Evenlode UK Income May Update with Hugh Yarrow

FOR PROFESSIONAL INVESTORS ONLY

Disclaimer:TB Evenlode Income is a sub-fund of the TB Evenlode Investment Funds ICVC. This presentation is for Professional clients only. Full details of the TB Evenlode Investment Funds, including risk warnings, are published in the TB Evenlode Investment Funds ICVC Prospectus which is available on request.

The TB Evenlode Investment Funds are subject to normal stock market fluctuations and other risks inherent in such investments. The value of your investment and the income derived from it can go down as well as up, and you may not get back the money you invested. Capital appreciation in the early years will be adversely affected by the impact of initial charges and you should therefore regard your investment as medium-to long term. As a concentrated portfolio of 25-45 investments Evenlode Income may carry more stock-specific risk than a fund spread over a large number of stocks. The fund has the ability to invest in derivatives for the purposes of EPM, which may restrict gains in a rising market. Investments in overseas equities may be affected by changes in exchange rates, which could cause the value of your investment to increase or diminish. Every effort is taken to ensure the accuracy of the data used in this document but no warranties are given.

Evenlode is a trading brand of Evenlode Investment Management Ltd. Evenlode Investment Management Limited is authorised and regulated by the Financial Conduct Authority, No. 767844. T. Bailey Fund Managers Limited is authorised and regulated by the Financial Conduct Authority, No. 190293.

Past performance is not a guide to future performance. The value of investments may go down as well as up and you may not get back the amount you originally invested. Investors should note that changes in rates of exchange may have an adverse effect on the value, price or income of investments. Tax rates and reliefs may change and the value of tax reliefs depends on individual circumstances.