Fundsmith’s annual letter to shareholders for 2018

Fundsmith equity fund is manufactured by Fundsmith LLP and represented in Malta by MeDirect Bank (Malta) plc.

Every January, Funsdmith publishes an annual letter to their shareholders. This letter reviews their investment strategy, performance, portfolio changes and other important issues at large which Fundsmith believe their shareholders should be aware of.

Please click here to read the letter sent by Terry Smith – CEO of Fundsmith LLP.

 


MeDirect Disclaimers:

This information has been accurately reproduced, as received from Fundsmith LLP. No information has been
omitted which would render the reproduced information inaccurate or misleading. This information is being distributed by MeDirect Bank (Malta) plc to its customers.

The information contained in this document is for general information purposes only and is not intended
to provide legal or other professional advice nor does it commit MeDirect Bank (Malta) plc to any obligation whatsoever. The information available in this document is not
intended to be a suggestion, recommendation or solicitation to buy, hold or sell, any securities and is not guaranteed as to accuracy or completeness.

The financial instruments discussed in the document may not be suitable for all investors and investors
must make their own informed decisions and seek their own advice regarding the appropriateness of investing in financial instruments or implementing strategies discussed herein.

If you invest in financial instruments you may lose some or all of the money you invest. The value of your
investment may go down as well as up. Any income you get from any such investment may also go down as well as up. The performance figures quoted refer to the past and past
performance is not a guarantee of future performance or a reliable guide to future performance. This product may be affected by changes in currency exchange rate movements
thereby affecting your investment return therefrom. A commission or sales fee may be charged at the time of the initial purchase for an investment and may be deducted from
the invested amount therefore lowering the size of your investment.

Any decision to invest should always be based upon the details contained in the Prospectus and Key Investor
Information Document (KIID), which may be obtained from the Distributor.

MeDirect Bank (Malta) plc. Company Registration number C34125, is licensed by the Malta Financial Services
Authority under the Banking Act (Cap. 371) and the Investment Services Act (Cap. 370).

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