issue 154 June 2011

                                                                                                         2
Important notice – regulatory information and risk warnings

This document is issued for information only by Thames River Capital LLP (“Thames River, the “Firm”), the Funds Business of the F&C Group. The Firm is authorised and
regulated by the Financial Services Authority (“FSA”). Content relating to unregulated collective investment schemes is only directed at Eligible Counterparties, Professional
Clients or investors meeting the FSA’s COBS 4.12 categories. It must not be relied upon by non-qualifying persons. It does not constitute an offer by the Firms 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, the Firms, their members,
officers and employees of the corporate member do not accept any liability or responsibility in respect of the information or any views expressed herein. All data is sourced
from the Firm unless otherwise indicated. This document may include forward-looking statements that are based upon the managers’ current opinions, expectations and
projections. The Firms 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 the Firms 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 SPC, Thames River Isis Fund Limited,
Thames River Longstone Fund Limited, Thames River Sentinel Fund, Thames River Warrior Fund, Thames River Warrior II Fund, Thames River Distressed Focus Fund,
Thames River Africa Focus Fund, Thames River Property Growth & Income Fund Limited are unregulated collective investment schemes which are not recognised schemes
under s.264 of the Financial Services and Markets Act 2000. The Nevsky Fund plc is an unregulated open-ended investment company with variable capital and incorporated
with limited liability in Ireland. The fund is a Dublin domiciled Qualifying Investment Fund (QIF) listed on Irish Stock Exchange. Thames River Multi-Select Fund, Thames
River Global Boutiques Fund and Thames River Absolute Return Fund are sub funds of Thames River Traditional Multi Funds plc, an open-ended investment company
with segregated liability between sub-funds incorporated in Ireland, authorised by the Central Bank of Ireland 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. 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 Absolute Return Fund, Thames River High Income Fund, Thames River Global
Credit Fund, Thames River Credit Select Fund, Thames River Global High Yield Fund ,Eastern European Fund, Thames River Global Emerging Markets Fund, Thames River
Global Bond Fund (£), Thames River Global Bond Fund (€), Thames River Global Bond Fund ($), Thames River Emerging Asia Fund, Thames River World Government Bond
Fund, Thames River Water and Agriculture Absolute Return Fund, Thames River Real Estate Securities Fund, Thames River Global Emerging Markets Absolute Return Fund
and Thames River – BSI Bond Opportunity 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 Central Bank of Ireland 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 a guide to future performance. Values may fall as well as rise and investors may
not get back the amount 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 collective investment 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. Investors should obtain
professional advice on taxation where appropriate before proceeding with any investment. Investors 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. Investors 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. (110629)

Potential investors should refer to the “Funds” page on http://www.thamesriver.co.uk to view current side letters relating to the schemes.

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, Belgium, Sweden, Norway, France, Spain and Italy. 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/Downloads/PayingAgents/UCITSIII-ClosedEnded.aspx

Although Thames River Capital LLP has taken all reasonable care to ensure that the information contained in this Newsletter is accurate no representation or warranty (including
liability towards third parties), expressed or implied, is made as to its accuracy, reliability or completeness by Thames River Capital LLP. Opinions and any other contents
expressed in this newsletter are provided for your personal use and informational purposes only and are subject to change without notice. Updated versions of this Newsletter
may be viewed on our website at www.thamesriver.co.uk. Nothing contained in this Newsletter constitutes investment, legal, tax or other advice and is not to be relied on in
making an investment or other decision. You should obtain relevant and specific professional advice before making any investment decision.




                                                      THAMES RIVER MONTHLY NEWSLETTER | Issue 154 June 2011

                                                                                        53
SALeS – UK
John Yule                                       Andy Cowe                                        Chris Donnelly                                   Edward Morse
(UK Sales Director)                             (Strategic Partners – South)                     (Strategic Partners – North)                     (London Institutional)
jyule@thamesriver.co.uk                         acowe@thamesriver.co.uk                          cdonnelly@thamesriver.co.uk                      emorse@thamesriver.co.uk
020 7360 3587 /                                 0131 718 1385                                    0131 718 1204                                    020 7360 1270
07802 819903
                                                Gavin Ingram                                     Graham Finlay                                    Jason Anderson
Frank O’Donnell                                 (Insurance /Distributors)                        (Scotland & N. Ireland – Retail)                 (London & South – Retail)
(Strategic Partners – Retail)                   gingram@thamesriver.co.uk                        gfinlay@thamesriver.co.uk                        janderson@thamesriver.co.uk
frank.o’donnell@fandc.com                       0131 718 1252                                    0131 718 1186                                    07817 555 563
0131 718 1203 /
                                                Mark Parry                                       Martin Weisinger                                 Mike Briggs
07850 200 297
                                                (Strategic Partners – Retail)                    (Midlands, S. England &                          (Midlands – Retail)
Mark Bain                                       mparry@thamesriver.co.uk                         Channel Islands – Wholesale)                     mbriggs@thamesriver.co.uk
(Scotland, N.Ireland & N. England –             07730 718 285                                    mweisinger@thamesriver.co.uk                     07710 398 643
Wholesale)                                                                                       020 7360 1273
                                                Sarah Ackland                                                                                     Stewart McAndie
mbain@thamesriver.co.uk
                                                (Investment Partners)                            Simon King                                       (London – Wholesale)
0131 718 1201
                                                sackland@thamesriver.co.uk                       (London – Wholesale)                             smcandie@thamesriver.co.uk
Paul Moulton                                    020 7360 1316                                    sking@thamesriver.co.uk                          020 7360 3597
(North – Retail)                                                                                 020 7360 1275
pmoulton@thamesriver.co.uk
07966 789 256


SALeS – INTeRNATIONAL
Matthew Sethard-Wright                          Sarah Ackland                                    Simon King                                       Simon Powell
(International Sales Director)                  (Investment Partners)                            (Middle East)                                    (Asia – Peak Capital Ltd)
matt@thamesriver.co.uk                          sackland@thamesriver.co.uk                       sking@thamesriver.co.uk                          spowell@peak.hk
+44 (0)20 7360 1271                             +44 (0)20 7360 1316                              +44 (0)20 7360 1275                              +852 2526 9086
Javier Garcia Diaz                              James Beddall                                    James Young                                      Cora Pfab
(Spain)                                         (Benelux & France)                               (Switz., Germany, Austria)                       (Germany)
jgarcia@thamesriver.co.uk                       jbeddall@thamesriver.co.uk                       jyoung@thamesriver.co.uk                         cpfab@thamesriver.co.uk
+44 (0)20 7360 3585                             +352 2630 2133                                   +44 (0)20 7360 1276                              +49 170 780 1048
Andres Lagos G.                                 Tom Ormrod
(LATAM)                                         (UK – Wholesale)
alagos@thamesriver.co.uk                        tormrod@thamesriver.co.uk
+44 (0)20 7360 3576                             020 7360 1371


SALeS SUPPORT
Vanessa Lawley                                  Gemma Nunn                                       Laura McBride                                    Sinead Aitken
(Head of Sales Support)                         (Senior Sales Support)                           (Business Development – Europe)                  (UK – Retail)
vlawley@thamesriver.co.uk                       gnunn@thamesriver.co.uk                          lmcbride@thamesriver.co.uk                       saitken@thamesriver.co.uk
+44 (0)20 7360 1272                             +44 (0)20 7360 3500                              +44 (0)20 7360 3513                              0800 085 0383
Nicki Elliott                                   Fergus Ramsay                                    Afssane Nilipour
(International)                                 (UK – Retail)                                    (International)
nelliott@thamesriver.co.uk                      framsay@thamesriver.co.uk                        anilipour@thamesriver.co.uk
+44 (0)20 7360 3512                             0800 085 0383                                    +44 (0)20 7360 1323
Max Harper                                      Diane Bowden
(UK – Wholesale)                                (UK – Wholesale)
mharper@thamesriver.co.uk                       dbowden@thamesriver.co.uk
+44 (0)20 7360 3557                             0800 085 0383


ADMINISTRATOR DeALING
Northern Trust International                    Northern Trust International                     Contact:
Fund Administration                             Fund Administration                              Ann-Marie Ferguson
Services (Ireland) Ltd                          Services (Guernsey) Ltd                          Email: thamestraditional@ntrs.com or
Georges Court                                   PO Box 255                                       thameshedge@ntrs.com
54-62 Townsend Street                           Trafalgar Court, Les Banques                     Traditional Funds Tel +353 (0)1 542 2216
Dublin 2, Ireland                               St Peter Port, Guernsey,                         Hedge Funds       Tel +353 (0)1 434 5059
                                                GY1 3QL                                                            Fax +353 (0)1 670 1185


                                                     Thames River Capital LLP
                         51 Berkeley Square London W1J 5BB Tel: +44 (0)20 7360 1200 Fax: +44 (0)20 7360 1300
                                             trc@thamesriver.co.uk www.thamesriver.co.uk

 Thames River Capital LLP is authorised and regulated by the Financial Services Authority. Registered office as above. Registered in England no. OC310934. VAT registration no. 849 0649 91.

								
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