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Opportunities in Worldwide CREDIT. Italian Discussion, Milan 8 th November 2007 Honest Engels, Boss Market analyst Worldwide Credit Group. Slope Peak Reserve. High Salary Store. Review.
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Slide 1

Openings in GLOBAL CREDIT Italian Forum, Milan 8 th November 2007 Frank Engels, Chief Economist Global Credit Team Hillside Apex Fund High Income Fund

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Overview Thames River Capital is an incorporated resource administration business framed in 1998 by a gathering of officials from real European foundations Performance centered store administration Attract the absolute best reserve supervisors in different resource classes Assets under administration $11.9bn (at 30.09.07)* Nevsky Capital LLP shaped in January 2007 Focus on total as opposed to relative returns Strong hierarchical structure *Above figures incorporate Nevsky Capital LLP, a partner of Thames River Capital LLP

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Assets under Management and Staff AUM Staff Above figures incorporate Nevsky Capital LLP, a subsidiary of Thames River Capital LLP. Source: TRC to 30.09.07

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Warrior II Sentinel Equity Focus Distressed Focus Hedge Ventures 2X Currency Alpha 1X Currency Alpha European Opps † Eastern European Global Boutiques † Equity Managed † Global Emerging Mkts European Abs. Return † £ Global Bond Balanced Managed † Cautious Managed † € Global Bond Distribution † $ Global Bond Organization GLOBAL FIXED GLOBAL EQUITIES EUROPEAN EQUITIES JAPAN EQUITIES MULTI MANAGER HEDGE GLOBAL CREDIT PROPERTY MULTI MANAGER TRADITIONAL TEAMS $3,050m $538m $3,588m $1,134m $104m $1,950m $1,530m ASSETS Kingsway Hillside Apex Nevsky Edo Kingsway Plus HEDGE FUNDS Tybourne High Income European Japan Property Growth & Income UCITS III/LONG ONLY FUNDS Hedge+ TRPIT CLOSED ENDED FUNDS Sigma Emerging Asia 1 Nov 2007 Longstone Hedge 1 Dec 2007‡ NEW FUNDS † Assets n/a - stores propelled 01.10.07 ‡ Subject to administrative endorsement Global Equities are overseen by Nevsky Capital LLP, a partner of Thames River Capital LLP. TRC resources information to 30.09.07

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Fund qualities Source: Northern Trust (IFAS) Ireland

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Performance The Global Credit Team is presently in its tenth year Hillside Apex Fund execution ($) High Income Fund execution (€) Established assets with solid hazard balanced execution Hillside Apex - $ offers. High Income - € offers (old) Note: YTD come back to 30.09.07. Unpredictability – annualized standard deviation of month to month returns

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Hillside Apex Fund Credit emergency Rate rise fears UST/Autos Rate rises Fed changes dialect UST fall Brazil emergency Argentina default Sep 11 th Argentina emergency Strong hazard balanced returns Source: TRC, Bloomberg, week after week information

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High Income Fund Credit emergency Rate rise fears UST/Autos Rate rises Fed changes dialect UST crumple Argentina default Brazil emergency Sep 11 th Argentina emergency Strong hazard balanced returns Source: TRC, Bloomberg, day by day information

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

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

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

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Outlook - The Culprit: The US The Good, The Bad and The Ugly Source: GCT conjectures

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Outlook – Sovereign Opportunity Set The Good, The Bad and The Ugly Sovereign Good: Buy Bad: Selective purchase/offer Ugly: Wait Action

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Outlook – Corporate Opportunity Set The Good, The Bad and The Ugly Corporate Good: Buy Bad: Selective purchase/offer Ugly: Wait Action

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Summary Strong hazard balanced returns Strong experienced Fund Management group with demonstrated record Fund Managers very much upheld by a vast group with wide aptitudes Broad chances to drive returns in all economic situations Established assets with solid group and demonstrated process

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Team Biographies Appendix

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Team Biographies Fund Managers Bernt Tallaksen Fund Manager Mehrdad Noorani Fund Manager Chris Currington COO Global Credit Team Chris joined Thames River Capital in March 2003. From June 2001 he was with MacLeod Phillips, a corporate admonitory firm centered around rebuilding and M&A administrations for UK and European mid-advertise corporates. Beforehand he put in a quarter century Andersen, based both in London and universally where he drove a critical number of European, American, Asian and creating nation assignments. Amid his time at Andersen he was an Audit and Corporate Restructuring Partner for a long time including Deputy Managing Partner in charge of the Privatization and Emerging Markets rehearse. In 1980 Chris graduated with a Honors degree in Business Administration from York University (Toronto, Canada). He is an individual from both the Canadian and Scottish Institutes of Chartered Accountants. Mehrdad joined Thames River Capital in August 2005. He is an accomplished Proprietary Trader who has exchanged an extensive variety of benefit classes in both money and subsidiaries over a substantial number of areas including North America, LatAm, Europe and Asia. He joined from UFJ where he was a Proprietary Trader concentrated on unpredictability techniques. Before that, he was a Proprietary Trader at Merrill Lynch for a long time and Head Trader at JP Morgan Chase for a long time where he set up an European and Asian inward relative esteem support investments. Before JP Morgan Chase he worked at Salomon Brothers for a long time as a Senior Analyst. In 1989 Mehrdad graduated with a Masters of Communication Engineering from the University of London and in 1995 he graduated with a MBA (Analytic Finance and Economics) from the University of Chicago, GSB. Bernt joined Thames River Capital in June 1998. From May 1997 Bernt was a Senior Emerging Market Debt Analyst at CapMAC Investment Management in San Francisco, where he was in charge of surveying relative-esteem systems and creating hazard administration and security examination instruments. From 1995 to 1997 he worked at LGT Asset Management in San Francisco as an Emerging Market Debt Analyst, where he concentrated on hard money and neighborhood cash relative esteem security and subsidiary exchanges. In 1991 Bernt graduated with a BSc. in Business Administration from California State University and in 1995 he graduated with a MBA (Analytic Finance and Economics) from the University of Chicago, GSB.

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Team Biographies Corporate Credit Specialists Stefan Benedetti Investment Manager Rodney Thomas Investment Analyst Zafar Zohidov Investment Analyst Zafar joined Thames River Capital in July 2006 as an Investment Analyst. Already he put in three years with Deutsche Bank as a Primary Credit Officer for Russia/CIS with duty regarding credit examination, exchange endorsements, research and rating of corporate, bank and NBFIs\' credits. Before that, he was with the European Bank for Reconstruction and Development where he was in charge of credit and exchange investigation, speculation screening and income demonstrating. Past positions incorporate Senior Financial Analyst at UzOilRefining and work for the EU Commission\'s TACIS Projects in Uzbekistan. Zafar has a MSc. in International Securities, Investment and Banking from ICMA Center at University of Reading, UK and a BSc. (Hons) in Economics from Ferghana State University, Uzbekistan. Stefan is an acknowledge authority for an emphasis on troubled and unique circumstances. He joined Thames River Capital in July 2002 following six years with Klesch & Company, a London based speculation firm represent considerable authority in European bothered securities and private value in turnaround circumstances. Preceding that, Stefan worked in the corporate fund division of Charterhouse Bank in London. Stefan prepared and qualified as a Chartered Accountant with KPMG in London. While at KPMG, he picked up experience inspecting and exploring the advance books and exchanging exercises of various banks. Stefan learned at the Università Commerciale "Luigi Bocconi" in Milan and at the London School of Economics, where he earned a BSc. in Economics. Rodney Thomas joined Thames River Capital in June 2006 as an Investment Analyst. He was already with Citigroup Global Markets, Fixed Income Division for a long time. At Citigroup, his obligations included credit investigation and exchange endorsements in the U.S. control area, survey and rebuilding of introduction to vitality and power part credits amid the California utility market and U.S. vitality exchanging emergencies of 2001-2002,

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