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Title: This presentation is for use in a private and confidential meeting. It is not an advertisement and is not intended for public use or distributing beyond this private meeting.


1
Grant Samuel Epoch Global Equity Shareholder
Yield 31 January 2011
This presentation is for use in a private and
confidential meeting. It is not an advertisement
and is not intended for public use or
distributing beyond this private meeting.
2
Global Equity Shareholder Yield A Differentiated
Product
  • Free cash flow analysis is Epochs trademark and
    sets them apart from traditional Value Managers
    who rely on traditional Value Metrics
  • Relatively high dividend yield of 4.3 as at
    31/01/2011 (Benchmark yield 2.4 as at
    31/01/2011)

3
EPOCH Global Equity Shareholder Yield Investment
Team
RESEARCH
FUNDAMENTAL ANALYSIS
Janet Navon (30) John Reddan (26) Eric
Sappenfield (26) David Siino (13) Jeffrey Smith
(21) Kera Van Valen (9) Chris Wolters (21)
Emily Baker (22) William Booth (15) Eric Citerne
(20) Thomas Hu (8) Michael Jin (8) Josepha
Kaufman (16) David Pearl (28)
GLOBAL EQUITY SHAREHOLDER YIELD TEAM
PORTFOLIO MANAGERS
Eric Sappenfield (26) Michael Welhoelter
(25) William Priest (46) Michael Jin (8) Kera Van
Valen (9) Richard Watt (29)
QUANTITATIVE ANALYSIS RISK MANAGEMENT
Eric Sappenfield (26) Michael Welhoelter
(25) William Priest (46)
Michael Welhoelter (25) Kenneth Hightower (14)
MACRO ANALYSIS
INVESTMENT POLICY GROUP
David Pearl (28) John Reddan (26) Eric
Sappenfield (26) Richard Watt (29) Michael
Welhoelter (25)
William Priest (46) Emily Baker (22) Andrea
Tasker Glogoff (17) Janet Navon (30) Tom Pernice
(30)
TRADING
Jason Root (14) Mark Strauss (25)
Lead portfolio manager Number in parentheses
denotes years of experience
4
EPOCH The Components of Equity Returns
II. Components of Equity Returns by Decade (SP
500 Index 1927-2009)
I. Components of Compound Annual Equity Returns
for Trailing 10-year Periods(SP 500 Index
1927-2009)
20
Total Return
Total Return
15
P/E Change
10
EPS Growth
5
Dividend Reinvestment
0
Combined Effects
-5
-10
1936
1938
1940
1942
1944
1946
1948
1950
1952
1954
1956
1958
1960
1962
1964
1966
1968
1970
1972
1974
1976
1978
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2009
Ending Date of 10-year Period
III. Components of Equity Returns
Long Term History
The Future
1927
à
2009
Earnings
4.8
Earnings
4-6
Dividends
4.0
Dividends
2
P/Es
0.9
P/Es
???
Annualized Return¹
9.7
Expected Return
6-8
Sources Epoch Investment Partners, Inc.
Standard Poors. 1SP 500 total return (US).
5
EPOCH Global Equity Shareholder Yield Portfolio
Objectives
  • To deliver an attractive long-term total and
    relative return with lower than market volatility
    through a globally diversified portfolio focused
    on Shareholder Yield

Aspirational return 9


Assumes P/E multiples remain stable
6
Global Equity Shareholder Yield
  • A diversified Global Equity portfolio
  • 100 high quality companies that are typically
    well known to investors
  • Global businesses generating revenues in the
    developed world and the emerging markets
  • Investing with management teams creating wealth
    for shareholders
  • Profitability growing at least 3 - 5 pa
  • Raising dividends
  • Buying back stock
  • Complements cash, bonds and other global equity
    strategies that primarily focus on traditional
    valuation methods and capital appreciation
  • Attractive level of income
  • 0.71 beta (as of 31/12/ 2010)

7
Shareholder Yield How Corporations Use Free Cash
Flow
  • Acquisitions
  • Internal Projects

Reinvest for Firm Growth
Free Cash Flow Applications
  • Cash Dividends
  • Share Repurchases
  • Debt Reduction

Return to Shareholders
Shareholder Yield
8
Global Equity Shareholder Yield Holding Nestlé SA
Cash flow applications
28 billionaire brands
Reinvestment for firm growth
  • Capital expenditure
  • Swiss Fr.
  • BRICS 1.5Bn
  • Asia ex. China 2.0Bn
  • Africa 1.0Bn

Operating cash flow
Sales
  • 18 Bn Swiss Fr.
  • Operating efficiencies
  • Continuous cost improvements
  • Working capital management
  • 109Bn Swiss Fr.
  • 140 countries

Return to shareholders
  • Swiss Fr.
  • Cash dividends 5.0Bn
  • Share repurchases 7.0Bn

Data as of 2009
9
EPOCH Global Equity Shareholder Yield Holding
Heinz
Key brands
Cash flow applications
Reinvestment for firm growth
  • Capital expenditures
  • North America 100M
  • Europe 75M
  • Asia/Pacific 45M
  • Rest of World 60M

Operating cash flow
Sales
  • 10.5Bn
  • gt 60 of sales are international
  • 1 or 2 market share positions in 50
    countries
  • In 200 countries
  • 1.26Bn
  • Top-line growth driven by emerging markets
    and core products
  • Operating efficiency
  • Inventory management

Return to shareholders
  • Cash dividends 530M
  • Debt reduction 610M

Data as of April 2010
10
EPOCH Global Equity Shareholder Yield Holding
Kimberly-Clark
Cash flow applications
Key brands
Reinvestment for firm growth
  • Capital expenditures
  • 2008 0.91B
  • 2009 0.85B

Operating cash flow
Sales
  • 2008 2.52B 2009 3.48B
  • Product innovation
  • Margin improvement
  • Working capital management
  • 19.12B
  • 1 or 2 market share positions in gt80
    countries
  • In gt150 countries

Return to shareholders
  • Cash dividends
  • 2008 0.95B
  • 2009 0.99B
  • Share repurchases
  • 2008 0.54B
  • 2009 0.14B
  • Debt reduction
  • 2008 0.16B
  • 2009 0.59B

Data as of December 2009
11
EPOCH Global Equity Shareholder Yield Holding
Oracle Corp.
Cash flow applications
Oracles Strategy
Reinvestment for firm growth
Operating cash flow
Sales
  • Capital expenditures / acquisitions
  • 2009 4.5B
  • 26.8B
  • Global Integrated Solutions
  • 1 Database Solutions
  • 1 in Middleware
  • 8.6B
  • Includes 4.0B for RD
  • Integration of acquired companies

Return to shareholders
  • Introduced 1.0B annual dividend

Data as of December 2009
12
Global Equity Shareholder Yield Process Overview
INVESTMENT UNIVERSE (14,000 Stocks)
PROPRIETARY QUANTITATIVE RESEARCH (200-300)
FUNDAMENTAL ANALYSIS (150-200)
PORTFOLIOCONSTRUCTION
100 Companies
13
Global Equity Shareholder Yield Proprietary
Quantitative Screens

KEY RESEARCH METRICS
  • High Current Income - Yield
  • Growth in Cash Flow from Operations Over the Last
    5 Years
  • Cash From Operations Exceeds Dividends (or Cash
    Returned) Over Trailing 3 Years
  • No Dividend Cancellations in Available Financial
    History
  • Market Capitalization gt 500MM with Sufficient
    Trading Liquidity

Results in 5-10 names/week
14
Global Equity Shareholder Yield Fundamental
Analysis
  • DETAILED RESEARCH
  • Financial Strengths
  • Management Quality
  • External Factors

Business Evaluation Two-Year Forward Look
15
Global Equity Shareholder Yield Process Risk
Management 4Q 2010
  • 36 new names through the screen
  • 2 new positions in the Fund
  • Regal Entertainment Group. Consumer
    Discretionary
  • Operates a chain of multi-screen movie theatres
    in the United States. Growth will continue to be
    driven by 3D films.
  • 5.9 dividend yield
  • 12.2 free cash flow yield
  • 6.8 operating cash flow growth
  • Unilever PLC. Consumer Staples
  • Is one of the parent companies of the Unilever
    group whose products, which focus on nutrition,
    hygiene and personal care, are sold in 170
    countries around the world. Key brands include
    Dove, Axe, and Ben Jerrys.
  • 3.6 dividend yield
  • 6.1 free cash flow yield
  • 8.4 operating cash flow growth
  • 102 names in portfolio
  • 24 companies in the portfolio raised their
    dividends in 4Q 2010
  • Risk Measures

16
Global Equity Shareholder Yield Dividend
Highlights 76 Companies in the Portfolio
Increased Their Dividend between I January to 31
December 2010
  • Abbott Laboratories
  • Altria Group Inc. (increased dividend 1Q and 3Q)
  • Anheuser-Busch InBev
  • AstraZeneca PLC (ADS) (increased dividend 1Q and
    3Q)
  • ATT
  • Automatic Data Processing Inc.
  • BAE Systems (increased dividend 1Q and 3Q)
  • BCE Inc. (increased dividend 3Q and 4Q)
  • Bemis Co. Inc.
  • BHP Billiton Ltd. (ADS) (increased dividend 1Q
    and 3Q)
  • British American Tobacco
  • Bristol-Myers Squibb Co
  • Canadian Oil Sands Trust
  • CenturyTel Inc.
  • Chevron Corp.
  • China Mobile
  • CPFL Energia SA
  • CMS Energy Corp.
  • Microsoft Corp.
  • National Grid PLC (increased dividend 2Q and 4Q)
  • Nestle S.A.
  • Next PLC (increased dividend 1Q and 3Q)
  • NSTAR
  • ONEOK Inc.
  • Pearson PLC (increased dividend 1Q and 3Q)
  • Philippine Long Distance Telephone Co. (increased
    dividend 1Q and 3Q)
  • Philip Morris International Inc.
  • Pitney Bowes Inc.
  • Quanta Computer Inc.
  • Redecard S/Z
  • Reynolds American Inc.
  • Roche Holding AG
  • Royal Dutch Shell PLC
  • SCANA Corp.
  • Scor SE
  • Scottish Southern Energy PLC
  • Shaw Communications Inc. (CIB)

17
Global Equity Shareholder Yield Portfolio
Characteristics
  • Conventional Dividend Yield gt 4.5 with an
    Expected Growth Rate
  • Seek Additional 1.5 of Shareholder Yield through
    Expected Share Repurchases and Debt Reduction
  • Operating Cash Flow Growth gt 3.0

18
Global Equity Shareholder Yield Risk Management
  • Maximum Assets Per Security 2.5
  • Maximum Income Contribution Per Security 3.0
  • Maximum Incremental Income Per Security 5.0
  • Minimum Position 0.5

RISK CRITERIA
19
Global Equity Shareholder Yield Sell Discipline
  • Interruption to the dividend policy
  • Packaging Corporation
  • Deterioration in fundamentals
  • British Petroleum
  • Excessive valuation
  • Toll Holdings

20
Grant Samuel Epoch Global Equity Shareholder
Yield Sector Allocation 31/01/2011
21
Grant Samuel Epoch Global Equity Shareholder
YieldRegional Allocation Weights - 31/01/2011
  Fund Benchmark
USA Canada 48.2 56.5
United Kingdom 19.8 10.1
Europe ex UK 22.1 20.6
Asia 3.6 12.4
Australia New Zealand 1.7 0.0
South America 0.9 -
Other - 0.4
Cash 3.7 -
TOTAL 100.0 100.0
Benchmark MSCI World Ex-Australia Index in A,
Net dividends reinvested
The data shown in the above table is unaudited
and may change at any time. The data is shown for
informational purposes only and is not indicative
of future portfolio characteristics.
22
Grant Samuel Epoch Global Equity Shareholder
YieldTop 20 Holdings - 31/01/2011
Stock Fund Weight Sector Country
Swisscom AG 2.1 Telecommunication Services Switzerland
BCE Inc. 1.9 Telecommunication Services Canada
Vodafone Group PLC 1.8 Telecommunication Services United Kingdom
Philip Morris International Inc. 1.8 Consumer Staples United States
CenturyLink Inc. 1.7 Telecommunication Services United States
Diageo PLC 1.7 Consumer Staples United Kingdom
France Telecom 1.7 Telecommunication Services France
Pearson PLC 1.7 Consumer Discretionary United Kingdom
National Grid PLC 1.6 Utilities United Kingdom
Telefonica S.A. 1.6 Telecommunication Services Spain
Imperial Tobacco Group PLC 1.6 Consumer Staples United Kingdom
Royal Dutch Shell PLC (CL A) 1.6 Energy United Kingdom
Nestle S.A. 1.6 Consumer Staples Switzerland
FirstGroup PLC 1.5 Industrials United Kingdom
AstraZeneca PLC 1.5 Health Care United Kingdom
Vivendi S.A. 1.4 Consumer Discretionary France
NiSource Inc. 1.4 Utilities United States
Anheuser-Busch InBev 1.4 Consumer Staples Belgium
Total S.A. 1.4 Energy France
Vinci S.A. 1.4 Industrials France
The data shown in the above table is unaudited
and may change at any time. The data is shown for
informational purposes only and is not indicative
of future portfolio characteristics.
23
Global Equity Shareholder Yield Strategy
(inception 31/12/2005) Gross Performance
Australian Dollar (AUD)

As of 31/12/2010
2010
-0.7
-1.9
Inception date is December 31, 2005.
Performance for the most recent quarter is
preliminary and subject to change. Source
eVestment Alliance Index SP Developed BMI
Index Universe Global Equity Unhedged.
Standard Poors is the source and owner of the
SP Index data contained herein (and all
trademarks related thereto), which may not be
redistributed. MSCI Inc. (MSCI) is the source and
owner of the MSCI Index data contained herein
(and all trademarks related thereto), which may
not be redistributed. Past performance is no
guarantee of future results
24
Grant Samuel Funds Management Unit Price
Performance 31/01/2011
  • Grant Samuel Epoch Global Equity Shareholder
    Yield (Unhedged) Fund
  • MSCI World Ex-Australia Index in A, Net
    dividends reinvested
  • Grant Samuel Epoch Global Equity Shareholder
    Yield (Hedged) Fund

Month 3 Months 1 Year 2 Years Since Inception
Fund¹ 3.67 0.81 5.41 (3.17) (3.55)
Benchmark 5.33 5.72 6.24 1.34 (6.18)
Over / (Under) (1.66) (4.91) (0.83) (4.51) 2.63
Month 3 Months 1 Year 2 Years Since Inception
Fund¹ 0.42 3.22 20.67 19.97 0.46
Benchmark 2.50 8.61 19.81 25.98 (3.14)
Over / (Under) (2.08) (5.39) 0.86 (6.01) 3.60
25
End Notes
  • Presentation of the FirmEpoch Investment
    Partners, Inc. became a registered investment
    adviser under the Investment Advisers Act of 1940
    in June, 2004. Performance from 4/01 through 5/04
    is for Epochs investment team and accounts while
    at Steinberg Priest Sloane Capital Management,
    LLC. For the period 7/94 through 3/01 Bill Priest
    managed the accounts while at Credit Suisse Asset
    Management and was the only individual
    responsible for selecting the securities to buy
    and sell. Epoch Investment Partners has the books
    and records supporting the performance of this
    track record and will provide these records upon
    request. Epoch Investment Partners, Inc. has
    prepared and presented this report in compliance
    with the Global Investment Performance Standards
    (GIPS).
  • Composite StructureEpochs Composites include
    all tax-exempt and taxable portfolios above
    500,000 in size and are generally managed
    relative to applicable market index. Results are
    based on fully discretionary accounts under
    management, including those accounts no longer
    with the firm. Portfolios within the U.S. Small
    Cap Value Composite are managed relative to the
    Russell 2000 and Russell 2000 Value Indices
    portfolios within the U.S. SMID Cap Value
    Composite are managed relative to the Russell
    2500 and Russell 2500 Value Indices portfolios
    within the U.S. Value Composite are managed
    relative to the Russell 1000 and Russell 1000
    Value Indices portfolios within the Balanced
    Composite are managed relative to a blended
    benchmark consisting of 50 SP 500 and 50
    Lehman U.S. Aggregate Indices portfolios within
    the Global Small Cap Composite are managed
    relative to the SP Developed SmallCap Index
    portfolios within the U.S. All Cap Value are
    managed relative to the Russell 3000 and Russell
    3000 Value Indices (Effective 7/1/06, the U.S.
    All Cap Value Composite has been redefined to
    reflect only those discretionary accounts managed
    by the All Cap Value Team and following the
    respective All Cap Value model. As a result, all
    accounts which are not managed by the All Cap
    Value Team and have specified client risk
    preferences have been removed) portfolios within
    the Global Absolute Return Composite are managed
    relative to the SP 500, Lehman U.S. Aggregate,
    and MSCI World (Gross) Indices portfolios within
    the International Small Cap Composite are managed
    relative to the SP EPAC SmallCap Index and the
    MSCI EAFE Small Cap (Net) Index portfolios
    within the U.S. Choice Composite are managed
    relative to the Russell 3000 Index portfolios
    within the Global Choice Composite are managed
    relative to the MSCI World (Net) Index
    portfolios within the Global Equity Shareholder
    Yield Composite are managed relative to the MSCI
    World Index-Net Return portfolios within the
    Global All Cap Composite are managed relative to
    the MSCI World (Net) Index. The Global All Cap
    Composite contained 100 non-fee-paying
    portfolio(s) as of December 31, 2007.
  • Composite Creation DatesU.S. All Cap Value,
    Balanced, Global Absolute Return, Global Small
    Cap, U.S. Small Cap Value, U.S. Value June 2004
    International Small Cap February 2005 U.S.
    Choice May 2005 Global Choice October 2005
    Global Equity Shareholder Yield January 2006
    U.S. SMID Cap Value September 2006.
  • Risk Statistics sourceEpoch Investment Partners.
    The annual composite dispersion presented is an
    asset-weighted standard deviation calculated for
    the accounts in the composite the entire year.
    Sharpe ratio is a measure of absolute risk
    adjusted return developed by Professor William
    Sharpe. It divides the excess return of an
    account above cash returns by the Standard
    Deviation of the excess return to determine the
    reward per unit of risk. Information Ratio is
    measure of relative risk-adjusted return. It is
    determined by dividing excess return by Tracking
    Error. Alpha is a measurement of the expected
    residual return adjusted for the account Beta.
    Beta is a quantitative measure of the volatility
    of the account relative to the account benchmark.
    R-squared is a measure of how closely an
    accounts performance correlates with the
    performance of the account benchmark, ranging
    from 0, indicating no correlation, to 1,
    indicating perfect correlation. Market
    Statistics source Standard Poors, Frank
    Russell Company, Morgan Stanley Capital
    International, Lehman Brothers and Epoch
    Investment Partners, Inc. Composite-level risk
    statistics are calculated using monthly
    rates-of-return. Statistics calculated using a
    sample of less than 36 months can be considered a
    less reliable estimate of the characteristics
    true value.
  • Total Return Methodology and Fee
    StructureReturns are presented gross and net of
    management fees and include the reinvestment of
    all income. Composite performance for Global
    Equity Shareholder Yield is presented net of
    foreign withholding taxes on dividends, interest
    income, and capital gains. Withholding taxes may
    vary according to the investors domicile.
    Returns may include the effect of foreign
    currency exchange rates. A fee schedule is an
    integral part of a complete presentation and is
    described in Part II of the firms ADV, which is
    available upon request. Net of fee returns
    reflect the deduction of the highest annual
    management fee, payable quarterly in arrears.
    Net-of-fee performance reflects the compounding
    effect of such fees. Generally, the highest fee
    payable for an Epoch managed equity portfolio is
    1.0 of assets, annually, with the exception of
    Global and Non-U.S. which is 1.1 and Absolute
    Return Services which is 1.5 of assets.
  • Significant Cashflow Policy Effective January
    1, 2008, our significant cash flow policy has
    been removed. This policy amendment will not be
    applied retroactively. Effective January 1,
    2006, our significant cash flow policy had been
    redefined as in excess of 25 of the portfolio
    market value. This policy amendment was not
    applied retroactively. Prior to January 1, 2006,
    composite policy required the temporary removal
    of any portfolio incurring a client initiated
    significant cash inflow or outflow of 10 or
    greater of portfolio market value. The temporary
    removal of such an account occurs at the
    beginning of the month in which the significant
    cash flow occurs and the account re-enters the
    composite the next full month (assuming the cash
    flow has been fully invested - as determined by
    Epoch Investment Partners, Inc.). This policy is
    not applied to the advised Epoch mutual funds
    (within the U.S. All Cap Value, International
    Small Cap and Global Equity Shareholder Yield
    Composites), U.S. Choice, Global Choice and U.S.
    SMID Cap Value Composites. Additional
    information regarding the treatment of
    significant cash flows is available upon request.
  • Different methods can be applied to the
    calculation of performance data. Periods over one
    year are annualized. Additional information
    regarding policies for calculating and reporting
    returns is available upon request.
  • Past performance is not indicative of future
    results. All information is calculated in USD
    unless otherwise indicated. An account could
    incur losses as well as gains.
  • To receive a complete list and description of
    Epoch Investment Partners, Inc. composites and/or
    presentation that adheres to the GIPS standards,
    contact Jason Root at 212-303-7200, or write
    Epoch Investment Partners Inc., 640 Fifth Avenue,
    18th Floor, New York, NY 10019, or send an email
    to info_at_eipny.com.

26
Disclaimers
  • Grant Samuel Funds Management Pty Limited ABN 14
    125 715 004 AFSL 317587 has a distribution
    arrangement with Epoch Investment Partners, Inc.
    to represent their products in Australia and New
    Zealand.
  • This presentation provides general information
    only and has been prepared without taking account
    the objectives, financial situation or needs of
    individuals. This document was issued by Grant
    Samuel Funds Management Pty Limited on 04
    February 2011 for Financial Adviser use only.
  • Past performance information given in this
    presentation is given for illustrative purposes
    only and should not be relied upon as (and is
    not) an indication of future performance. While
    the Grant Samuel Epoch Global Equity Shareholder
    Yield Funds form part of Epochs Global Equity
    Shareholder Yield composite, past performance of
    Epoch's Global Equity Shareholder Yield composite
    is not a reliable indicator of future performance
    of the Grant Samuel Epoch Global Equity
    Shareholder Yield Funds and performance will
    differ. Returns are presented gross of investment
    management fees, taxes and other appropriate fees
    (i.e. commissions, custodial fees, etc.)
  • Grant Samuel Fund Services Limited ABN 48 129 256
    104 AFSL 321517 is the responsible entity of the
    Grant Samuel Epoch Global Equity Shareholder
    Yield (Hedged) Fund ARSN 130 358 440 and Grant
    Samuel Epoch Global Equity Shareholder Yield
    (Unhedged) Fund ARSN 130 358 691. Both Funds are
    registered as managed investment schemes under
    the Corporations Act 2001 (Cth).  Grant Samuel
    Fund Services Limited has appointed Epoch
    Investment Partners, Inc. as the investment
    manager of each Fund. Class A Units in each Fund
    are available for issue by Grant Samuel Fund
    Services Limited, as responsible entity of the
    Funds on receipt of a duly completed application
    form which accompanies the product disclosure
    statement for the Funds dated 23 April 2008 as
    supplemented by supplementary product disclosure
    statement dated 1 November 2009 (together the
    PDS'). Before making an investment decision in
    relation to a Fund, investors should consider the
    appropriateness of this information, having
    regard to their own objectives, financial
    situation and needs and obtain financial advice
    specific to their situation.
  • Neither Grant Samuel Funds Management Pty Limited
    nor any Grant Samuel entity guarantees the
    repayment of capital or the performance of the
    Funds or any particular returns from the Funds.
    No representation or warranty is made concerning
    the accuracy of any data contained in this
    document
  • Please read and consider the PDS for the Funds
    which can be obtained by contacting Grant Samuel
    Funds Management on (02) 9324 4356 or from this
    website. Applications to invest in the Funds must
    be made on the application form which accompanies
    the PDS.
  •  
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