1. American BeautyFinding value in US small and mid cap equitiesRobert Anstey US Equities, Small & Mid Cap21 March 2013For professional investors only

2. Hermes Fund ManagersIntroduction Established 1983 Breakdown by asset type (%) Fixed Income 32.4 Owner BT Pension Scheme (BTPS) Equities 15.9 Head office London Commodities 4.9 Boston, New York, Sydney and Hedge Funds 6.6 Other offices Singapore Private Equity 15.6 No. of boutiques 14 Real Estate 21.6 Assets under management $45.4bn1 Cash 3.0 Assets under stewardship $161bn AuM No. of investment professionals 119 by client type (%) Third party 15.0 BT Pension Scheme 85.01Please note the total AuM figure includes $10.0bn of assets managed or under an advisoryagreement by Hermes GPE LLP (HGPE), a joint venture between Hermes Fund Managers(HFM) and GPE Partner Limited. HGPE is an independent entity and not part of the Hermesgroup. $0.7bn of total group AuM figure represents HFM mandates under advice.Source: Hermes as at 31 December 2012.www.hermesfundmanagers.co.uk | 12Q4 1

3. Hermes US SMIDStrategy overviewAssets: $987.5mBenchmark: Russell 2500Approach: Bottom-up, fundamental researchInvestment horizon: 3-5 year average holding periodStyle: Core/ValueRisk: 3.9%1 tracking error relatively low for the asset classPerformance: 11.0% per annum for 11 years (since Fund Manager inception)15 year ex-post.Source: Hermes; all data as at 31 January 2013. Note: The composite performance record of the Fund Manager is shown for illustrative purposes only and data refers to returns of the Hermes US Smalland Mid Cap composite measured in US Dollars, net of 75 bps management fees and costs. Fund Manager inception: 30 September 2001. Performance shown is illustrative.The Hermes US SMID Equity Fund (UCITS) launched on 26 September 2012. Past performance is not a reliable indicator of future results.www.hermesfundmanagers.com | US SMID | March 2013 2

4. Hermes US SMIDInvestment teamRobert Anstey, CFA, Director, Lead Mark Sherlock, ACA, CFA, Director, Alex Knox, ACA, Senior Investment Henry Biddle, ACA, InvestmentManager Co-manager Analyst Analyst19 years industry experience 14 years industry experience 14 years industry experience 7 years industry experience11 years at Hermes 8 years at Hermes 3 years at Hermes 1 year at Hermes One of the largest US small/mid cap teams based in London Extensive travel (15 US trips, 250 company meetings every year) Co-invested alongside our clientsSource: Hermes. As at 31 December 2012.Note: CFA is a trademark owned by the CFA Institute.www.hermesfundmanagers.com | US SMID | March 2013 3

5. Hermes US SMIDInvestment philosophy We believe that long-term investment in high quality companies, bought at a discount to intrinsic value, produces the best risk-adjusted returns for clients.www.hermesfundmanagers.com | US SMID | March 2013 4

6. Hermes US SMIDInvestment philosophywww.hermesfundmanagers.com | US SMID | March 2013 5

7. Hermes US SMIDInvestment philosophyLeave no stone unturned Find investments that others are not looking atThe tortoise beats the hare We prize consistency and stabilityWhere is the value? What businesses are out of favour currently?Micro not macro Understand what you can, not what you cantwww.hermesfundmanagers.com | US SMID | March 2013 6

8. Hermes US SMIDResultsHermes US Small & Mid Cap composite vs. benchmark since Fund Manager inception 1 Annual returns(%) (%)350 Hermes US Russell SMID composite 2500300 YTD 6.9 6.8250 2012 21.8 17.9 2011 1.5 -2.5200 2010 22.7 26.7 2009 35.2 34.4150 2008 -31.8 -36.8100 2007 5.9 1.4 2006 15.6 16.2 50 2005 6.6 8.1 2004 22.6 18.3 0 May 02 May 04 May 06 May 08 May 10 May 12 Jan 03 Sep 01 Sep 03 Jan 05 Jan 07 Jan 09 Jan 11 Jan 13 Sep 05 Sep 07 Sep 09 Sep 11 2003 37.1 45.5 2002 -12.2 -17.8 2001 9.5 1.3 US SMID (75bps) Russell 2500 S&P 5001 Fund Manager inception: 30 September 2001.Source: Hermes; all data as at 31 January 2013. Note: The composite performance record of the Fund Manager is shown for illustrative purposes only and data refers to returns of the Hermes US Smalland Mid Cap composite measured in US Dollars, net of 75 bps management fees and costs. Performance shown is illustrative. The Hermes US SMID Equity Fund launched on 26 September 2012. Pastperformance is not a reliable indicator of future results. Benchmark: Russell 2500.www.hermesfundmanagers.com | US SMID | March 2013 7

9. Hermes US SMIDA tortoise $1.5 billion market cap Dull business office, janitorial, industrial supplies Below the radar minimal coverage Consistent 12% EPS growth for a decade Repurchased 30% of shares outstanding last 5 years Invisible business Amazon, Costco 10% free cash flow yield with margin improvement storySource: Bloomberg.Note: Position purchased September 2012.www.hermesfundmanagers.com | US SMID | March 2013 8

10. Hermes US SMIDSummary Long track record of outperformance Experienced, stable team Lower risk for the asset class Hermes US SMID Equity Fund (Dublin-UCITS, $113m1) launched 26 September 20121 Source: Hermes as at 31 January 2013.www.hermesfundmanagers.com | US SMID | March 2013 9

11. Appendixwww.hermesfundmanagers.com | US SMID | March 2013 10

12. Hermes US SMIDInvestment processHow do we find our ideas? Meeting 250 companies every year extensive travel around the US Proprietary idea generation screen S&P quality ratings and Piotroski scores The Watchlist (c.200 companies) quality companies which meet our criteriaHow do we construct and monitor the portfolio? Database contains our own detailed fundamental reports and cash flow models Position sizes determined with reference to quality, liquidity and risk Proprietary portfolio construction tool (the Composition Review) Regular conference calls with management teams Peer reviews Sell disciplineHow do we manage risk? Risk systems Barra and MultiFRAME (proprietary multifactor model) Investment Office acts as internal control between client and fund managerwww.hermesfundmanagers.com | US SMID | March 2013 11

13. Hermes US SMIDImportant informationThis document is for Professional Investors only. In Australia this document is directed at Wholesale Clients only. Any investment products referred to in this document are only available to such clients. Investing withHermes may be restricted in other countries and as such, any person who receives this document is required to make themselves aware of their respective jurisdictions and observe any restrictions.This document does not constitute a solicitation or offer to any person to buy or sell any related securities or financial instruments; nor does it constitute an offer to purchase securities to any person in the United States or to any U.S.Person as such term is defined under the US Securities Exchange Act of 1933. It pays no regard to the investment objectives or financial needs of any recipient. No action should be taken or omitted to be taken based on this document.Tax treatment depends on personal circumstances and may change. This document is not advice on legal, taxation or investment matters so investors must rely on their own examination of such matters or seek advice. Before makingany investment (new or continuous), please consult a professional and/or investment adviser as to its suitability.Any opinions expressed may change. The value of investments and income from them may go down as well as up, and you may not get back the original amount invested. Any investments overseas may be affected bycurrency exchange rates. Past performance is not a reliable indicator of future results and targets are not guaranteed. Investments in emerging markets tend to be more volatile than those in mature markets and the valueof an investment can move sharply down or up. Investing in smaller/medium sized companies may carry higher risks than investing in larger companies. Investing in property is an illiquid investment and may result indeferment of redemption of units. The value of the property is a matter of a valuers opinion rather than fact. All figures, unless otherwise indicated, are sourced from Hermes. For more information please read any relevantOffering Documents or contact Hermes.All figures, unless otherwise indicated, are sourced from Hermes. FTSE is a trade mark of London Stock Exchange Plc and The Financial Times Limited and is used by FTSE under licence. All rights in the FTSE Indicesvest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE Indices or underlying data. No further distribution of FTSE Data is permitted without FTSEsexpress written consent. Further information on investment products and any associated risks can be found in the Funds Key Investor Information Document (KIID) and the Prospectus available from Hermes on requestor via our website: www.hermes.co.uk. The articles of association; annual and semi-annual reports are available at Hermes Investment Funds plc, Georges Court, 54-62 Townsend Street, Dublin 2, Ireland; and at itsrepresentative in Switzerland (ACOLIN Fund Services AG, Stadelhoferstrasse 18, CH-8001 Zurich, www.acolin.ch). The Paying agent in Switzerland is NPB New Private Bank Ltd., Limmatquai 1/am Bellevue, P.O. Box, CH-8022 Zrich.Issued and approved by Hermes Investment Management Limited which is authorised and regulated by the Financial Services Authority. Registered address: Lloyds Chambers, 1 Portsoken Street, London E1 8HZ. This document isdistributed in Australia by Hermes Fund Managers (Australia) Pty Ltd which is registered with the Australian Securities and Investments Commission (ASIC) under financial services licence number 351784.The main entities operating under the name Hermes are: Hermes Investment Managers Limited (HIML); Hermes Administration Services Limited (HASL); Hermes BPK Partners LLP (HBPK); Hermes Sourcecap Limited (HSL);Hermes Real Estate Investment Management Limited (HREIML); Hermes Equity Ownership Limited (HEOS); Hermes Fund Managers (North America) LP (HFMNA) and Hermes Fund Managers (Australia) Pty Limited (HFMA). Allare separately authorised and regulated by the Financial Services Authority except for HREIML, HEOS, HFMNA and HFMA. HIML currently carries on all regulated activities associated with HREIML. HIML, HBPK, HFMNA, and HSL areall registered investment advisers with the United States Securities and Exchange Commission (SEC). Telephone calls may be recorded for training and monitoring purposes. Potential investors in the United Kingdom are advised thatcompensation will not be available under the United Kingdom Financial Services Compensation Scheme.CM132184 Citywire 03/13www.hermesfundmanagers.com | US SMID | March 2013 12

14. Excellence. Responsibility. Innovation.Hermes Fund ManagersHermes Fund Managers is a multi-boutique asset manager witha growing global presence. Our pursuit of excellence is defined bya commitment to deliver innovative investment solutions througha responsible asset management approach. We offer investmentsolutions across alternatives, fixed income and specialist equityproducts, as well as being one of the market leaders in responsibleinvestment advisory services.Our investment solutions include:AlternativesCommodities, Hedge Fund Solutions, Infrastructure, Private Equityand Real EstateEquitiesAsia, Emerging Markets, Europe, Global, Japan, Quantitativeand Small & Mid CapFixed IncomeGlobal High Yield Bonds, Investment Grade Credit, UK & GlobalGovernment Bonds and UK & Global Inflation-Linked BondsResponsible Investment Advisory ServicesCorporate Engagement, Intelligent Voting, Public PolicyEngagement and UNPRI complianceOfficesLondon | Boston | New York | Singapore | SydneyEnquiriesmarketing@hermesfundmanagers.com