Argyle Principal Protected, High Yield Managed Receivables Funds

The Argyle Principal Protected, High Yield Managed Receivables Funds are offered as ten funds, each with differing currencies, rates of return and investment periods.

The Argyle Family of Funds consists of ten Funds established as Classes of Shares/Notes as follows:

The Company's investments for each Class of Shares will be carried out through a separate investment program relating to the Fund established in respect of that Class. Each Fund will be separate and independent from all others.

These Funds were formed for the purpose of investing in managed accounts-receivable notes or similar short-term secured asset-backed financing securities. These types of investments are often referred to as the factoring of commercial client accounts receivables. The Funds generate revenue in the form of income that is produced and paid out from the commercial accounts receivable obligations. The Fund will allocate capital to participate in a managed pool of accounts receivables, but will not actually be the party who will be lending or negotiating the factoring of the account receivables nor their administration.

Factoring is a process whereby a commercial client pledges its account receivables in exchange for either a specific one-time advance or a secured revolving credit facility. Funds advanced to the client are typically limited to a maximum of 80% - 85% of acceptable receivables. The managed pool will be in the form of short-term receivables of superior quality, insured by a third party and/or government-insured receivables.