FPA Crescent Fund

FPACX*

First Quarter 2015

Webcast Presentation

Presented by: Contrarian Value Team

*Charles Schwab Ticker: FPC1Z Fir

st Paci

fic Ad

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, LLC

Absolute Return Focus

Flexible Approach

Deep Research

Philosophy

1

Seek long-term, equity-like returns with less risk than the stock market while avoiding

permanent impairment of capital

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Performance

2

Average Annual Total Returns as of March 31, 2015 for FPA Crescent

1 Year, 4.67% 5 Years, 9.73% 10 Years, 8.17%

* Source: Morningstar. Source: Morningstar. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. The

return shown is at net asset value (NAV) and does not reflect the deduction of the sales charge, which if reflected, would reduce the performance shown. Please refer to the back

of the presentation for full disclosure information. Total return calculations are based on a $10,000 investment. This data represents past performance and investors should

understand that investment returns and principal values fluctuate, so that when you redeem your investment it may be worth more or less than its original cost. Current month-end

performance data may be obtained by calling toll-free, 1-800-982-4372. Expense ratio as of most recent prospectus is 1.26%. A redemption fee of 2% may apply. The Fund

commenced investment operations on June 2, 1993. The performance shown for periods prior to March 1, 1996 reflects the historical performance of a predecessor fund. FPA

assumed control of the predecessor fund on March 1, 1996. The FPA Crescent Fund's objectives, policies, guidelines and restrictions are, in all material respects, equivalent to

those of the predecessor fund.

FPA Crescent S&P 500

60% S&P 500/

40% Barclays

Aggregate

Annualized returns* 10.87% 9.32% 8.20%

Standard deviation 10.18% 14.76% 9.03%

Sharpe ratio 0.58 0.29 0.35

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

$90,000

$100,000

1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015

FPACX $95,195

S&P 500 $69,924

60% S&P 500/

40% BC Agg $55,813

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Performance

3

Yearly Performance (%)2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003

FPA Crescent 6.64 21.95 10.33 3.02 12.04 28.37 -20.55 6.84 12.43 10.83 10.21 26.15

S&P 500 13.69 32.39 16.00 2.11 15.06 26.46 -37.00 5.49 15.79 4.91 10.88 28.68

CPI 0.68 1.53 1.77 3.03 1.44 2.81 -0.02 4.11 2.52 3.34 3.34 2.04

60% S&P500/40% BC Agg 10.62 17.56 11.31 4.69 12.13 18.40 -22.06 6.22 11.12 4.00 8.30 18.48

Performance is annualized for periods exceeding 1 Year. Past performance is not a guarantee of future results. Calculated using Morningstar Direct.

Expense ratio as of the most recent prospectus is 1.23%.

*The Fund commenced investment operations on June 2, 1993. The performance shown for periods prior to March 1, 1996 reflects the historical performance of a predecessor

fund. FPA assumed control of the predecessor fund on March 1, 1996. The FPA Crescent Fund's objectives, policies, guidelines and restrictions are, in all material respects,

equivalent to those of the predecessor fund.

S&P 500 Index includes a representative sample of 500 leading companies in leading industries of the U.S. economy. The index focuses on the large-cap segment of the market,

with over 80% coverage of U.S. equities, but is also considered a proxy for the total market. CPI is a measure that examines the weighted average of prices of a basket of

consumer goods and services, such as transportation, food and medical care. The CPI is calculated by taking price changes for each item in the predetermined basket of goods

and averaging them; the goods are weighted according to their importance. 60% S&P500/40% Barclays Aggregate Index is a hypothetical combination of unmanaged indices

comprised of 60% S&P 500 Index and 40% Barclays Aggregate Index, the Fund's neutral mix of 60% stocks and 40% bonds.

Market Cycle Performance reflects two most recent market cycles (peak to peak) defined as a period that contains a decline of at least 15% from the previous market peak over at

least a two-month period and a rebound to establish a new peak above the previous one by S&P 500 Index.

This presentation is for informational purposes only and does not constitute an offer of securities nor the solicitation for purchase or sale of any securities.

This presentation is confidential and is not intended for public use or distribution. The information presented may not be reproduced or distributed without prior written consent of

First Pacific Advisors, LLC (FPA). Certain information contained herein has been obtained from third parties and is believed to be reliable; however, FPA assumes no responsibility for the accuracy of the information.

Past performance is no guarantee of future results and current performance may be higher or lower than performance shown. This data represents past performance and

investors should understand that investment returns and principal values fluctuate, so that when you redeem your investment it may be worth more or less than its original cost.

Current month-end performance data may be obtained by calling toll-free, 1-800-982-4372.

Trailing Performance (%) Market Cycle Performance As of Date: 3/31/2015 Inception* 15 Years 10 Years 5 Years 3 Years 1 Year YTD 3/25/00-10/9/07 10/10/07-3/31/15

FPA Crescent 10.87 10.93 8.17 9.73 10.45 4.67 0.15 14.70 7.07

S&P 500 9.32 4.15 8.01 14.47 16.11 12.73 0.95 2.00 6.09

CPI 2.28 2.16 2.02 1.64 0.99 -0.02 -0.23 2.75 1.65

60% S&P500/40% BC Agg 8.20 5.07 7.06 10.60 10.88 10.00 1.30 4.70 6.27

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Market cycle returns

4

Annualized

Return

Max

Drawdown

Annualized

Return

Max

Drawdown

FPA Crescent Fund

(Average liquidity = 29.50%)1 14.70% -10.94%

FPA Crescent Fund

(Average liquidity = 30.80%)1 7.07% -28.84%

S&P 500 Index 2.00% -44.73% S&P 500 Index 6.09% -50.95%

60% S&P 500 / 40% BC Agg. 4.70% -22.82% 60% S&P 500 / 40% BC Agg. 6.27% -32.54%

Market Cycle Performance reflects two most recent market cycles (peak to peak) defined as a period that contains a decline of at least 15% from the previous market

peak over at least a two-month period and a rebound to establish a new peak above the previous one by S&P 500 Index.

1 We make a distinction between cash and liquidity, although we sometimes use them interchangeably. Cash includes the cash received from securities sold short and,

as a result, can appear to overstate the cash balance. Therefore, we believe liquidity, which nets that out, is the more appropriate measure. Past performance is no

guarantee of future result.

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

FPACX S&P 500

3/25/2000 10/9/2007 10/10/2007 3/31/2015

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

FPACX S&P 500

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Q1 2015: Winners and Losers

5

Based on weighted contribution to quarterly performance of the Fund. Percentage of portfolio as of March 31, 2015.

As of March 31, 2015. Portfolio composition will change due to ongoing management of the Fund. References to specific securities or sectors should not be construed as recommendations by the

Fund, its Advisor or Distributor. The discussions of Fund investments represent the views of the Fund's managers at the time of each report and are subject to change without notice. These views may

not be relied upon as investment advice or as an indication of trading intent on behalf of any First Pacific Advisors portfolio. Security examples featured are samples for presentation purposes and are

intended to illustrate our investment philosophy and its application. It should not be assumed that most recommendations made in the future will be profitable or will equal the performance of the

securities.

Past performance is not a guarantee of future results. Please refer to the back of the presentation for full disclosure information.

Winners Performance

Contribution

Percent of

Portfolio

Losers Performance

Contribution

Percent of

Portfolio

Naspers 0.35% 2.32% Tencent -0.54% -2.27%

TE Connectivity 0.27% 2.24% Microsoft -0.35% 2.96%

CVS 0.20% 2.14% Alcoa -0.27% 1.24%

Thermo Fisher Scientific 0.14% 2.14% Oracle -0.15% 3.72%

Alibaba 0.14% -0.56% Bank of America -0.13% 0.93%

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Portfolio characteristics

6

FPACX

Q1 2015

FPACX

Average

S&P 500

Market Capitalization (in millions)1 $95,856 $27,312 $133,980

Price/Earnings2 19.4 16.6 19.8

Price/Book3 1.9 1.7 2.9

Debt/Capital4 -5.0% 9.1% 51.2%

Return on Equity5 13.9% 12.8% 18.7%

Source: FPA and Mellon

1 For Crescent Fund since 9/30/1996, based on earliest data. Market capitalization is the value of a corporation as determined by the market price of its issued and outstanding

common stock. It is calculated by multiplying the number of outstanding shares by the current market price of a share. 2 P/E and average P/E reflect the trailing 12 months, since 3/31/1999, based on earliest data. Price/Earnings ratio (P/E) is the price of a stock divided by its earnings per share. 3 Average since 9/30/1996, based on earliest data. Price/Book ratio is the current closing price of the stock by the latest quarters book value per share. 4 Average since 12/31/1997, based on earliest data. Debt/Total Capital for a fund's underlying stock holdings is calculated by dividing each security's long-term debt by its total

capitalization (the sum of common equity plus preferred equity and long-term debt) and is a measure of the company's financial leverage. 5 Average since 3/31/1999, based on earliest data. Return on Equity is the amount of profit computed by dividing net income before taxes less preferred dividends by the value

of stockholders equity.

Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. This data represents past performance and

investors should understand that investment returns and principal values fluctuate, so that when you redeem your investment it may be worth more or less than its original

cost. Current month-end performance data may be obtained via http://www.fpafunds.com/crescent or by calling toll-free, 1-800-982-4372.

Fir

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Portfolio allocation

7

Risk Asset Q1 2015 Q4 2014 Q1 2014 Average

Common stock, long 55.8% 55.5% 53.1% 53.1%

Common stock, short -3.8% -4.2% -1.9% -4.8%

Corporate debt, long 1.8% 1.4% 0.6% 12.7%

Corporate debt, short 0.0% 0.0% 0.0% 0.0%

Mortgages 1.3% 1.4% 0.4% 0.5%

Other 0.6% 0.8% 1.4% 0.3%

Exposure, Net 55.7% 54.9% 53.6% 63.4%

No. of Equity Positions 51 51 50 38

Portfolio composition will change due to ongoing management of the Fund. References to specific securities or sectors should not be construed as recommendations by the

Fund, its Advisor or Distributor. The discussions of Fund investments represent the views of the Fund's managers at the time of each report and are subject to change without

notice. These views may not be relied upon as investment advice or as an indication of trading intent on behalf of any First Pacific Advisors portfolio. Security examples featured

are samples for presentation purposes and are intended to illustrate our investment philosophy and its application. It should not be assumed that most recommendations made in

the future will be profitable or will equal the performance of the securities. First P

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Length of S&P 500 bull market

8

Source: http::/1.bp.blogspot.com/-xBLEfg8gZBo/VQKJkLfy_rI/AAAAAAAAc8E/Ozyzgbn3LqI/s1600/SG%2B2015-03-13B.png

Past performance is no guarantee of future results and the index performance is not representative of the Crescent Fund. First P

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Government bond yields

9

Source: Bloomberg

Country 10-Year

Gov't Bond

United States 1.92%

Canada 1.43%

Brazil (USD) 4.12%

Colombia (USD) 3.43%

Mexico (USD) 3.20%

U.K. 1.65%

France 0.42%

Germany 0.15%

Italy 1.44%

Spain 1.38%

Portugal 1.96%

Sweden 0.33%

Netherlands 0.30%

Switzerland -0.16%

Greece 12.36%

Japan 0.28%

Australia 2.53%

New Zealand 3.36%

South Korea 2.30%

Average 2.23%

Average ex-Greece 1.67%

*As of April 24, 2015

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02

4

6

8

10

12

14

16

18

0

5

10

15

20

25

30

35

40

45

50

1881 1900 1919 1938 1957 1976 1995 2014

10

-Ye

ar U

S T

rea

su

ry N

ote

s

Pri

ce

-Ea

rnin

gs

Ra

tio

CAPE Price E10 Ratio Interest Rate

Historic P/E ratio using 10-year average earnings

Source: Shiller, Robert J. Online Data Robert Shiller, econ.yale.edu/~shiller/data.htm, and Bloomberg. Data as of April 7, 2015. P/E or price-to-earnings is a

valuation ratio of a companys current share price compared to its per-share earnings. Past performance is no guarantee of future results.

10

Apr. 7, 2015 P/E 10-Year UST

Current 26.8 1.9%

Since 1881 16.6 4.6%

Since 1930 17.5 5.1%

Since 1950 18.9 5.9%

Since 1970 19.5 6.7%

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Stock valuations are historically high

11

Source: http://1.bp.blogspot.com/-He-FUT80LBk/VRW9-GphrrI/AAAAAAAAdJA/IoWdjLLJYuU/s1600/PE-10%2BShort.png First P

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Operating margins

12

Source: http://www.yardeni.com/pub/sp500margin.pdf. Past performance is not a guarantee of future results and the index performance is not representative of

the Crescent Fund. First P

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Corporate profits

13

0%

2%

4%

6%

8%

10%

12%

1947 1952 1958 1963 1969 1974 1980 1986 1991 1997 2002 2008 2014

Pe

rce

nt

Corporate Profits After Tax / GDP

Source: Federal Reserve Bank of St. Louis. Data as of October 1, 2014. First P

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Transformation of the GE portfolio (2001 - Present)

14

Source: SG Cross Asset Research/Equity, GE presentation. As of 3/31/15, General Electric represented 1.02% of FPA Crescent Funds total net assets. Portfolio composition will change due to ongoing management of the Fund. References to specific securities or sectors should not be construed as

recommendations by the Fund, its Advisor or Distributor.

General Electric

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General Electric

15

Source: GE company reports. First P

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Source: FPA estimates

General Electric

GE - 3 year Outlook

Year 3

Earnings Multiple Share price

Excess

capital Value Return

Wall Street View $ 2.1 17.5 x $ 36.8 $ 6.0 $ 42.8 21.2%

$ 2.0 15.0 x $ 30.0 $ 6.0 $ 36.0 14.5%

$ 1.8 12.5 x $ 22.5 $ 6.0 $ 28.5 5.9%

Reasonable Worst Case $ 1.7 10.0 x $ 17.0 $ 6.0 $ 23.0 -1.4%

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17

General Electric

Scott Davis - Barclays Capital - Analyst

Congrats. This is big stuff and I know we have all given you a lot of crap

over the years but this is pretty good stuff for redemption. So thanks for

that. That's my best apology I can make, by the way. That's as good as I

can get. You can keep your job a little longer, I guess.

Anyways, I'm looking at slide 12 at the exit costs and the $23 billion impact.

I assume that if you had gains on any of the sales that would be a natural

offset to that. Is that a correct way to think about it?

Source: General Electric Co. Conference Call, April 10, 2015 First P

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For Institutional Use Only/Not for Public Use

Q & A

First P

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Disclaimer

19

These slides are intended as supplemental material to the 1st Quarter 2015 FPA Crescent audio presentation that is posted on our website fpafunds.com.

We do want to make sure you understand that the views expressed on these slides and in the accompanying audio presentation are as of today, April 30, 2015 and

are subject to change based on market and other conditions. These views may differ from other portfolio managers and analysts of the firm as a whole, and are not

intended to be a forecast of future events, a guarantee of future results or investment advice. Any mention of individual securities or sectors should not be construed

as a recommendation to purchase or sell such securities, and any information provided is not a sufficient basis upon which to make an investment decision. The

information provided does not constitute, and should not be construed as, an offer or solicitation with respect to any securities, products or services discussed.

Past performance is not a guarantee of future results. This data represents past performance and investors should understand that investment returns and

principal values fluctuate, so that when you redeem your investment it may be worth more or less than its original cost. Performance has been calculated

on a total return basis, which combines principal and dividend income changes for the periods shown. Principal changes are based on the difference

between the beginning and closing net asset values for the period and assume reinvestment of all dividends and distributions paid. All applicable

expenses such as advisory fees have been included in calculating performance. It should not be assumed that recommendations made in the future will be

profitable or will equal the performance of the security examples discussed. Current month-end performance data may be obtained by calling toll-free, 1-

800-982-4372.

You should consider the Funds investment objectives, risks, and charges and expenses carefully before you invest. The Prospectus details the Fund's objective and policies and other matters of interest to the prospective investor. Please read this Prospectus carefully

before investing. The Prospectus may be obtained by visiting the website at www.fpafunds.com, by email at crm@fpafunds.com, toll-free

by calling 1-800-982-4372 or by contacting the Fund in writing.

Statistics have been obtained from sources believed to be reliable, but the accuracy and completeness cannot be guaranteed. The Standard & Poor's 500 Stock Index

(S&P 500) is a capitalization-weighted index which covers industrial, utility, transportation and financial service companies, and represents approximately 75% of the

New York Stock Exchange (NYSE) capitalization and 30% of NYSE issues. This index is considered a measure of large capitalization stock performance. The index

does not reflect any commissions or fees which would be incurred by an investor purchasing the stocks it represents.

Investments in mutual funds carry risks and investors may lose principal value. Stock markets are volatile and can decline significantly in response to adverse issuer,

political, regulatory, market, or economic developments. The Fund may purchase foreign securities, including American Depository Receipts (ADRs) and other

depository receipts, which are subject to interest rate, currency exchange rate, economic and political risks; this may be enhanced when investing in emerging

markets. Small and mid cap stocks involve greater risks and they can fluctuate in price more than larger company stocks. Short-selling involves increased risks and

transaction costs. You risk paying more for a security than you received from its sale.

Interest rate risk is when interest rates go up, the value of fixed income securities, such as bonds, typically go down and investors may lose principal value. Credit risk

is the risk of loss of principal due to the issuers failure to repay a loan. Generally, the lower the quality rating of a security, the greater the risk that the issuer will fail to pay interest fully and return principal in a timely manner. If an issuer defaults the security may lose some or all of its value.

The return of principal in a bond investment is not guaranteed. Bonds have issuer, interest rate, inflation and credit risks. Lower rated bonds, callable bonds and other

types of debt obligations involve greater risks. Mortgage-backed securities and asset-backed securities are subject to prepayment risk and the risk of default on the

underlying mortgages or other assets.

The portfolio holdings as the most recent quarter end may be obtained at fpafunds.com/docs/funf-holdings/2015-03-crescent.pdf?sfvrsn=2.

The FPA Funds are distributed by UMB Distribution Services, LLC, 235 W. Galena Street, Milwaukee, WI, 53212.

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