Key Information Document River UK Micro Cap Limited A sub fund of River UK Micro Cap Limited Ordinary shares of no par value (“Ordinary Shares”) Ø Purpose This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products. Ø Product Name: River UK Micro Cap Limited Ordinary shares of no par value (“Ordinary Shares”) ISIN: GG00BNDMJP11 PRIIP Manufacturer: River UK Micro Cap Limited PRIIP Manufacturer Website: https://river.global/our-funds/fund-centre#/fund/search/filter Telephone:+44 (0)1534 679510 Guernsey Financial Services Commission is responsible for supervising River UK Micro Cap Limited in relation to this Key Information Document. This PRIIP is authorised in Guernsey Financial Services Commission. Carne Global AIFM Solutions (C.I.) Limited is authorised in Guernsey Financial Services Commission and regulated by Guernsey Financial Services Commission. The key information document is accurate as at 17 July 2024. You are about to purchase a product that is not simple and may be difficult to understand. Ø What is this product? Type: Ordinary shares in a closed-ended investment company incorporated in Guernsey. Save for payments of dividends or other returns (e.g. on a redemption of Ordinary Shares under the Company’s compulsory redemption mechanism or on a winding-up), the Company is not expecting to pay you and you are expected to generate returns through selling your shares through a bank or stockbroker. Ordinary Shares are bought and sold via markets. Typically, at any given time on any given day, the price you pay for a share will be higher than the price at which you could sell it. The price at which you can sell your shares will vary depending on market conditions and will not necessarily reflect the net asset value of the Company. Term: No fixed term. Objectives: The Company aims to achieve long-term capital growth from investment in a diversified portfolio of UK “micro cap” companies, typically comprising companies with a free float market capitalisation of less than £100 million at the time of purchase. Intended retail investor: This product is intended for UK retail investors who plan to hold their investment for the long term. Potential investors should fully understand the additional risks associated with this particular asset class, the potential risk of capital loss and that there may be limited liquidity in the Ordinary Shares. The Ordinary Shares are suitable for investors as part of a diversified investment portfolio and who are able to take a long-term view of any investment in the Company. The Fund's assets are held through its Depositary, which is BNP Paribas SA, Guernsey Branch. Distribution type: The product is distributing.River UK Micro Cap Limited / Ordinary shares of no par value (“Ordinary Shares”) / GG00BNDMJP11 1 Ø What are the risks and what could I get in return? Risk indicator We have classified this product as 4 out of 7, which is a medium risk class. Lower risk Higher riskThis rates the potential losses from future performance at a medium level. Poormarket conditions could impact the Fund's capacity to pay you.For other risks materially relevant to the product which are not taken into 1 2 3 4 5 6 7account in the summary risk indicator, please read the Fund's Prospectusavailable at https://river.global/our-funds/fund-centre#/fund/search/filter. The risk indicator assumes you keep the product for 5 years. The product does not include any protection from future market performance,so you could lose some or all of your investment. The price at which the The summary risk indicator is a guide to the level of risk of this product Ordinary Shares are sold in the market has not historically tracked the compared to other products. It shows how likely it is that the product will lose Company's net asset value per Ordinary Share. money because of movements in the markets or because we are not able to pay you. If we are not able to pay you what is owed, you could lose your entireinvestment. Investment performance information The main factors likely to affect future returns for the investor include the portfolio manager successfully identifying growth opportunities within UK companies below £100m market cap, the broader economic cycle, sentiment towards the UK and economic growth within the UK and sentiment towards smaller companies. While the NAV of the fund is impacted by the factors above, the factors which may affect the share price of The Company include (but are not limited to): (i) the Company’s expected and actual performance; (ii) other secondary issues in the market; and (iii) general economic and market conditions. While The Company will not be benchmark-driven in its asset allocation, the most relevant index is Numis Small Cap + AIM ex ICs. Due to the Company's strategy of investing in companies which, on average, are much smaller than the average benchmark company, the fund is likely to experience notably higher volatility than the benchmark. The fund has the potential to outperform the benchmark considerably, typically during periods where smaller companies are outperfomring and risk sentiment is either above average or improving. However it also has the potential to return considerably below benchmark, especially during down-market periods and risk-off market environments. What could affect my return positively? Conditions that are conducive to higher returns include improved confidence in the UK from investors, an increased appetite for risk and the outperformance of smaller companies. The fund aims to take advantage of the illiquidity premium inherent in the UK micro cap space, the success of which is largely dependent on market conditions and succesfully identified growth opportunities. What could affect my return negatively? Conditions that are likely to generate lower returns or lead to investment loss include decreased confidence in the UK from investors, a reduced appetite for risk, a heightened short-term sense of fear in the markets, increased funding issues/bankruptcies within small caps, and portfolio manager change The relatively small market capitalisation of Micro Cap Companies can make the market in their shares illiquid. Therefore, prices of Micro Cap Securities are often more volatile than prices of larger capitalisation stocks, and even small cap companies. The Company may invest in securities that are not readily tradable, which may make it difficult for the Company to sell its investments and may lead to volatility in the market price of Shares in the Company. Under severely adverse market conditions, investors may expect difficulty in realising the value of their investment and there may not be a liquid market in the Shares of The Company. Supply and demand for shares in The Company and not the underlying value of The Company will dictate the price at which investors can realise their investments. During times of market stress, the shares of The Company may trade at a significant discount to the net asset value of its portfolio, which can cause an investor in The Company to experience larger negative returns than those experienced by the portfolio itself. Ø What happens if the River UK Micro Cap Limited is unable to pay out? As a shareholder of River UK Micro Cap Limited you would not be able to make a claim to the Financial Services Compensation Scheme about the Company in the event that the Company were unable to pay any dividends or other returns it may elect to pay from time to time, or if it were unable to pay any amounts due to you on a winding-up. If you sell your Ordinary Shares on the London Stock Exchange, your bank or stockbroker will receive cash on delivery of your shares and should pass that to you. Ø What are the costs? Costs over time The person advising on or selling you this product may charge you other costs. If so, this person will provide you with information about these costs and how they affect your investment. The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold the product and how well the product does. The amounts shown here are illustrations based on an example investment amount and different possible investment periods. We have assumed: In the first year you would get back the amount that you invested (0% annual return) For the other holding periods we have assumed the product performs as shown in the moderate scenario GBP 10,000 is invested Example Investment: GBP 10,000 If you cash in after 1 year If you cash in after 3 yearsIf you cash in after 5 years Total costs GBP 180 GBP 551GBP 935 Annual cost impact(*) 1.80%1.80% 1.80% (*)This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 1.80% before costs and 0.00% after costs. iti fRiver UK Micro Cap Limited / Ordinary shares of no par value (“Ordinary Shares”) / GG00BNDMJP112 Composition of costs The table below shows the impact each year of the different types of costs on the investment return you might get at the end of the recommended holding period and the meaning of the different cost categories. The impact on return per year One-off Entry costs0.00% The impact of the costs you pay when entering your investment. costs Exit costs 0.00% The impact of the costs of exiting your investment when it matures. Portfolio transaction 0.09% The impact of the costs of us buying and selling underlying investments for the Ongoing costsproduct. costs Other ongoing costs1.71% The impact of the costs that we take each year for managing your investmentsand the costs associated with running the Company. IncidentalPerformance fees 0.00% The impact of the performance fee. We take these from your investment if theadjusted NAV of Company outperforms. costs Carried interests 0.00% The impact of carried interests. Ø How long should I hold it and can I take my money out early? The recommended minimum holding period: 5 years. Listed funds are designed to be long term investments and the returns from them can be volatile during their life. You should plan to hold your shares for at least a five year investment horizon. As the Company's shares are listed on the London Stock Exchange, you can expect to sell them at any time through your bank or stockbroker. Ø How can I complain? If you have any complaints about the Company, you may lodge your complaint: via our website: https://river.global/our-funds/fund-centre#/fund/search/filter or in writing to BNP Paribas SA, Guernsey Branch - BNP Paribas House, 1 St Julian's House,St Peter Port, GY1 1WA, Guernsey. Ø Other relevant information We are required to provide you with further documentation, such as the Company's annual and interim reports. These documents and other information relating to the Company are available online at https://river.global/our-funds/fund-centre#/fund/search/filter. The past performance of the Company is not a guide to future performance. The price of the Company's shares can go down as well as up. The cost, performance and risk calculations included in this Key Information Document follow the methodology prescribed by EU rules. In addition, the costs set out in the “composition of costs” table are carried by the Company and dividends paid to investors are net of these costs. Past Performance and Performance Scenarios: For details of past performance, please see online at https://river.global/our-funds/fund-centre#/fund/search/filter. For previous performance scenarios, please see https://river.global/our-funds/fund-centre#/fund/search/filter.River UK Micro Cap Limited / Ordinary shares of no par value (“Ordinary Shares”) / GG00BNDMJP11 3