1. WHEB: Investing in the industries of the future September 2014 www.whebgroup.com

2. Important information This presentation, its contents and any related communication (altogether, the “Presentation”) is provided by WHEB Asset Management LLP (“WHEB Asset Management”) and: 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; 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; is not and should not be treated as advice of any kind, investment research or a research recommendation; 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; 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; WHEB Asset Management has exercised all reasonable care in preparing this Presentation; 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”); is subject to change at any time and no WHEB Person is under any obligation to inform any person of any such change; is only made available to, and may only be provided to, recipients who may lawfully receive it in accordance with applicable laws, regulations and rules and binding guidance of regulatory bodies; and 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. You should read and understand the risks set out in the Fund prospectus and in the Presentation, in particular at page 33. 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 contents of this page and page 2. “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 FSA with registered number 496413. Fund Partners 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. The European SRI Transparency logo signifies that WHEB Asset Management commits to provide accurate, adequate and timely information to enable stakeholders, in particular consumers, to understand the Sustainable Responsible Investment (SRI) policies and practices relating to the fund. Detailed information about the European SRI Transparency Code can be found on www.eurosif.org, and information of the SRI policies and practices of the FP WHEB Sustainability Fund can be found at: http://www.whebgroup.com/. The Transparency Code are managed by Eurosif, an independent organisation. The European SRI Transparency Logo reflects the fund manager’s commitment as detailed above and should not be taken as an endorsement of any particular company, organisation or individual.” Relating to data in this presentation sourced from 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. 2

3. WHEB – focused and specialist 3 LONG-TERM SUSTAINABLE GROWTH | INTEGRATED STOCK-LED RESEARCH | FOCUSED INDEPENDENT CLIENT-DRIVEN | PERFORMANCE AND UPDATE Leading European sustainability boutique Founded in 2002 £370m of assets under management 1 Private Equity, Infrastructure and Listed Equities Owner managed business Offices in London and Munich Long term backers Source: 1 WHEB Group Feb 2014

4. Evolution of Sustainable and Responsible Investing 4 Moral/ Normative ‘Values’Investment ‘Value’ 1) Ethics2) Responsibility3) Themes4) Integration Driven by ethical values Focused on excluding certain types of activities using negative screens Enabled by ESG performance analysis Focused on best-in-class social & environmental performance Emergence of investable Environmental & Social ‘themes’ Focused on investing in ‘solution providers’ Inclusion of ESG issues into traditional financial analysis Focused on how ESG issues affect investment returns

5. Exponential growth in population and resource use 5 Regulation Price Signals Consumer Trends Government Spending Innovation New economic models Population GDP Paper consumption Northern hemisphere average surface temperature Species extinctions Fisheries exploited Loss of tropical rainforest and woodland Water use CO2 concentration Ozone depletion Foreign investment Motor vehicles Implications for the changing shape of the global economy: Source: New Scientist 18/08/2009 reporting Springer-Verlag, Berlin, Heidelberg, New York on unsustainable exponentials 1750 1800 1850 1900 1950 2000

6. 200 years of Industrial Development 6

7. Solutions to sustainability challenges 7 Future-proofed markets with strong long term growth

8. Powerful, sustainable growth 8 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. 1 The 5-year historical sales growth of individual stocks is calculated as: [((Most recent sales growth / Sales growth five years earlier) ^ 0.2) – 1 ] * 100 2 The 1-year forecast sales growth of individual stocks is calculated as: [(Sales estimate for current financial year / Comparable sales a year earlier) -1] * 100 Source: Bloomberg. (5-year and 1-year data are the latest available from Bloomberg as at 30/6/2014.) Sales growth for WHEB’s universe of ‘Solutions to Sustainability Challenges’

9. Investment strategy diversified by sub-theme: Legend: 9 Resource Efficiency Cleaner Energy Sustainable Transport Environmental Services Water Safety Health Wellbeing Education Source: Bloomberg, Data as of 29 August 2014

10. Investing with impact 10 Engagement Top performers Solution providers  Every stock in our universe provides a solution to a sustainability challenge  Approx. 80% of portfolio holdings’ revenues from the themes 1  Carbon footprint of the fund is circa 60% less than MSCI World Index 1  Zero exposure to fossil fuel extraction companies  Favours stocks with measurable environmental and social impact  We engage with all holdings and steer them towards positive impact  Over 50% of our engagement work has partial or complete success 2 1 1 2 2 3 3 FP WHEB Sustainability Fund is listed on ImpactBase, the online directory of impact investment funds and products 1 Source: WHEB Listed Equity estimates 2 For further details see WHEB Listed Equity quarterly engagement and voting reports: http://www.whebgroup.com/investment-strategies/listed-equity/fund-governance/engagement- and-voting-records/