Yacktman Presentation

Yacktman U.S. Equity Fund – Irish UCITS III

November 2010

Yacktman U.S. Equity Fund – Irish UCITS III

Heptagon Capital LLP, 63 Brook Street, Mayfair, London W1K 4HS

Tel: +44 20 7070 1800 Fax: +44 20 7070 1881

Authorised & Regulated by the Financial Services Authority in the UK

25 The North Colonnade, Canary Wharf, London E14 5HS

Important DisclaimerImportant DisclaimerImportant DisclaimerImportant Disclaimer

The following presentation makes extensive reference to The Yacktman Fund (“YACKX”). This is what is referred to in the U.S. as a noload mutual fund. The investment adviser to The Yacktman Fund is Yacktman Asset Management Co. (“Yacktman”) who have beenmanaging the fund since its inception in 1992.

It is expected that Yacktman will manage the Irish regulated Yacktman U.S. Equity Fund (The Fund) according to the same investmentprincipals, philosophy and execution of approach as YACKX, however it should be noted that due to different regulation, fees, taxes,charges and other expenses there may be variances between the investment returns demonstrated by each fund in the future.

For the same reason, although the following presentation makes extensive reference to the performance of the YACKX fund since itsinception in 1992, it is provided purely for indicative purposes to demonstrate how Yacktman has performed historically in its role asinvestment advisor to this specific US No Load mutual fund. This material should not be viewed as a solicitation or offer of services by

2

investment advisor to this specific US No Load mutual fund. This material should not be viewed as a solicitation or offer of services byYacktman. It is provided for informational purposes only. The information contained herein does not constitute an offer to sell or thesolicitation of an offer to purchase any U.S. registered security or U.S. investment product.

Any performance data quoted, not just that shown for The Yacktman Fund, represents past performance. Performance figures shown for the“S&P 500” represent those for the Total Return index unless otherwise specified. Past performance does not guarantee future results. Theinvestment return and principal value of an investment will fluctuate so that the investor's shares, when redeemed, may be worth more orless than their original cost. Any investor should consider the investment objectives, risks and charges and expenses of the Yacktman U.S.Equity fund carefully before investing. The Funds' prospectus contains this and other important information about the Fund. The prospectusshould be read carefully before investing.

Table of ContentsTable of ContentsTable of ContentsTable of Contents

1. 1. 1. 1. The Investment Manager and SubThe Investment Manager and SubThe Investment Manager and SubThe Investment Manager and Sub----Investment ManagerInvestment ManagerInvestment ManagerInvestment Managera) Heptagon Capitalb) Yacktman Asset Management Co. Firm Overviewc) Competitive Edged) Awards, Ratings and Rankings

2. 2. 2. 2. Investment StrategyInvestment StrategyInvestment StrategyInvestment Strategya) Investment Strategyb) Case Studyc) Investment Guidelines

3. 3. 3. 3. PerformancePerformancePerformancePerformancea) Returnsb) Comparative Analysis

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b) Comparative Analysisc) Peer Group Analysisd) Statistics and Risk Metrics

4. 4. 4. 4. Portfolio AnalysisPortfolio AnalysisPortfolio AnalysisPortfolio Analysis

5. 5. 5. 5. Investment TeamInvestment TeamInvestment TeamInvestment Teama) Biographiesb) Organizational chart

6. 6. 6. 6. Fund Particulars and StructureFund Particulars and StructureFund Particulars and StructureFund Particulars and Structure

Appendix Appendix Appendix Appendix Case Studies

October 2010

Heptagon Capital

Heptagon Capital is a London based, independent investment firm, authorised and regulated by the Financial Services Authority. The firm was founded in July 2005 by three senior former Morgan Stanley Executives.

Consistent Alpha Generation Specialization

Disciplined Investment Process Long Track Record

Independence

Pillars for Manager SelectionPillars for Manager SelectionPillars for Manager SelectionPillars for Manager Selection

5

Assets Under Advice: USD 2.7 billion : USD 2.7 billion : USD 2.7 billion : USD 2.7 billion (as of October 2010).

Asset ClassesAsset ClassesAsset ClassesAsset Classes

Traditional

Long Only EquityLong Only EquityLong Only EquityLong Only Equity

Long Only Credit

Alternatives

Hedge Funds Private Equity

Real Estate Special Situations

October 2010

Yacktman U.S. Equity Fund

The Sub-Investment Manager – Yacktman Asset Management

Firm Overview

Yacktman Asset Management Co. (“Yacktman”), was established in 1992 and operates out of Austin, Texas. It is 100% employee owned.

Yacktman is an SEC registered Investment Advisor that invests in excess of $5.5Bn$5.5Bn$5.5Bn$5.5Bn for individuals, pensions and corporations.

Yacktman’s success derives from a focused, value-oriented approach to investment research and concentrated portfolio management.

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“Our investment logo is a triangle, representing the three initial criteria in selecting investments. They are: a low purchase price, a good business, and a shareholder-oriented management.”

Donald Yacktman, President Yacktman Asset Management Co.

portfolio management.

Competitive Edge

AttributeAttributeAttributeAttribute EdgeEdgeEdgeEdge

Boutique firmBoutique firmBoutique firmBoutique firm US Equity Value specialist100% employee owned.

Investment philosophyInvestment philosophyInvestment philosophyInvestment philosophy Rigorous and disciplined bottom-up, value oriented stock selection, non benchmark driven.

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PeoplePeoplePeoplePeople 70 yrs of combined experience in fundamental driven, value equity investing.

DisciplineDisciplineDisciplineDiscipline Medium term view on stock picking. Proprietary forward rate-of-return valuation method.

Alignment of interestsAlignment of interestsAlignment of interestsAlignment of interests Management has significant portion of personal wealth invested in the strategy

Awards, Ratings and RankingsAwardsAwardsAwardsAwards

Donald Yacktman Morningstar Manager of the Decade nomination - 2010

Donald Yacktman Morningstar Portfolio Manager of the Year - 1991

Ratings Ratings Ratings Ratings –––– The YacktmanThe YacktmanThe YacktmanThe Yacktman FundFundFundFund

5 star

Total Return1 – 5/5

Consistent Return2 – 5/5

Preservation3 – 5/5

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Preservation3 – 5/5

Rankings Rankings Rankings Rankings –––– The YacktmanThe YacktmanThe YacktmanThe Yacktman FundFundFundFund

2009: #1 US Diversified Equity fund

2010: #3 US Diversified Equity fund

#1 US Large Cap Value fund in 3, 5,10 and 15yr time frame

1 The Lipper Rating for Total Return denotes a fund that has provided superior total returns (income from dividends and interest as well as capital appreciation) when compared to a group of similar funds.

2 The Lipper Rating for Consistent Return identifies a fund that has provided relatively superior consistency and risk-adjusted returns when compared to a group of similar funds. Funds which achieve high ratings for Consistent Return may be the best fit for investors who value a fund's year-to-year consistency relative to other funds in a particular peer group.

3 The Lipper Rating for Preservation is a fund that has demonstrates a superior ability to preserve capital in a variety of markets when compared with other funds in its asset class.

October 2010


Investment Strategy

Investment StrategyYacktman consider themselves as investors in businesses, not speculators in stocks. They approach the selectionprocess as though they were buying a long-term bond, with the purpose of holding it for an extended period of time.

Buy Stocks Like Bonds: Buy Stocks Like Bonds: Buy Stocks Like Bonds: Buy Stocks Like Bonds: 1) Invest with a medium term perspective; 2) Apply ‘Forward Rate of Return’ Concept

The main focus is on the rate of the return they would earn and the quality of those businesses. The higher the quality,the lesser the required rate of return – just like a bond investor. Clearly they don’t expect exact yields to maturity,rather they build in a lot of room for error.

Yacktman has a tendency to shy away from fadsfadsfadsfads and en-vogue companies or industries which resulted in themavoiding the TMT bubble, as well as the recent problems in the financial sector.

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Example:Example:Example:Example:

Coca-Cola (symbol KO) recently traded at a Free-Cash-Flow yield of 5.5%. Assuming medium term inflation at3% and 2% organic growth, the Forward Rate of Return of Coca-Cola would be the sum of these,10.5%At the same time the S&P500, trading at 1100 had a 2.5% Free Cash Yield. (A $60 EPS, with 45% Free Cash Flowgiving $27). Assuming 3% inflation and 1.5% Free Cash Flow growth, the Forward Rate of Return of the S&P 500is 7.0%.

ConclusionConclusionConclusionConclusion: Under the above mentioned market conditions, given that Coca-Cola trades at a higher Forward Rateof Return than the benchmark, it might be considered as an attractive investment.

Forward Rate of Return Forward Rate of Return Forward Rate of Return Forward Rate of Return = Current Free Cash Flow Yield ++++ Inflation ++++ Annual Growth of Free Cash Flow

Investment Strategy

............ inininin goodgoodgoodgood businesses,businesses,businesses,businesses,

A good business may contain one or more of thefollowing:

• High Market share in a principal productand/or service lines

• High cash return on tangible assets• Relatively low capital requirements allowing abusiness to generate cash while growing

•

withwithwithwith shareholdershareholdershareholdershareholder ––––orientedorientedorientedoriented management,management,management,management,

Yacktman believes that a shareholder-oriented management does notovercompensate itself, and allocates wiselythe cash the company generates. Yacktmanlooks for companies that:

• Reinvest in the business and still have excess cash

Yacktman‘s investment philosophy focuses on purchasing quality businesses at cheap valuations, using a three-partdiscipline. Yacktman believes an investor can earn attractive rates of return through investing…

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............ atatatat aaaa lowlowlowlow purchasepurchasepurchasepurchase pricepricepriceprice....

Yacktman looks for stocks that trade at a lower price than the sum of its parts. The stock prices ofindividual companies can vary significantly over short periods of time, and such price movements arenot always correlated with the changes in company fundamental performance. Accordingly, Yacktmangenerally prefers to wait for buying opportunities. Such opportunities do not always occur in correlationwith overall market performance trends.

• Short customer repurchase cycles and longproduct cycles

• Unique franchise characteristics

• Make synergistic acquisitions• Buy back stock

Objectives and Guidelines of the Fund*

• The Fund aims to achieve capital growth by investing predominately in a concentrated portfolio of U.S.

Equities

• The Fund may hold cash depending on general market and economic conditions

• The Fund may invest in, and may shift frequently among, all market sectors

ConcentrationConcentrationConcentrationConcentration limitslimitslimitslimits Maximum of 10% in one issuerTypically the Yacktman Fund holds between 30

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Typically the Yacktman Fund holds between 30 and 40 stocks.

Average Average Average Average annual annual annual annual turnoverturnoverturnoverturnover 30%

Maximum industry weightsMaximum industry weightsMaximum industry weightsMaximum industry weights Up to 25%

ExpectedExpectedExpectedExpected allocation strategyallocation strategyallocation strategyallocation strategy The manager will allocate primarily to large cap names, however mid cap companies may feature and there is no sectoral or strategy bias

*Note: Extracts from the Prospectus. *Note: Extracts from the Prospectus. *Note: Extracts from the Prospectus. *Note: Extracts from the Prospectus. The investment guidelines of the Yacktman US Equity Fund comply with those of the Irish UCITS III regulations. For further information please consult the prospectus.

October 2010


The Yacktman Fund’s Performance

Performance of The Yacktman Fundas of 29/10/2010

Monthly returns

JanJanJanJan FebFebFebFeb MarMarMarMar AprAprAprApr MayMayMayMay JunJunJunJun JulJulJulJul AugAugAugAug SepSepSepSep OctOctOctOct NovNovNovNov DecDecDecDec TotalTotalTotalTotal S&PS&PS&PS&P 500500500500 Excess ReturnExcess ReturnExcess ReturnExcess Return

2000 -7.0% -7.6% 6.2% -3.6% 3.3% 5.8% -1.3% 6.4% 0.3% 8.4% 0.7% 2.8% 13.6% -9.1% 22.7%

2001 2.2% 1.0% -3.3% 2.6% 3.9% -0.4% 3.7% 0.4% -7.7% 2.6% 10.9% 3.1% 19.5% -12.0% 31.4%

2002 0.6% 1.7% 2.9% 1.7% 2.0% -3.6% -5.4% 9.1% -9.7% 9.0% 5.7% -1.4% 11.4% -22.1% 33.5%

2003 -1.1% -4.0% -0.9% 10.7% 7.6% 0.9% -2.0% 4.8% -0.1% 3.7% 3.5% 6.8% 33.0% 28.7% 4.3%

2004 1.2% 1.6% -2.7% -0.5% -0.1% 2.2% -3.8% 1.3% -0.9% 1.6% 5.1% 4.9% 10.0% 10.9% -0.9%

2005 -1.9% 0.4% -0.3% -0.5% 1.5% -0.6% 1.3% -0.5% -1.0% -2.0% 1.5% 0.8% -1.3% 4.9% -6.2%

2006 3.1% 0.2% 0.8% 0.8% -0.5% -0.5% 0.3% 3.7% 2.7% 1.7% 1.3% 1.6% 16.0% 15.8% 0.2%

2007 1.7% -2.8% 1.0% 4.1% 1.6% -2.0% -3.8% 1.0% 2.8% 2.2% -2.5% 0.6% 3.5% 5.5% -2.0%

2008 -4.3% -1.6% 0.2% 2.5% -0.7% -9.5% 2.2% 4.2% -1.9% -14.8% -6.5% 2.3% -26.1% -37.0% 10.9%

Since 2000 The Yacktman Fund achieved a net return of 236.6%236.6%236.6%236.6%Vs. ----2.0% 2.0% 2.0% 2.0% of the S&P 500 during the same period of time

Source of data – Bloomberg

S&P 500 represents the S&P 500 Total Return index

Please refer to important disclaimers on page 1.15

2008 -4.3% -1.6% 0.2% 2.5% -0.7% -9.5% 2.2% 4.2% -1.9% -14.8% -6.5% 2.3% -26.1% -37.0% 10.9%

2009 -10.6% -8.8% 13.2% 22.5% 9.4% 0.6% 8.0% 5.9% 4.1% 0.1% 4.4% 3.0% 59.3% 26.5% 32.9%

2010 -1.8% 2.0% 5.7% 1.7% -7.0% -4.5% 6.5% -3.0% 6.5% 3.6% 9.1% 7.8% 1.2%

Cumulative Alpha above S&P 500

Annualised Alpha 12.3%

Beta 84.1%

R2 68.0%

Alpha and Beta vs. S&P 500

-50%

0%

50%

100%

150%

200%

250%

Dec-99 Jun-01 Nov-02 May-04 Nov-05 May-07 Nov-08 May-10

THE ADDED V ALUE OF CONCENTRATED PORTFOLIO MANAGEMENTTHE ADDED V ALUE OF CONCENTRATED PORTFOLIO MANAGEMENTTHE ADDED V ALUE OF CONCENTRATED PORTFOLIO MANAGEMENTTHE ADDED V ALUE OF CONCENTRATED PORTFOLIO MANAGEMENT

$10,000 invested in The Yacktman Fund since 2000 vs. the S&P 500, Berkshire Hathaway and Lipper Global Equity North America.

Annualised ReturnsAnnualised ReturnsAnnualised ReturnsAnnualised Returns


$25,000

$30,000

$35,000

$40,000

Annualised ReturnsAnnualised ReturnsAnnualised ReturnsAnnualised Returns

YTD 1Yr 3Yrs 5Yrs 10Yrs

Yacktman Fund

9.1% 17.2% 8.0% 9.5% 11.9%

Berkshire Hathaway

25.5% 23.3% 1.7% 8.7% 6.8%

S&P 500 7.8% 16.5% -6.5% 1.7% -0.0%

Lipper Global Equity NorthAmerica

7.0% 15.3% -7.0% 1.0% -0.9%

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Source of data – Bloomberg / Lipper Hindsight


Please refer to important disclaimers on page 1.

$0

$5,000

$10,000

$15,000

$20,000

$25,000

Dec-99 Nov-00 Nov-01 Nov-02 Nov-03 Nov-04 Nov-05 Nov-06 Nov-07 Nov-08 Nov-09

Yacktman fund Berkshire Hathaway

S&P 500 Lipper Global Equity North America

Annualised Returns Yearly Returns

Performance of The Yacktman Fund vs. S&P 500as of 29/10/2010

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1Yr1Yr1Yr1Yr 3Yr3Yr3Yr3Yr 5Yr5Yr5Yr5Yr 10Yr10Yr10Yr10Yr

17.2% 8.0% 9.5% 11.9%

16.5% -6.5% 1.7% -0.0%

2000200020002000 2001200120012001 2002200220022002 2003200320032003 2004200420042004 2005200520052005 2006200620062006 2007200720072007 2008200820082008 2009200920092009 YTDYTDYTDYTD

13.6% 19.5% 11.4% 33.0% 10.0% -1.3% 16.0% 3.5% -26.1% 59.3% 9.1%

-9.1% -12.0% -22.1% 28.7% 10.9% 4.9% 15.8% 5.5% -37.0% 26.5% 7.8%

Yacktman FundYacktman FundYacktman FundYacktman Fund

S&P 500S&P 500S&P 500S&P 500




Peer Group Analysis - source: Morningstar


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Legend:Yacktman FundYacktman FundYacktman FundYacktman FundS&P 500 TRS&P 500 TRS&P 500 TRS&P 500 TRMorningstar Large Cap Value CategoryMorningstar Large Cap Value CategoryMorningstar Large Cap Value CategoryMorningstar Large Cap Value Category

Source of data – Morningstar


Statistics and risk metricsas of 29/10/2010

The Yacktman Fund S&P 500

Last month return 3.6% 3.8%

Last 3 months return 7.0% 8.0%

Last 12 months return 17.2% 16.5%

Year-to-date return 9.1% 7.8%

Compounded Return between 31/12/1999 Compounded Return between 31/12/1999 Compounded Return between 31/12/1999 Compounded Return between 31/12/1999 ---- 30/09/201030/09/201030/09/201030/09/2010 236.6% -2.0%

Return 2009 59.3% 26.5%

Return 2008 -26.1% -37.0%

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Return 2008 -26.1% -37.0%

Return 2007 3.5% 5.5%

Statistics Statistics Statistics Statistics –––– 31/12/1999 31/12/1999 31/12/1999 31/12/1999 ---- 30/09/201030/09/201030/09/201030/09/2010

Annualised return 11.9% -0.2%

Annualised volatility 16.7% 16.4%

Annual Sharpe Ratio (Rf = LIBOR USD 3M) 0.50 -0.20

Max monthly loss -14.8% -16.8%

Correlation to S&P 500 0.82 1.00

Beta to S&P 500 0.84 1.00

Bull Beta to S&P 500 1.07 1.00

Bear Beta to S&P 500 0.82 1.00




October 2010


Portfolio of the Yacktman Fund

October 2010

Portfolio Analysisas of 30/06/2010

Portfolio Sector Weights

YacktmanYacktmanYacktmanYacktman S&PS&PS&PS&P 500500500500

Price / Prospective Earnings 11.8 14.07

Price / Book 1.95 2.03

Price / Sales 1.29 1.27

Prices / Cash Flow 7.37 5.45

Dividend Yield 2.78% 2.40%

Long term Earnings 8.91% 9.69%

Historical Earnings 8.10% -5.55%

Sales Growth 0.69% -2.39%

Cash Flow Growth -0.07% -2.45%

Book Value Growth 5.41% -0.95%

Top 10 Holdings

Portfolio Characteristics*

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

Telecom Svcs

Utilities

Discretionary

Cons. Staples

Energy

Financials

Healthcare

Industrials

Info Tech

Materials

S&P500S&P500S&P500S&P500 YacktmanYacktmanYacktmanYacktman

NameNameNameName % of portfolio% of portfolio% of portfolio% of portfolio

Pepsi Co. 8.8%

News Corp. 8.2%

Coca Cola Co. 7.9%

Johnson & Johnson 5.1%

Pfizer Inc. 5.0%

Clorox Co. 4.9%

Microsoft Corp 4.9%

ConocoPhillips 4.7%

Viacom Inc. 4.7%

Total of Top 10 HoldingsTotal of Top 10 HoldingsTotal of Top 10 HoldingsTotal of Top 10 Holdings 54.2%54.2%54.2%54.2%

Top 10 Holdings

*Forward looking, based on historical data. As of 30/06/2010

Although predominantly invested in U.S. Equity and Equity type investments, the

manager may also look to invest in other instruments issued by companies where their

research leads them to believe that equities do not provide the optimal risk-return profile.

Currently however this portion of the portfolio is only 1.5%

Telecom Svcs

Utilities

Cons.

Discretionary

Cons. Staples

Energy

Financials

Healthcare

Industrials

Info Tech

Materials

Source of data - Morningstar and The Yacktman Fund’s semi-annual report


The Yacktman Fund - Model Portfolioas of 30/06/2010

Cons.

Energy, 4.93%

Financials, 6.83%

Healthcare, 17%

Industrials, 0.14%

Info Tech, 8.43%

Banks - 3.05%The Bancorp, Inc.Bank of America Corp.U.S. BancorpBeverages - 16.74%Coca-Cola Co.PepsiCo, Inc.Capital Markets - 0.58%Bank of New York Mellon Corp.Commercial Services & Supplies - 1.69%H&R Block, Inc.Computers & Peripherals - 0.78%Dell, Inc.Hewlett-Packard Co.Consumer Finance - 0.44%American Express Co.

Health Care Equipment & Supplies - 5.07%Becton Dickinson & CoC.R. Bard, Inc.Covidien Plc.Stryker Corp.Health Care Providers & Services - 1.84%UnitedHealth Group, Inc.WellPoint, Inc.Household Products - 10.26%Clorox Co.Colgate-Palmolive Co.Procter & Gamble Co.Industrial Conglomerates - 0.14%Tyco International Ltd.Insurance - 0.43%Loews Corp.

Portfolio Sector WeightsPortfolio Sector WeightsPortfolio Sector WeightsPortfolio Sector Weights

Consumer Disc.

21.12%

Cons. Staples, 31.77%

8.43%

Cash and other

instruments, 9.73%

American Express Co.Distributors - 0.15%Prestige Brands Holdings, Inc.Diversified Financial Services - 1.82%AmeriCredit Corp.Resource America, Inc.Food & Staples Retailing - 2.33%Sysco Corp.Food Products - 0.60%Lancaster Colony Corp.Specialty Retail - 1.89%Abercrombie & Fitch Co.Wal-Mart Stores, Inc. Advertising - 0.76%Interpublic Group of Cos., Inc.Diversified Financial Services - 0.29%SLM Corp.

Loews Corp.MGIC Investment CorpInternet Retail - 1.69%eBay, Inc.IT Services - 1.02%Total System Services, Inc.Media - 18.30%Comcast Corp.Dish Network Corp.Liberty Media Holding Corp.News Corp.Viacom, Inc.Oil, Gas & Consumable Fuels - 4.93%ConocoPhillipsPharmaceuticals - 10.13%Johnson & JohnsonPfizer, Inc.Software - 4.94%Microsoft Corp.

Source of data - The Yacktman Fund’s semi-annual report


October 2010


The Investment Team

October 2010

Organizational Chart

Donald YacktmanDonald YacktmanDonald YacktmanDonald YacktmanPresidentCo-CIO

Stephen YacktmanStephen YacktmanStephen YacktmanStephen YacktmanSr. Vice PresidentCo-CIO

Jason SubotkyJason SubotkyJason SubotkyJason SubotkyVice PresidentPortfolio Manager

Russell WilkinsRussell WilkinsRussell WilkinsRussell WilkinsVice PresidentPortfolio Manager

Ron BallRon BallRon BallRon BallVice PresidentPortfolio Manager

Yacktman Investment Team

Kent ArnettKent ArnettKent ArnettKent ArnettChief Compliance Officer

Michelle FullerMichelle FullerMichelle FullerMichelle FullerOffice Manager

Colette MinogueColette MinogueColette MinogueColette MinogueClient AccountingManagement Reporting

Chase FrockChase FrockChase FrockChase FrockPerformance Analyst

Sub-Investment Manager Operations and Compliance

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October 2010

Biographies of Senior Portfolio Managers

DONALD YACKTMAN – President and Co-CIO

Donald Yacktman is the President and Co-Chief Investment Officer of Yacktman Asset ManagementCo. He is also a Co-Manager for The Yacktman Funds. Prior to founding the firm in April 1992, Mr.Yacktman served for ten years as the Senior Portfolio Manager of Selected Financial Services, Inc.During that time, he also served for nine years as the Portfolio Manager of the Selected AmericanShares mutual fund and was named Portfolio Manager of The Year by Morningstar in 1991. He joinedSelected Financial Services, Inc. in 1982 from Stein Roe & Farnham where he had been a portfoliomanager since 1968. Mr. Yacktman holds a B.S. Magna Cum Laude in economics from The Universityof Utah and an MBAwith distinction from Harvard University

STEPHENYACKTMAN – Sr. Vice President and Co-CIO

Stephen Yacktman is Vice President, Portfolio Manager and Co-Chief Investment Officer ofYacktman Asset Management Co. He is also Co-Manager of The Yacktman Funds. He joinedYacktman Asset Management in April 1993 from Brigham Young University where he earned his B.S.in economics with a minor in math and an MBA

JASON SUBOTKY – Vice President

Jason Subotky is a Vice President, Portfolio Manager, and Co-Manager of The Yacktman Funds. Hejoined the firm in August 2001, having previously worked as a general partner at Peterschmidt Venturesand as a vice president at Goldman Sachs. Mr. Subotky received a BMusic from the University ofSouthern California and an MBA from Brigham Young University

25

October 2010


Fund particulars and structure

Irish UCITS III Fund Structure

Heptagon Fund Plc (Dublin)Heptagon Fund Plc (Dublin)Heptagon Fund Plc (Dublin)Heptagon Fund Plc (Dublin)

Yacktman US Equity FundYacktman US Equity FundYacktman US Equity FundYacktman US Equity Fund

AdministratorAdministratorAdministratorAdministratorEuroEuroEuroEuro----VL (Ireland)VL (Ireland)VL (Ireland)VL (Ireland)(Part of Société Générale Dublin)

SubSubSubSub----Investment Investment Investment Investment ManagerManagerManagerManager

Yacktman Asset Yacktman Asset Yacktman Asset Yacktman Asset Management Co.Management Co.Management Co.Management Co.

Promoter and Promoter and Promoter and Promoter and Investment ManagerInvestment ManagerInvestment ManagerInvestment Manager

Heptagon Capital Heptagon Capital Heptagon Capital Heptagon Capital

CustodianCustodianCustodianCustodian

Société GénéraleSociété GénéraleSociété GénéraleSociété Généraleusing BBH USAusing BBH USAusing BBH USAusing BBH USA

LegalLegalLegalLegalMason Hayes + CurranMason Hayes + CurranMason Hayes + CurranMason Hayes + Curran

27

Legal Advisors as to matters of Irish Law

Company Secretaryfor board meetings and corporate administration

Sales and Marketing

UCITS Compliance & EU registration

oversight

Investor Relations

Portfolio Management

Risk Management

Presentations to the Board and Investors

Trade Reconciliation

Générale Dublin)Management Co.Management Co.Management Co.Management Co.

Daily ReportsDaily ReportsDaily ReportsDaily Reports

Shareholder Services

Safekeeping of Assets

Corporate Actions

Fund Particulars

Legal StructureLegal StructureLegal StructureLegal Structure An open-ended umbrella type investment company authorised pursuant to the European Communities UCITS regulations. (Non-Sophisticated UCITS Fund)

Share Classes Share Classes Share Classes Share Classes C (Seed) / I (Institutional) / A (Retail)

Exchange ListedExchange ListedExchange ListedExchange Listed None

Minimum InvestmentMinimum InvestmentMinimum InvestmentMinimum Investment C = $1,000,000 / I = $2,000,000 / A = $250,000

Management FeeManagement FeeManagement FeeManagement Fee C = 1.00% I = 1.15% A = 1.50%

SubscriptionsSubscriptionsSubscriptionsSubscriptions Daily

RedemptionsRedemptionsRedemptionsRedemptions Daily

Source of data - Bloomberg

Please refer to important disclaimers on page 1. 28

LockLockLockLock----up Provisionup Provisionup Provisionup Provision None

LeverageLeverageLeverageLeverage None

SubSubSubSub----Investment ManagerInvestment ManagerInvestment ManagerInvestment Manager Yacktman Asset Management Co.

Early RedemptionEarly RedemptionEarly RedemptionEarly Redemption No Penalty (unless Directors deem it necessary in order to discourage market timing)

CustodianCustodianCustodianCustodian Société Générale

AdministratorAdministratorAdministratorAdministrator EuroVL (Ireland), a subsidiary of Société Générale

LawyersLawyersLawyersLawyers Mason Hayes + Curran, Dublin

AuditorAuditorAuditorAuditor Grant Thornton

October 2010


Appendix – Case Studies

Case Study 1.

A consumer goods favourite within the portfolio, driven by snack foods in which they are a power house. Any chip aisle in agrocery store in the US is dominated by Frito-Lay products, now roughly half Pepsi’s business. With their distribution andshelf space, they benefit from very high barriers to entry. This business has buyers who are not price sensitive. Margins arehigh and unit-volume growth is strong, as society and lifestyle changes are encouraging people to eat ‘on-the-go’.

They have an established and improving global presence, through which to distribute their low-price-point branded drinksand snack foods. As disposable incomes rise in emerging economies, demand for these goes up.

Yacktman focus on the 5.5% free-cash yield, 3-4% annual volume growth from increased sales and overseas expansion. Addin some pricing, to keep up with inflation, and you get an expected annual return of 12-13%.



Yacktman’sYacktman’sYacktman’sYacktman’s responseresponseresponseresponse totototo thethethethe criticismcriticismcriticismcriticism thatthatthatthat PepsiPepsiPepsiPepsi isisisis notnotnotnot aaaa hiddenhiddenhiddenhidden gemgemgemgem isthat there are times when quality businesses are undervalued and youhave to be smart enough to realise when that is and when to own them,even if they are well known. If a fund manager can earn a 9-10% realreturn, owning one of the best companies in the world, even if lying inwait for other opportunities that are more attractive, then they feel that isa good way to make money for investors

The biggest risk would be if the government raised taxes on internationaloperations of US Companies

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PepsiCo Inc. Price Graph

Investment Inception

Stock traded at half of what it was at the beginning of 2007, yet the business mix and growth prospects were much better than they were back then.

Company has eight different operating units, but the most important business by far is cable network programming. Revenues and earnings in this business have more than doubled over the past five years, driven by increasing subscriber fees from cable and satellite companies, as well as higher rates on the advertising side. Plenty of room for growth exists in thisline of business.

Non-U.S. operations are another engine for growth. The company is believed to be able to generate more than $1 per share in free cash flow. With the stock price at $11.50 (when Yacktman started their analysis), the free cash flow yield was roughly 8.5% (Now it is 7.3%).

Case Study 2.



On top of that, Yacktman expects a total of 6.5% annual growth on the current free-cash-flow yield. So the estimated Forward Rate of Return is in the mid-teens per year, double what could be expected from the S&P 500 - about 7%.

The age of Rupert Murdoch (78) is not of concern in the time horizon that matters here, especially as one is paying no premium for his continued role.

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NewsCorp Price Graph


Pfizer is the largest pharmaceutical company in the world. Pharmaceuticals are a cost effective way to treat an aging

population. Pfizer has a relatively unpredictable business, however, as it is fighting patent expirations, pricing controls,

and strong competition.

To compensate for the less predictable future, the stock trades at less than 7 times free cash flow.

Yacktman believe the company should generate more than $10 per share in free cash flow over the next 5 years. Given the

significant residual value of the business at that point, Yacktman see a lot of safety in the October 30th, 2010 price of

Case Study 3.



slightly more than $17 per share and have been adding to the position.

There can be material upside if the company has even modest

success with drugs in its pipeline, finds accretive acquisitions,

successfully expands its generic business, or grows its biologic

drug presence.

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Pfizer Price Graph


October 2010


DisclaimerDisclaimer

Disclaimer

The information contained herein does not constitute a distribution, an offer to sell or the solicitation of an offer to buy. The distribution of information contained herein and the sale of shares in the Funds may be subject to legal or regulatory restrictions in certain countries in which users are resident or of which they are citizens. In particular, neither the shares in the Funds nor the Funds themselves have been registered under any United States ("US") Securities legislation and are not available for purchase by US Persons.

In addition, the Funds are not recognized schemes under the Financial Services and Markets Act of 2000 of the United Kingdom ("UK"), and therefore the distribution of information contained herein may only be made available to persons in the UK permitted under the Financial Services Act to receive it. The contents of this document are made available for the convenience of the present and potential investors of the Funds and such other persons expressly authorised by HeptagonCapital LLP (collectively, "authorised Persons") for information purposes only, provided such Investors and authorised Persons are not prohibited by any applicable law of any jurisdiction from receiving such information.

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Persons are not prohibited by any applicable law of any jurisdiction from receiving such information.

Persons interested in the Funds are therefore required to inform themselves about and observe such restrictions and should read in full the Prospectus in relation to this investment.

Please note that the Funds are subject to market fluctuations and there can be no assurance that appreciation will occur or that losses will not be realized. Past performance is not necessarily a guide to future performance and the value of investments can fall as well as rise.

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Yacktman Presentation

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