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Wekeepitsimple. Werefocusedoninvestmentsands periorreturns.KeepingourbusinessmodelstreamlinedallowsSandersonAssetManagementtoremainfocusedonouraimofdeliveringconsistentaboveaveragereturnsovertime. sandersonassemanagemenvaluemanagersWearevaluemanagerswithalong-termview.SAMpy100bt-p-ippchhbiiiphiphycii-kipcwixpiiciciiiiqiykcbyipychyic.Wpfhppiihhhciippici--cpiyhphizhciiqiy.Wihccpihibihchiw-cpiizbchiwcciphhi-ihiz.Byihihqiybitcipichiiihikihicicpiwhibfihbiiycpiiii. sandersonassetmanagementfocusedonperformanceAndourperformancespeaksforitself.RefertoAppendxforddtonlperfornedloure.Ptreturnhouldnotbeontruedgurnteeoffuturenvetentreturn.SouremsciBrrndsamnternldt.OneYearThreeYearsAnnualizedFiveYearsAnnualizedSevenYearsAnnualizedTenYearsAnnualizedSinceInceptionAnnualizedJanuary12001SandersonCompositeGrossPerformanceAnnualizedPerformanceDecember31201415.714.5SandersonCompositeNetMSCIEAFEIndex1.62.64.90.511.110.79.65.36.45.48.97.94.49.98.93.9 sandersonassemanagemenocusedanddisciplinedWeareindependent.SAMvqyvyu.s.v.Bhwxhbybbymakingtheinvestmentfunctionparamount.O-yqyyhbbvwhvxfxbywhw.Shwhvbtb-hh.Thvwvbbywhwhwfxbykvbv. sandersonassetmanagementteam-basedstructureWereateam.SAMiiivilwhwkihfli.Oivpih-ivivhppiiiwhihwlivxiizhiivilkwlxpipifiifhf.FiLvlllyviipiihixpi.Ehhihpwkllphivp.TivippyL-ppilipliikllfpiiiiwhilhkiliviihfiChi. Webelievehaanin-dephsockselecionprocessocusedonideniyinghigh-qualiyundervaluedcompanieshahavehepropensiyoachieveatraciveandsusainablereurnsoncapialwillpoeniallyoferanadvanageoheinvesorwhoisdiligenpaienandraional. Ourapproachkeepsusfocusedonourinvestmentphilosophy.Thfhbfuhculcfhclhluczckhblchulcfluquly.123SAMly100bt-ulu-chhbfhlhyc-kc.TccfhwhchculhcucfhIdenifyashorlisofpoeniallyatracivesockideashroughhescreeningofappropriaedaabases.stageoneAscerainwheherhesecompaniesmeeherequiredqualiycrieriahroughfundamenalandbusinessanalysisstagetwoEvaluaehecompaniesfuuredividendsreamsinrelaionocurrenmarkepricesstagethreesandersonassemanagemeninvesmenprogramme sandersonassetmanagementappendix1.SandersonAssetManagementllpsamisregisteredwiththeU.S.SecuritiesandExchangeCommissionsecandisauthorisedandregulatedbytheukFinancialConductAuthorityfca.2.PriortoApril12013samcarriedonitsinvestmentmanagementbusinessasaprivatelimitedcompanySandersonAssetManagementLtdsamLtd.OnApril12013samLtdrestructuredtoalimitedliabilitypartnershipandallstabecameemployeesorpartnersosam.Furtherdetailsotherestructureareavailableonrequest.ExceptwherethecontextclearlyindicatesotherwisereerencestosaminthispresentationreertosamLtdpriortoApril12013andsamaerApril12013.3.InceptionperormanceortheSandersonInternationalValueEquityCompositeSandersonCompositeisshownromJanuary12001.TeSandersonCompositeincludesonlyullydiscretionarytaxableandtax-exemptsegregatedaccountsandcommingledpoolsinvestedinsamsinternationalequityprogramme.4.UntilAugust2002theSandersonCompositeincludedasegregatedaccountwhichhadbeensolelymanagedbyimSandersonromJanuary12001untilMarch312001whenheworkedorSilchesterPartnersLtdwhichmaintainsaminorityinterestinsamLtd.5.Grossperormanceguresdonotrefectthedeductionoinvestmentmanagementeeswhichreduceoverallclientreturns.InormationontheperormanceotheSandersonCompositeoranyunderlyingcommingledundorseparateaccountisavailableonrequest.FurtherinvestmentmanagementeedisclosuresareavailableinsamsadvPart2orinthecondentialprivateoeringmemorandumsorprospectusorsamscommingledunds.Clientspecicnetperormanceisavailableoneachclientsmonthlyreportoronrequest.6.NetperormanceguresortheSandersonCompositearecalculatedusinganinitialinvestmentous1milliononJanuary12001baseduponthemostconservativeeescale.AsatDecember312014suchaninvestmentwouldbeworthus3.8milliononagrossbasisandus3.3milliononanetbasis.7.ReerencestothemscieafeIndexandIndexmeanthemscieafeEuropeAustralasiaandFarEastIndexinclusiveodividendsandnetooreignwithholdingtaxesbasedontheperspectiveoaLuxembourgbasedinvestor.TetaxrateusedbymsciincomputingtheIndexisapproximately15.8.AtDecember312014theSandersonInternationalValueFundSandersonFundwas3.3investedincountriesoutsidetheIndexandhadhedged3.8otheportolioromAustralianDollarsintousDollars.TeinceptiondateotheSandersonFundwasJanuary22003anduntilMarch312013theSandersonFundwasmanagedbysamLtd.Noderivativesareused.9.UnlessotherwisestatedthisdocumentrefectsourviewsopinionsandportolioholdingsasoDecember312014.Teinormationprovidedisnotacompleteanalysisoeveryaspectoanyindustrysectorinvestmentopportunitycommingledundnorarecommendationtobuyorsellanyspecicsecurity.Portoliocompositionmaychangedependinguponmarketandeconomicconditions.Teperormanceoanyonestocksectorcurrencyorotherportoliocomponentshouldnotbeconstruedasbeingrepresentativeotheoverallinvestmentreturnsoanyosamscommingledunds.Historicalperormanceisnoguaranteeouturereturnsbuttheinsightsinthisdocumentmayassistasophisticatedinvestorinunderstandingsamsinvestmentphilosophy.Noinvestmentshouldbemadeinsamscommingledundswithoutrstreviewingindetailtheapplicablecondentialprivateoferingmemorandumorprospectusandanyassociatedregulatorydisclosures.InternationalValueEquityCompositePerformanceDisclosuresAsofDecember312014PERFORMANCE20012002200320042005200620072008200920102011201220132014SINCEINCEPTIONANNUALIZEDSandersonCompositeGross8.10.541.623.912.628.84.831.736.320.210.622.328.61.69.9SandersonCompositeNet9.01.540.222.611.527.53.832.435.019.011.521.127.32.68.9MSCIEAFEIndexNet21.415.938.620.213.526.311.243.431.87.812.117.322.84.93.9DispersionNANA0.50.30.60.70.90.40.70.61.20.60.60.6NANumberofPortfolios14613171714119910899CompositeAssetsmm92441591051336151475893361648966412685784881038710815CompositeasofFirmAssets1006547869798951009898999993100FirmAssetsmm92683371217346852536196361649896529690886021117910815 ForfurtherinformationcontactHollyHarralson312.262.09hharralsonsandersonam.com LondonHthcotHou20SvilRoLooW1S3PRTlpho.44..748.7Chicago250SouthWckDivSuit220ChicgoIL60606Tlpho312.262.39www.sandersnam.m