Slide 1

WHAT NEXT FOR EIS?

THE SENECA EIS PORTFOLIO SERVICE2Some changes to EIS were announced in the 2015 Budget. These are subject to state aid approval and include:introducing a requirement that all investments are made for the purpose of business growth and development;requiring that all EIS investors are independent from the company at the time of the first share issue (excluding founder shares);introducing new qualifying criteria to limit relief to companies whose first commercial sale took place within the previous 12 years unless the company has received a previous investment under SEIS/EIS/VCT;capping the total investment a company may receive at 20 million for knowledge intensive companies and 15 million for other qualifying companies; andincreasing the employee limit for knowledge intensive companies to 499 employees.The EIS Landscape Budget changes*Source: Tax-advantaged venture capital schemes: draft legislation and explanatory notes March 2015

THE SENECA EIS PORTFOLIO SERVICE3Growth and development as yet undefined!!knowledge intensive*in at least one of the 3 years prior to investment the company or group has spent at least 15% of operating costs on R&D or innovation; or in each of those 3 years has spent at least 10% on R&D or innovation; and either of the following conditions is also met:the innovation condition when the shares are issued, the company or group is engaged in the creation of IP which will form the greater part of the companys or groups businessthe skilled employee condition at least 20% of the companys or groups FTE numbers are skilled as defined. The definition of skilled relies on higher educational attainments

The EIS Landscape Key definitions*Source: Robertson Hare summary of changesTHE SENECA EIS PORTFOLIO SERVICE4 The EIS Landscape Pre- BudgetGROWTH POTENTIALInvestment RiskHIGHLOWHIGHLOWLow Risk, Capital preservation EIS ProductsSeneca EIS Portfolio ServiceHigh risk, early stage InvestmentsTHE SENECA EIS PORTFOLIO SERVICEDemand for EIS has grown dramatically over the last five years by 168%* and this is expected to increaseThis has been driven by a lack of alternative tax reliefs with declining pension allowances, ISA limits and new tax legislation (GAAR/DOTAS) 387m was raised in renewable energy based EIS strategies in the 13/14 tax year, about 30% of the EIS market*Many offerings still in the market key is identifying a strategy with an investment team with a track record and pedigree within the relevant investment strategy not just tax-efficient wrappers

5

The EIS Landscape Expected impact of the changesHIGHLOWTax RiskTHE SENECA EIS PORTFOLIO SERVICECapital preservation EIS will have increased tax risktax-first investing will be challengedEnd for EIS renewables? 62% of retail EIS schemes were renewable investmentsPrivate clients/Investors: Change in risk profile, expectation of returns, reliefsAdvisers: balancing investment risk with tax riskProviders: portfolio services, funds, single companyCompanies: working capital/expansion capital/asset backed

6What are the alternatives?Traditional smaller company investingAlternative asset backed optionsSITR?

THE SENECA EIS PORTFOLIO SERVICE7Why invest in smaller companies?Substantial capital gain smaller companies can offer growth large caps cant (e.g. Redx)Portfolio diversification low correlation to mainstream marketsInvestors market lack of capital from traditional sources has left companies starved of capital rich pickingsIt supports the UK economy:

THE SENECA EIS PORTFOLIO SERVICEWHY INVEST IN SMALLER COMPANIES?GROWTH: around 10% of investments into smaller cos return >10x capital (NESTA, 2009)DIVERSIFICATION: Not as correlated to mainstream markets, especially some of the renewable energy investmentsDEAL FLOW: VC funds usually looking to invest >2m and banks are reluctant to lend, so a buyers market for angel investors (cf, COOP and renewables)INTEREST: can follow a personal interestGIVING BACK: vital part of UK economy: 5,000 SMEs account for 99% of UK businesses and 50% if total turnover in the private sector (1,580bn)

WHY INVEST IN EIS?PENSION LIMITS: annual contribution 40k, lifetime 1.25mISA LIMITS: 15k annually, although budget and autumn statement have given more flexibility (transfer on death, NISA)IHT THRESHOLD: Frozen at 325k pp since 2009 to at least 2017/18 so more families are captured. Brought in 3.4bn last year. If threshold had been raised with inflation (CPR, not house price inflation) it would be 370k pp. HOUSE PRICE RISES: 8.5% annual (November) what will happen with changes to stamp duty and strengthening economy? Average price in London 400k, Bham 132k (Nationwide and Rightmove) THIS MEANS MORE ESTATES CAUGHT BY IHTREMOVAL OF BTL SUBSIDY (Ashley column)CGT: house prices (for those with a B2L portfolio) and stock market performance (so a less common problem than IHT I think)DEMOGRAPHICS: Baby Boomers are retiring and thinking about their kids, so more clients face these issues than ever before (advisers with a mature client bank are in a unique position to help, have a unique opportunity). They control 80% of the UKs wealth (Walker, Duncan, 2004)"Live Fast, Die Old")ARE EIS SUITABLE FOR MY CLIENTS?

If you fully utilise, or are close to fully utilising, your ISA and Pension allowances each year If you have incurred a large capital gains tax bill within the last three years, or expect to incur one in the next twelve months. If you are concerned about the impact of Inheritance Tax on your estate (although scrapping of 55% death tax means pensions are more attractive for IHT planning now)If you want to retain full control of your capital (unlike placing your assets in trust)If you do not feel confident about living the seven years from the date of a gift that was intended to mitigate Inheritance TaxIf you are looking for additional growth from your investmentsIf you are keen to diversify away from the mainstream investment marketsIf you want to invest in a way that supports the UK economy

8ContactLGBR Capital

LGBR Sales Team

T: 020 3195 7100E: sales@lgbrcapital.comW. www.lgbrcapital.comSeneca Partners

Seneca EIS TeamE: eis@senecapartners.co.uk

Seneca IHT Team E: iht@senecapartners.co.uk

Seneca Corporate BPR TeamE: corporatebpr@senecapartners.co.uk

www.senecapartners.co.uk01942 271 746

THE SENECA EIS PORTFOLIO SERVICE10

Open-ended funds vs investment trusts

14Features of investment trusts

Closed-endedTraded on exchangeIndependent boardCan gearCan invest in illiquid assets

Trade at premium or discount15

Return on 100 versus the competitionSource: Morningstar (share price total return on 100 to end of April 2015)Duration1 year3 years5 years10 years20 yearsAverage investment trust113145164270562Average unit trust/ OEIC11113314121139816Pricing?

17How the net asset value is calculatedNet asset value (NAV) = the value of the investment companys assets, minus any liabilities

Net asset value per share = the NAV divided by the number of sharesAssets: investments + cash500mLiabilities: debt(20m)NAV480mNo of shares in issue240mNAV per share218Premiums and discounts19Where do discounts stand currently?Source: AIC (as at 12/6/15)20Gearing

21How gearing works

Total assets = 100mBorrowings = 13mNet assets = 87mmarket up 10%

Total assets = 90mNet assets = 77mChg to NAV = -11.5%market down 10%

Total assets = 110mNet assets = 97mChg to NAV = 11.5%Gearing = 15%22Gearing by sector

Global emerging markets1%

Source: AIC (as at 12/6/15)Industry average(ex VCTs)7%UKequityincome9%Property Direct Asia Pacific65%Property Direct UK22%23Liquidity

24Understanding liquidity

1mMarket cap = 1.3bn25Understanding liquidity: a smaller trust

100kMarket cap = 80m26Average daily volumeSource: Winterflood Securities (data relates to May 2015)1.3m378,000200,00070,000m27Uses of investment companies

281. For income15% of income may be held in reserve for future29Dividend heroesCompany SectorConsecutive years of dividend increaseCity of London Investment TrustUK Equity Income48 yearsBankers Global 48 yearsAlliance Trust Global 48 yearsCaledonia InvestmentsGlobal 48 yearsForeign & Colonial Global 44 yearsF&C Global Smaller CompaniesGlobal 44 yearsBrunnerGlobal 43 years

Source: AIC (5/6/15)30UK Equity Income sector (average)Source: AIC31UK Equity Income sector (average)260,259Source: AIC32

2. To diversifyPropertyInfrastructure projectsPrivate equity/ VCTs

33InflowsOpen-ended fund3. To take a longer viewClosed-ended fund34Comparing like with like

35Top dogs2 open-ended funds outperformedcompared with 16 investment trusts

Out of 18 pairs of funds with the same manager/mandate: Source: FE Trustnet/Morningstar/AIC (NAV total returns in five years to 31/5/15, based on original research in 2013 by Canaccord Genuity)36

Top dogs (2)Fund outperforming investment trustInvestment trust outperforming fundSource: FE Trustnet/Morningstar/AIC (NAV total returns in five years to 31/5/15, based on original research in 2013 by Canaccord Genuity)37Skin in the game

155m

20m25m6m3mSource: Canaccord Genuity using Morningstar (10/12/14)38Disclaimer

Any information contained in this presentation has been prepared for information purposes only. Whilst the AIC / AIC Information Services Limited has taken all reasonable steps to verify such information, it does not accept responsibility for any errors or omissions or for losses of any nature incurred by any person howsoever caused. The information contained in this presentation does not constitute investment advice or personal recommendation and it is not an invitation or inducement to engage in investment activity. You should seek independent financial and, if appropriate, legal advice as to the suitability of any investment decision. This presentation may not be printed, reproduced or further distributed to any other person or published, in whole or in part, for any purpose. Please refer to www.theaic.co.uk/aic/terms-of-use/ for further information relating to our disclaimer policy. The Association of Investment Companies (AIC) is a company limited by guarantee whose registered office is 9th Floor, 24 Chiswell Street, London. EC1Y 4YY. Its trading and registered office addresses are identical. The AIC is a company registered in England and Wales and its company registration no. is 4818187. The AIC is registered for VAT and its registration no. is 396992669.

AIC Information Services Limited is a company registered in England and Wales with registration no. 01910539.

39How to find out moreFree on the AIC website: online training on investment companies with Level 4 CPD tests up-to-date information and data on investment companiesSubscribe to monthly Spotlight e-newsletterFollow us on Twitter: @AICpress @NickBritton_Connect with me on LinkedinCall me on 020 7282 5559 or email nick.britton@theaic.co.uk

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Witan Investment Trust plcManchester, June 2015

For financial advisers, analysts and other investment professionals onlyWitans objectives43ObjectiveLong-term growth in capital and income via global equity markets

Beat a suitable equity benchmarkStructure

Multi-manager approach (in place since 2004)

1.7bn assets, member of FTSE 250 index

Why multi-manager?44*see Important note on slide 19Good returns with less insomniaPlay to strengthsAvoid weaknessesFlexibility easier to change 10% than 100%

Witans approach45Avoid over-diversificationSelect distinctive managersActive management of overall portfolio risk (e.g. gearing, asset allocation overlay)Multiple levers to pullMultiple return drivers46Stock selection by active managersAsset allocation to and by managersGearing flexibility in amount and currencyIndex futures tactical flexibility at low costBuybacks benefit to NAV and discountDirect holdings in specialist asset funds (up to 10%)

Key performance measures47Investment performanceOutperformance of Witans equity benchmarkA positive long-term total return, after inflationLong-term outperformance by the individual managersAnnual growth in the dividend ahead of the rate of inflationA positive contribution from the use of borrowingsA discount to NAV of 10% or lessA competitive level of ongoing charges, balancing the need to pay for high quality investment management with the aim of keeping the costs as low as possible.

*see Important note on slide 1910th Anniversary of multimanager adoption*48See Important note on slide 19 Source: Datastream 30/9/04-4/6/15

Performance past 5 individual years49Years to end-March 20152014201320122011Witan equity benchmark () [A]13.67.717.2-1.28.5Witan Share price total return20.718.723.3-1.310.1Witan NAV total return [B]14.911.320.9-2.29.6Relative performance [B-A]+1.3+3.6+3.7-1.0+1.1See Important note on slide 19 Source: Datastream Source: Datastream and FE AnalyticsPerformance relative to Global Growth sector*50See Important note on slide 19 Source: Datastream

Dividend growth since 2004*516.9% increase in 2014, well ahead of inflation (0.5%)15.4p, more than 40 times that paid in 1974 40th successive increase Revenue Reserves 1.5 years dividend*see Important note on slide 19

Policy to grow ahead of inflationDiscount history52Source: Datastream*see Important note on slide 19

Discount in 2014-15*53*see Important note on slide 192014Shares rerated from 6.1% discount to 1.3% premiumAverage discount for the year was 2.2% (2013: 8.3%)New shares issued at a premium to NAV

AimExecute our objective well and communicate clearlyA sustainable narrow discount or premiumUse buybacks (discount) and issuance (premium) to address market imbalances and benefit NAV per shareCosts54Ongoing charges **0.74% (2013: 0.69%); 0.96% including performance fees (1.12%).Competitive with open-ended multi-manager servicesDiscipline on costs, focus on return after costs

[** Includes investment management fees paid to third party managers]Witan Geographical exposure55* includes funds UK listed but invested overseas** Includes investment in Japan index futures BenchmarkRegionApr 2015Dec 2014Change40UK* 42.642.9-0.3 20N.America 22.523.1-0.620Europe ex-UK15.715.0+0.720Japan**Asia/Emerging4.312.0 6.912.1-2.6-0.10Cash2.90.0+2.9Witan manager structure56Equity MandateInvestment Manager% of FUMUKArtemis Investment Management 10UKLindsell Train 12UKHeronbridge 7GlobalMFS International 9GlobalVeritas Asset Management 13GlobalLansdowne Partners 10GlobalPzena10GlobalTweedy, Browne3Pan EuropeMarathon Asset Management 7Asia Pacific (cum Japan)Matthews10Emerging MarketsTrilogy Global Advisors 3Directly HeldWitan Direct Holdings (CEO managed)7Source: 2014 Annual ReportWitan in 2015*57Strong but sometimes volatile marketsEconomic growth patchy, expected to quickenWitan total return (to 4 June) +10.1%, benchmark 8.6%3.9m new shares issued at a premium to NAV to meet market demandIssued new 20 and 30 year debt at average 3.4% yield the lowest in the sector in many decades*see Important note on slide 19Selectivity required*58*see Important note on slide 19 Source: Datastream Markets are no longer absolutely cheapEquities priced to give real returns to patient investors no windfallsbut Equity vs Bond valuations nearer the lows than the averageRecord divergence between equity yields and index-linked real yields

Investment outlook*59*see Important note on slide 19 Oil price drop to generate a growth surprise in 2015 - Cyclical recovery underestimatedEquities offer exposure to improving economic growth, valuations up with events. Emphasis on active stock selection Sterling vulnerable to economic rebalancing, political uncertainty Government bond yields artificially suppressed risk of unstable correction at some point

Important notes60These slides are intended to highlight some key points about Witan Investment Trust, for the use of shareholders, analysts and other professional investors. This material is for informational purposes only and does not constitute a solicitation or a personal recommendation in any jurisdiction. Any reference to individual securities does not constitute a recommendation to purchase, sell or hold the investment. No reliance may be placed for any purpose on the information and opinions contained in this document or their accuracy or completeness. No part of this material may be copied, photocopied or duplicated in any form or distributed to any person that is not an employee, officer, director or authorised agent of the recipient, without Witan Investment Services Limited's prior permission.Important note: Please remember that past performance is not a guide to future performance. Witan Investment Trust is an equity investment. The value of an investment and the income from it can fall as well as rise as a result of currency and market fluctuations and you may not get back the amount originally invested.Issued and approved by Witan Investment Services Limited. Witan Investment Services Limited is registered in England no. 5272533 of 14 Queen Annes Gate, London SW1H 9AA. The VAT registration number for Witan Investment Services Limited is 863 5738 89. Witan Investment Services Limited provides investment products and services and is authorised and regulated by the Financial Conduct Authority.

Adding value through effective Inheritance Tax planning for your clients16 June 2015Bob Nicoll, FPFS IMC62For Professional Advisers Only Issued in the UK by TIME Investments (TIME) which is the trading name of Alpha Real Property Investment Advisers LLP (Alpha) a subsidiary of Alpha Real Capital LLP, both of which are authorised and regulated by the Financial Conduct Authority.TIME is the discretionary investment manager of the TIME:Advance service and the administrator of the TIME:CTC bespoke IHT service . Please note there isno guarantee that the investment objectives of these services will be achieved. The value of investments and the income from them may fall as well as rise as a result of fluctuations in market, currency or other factors and investors may not get back the original amount invested. Any past performance data cited is not a reliable indicator of future results. TIME may source data from third party data providers but accepts no responsibility or liability for the accuracy of data.Applications should only be made on the basis of the Application Pack for the TIME:Advance service and the Information Memorandum for the TIME:CTC service and their current Brochures and investors should read carefully the risk warnings contained within. All documentation is available on request. This document does not constitute investment or tax advice and potential investors are required to seek professional advice before investing. Participation in any of TIMEs products should be only considered by those investors who are informed and experienced in such trading activities and should be regarded as higher risk and long-term in nature. Tax treatment depends on the individual circumstances of each client and may be subject to change in future. The value of shares will depend on the ability to identify trading activities and the success of the trading activities undertaken. Since the underlying investments consist wholly or substantially of real property, under certain market conditions, shareholders seeking to realise trading investments may experience significant delays. Further, the value of the real property concerned will generally be a matter of a valuers opinion rather than fact and may fluctuate. Investment in TIMEs products involves the issuing of shares in unquoted companies. There is no market for the shares and accordingly it may be difficult to obtain reliable information about the value of shares and shareholders seeking to redeem their holdings may experience significant delays.63The opportunitiesIntroducing TIME InvestmentsBackground to BPRHow our investments workQ&AAgendaWe specialise in tax efficient investment solutionsWe have over 1,500 clients and c140m invested in our Inheritance Tax (IHT) servicesWe have a growing team of over 50 staff including:20 strong, nationwide distribution team12 experienced investment expertsA dedicated, in house customer service teamWe have a strong track record of success:Our original BPR product has 19 year track record of success500+ clients successfully achieved BPR through one of our IHT solutionsAll qualifying investors have achieved IHT relief to date

TIME InvestmentsTIME Investments is a fairly new brand, having been around for four years.However, weve evolved out of Close Brothers and have put together a very experienced team.Our capital preservation focused BPR solution (TIME:CTC) has the longest track record in the industry; the team which managed this at Close came across to set up TIME. Were committed to working with the advisory market.We have a nationwide field based sales team which is supported by an office based team of seven. 65The Inheritance Tax (IHT) problem2014-15: 3.8bn IHT receipts; up 11.6% on previous year (gov.uk)Current threshold of 325,000 has been frozen until 2018Nationwide reported an 11% rise in house prices in the year to August 2014

IHT doesnt just affect millionaires, but most of middle England, where the estate may consist of little more than an average sized property.Mark GiddensTax Partner UHY Hacker Young36,000 estates were valued above the NRB in 2010/11Intelligent Partnership

Many people think of IHT returns going up and up, but they were actually higher in 2007 when there was a single nil rate band. 2014 was the first where returns exceeded the 2007 high.IHT was mentioned in the build up to the recent General Election, and pledges were made by the new government. However, there is no clarity on these suggested changes and what is clear is that they will take a long time to be implemented, if at all.A Summer Budget has been announced for the 8th July; the new Government has a lot of (expensive) plans that it wants to deliver on including increases to free child care and increasing spend on the NHS. We will wait and see what the outcome is; however its important to consider the cost of doing nothing (in terms of IHT planning). 66AccessSpeedSimpleControlCostIHT options comparedGiftingWOLLoan TrustDGTBPRTraditional order of considerationTraditionally this is the order in which advisers would consider IHT planning options. However, things have moved on and BPR has increasing relevance with many clients. IHT mitigation is a focused planning goal. Therefore adviser can segment this from the other assets and define a different level of risk to it. And this is balanced by the Risk of Doing Nothing.Derisking other investments to balance the / absorb the higher risk of BPR = overall balanced portfolio.Remember Whole of Life (WOL) does not mitigate IHT, it provides a way of paying the bill.

67

What is Business Property Relief (BPR)?BPR provides relief from IHTIntroduced in 1976 to allow owners of small businesses to pass business assets to beneficiaries without paying IHTIt reduces the value upon transfer of certain types of qualifying assets by 100% after a two year period of ownershipThe two year clock can be completed between spouses / civil partners It is available for lifetime transfers or for relevant business property included in an individuals estate on death

BPR is a statutory, Government backed relief. BPR introduced to help individuals pass on trading businesses.The market increased hugely when AIM became qualifying.However, AIM is not always appropriate for BPR clients (who are more likely to be elderly, risk averse).BPR products now available with a focus on capital preservation.Spousal transfer is available within BPR, and assets need to be held for two years out of five rather than consecutively. Replacement property relief is also available.

68Underlying investmentsWhat we look for:PredictableAsset backedIncome generators

Self storageSolar energySecured property lendingWind energySale of business or farmGold Coast Leisure(2.1m) Waterfall Farm(1.9m) BPR Service(2.1m)BPR Service(1.9m)Within 3 years of saleWithin 3 years of saleAll figures provided for illustration purposes onlyThis is a great way to build relationships with solicitors.These tend to be chunky cases so worth hunting through your client banks.T:Advance also provides the 3.5% return.

Explaining the case study: Business or Farm saleBoth invest into a BPR qualifying IHTserviceProceeds from both sales are IHT free immediately following BPR investmentCombined IHT saving 1.6m

70Elderly client ISA portfoliosISAISAISA300,000AIM ISABPR Service+150,000150,000All figures provided for illustration purposes onlyTheres lots of money already in AIM which has increased in value over last couple of yearsYou may have clients who now wish to exit and move to BPR with focus on capital preservation71Power of Attorney (POA) POA450,000BPR Service450,000Withdrawals available

After 2 years the investment qualifies for BPR All figures provided for illustration purposes only20% of the market is this type of scenarioIf you have clients in their 50s and 60s they are likely to be potential beneficiaries for aging parents, and looking for advice72Target clientsAsset growersAsset richAsset giversFree ISA

Pension supplement

Extracting profit from a company

Preserving trading status within a company

Neutralising income tax

Sale of business or farm

Large investment bonds

Capital gains pregnant assets

Deferring a Capital Gain

Elderly client ISA portfolios

Power of Attorney (POA)

New Discretionary Trusts

Trusts for Life Tenants

Historically, BPR based investments have been viewed as only suitable for high net worth and/or sophisticated investors.However we would suggest you think again about this.As this slide highlights, BPR can be used in many different client scenarios. 73TIME:AdvanceOverviewUncapped target return of 3.5%Transparent investment philosophyFocus on capital preservationCharges partially waived on death within first two yearsIndependent custodian to hold investors money and assetsIndependent advisory committee formed of industry expertsLow minimums:25k initial investment 10k top-ups 5k lump sum withdrawals

Invested in an unquoted trading company (structured as a limited company) called Elm Trading.Elm has a transparent structure with regular reporting.Target is capital preservation.Deferred AMC which well only take if we deliver the target return. The AMC is taken from the excess above the 3.5%.Uncapped return. Fortnightly dealing.TIME participates in the Direct Payment Scheme; payment can be made direct to HMRC to help families settle an estate. 74TIME:CTCOverviewCorporate BPR serviceUncapped target return of 3.5%Bespoke subsidiary company established for clients businessNon executive director appointed to the company to provide independent oversightTarget full investment within four monthsFocus on capital preservationLow minimums: 100k initial investment 25k top-ups 10k lump sum withdrawals

Our BPR solution for businesses.Target return of 3.5% which is better that prevailing bank rates for cash deposits.Focus on capital preservation.Managed by a team with a 19 year track record of managing BPR qualifying investments. Refund on some fees if client dies before two years.

75Whats important when reviewing a solution?What to consider when looking at a specific BPR solution.If possible, best to implement a suite of solutions to IHT with BPR being part of this.Consider a holistic, multi faceted plan for IHT. No single solution or silver bullet.The investors needs sit at the heart of your analysis.76Check our website: time-investments.comEmail us at: questions@time-investments.comTalk to us on: 0207 391 4747Visit us at: 338 Euston Road, London, NW1 3BGThank you. Any questions?Contact Us:

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79Dont just invest in AIM to mitigate Inheritance TaxChristopher Boxall

www.fundamentalasset.com

7980About FundamentalSpecialist Investment Manager.

Established 2004 by Christopher Boxall and Stephen Drabwell

Highly experienced investors in AIM for IHT planning purposes

Authorised and Regulated by the Financial Conduct Authority in the United Kingdom.

Conduct own research and support associated business Investors Champion (www.investorschampion.com)

80Investing in AIM for IHT planning the rules Business Property Relief (BPR) available for assets qualifying as relevant business property which have been held for a minimum period of 2 years.

Inheritance Tax Act 1984: 100% relief from Inheritance Tax (IHT) for ordinary shares in companies not listed on a recognised stock exchange (unquoted) - qualifies as relevant business property.

Includes shares traded on Alternative Investment Market (AIM) or ISDX.

Qualifying AIM companies considered business assets.

Shares can be traded i.e. you dont have to hold the same shares for 2 years. (Replacement property rules)

For IHT purposes shares in overseas companies also qualify.

From 5th August 2013 ISAs may also hold AIM shares (we see increasing activity)

What qualifies *- 740 qualify- 25 Dual listed qualifying- 79 part qualify or unclear* Investors Champion AIMsearch Sept 2014 data

Investing in AIM for IHT planning the rules What doesnt qualify?

- Business or company is engaged wholly or mainly in dealing in securities, stocks or shares, land or buildings, or in making or holding investments

- Business is not carried on for gain

- Business is subject to a contract for sale, unless that sale is to a company which will carry on the business, and the sale is made wholly or mainly in consideration of shares in the company buying the business.

- Shares in the company are subject to a contract for sale or the company is being wound up, unless the sale or winding up is part of a reconstruction or amalgamation to enable the business of the company to be carried on

Fundamental philosophy: - Avoid the controversial.- Avoid partial qualification - If in doubt.get out!

What happens if Co moves to Main Market or obtains another listing on a recognised exchange? sell and reinvest before it moves or the listing is secured! HMRC officials confirm that their staff are trained to carefully monitor the position.

83AIM is the junior market of the London Stock ExchangeGenerally a market for smaller growing companiesNo min size, no financial history, no public holding restrictions - Light touch regulation

Celebrating 20 yearsMay 2015, 1,074 companies (as many as 1,694 in 2007) but improving qualityMain market approx. 940 companies, market value c2.0 million million (US trillion a big number!)

Total market value of AIM c75bn (May 2015)

Majority of AIM companies by value 10m - 250m (625 companies)Largest ASOS approx 3bn qualifies for IHT! Average daily value of shares traded 2014 c169m (2013:117m)

Increasing number of mature, better established companies.

AIM is a market for the smaller investor

What is AIM?

8384Some of our current AIM for IHT CompaniesCompanyDescriptionAbcam PLCProduction and distribution of research-grade antibodies Advanced Medical Solutions PLCHigh performance polymers for woundcareAlternative Networks PLCIndependent telecommunications providerCVS Group PLCAnimal veterinary practices, pet crematoria and an online pharmacy. Flowtech FluidpowerPLCDistributor of technical fluid power products.James Halstead PLCManufacture of commercial flooringJames Latham PlcImport and distribution of wood based materials (Hemel)KBC Advanced Technologies PLCConsultancy and software solutions to energy industries.Nichols PLCSoft drinks supply (Vimto)Pressure Technologies PLCManufacturer of engineering solutions for high pressure systems.Restore PLCRecords management, doc scanning, and secure shredding.RWS Holdings PLCPatent translation and searches.Sanderson Group PLCSoftware and IT to multi-channel retail and manufacturing sectors.Solid State PLCManufacturing and distribution of electronic equipmentTracsis PLCResource management technologies in the transportation sector

8485How we structure AIM portfoliosBalanced portfolio (not fund) of AIM stocks across sectors and industries.

Well diversified.some might consider over diversified

The objective is to offer Capital Growth, Dividend Yield and Save tax.

Limited trading long term and buy and hold, subject to

Supports our philosophy of patient investing avoid short term noise

Obliged to be fully invested at all times

8586PlatformsThe Fundamental AIM Portfolio Service can be accessed via the following platforms:

Transact

AXA Elevate

Fundamentals own custody arrangementNo additional charge to clientsQuarterly valuations provided

8687Assumed Risks of investing in AIM!March 2007, U.S. securities regulator Roel Campos suggested that AIM was like a "casino". Campos: "I'm concerned that 30% of issuers that list on AIM are gone in a year. That feels like a casino to me"

Fewer than 2% of Companies on AIM fail each year and the vast majority of these are very small (2013, x99 joined, raising 1.18bn).Many are taken over go on to greater things

Smaller companies and shares less liquid (wide bid/offer spreads)Stick to larger AIM companies DiversifyMore relevant to large institutions

Lack of track recordSome very old companies on AIM

Lack of research and limited broker coverage Plenty of research and comment out there and DYOR!

Number of scandals so what, huge winners!

Change in tax legislation only positive! Government has recently expanded AIM acceptance to ISAs and from 6th April 2014 zero stamp duty on AIM stocks

8788Risk of holding Blue chips, Bonds, Unit Trusts, ISAs, etcRisk of capital loss

40% potential IHT bill Main stock market has changed dramatically (ETFs, computer driven trading, derivatives etc)

Some blue chips are now trading like small caps of old

Bond yields low

Fund problems (Lack of transparency, lock-ups, costs)

Current market stock specific matters irrelevant (Small/Micro caps continue to trade on fundamentals)

Reminder: PEPs and ISAs are subject to IHT and ISAs can now hold AIM shares

8889Compelling benefits of AIM for IHT planningNon-contentious, simple tax planning solution.

Cost effective compared to trusts.

Investor retains control over assets.

AIM for IHT planning has proved an excellent investment strategy for patient long term investors.

ISA investment from August 2013.

8990DisclaimerThe investments referred to in this presentation may not be suitable for all investors. Nothing in this presentation should be construed as, investment or tax advice. Potential investors are recommended to seek specialist independent tax and financial advice before investing in any of our products. It is not intended that anything stated in this presentation should be construed as an offer, or invitation to treat, or inducement for you to engage in any investment activity. The information in this presentation relating to portfolios managed by Fundamental is directed at United Kingdom residents only.

Please remember that past performance is no guide to future performance and may not be repeated. The value ofinvestments and the income derived from them may go down as well as up and you may not get back the amount originally invested. Tax rules and regulations are subject to change.

An investment into any of our products may only be made on the basis of the information set out in the respective prospectus or account opening documentation. Any information is not an offer or invitation to buy or sell shares. Opinions expressed in this presentation represent the views of Fundamental at the time of publication. These are subject to change, and should not be interpreted as investment advice.

Investments in unquoted and AIM-quoted companies tend to carry a higher risk than investments in most securities listed on the main market of the London Stock Exchange and may be more difficult to sell. The inheritance tax relief applies to holdings in qualifying unquoted and AIM-quoted companies if they have been held for more than two years at the time of death and is based on current tax rules and regulations. Money that is withdrawn from qualifying holdings, or that has not been invested in qualifying unquoted or AIM-quoted companies for at least two years, will not generally be exempt from UK inheritance tax. We will invest in companies that we reasonably believe to be qualifying investments based on our understanding of HMRC's current interpretation of the rules and regulations, but we cannot guarantee this, nor can we guarantee that any changes in legislation will not have a retrospective effect. Please remember that tax rules and regulations are subject to change and depend on personal circumstances.

Fundamental Asset Management Ltd is authorized and regulated by the Financial Conduct Authority

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Kuber Ventures

Multi-manager EIS platform14 April 2015DisclaimerThis Presentation is an exempt financial promotion for the purposes of section 21 Financial Services and Markets Act 2000, by reason of article 16(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, which has been issued by Kuber Ventures Limited, an appointed representative of Sturgeon Ventures LLP, which is authorised and regulated by the Financial Conduct Authority. The presentation has been approved by Sturgeon Ventures LLP

The attention of prospective investors is drawn to the fact that amounts invested in Enterprise Investment Scheme (EIS) Funds will be committed to investments which are of a long term and illiquid nature and are therefore not suitable for all investors. Neither the EIS Funds nor the companies in which they invest will be quoted on any regulated exchange or market and, accordingly, there will not be an established or ready market in participations in the EIS Funds or the underlying investments. An investment in the EIS Funds will therefore not be easily realisable before maturity.

This Presentation does not constitute an offer or solicitation in any jurisdiction in which such an offer or solicitation is not authorised or in which the person making such offer or solicitation is not qualified to do so or to any person to whom it is unlawful to make such an offer or solicitation. It is the responsibility of each recipient (including those located outside the UK) to satisfy itself as to full compliance with the applicable laws and regulations of any relevant territory in connection with any application to participate in the EIS Funds including obtaining any requisite governmental or other consent and observing any other formality presented in such territory.

You should be aware that investment values and any income from them may go down as well as up and you may not get back the amount you originally invested. No person has been authorised to give any information or make any representation concerning the EIS Funds other than the information contained in this Presentation or in connection with any material or information referred to in it and, if given or made, such information or representation must not be relied upon. In accordance with COBS 2.4 of the FCA Handbook the information has been verified to the best our ability. All statements of opinion or belief contained in this Presentation and all views expressed and statements made regarding future events represent Kuber Ventures Limiteds own assessment and interpretation of information available to them as at the date of this Presentation.

Kuber Ventures Limited is not a tax adviser and you should independently verify the financial planning strategies outlined in this presentation

For Intermediaries and client discussion purposes only

Multi-manager EIS PlatformDue diligence Due diligence processMarket Screened to identify the universe of suitable portfolio managers

Key risksHistorical complaints handled by FOSFebOctNovDecMonthsDecJanMarAprMayJunJulyAugSeptWhen to invest income tax timetableNote: This timetable is indicative only; the timing of receipt of EIS 3 certificates will vary for each EIS company depending on time required to allot shares and the production timetable for the companys first programme. Invest now to reduce July payment on accountInvest now to reduce January tax paymentInvest now to mop up previous years tax capacityInvest now for clients seeking to carry backCGT and IHT not date sensitive Busy period for EIS3sOfferings starting to become scarceCommit funds now to secure widest choice of investmentPower of Loss Relief Portfolio example10 investments - 100 each Total investment 1,000Initial investmentNet profit (loss)Total return post tax1 investment fails100(38.5)61.502 lose 30% of initial investment 20002004 break even4001205202 return 1.3 x investment2001203201 returns 5 x money100430530Total return1000631.501,631.50Assumptions:45% income tax rate30% income tax relief

Loss Relief: If shares are disposed at a loss, the amount of the loss, less any income tax relief given can be set against income of the year in which they where disposed of, or any income of the previous year, instead of being set off against any capital gain.Multi-manager EIS Platform portfolio constructionsInvestment 100.00Tax relief (30.00)Loss amount 70.00Tax relief (@45%) (31.50)Net loss (38.5)Types of EIS investmentMulti-manager EIS Platform portfolio constructionsGrowth style EISSeed mentorsBlackfinch MusicBoundary Home RunRockpool exciting growthDeepbridge TechnologySeneca EIS Guinness AIMEase of diversificationKuber portfoliosMulti-manager EIS Platform how kuber worksWhy a platform for EIS?Kuber Ventures Multi-Manager EIS Platform Operational efficiency - diversificationMulti-manager EIS Platform how kuber worksHeld as cash by independent custodian until fund manager is ready to investEIS Portfolio 1Nominee holds EIS shares on your behalfEIS Portfolio 2EIS Portfolio 3EIS Portfolio 4EIS Portfolio 5Your contributionKuberViewKuberView provides online access for Investors, advisers and managers

Contact detailsDermot CampbellManaging Director, Kuber Venturesdc@Kuber.uk.com020 7952 6686Katie Fox-Lambert020 7952 6688kfl@Kuber.uk.comRussell Fryer020 7952 668907733 268112rf@kuber.uk.com