European Value Partners —

Patience. Discipline. Transparency.

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For financial advisor or consultant use only — not for general public distribution

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EVP

One goal: create wealth for our clients with a low level of risk

One investment product: European All Cap Equity

Focus on sustaining the optimal environment for long-term investment excellence

Clear separation of portfolio management from the business functions

Fully integrated IT systems which supports the trading, portfolio construction, accounting and

reporting

A team approach to the business based on clearly defined roles and procedures

Strong outsourcing partnerships with quality service providers

100% owned; no outside investors

Focus on a limited number of distribution partners who understand our investment approach and our

commitment to our clients

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EVP

Founded in 2008

Assets under management of 880 million EUR

Portfolio managers’ European equity track record began in 1998

Second longest track record in the Morningstar peer group

Annualised outperformance after fees of 438 basis points versus the reference index

Registered in the following jurisdictions

EU

Switzerland

USA

GIPS compliant since inception of the firm

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Our Commitment

We strive to ensure our partners have the opportunity to assess fully our capabilities and

performance

Clear understanding of our business

Clear understanding of the investment approach

Clear communication based on timeliness, relevance, and quality

Clear alignment of interests

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Our Investment Philosophy

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EVP Investment Philosophy

Our investment philosophy is focused on two central elements:

Earning Power

We define Earning Power as the ability to generate discretionary free cash flow over a business cycle

Margin of Safety

We will only invest our clients’ assets when a company can be bought at a minimum discount of 40% to

our estimate of fair value

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EVP Investment Philosophy

Value

We define value as paying significantly less for a business than it is worth —

Earning power is the primary determinant in identifying an undervalued company

Risk

We believe that risk is linked to the fundamentals of a business, not the stock price

Cash

We will only invest when it makes sense to invest and when the money

can be invested at an attractive valuation

Benchmarks

We seek an absolute investment return. We do not allow benchmarks to influence the

construction or management of our portfolios

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EVP’s Investment Process

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Generating Investment Ideas

Assessing the Universe

of Companies

Approximately 1,500 publicly listed

European companies

Identifying Investment Ideas:

Companies are analysed and scored using our

proprietary screening process which is based on

various quantitative factors.

Generally, one-third of our ideas are

generated by market insight, referrals or

other intelligence.

Evaluating Specific Companies:

Only a select few companies survive all

phases of the Seven Point Due Diligence

Process.

EVP’s Proprietary Screening Process Seven Point Due Diligence Process European Equities Universe

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Evaluating The Company

Seven Point Due Diligence Analysis

Proxy Investigation

Financial Statements

Industry Structure

Value Chain

Lifecycle of Products

Operating Environment

Earning Power 7

Management

1 2 3 4 5 6

Evaluate historical financial statements

Key Business

Drivers

Key Risks

Factors

Build financial model

Adjust financial model based on findings

When we have high conviction in the sustainability of the company’s

earning power, we then continue to the valuation phase.

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Valuing The Company

Our calculation of the company’s Earning Power is the starting point for valuation

Capitalise Earning Power using a fixed rate that is not adjusted for risk

Company’s financial model is adjusted for risk factors during the Due Diligence Process

Valuation is not based on forecasting future growth in earnings or cash flows

If our valuation is 40% below the current market price then the company goes on the Buy List

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Constructing the Portfolio

• We invest in a limited number of European-listed companies

• We invest in companies across all market capitalisation ranges

• We are high conviction managers: each investment must have a meaningful impact on the portfolio

• Our investment perspective is long-term: portfolio turnover should average 10% to 20% per year

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Selling Discipline

When a company approaches our estimated fair value

If the weight of the investment in the portfolio becomes excessive

If we uncover information that leads us to believe the risk characteristics and fundamentals are

deteriorating

When we generate an investment idea with more conviction and more attractive valuation

When we recognise that we have made a mistake we will move on to better opportunities

We will sell an investment under the following circumstances:

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EVP’s Daily Trading and Operations Environment

Fully Integrated Process from PM Decision to Relationship Management

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APX Portfolio Accounting

and Reporting System

Moxy Trade Order

Management System

Portfolio

Management

& Order

Generation Pre-Trade

Compliance

Order

Management/

Trading

Straight-through- processing

Post-Trade

Compliance

& Final

Allocations Settlements

&

Reconciliation

Portfolio

Accounting

Reporting

& Analytics

CRM

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The Results

Composite Performance and Current Positioning

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EVP Manager Return versus Reference Index

Growth of €100,000 for the period 31/12/1998 to 31/08/2012

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

€ 131,156

€ 233,101

Period ending August 31, 2012 YTD 1 Year 3 Years 5 Years

Since

31/12/98

EVP – Net Return (%) 12.46 13.67 11.90 -3.05 6.38

MSCI Europe – Net Return (%) 11.35 15.87 7.10 -3.84 2.00

EVP vs. Reference Index (%) +1.11 -2.20 +4.80 +0.79 +4.38

Periods greater than 1 year are annualised (%)

EVP – Net Return

MSCI Europe –

Net Return

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Top Ten Holdings

Company Current Weightings

De la Rue Plc 4.51%

A P Moller – Maersk A/S – B 3.94%

UBS AG – Reg 3.73%

Husqvarna AB – B 3.70%

Société Bic SA 3.65%

Astrazeneca Plc 3.61%

Novartis AG- Reg 3.54%

Flsmidth & Co A/S – B 3.52%

Nestlé SA - Reg 3.40%

Rockwool Intl A/S - B 3.26%

Total 36.86%

Note: Holdings are listed in descending order as a percentage of the European Value Partners total assets.

As of June 30, 2012

Source : EVP

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Composite Breakdown By Sector

Sector Current Weightings Index Weightings

Industrials 35.4% 10.7%

Consumer Discretionary 16.3% 8.6%

Health Care 12.6% 12.4%

Financials 7.5% 18.3 %

Information Technology 5.8% 2.8%

Consumer Staples 3.4% 15.0%

Energy 0.0% 11.7 %

Materials 0.0% 9.4%

Telecommunications Services 0.0% 6.5 %

Utilities 0.0% 4.6 %

Total 81.0% 100.0%

As of June 30, 2012

Note: Sectors are listed in descending order as a percentage of total assets.

Source : EVP / MSCI Inc.

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Composite Country Breakdown

As of June 30, 2012

Country Current Weightings Index Weightings

Switzerland 31.3% 13.3 %

Denmark 16.8% 1.8 %

United Kingdom 15.4% 36.3%

Sweden 8.2% 4.9%

Germany 7.2% 12.5%

France 4.5% 14.3%

Belgium 3.9% 1.8%

Austria 3.8% 0.4%

Finland 3.1 % 1.1%

Italy 2.7% 3.4%

Netherlands 1.8% 3.7%

Ireland 1.3% 0.5%

Other 0.0% 6.0%

Total 100.0% 100.0%

Note: Countries are listed in descending order as a percentage of total assets.

Source : EVP / MSCI Inc.

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Appendix

Tom Stubbe Olsen

Founding Partner and Portfolio Manager

Mr. Olsen is the Co-Founder and Portfolio Manager at EVP. He is the architect of the firm’s

investment strategy. Mr. Olsen was the Head of Value Management and Chief Investment Officer

for the Value Funds at Nordea Investment Funds S.A. He joined Nordea in 1993 as Senior

Portfolio Manager of the Far Eastern Value Fund. From 1998 to 2007, Mr. Olsen was the Senior

Portfolio Manager of the Nordea European Value Fund. Prior to joining Nordea, Mr. Olsen worked

for Sparinvest as portfolio manager on its Far Eastern, European and North American funds for 7

years. He earned his Master of Science degree in Economics and Business Administration from

the Copenhagen Business School.

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Biographies

Léon Kirch, CFA

Founding Partner and Co-Portfolio Manager

Mr. Kirch is the Co-Founder and Co-Portfolio Manager at EVP. Prior to forming EVP in 2008, Mr.

Kirch was Co-Portfolio Manager for the Nordea European Value Fund since 2002. He joined

Nordea after 5 years in investment management at Banque de Luxembourg where he served as

portfolio manager and buy side analyst on industrial and pharmaceutical, food and beverage and

utilities companies. Mr. Kirch earned the Chartered Financial Analyst designation in 2001 and is

the Founding President of the Luxembourg CFA Society. He earned his Master of Sciences

Management degree from Ecole de Commerce Solvay, ULB.

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Mark Bole

Chief Executive Officer

Mr. Bole is Chief Executive Officer of EVP. He is responsible for the execution of the firm's strategy

and has direct oversight of the business functions. Prior to joining EVP he was Executive Vice

President for Private Capital Management, LLP from 2005 to 2008. Prior to joining PCM, he was

Managing Director of Third Party Distribution for INVESCO PLC where he managed the client

relations and business development activities for the largest banks, insurance companies and

brokerage firms. Mr. Bole joined INVESCO as Group Treasurer, a position he held for 4 years.

Prior to joining INVESCO, he worked for Toyota Motor Corporation in various treasury positions in

the United States and for Wachovia Corporation in relationship management within the Corporate

Bank. He earned a Bachelor of Business Administration in 1984 from the University of Texas. He

also qualified as a CPA.

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