32.5

32.4

28.1

76.1

28.1

32.5

32.5

28.128.1

28.1

32.4

90.7

229.0 232.45

For professional advisers authorised and regulated by the FSA only.This document must not be distributed to retail investors.

Cazenove European FundChris Rice, Fund Manager

CHRIS RICE A DECADE ON

‘Chris Rice comes through our fund manager screening for long-term consistency on a risk-adjusted basis. We feel the process is clearly communicated and stuck to, even during challenging times. More recently the move to start exploiting overlooked areas has been bearing fruit and the fund is in Citywire Selection, our pick of the best investment ideas.’

Jonathan Miller Head of Research, Citywire

‘Chris has demonstrated, through a decade long record, the ability to adapt to changing and at times challenging market conditions. This illustrates the pragmatism he applies to interpreting the business cycle in an effective and consistent manner.’

Graham O’NeillDirector, Rayner Spencer Mills

Performance relative to the index

The ‘financial crisis’ of 2007-2008 has been followed by an unsettled economic environment, with record low interest rates and rising inflation on a global scale during which time, as the chart shows, the Cazenove European Fund has outperformed both the FTSE World Europe (ex UK) Index and the IMA Europe ex UK Sector. Indeed, when the financial crisis hit in 2007, Chris’s pragmatic approach and understanding of the business cycle, combined with his discerning stock picking saw the fund outpace both the sector and the index.

Limiting the downside

By looking at the ten worst performing months for the FTSE World Europe (ex UK) Index over the last decade, you can see how successful Chris has been at limiting the downside – in nine out of the ten periods shown, the Cazenove European Fund has outperformed the index. Over the last ten years the Cazenove European Fund has delivered annualised returns of 10.5%* with a volatility of 16.89% - outperforming the sector averages by 1.8% and 1.5% respectively as shown on the risk vs return chart below.

Source: Lipper, net income reinvested to 31/12/12.

2

4

6

8

10

12

14

10 12 14 16 18 20 22 24

Cazenove European Fund B (Acc)

FTSE World Europe (ex UK) Index

IMA Europe ex UK Sector

Solid black lines are sector medians

Past performance is not a guide to future performance. The value of an investment and the income from it can go down as well as up and investors may not get back the amount originally invested. *Source: Lipper, net income reinvested 18/12/02 to 18/12/12.

‐20

‐10

0

10

20

30

40

Dec 03 Dec 04 Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11

Cazenove European Fund B (Acc)

IMA Europe ex UK Sector

FTSE World Europe (ex UK) Index

Source: Lipper, B (Acc) Share Class, net income reinvested, percentage growth 18/12/02 to 18/12/12.

-14

-12

-10

-8

-6

-4

-2

Jan 08 Jun 08 Sep 08 Oct 08 Jan 09 Feb 09 May 09 Aug 11 Sep 11 May 12

-8.7

-11.0

-8.9

-10.5 -10.4

-13.0

-10.5

-14.9

-9.2

-13.8

-8.9

-10.1

-6.9

-8.1

-11.0 -10.8

-5.0

-8.5

-6.9

-7.7

Cazenove European Fund B Acc

FTSE World Europe (ex UK) Index

‘We have followed Chris for many years and have always been impressed by his passion, conviction and concern for the people that have invested with him. His investment process is well honed and consistent through time. He is willing to be challenged and constantly tests his assumptions. Investors have benefited over the long term from his conviction and his stewardship.’

Peter ToogoodInvestment Services Director, Morningstar OBSR

‘We noted in our records of 2003 that Chris was extremely focused on proving himself as a fund manager - well, 10yrs on and I think we can say with confidence that he has more than fulfilled this, here’s to the next 10 now.’

Mark Dampier Head of Research, Hargreaves Lansdown

What the experts say

November 2010European ministers

agree bailout for Ireland worth €85bn

May 2010In a move that

signals the start of the Eurozone crisis, Greece is bailed out

for the first time

September 2007Northern Rock - the first run on a British bank for 150 years

August 2007Widely acknowledged

as the start of the ‘credit crunch’

July 2012ECB president

Mario Draghi, gives strong defence of

the euro, prompting markets to rally

September 2008American bank

Lehman Brothers files for bankruptcy,

prompting worldwide financial panic

Annualised volatility (Standard deviation)

Risk vs return Annualised performance (%)

CAZENOVE EUROPEAN FUNDWith more than 21 years’ investment experience, Chris Rice is celebrating ten years of managing the Cazenove European Fund. From the 108 funds in the IMA Europe ex UK Sector, Chris is one of only 11 managers to have managed the same fund consistently for over ten years.

We look back over the last decade and assess how the fund has performed during one of the most difficult periods for markets and the world economy. The management of risk over this time has been vital to preserving capital and achieving superior risk-adjusted returns for investors.

Important information

Prepared for professional advisers for information purposes only and must not be distributed to retail investors. This document does not constitute an offer to enter into any agreement nor is it a solicitation to buy or sell any investment therein. Telephone calls may be recorded for training and monitoring purposes. Issued by Cazenove Capital Management which is the name under which Cazenove Capital Management Limited (registered no. 3017060) and Cazenove Investment Fund Management Limited (registered no. 2134680), both of 12 Moorgate London EC2R 6DA, authorised and regulated by the Financial Services Authority provide investment products and services.

Investment in this Fund will not be suitable for all investors. Any investment should be considered against an investor’s investment needs and attitude to risk. The fund primarily invests in equities and as such tends to be more volatile than a fund investing in bonds, but may also offer greater potential for growth. The value of the underlying investments in equity funds may fluctuate quite dramatically in response to the activities and results of individual companies, as well as in connection with general market and economic conditions. The levels and basis of, and reliefs from, taxation may change. Investors should obtain professional advice on taxation where appropriate before proceeding with any investment. Past performance is not a guide to future performance. The value of an investment and the income from it may go down as well as up and investors may not get back the amount originally invested. Details of the terms and risk warnings are contained in the Prospectus and Key Investor Information document. L12021_European fund_flyer_30 November 2012_13_online

Find out more at www.cazenovecapital.com/funds or call 0800 015 9592

Chris Rice

Chris Rice joined Cazenove Capital in 2002. He is Head of Pan-European Equities, responsible for all aspects of pan-European equity strategy and portfolio construction. Chris is manager of the Morningstar OBSR Silver rated Cazenove European Fund, the S&P Gold rated and Morningstar OBSR Silver rated Cazenove European Equity (ex UK) Fund, Cazenove European Income Fund and the Cazenove European Equity Absolute Return Fund.

Chris joined from HSBC Asset Management where he was Head of European Equities, responsible for the retail and institutional Pan-European and European equity funds. Prior to HSBC, he was a Japanese and European fund manager at Scottish Amicable Investment Managers. Chris graduated from the University of Salford with First Class Honours in Finance and Accounting, as well as a MPhil in Monetary Economics from the University of Glasgow. Chris is IIMR qualified. He is a Director of Cazenove Capital and has 21 years’ investment experience.

Key points

• TheCazenoveEuropeanFundhasachieved1stquartileperformance since Chris took over management of the fund**

• AimstooutperformtheFTSEWorldEurope(exUK)Index by +2% (net of fees) each calendar year

• Trackingerrortypicallymanagedbetween3-6%,max8%

• Holdsbetween50-90stocksintheportfolio

• Themanagerwilltiltthestylebiasdependingonthebusiness cycle

• Biastowardslarge,highqualitycompanies

**Source: Lipper, net income reinvested at 18/12/12. Chris took over management on 18/12/02.

5Yr

Morningstar OBSRPositive Rating30 Jun 12

Source and copyright: Morningstar OBSR Analyst RatingTM.