First Pacific Advisors, LLC

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1 April 28, 2015 FPA International Value Fund Presented by the International Value Team: Pierre Py Portfolio Manager Jason Dempsey Analyst Victor Liu Analyst FPIVX First Quarter 2015 Webcast Presentation

2 Key fund attributes Absolute value Seek genuine bargains and hold cash when opportunities are scarce. Broad universe and benchmark agnostic Invest across market caps, sectors, geographies. Bottom-up Select and value companies based on fundamentals. Look for high quality. Downside focused Avoid low quality and high leverage. Buy at a significant discount to fair value. Research-based Portfolio is output of research. Discounts dictate portfolio weightings. Concentrated Focus on best ideas - typically holdings. Non-diversified investment vehicle. Long-term, often contrarian approach 20% expected average turnover. Time for discount to unwind dictates holding period. 1

3 Performance as of March 31, 2015 Highlights: In 1Q15, cash exposure started to rise again (and did throughout the quarter) from ca. 26% at 12/31/14 to ca. 30% at 03/31/15. Since inception, average cash exposure has been >35%. It s fluctuated along with opportunity set from low teens to >40%. Currency remains significant headwind to absolute performance. In euro currency, Fund and Index returned ~17% in period. Takeaways: Past reinvestment efforts have helped performance in face of renewed rally across multiple international markets. Some more recent additions however continued with negative momentum, including TNT, KSB, Fenner, and ALS. Fugro may have turned corner. Improvements on many fronts, operationally and financially. Boskalis as new anchor shareholder. Perspectives: QTD 1 Year 3 Year Inception* FPA International Value MSCI ACWI Ex US (Net) Fund may underperform in short-term. Always encourage shareholders to evaluate returns over multi-year period. Renewed rally not a positive outcome. Signs of speculation driven by quantitative easing. Finding opportunities challenging again. * Inception December 1, Annualized. Calculated using Morningstar Direct. Net expense ratio: 1.26%. A redemption fee of 2% will be imposed on redemptions within 90 days. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. This data represents past performance and investors should understand that investment returns and principal values fluctuate, so that when you redeem your investment it may be worth more or less than its original cost. Current month-end performance data may be obtained via or by calling toll-free, The MSCI ACWI ex US Index is a float-adjusted market capitalization index that is designed to measure the combined equity market performance of developed and emerging market countries excluding the United States. 2

4 Portfolio metrics as of March 31, 2015 As of Date: 3/31/15 FPA International Value MSCI ACWI ex US 12-Month Forward P/E 15.0x 15.7x Price/Book 2.1x 1.8x Return on Equity 17.8% 14.9% Debt to Equity 0.4x 0.6x Median Market Cap (billions) $5.1 $ x Forward P/E: High quality companies that trade at attractive valuations. Financials, Materials, Energy drive index P/E down significantly. We believe our names are cheaper. Our businesses have greater staying power and superior management teams. Prices have run up mostly through multiple expansion (and higher profit expectations mostly from currency). Rise European equities and rallying capital markets challenging again. Renewed increase in cash exposure. Weighted average discount to estimated intrinsic value reduced to about 30%. 17.8% ROE: Strong fundamentals drive industry-leading margins, high cash flows, and attractive returns. Good managers allocate capital in value creative manner. 0.4x Debt to Equity: Financially robust companies positioned to become stronger through difficult times. Source: Mellon and FPA data. 12-Month Forward P/E is calculated using harmonic averaging, which helps avoid extreme results that may occur due to small relative numbers. Price/Book ratio is the market price of a stock divided by the book value per share. Return on Equity measures a corporation's profitability by revealing how much profit a company generates with the money shareholders have invested. Debt to Equity is the measure of a company's financial leverage calculated by dividing its total debt by stockholders' equity. 3

5 Key performers 12/31/14 Through 3/31/15 Performance (%) 12/31/14 Through 3/31/15 Performance (%) BEST PERFORMERS WORST PERFORMERS Fugro ALS Michael Page KSB Incitec Pivot Fenner Countrywide TNT Express Adidas Aggreko Best performer Fugro: Meaningful detractor in second part of Based in Holland. Leading provider of geotechnical and geophysical analyses for resource projects. Significant disruptions caused by decline in oil prices. Management taking action to lower costs, reduce capex, and strengthen balance sheet. Improved operations, aligned incentives better, and looked to focus further on core businesses. Dutch peer Boskalis has bought stake of 25% in past few months. Long-term value investors another 15%. ~8x EBITA 1. >9% free cash flow yield. ~4% dividend yield. Cyclical low. Offshore remains appealing long term. Moving towards cleaner portfolio of quality businesses. Management proving itself in difficult times. Balance sheet strengthening. White knight in place. Depressed valuation. Long-term thesis finally playing out. Remain meaningful investment. Worst performer ALS: Added to portfolio towards end of 4Q Based in Australia. Leading provider of geochemistry services. Growing participant in global TIC 2 market. Mining exposure. Also involved in O&G following Reservoir acquisition. Impacted by cycle and oil price drop. Mineral testing key driver for large investment decisions. Hard to replicate hub and spoke network and global info management system. Few comparable offerings in market. Management rooted with business. History of superior execution and value creation through acquisitions. ~9x EBITA. ~9% free cash flow yield. 7% dividend yield. Core business at cyclical low. Good long-term TIC prospect. Challenging Reservoir acquisition. Strong fundamentals. Increasingly diversified global TIC player. Good management. Depressed valuation. Typical FPIVX investment opportunity. 1 EBITA (Earnings before interest, taxes and amortization) is a financial indicator used widely as a measure of efficiency and profitability. 2 TIC is Testing, Inspection and Certification. Portfolio composition will change due to ongoing management of the Fund. References to specific securities or sectors should not be construed as recommendations by the Fund, its Advisor or Distributor. As of 03/31/15 Fugro represented 5.24%, Michael Page represented 2.54%, Incitec represented.91%, Countrywide represented 2.36 %, Adidas represented 3.26%, ALS represented 4.49%, KSB represented 2.64%, Fenner represented 4.85%, TNT represented 3.63%, and Aggreko represented 3.05% of FPIVX. 4

Portfolio as of March 31, 2015 Geographic allocation* (% of assets invested): Industrials Consumer Discretionary Consumer Staples Information Technology Financials Materials Pacific Basin 11.

6 Portfolio as of March 31, 2015 Geographic allocation* (% of assets invested): Industrials Consumer Discretionary Consumer Staples Information Technology Financials Materials Pacific Basin 11.3% Energy EM 4.6% 1.4% 8.3% 8.1% 15.0% 13.2% 11.7% Europe 84.1% Sector allocation* (% of assets invested): 42.3% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% Overview: Circa 70% invested. 27 disclosed positions. Top 10 account for more than 40% of assets. $15bn weighted average market cap ($400m to >$100bn). Median around $5bn. Size and geography agnostic. Geographic Analysis: Mostly UK and Continental Europe. Some developing market exposure. No exposure to Japan. Domicile not very relevant. Close to 60% of free cash flows generated outside Europe. Roughly 50% of EUR and 20% of GBP exposure** hedged defensively. Sector Analysis: No exposure to banks. Biased towards capital light businesses: services, robust industrials, consumer goods. Sector agnostic. IT not technology dependent. * Excludes undisclosed holdings. Portfolio composition will change due to ongoing management of the Fund. References to specific securities or sectors should not be construed as recommendations by the Fund, its Advisor or Distributor. ** Exposure is defined as the percentage of free cash flow denominated in the currency applied to invested capital. 5

Case study: Danone (BN FP) Leading global player in branded consumer foods and beverages. Significant presence in emerging markets and strong positions in developed countries.

Dairy franchise has delivered consistently positive revenue growth for decades: Excellent long-term prospects thanks to demographic tailwinds, increasing penetration of product category, and

Balance of growth (9% LFL avg over last 7 years) and good margins (17% avg over same period): Branded water (e.g. Evian) high value-add product in emerging countries.

7 Case study: Danone (BN FP) Leading global player in branded consumer foods and beverages. Significant presence in emerging markets and strong positions in developed countries. Diversified portfolio of branded, health-oriented products: dairy, baby food, water, nutritional. Strong market positions across the board. Dairy franchise has delivered consistently positive revenue growth for decades: Excellent long-term prospects thanks to demographic tailwinds, increasing penetration of product category, and inflation pass-through. Restructuring phase in core European market while currency weakness persists in Russia. Balance of growth (9% LFL avg over last 7 years) and good margins (17% avg over same period): Branded water (e.g. Evian) high value-add product in emerging countries. Baby nutrition fairly concentrated market with pricing power and rising volumes globally. Medical nutrition grows profitably through protected niche positions in aging end-markets. Attractive economics and long-term reinvestment profile: Gross margins around 50% with mid-teens EBITA margins. Portfolio breadth and geographic footprint allows for reinvestment at double digit returns. Experienced and high quality management team. Recent generational succession with new team focused on margins and LFL growth. Conservative gearing at Net Debt/EBITDA averaging 2.0x. High single digit free cash flow yield and multiple of normalized EBITA at time of purchase. 1 EBITA (Earnings before interest, taxes and amortization) is a financial indicator used widely as a measure of efficiency and profitability. As of 03/31/15 Danone represented 2.42% of FPA International Value Fund. 6

Investment credo We are long-term value investors with a focus on

We look for well-run, financially strong, highquality businesses

values. Price Sell Investment Decision Time Intrinsic value line.

*Chart is a hypothetical example to show our Investment Philosophy

8 Investment credo We are long-term value investors with a focus on international equities. We look for well-run, financially strong, highquality businesses that can be purchased at a significant discount to their intrinsic values. Price Sell Investment Decision Time Intrinsic value line. Discount to intrinsic value line. *Chart is a hypothetical example to show our Investment Philosophy and is not an actual holding in the fund. Buy Investment Decision Investment Candidate: Continued value creation over time Discount to estimated intrinsic value 7

9 Question & Answer

10 Disclosure These slides are intended as supplemental material to the 1st Quarter 2015 FPA International Value audio presentation that is posted on our website fpafunds.com. We do want to make sure you understand that the views expressed on these slides and in the accompanying audio presentation are as of today, April 28, 2015, and are subject to change based on market and other conditions. These views may differ from other portfolio managers and analysts of the firm as a whole, and are not intended to be a forecast of future events, a guarantee of future results or investment advice. Any mention of individual securities or sectors should not be construed as a recommendation to purchase or sell such securities, and any information provided is not a sufficient basis upon which to make an investment decision. The information provided does not constitute, and should not be construed as, an offer or solicitation with respect to any securities, products or services discussed. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. This data represents past performance and investors should understand that investment returns and principal values fluctuate, so that when you redeem your investment it may be worth more or less than its original cost. Current month-end performance data may be obtained by calling toll-free, The Prospectus details the Fund's objective and policies, sales charges, and other matters of interest to the prospective investor. Please read this Prospectus carefully before investing. The Prospectus may be obtained by visiting the website at by at crm@fpafunds.com, toll-free by calling or by contacting the Fund in writing. Investments in mutual funds carry risks and investors may lose principal value. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. The Fund may purchase foreign securities, including American Depository Receipts (ADRs) and other depository receipts, which are subject to interest rate, currency exchange rate, economic and political risks. Foreign investments, especially those of companies in emerging markets, can be riskier, less liquid, harder to value, and more volatile than investments in the United States. Adverse political and economic developments or changes in the value of foreign currency can make it more difficult for the Fund to value the securities. Differences in tax and accounting standards, difficulties in obtaining information about foreign companies, restrictions on receiving investment proceeds from a foreign country, confiscatory foreign tax laws, and potential difficulties in enforcing contractual obligations, can all add to the risk and volatility of foreign investments. Small and mid cap stocks involve greater risks and they can fluctuate in price more than larger company stocks. The Fund is non-diversified and may hold fewer securities than a diversified fund because it is permitted to invest a greater percentage of its assets in a smaller number of securities. Holding fewer securities increases the risk that the value of the Fund could go down because of the poor performance of a single investment. Performance returns for the MSCI ACWI ex-usa Index assume dividends were reinvested for the entire period. Returns for periods greater than one year are compounded average annual rates of return. One cannot invest directly in an index. Statistics have been obtained from sources believed to be reliable, but the accuracy and completeness cannot be guaranteed. The FPA Funds are distributed by UMB Distribution Services, LLC The portfolio holdings as the most recent quarter end may be obtained at 9

First Pacific Advisors, LLC

First Pacific Advisors, LLC January 28, 2016 FPA International Value Fund Presented by the International Value Team: Pierre Py Portfolio Manager Jason Dempsey Analyst FPIVX Fourth Quarter 2015 Webcast Presentation Key fund attributes