GO WEST: VT DE LISLE AMERICA FUND January 2019 For Professional Investors only

VT DE LISLE AMERICA FUND OUR STORY OVER 40 YEARS’ EXPERIENCE IN MANAGING US EQUITIES 1997 Dean Witter merges with Morgan Stanley. Richard transfers to fund management, taking Emmanuel College Fund with him 1980 Richard de Lisle joins Merrill Lynch as a US equity salesman 2010 Fund moves back to UK, converts to UCITS structure and is renamed VT De Lisle America Fund 1991 Becomes MD of Dean Witter’s six international offices 1984 Richard moves to Dean Witter as a US equity broker 2005 De Lisle Partners formed to manage the De Lisle Fund, a hedge fund based in the Cayman Islands 2016 The only fund in the IA sector to outperform Warren Buffett’s Berkshire Hathaway over 12 months 1996 Richard starts to manage the Emmanuel College, Cambridge Endowment Fund For Professional Investors only

PERFORMANCE RETURNS Strong annual performance drives cumulative returns Source: FE Analytics as at 31 January 2019. B Share Class in GBP Past performance is not a guide to future performance; the value of an investment and income from it can go down as well as up. For Professional Investors only

PERFORMANCE RETURNS Strong annual performance drives cumulative returns Performance B Share Class GBP* 6 Aug - 31 Dec 2010 2011 2012 2013 2014 2015 2016 2017 2018 Fund 17.04% 1.43% 16.37% 42.08% 10.28% 3.71% 57.52% 4.15% -16.23% IA North America 15.74% -1.55% 6.90% 30.87% 17.79% 4.18% 29.31% 10.53% -1.37% S&P 500 15.06% 2.23% 10.16% 29.10% 20.02% 6.58% 32.67% 10.62% -4.94% Russell 2000 23.32% -3.84% 10.76% 35.72% 11.00% 0.72% 44.06% 4.32% -11.35% Performance B Share Class GBP* 3 Months 1 Yr 3 Yr 5 Yr Fund -7.22% -6.71% 53.71% 71.91% IA North America -1.69% 3.39% 57.63% 86.60% Quartile 4th 3rd S&P 500 0.10% -2.90% 45.51% 63.06% Russell 2000 -0.52% -3.90% 49.14% 39.19% *Source: FE Analytics as at 31 January 2019. B Share Class in GBP Past performance is not a guide to future performance; the value of an investment and income from it can go down as well as up. For Professional Investors only

A COMPLEMENTARY FUND Opportunity to diversify US equity returns: the Fund has low historic correlation vs. many of its US equity fund peers Over 5 Years Baillie Gifford - American B Acc in GB Fidelity - American Special Situations W Acc in GB Findlay Park - American USD TR in GB Hermes - US SMID Equity F Acc GBP in GB IA North America TR in GB IA North American Smaller Companies TR in GB Legg Mason - ClearBridge US Large Cap Growth LM Acc USD in GB Legg Mason - IF Royce US Smaller Companies X in GB LF - Miton US Opportunities B Acc in GB Merian - North American Equity R Acc GBP in GB Natixis - Loomis Sayles U.S. Equity Leaders N/A GBP in GB Schroder - US Mid Cap Z Acc in GB Schroder - US Smaller Companies Z Acc in GB T. Rowe Price - US Equity Q GBP in GB Threadneedle - American ZNA GBP in GB VT - De Lisle America B GBP in GB Baillie Gifford American B Acc in GB   0.74 0.78 0.81 0.85 0.8 0.68 0.87 0.79 0.77 0.61 Fidelity American Special Situations W Acc in GB 0.88 0.95 0.83 0.91 0.92 0.71 Findlay Park American USD TR in GB 0.94 0.89 0.9 0.93 0.63 Hermes US SMID Equity F Acc GBP in GB 0.96 0.98 0.72 0.82 0.84 Legg Mason ClearBridge US Large Cap Growth LM Acc USD in GB Legg Mason IF Royce US Smaller Companies X in GB 0.62 0.66 0.75 0.86 LF Miton US Opportunities B Acc in GB 0.73 Merian North American Equity R Acc GBP in GB Natixis Loomis Sayles U.S. Equity Leaders N/A GBP in GB 0.55 Schroder US Mid Cap Z Acc in GB 0.97 Schroder US Smaller Companies Z Acc in GB T. Rowe Price US Equity Q GBP in GB Threadneedle American ZNA GBP in GB VT De Lisle America B GBP in GB Correlation >0.8 As at 31 January 2019 Correlation <0.8 For Professional Investors only

INVESTMENT PHILOSOPHY A pragmatic, top-down thematic approach towards investing, with a focus on under-searched or misunderstood US companies America First The team believes that equity markets are the best long-term asset class – and the US remains the deepest, best performing market Themes Long-term investment themes identified Pragmatic approach as market cycles evolve, so do themes Look Beyond Wall Street Research the stocks that Wall Street either misses or ignores Small- and mid-cap bias, under-broked, misunderstood Forensic Analysis The manager uses a combination of qualitative and quantitative analysis to research stocks. This includes consulting SEC filings, trading statements and company Report & Accounts For Professional Investors only

Portfolio Construction INVESTMENT PROCESS Combining top-down macro analysis and bottom-up stock selection MACRO ANALYSIS ECONOMIC BACKDROP KEY MARKET DRIVERS LONG-TERM INVESTMENT THEMES QUANT FILTERS Portfolio Construction ASSET ALLOCATION PORTFOLIO / BENCHMARK AGNOSTIC USE OF TIMING TECHNIQUES TO ADD VALUE LOW TURNOVER MOMENTUM ANALYSIS OF EXISTING STOCK PORTFOLIO OF AROUND 100 STOCKS STOCK SELECTION FORENSIC DATA ANALYSIS FOCUS ON MANAGEMENT: STABILITY & CONSISTENCY EVIDENCE OF FINANCIAL PROGRESS “GROWTH AT A REASONABLE PRICE” Proprietary research combined with deep experience = a highly diversified portfolio Top Down Bottom Up For Professional Investors only

INVESTMENT PROCESS 1 2 3 4 5 6 Starting Universe ~4,000 Stocks Remove sectors do not like on ethical grounds (gambling, tobacco) or because they are subject to disruption (media, telecoms, retail) 2 Investment Themes Macroeconomic Limited number of themes at any one time, which tend to be very long-term in nature Sociological Cultural / Political 3 Stock Idea Generation Proprietary research & idea generation +40 years investment experience Look beyond Wall Street Watchlist of companies Search down the cap scale (S&P 600) 4 Forensic Analysis Chart data going back as far as possible (+50 years) and company (filing) data up to 20 years Review SEC filings, accounts Statistical predictors of outperformance Cultural check superimposed 5 Portfolio Construction Up to 100 stocks Size positions considering risk GARP bias to portfolio Scale up positions over time Benchmark and sector agnostic 6 Portfolio Monitoring Six year average holding period Reasons to sell: permanent deterioration in company fundamentals, investment theme no longer sustainable, better alternative Low portfolio turnover For Professional Investors only

CURRENT INVESTMENT THEMES Putting the philosophy into practice MILLENNIALS FLYOVER STATES COMMUNITY BANKS SUSTAINABILITY Growing demographic within US economy – vs. decline in baby boomers Value experience over ownership Better educated Budget conscious US population shift from major cities to attractive but remote locations Examples include Oregon, Washington, South Dakota and Canadian border states Facilitated by new technology 40% of current portfolio TARP created an opportunity Ethnic demographic consideration (Korean, Polish, German, Chinese) Smaller banks are desirable acquisition targets Focus on permanence of business model in a world of digital disruption Avoid retail, traditional media and telecoms in favour of industry disruptors AREAS OF FOCUS Winnebago Marine Products Johnson Outdoors Vectrus Bluebird First Interstate Bancsystems Towne Bank FS Bancorp Plumas Bank Fortive Alamo Group Stepan INVESTMENTS For Professional Investors only

OPPORTUNITY IN SMALL-CAPS…. 1 Rising rates Rising interest rate environments usually benefit small-cap companies more because they raise capital from investors rather than issue bonds 2 Diversification Small-cap equities have historically had a low performance correlation to larger cap stocks, providing significant diversification benefits to investor portfolios 3 Under-researched The small- and micro-cap universe is vast, comprised of thousands of companies, many of them too small to be followed by Wall Street analysts. As a result, there are far more unrecognised opportunities in this part of the market 4 Innovation Smaller companies are often quicker than larger companies to bring new, innovative products to the market For Professional Investors only

COMBINED WITH SMALL-CAP LEADERSHIP Small-caps provide higher highs and higher lows 20 year rolling return periods: 1926 - 2017 24.1% 19.7% 17.9% 13.7% 13.1% 11.0% 6.1% 5.4% 3.1% 20 year annualised average rolling return 20 year annualised average rolling return 20 year rolling return Source: Ibbotson Associates: 1 January 1926 – 31 December 2017 Past performance is not a guide to future performance; the value of an investment and income from it can go down as well as up. For Professional Investors only

DIFFERENTIATED PORTFOLIO Creates opportunity for diversified exposure to US equities De Lisle Fund Common stocks that competitor funds hold The De Lisle Fund* Sector % FS Bancorp Inc Financials 9.91 Townebank 6.53 Steel Partners Holdings Materials 4.71 Johnson Outdoors Consumer Cyclical 3.87 Westwood Holdings Group 3.80 Southern National Bancorp 2.83 Marine Products Corp 2.54 Mercantile Bank Corp 2.10 Calavo Growers Inc 2.02 People’s Bancorp of North Carolina Inc 1.97 Common Stocks Held Sector # Funds Alphabet Communications 107 Microsoft Information Technology 86 Amazon Consumer Discretionary 71 Apple 68 J P Morgan Financials 63 Facebook 61 Johnson & Johnson Health Care 54 Bank of America 49 Visa 47 Wells Fargo As at 31 January 2019 * None of the top ten De Lisle holdings are disclosed as being held in portfolios of other funds in the IA North America Sector. For Professional Investors only

SECTOR EXPOSURE Macro themes drive significant sector weightings As at 31 January 2019 For Professional Investors only

MARKET CAP EXPOSURE Creates opportunity for diversified exposure to US equities De Lisle Fund Market Cap Allocation* US Small-Caps vs. UK Small-Caps – Average Market Cap** Average Market Cap: GBP 421m US Small-Caps US Micro-Caps UK Small-Caps UK Micro-Caps % 64.66% 26.96% 5.90% 2.51% *Source: Morningstar as at 31 January 2019 ** Source; www.financialengines.com, www.Morningstar.co.uk For Professional Investors only

STOCK STORIES: JOHNSON OUTDOORS Investment theme: Millennials WHY WE LIKE JOHNSON OUTDOORS Providing top quality recreational products for outdoor pursuits Discovered seeking experiential beneficiaries of consumer discretionary expenditure We targeted competitors of Brunswick, the market leader in the sector and which we thought was an easy company to compete against The stock is unique with no direct comparables. It ticks a great many of our checks including: good culture good inside ownership financially strong balance sheet with little debt good sales per share long-term history of price appreciation lack of disappointments Company Stock Price First bought at $9 per share For Professional Investors only

STOCK STORIES: VECTRUS Investment theme: Fly-over States WHY WE LIKE VECTRUS Delivers global infrastructure, IT and logistics support services for US industry Discovered in 2014 when it span off from Exelis, which itself span off from ITT in 2011 Vectrus ticked many boxes, in particular price/sales We picked it up when it was dumped post-spin off We find it attractive because of its scalability of earnings once they win a few contracts and because they have so many facets of cheapness Company Stock Price First bought at $20.2 per share For Professional Investors only

STOCK STORIES: FS BANCORP Investment theme: Community Banks WHY WE LIKE FS BANCORP Community bank with 12 branch locations founded in 1936 Discovered while searching for community banks around Seattle, due to good performance of existing holdings and demographics in that region This stock has good community relations, and various reports said this was a good group of banks, both ethically and operationally I kept noticing that the Olympic National Park is a place people come back to after being educated elsewhere. The earnings momentum and book value seemed far too cheap. FS Bancorp ticked many boxes, in particular: Earnings momentum High book value Company Stock Price Significant top up at $24 per share on acquisition of BoA branches First bought at $17 per share For Professional Investors only

STOCK STORIES: CALAVO GROWERS Investment theme: Millennials WHY WE LIKE CALAVO GROWERS An international consumer goods and farm products company, packaging and distributing avocadoes and other fruits to wholesale and individual customers worldwide Part of the growing healthy living theme, which is especially prevalent in millennials We discovered the stock in 2009 having previously invested in United National Foods (‘UNFI’). We had seen UNFI’s stock price double and it had become expensive Calavo Growers was a smaller, under-researched alternative, performing the same function but with greater growth prospects Boxes ticked included price/sales, the secular increase in revenues and earnings (meeting targets), the sustainability of food products and the commitment, stake and enthusiasm of CEO Lecil Cole We have never had a reason to sell and remain intrigued by a persistent short position apparently based on the analysis that the high production of avocadoes will lead to a price collapse. Calavo’s own an analysis of avocado cycles has always proved superior Company Stock Price First bought at $14 per share For Professional Investors only

KEY TAKEAWAYS Lead manager has 40+ years’ experience investing in the US. Has first-hand experience of numerous market cycles, including the move from value to growth – and back again Unique Investment Process combining top-down investment themes with bottom-up forensic analysis The Fund is currently positioned in Small-Cap (27%) and Micro-Cap (65%) stocks, providing access to an under-researched area of the US equity market A good complement to existing US equity exposure. Differentiated portfolio with low historic correlation to the sector Morningstar 3 star rated Fund that has outperformed the S&P 500 in nine of the last thirteen years 1 2 3 4 5 A strong diversifier. Could either complement a US large-cap strategy or act as a standalone fund For Professional Investors only

FUND DETAILS / AVAILABILITY Description B £ Shareclass B $ Shareclass Fund Domicile UK Base Currency Sterling Launch Date 6 August 2010 SEDOL B3QF3G6 B4X7J42 ISIN GB00B3QF3G69 GB00B4X7J424 Accumulation / Income Accumulation Dealing Daily, 12pm Minimum Investment £1,000 $1,000 OCF [1.09%] ACD / Administrator Valu-Trac Depository Nat West Bank Custodian Royal Bank of Canada Platform Approved Ascentric ✓ Aviva CoFunds Novia Nucleus James Hay Seven Investment Management Zurich Transact Old Mutual Aegon Pershing Standard Life For Professional Investors only

CONTACT US Please contact us for further information on the VT De Lisle America Fund including: Fund documentation Marketing materials Dealing / platform information Phone: 020 7074 3572 Email: info@delislepartners.uk Web: www.candlewickcapital.com For Professional Investors only

APPENDIX For Professional Investors only

OUTPERFORMANCE PREDICTORS FORENSIC ANALYSIS OUTPERFORMANCE PREDICTORS (Value bias) Predictors of Outperformance Company Information CULTURAL CHECK (Growth bias) PRICE / SALES RATIO EARNINGS MOMENTUM BOOK VALUE SPIN OFFS INSIDER OWNERSHIP - PARTICULARLY BUYING PATTERN OF CEO & CFO LONG-TERM RELATIVE STRENGTH LONG-TERM EARNINGS PROGRESSION LONG-TERM SALES PROGRESSION PROPRIETARY RESEARCH DO NOT RELY ON WALL STREET BROKERS SEC FILINGS REPORT & ACCOUNTS HISTORIC SHARE PRICE DATA (+50 YEARS) ONGOING COMPANY MONITORING - WATCHLIST COMPANY DOES WHAT IT SAYS WELL CONSIDERED BY EMPLOYEES BALANCE SHEET STRENGTH & MANAGEMENT LACK OF DISAPPOINTMENTS COMPANY ANALYSIS For Professional Investors only

RISK MONITORING Robust risk controls at portfolio and stock level Portfolio Level Valu-Trac ensures daily portfolio compliance with UCITS and Fund investment restrictions: Investment concentration limits Borrowing rules Liquidity analysis Manager monitors portfolio performance contributors daily Stock Level Quarterly Q&A review of companies Momentum monitored – short term (1 year) and long-term Performance vs. earnings targets For Professional Investors only

TEAM STRUCTURE A singular focus on managing money DE LISLE INVESTMENT TEAM SERVICE PROVIDERS Richard de Lisle Lead Portfolio Manager Sarah de Lisle Portfolio Manager Stephen Knowles COO ADMINISTRATION Regulatory, fund accounting, administration and oversight services outsourced to Valu-Trac Investment Management Limited ACD for 64 funds (as at 01/08/18) across 32 fund management companies INVESTOR RELATIONS Over 40 years’ experience in the US equity market Started career at Merrill Lynch in 1980 Manager of Emmanuel College Endowment Fund since 1996 Co-founded De Lisle Partners in 2005 Lead portfolio manager of the VT De Lisle America Fund Co-founded De Lisle Partners in 2005 Works alongside Richard de Lisle on daily basis Previously an analyst at Othon, a privately held US fund Provides compliance and oversight function at De Lisle Partners Stephen is the Chief Operating Officer, overseeing operational support Joined De Lisle in 2010 Qualified accountant Investor relations, distribution and marketing outsourced to Candlewick Capital Award winning team with a 100% focus on distributing boutique managers to the professional intermediary market One of the largest providers of outsourced distribution in the UK For Professional Investors only

HISTORIC THEMES DRIVING PERFORMANCE Large-Cap Growth Small-Cap Value and Growth Thematic Demographics and Mid-Cap Growth Stocks Small-Cap Value and Financials S&P 500 Dot Com Boom Baby Boomers Peak GFC and After Rise of Millennials For Professional Investors only

A COMPLEMENTARY FUND Performance returns against widely held US equity funds For Professional Investors only As at 31 January 2019

Disclaimer For Professional Investors only This document is an advertisement and not a prospectus. It has been issued by De Lisle Partners LLP and constitutes a financial promotion under Section 21 of the Financial Services and Markets Act 2000. This document contains information or may incorporate by reference data concerning certain collective investment schemes (hereinafter "funds") which are only available for distribution in the countries where they have been registered. This document is for the exclusive use of the individual to whom it has been given and may not be either copied or transferred to third parties. In addition, this document is not intended for any person who is a citizen or resident of any jurisdiction where the publication, distribution or use of the information contained herein would be subject to any restrictions or limitations. The contents of this document are illustrative only and shall not be construed as an offer or a recommendation to subscribe for, retain or dispose of fund units, shares, investment strategies or courses of dealing.  Before investing in any fund or pursuing any strategy mentioned in this document, potential investors should consult the latest versions of the legal documents pertaining to such funds or underlying financial instruments or indices and in particular the Prospectus and Key Investor Information Document (KIID) which describe in greater detail the specific risks related to the funds. Moreover potential investors are recommended to seek professional legal and tax advice. The sources of the information contained in this document are deemed reliable by the issuer. However, the accuracy or completeness of the information contained in this document cannot be guaranteed, and some figures are only estimates. Past performance is not indicative or a guarantee of future returns. Fund values can fall as well as rise, and investors may lose the amount of their original investment. Performance figures do not take into account subscription and redemption fees and costs. Any values or holdings quoted are relevant only on the day they are issued and investment values and strategies may be revised without notice. De Lisle Partners LLP and its affiliated companies, employees, or individuals connected to them, may have or have had interests of long or short positions in, and may at any time make purchases and/or sales as principal or agent in, the relevant securities or related financial instruments discussed in this document. This communication may only be circulated to Eligible Counterparties and Professional Investors and should not be circulated to Retail Investors for whom it is not suitable.  De Lisle Partners provides no guarantees, representations or warranties regarding the accuracy of this information. Issued by De Lisle Partners LLP, 3 Firs Lane, Poole BH14 8JG, registered in England No OC310994, authorised and regulated by the Financial Conduct Authority, FRN 426336. LGBR Capital LLP is an Appointed Representative of Mirabella Advisers LLP, which is authorised and regulated by the Financial Conduct Authority number 606792. For Professional Investors only