CONFIDENTIAL - FOR PROFESSIONAL INVESTORS ONLY

WHEB Listed EquityMay 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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WHAT IS WRONG WITH THE FUND MANAGEMENT

INDUSTRY?

Markets are beset by short-termism

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FTSE average holding period, 1966-20051

1966 1976 1986 1996 20060

1

2

3

4

5

6

7

8

Year

s

Source:1Bank of England/London Stock Exchange

This is a real quote!!

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“We’d like to help you update your models for the fact that Christmas falls on a Tuesday this year”US CFO

Fund Managers tend to hug benchmarks

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“As long as the music is playing, you’ve got to get up and dance, we’re still dancing.” Charles Prince, Citigroup CEO, July 2007

Benchmarks tend to be backwards Looking

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Is the Index a good starting point for constructing a portfolio?

Source: MSCI. Those shares coloured in red represent top 15 index constituents in 1993 that have since dropped out of the top 15. Those coloured in green represent new entrants to the top 15 list during the period.

Rank MSCI World 30/6/1993

MSCI World 30/6/2013

1 1.3% AT&T 1.5% Exxon2 1.3% Exxon 1.4% Apple3 1.3% GE 1.0% Microsoft4 1.0% Sumitomo 0.9% GE

5 1.0% Ind.Bank Japan 0.9% J&J

6 1.0% Daiichi Kangyo 0.9% Google

7 1.0% Fuji Bank 0.8% Chevron8 0.9% Wal-Mart 0.8% Nestle9 0.9% Coca-Cola 0.8% P&G

10 0.8% Toyota 0.8% Wells Fargo

11 0.8% Sakura Bank 0.7% IBM12 0.8% Royal Dutch 0.7% JP Morgan13 0.7% Tokyo Electric 0.7% AT&T14 0.7% Philip Morris 0.7% HSBC15 0.6% Merck 0.7% Pfizer

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Have Ethical Funds done enough to be different?

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.

Fund Management Industry Lacks Transparency

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Active fund management full of “terminology, pseudoscience and sales patter”Michael Johnson, Centre for Policy Studies (CPS)

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IN SUMMARY!!• SHORT TERM• BACKWARD LOOKING• OPAQUE• HERD MENTALITY

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DOES SUSTAINABLE INVESTMENT HAVE ANY

ANSWERS?

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What is happening in the economy and society?

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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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Traditional energy production is unsustainable

Source: UNEP

Energy Efficiency is part of the solution

1515* Source: 1. McKinsey 2. Bloomberg 15/05/14 3. Johnson Controls annual report 2012

Lighting sales growth 2011-20201

-100%

0%

100%

200%

300%

400%

500%

Use of LEDs will cut energy use in general lighting worldwide by 24% by 20201

Retrofitting the Empire States Building cost $1m, which paid for itself in 18 months3 04/12 07/12 10/12 01/13 04/13 07/13 10/13 01/14 04/14

80

130

180

Performance2

Acuity Brands S&P Midcap 400

+90%2

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Half the population will live under water stress by 20301

Source: 1. Bank of America

Water efficiency doesn’t have to be very high tech

1717Sources: 1. Geberit Annual Report 2013 2. Bloomberg 15/05/14

In 2013 alone, installed Geberit products saved 2,000 million m3, more than half of the annual water consumption of all German households.1

04/12 07/12 10/12 01/13 04/13 07/13 10/13 01/14 04/1480

100

120

140

160

Performance2

Geberit Swiss Market

+24%2

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World population is growing and ageing

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

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

Health represents a broad and diversified opportunity

1919Sources:

85+ age group requires 6x more healthcare products and services than those under 651

1 Hartman M et al. Health Affairs 2008;27:w1-w12, 2 INSEE, Kepler Care Home initiation March, 2014, 3 Bloomberg 15/05/14

French population growth by age (2010-60E)2

04/12 07/12 10/12 01/13 04/13 07/13 10/13 01/14 04/1480

100

120

140

160

180

200220

Performance3

Orpea CAC

+78%3

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Global infrastructure is significantly underinvested

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

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Opportunities from infrastructure investment

Infrastructure investment required for mitigation and adaptation

Sources: 1http://epp.eurostat.ec.europa.eu/cache/ITY_PUBLIC/8-04032013-BP/EN/8-04032013-BP-EN.PDF 2 Bloomberg 15/05/2014

04/12 07/12 10/12 01/13 04/13 07/13 10/13 01/14 04/1480

100

120

140

160

180

200

220

Performance2

Hera FTSE MIB

+52%2

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Investing in Solutions to Sustainability Challenges

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Cleaner Energy

WaterManagement

EnvironmentalServices

Resource Efficiency

SustainableTransport

Health

Education

Well-being

Safety

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Long-term 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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FP WHEB Sustainability Fund Top 10 Holdings

Quanta Services – Energy Infrastructure

2%

1.9%

1.9%

1.8%

1.8%

Orpea – Nursing Homes

Xylem – Water Management

Covidien – Medical Devices

Novo Nordisk – Diabetes Treatment

Praxair – Gases and Coatings

Trimble – Resource Efficiency

Borg Warner – Emission Reduction

Thermo Fisher – Life Sciences

1.8%

1.8%

1.8%

1.8%

1.8%

Source: Bloomberg. Data as at 30 April 2014.

Pentair – Water Management

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WHAT DO WE MEAN BY “INTEGRATED ESG”?

“FUNDEMENTAL RESEARCH”?“ENGAGEMENT”?

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Most analysts miss half the picture

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A narrow financial focus… …ignores vital information

How heat pumps work *

1. Universe Formation

Companies provide solutions to sustainability challenges

At least one third of its business coming from one of our nine themes

Heat pumps regarded as renewable energy in the European Union

Research intensive process…

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

Over 28,900 active trading companies1

* Source: East Tech Electrical

2. Idea Generation

Used quant screen to identify Nibe, a quality company, thinly covered by brokers

Investment universe (over 1,000 stocks)

Investment universe

(over 1,000 stocks)

Company background

Nibe Industrier is a European market leader for heat pumps and wood-burning stoves

4. Portfolio Monitoring

4.5 year average holding period…

2828

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

* Source: Bloomberg as of 2 May 2014

3. Fundamental Analysis

01/12 04/12 07/12 10/12900

1000

1100

Swedish market (OMX)

Valuation disciplineInitiated a position at a 4-year low P/E (13x)

*

Fundamental focus Did not shy

away from high quality Co amid European crisis

-16%*

Quarterly results reviewsResults continued to validate our investment thesis

05/12 11/12 05/13 11/1380

100

120

140

160

180

200

Nibe (% return since holding)

Financial angle- Consistent revenue and

earning growth- High profitability and

returns even during tough market conditions

Sustainability angle- Increasing interest in

renewable energy- Low market penetration- Supportive govt policies

(e.g. UK)

Management meetingLearnt the latest

development of the Co and the sector

EngagementVoted against the Co

due to the lack of independent sub-

committees

EngagementVery satisfactory response

from the chairman

+91%*

Identifying higher quality management teams…

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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

Transparent: Who holds us to account?

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• Full list of holdings published on website

• Comprehensive quarterly Engagement and Voting Report

• Independent Investment Advisory Committee (below) reviews holdings quarterly

• 12-month trailing average holding period published monthly

• Summary Minutes of Investment Advisory Committee meeting published

“Sunlight is the best disinfectant”1

1U.S. Supreme Court Justice Louis Brandeis

Ebba SchmidtResponsible Investment Manager at the UK Pension Protection Fund (PPF)

David Lloyd OwenWaste and Water Industry Expert

Nick RobinsCo-Director UN Inquiry into the Design of a Sustainable Financial System

Ben GoldsmithCo-founder of WHEB Group

Geoff HallChairman of WHEB Asset Management. Former Chief Investment Officer at Allianz Insurance Plc

Tristan HillgarthFormer CEO Invesco Europe, and Head of Jupiter Private Clients

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

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Conclusion

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Leading team

Growth

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

challenge1

Universe growing faster than MSCI World Index1

Long track-record of out-performance

1

2

3

FP WHEB Sustainability Fund

1Source: WHEB Listed Equity estimates