ABOUT FUNDSMITH

Fundsmith is focused on delivering superior investment performance at a reasonable cost. It was established to be different from its peers so as to achieve a different result in line with Sir John Templeton’s axiom that “If you want to have a better performance than the crowd, you must do things differently from the crowd.” The rigorous research process of Fundsmith is central to what we do. We apply exacting standards to potential investments to produce a portfolio of resilient businesses with excellent performance. Minimising the costs we incur on behalf of our customers in implementing our strategy also sits at the heart of our philosophy.

Fundsmith was established in 2010 by Terry Smith. The business is owned and controlled by its partners, who have worked closely together over many years, and is headquartered in London with an office in Connecticut, USA. It is structured to survive Terry Smith’s demise and continue with the same investment philosophy. All partners of the firm have a significant co-investment in our Funds delivering a clear alignment of interest. Ancillary activities are outsourced to some of the world's leading providers in order to deliver high-quality operations whilst allowing the Fundsmith team to focus on investment analysis, portfolio management and customer care. As at 31st December 2017 we managed £14bn on behalf of some of the world’s largest and most sophisticated wealth managers and private banks as well as for prominent families, charities, endowments and individuals invested in our fund range; Fundsmith Equity Fund (UK OEIC), Fundsmith Equity Fund Feeder (Luxembourg SICAV), Fundsmith Equity Fund L.P. (Delaware L.P.), Fundsmith Sustainable Equity Fund (UK OEIC) and the Fundsmith Emerging Equities Trust plc (London Stock Exchange listed investment trust).

THE FUND MANAGER - FUNDSMITH LLP

Terry Smith - CEO & CIO Fundsmith LLP

Terry Smith graduated in History from University College Cardiff in 1974. He worked for Barclays Bank from 1974-83 and became an Associate of the Chartered Institute of Bankers in 1976. He obtained an MBA at The Management College, Henley in 1979. He became a stockbroker with W Greenwell & Co in 1984 and was the top-rated bank analyst in London from 1984-89. In 1990 he became head of UK Company Research at UBS Phillips & Drew, a position from which he was dismissed in 1992 following the publication of his best selling book Accounting for Growth. He joined Collins Stewart shortly after, and became a director in 1996. In 2000 he became Chief Executive and led the management buy-out of Collins Stewart, which was floated on the London Stock Exchange five months later. In 2003 Collins Stewart acquired Tullett Liberty and followed this in 2004 with the acquisition of Prebon Group, creating the world's second largest inter-dealer broker. Collins Stewart and Tullett Prebon were demerged in 2006 with Terry remaining CEO of Tullett Prebon until September 2014. In 2010 he founded Fundsmith where he is CEO and CIO. In 2012 he was appointed a Member of the New Zealand Order of Merit for services to New Zealand-UK relations following the success of his campaign to commemorate the New Zealander, Air Marshal Sir Keith Park.

Terry Smith - CEO & CIO Fundsmith LLP

THE FUNDSMITH FEET RESEARCH TEAM

Julian Robins - Head of Research

Julian Robins started his career with the stockbroking firm EB Savory Milln in 1984. From 1987 until 1999, he worked for BZW and after their takeover of BZW’s equity business in 1998, CSFB. Between 1988 and 1993 he was BZW’s senior bank analystin London, from 1993 until 1999, he worked as an institutional salesman in New York. In 1999 he was one of the founders ofCollins Stewart’s New York office. He has a 1st class degree in Modern History from Christ Church, Oxford.

Julian Robins - Head of Research

Michael O’Brien - Analyst

Michael joined from Canaccord Genuity (formerly Collins Stewart) where he spent more than a decade as an analyst covering a wide range of sectors and geographies. He was instrumental in the development of the company’s research product and institutional franchise. Michael began his career at Guinness Flight Global Asset Management (subsequently Investec Asset Management) in 1994 as an analyst before taking responsibility for the group’s UK Small and Emerging Companies Funds in 1997, and subsequently the Recovery Fund. Michael holds an MPhil from Cambridge University.

Michael O’Brien - Analyst

Jonathan Imlah - Analyst

Jonathan also joined from Canaccord Genuity, where he had been a senior technology analyst since 2010. He was previously at Altium Securities where he covered technology for 6 years, latterly becoming the Head of Research. Prior to Altium, he worked at Dresdner Kleinwort covering emerging markets equity research and subsequently pan-European IT services in the large cap technology team. Jonathan was Techmark analyst of the year in 2007 and was number 1 or 2 in his sector in the FT Starmine survey between 2006 and 2010. Prior to taking up a career as an analyst, Jonathan wrote country investment reports covering Mexico, Brazil, Peru, Guatemala, India, Russia, Hungary and Zimbabwe. Jonathan has an MBA from INSEAD and is a fluent Spanish speaker.

Jonathan Imlah - Analyst

Sandip Patodia - Analyst

Sandip joined from Morgan Stanley, where he had been a Vice-President within the UK Investment Bank from 2009 to 2013, providing corporate finance advice to UK listed companies on all aspects of their interaction with the equity markets. From 2005 to 2009, he qualified as a Chartered Accountant and worked as an M&A adviser at Ernst & Young. Sandip obtained a scholarship to Aston University and holds a first class honours degree in Electronics and Computer Science.

Sandip Patodia - Analyst

Tom Boles - Analyst

Tom joined Fundsmith having completed an MSc in Economics and Finance from the University of Bristol with distinction in 2012, where his dissertation was on Persistence of Performance in the Mutual Fund Management Industry. He completed a BSc in Economics in 2011, also at Bristol University, having conducted work experience at Odey Asset Management and Neptune Investment Management. Tom is a CFA® charter holder.

Tom Boles - Analyst

THE FUNDSMITH EMERGING EQUITIES TRUST PLC BOARD OF DIRECTORS

Martin Bralsford - Chairman

Martin was articled with Pannell Kerr Forster & Co, London, qualifying as a chartered accountant in 1970 and obtained a masters degree at the London Business School in 1974. Until July 2007 he was Chief Executive of C.I. Traders, taking up this role in August 2002 when it acquired Le Riche Group. Prior to this he had been Chairman of Premier Brands and held a number of financial and general management appointments in Calor Gas, Rank Group, SmithKline Beecham and Cadbury Schweppes. He has served as an independent member of the boards of a number of commercial, banking and investment companies including Gartmore Capital Strategy Fund Limited and Acorn Income Fund Limited. He is a trustee of a number of charitable trusts; including the Durrell Wildlife Conservation Trust of which he is a Life Trustee.

Martin Bralsford - Chairman

David Potter

After 35 years in the City (CSFB, Montagu, Midland, Guinness Mahon, Investec) David has spent the last 16 years as a chairman, non-executive director and trustee in a wide range of companies and institutions. He is currently Chairman of Gresham House Strategic PLC and Illustrated London News Limited, a member of the Council of The Centre for the Study of Financial Innovation, Chairman of the Bryanston and National Film & TV School Foundations and a member of The King’s College London Investment Board. David is Chairman of the Management Engagement Committee and Senior Independent Director.

David Potter

John Spencer

John Spencer qualified as a chartered accountant in 1966 and worked with KPMG from 1966 to 1969. He joined Barclays Bank in 1969 and held a variety of posts, including President of Barclays Bank of New York and chief executive of the USA Banking division. He returned to the UK in 1990 as deputy chief executive of BZW and chief executive of the Global Markets division and was appointed a member of the Group Executive Committee. He was Non-Executive Chairman of Regent Inns plc from 1995 to 1998 and served as Non-Executive Chairman of Softtechnet.com plc, a director of Numerica Group plc and Chief Executive of Snell & Wilcox Limited, a private company. He was appointed Director of Tullett Prebon (originally Collins Stewart) in 2000 until 2007 where he was the Senior Independent Non-executive Director and a member of the Audit, Remuneration and Nominations Committees. He is a Non-Executive Director of tpSEF Inc. John is Chairman of the Audit Committee.

John Spencer

Rachel de Gruchy

Appointed to the Board of Directors on 1 June 2018, Rachel has over thirty years of international investment industry experience having held senior roles in Jersey and Australia. She began her career with Laurie, Milbank & Co in Jersey and was a Director of Matheson Securities (CI) Ltd (owned by the Jardine Matheson Group) from 1993 to 1997, subsequently moving to a role specialising in advisory and client portfolio management services with Wilson Investment Group Ltd in Australia. Rachel is currently Managing Director, Jersey Branch of IAM Advisory, which provides an independent investment advisory service, including performance measurement and manager research, to professional trustees, charities, sovereign wealth and UHNWI clients. Rachel is a Chartered Fellow of the Chartered Institute for Securities and Investment (CISI), having been previously elected a Member of the London Stock Exchange in 1989 and is a designated Chartered Wealth Manager. She holds the CISI Diploma and has a Masters of Applied Finance, the Institute of Directors (IoD) Diploma in Company Direction and is a Member of the IoD.

Rachel de Gruchy

Fundsmith LLP (“Fundsmith”) is authorised and regulated by the Financial Conduct Authority and only acts for the funds to whom it provides regulated investment management and transaction arrangement services. Fundsmith does not act for or advise potential investors in connection with acquiring shares in Fundsmith Emerging Equities Trust plc and will not be responsible to potential investors for providing them with protections afforded to clients of Fundsmith. Prospective investors are strongly advised to take their own legal, investment and tax advice from independent and suitably qualiﬁed advisers. The value of investments may go up as well as down. Past performance is not a guide to future performance.

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The information on this website is for information purposes only and does not constitute or form a part of any offer or invitation to sell or issue, or the solicitation of any offer to purchase or subscribe for, securities. Any subscription for securities in the Company may be made only pursuant to a prospectus to be issued in due course that will provide detailed information about the Company and the securities to be offered (the "Prospectus"). Particular attention should be paid to the “risk factors” section of the Prospectus which will highlight specific risks relating to the Company.

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Basis of access

Access to this website is for information purposes only. Any person seeking access to this website represents and warrants to the Company and to Fundsmith that they are doing so for information purposes only. Making this website available does not constitute an offer to issue or sell or the solicitation of an offer to subscribe for or buy securities in the Company. Further, it does not constitute a recommendation by the Company or Fundsmith or any associated company or any other person to subscribe for or buy securities in the Company. The information on this website is general in nature and does not in any way constitute investment, tax, legal or other advice.

None of the Company, Fundsmith or any other person has, or accepts, any responsibility or duty to update any information, document or announcement contained on this website and the Company reserves the right to add to, remove or amend any information available on this website at any time.

Investec Bank Plc ("Investec"), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively for the Company and no-one else in connection with the matters referred to on this website and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Investec or accordingly for providing advice in relation to any matters referred to on this website. Apart from the responsibilities and liabilities, if any, which may be imposed on Investec by the Financial Services and Markets Act 2000, as amended, or the regulatory regime established thereunder, Investec does not accept any responsibility whatsoever for the contents of this website or for any statement made or purported to be made by it, or on its behalf, in connection with the Company. Investec accordingly disclaims all and any liability whether arising in tort, contract or otherwise (save as referred to above) which they might otherwise have in respect of such material or any such statement.

The information on this website is general in nature and may be subject to amendment and updating without notice. None of the Company, Fundsmith nor any other person guarantees the accuracy or completeness of any information on this website and each such person disclaims all representations and warranties, whether express or implied, to the greatest extent permitted by applicable law and regulation. By continuing to use this website, you agree to the exclusion by such persons, to the greatest extent permitted by applicable law and regulation, of any and all liability for any direct, indirect, punitive, consequential, incidental, special or other damages, including, without limitation, loss of profits, revenue or data arising out of or relating to the provision of and your us e of this website and its content.

Neither the Company, its directors, Fundsmith nor any other person accepts any responsibility in respect of any information contained on any other website which may be linked to or from this website other than the link provided to the website maintained by Link Asset Services in connection with the online offer for subscription for ordinary shares in the capital of the Company.

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The Company issues cookies when you use this website which are stored on the hard drive of your computer for the purposes of systems administration. Cookies contain information that is transferred to your computer's hard drive and enables the Company to keep you logged on to this website. You may refuse to accept cookies by activating the setting on your browser which allows you to refuse the setting of cookies. However, if you select this setting you may be unable to access certain parts of this website. By proceeding further, unless you have adjusted your browser setting so that it will refuse cookies, you confirm that you consent to cookies being issued by the Company when you log on to this website. You can view the Company's Cookies Policy for further details.

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THE WEBSITE YOU ARE SEEKING TO ACCESS IS MADE AVAILABLE BY FUNDSMITH EMERGING EQUITIES TRUST PLC (THE "COMPANY") IN GOOD FAITH AND IS PROVIDED FOR INFORMATION PURPOSES ONLY.

THE INFORMATION CONTAINED ON THIS WEBSITE IS INTENDED FOR PERSONS IN THE UNITED KINGDOM ONLY AND IN PARTICULAR IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO ANY OTHER MEMBER STATE OF THE EEA, THE UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR ANY OTHER JURISIDICTION WHERE ITS RELEASE, PUBLICATION OR DISTRIBUTION IS OR MAY BE UNLAWFUL.

Please read this notice carefully - it applies to all persons who view this website. Please note that the terms set out below may be altered or updated without notice. You should read the following provisions in full each time you visit the site.

The information on this website is intended for, and may be accessed only by, persons in the United Kingdom. Viewing the materials you are seeking to access may not be lawful in other jurisdictions.

The information on this website is for information purposes only and does not constitute or form a part of any offer or invitation to sell or issue, or the solicitation of any offer to purchase or subscribe for, securities. Any subscription for securities in the Company may be made only pursuant to a prospectus to be issued in due course that will provide detailed information about the Company and the securities to be offered (the "Prospectus"). Particular attention should be paid to the "risk factors" section of the Prospectus which will highlight specific risks relating to the Company.

If you are not permitted to view this website or are in any doubt as to whether you are permitted to view this website, please exit this website immediately by clicking on the "Disagree" button below. The contents of this website must not be released or otherwise forwarded, distributed or sent, directly or indirectly, in whole or in part, outside the United Kingdom and in particular in or into any other Member State of the EEA, the United States, Australia, Canada, the Republic of South Africa or Japan or any other jurisdiction where the distribution of such materials would or may breach any applicable law or regulation or would require any registration or licensing within such jurisdiction. Persons receiving any such materials (including, without limitation, custodians, nominees and trustees) should observe these restrictions and must not, directly or indirectly, in whole or in part, forward, distribute or send them in, into or from any jurisdiction outside the United Kingdom. Neither the Company, Fundsmith LLP nor their respective advisers accept any responsibility for any violation by any person of any of these restrictions.

Basis of access

Access to this website is for information purposes only. Any person seeking access to this website represents and warrants to the Company and to Fundsmith LLP that they are doing so for information purposes only. Making this website available does not constitute an offer to issue or sell or the solicitation of an offer to subscribe for or buy securities in the Company. Further, it does not constitute a recommendation by the Company or Fundsmith LLP or any associated company or any other person to subscribe for or buy securities in the Company. The information on this website is general in nature and does not in any way constitute investment, tax, legal or other advice.

None of the Company, Fundsmith LLP or any other person has, or accepts, any responsibility or duty to update any information, document or announcement contained on this website and the Company reserves the right to add to, remove or amend any information available on this website at any time.

Investec Bank Plc ("Investec"), which is authorised in the United Kingdom by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, is acting exclusively for the Company and no-one else in connection with the matters referred to on this website and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Investec or accordingly for providing advice in relation to any matters referred to on this website. Apart from the responsibilities and liabilities, if any, which may be imposed on Investec by the Financial Services and Markets Act 2000, as amended, or the regulatory regime established thereunder, Investec does not accept any responsibility whatsoever for the contents of this website or for any statement made or purported to be made by it, or on its behalf, in connection with the Company. Investec accordingly disclaims all and any liability whether arising in tort, contract or otherwise (save as referred to above) which they might otherwise have in respect of such material or any such statement.

The information on this website is general in nature and may be subject to amendment and updating without notice. None of the Company, Fundsmith LLP nor any other person guarantees the accuracy or completeness of any information on this website and each such person disclaims all representations and warranties, whether express or implied, to the greatest extent permitted by applicable law and regulation. By continuing to use this website, you agree to the exclusion by such persons, to the greatest extent permitted by applicable law and regulation, of any and all liability for any direct, indirect, punitive, consequential, incidental, special or other damages, including, without limitation, loss of profits, revenue or data arising out of or relating to the provision of and your use of this website and its content.

Neither the Company, its directors, Fundsmith LLP nor any other person accepts any responsibility in respect of any information contained on any other website which may be linked to or from this website.

Confirmation of understanding and acceptance of terms

By clicking on the "Agree" button below, you confirm, represent and warrant to the Company and to Fundsmith LLP that you are located in the United Kingdom and you agree that you will not forward, distribute or send any materials contained in this website to any person outside the United Kingdom.

ABOUT FUNDSMITH

THE FUND MANAGER - FUNDSMITH LLP

Terry Smith - CEO & CIO Fundsmith LLP

Terry Smith - CEO & CIO Fundsmith LLP

THE FUNDSMITH FEET RESEARCH TEAM

Julian Robins - Head of Research

Julian Robins - Head of Research

Michael O’Brien - Analyst

Michael O’Brien - Analyst

Jonathan Imlah - Analyst

Jonathan Imlah - Analyst

Sandip Patodia - Analyst

Sandip Patodia - Analyst

Tom Boles - Analyst

Tom Boles - Analyst

THE FUNDSMITH EMERGING EQUITIES TRUST PLC BOARD OF DIRECTORS

Martin Bralsford - Chairman

Martin Bralsford - Chairman

David Potter

David Potter

John Spencer

John Spencer

Rachel de Gruchy

Rachel de Gruchy

DISCLAIMER - IMPORTANT

Basis of access

Use of Cookies

Confirmation of understanding and acceptance of terms

DISCLAIMER - IMPORTANT

Basis of access

Confirmation of understanding and acceptance of terms