EFA TACTICA

Dealing in the EFA TACTICA Multi-Asset Portfolios (the "Fund") has been suspended.

IMPORTANT NOTICE

EFA TACTICA Multi-Asset Portfolios ("the Company"), comprising EFA TACTICA Cautious Portfolio, EFA TACTICA Balanced Portfolio, EFA TACTICA Growth Portfolio and EFA TACTICA Defensive Portfolio ("the Funds")

On 15th March 2012, we wrote to all shareholders in the above Funds, to confirm that we had suspended dealing in the shares of the Funds. Since that letter, we have compiled a formal request to the Financial Services Authority ("FSA") for their permission to terminate the authorisation of the Company. We are currently scheduling the fund accountants and scheme auditors to support the application in advance of it being formally lodged with the FSA.

Upon receipt of the FSA's permission for this course of action we will be writing again with details of our proposals which, for information purposes, are set out below. SHAREHOLDERS DO NOT NEED TO TAKE ANY ACTION AT THIS TIME.
Please note:

  1. The termination of the Funds will commence and the underlying investments held by the Funds will be sold. The cash raised will be held within the Funds, pending distribution;
  2. We expect to be in a position to make an interim distribution of capital, being investors' proportionate share of the proceeds, within 4 to 6 weeks post FSA approval, with a smaller final capital distribution being made following the completion of the final audit of the Company;
  3. Investors will have the opportunity to reinvest their proceeds in any other fund managed by WAY Fund Managers Limited. Information on all of WAY's funds is available via the WAY Group website, at www.waygroup.co.uk. Such reinvestment will be free of all normal charges;
  4. In the event that shareholders do not submit their preferred choice (when asked) we will apply default fund switches, on the following basis:
    a. Holders of EFA TACTICA Cautious Portfolio will receive the equivalent value of shares in the EFA New Horizon Cautious Fund;
    b. Holders of EFA TACTICA Balanced Portfolio will receive the equivalent value of shares in the EFA New Horizon Growth Fund;
    c. Holders of EFA TACTICA Growth Portfolio will receive the equivalent value of shares in the EFA New Horizon Growth Fund;
    d. Holders of EFA TACTICA Defensive Portfolio will receive the equivalent value of shares in the EFA New Horizon Cautious Fund;
  5. Where investors do not wish to reinvest their proceeds into any of the funds on offer, they will be given the opportunity to redeem their shares. In this case the interim and final capital distributions, together with any income (where due) will be paid in the form of cheques drawn in Pounds Sterling and payable to the registered shareholders;
  6. The termination of the Fund will constitute a disposal of shares, which could give rise to a liability to capital gains tax for UK residents ;
  7. Costs of the termination - The fees associated with the termination of the Fund, will be borne by the Funds themselves. WAY Fund Managers Limited does not believe that these will be significant.

Once again I apologise to you, as a shareholder, for having to take this course of action. Naturally it is our intention to conclude the termination of the Company and to distribute the proportionate share of the proceeds as quickly as possible.

In the meantime, we recommend that shareholders contact their usual financial adviser to discuss their options. Alternatively, with the exception of questions regarding investment advice, please contact either Vince Hoare or myself on 01202 855856.

Andrew Stevens
Chief Executive
WAY Fund Managers Limited
2nd May 2012