Professional Investors and Advisers only

Profiting from Outstanding UK CompaniesAnthony Cross

22

A Process for Exploiting Opportunities in UK Equities

Other intangible strengths:

Intellectual property

Distribution channels

Repeat business

Franchises and licences

Customer databases and relationships

Procedures and formats Culture Brand

The hardest to replicate:

Company Strengths that Competitors Struggle to Reproduce

33

Advanced Computer Software,Bond International, Brainjuicer,

Concurrent Technologies, Petrofac,

Brooks MacdonaldCompass

Aegis, Aggreko, Carpetright, Diageo, Domino’s Pizza,

Michael Page, Next Fifteen Communications, Paypoint, Savills, Tullet Prebon

Craneware, EMIS,FFastFill, Fidessa,

Hargreaves Lansdown, NCC, Rightmove,

Statpro

Smart Metering

AstraZeneca, Bango, BG, BP, Dialight, Domino Printing, GlaxoSmithKline, ICAP, IDOX, Intertek, Progressive Digital Media, Renishaw, Rotork,Royal Dutch Shell, RWS, Spirax Sarco, Unilever, Weir, Wilmington,Wood Group,World Careers Network

Intellectual Property

RecurringIncome

DistributionNetwork

Economic Advantage Assets – Example portfolio

Distribution of Portfolio Stocks Across the Three Hardest to Replicate Economic Advantage Assets

Source: Liontrust Fund Partners LLP. Liontrust Special Situations portfolio as at May 2012. Provided as an example only of the occurrence of Economic Advantage assets in stocks typically purchased across the portfolio range.

44

UK Equity Market: Cash Flow Returns on Capital

Source: Collins Stewart Quest ™ 29th November 2011. Cash flow returns on capital: post-tax, real economic return on total invested capital. Cost of capital: real weighted average cost of capital. UK equity market as defined by Collins Stewart’s Quest database, which currently covers 530 UK companies ex financials, with a current combined market cap of £2,025bn. * Estimated values. Estimates are not a reliable indicator of actual performance.

Measuring Returns in Competitive Companies

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

*

0

1

2

3

4

5

6

7

8

9

10

Cash Flow Returns on Capital Cost of Capital

55

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

*

0

5

10

15

20

25

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

*

2012

*

-10

-8

-6

-4

-2

0

2

4

6

8

GlaxoSmithKline International Consolidated Airlines Group SA

-10

-8

-6

-4

-2

0

2

4

6

8

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

*

2012

*

Cash flow returns on capital Cost of capital

Source: Collins Stewart Quest ™ as at December 2010. * Estimated forecast values. Estimates are not a reliable indicator of actual performance. Cash flow returns on capital: post-tax, real economic return on total invested capital. Cost of capital: real weighted average cost of capital.

Financial Advantage – Value Creators and Destroyers

66

Employee Motivation – the “Owner-Manager” Culture

Why motivate? Academic and statistical evidence

Less financial gearing and fewer acquisitions

Smaller companies – directors’ ownership of at least 3%

Monitoring equity ownership – signals and relevance to all companies

77

Stock Example – Rightmove

UK focused company with an amazingly powerful distribution network and recurring income

54% share of the online property advertising market - nearest competitor 6%

Benefiting from structural change in market place from newspapers to online

Online – great user experience versus old property advertising

High margins, great cashflow

Financial Advantage Rightmove Share Price

Source: Collins Stewart Quest ™. Cash flow returns on capital: post-tax, real economic return on total invested capital. Cost of capital: real weighted average cost of capital. *Estimated values. Estimates are not a reliable indicator of actual performance. Rightmove Share Price source : Bloomberg, data as at 23 May 2012.

Apr-

08

Aug-

08

Dec

-08

Apr-

09

Aug-

09

Dec

-09

Apr-

10

Aug-

10

Dec

-10

Apr-

11

Aug-

11

Dec

-11

Apr-

12

0200400600800

1,0001,2001,4001,6001,800

Bought in UKGrowth

13.05.09

Bought in SpecialSituations25.02.10

88

Stock Example – Spirax Sarco

0

5

10

15

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

*

Cash flow returns on capital Cost of Capital

International engineer with great intellectual property and distribution network

Dominant position in products for creating and regulating steam in industrial plants. Steam is used for efficient heating and cooling

Growth driven by industrialisation of emerging markets and environmental / process costs (efficient steam use)

High repeat business and very strong customer relationships through local sales and engineering support

Amazing long-term financial performance. Has increased dividend year in year out

Financial Advantage Spirax Sarco Share Price

Source: Collins Stewart Quest ™. Cash flow returns on capital: post-tax, real economic return on total invested capital. Cost of capital: real weighted average cost of capital. * Estimated values. Estimates are not a reliable indicator of actual performance. Spirax Sarco Share Price source: Bloomberg, data as at 23 May 2012.

Apr-

08Ju

n-08

Aug-

08O

ct-0

8D

ec-0

8Fe

b-09

Apr-

09Ju

n-09

Aug-

09O

ct-0

9D

ec-0

9Fe

b-10

Apr-

10Ju

n-10

Aug-

10O

ct-1

0D

ec-1

0Fe

b-11

Apr-

11Ju

n-11

Aug-

11O

ct-1

1D

ec-1

1Fe

b-12

Apr-

12

0

500

1,000

1,500

2,000

2,500

Bought in UKGrowth

21.07.2009

99

Quartile Ranking

Fund 1 Year 3 Years 5 Years Since Launch/Inception

Liontrust Special Situations Fund(Launched 10.11.2005) 1st 1st 1st 1st

Liontrust UK Growth Fund(Fund manager inception 25.03.2009) 1st 1st 1st 1st

Liontrust UK Smaller Companies Fund(Launched 08.01.1998) 1st 1st 1st 1st

Source: Financial Express as at 31 May 2012, total return, bid-to-bid. Past performance is not a guide to future performance.

1010

Liontrust UK Growth Fund 5 Crown Rated, Financial Express

Liontrust UK Smaller Companies Fund5 Crown Rated, Financial Express

Morningstar OBSR Analyst Rating™ of Bronze

Liontrust Special Situations Fund

Investment Week Fund Manager of the Year Awards 2011 – UK Growth Sector

5 Crown Rated, Financial Express

Morningstar OBSR Analyst Rating™ of Bronze

On the Citywire Selection list

What Investment Unit Trust Awards 2012 – Best UK Equity Growth Fund

Anthony Cross & Julian Fosh AA rated by Citywire for their risk-adjusted performance from30.04.2009 to 30.04.2012

Anthony Cross FE Alpha Manager 2012

Anthony Cross Citywire Top 100 UK All Companies Fund Manager of the Year 2009

Julian Fosh FE Alpha Manager 2012

Awards and Ratings

1111

Strictly private and confidential information

Liontrust UK Growth Fund, Liontrust UK Smaller Companies Fund, Liontrust Special Situations Fund

Important notice: This presentation is the property of Liontrust Investment Partners LLP (‘LIP’), authorised and regulated by the Financial Services Authority, and is strictly confidential. It contains information intended only for the person to whom it is addressed or presented, and is intended for evaluation purposes only, with no licence to use the content or materials within. In receiving this presentation, the recipient acknowledges and agrees that: i) in the event the recipient does not wish to pursue this matter, this presentation will be returned as soon as possible; ii) the recipient will not copy, fax, reproduce, divulge or distribute this confidential presentation, in whole or in part, without the express written consent of LIP; iii) all of the information herein will be treated as confidential material with no less care than that afforded to the addressee’s own confidential material of the most sensitive nature; iv) information herein may constitute material non-public information, disclosure of which may be prohibited by law, and the legal responsibility for its use is borne solely by the recipient. This presentation in no way constitutes an offer to sell, nor a solicitation to purchase securities in any company or investment product.

The value of units in a unit trust and the income generated from them can fall as well as rise and are not guaranteed; investors may not get back the amount originally subscribed. Investors should not purchase the Fund referred to in this document except on the basis of information contained the Fund’s Prospectus. We recommend that investors who are not professional investors should contact their professional adviser. Past performance is not a guide to future performance. Investment in the Fund carries the risk of potential total loss of capital. Some smaller companies may be less liquid than larger companies and the price swings in smaller company funds may therefore be greater than in larger company funds. The issue of units may be subject to an initial charge, which will have an impact on the realisable value of the investment, particularly in the short term. Equity investment should always be considered as long term.

The source of the data is provided by the Fund’s administrator, unless otherwise noted. Source and copyright: Citywire. Anthony Cross and Julian Fosh are AA rated by Citywire for risk-adjusted performance from 30.04.2009 to 30.04.2012. Citywire information is proprietary and confidential to Citywire Financial Publishers Ltd (‘Citywire’), may not be copied and Citywire excludes any liability arising out of its use.

©2012 Morningstar. All Rights Reserved. The information, data, analyses, and opinions contained herein (1) include the proprietary information of Morningstar OBSR, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar OBSR, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete, or accurate. Morningstar OBSR shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses, or opinions or their use. The Morningstar OBSR Analyst Rating™ is subjective in nature and reflects Morningstar OBSR’s current expectations of future events/behaviour as they relate to a particular fund. Because such events/behaviour may turn out to be different than expected, Morningstar OBSR does not guarantee that a fund will perform in line with its Morningstar OBSR Analyst Rating. Likewise, the Morningstar OBSR Analyst Rating should not be seen as any sort of guarantee or assessment of the creditworthiness of a fund or of its underlying securities and should not be used as the sole basis for making any investment decision.

The Prospectus or Simplified Prospectus for Liontrust’s Fund’s are available direct from Liontrust or from our website, www.liontrust.co.uk.