Matt Sheldon, CFA is a co-portfolio manager of the Kleinwort Benson Investors Water Strategy, which manages about $600 million (as of 30 September 2012) for institutional and retail clients, including sub-advising the Calvert Global Water Fund in the US. IMPORTANT RISK DISCLOSURE STATEMENT This material is provided for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to purchase any security, product or service including any group trust or fund managed by Kleinwort Benson Investors International Ltd, or any of its affiliates (collectively, “Kleinwort Benson Investors”). The information contained herein does not set forth all of the risks associated with this strategy, and is qualified in its entirety by, and subject to, the information contained in other applicable disclosure documents relating to such a strategy. Kleinwort Benson Investors International Ltd’s investment products, like all investments, involve the risk of loss and may not be suitable for all investors, especially those who are unable to sustain a loss of their investment. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS This introductory material may not be reproduced or distributed, in whole or in part, without the express prior written consent of Kleinwort Benson Investors International Ltd. The information contained in this introductory material has not been filed with, reviewed by or approved by any United States regulatory authority or self-regulatory authority and recipients are advised to consult with their own independent advisors, including tax advisors, regarding the products and services described therein. The views expressed are those of Kleinwort Benson Investors International Ltd. and should not be construed as investment advice. We do not represent that this information is accurate or complete and it should not be relied upon as such. Opinions expressed herein are subject to change without notice. The products mentioned in this Document may not be eligible for sale in some states or countries, nor suitable for all types of investors; their value and the income they produce may fluctuate and/or be adversely affected by exchange rates, interest rates, or other factors. Additional information will be provided upon request. Kleinwort Benson Investors International Ltd. is a registered investment adviser with the SEC and regulated by the Central Bank of Ireland. Kleinwort Benson Investors International Ltd. is 100% owned by Kleinwort Benson Investors Dublin Ltd. Form ADV Part 1 and Part 2 are available on request. Gross results shown do not show the deduction of Adviser's fees. A client’s actual return will be reduced by the advisory fees and any other expenses which may be incurred in the management of an investment advisory account. See Part II of Adviser's Form ADV for a complete description of the investment advisory fees customarily charged by Adviser. Kleinwort Benson International will provide net performance figures for any account size on request. The performance results are that of a representative strategy which has been managed on a discretionary basis since its inception. Performance returns for individual investors may differ due to the timing of investments, subsequent subscriptions/redemptions, share classes, fees and expenses. Performance for periods of more than 1 year is annualized. Information about indices is provided to allow for comparison of the performance of the Adviser to that of certain well-known and widely recognized indices. There is no representation that such index is an appropriate benchmark for such comparison. You cannot invest directly in an index, which also does not take into account trading commissions and costs. Investments denominated in foreign currencies are subject to changes in exchange rates that may have an adverse effect on the value, price and income of the product. Income generated from an investment may fluctuate in accordance with market conditions and taxation arrangement. PAST PERFORMANCE IS NOT A RELIABLE GUIDE TO FUTURE PERFORMANCE AND THE VALUE OF INVESTMENTS MAY GO DOWN AS WELL AS UP. Stocks mentioned in this document may or may not be held in this strategy at this time. Any projections, market outlooks or estimates in this document are forward-looking statements and are based upon certain assumptions. Other events which were not taken into account may occur and may significantly affect the returns or performance of the strategy. Any projections, outlooks or assumptions should not be construed to be indicative of the actual events which will occur. Discussions of market conditions, market high/lows, objectives, strategies, styles, positions, and similar information set forth herein is specifically subject to change if market conditions change, or if KBII believes, in its discretion, that investors returns can better be achieved by such changes and/or modification. Style descriptions, market movements over time and similar items are meant to be illustrative, and may not represent all market information over the period discussed. All MSCI data is provided “as is”. In no event shall MSCI, its affiliates, or any MSCI data provider have any liability of any kind in connection with the MSCI data. No further distribution or dissemination of the MSCI data is permitted without MSCI’s prior express written consent. Water Performance Disclaimer: Returns up to 09/30/07 are based on a Belgian Fund which followed the same strategy as the Kleinwort Benson Investors Water Strategy and was managed by KBI. Returns from 10/01/07 are actual returns from the Kleinwort Benson Investors Water Strategy.