Lindsell Train Ltd

5th October 2020

Lindsell Train

Important NoticePrivate & Confidential – not for public dissemination

This document is strictly provided to investment professionals, advisers and consultants for information purposes only andshould not be relied upon by retail investors. It is not a solicitation, recommendation or an offer to buy or sell any security,fund or financial instrument.

Past performance is not a guide or guarantee to future performance. Investments carry a degree of risk and the value ofinvestments and income from them as a result of market or currency fluctuations may go down as well as up and you may notget back the amount you originally invested.

To the extent that our Funds invest in a relatively high percentage of their assets in securities of a limited number ofcompanies, and also invests in securities with a particular industry, sector or geographical focus, the Funds may be moresusceptible than a more diversified fund to large swings (both up and down) in its value. Furthermore, the concentratednature of the portfolios can also lead to relatively significant holdings in individual securities which in turn can have anadverse effect on the ability to sell these securities when the Investment Manager deems it appropriate, and on the price ofthese securities at the time of sale.

Opinions expressed, whether specifically or in general, both on the performance of a fund or financial instrument and in awider economic context, represent the view of Lindsell Train Limited at the time of preparation. They are subject to changeand should not be interpreted as investment advice. The information provided in this document was captured on the dateshown and therefore is not current. No part of this document may be copied, reproduced or distributed to any other personwithout prior expressed written permission from Lindsell Train Limited.

Lindsell Train Global Equity sub Fund (the “Fund”) is an Irish authorised UCITS. Any decision to invest in this Fund is subject tothe terms and conditions of the Fund’s Prospectus and Key Investor Information Document (“KIID”).

Collective Investment Schemes in Securities (CIS) should be considered as medium to long-terminvestments. The value may go up as well as down and past performance is not necessarily a guideto future performance. CIS’s are traded at the ruling price and can engage in scrip lending andborrowing. A schedule of fees, charges and maximum commissions is available on request fromthe Manager. There is no guarantee in respect of capital or returns in a portfolio. A CIS may beclosed to new investors in order for it to be managed more efficiently in accordance with itsmandate. CIS prices are calculated on a net asset basis, which is the total value of all the assets inthe portfolio including any income accruals and less any permissible deductions (brokerage, STT,VAT, auditor’s fees, bank charges, trustee and custodian fees and the annual management fee)from the portfolio divided by the number of participatory interests (units) in issue. Forwardpricing is used. Performance has been calculated using net NAV to NAV numbers with incomereinvested. The performance for each period shown reflects the return for investors who havebeen fully invested for that period. Individual investor performance may differ as a result ofinitial fees, the actual investment date, the date of reinvestments and dividend withholding tax.Full performance calculations are available from the manager on request.

Annualised performance: Annualised performance shows longer term performance rescaled to a1 year period. Annualised performance is the average return per year over the period. Actualannual figures are available to the investor on request. For any additional information such as fundprices, brochures and application forms please e-mail: info@LindsellTrain.com.

Contact DetailsLindsell Train Limited66 Buckingham GateLondon SW1E 6AU

Tel. +44 20 7808 1210Fax. +44 20 7808 1229info@LindsellTrain.com

Issued and approved by Lindsell Train LimitedAuthorised and regulated by the Financial Conduct Authority

2 July 2020 LTL 000-2353

“McDonald’s was up 10 fold after IPO but it was only in 18% of countries. Then it gets to 30% and the stock is up 30 fold.

You have to know what innings you’re in.

There were more post offices in California than there were McDonald’s restaurants. People missed the overseas potential too…..

Are you in the 3rd innings of a ball game that might last 20 years?”

Peter Lynch, Fidelity(as reported to us by an investor)

May2020$186.32

July 1980$1.15

This is an illustrative example only and is not intended as a buy or sell recommendation. Past performance is not a guide to future performance. Source: Bloomberg.

May 2020 P/E 25x

McDonald’s

January 1980P/E 8x

January 2000P/E 28x

CAMPBELL SOUP CO DEERE & CO HORMEL FOODS CORP HOST HOTELS & RESORTS INC MAY DEPARTMENT STORES CO NORTHROP GRUMMAN CORP ROLLINS INC SEAGRAM CO LTD HEWLETT-PACKARD CO BAXTER INTERNATIONAL INC

GRACE (W R) & CO GREAT PLAINS ENERGY INC HALLIBURTON CO HILLSHIRE BRANDS CO HILTON WORLDWIDE HOLDINGS IDACORP INC INGERSOLL-RAND PLC INTEGRYS ENERGY GROUP INC INTL FLAVORS & FRAGRANCES BEAM INC

ITT CORP JPMORGAN CHASE & CO KELLOGG CO KROGER CO MDU RESOURCES GROUP INC MERCK & CO MOBIL CORP NEWMARKET CORP OCCIDENTAL PETROLEUM CORP OGE ENERGY CORP

KIMBERLY-CLARK CORP 3M CO AIR PRODUCTS & CHEMICALS INC BECTON DICKINSON & CO JOHNSON & JOHNSON PPG INDUSTRIES INC HEINZ (H J) CO MEADWESTVACO CORP ASHLAND INC DUN & BRADSTREET CORP

AVERY DENNISON CORP SUNAMERICA INC AMERICAN EXPRESS CO AMERICAN STORES CO AMETEK INC BEMIS CO INC BRUNSWICK CORP GREAT LAKES CHEMICAL CORP HARSCO CORP HUBBELL INC -CL B

LACLEDE GROUP INC WAL-MART STORES INC QUESTAR CORP SYSCO CORP TYCO INTERNATIONAL PLC BCE INC GENERAL DYNAMICS CORP GRAHAM HOLDINGS CO LOCKHEED MARTIN CORP MEREDITH CORP

CABOT CORP CIGNA CORP CLOROX CO/DE COMMERCE BANCSHARES INC CONAGRA FOODS INC CONSOLIDATED EDISON INC CURTISS-WRIGHT CORP DOMINION RESOURCES INC DTE ENERGY CO DUKE ENERGY CORP

UGI CORP VARIAN MEDICAL SYSTEMS INC WALGREENS BOOTS ALLIANCE INC WASTE MANAGEMENT INC-OLD WGL HOLDINGS INC ANALOG DEVICES WILEY (JOHN) & SONS -CL A BARNETT BANKS INC EL PASO CGP CO EQUIFAX INC

APPLE INC APPLIED MATERIALS INC HOME DEPOT INC RPM INTERNATIONAL INC CA INC COMCAST CORP DOLLAR GENERAL CORP ENBRIDGE INC FRANKLIN ELECTRIC CO INC FRANKLIN RESOURCES INC

AMGEN INC CARDINAL HEALTH INC IMMUNEX CORP RAYMOND JAMES FINANCIAL CORP TOTAL SYSTEM SERVICES INC WILLIAMS-SONOMA INC EXPEDITORS INTL WASH INC RPC INC AUTODESK INC BEST BUY CO INC

MAGNA INTERNATIONAL INC ELECTRONIC ARTS INC CISCO SYSTEMS INC AMPHENOL CORP CANADIAN NATURAL RESOURCES QUALCOMM INC TOROMONT INDUSTRIES LTD VECTOR GROUP LTD ROPER INDUSTRIES INC/DE BIOGEN IDEC INC

BRISTOL-MYERS SQUIBB CO CATERPILLAR INC CHEVRON CORP COCA-COLA CO COLGATE-PALMOLIVE CO COMERICA INC COOPER INDUSTRIES PLC CORESTATES FINANCIAL CORP CRANE CO CUMMINS INC

PEPSICO INC PERKINELMER INC PFIZER INC PHARMACIA CORP PNC FINANCIAL SVCS GROUP INC PROCTER & GAMBLE CO QUAKER OATS CO RAYTHEON CO ROHM AND HAAS CO ROYAL DUTCH PETROLEUM NV

SUNOCO INC UNILEVER NV BERKSHIRE HATHAWAY ONEOK INC ALLIANT ENERGY CORP EQT CORP KINDER MORGAN INC MCDONALD'S CORP SEMPRA ENERGY WESTAR ENERGY INC

MASCO CORP NUCOR CORP PLDT-PHILIPPINE LNG DIST TEL RUBBERMAID INC U S BANCORP WILLIAMS COS INC MEDTRONIC PLC PALL CORP BESTFOODS BOEING CO

PITNEY BOWES INC SOUTHWEST AIRLINES BROWN-FORMAN -CL B DONALDSON CO INC LITTON INDUSTRIES INC NORDSTROM INC PVH CORP SMUCKER (JM) CO TARGET CORP VALSPAR CORP

ELECTRONIC DATA SYSTEMS CORP EVERSOURCE ENERGY EXELON CORP FLEETBOSTON FINANCIAL CORP FLOWERS FOODS INC FMC CORP FOREST LABORATORIES -CL A HARRIS CORP HASBRO INC HERSHEY CO

LANCASTER COLONY CORP PACCAR INC ALLEGHANY CORP CANADIAN PACIFIC RAILWAY LTD CHUBB CORP LEGGETT & PLATT INC M & T BANK CORP PEPSIAMERICAS INC EDWARDS (A G) INC AMERICAN WATER WORKS INC

GRACO INC INTL GAME TECHNOLOGY KLA-TENCOR CORP MYLAN NV PENTAIR PLC PRECISION CASTPARTS CORP ROBERT HALF INTL INC SEI INVESTMENTS CO SIGMA-ALDRICH CORP STRYKER CORP

JEFFERIES GROUP LLC NOVO NORDISK A/S PROGRESSIVE CORP-OHIO UNITEDHEALTH GROUP INC UNIVERSAL HEALTH SVCS INC ADOBE SYSTEMS INC ORACLE CORP AIRGAS INC FISERV INC HARLEY-DAVIDSON INC

EXPRESS SCRIPTS HOLDING CO GILEAD SCIENCES INC NVR INC REGENERON PHARMACEUTICALS STARBUCKS CORP TIME WARNER INC CELGENE CORP MONSTER BEVERAGE CORP SVB FINANCIAL GROUP VALEANT PHARMACEUTICALS INTL

CVS HEALTH CORP DISNEY (WALT) CO DOW CHEMICAL DPL INC EATON CORP PLC ECOLAB INC EDISON INTERNATIONAL EMERSON ELECTRIC CO ENTERGY CORP EXXON MOBIL CORP

SCHERING-PLOUGH STANLEY BLACK & DECKER INC SUNDSTRAND CORP TEXAS INSTRUMENTS INC TIMES MIRROR CO -SER A UNITED TECHNOLOGIES CORP UST INC VULCAN MATERIALS CO WARNER-LAMBERT CO WELLS FARGO & CO

BLOCK H & R INC HOLLYFRONTIER CORP ARCHER-DANIELS-MIDLAND CO AUTOMATIC DATA PROCESSING BARD (C.R.) INC DOVER CORP FIRST HORIZON NATIONAL CORP GENUINE PARTS CO HELMERICH & PAYNE KENNAMETAL INC

BURLINGTON NORTHERN SANTA FE CARLISLE COS INC CSX CORP GRAINGER (W W) INC HONEYWELL INTERNATIONAL INC ILLINOIS TOOL WORKS MURPHY OIL CORP NATIONAL FUEL GAS CO NORFOLK SOUTHERN CORP PPL CORP

VORNADO REALTY TRUST FAMILY DOLLAR STORES HILL-ROM HOLDINGS INC HONDA MOTOR CO LTD LENNAR CORP AETNA INC AGL RESOURCES INC ALBERTO-CULVER CO ALLTEL CORP AMERICAN GENERAL CORP

INTEL CORP JOHNSON CONTROLS INC KANSAS CITY SOUTHERN LINCOLN NATIONAL CORP MCGRAW HILL FINANCIAL MCKESSON CORP NEXTERA ENERGY INC NSTAR PARKER-HANNIFIN CORP PROGRESS ENERGY INC

CBS CORP DANAHER CORP GOLDEN WEST FINANCIAL CORP MCI COMMUNICATIONS NOBLE ENERGY INC UNION PACIFIC CORP BRITISH AMER TOBACCO PLC CHURCH & DWIGHT INC SOUTHWESTERN ENERGY CO GAP INC

THERMO FISHER SCIENTIFIC INC TYSON FOODS INC -CL A EATON VANCE CORP NORDSON CORP NIKE INC ROGERS COMMUNICATIONS -CL B AFLAC INC BBVA COMPASS BANCSHARES INC BROOKFIELD ASSET MANAGEMENT ENBRIDGE INC

HEARTLAND EXPRESS INC LINEAR TECHNOLOGY CORP MICROSOFT CORP PRICE (T. ROWE) GROUP TEVA PHARMACEUTICALS EMC CORP/MA FASTENAL CO HENRY (JACK) & ASSOCIATES SCHWAB (CHARLES) CORP DELL INC

ALEXION PHARMACEUTICALS INC BP PRUDHOE BAY ROYALTY TRUST KEURIG GREEN MOUNTAIN INC 10.7 AMAZON.COM INC BALLY TECHNOLOGIES INC TRACTOR SUPPLY CO PRICELINE GROUP INC ILLUMINA INC QUESTCOR PHARMACEUTICALS INC NEXSTAR BROADCASTING GROUP

FIRST CHICAGO NBD CORP FIRSTAR CORP-OLD GENERAL ELECTRIC CO GILLETTE CO WHIRLPOOL CORP WISCONSIN ENERGY CORP WRIGLEY (WM) JR CO WYETH XCEL ENERGY INC MARSH & MCLENNAN COS

NORTHERN TRUST CORP VF CORP HARCOURT GENERAL INC LOWE'S COMPANIES INC ROCKWELL AUTOMATION SANTA FE PACIFIC CORP SONOCO PRODUCTS CO MCCORMICK & CO INC AMSOUTH BANCORPORATION PHARMACYCLICS INC

BALL CORP BANK OF HAWAII CORP BANK OF NEW YORK MELLON CORP BANK ONE CORP BP PLC PUBLIC SERVICE ENTRP GRP INC SAFECO CORP SCANA CORP SOUTHERN CO STATE STREET CORP

L BRANDS INC FEDEX CORP 1 AQUA AMERICA INC CHRYSLER CORP CONSTELLATION BRANDS SOUTHTRUST CORP ST JUDE MEDICAL INC TORCHMARK CORP BIOMET INC PAYCHEX INC

ROSS STORES INC ALTERA CORP CERNER CORP MAXIM INTEGRATED PRODUCTS POLARIS INDUSTRIES INC SHERWIN-WILLIAMS CO ALCAN INC ABBOTT LABORATORIES LOEWS CORP GENERAL MILLS INC

TJX COMPANIES INC ALLETE INC ALTRIA GROUP INC AMP INC ANHEUSER-BUSCH COS INC

Source: ‘100 Baggers: Stocks That Return 100-To-1 And How To Find Them’, Christopher Mayer, 2015.

Lindsell Train

0,00

0,20

0,40

0,60

0,80

1,00

1,20

1,40

1,60

1,80

1962 1972 1982 1992 2002 2012

€

Dividends for Unilever NV from 1962 to 2019. From 1 January 2000, Unilever adopted the Euro as its principal reporting currency. For the years prior to the introduction of the euro on 1 January 1999, Euro values have been derived by converting values previouslyreported in guilders using the official conversion rate announced on 31 December 1998 of €1.00 = Fl. 2.20371. Dividends have also been adjusted to take into account a capital restructuring effective from May 2005. Source: Unilever. It should not be assumed thatdividends are guaranteed or will continue to hold for the future. This is not intended as a buy or sell investment recommendation.

Dividend growth over 57 years 8% p.a.

Dividend Machine

- 6 -

20191962

“Deodorants will quadruple after we crack Asia” Alan Jope

May2020

¥8,647

January 1980

¥359

This is an illustrative example only and is not intended as a buy or sell recommendation. Past performance is not a guide to future performance. Source: Bloomberg.

Guinness is 261 years into a 9,000 year lease at St James’ Gate, Dublin.

Lindsell Train

Thomas Phelps

- 9 -

Source: 100 to 1 In The Stock Market, Thomas Phelps, 2015.

It would be hard to find a worse slogan than “You never go broke taking a profit.”

Every sale is a confession of error.

In Alice in Wonderland one had to run fast in order to stand still. In the stockmarket the evidence suggests one who buys right must stand still in order to run fast.