Exit Fees -  The only redemption charge is 1.5%

As noted in the investment statement dated 9 May 2011 relating to the Funds ("Investment Statement"), when an investor withdraws their investment in a Fund, a charge, currently 1.5% of the amount withdrawn, will be deducted and retained within the relevant Fund. This redemption charge is to cover the relevant Fund's costs of funding the payment to the relevant investor until the Fund can realise the relevant underlying investments (with the hedge funds in which the Fund is invested).    Richmond can, on redemption of any units in a Fund, direct the Trustee that a lower redemption charge, or no redemption charge at all, be deducted.

The Investment Statement contains reference to the Manager being entitled to set an additional redemption fee of up to 5% from time to time.    No such fee is charged at present.

Transferring between Funds -  No Charges.

Technically switching between Funds will be treated as a redemption of units in one Fund and an application for units in the other.  However, as stated in the Investment Statement, because the NZD Fund and USD Fund have the same underlying (hedge fund) investments, Richmond does not currently intend to charge any application fees, redemption fees or redemption charges upon switching between one Fund and another.

Entry Fees -  No entry fees

Richmond does not charge an application fee if you invest direct with us.  However, if an investor invests through a financial adviser and agrees that the financial adviser should receive an entry fee, the amount of that entry fee (up to a maximum of 5% of the amount invested) will be deducted from the amount invested and paid to the financial adviser.

Warren Couillault, CEO

8 June 2011

Disclaimer: Refer to the Investment Statement for the Richmond International Funds dated 9 May 2011 available on the Richmond website www.richmond.co.nz for more information regarding details of the Funds, hedge funds in general, Richmond’s investment philosophy and risks inherent with investing in these Funds.  This is not a securities recommendation, nor does it contain securities advice nor is it intended to provide advice to investors.  In preparing this information, no individual investor’s personal circumstances have been taken in to account.  This document should not be relied upon as the basis for an investment decision.  Anyone considering investing in the Fund is referred to the Investment Statement and should consult their Financial Advisor.  There is no guarantee of investment performance in respect of any Fund and past or projected performance is no indication of current or future performance results.