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 Disclaimer

The following presentation makes extensive reference to The Yacktman Fund (YACKX). This is what is referred to in the U.S. as a no load mutual fund. The investment adviser to The Yacktman Fund is Yacktman Asset Management Co. (Yacktman) who have been managing 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 investment principals, 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 its inception in 1992, it is provided purely for indicative purposes to demonstrate how Yacktman has performed historically in its role as investment advisor to this specific US No Load mutual fund. This material should not be viewed as a solicitation or offer of services by Yacktman. It is provided for informational purposes only. The information contained herein does not constitute an offer to sell or the solicitation 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. The investment return and principal value of an investment will fluctuate so that the investor's shares, when redeemed, may be worth more or less 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 prospectus should be read carefully before investing.

Table of Contents
1. SubThe Investment Manager and Sub-Investment Manager a) Heptagon Capital b) Yacktman Asset Management Co. Firm Overview c) Competitive Edge d) Awards, Ratings and Rankings Investment Strategy a) Investment Strategy b) Case Study c) Investment Guidelines Performance a) Returns b) Comparative Analysis c) Peer Group Analysis d) Statistics and Risk Metrics Portfolio Analysis Investment Team a) Biographies b) Organizational chart Fund Particulars and Structure Appendix Case Studies

2.

3.

4. 5.

6.

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.

Pillars for Manager Selection

Consistent Alpha Generation Disciplined Investment Process Independence Asset Classes Traditional Alternatives Hedge Funds Real Estate Private Equity Special Situations Specialization Long Track Record

Long Only Equity

Long Only Credit

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

Yacktman U.S. Equity Fund

October 2010

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 for individuals, pensions and corporations. Yacktmans success derives from a focused, value-oriented approach to investment research and concentrated portfolio management.

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.

Competitive Edge

Attribute Boutique firm Investment philosophy

Edge US Equity Value specialist 100% employee owned. Rigorous and disciplined bottom-up, value oriented stock selection, non benchmark driven. 70 yrs of combined experience in fundamental driven, value equity investing. Medium term view on stock picking. Proprietary forward rate-of-return valuation method. Management has significant portion of personal wealth invested in the strategy

People Discipline

Alignment of interests

Awards, Ratings and Rankings

Awards
Donald Yacktman Donald Yacktman Morningstar Manager of the Decade nomination - 2010 Morningstar Portfolio Manager of the Year - 1991

Ratings The Yacktman Fund

5 star Total Return1 5/5 Consistent Return2 5/5 Preservation3 5/5

Rankings The Yacktman Fund

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 2 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.

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. 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.

3 The

Yacktman U.S. Equity Fund

October 2010

Investment Strategy

Investment Strategy
Yacktman consider themselves as investors in businesses, not speculators in stocks. They approach the selection process as though they were buying a long-term bond, with the purpose of holding it for an extended period of time. 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 dont expect exact yields to maturity, rather they build in a lot of room for error. Yacktman has a tendency to shy away from fads and en-vogue companies or industries which resulted in them avoiding the TMT bubble, as well as the recent problems in the financial sector.

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

Forward Rate of Return = Current Free Cash Flow Yield + Inflation + Annual Growth of Free Cash Flow
Example: Coca-Cola (symbol KO) recently traded at a Free-Cash-Flow yield of 5.5%. Assuming medium term inflation at 3% 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 Flow giving $27). Assuming 3% inflation and 1.5% Free Cash Flow growth, the Forward Rate of Return of the S&P 500 is 7.0%. Conclusion: Conclusion Under the above mentioned market conditions, given that Coca-Cola trades at a higher Forward Rate of Return than the benchmark, it might be considered as an attractive investment.

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Investment Strategy
Yacktmans investment philosophy focuses on purchasing quality businesses at cheap valuations, using a three-part discipline. Yacktman believes an investor can earn attractive rates of return through investing ... in good businesses, A good business may contain one or more of the following: High Market share in a principal product and/or service lines High cash return on tangible assets Relatively low capital requirements allowing a business to generate cash while growing Short customer repurchase cycles and long product cycles Unique franchise characteristics with shareholder oriented management, Yacktman believes that a shareholderoriented management does not overcompensate itself, and allocates wisely the cash the company generates. Yacktman looks for companies that: Reinvest in the business and still have excess cash Make synergistic acquisitions Buy back stock

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

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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

Concentration limits

Maximum of 10% in one issuer Typically the Yacktman Fund holds between 30 and 40 stocks. 30% Up to 25% The manager will allocate primarily to large cap names, however mid cap companies may feature and there is no sectoral or strategy bias

Average annual turnover Maximum industry weights Expected allocation strategy

*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.

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Yacktman U.S. Equity Fund

October 2010

The Yacktman Funds Performance

Performance of The Yacktman Fund

as of 29/10/2010
Since 2000 The Yacktman Fund achieved a net return of 236.6% Vs. -2.0% of the S&P 500 during the same period of time
Monthly returns
Jan 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 -7.0% 2.2% 0.6% -1.1% 1.2% -1.9% 3.1% 1.7% -4.3% -10.6% -1.8% Feb -7.6% 1.0% 1.7% -4.0% 1.6% 0.4% 0.2% -2.8% -1.6% -8.8% 2.0% Mar 6.2% -3.3% 2.9% -0.9% -2.7% -0.3% 0.8% 1.0% 0.2% 13.2% 5.7% Apr -3.6% 2.6% 1.7% 10.7% -0.5% -0.5% 0.8% 4.1% 2.5% 22.5% 1.7% May 3.3% 3.9% 2.0% 7.6% -0.1% 1.5% -0.5% 1.6% -0.7% 9.4% -7.0% Jun 5.8% -0.4% -3.6% 0.9% 2.2% -0.6% -0.5% -2.0% -9.5% 0.6% -4.5% Jul -1.3% 3.7% -5.4% -2.0% -3.8% 1.3% 0.3% -3.8% 2.2% 8.0% 6.5% Aug 6.4% 0.4% 9.1% 4.8% 1.3% -0.5% 3.7% 1.0% 4.2% 5.9% -3.0% Sep 0.3% -7.7% -9.7% -0.1% -0.9% -1.0% 2.7% 2.8% -1.9% 4.1% 6.5% Oct 8.4% 2.6% 9.0% 3.7% 1.6% -2.0% 1.7% 2.2% -14.8% 0.1% 3.6% Nov 0.7% 10.9% 5.7% 3.5% 5.1% 1.5% 1.3% -2.5% -6.5% 4.4% Dec 2.8% 3.1% -1.4% 6.8% 4.9% 0.8% 1.6% 0.6% 2.3% 3.0% Total 13.6% 19.5% 11.4% 33.0% 10.0% -1.3% 16.0% 3.5% -26.1% 59.3% 9.1% S&P 500 Excess Return -9.1% -12.0% -22.1% 28.7% 10.9% 4.9% 15.8% 5.5% -37.0% 26.5% 7.8% 22.7% 31.4% 33.5% 4.3% -0.9% -6.2% 0.2% -2.0% 10.9% 32.9% 1.2%

Cumulative Alpha above S&P 500

250%

Alpha and Beta vs. S&P 500

Annualised Alpha 12.3% 84.1% 68.0%

200% 150% 100% 50% 0% Dec-99 -50% Jun-01 Nov-02 May-04 Nov-05 May-07 Nov-08 May-10

Beta R2

Source of data Bloomberg S&P 500 represents the S&P 500 Total Return index Please refer to important disclaimers on page 1.

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Performance of The Yacktman Fund

as of 29/10/2010

THE 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.

$40,000 $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $0 Dec-99 Nov-00 Nov-01 Nov-02 Nov-03 Nov-04 Nov-05 Nov-06 Nov-07 Nov-08 Nov-09 Yacktman fund S&P 500 Berkshire Hathaway Lipper Global Equity North America Yacktman Fund Berkshire Hathaway S&P 500 Lipper Global Equity North America YTD 9.1% 1Yr 17.2%

Annualised Returns
3Yrs 8.0% 5Yrs 9.5% 10Yrs 11.9%

25.5%

23.3%

1.7%

8.7%

6.8%

7.8%

16.5%

-6.5%

1.7%

-0.0%

7.0%

15.3%

-7.0%

1.0%

-0.9%

Source of data Bloomberg / Lipper Hindsight S&P 500 represents the S&P 500 Total Return index Please refer to important disclaimers on page 1.

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Performance of The Yacktman Fund vs. S&P 500

as of 29/10/2010

Annualised Returns

Yearly Returns

1Yr 17.2% 16.5%

3Yr 8.0% -6.5%

5Yr 9.5% 1.7%

10Yr 11.9% -0.0%

2000

2001 19.5% -12.0%

2002 11.4% -22.1%

2003 33.0% 28.7%

2004 10.0% 10.9%

2005 -1.3% 4.9%

2006 16.0% 15.8%

2007 3.5% 5.5%

2008 -26.1% -37.0%

2009 59.3% 26.5%

YTD 9.1% 7.8%

Yacktman Fund S&P 500

13.6% -9.1%

Source of data Bloomberg S&P 500 represents the S&P 500 Total Return index Please refer to important disclaimers on page 1.

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Performance of The Yacktman Fund

as of 30/09/2010

Peer Group Analysis - source: Morningstar

Legend:
Yacktman Fund S&P 500 TR Morningstar Large Cap Value Category

Source of data Morningstar Please refer to important disclaimers on page 1.

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Statistics and risk metrics

as of 29/10/2010

The Yacktman Fund Last month return Last 3 months return Last 12 months return Year-to-date return Compounded Return between 31/12/1999 - 30/09/2010 Return 2009 Return 2008 Return 2007 3.6% 7.0% 17.2% 9.1% 236.6% 59.3% -26.1% 3.5%

S&P 500 3.8% 8.0% 16.5% 7.8% -2.0% 26.5% -37.0% 5.5%

Statistics 31/12/1999 - 30/09/2010 Annualised return Annualised volatility Annual Sharpe Ratio (Rf = LIBOR USD 3M) Max monthly loss Correlation to S&P 500 Beta to S&P 500 Bull Beta to S&P 500 Bear Beta to S&P 500 11.9% 16.7% 0.50 -14.8% 0.82 0.84 1.07 0.82 -0.2% 16.4% -0.20 -16.8% 1.00 1.00 1.00 1.00

Source of data Bloomberg S&P 500 represents the S&P 500 Total Return index Please refer to important disclaimers on page 1.

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Yacktman U.S. Equity Fund

October 2010

Portfolio of the Yacktman Fund

Portfolio Analysis
as of 30/06/2010

Portfolio Characteristics*
Yacktman S&P 500 14.07 2.03 1.27 5.45 2.40% 9.69% -5.55% -2.39% October 2010 -2.45% -0.95% Price / Prospective Earnings Price / Book Price / Sales Prices / Cash Flow 11.8 1.95 1.29 7.37 2.78% 8.91% 8.10% 0.69% -0.07% 5.41%

Portfolio Sector Weights

35.00% 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% Energy Financials Cons. Discretionary Industrials Telecom Svcs Cons. Staples Healthcare Info Tech Materials Utilities S&P500 Yacktman

Dividend Yield Long term Earnings Historical Earnings Sales Growth Cash Flow Growth Book Value Growth

Top 10 Holdings
Name Pepsi Co. News Corp. % of portfolio 8.8% 8.2% 7.9% 5.1% 5.0% 4.9% 4.9% 4.7% 4.7% 54.2%

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%

Coca Cola Co. Johnson & Johnson Pfizer Inc. Clorox Co. Microsoft Corp ConocoPhillips Viacom Inc.

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

Total of Top 10 Holdings

Source of data - Morningstar and The Yacktman Funds semi-annual report Please refer to important disclaimers on page 1.

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The Yacktman Fund - Model Portfolio

as of 30/06/2010
Banks - 3.05% The Bancorp, Inc. Bank of America Corp. U.S. Bancorp Beverages - 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. 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. Health Care Equipment & Supplies - 5.07% Becton Dickinson & Co C.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. MGIC Investment Corp Internet 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% ConocoPhillips Pharmaceuticals - 10.13% Johnson & Johnson Pfizer, Inc. Software - 4.94% Microsoft Corp.

Portfolio Sector Weights

Financials, 6.83% Energy, 4.93% Cons. Staples, 31.77%

Healthcare, 17% Industrials, 0.14% Info Tech, 8.43% Cash and other instruments, 9.73%

Consumer Disc. 21.12%

Source of data - The Yacktman Funds semi-annual report Please refer to important disclaimers on page 1.

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Yacktman U.S. Equity Fund

October 2010

The Investment Team

Organizational Chart
Yacktman Investment Team
Donald Yacktman
President Co-CIO

Stephen Yacktman
Sr. Vice President Co-CIO

October 2010
Ron Ball
Vice President Portfolio Manager

Jason Subotky
Vice President Portfolio Manager

Russell Wilkins
Vice President Portfolio Manager

Sub-Investment Manager Operations and Compliance

Kent Arnett
Chief Compliance Officer

Michelle Fuller
Office Manager

Colette Minogue
Client Accounting Management Reporting

Chase Frock
Performance Analyst

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Biographies of Senior Portfolio Managers

DONALD YACKTMAN President and Co-CIO Donald Yacktman is the President and Co-Chief Investment Officer of Yacktman Asset Management Co. 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 American Shares mutual fund and was named Portfolio Manager of The Year by Morningstar in 1991. He joined Selected Financial Services, Inc. in 1982 from Stein Roe & Farnham where he had been a October 2010 portfolio manager since 1968. Mr. Yacktman holds a B.S. Magna Cum Laude in economics from The University of Utah and an MBA with distinction from Harvard University STEPHEN YACKTMAN Sr. Vice President and Co-CIO Stephen Yacktman is Vice President, Portfolio Manager and Co-Chief Investment Officer of Yacktman Asset Management Co. He is also Co-Manager of The Yacktman Funds. He joined Yacktman 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. He joined the firm in August 2001, having previously worked as a general partner at Peterschmidt Ventures and as a vice president at Goldman Sachs. Mr. Subotky received a BMusic from the University of Southern California and an MBA from Brigham Young University

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Yacktman U.S. Equity Fund

October 2010

Fund particulars and structure

Irish UCITS III Fund Structure

Heptagon Fund Plc (Dublin)

Yacktman US Equity Fund

Promoter and Investment Manager Heptagon Capital

SubSub-Investment Manager Yacktman Asset Management Co.

Administrator EuroEuro-VL (Ireland) (Part of Socit Gnrale Dublin)

Daily Reports

Custodian Socit Gnrale using BBH USA

Legal Mason Hayes + Curran

Sales and Marketing

Portfolio Management Shareholder Services

Trade Reconciliation

Legal Advisors as to matters of Irish Law Company Secretary for board meetings and corporate administration

UCITS Compliance & EU registration oversight Investor Relations

Risk Management Presentations to the Board and Investors

Safekeeping of Assets Corporate Actions

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Fund Particulars
Legal Structure Share Classes Exchange Listed Minimum Investment Management Fee Subscriptions Redemptions LockLock-up Provision Leverage SubSub-Investment Manager Early Redemption Custodian Administrator Lawyers Auditor An open-ended umbrella type investment company authorised pursuant to the European Communities UCITS regulations. (Non-Sophisticated UCITS Fund) C (Seed) / I (Institutional) / A (Retail) None C = $1,000,000 C = 1.00% Daily Daily None None Yacktman Asset Management Co. No Penalty (unless Directors deem it necessary in order to discourage market timing) Socit Gnrale EuroVL (Ireland), a subsidiary of Socit Gnrale Mason Hayes + Curran, Dublin Grant Thornton / I = $2,000,000 / A = $250,000 I = 1.15% A = 1.50%

Source of data - Bloomberg Please refer to important disclaimers on page 1.

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Yacktman U.S. Equity Fund

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 a grocery store in the US is dominated by Frito-Lay products, now roughly half Pepsis business. With their distribution and shelf space, they benefit from very high barriers to entry. This business has buyers who are not price sensitive. Margins are high 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 drinks and 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. Add in some pricing, to keep up with inflation, and you get an expected annual return of 12-13%. PepsiCo Inc. Price Graph
$80 $70 $60 $50 $40 $30 Jan-02 Jan-04 Jan-06 Jan-08 Jan-10

Yacktmans response to the criticism that Pepsi is not a hidden gem is that there are times when quality businesses are undervalued and you have 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% real return, owning one of the best companies in the world, even if lying in wait for other opportunities that are more attractive, then they feel that is a good way to make money for investors The biggest risk would be if the government raised taxes on international operations of US Companies

Investment Inception

Source of data - Bloomberg Please refer to important disclaimers on page 1.

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Case Study 2.
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 this line 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%). NewsCorp Price Graph
$25 $20 $15 $10 $5 $0 Jan-07 Jan-08 Jan-09 Investment Inception Jan-10

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.

Source of data - Bloomberg Please refer to important disclaimers on page 1.

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Case Study 3.
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 slightly more than $17 per share and have been adding to the position.
$40 $35

Pfizer Price Graph

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.

$30 $25 $20 $15 $10 Jul-02 Jan-04 Jul-05 Jan-07 Jul-08 Jan-10

Investment Inception

Source of data - Bloomberg Please refer to important disclaimers on page 1.

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Yacktman U.S. Equity Fund

October 2010

Disclaimer Disclaimer

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 Heptagon Capital 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. 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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