CONFIDENTIAL - FOR PROFESSIONAL INVESTORS ONLY

WHEB Listed EquityApril 2014

www.whebgroup.com

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Important information

This presentation, its contents and any related communication (altogether, the “Presentation”) is provided by WHEB Asset Management LLP (“WHEB Asset Management”) and: (1) does not constitute or form part of any offer or invitation to buy or sell any security including any shares in the FP WHEB Sustainability Fund (“Shares” and “Fund” respectively), or any offer to perform investment management or other investment business; (2) should not be relied upon and should not form the basis of any investment decision in relation to Shares or otherwise; any such investment decision should be made only on the basis of authorised material provided to you, legal documents and the advice of your professional advisers; (3) is not and should not be treated as advice of any kind, investment research or a research recommendation; (4) any opinions expressed in this Presentation should not be relied upon as an indication of future performance of the Fund, Shares or any stock market, or of any guarantee of any return from the Fund or Shares; (5) is in summary form and may refer to and may be materially affected by future events, and may contain statements, estimates and projections of anticipated future performance which reflect various assumptions which may or may not be within the control of WHEB Asset Management or be correct; (6) WHEB Asset Management has exercised all reasonable care in preparing this Presentation and it includes information from sources that we consider to be reliable, however no representation or warranty, express or implied, is made as to the accuracy, reliability or completeness of the Presentation or as to whether any future event may occur, by WHEB Asset Management, its group companies and its or their directors, officers, employees, associates and agents (“WHEB Persons”); (7) is subject to change at any time and no WHEB Person is under any obligation to inform any person of any such change; (8) is only made available to recipients who may lawfully receive it in accordance with applicable laws, regulations and rules and binding guidance of regulatory bodies; (9) in the UK, is only directed at and available to persons who are Professional Clients or Eligible Counterparties; and (10) is not available to or directed at persons located in the U.S. or to U.S. Persons, as defined in SEC Rule 902 of Regulation S under the U.S Securities Act 1933, as amended, and does not constitute an offer to sell or a solicitation of an offer to buy securities in the United States, other than pursuant to an exemption under that act. To the fullest extent permitted by applicable law, regulation and rule of regulatory body, WHEB Persons shall have no liability for any loss in relation to the Presentation, however arising including without limitation direct, indirect, consequential or loss of profit.The prices of Shares and the income from them can fall as well as rise and you may not get back the amount originally invested. This can be as a result of market movements and also of variations in the exchange rates between currencies. Past performance is not a guide to future returns and may not be repeated.By opening, reading and not returning this Presentation you agree to and acknowledge the above.“WHEB Asset Management” is a trading name of WHEB Asset Management LLP, whose registered office is at 2 Fitzhardinge Street, London W1H 6EE and which is registered in England and Wales with number OC 341489. WHEB Asset Management LLP is authorised and regulated by the FCA with registered number 496413. Fund Partners Limited (formerly   IFDS Managers Limited) is the Authorised Corporate Director of the Fund and is authorised and regulated by the Financial Conduct Authority and has its registered office at Cedar House, 3 Cedar Park, Cobham Road, Wimborne, Dorset, BH21 7SB’.FP WHEB Sustainability Fund is listed on ImpactBase, the online directory of impact investment funds and products.

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WHEB: Leading Sustainability Boutique

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• Founded in 2002

• £370m of assets under management1

• Team formerly ran leading strategies at Jupiter, Henderson and Aviva

Source: 1WHEB Group Feb 2014

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Exponential growth in population and resource use

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PopulationGDPPaper consumptionNorthern hemisphere average surface temperatureSpecies extinctions

Fisheries exploited

Loss of tropical rainforest and woodland

Water useCO2 concentrationOzone depletionForeign investmentMotor vehicles

Source: New Scientist 18/08/2009 reporting Singer-Verlag, Berlin, Heidelberg, New York on unsustainable exponentials

1750 1800 1850 1900 1950 2000

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Half the population will live under water stress by 20301

Source: 1. Bank of America

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Traditional energy production is unsustainable

Source: UNEP

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Global infrastructure is in crisis

2 http://www.mckinsey.com/insights/mgi 3 Reuters

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Population is growing older… and more obese

1 http://projects.flowingdata.com/life-expectancy/

Average global life expectancy: 1960 – 52 / 2011 – 681

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From crisis stems opportunity:

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Cleaner Energy

WaterManagement

EnvironmentalServices

Resource Efficiency

SustainableTransport

Health

Education

Well-being

Safety

Resource efficiency: Less is more

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LONG-TERM SUSTAINABLE GROWTH | INTEGRATED STOCK-LED RESEARCH | FOCUSED INDEPENDENT CLIENT-DRIVEN | PERFORMANCE AND UPDATE

* Source: 1 McKinsey

Lighting sales growth 2011-20201

Non-green tra-ditional

Green traditional LED-100%

0%

100%

200%

300%

400%

500%

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Powerful, sustainable growth

The growth rates of the universe are weighted average growth rates of the individual stocks based on their current market capitalisations. The growth rates of MSCI World are weighted average growth rates of the constituents based on their weightings in the index.1The 5-year historical sales growth of individual stocks is calculated as: [((Most recent sales growth / Sales growth five years earlier) ^ 0.2) – 1 ] * 1003The 1-year forecast sales growth of individual stocks is calculated as: [(Sales estimate for current financial year / Comparable sales a year earlier) -1] * 100Source: Bloomberg. (5-year and 1-year data are the latest available from Bloomberg as at 31/3/2014.)

Universe MSCI World0%

2%

4%

6%

8%

10%

12%

5-year Historical Sales Growth1

Universe MSCI World0%

2%

4%

6%

8%

10%

1-year Forecast Sales Growth2

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Fund diversified by sub-theme:

Legend:

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Resource Efficiency

Cleaner Energy

Sustainable Transport

Environmental Services

Water

Safety

Health

Wellbeing

Education

Source: Bloomberg, Data as of 31 March 2014

Energy Management15%

Process Control8%

Efficiency Technologies1%

Cleaner Energy4%

Bus, Rail and bicycle8%

Emissions reduction2%

Environmental Consulting4%

Environmentally Preferable Products

3%Pollution Control

4%Waste Management

7%

Water equipment and techno-logies7%

Water utilities2%

Building Safety2%

Safer Products3%

Workplace Safety2%

Health services9%

Life Sciences & Diagnostics10%

Medical devices6%

Drugs2%

Home & Elderly Care2%

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Fund Characteristics

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WHEB

Beta 0.91

Tracking error 3.45%

Average holding period 2 4.4 yearsActive share vs MSCI World Index1 97.7%

1 Bloomberg, WHEB Asset Management Research. Active Weighting refers to the % overlap between the fund and Index weightingsData as at 31 March 2014, source: Bloomberg. The data in the forward P/E, long-term earnings growth, PEG and beta tables were taken on 1 April 2014. Cash is excluded in theexposure calculation in the forward P/E, FY2 earnings growth, PEG and beta tables. 2 The average holding period is derived from the fund turnover at the last reporting date (six months to 31.08.2013), Source: State Street Global Services.

Market Cap Exposure

Under $1bn

$1bn - $2bn

$2bn - $10bn

$10bn-$20bn

Above $20bn

Cash

0% 10% 20% 30% 40% 50% 60% 70% 80%

MSCI World WHEB

Asia PacificJapan

N. AmericaUK

W. EuropeCash

0% 10% 20% 30% 40% 50% 60% 70%MSCI WHEB

Geographic Exposure

• Fund beta less than market average

• Geographic exposure in line with MSCI World Index

• Large and mid-cap rather than small

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Most analysts miss half the picture

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A narrow financial focus… …ignores vital information

Adding value through the investment process

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Fundamental Analysis: Faiveley 58% / Wabtec 63%

• Sector is highly exposed to business ethics risks though long-term contracts, role in public procurement, Transparency International Bribe Payers’ Index.

• Our analysis indicated that Faiveley has weaker governance, related party transactions, lack of independence, poor disclosure

• Faiveley had poorer management of business ethics issues when compared to Wabtec

Strategy Track Record 2005-2011 at Henderson

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This chart provided for illustrative purposes only. Tim Dieppe was the manager of the Henderson Industries of the Future fund (‘Henderson IoF’) during the period from 1 January 2006 to 31 December 2011. Tim has been the lead fund manager of the FP WHEB Sustainability Fund since 1st April 2012. Prices are last quoted prices for each day in GBP i.e. MSCI World quoted after market close in North America; Henderson IoF quoted at midday in UK. Prices net of fees.Source: Bloomberg; MSCI.Neither MSCI no any other party involved in or relating to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.

12/2005 12/2006 12/2007 12/2008 12/2009 12/2010 12/201170

80

90

100

110

120

130

140

150

Henderson IoF (I share class) MSCI World (Total return)

Reba

sed

Valu

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Performance versus Benchmarks since May 2012

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This chart shows the performance of the FP WHEB Sustainability Fund (A share class, net of 1.5% AMC and other fees) since 30 April 2012 to 31 March 2014 versus a range of benchmarks. Tim Dieppe has been the lead fund manager of the FP WHEB Sustainability Fund since 1st April 2012, and the portfolio was transitioned to the new process by the end of April 2012. Until 30 September 2013 the FP WHEB Sustainability Fund was named the IM WHEB Sustainability Fund. The C share class was launched on 3 September 2012 and is shown net of 0.85% AMC and other fees. Calculated using last quoted prices for each day in GBP i.e. MSCI World quoted after market close in North America; FP WHEB Sustainability quoted at midday in UK. Source: Bloomberg; MSCI Numbers in brackets on the graph legend are total returns for each fund for the period described.

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Cumulative Performance 1 month 3 months Year to date 12 months Since

30/04/2012FP WHEB Sustainability (A) -0.15% 1.37% 1.37% 8.50% 29.50%FP WHEB Sustainability (C) -0.09% 1.54% 1.54% 9.22% N/AMSCI World Total Return 0.67% 0.60% 0.60% 8.45% 31.21%

4/30/2012 7/30/2012 10/30/2012 1/30/2013 4/30/2013 7/30/2013 10/30/2013 1/30/201490.00

100.00

110.00

120.00

130.00

140.00

MSCI World (25.89) MSCI World TR Net Div (31.21) MSCI World Mid Cap (29.47)

MSCI All Country (24.17) FP WHEB Sustainability (A share class) (29.5)

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Performance versus IMA Peer Group since May 2012

18Source: Trustnet. Investment Management Association index of global funds shows the performance of the average of 259 mainstream global equities funds in the UK.

FP WHEB Sustainability IMA Global Equities sector

Retu

rn

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A N Other UK Ethical Fund top 10 holdings

National Grid

7.5%

4.5%

4.2%

3.9%

3.7%

Shire

Tesco

Lloyds Banking Group

Prudential

Glencore Xstrata

Legal & General Group

BG Group

Vodafone

BT Group

3.6%

3.5%

3%

2.1%

1.6%

Source: Anonymous ethical fund fact sheet. Data as at 31 March 2014.

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FP WHEB Sustainability Fund Top 10 Holdings

Novo Nordisk

2%

2%

1.9%

1.9%

1.9%

Cooper Companies

Mednax

Borg Warner

Trimble

Covidien

Varian Medical Systems

Quanta Services

Pentair

Thermo Fisher

1.9%

1.8%

1.8%

1.7%

1.7%

Source: Bloomberg. Data as at 31 March 2014.

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Conclusion

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Leading team

Growth

Integrity Every stock in our universe provides a solution to a sustainability

challenge

Universe growing faster than MSCI World Index

Long track-record of out-performance

1

2

3

FP WHEB Sustainability Fund

1Source: WHEB Listed Equity estimates