HOME ABOUT USFACTSHEETDOCUMENTSANALYSISNEWSTV Smith provides Insider with exclusive insight into his 4-step strategy for success. Investors Chronicle - Terry Smith talks big tech, fraud and ESG. December 17 2020 Dave Baxter. Terry Smith, Fundsmith's chief executive and chief investment officer, fields the IC's questions about his portfolio and some of the biggest investment trends of

today.

LOGIN - FUNDSMITH

If you invested online after 23.7.15 you may login to the My Account section opposite using the Username and Password chosen at the time of investment. All users with an online account prior to 23.7.15 (which required an Internet ID and PIN) will need to re-register here for FACTSHEET - FUNDSMITH Fundsmith LLP is authorised and regulated by the Financial Conduct Authority. It is entered on the Financial Conduct Authority's register under registered number 523102. Fundsmith LLP is a limited liability partnership registered in England and Wales with number OC354233. Its registered office address is 33 Cavendish Square, London, W1G 0PW. ABOUT US - FUNDSMITH About Fundsmith. Fundsmith is focused on delivering superior investment performance at a reasonable cost. It was established to be different from its peers so as to achieve a different result in line with Sir John Templeton’s axiom that “If you want to have a better performance than the crowd, you must do things differently from the

crowd.”

DOCUMENTS

These forms are for Corporate/Other Entities (e.g. Pensions, Private Companies, Trusts, Charities etc.) wishing to invest with Fundsmith. You must first complete the Account Opening Form and provide the required Anti-Money Laundering documents for us to review and process

your application.

KEY INVESTOR INFORMATION Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. PROSPECTUS - FUNDSMITH Issued by Fundsmith LLP Registered in England and Wales no: OC354233 This document constitutes the Prospectus for Fundsmith Equity Fund (the “Company”) which has been prepared in accordance INVESTMENT MANAGER FUNDSMITH LLP MARCH 2021 6 Fundsmith Equity Fund, L.P. 302771936 v8 Executive summary The Partnership is a Delaware limited partnership formed in February 2011. JUNIOR ISA APPLICATION FORM 3 Declaration by application By signing this form, I declare (delete as appropriate): • I am applying to open a Junior Stocks and Shares ISA on behalf of the child. • I am 16 years of age or over. • • not have a Child Trust Fund. • I will be the registered contact for this Junior ISA. INSTRUCTION TO YOUR BANK OR BUILDING SOCIETY TO PAY BY 4 Service user number Reference 6 9 8 4 4 2 Address Signature(s) PostcodeDate Instruction to your Bank or Building Society to pay by Direct Debit Instruction to your Bank or Building Society HOME ABOUT USFACTSHEETDOCUMENTSANALYSISNEWSTV Smith provides Insider with exclusive insight into his 4-step strategy for success. Investors Chronicle - Terry Smith talks big tech, fraud and ESG. December 17 2020 Dave Baxter. Terry Smith, Fundsmith's chief executive and chief investment officer, fields the IC's questions about his portfolio and some of the biggest investment trends of

today.

LOGIN - FUNDSMITH

If you invested online after 23.7.15 you may login to the My Account section opposite using the Username and Password chosen at the time of investment. All users with an online account prior to 23.7.15 (which required an Internet ID and PIN) will need to re-register here for FACTSHEET - FUNDSMITH Fundsmith LLP is authorised and regulated by the Financial Conduct Authority. It is entered on the Financial Conduct Authority's register under registered number 523102. Fundsmith LLP is a limited liability partnership registered in England and Wales with number OC354233. Its registered office address is 33 Cavendish Square, London, W1G 0PW. ABOUT US - FUNDSMITH About Fundsmith. Fundsmith is focused on delivering superior investment performance at a reasonable cost. It was established to be different from its peers so as to achieve a different result in line with Sir John Templeton’s axiom that “If you want to have a better performance than the crowd, you must do things differently from the

crowd.”

DOCUMENTS

These forms are for Corporate/Other Entities (e.g. Pensions, Private Companies, Trusts, Charities etc.) wishing to invest with Fundsmith. You must first complete the Account Opening Form and provide the required Anti-Money Laundering documents for us to review and process

your application.

KEY INVESTOR INFORMATION Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. PROSPECTUS - FUNDSMITH Issued by Fundsmith LLP Registered in England and Wales no: OC354233 This document constitutes the Prospectus for Fundsmith Equity Fund (the “Company”) which has been prepared in accordance INVESTMENT MANAGER FUNDSMITH LLP MARCH 2021 6 Fundsmith Equity Fund, L.P. 302771936 v8 Executive summary The Partnership is a Delaware limited partnership formed in February 2011. JUNIOR ISA APPLICATION FORM 3 Declaration by application By signing this form, I declare (delete as appropriate): • I am applying to open a Junior Stocks and Shares ISA on behalf of the child. • I am 16 years of age or over. • • not have a Child Trust Fund. • I will be the registered contact for this Junior ISA. INSTRUCTION TO YOUR BANK OR BUILDING SOCIETY TO PAY BY 4 Service user number Reference 6 9 8 4 4 2 Address Signature(s) PostcodeDate Instruction to your Bank or Building Society to pay by Direct Debit Instruction to your Bank or Building Society ABOUT US - FUNDSMITH About Fundsmith. Fundsmith is focused on delivering superior investment performance at a reasonable cost. It was established to be different from its peers so as to achieve a different result in line with Sir John Templeton’s axiom that “If you want to have a better performance than the crowd, you must do things differently from the

crowd.”

FAQ - FUNDSMITH

Phone: 0330 123 1815. Email: enquiries@fundsmith.co.uk. Please note that telephone conversations may be recorded. Copies of telephone recordings and communications are available on request for a period of 5 years and, where requested by the FCA, for a period of up to 7

years.

JANUARY 2021 DEAR FELLOW INVESTOR, 1 January 2021 Dear Fellow Investor, This is the eleventh annual letter to owners of the Fundsmith Equity Fund (‘Fund’). The table below shows performance figures for the last calendar year

LOGIN - FUNDSMITH

Fundsmith Partners US LLC manages a private investment fund exclusively for Qualified Investors. For more information please call Greville Ward on 203 594 1863 or email him at: gward@fundsmithus.com or fill in your details below and we will get back to you. Our address is 46 Southfield Ave, Suite 205, Stamford, CT 06902, USA. PROSPECTUS - FUNDSMITH Directory of contact details 4 Definitions 5 1. The Company 7 2. Investment objectives and policy 8 3. Shares 12 4. Management and administration 14 5. The depositary 17 6. FUNDSMITH SUSTAINABLE EQUITY FUND 6 Solar Power • PV Crystalox Solar (produces a component for solar power cells) – Shares lost 95.2% of their value since IPO in 2007. • Jetion (developed, produced and marketed solar cells and INVESTMENT MANAGER FUNDSMITH LLP MARCH 2021 6 Fundsmith Equity Fund, L.P. 302771936 v8 Executive summary The Partnership is a Delaware limited partnership formed in February 2011.

VALUE ASSESSMENT

Objective We considered all of the costs incurred by each fund in its management and operation. The most significant cost is the annual

management charge

ISA TRANSFER FORM

1 ISA Transfer Form • Please complete this form in ink using BLOCK CAPITALS. • Return the form to your adviser or Fundsmith LLP, PO Box 10846, Chelmsford, CM99 2BW. • The Key Investor Information Document and Supplementary Information Document contain important information about the Fundsmith Equity Fund and all investors should read them prior to completing this form.

FUNDSMITH & FEES

Fundsmith & Fees. October 28 2010. As stated before, our main focus at Fundsmith is on producing superior investment returns. However, fees produce a major drag on returns over time. I founded Fundsmith to offer a high quality portfolio of resilient global growth companies which we hold for the long term and for which we charge a reasonable

fee

HOME ABOUT USFACTSHEETDOCUMENTSANALYSISNEWSTV Smith provides Insider with exclusive insight into his 4-step strategy for success. Investors Chronicle - Terry Smith talks big tech, fraud and ESG. December 17 2020 Dave Baxter. Terry Smith, Fundsmith's chief executive and chief investment officer, fields the IC's questions about his portfolio and some of the biggest investment trends of

today.

LOGIN - FUNDSMITH

If you invested online after 23.7.15 you may login to the My Account section opposite using the Username and Password chosen at the time of investment. All users with an online account prior to 23.7.15 (which required an Internet ID and PIN) will need to re-register here for FACTSHEET - FUNDSMITH Fundsmith LLP is authorised and regulated by the Financial Conduct Authority. It is entered on the Financial Conduct Authority's register under registered number 523102. Fundsmith LLP is a limited liability partnership registered in England and Wales with number OC354233. Its registered office address is 33 Cavendish Square, London, W1G 0PW. ISA APPLICATION FORM 1 ISA Application Form – Direct T Class Fund and Investment amount This form is for individuals wanting to invest their ISA directly into the T Class shares (1% Annual Management Charge) in Fundsmith Equity

Fund or Fundsmith

FUNDSMITH SUSTAINABLE EQUITY FUND 6 Solar Power • PV Crystalox Solar (produces a component for solar power cells) – Shares lost 95.2% of their value since IPO in 2007. • Jetion (developed, produced and marketed solar cells and KEY INVESTOR INFORMATION Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund.

ISA TRANSFER FORM

1 ISA Transfer Form This form is for individuals wanting to transfer their ISA held with another manager to the Fundsmith ISA. • Please complete this form in ink using BLOCK CAPITALS. • Return the form to Fundsmith LLP, PO Box 10846, Chelmsford, CM99 2BW. • The Key Investor Information Documents and Supplementary Information Document, including the Fundsmith ISA Terms and Conditions contain INVESTMENT MANAGER FUNDSMITH LLP MARCH 2021 6 Fundsmith Equity Fund, L.P. 302771936 v8 Executive summary The Partnership is a Delaware limited partnership formed in February 2011. CHANGE OF ADDRESS FORM � 2018 Fundsmith LLP. All rights reserved. This financial promotion is communicated by Fundsmith LLP. Fundsmith LLP is authorised and regulated by the Financial

FUNDSMITH & FEES

Fundsmith & Fees. October 28 2010. As stated before, our main focus at Fundsmith is on producing superior investment returns. However, fees produce a major drag on returns over time. I founded Fundsmith to offer a high quality portfolio of resilient global growth companies which we hold for the long term and for which we charge a reasonable

fee

HOME ABOUT USFACTSHEETDOCUMENTSANALYSISNEWSTV Smith provides Insider with exclusive insight into his 4-step strategy for success. Investors Chronicle - Terry Smith talks big tech, fraud and ESG. December 17 2020 Dave Baxter. Terry Smith, Fundsmith's chief executive and chief investment officer, fields the IC's questions about his portfolio and some of the biggest investment trends of

today.

LOGIN - FUNDSMITH

If you invested online after 23.7.15 you may login to the My Account section opposite using the Username and Password chosen at the time of investment. All users with an online account prior to 23.7.15 (which required an Internet ID and PIN) will need to re-register here for FACTSHEET - FUNDSMITH Fundsmith LLP is authorised and regulated by the Financial Conduct Authority. It is entered on the Financial Conduct Authority's register under registered number 523102. Fundsmith LLP is a limited liability partnership registered in England and Wales with number OC354233. Its registered office address is 33 Cavendish Square, London, W1G 0PW. ISA APPLICATION FORM 1 ISA Application Form – Direct T Class Fund and Investment amount This form is for individuals wanting to invest their ISA directly into the T Class shares (1% Annual Management Charge) in Fundsmith Equity

Fund or Fundsmith

FUNDSMITH SUSTAINABLE EQUITY FUND 6 Solar Power • PV Crystalox Solar (produces a component for solar power cells) – Shares lost 95.2% of their value since IPO in 2007. • Jetion (developed, produced and marketed solar cells and KEY INVESTOR INFORMATION Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund.

ISA TRANSFER FORM

1 ISA Transfer Form This form is for individuals wanting to transfer their ISA held with another manager to the Fundsmith ISA. • Please complete this form in ink using BLOCK CAPITALS. • Return the form to Fundsmith LLP, PO Box 10846, Chelmsford, CM99 2BW. • The Key Investor Information Documents and Supplementary Information Document, including the Fundsmith ISA Terms and Conditions contain INVESTMENT MANAGER FUNDSMITH LLP MARCH 2021 6 Fundsmith Equity Fund, L.P. 302771936 v8 Executive summary The Partnership is a Delaware limited partnership formed in February 2011. CHANGE OF ADDRESS FORM � 2018 Fundsmith LLP. All rights reserved. This financial promotion is communicated by Fundsmith LLP. Fundsmith LLP is authorised and regulated by the Financial

FUNDSMITH & FEES

Fundsmith & Fees. October 28 2010. As stated before, our main focus at Fundsmith is on producing superior investment returns. However, fees produce a major drag on returns over time. I founded Fundsmith to offer a high quality portfolio of resilient global growth companies which we hold for the long term and for which we charge a reasonable

fee

ABOUT US - FUNDSMITH About Fundsmith. Fundsmith is focused on delivering superior investment performance at a reasonable cost. It was established to be different from its peers so as to achieve a different result in line with Sir John Templeton’s axiom that “If you want to have a better performance than the crowd, you must do things differently from the

crowd.”

FACTSHEET - FUNDSMITH Fundsmith LLP is authorised and regulated by the Financial Conduct Authority. It is entered on the Financial Conduct Authority's register under registered number 523102. Fundsmith LLP is a limited liability partnership registered in England and Wales with number OC354233. Its registered office address is 33 Cavendish Square, London, W1G 0PW.

NEWS - FUNDSMITH

I think it’s always good to look at the definition of the words we are being asked to accept. For example: turmoil, noun: a state of great disturbance, confusion, or uncertainty . synonyms: confusion, upheaval (s), turbulence, tumult, disorder.

LOGIN - FUNDSMITH

Non-Registered Users. Fundsmith Investment Services Ltd. manages a private investment fund available only to Expert Investors. For more information please email Greville Ward at: gward@fundsmith.co.uk or fill in your details below and we will get back to you. Our address is 12th Floor, Raffles Tower, 19 Cyber City, Ebene, Mauritius.

CALCULATORS

Invest now in a few easy steps. Fundsmith Equity Fund T Class Acc Fundsmith Equity Fund T Class Inc. Fundsmith Equity Fund T Class Acc. Fundsmith Equity Fund T Class Acc. Fundsmith Equity Fund T Class Inc. Lump Sum (Debit Card) Minimum £1000. Monthly Payments (Direct Debit)

Minimum £100 PCM.

INVESTMENT MANAGER FUNDSMITH LLP MARCH 2021 6 Fundsmith Equity Fund, L.P. 302771936 v8 Executive summary The Partnership is a Delaware limited partnership formed in February 2011.

APPLICATION FORM

2 Application Form – Direct UK Investors Declaration By signing this form, (delete as appropriate): • The information given in this application form is correct to the best of knowledge and belief. • Payment has been effected as stated above. • the beneficial owners of this investment.* • accept that, in accordance with the money laundering

FINANCIAL TIMES

Financial Times - There are only two types of investors. I last wrote about the problems of so-called market timing in these pages in 2013 ( Market timing: don't try this at home ). With the Covid-19 pandemic dominating the news and recent volatility on world stock markets, you may have heard a lot about market timing again.

ISA TRANSFER FORM

1 ISA Transfer Form • Please complete this form in ink using BLOCK CAPITALS. • Return the form to your adviser or Fundsmith LLP, PO Box 10846, Chelmsford, CM99 2BW. • The Key Investor Information Document and Supplementary Information Document contain important information about the Fundsmith Equity Fund and all investors should read them prior to completing this form. SHARE BUYBACKS FRIEND OR FOE? 4 Share Buybacks Friend or Foe? Fig. 3: Citi “ Share buyback a welcome surprise – the main highlight was the announcement of a �150m share buyback programme.

HOME

Smith provides Insider with exclusive insight into his 4-step strategy for success. Investors Chronicle - Terry Smith talks big tech, fraud and ESG. December 17 2020 Dave Baxter. Terry Smith, Fundsmith's chief executive and chief investment officer, fields the IC's questions about his portfolio and some of the biggest investment trends of

today.

LOGIN - FUNDSMITH

If you invested online after 23.7.15 you may login to the My Account section opposite using the Username and Password chosen at the time of investment. All users with an online account prior to 23.7.15 (which required an Internet ID and PIN) will need to re-register here for FACTSHEET - FUNDSMITH Fundsmith LLP is authorised and regulated by the Financial Conduct Authority. It is entered on the Financial Conduct Authority's register under registered number 523102. Fundsmith LLP is a limited liability partnership registered in England and Wales with number OC354233. Its registered office address is 33 Cavendish Square, London, W1G 0PW. ABOUT US - FUNDSMITH About Fundsmith. Fundsmith is focused on delivering superior investment performance at a reasonable cost. It was established to be different from its peers so as to achieve a different result in line with Sir John Templeton’s axiom that “If you want to have a better performance than the crowd, you must do things differently from the

crowd.”

NEWS - FUNDSMITH

I think it’s always good to look at the definition of the words we are being asked to accept. For example: turmoil, noun: a state of great disturbance, confusion, or uncertainty . synonyms: confusion, upheaval (s), turbulence, tumult, disorder. CHANGE OF ADDRESS FORM � 2018 Fundsmith LLP. All rights reserved. This financial promotion is communicated by Fundsmith LLP. Fundsmith LLP is authorised and regulated by the Financial INVESTMENT MANAGER FUNDSMITH LLP MARCH 2021 6 Fundsmith Equity Fund, L.P. 302771936 v8 Executive summary The Partnership is a Delaware limited partnership formed in February 2011. KEY INVESTOR INFORMATION Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. SHARE BUYBACKS FRIEND OR FOE? 4 Share Buybacks Friend or Foe? Fig. 3: Citi “ Share buyback a welcome surprise – the main highlight was the announcement of a �150m share buyback programme.

FUNDSMITH & FEES

Fundsmith & Fees. October 28 2010. As stated before, our main focus at Fundsmith is on producing superior investment returns. However, fees produce a major drag on returns over time. I founded Fundsmith to offer a high quality portfolio of resilient global growth companies which we hold for the long term and for which we charge a reasonable

fee

HOME ABOUT USFACTSHEETDOCUMENTSANALYSISNEWSTV Smith provides Insider with exclusive insight into his 4-step strategy for success. Investors Chronicle - Terry Smith talks big tech, fraud and ESG. December 17 2020 Dave Baxter. Terry Smith, Fundsmith's chief executive and chief investment officer, fields the IC's questions about his portfolio and some of the biggest investment trends of

today.

LOGIN - FUNDSMITH

If you invested online after 23.7.15 you may login to the My Account section opposite using the Username and Password chosen at the time of investment. All users with an online account prior to 23.7.15 (which required an Internet ID and PIN) will need to re-register here for FACTSHEET - FUNDSMITH Fundsmith LLP is authorised and regulated by the Financial Conduct Authority. It is entered on the Financial Conduct Authority's register under registered number 523102. Fundsmith LLP is a limited liability partnership registered in England and Wales with number OC354233. Its registered office address is 33 Cavendish Square, London, W1G 0PW. ABOUT US - FUNDSMITH About Fundsmith. Fundsmith is focused on delivering superior investment performance at a reasonable cost. It was established to be different from its peers so as to achieve a different result in line with Sir John Templeton’s axiom that “If you want to have a better performance than the crowd, you must do things differently from the

crowd.”

NEWS - FUNDSMITH

I think it’s always good to look at the definition of the words we are being asked to accept. For example: turmoil, noun: a state of great disturbance, confusion, or uncertainty . synonyms: confusion, upheaval (s), turbulence, tumult, disorder. CHANGE OF ADDRESS FORM � 2018 Fundsmith LLP. All rights reserved. This financial promotion is communicated by Fundsmith LLP. Fundsmith LLP is authorised and regulated by the Financial INVESTMENT MANAGER FUNDSMITH LLP MARCH 2021 6 Fundsmith Equity Fund, L.P. 302771936 v8 Executive summary The Partnership is a Delaware limited partnership formed in February 2011. KEY INVESTOR INFORMATION Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. SHARE BUYBACKS FRIEND OR FOE? 4 Share Buybacks Friend or Foe? Fig. 3: Citi “ Share buyback a welcome surprise – the main highlight was the announcement of a �150m share buyback programme.

FUNDSMITH & FEES

Fundsmith & Fees. October 28 2010. As stated before, our main focus at Fundsmith is on producing superior investment returns. However, fees produce a major drag on returns over time. I founded Fundsmith to offer a high quality portfolio of resilient global growth companies which we hold for the long term and for which we charge a reasonable

fee

NEWS - FUNDSMITH

You may have seen some media articles about a new fund that we have recently registered, the Fundsmith Long/Short Fund. The fund has been set-up to manage a portion of Terry’s assets that had hitherto been invested in bonds where yields are now near zero.

FUND FACTSHEET

The Fund is not managed with reference to any benchmark. Above are a number of comparisons of the Fund's performance: 1 Fundsmith Sustainable Equity Fund I Acc, total return, net of fees priced at midday UK time, in sterling. Inception 1st November 2017.

DOCUMENTS

These forms are for Corporate/Other Entities (e.g. Pensions, Private Companies, Trusts, Charities etc.) wishing to invest with Fundsmith. You must first complete the Account Opening Form and provide the required Anti-Money Laundering documents for us to review and process

your application.

LOGIN - FUNDSMITH

Fundsmith Partners US LLC manages a private investment fund exclusively for Qualified Investors. For more information please call Greville Ward on 203 594 1863 or email him at: gward@fundsmithus.com or fill in your details below and we will get back to you. Our address is 46 Southfield Ave, Suite 205, Stamford, CT 06902, USA.

FAQ - FUNDSMITH

Phone: 0330 123 1815. Email: enquiries@fundsmith.co.uk. Please note that telephone conversations may be recorded. Copies of telephone recordings and communications are available on request for a period of 5 years and, where requested by the FCA, for a period of up to 7

years.

FUNDSMITH SUSTAINABLE EQUITY FUND 6 Solar Power • PV Crystalox Solar (produces a component for solar power cells) – Shares lost 95.2% of their value since IPO in 2007. • Jetion (developed, produced and marketed solar cells and JANUARY 2021 DEAR FELLOW INVESTOR, 1 January 2021 Dear Fellow Investor, This is the eleventh annual letter to owners of the Fundsmith Equity Fund (‘Fund’). The table below shows performance figures for the last calendar year INVESTMENT MANAGER FUNDSMITH LLP MARCH 2021 6 Fundsmith Equity Fund, L.P. 302771936 v8 Executive summary The Partnership is a Delaware limited partnership formed in February 2011.

APPLICATION FORM

2 Application Form – Direct UK Investors Declaration By signing this form, (delete as appropriate): • The information given in this application form is correct to the best of knowledge and belief. • Payment has been effected as stated above. • the beneficial owners of this investment.* • accept that, in accordance with the money laundering

ISA TRANSFER FORM

1 ISA Transfer Form This form is for individuals wanting to transfer their ISA held with another manager to the Fundsmith ISA. • Please complete this form in ink using BLOCK CAPITALS. • Return the form to Fundsmith LLP, PO Box 10846, Chelmsford, CM99 2BW. • The Key Investor Information Documents and Supplementary Information Document, including the Fundsmith ISA Terms and Conditions contain HOME ABOUT USFACTSHEETDOCUMENTSANALYSISNEWSTV Smith provides Insider with exclusive insight into his 4-step strategy for success. Investors Chronicle - Terry Smith talks big tech, fraud and ESG. December 17 2020 Dave Baxter. Terry Smith, Fundsmith's chief executive and chief investment officer, fields the IC's questions about his portfolio and some of the biggest investment trends of

today.

LOGIN - FUNDSMITH

If you invested online after 23.7.15 you may login to the My Account section opposite using the Username and Password chosen at the time of investment. All users with an online account prior to 23.7.15 (which required an Internet ID and PIN) will need to re-register here for FACTSHEET - FUNDSMITH Fundsmith LLP is authorised and regulated by the Financial Conduct Authority. It is entered on the Financial Conduct Authority's register under registered number 523102. Fundsmith LLP is a limited liability partnership registered in England and Wales with number OC354233. Its registered office address is 33 Cavendish Square, London, W1G 0PW. ABOUT US - FUNDSMITH About Fundsmith. Fundsmith is focused on delivering superior investment performance at a reasonable cost. It was established to be different from its peers so as to achieve a different result in line with Sir John Templeton’s axiom that “If you want to have a better performance than the crowd, you must do things differently from the

crowd.”

NEWS - FUNDSMITH

I think it’s always good to look at the definition of the words we are being asked to accept. For example: turmoil, noun: a state of great disturbance, confusion, or uncertainty . synonyms: confusion, upheaval (s), turbulence, tumult, disorder. CHANGE OF ADDRESS FORM � 2018 Fundsmith LLP. All rights reserved. This financial promotion is communicated by Fundsmith LLP. Fundsmith LLP is authorised and regulated by the Financial INVESTMENT MANAGER FUNDSMITH LLP MARCH 2021 6 Fundsmith Equity Fund, L.P. 302771936 v8 Executive summary The Partnership is a Delaware limited partnership formed in February 2011. KEY INVESTOR INFORMATION Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. SHARE BUYBACKS FRIEND OR FOE? 4 Share Buybacks Friend or Foe? Fig. 3: Citi “ Share buyback a welcome surprise – the main highlight was the announcement of a �150m share buyback programme.

FUNDSMITH & FEES

Fundsmith & Fees. October 28 2010. As stated before, our main focus at Fundsmith is on producing superior investment returns. However, fees produce a major drag on returns over time. I founded Fundsmith to offer a high quality portfolio of resilient global growth companies which we hold for the long term and for which we charge a reasonable

fee

HOME ABOUT USFACTSHEETDOCUMENTSANALYSISNEWSTV Smith provides Insider with exclusive insight into his 4-step strategy for success. Investors Chronicle - Terry Smith talks big tech, fraud and ESG. December 17 2020 Dave Baxter. Terry Smith, Fundsmith's chief executive and chief investment officer, fields the IC's questions about his portfolio and some of the biggest investment trends of

today.

LOGIN - FUNDSMITH

If you invested online after 23.7.15 you may login to the My Account section opposite using the Username and Password chosen at the time of investment. All users with an online account prior to 23.7.15 (which required an Internet ID and PIN) will need to re-register here for FACTSHEET - FUNDSMITH Fundsmith LLP is authorised and regulated by the Financial Conduct Authority. It is entered on the Financial Conduct Authority's register under registered number 523102. Fundsmith LLP is a limited liability partnership registered in England and Wales with number OC354233. Its registered office address is 33 Cavendish Square, London, W1G 0PW. ABOUT US - FUNDSMITH About Fundsmith. Fundsmith is focused on delivering superior investment performance at a reasonable cost. It was established to be different from its peers so as to achieve a different result in line with Sir John Templeton’s axiom that “If you want to have a better performance than the crowd, you must do things differently from the

crowd.”

NEWS - FUNDSMITH

I think it’s always good to look at the definition of the words we are being asked to accept. For example: turmoil, noun: a state of great disturbance, confusion, or uncertainty . synonyms: confusion, upheaval (s), turbulence, tumult, disorder. CHANGE OF ADDRESS FORM � 2018 Fundsmith LLP. All rights reserved. This financial promotion is communicated by Fundsmith LLP. Fundsmith LLP is authorised and regulated by the Financial INVESTMENT MANAGER FUNDSMITH LLP MARCH 2021 6 Fundsmith Equity Fund, L.P. 302771936 v8 Executive summary The Partnership is a Delaware limited partnership formed in February 2011. KEY INVESTOR INFORMATION Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. SHARE BUYBACKS FRIEND OR FOE? 4 Share Buybacks Friend or Foe? Fig. 3: Citi “ Share buyback a welcome surprise – the main highlight was the announcement of a �150m share buyback programme.

FUNDSMITH & FEES

Fundsmith & Fees. October 28 2010. As stated before, our main focus at Fundsmith is on producing superior investment returns. However, fees produce a major drag on returns over time. I founded Fundsmith to offer a high quality portfolio of resilient global growth companies which we hold for the long term and for which we charge a reasonable

fee

NEWS - FUNDSMITH

You may have seen some media articles about a new fund that we have recently registered, the Fundsmith Long/Short Fund. The fund has been set-up to manage a portion of Terry’s assets that had hitherto been invested in bonds where yields are now near zero.

FUND FACTSHEET

The Fund is not managed with reference to any benchmark. Above are a number of comparisons of the Fund's performance: 1 Fundsmith Sustainable Equity Fund I Acc, total return, net of fees priced at midday UK time, in sterling. Inception 1st November 2017.

DOCUMENTS

These forms are for Corporate/Other Entities (e.g. Pensions, Private Companies, Trusts, Charities etc.) wishing to invest with Fundsmith. You must first complete the Account Opening Form and provide the required Anti-Money Laundering documents for us to review and process

your application.

LOGIN - FUNDSMITH

Fundsmith Partners US LLC manages a private investment fund exclusively for Qualified Investors. For more information please call Greville Ward on 203 594 1863 or email him at: gward@fundsmithus.com or fill in your details below and we will get back to you. Our address is 46 Southfield Ave, Suite 205, Stamford, CT 06902, USA.

FAQ - FUNDSMITH

Phone: 0330 123 1815. Email: enquiries@fundsmith.co.uk. Please note that telephone conversations may be recorded. Copies of telephone recordings and communications are available on request for a period of 5 years and, where requested by the FCA, for a period of up to 7

years.

FUNDSMITH SUSTAINABLE EQUITY FUND 6 Solar Power • PV Crystalox Solar (produces a component for solar power cells) – Shares lost 95.2% of their value since IPO in 2007. • Jetion (developed, produced and marketed solar cells and JANUARY 2021 DEAR FELLOW INVESTOR, 1 January 2021 Dear Fellow Investor, This is the eleventh annual letter to owners of the Fundsmith Equity Fund (‘Fund’). The table below shows performance figures for the last calendar year INVESTMENT MANAGER FUNDSMITH LLP MARCH 2021 6 Fundsmith Equity Fund, L.P. 302771936 v8 Executive summary The Partnership is a Delaware limited partnership formed in February 2011.

APPLICATION FORM

2 Application Form – Direct UK Investors Declaration By signing this form, (delete as appropriate): • The information given in this application form is correct to the best of knowledge and belief. • Payment has been effected as stated above. • the beneficial owners of this investment.* • accept that, in accordance with the money laundering

ISA TRANSFER FORM

1 ISA Transfer Form This form is for individuals wanting to transfer their ISA held with another manager to the Fundsmith ISA. • Please complete this form in ink using BLOCK CAPITALS. • Return the form to Fundsmith LLP, PO Box 10846, Chelmsford, CM99 2BW. • The Key Investor Information Documents and Supplementary Information Document, including the Fundsmith ISA Terms and Conditions contain HOME ABOUT USFACTSHEETDOCUMENTSANALYSISNEWSTV Smith provides Insider with exclusive insight into his 4-step strategy for success. Investors Chronicle - Terry Smith talks big tech, fraud and ESG. December 17 2020 Dave Baxter. Terry Smith, Fundsmith's chief executive and chief investment officer, fields the IC's questions about his portfolio and some of the biggest investment trends of

today.

LOGIN - FUNDSMITH

If you invested online after 23.7.15 you may login to the My Account section opposite using the Username and Password chosen at the time of investment. All users with an online account prior to 23.7.15 (which required an Internet ID and PIN) will need to re-register here for FACTSHEET - FUNDSMITH Fundsmith LLP is authorised and regulated by the Financial Conduct Authority. It is entered on the Financial Conduct Authority's register under registered number 523102. Fundsmith LLP is a limited liability partnership registered in England and Wales with number OC354233. Its registered office address is 33 Cavendish Square, London, W1G 0PW. ABOUT US - FUNDSMITH About Fundsmith. Fundsmith is focused on delivering superior investment performance at a reasonable cost. It was established to be different from its peers so as to achieve a different result in line with Sir John Templeton’s axiom that “If you want to have a better performance than the crowd, you must do things differently from the

crowd.”

NEWS - FUNDSMITH

I think it’s always good to look at the definition of the words we are being asked to accept. For example: turmoil, noun: a state of great disturbance, confusion, or uncertainty . synonyms: confusion, upheaval (s), turbulence, tumult, disorder. CHANGE OF ADDRESS FORM � 2018 Fundsmith LLP. All rights reserved. This financial promotion is communicated by Fundsmith LLP. Fundsmith LLP is authorised and regulated by the Financial INVESTMENT MANAGER FUNDSMITH LLP MARCH 2021FORM PRIVATE PLACEMENT MEMORANDUMSAMPLE PRIVATE PLACEMENT MEMORANDUMHEDGE FUND PRIVATE PLACEMENT MEMORANDUMPRIVATE PLACEMENT MEMORANDUM FUNDPRIVATE PLACEMENT MEMORANDUM COSTPRIVATE PLACEMENT MEMORANDUM PRIVATE EQ… 6 Fundsmith Equity Fund, L.P. 302771936 v8 Executive summary The Partnership is a Delaware limited partnership formed in February 2011. KEY INVESTOR INFORMATION Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. SHARE BUYBACKS FRIEND OR FOE? 4 Share Buybacks Friend or Foe? Fig. 3: Citi “ Share buyback a welcome surprise – the main highlight was the announcement of a �150m share buyback programme.

FUNDSMITH & FEES

Fundsmith & Fees. October 28 2010. As stated before, our main focus at Fundsmith is on producing superior investment returns. However, fees produce a major drag on returns over time. I founded Fundsmith to offer a high quality portfolio of resilient global growth companies which we hold for the long term and for which we charge a reasonable

fee

HOME ABOUT USFACTSHEETDOCUMENTSANALYSISNEWSTV Smith provides Insider with exclusive insight into his 4-step strategy for success. Investors Chronicle - Terry Smith talks big tech, fraud and ESG. December 17 2020 Dave Baxter. Terry Smith, Fundsmith's chief executive and chief investment officer, fields the IC's questions about his portfolio and some of the biggest investment trends of

today.

LOGIN - FUNDSMITH

If you invested online after 23.7.15 you may login to the My Account section opposite using the Username and Password chosen at the time of investment. All users with an online account prior to 23.7.15 (which required an Internet ID and PIN) will need to re-register here for FACTSHEET - FUNDSMITH Fundsmith LLP is authorised and regulated by the Financial Conduct Authority. It is entered on the Financial Conduct Authority's register under registered number 523102. Fundsmith LLP is a limited liability partnership registered in England and Wales with number OC354233. Its registered office address is 33 Cavendish Square, London, W1G 0PW. ABOUT US - FUNDSMITH About Fundsmith. Fundsmith is focused on delivering superior investment performance at a reasonable cost. It was established to be different from its peers so as to achieve a different result in line with Sir John Templeton’s axiom that “If you want to have a better performance than the crowd, you must do things differently from the

crowd.”

NEWS - FUNDSMITH

I think it’s always good to look at the definition of the words we are being asked to accept. For example: turmoil, noun: a state of great disturbance, confusion, or uncertainty . synonyms: confusion, upheaval (s), turbulence, tumult, disorder. CHANGE OF ADDRESS FORM � 2018 Fundsmith LLP. All rights reserved. This financial promotion is communicated by Fundsmith LLP. Fundsmith LLP is authorised and regulated by the Financial INVESTMENT MANAGER FUNDSMITH LLP MARCH 2021FORM PRIVATE PLACEMENT MEMORANDUMSAMPLE PRIVATE PLACEMENT MEMORANDUMHEDGE FUND PRIVATE PLACEMENT MEMORANDUMPRIVATE PLACEMENT MEMORANDUM FUNDPRIVATE PLACEMENT MEMORANDUM COSTPRIVATE PLACEMENT MEMORANDUM PRIVATE EQ… 6 Fundsmith Equity Fund, L.P. 302771936 v8 Executive summary The Partnership is a Delaware limited partnership formed in February 2011. KEY INVESTOR INFORMATION Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. SHARE BUYBACKS FRIEND OR FOE? 4 Share Buybacks Friend or Foe? Fig. 3: Citi “ Share buyback a welcome surprise – the main highlight was the announcement of a �150m share buyback programme.

FUNDSMITH & FEES

Fundsmith & Fees. October 28 2010. As stated before, our main focus at Fundsmith is on producing superior investment returns. However, fees produce a major drag on returns over time. I founded Fundsmith to offer a high quality portfolio of resilient global growth companies which we hold for the long term and for which we charge a reasonable

fee

NEWS - FUNDSMITH

You may have seen some media articles about a new fund that we have recently registered, the Fundsmith Long/Short Fund. The fund has been set-up to manage a portion of Terry’s assets that had hitherto been invested in bonds where yields are now near zero.

FUND FACTSHEET

The Fund is not managed with reference to any benchmark. Above are a number of comparisons of the Fund's performance: 1 Fundsmith Sustainable Equity Fund I Acc, total return, net of fees priced at midday UK time, in sterling. Inception 1st November 2017.

DOCUMENTS

These forms are for Corporate/Other Entities (e.g. Pensions, Private Companies, Trusts, Charities etc.) wishing to invest with Fundsmith. You must first complete the Account Opening Form and provide the required Anti-Money Laundering documents for us to review and process

your application.

LOGIN - FUNDSMITH

Fundsmith Partners US LLC manages a private investment fund exclusively for Qualified Investors. For more information please call Greville Ward on 203 594 1863 or email him at: gward@fundsmithus.com or fill in your details below and we will get back to you. Our address is 46 Southfield Ave, Suite 205, Stamford, CT 06902, USA.

FAQ - FUNDSMITH

Phone: 0330 123 1815. Email: enquiries@fundsmith.co.uk. Please note that telephone conversations may be recorded. Copies of telephone recordings and communications are available on request for a period of 5 years and, where requested by the FCA, for a period of up to 7

years.

FUNDSMITH SUSTAINABLE EQUITY FUND 6 Solar Power • PV Crystalox Solar (produces a component for solar power cells) – Shares lost 95.2% of their value since IPO in 2007. • Jetion (developed, produced and marketed solar cells and JANUARY 2021 DEAR FELLOW INVESTOR, 1 January 2021 Dear Fellow Investor, This is the eleventh annual letter to owners of the Fundsmith Equity Fund (‘Fund’). The table below shows performance figures for the last calendar year INVESTMENT MANAGER FUNDSMITH LLP MARCH 2021 6 Fundsmith Equity Fund, L.P. 302771936 v8 Executive summary The Partnership is a Delaware limited partnership formed in February 2011.

APPLICATION FORM

2 Application Form – Direct UK Investors Declaration By signing this form, (delete as appropriate): • The information given in this application form is correct to the best of knowledge and belief. • Payment has been effected as stated above. • the beneficial owners of this investment.* • accept that, in accordance with the money laundering

ISA TRANSFER FORM

1 ISA Transfer Form This form is for individuals wanting to transfer their ISA held with another manager to the Fundsmith ISA. • Please complete this form in ink using BLOCK CAPITALS. • Return the form to Fundsmith LLP, PO Box 10846, Chelmsford, CM99 2BW. • The Key Investor Information Documents and Supplementary Information Document, including the Fundsmith ISA Terms and Conditions contain

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INVEST NOW IN A FEW EASY STEPS Fundsmith Equity Fund T Class Acc Fundsmith Equity Fund T Class Inc Fundsmith Equity Fund T Class Acc * Fundsmith Equity Fund T Class Acc * Fundsmith Equity Fund T Class Inc Lump Sum (Debit Card)Minimum £1000 Monthly Payments (Direct Debit)Minimum £100 PCM

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OUR PROMISE

* No fees for performance

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Understand more of what we are trying to achieve Download the Owners Manual​

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------------------------- WHAT OUR CUSTOMERS SAY > “'The best investment I have made in about 36 years.” - Ron,

> Gloucestershire

> “You’ll have some of my money for life!” - Andy, Berkshire > “We continue to be very pleased with the life-changing returns > that we enjoy from our investments in Fundsmith” - Tim, Retired

> Investor

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LATEST NEWS

WHAT WE ARE SAYING

FUNDSMITH EQUITY FUND AWARDED AAA RATING BY SQUARE MILE RESEARCH

March 09 2021

Fundsmith Equity Fund, the fund founded by Terry Smith in 2010, has been awarded a AAA Rating by Square Mile Research. FUNDSMITH APPOINTMENT December 04 2020 Fundsmith Fundsmith LLP, the fund management company founded by Terry Smith, announces the appointment of Paul Mainwaring as Chief Financial

Officer.

Previous ArticleNext Article WHAT OTHERS ARE SAYING BUSINESS INSIDER - INVESTING LEGEND TERRY SMITH'S $30 BILLION EQUITY FUND RETURNED 440% TO INVESTORS OVER A DECADE December 28 2020 Kari McMahon A decade since launching a new equity fund, investing legend Terry Smith has amassed £23 billion assets under management and returned 440% to investors over that timeframe. Smith provides Insider with exclusive insight into his 4-step strategy for success. INVESTORS CHRONICLE - TERRY SMITH TALKS BIG TECH, FRAUD AND ESG December 17 2020 Dave Baxter Terry Smith, Fundsmith's chief executive and chief investment officer, fields the IC's questions about his portfolio and some of the biggest investment trends of today. He shares his views on China, the limits of ESG investment and some of the flagship fund's biggest

holdings.

Previous ArticleNext Article WHAT TERRY SMITH IS SAYING FINANCIAL TIMES - THERE ARE ONLY TWO TYPES OF INVESTORS July 02 2020 Terry Smith There is a lot to lose and little to gain from market timing I last wrote about the problems of so-called market timing in these pages in 2013 (Market timing: don't try this at home). With the Covid-19 pandemic dominating the news and recent volatility on world stock markets, you may have heard a lot about market timing again. FINANCIAL TIMES - NEVER LET A CRISIS GO TO WASTE April 30 2020 Terry Smith We now have a fully-fledged economic crisis caused by the reaction to the Covid-19 pandemic. What should you do about it in terms of

investment?

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MAKE A NEW INVESTMENT ------------------------- MANAGE YOUR ACCOUNT ON THE GO The Fundsmith mobile application provides investors in the Fundsmith Equity Fund quick access to manage their accounts on the move. RETIREMENT SAVINGS CALCULATOR Our Retirement Savings Calculator allows you to play with a number of saving scenarios to see whether your retirement pot will last from your retirement date until your estimated demise.

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� 2021 Fundsmith LLP. All rights reserved. The financial promotion on this Site is communicated by Fundsmith LLP. Fundsmith LLP is authorised and regulated by the Financial Conduct Authority. It is entered on the Financial Conduct Authority's register under registered number 523102. Fundsmith LLP is a limited liability partnership registered in England and Wales with number OC354233. Its registered office address is 33 Cavendish Square, London, W1G 0PW.

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