Please note: T. Bailey may from time to time introduce new funds or achieve registration of existing funds in other countries. You are therefore urged to contact T. Bailey to check the current position.

You should always bear in mind that:

·The value of investments and the income from them may go down as well as up and you may not get back your original investment.

·Past performance is not a guide to future performance.

·Emerging markets tend to be more volatile than more established stockmarkets and therefore your money is at greater risk. Other risk factors such as political and economic conditions should also be considered.

·Funds investing in overseas securities are exposed to and can hold currencies other than sterling. As a result, exchange rate movements may cause the value of investments to decrease or increase.

·ISAs were introduced on 6 April 1999 for an initial ten-year period. They are subject to government legislation and as such their tax benefits may be changed in the future.

·PEPs are subject to government legislation and as such their tax benefits may be changed in the future.

·The value of current tax relief depends on individual circumstances. If you have doubts about your tax position, you should seek professional advice.

·The level of yield is subject to fluctuation and is not guaranteed.

·The difference between the redemption and the running (or income) yield is that the redemption yield gives a more long term view, taking into account expected capital repayments as well as income payments should the bonds in the fund be held for 10 years. The running (or income) yield gives an indication of the income to be paid based on the Fund's current bond holdings.

·When a Fund holds high yielding bonds there is an increased risk of capital erosion through default or if the redemption yield is below the income yield. You should also be aware that economic conditions and changes to interest levels may significantly impact the values of high yield bonds.

·For the T. Bailey Growth Fund, T. Bailey Equity Income Fund, T. Bailey Cautious Managed Fund and T. Bailey UK Best Ideas Fund some or all of the annual management fee is currently charged to the capital of the Fund. Whilst this increases the yield, it will restrict the potential for capital growth.

·Where a Fund holds a limited number of investments and one or more of those investments declines or is otherwise adversely affected, it may have a more pronounced effect on the Fund's value than if a larger number of investments were held.

·An investment in futures and options might be volatile.

·Funds which specialise in a particular region or market sector are more risky than those which hold a very broad spread of investments.

·Smaller companies are less liquid than larger companies, which means that fluctuations in price may be greater than for larger companies.

·Your money is more secure in a deposit account where only the level of interest paid may fluctuate.

·Telephone calls may be recorded for monitoring and training purposes.

·If you have any doubt whether any of the T. Bailey funds are suitable for you and you wish to obtain personal advice, please contact a financial adviser.

An application for any of the T. Bailey funds can be made by completing the relevant application form. Investors must read the relevant terms and conditions and the simplified prospectus/key features document that apply to the chosen T. Bailey fund.

For investors based in the EU, the cancellation provisions in the Financial Services (Distance Marketing) Regulations 2004 may apply where the agreement to purchase shares or shares has been carried out by way of distance selling.  For non-UK investors, compensation under the Financial Services Compensation Scheme may be available if you qualify as an "eligible complainant" under the Compensation rules of the Financial Services Authority.