Crossing into Asia

PRESENTED BY Jacob Mitchell & Sunny Bangia, Co-Lead Portfolio Managers Antipodes Asia Fund, Antipodes Partners TeamClick to structure edit Master title style

Jacob Mitchell – CIO and Lead Portfolio Manager Andrew Findlay - Managing Director and CEO Alison Savas – Client Portfolio Manager Kieran Rabbitt - Investment Specialist Tyson Appadoo – Trader, North America and Europe Camilla Brookes Coffey - Corporate Affairs Manager Steve Sevier – Trader, Asia

Graham Hay - Portfolio Manager Hardware, Chris Connolly - Portfolio Manager Pinnacle Investment Management Industrials Andy Gibson - Senior Investment Analyst • Minority equity partner (23.5%) in Antipodes & Commodities Owen Scarrott - Investment/ESG Analyst Wesley Wise - Investment Analyst • ASX listed multi-affiliate investment services group Global Nick Cameron - Sector Head • >US$35 bn AUM across 16 specialist managers Healthcare Alex Diab - Investment Analyst3 • ~70 employees

Andrew Baud - Portfolio Manager • Offices in Sydney, Melbourne, Brisbane, London, James Rodda - Sector Head NYC Cleo Somers - Senior Investment Analyst Europe/North Simon Birrell - Senior Investment Analyst America • Institutional-grade infrastructure and support Vinayak Muralidharan - Investment Analyst CDS & SIM1 Leo Wang - Investment Analyst Michael Li - Investment Analyst3 Stuart Lucy - Investment Analyst3 Finance, HR & Distribution & Middle office Infrastructure2 Max Shramchenko - Sector Head IT Marketing services

Domestic Notes: Sunny Bangia - Portfolio Manager 1. CDS = Consumer, Christine Ong - Senior Investment Analyst Asia/EM Domestic Services; CDS & SIM1 John Stavliotis - Senior Investment Analyst SIM = Software, Internet, Ray Bisht - Investment Analyst Media Alice Wang - Investment Analyst3 Legal & Pooled fund 2. Infrastructure, Utilities, Compliance services Property and Quantitative Systems, Rameez Sadikot - Sector Head Telecommunications Macroeconomics Ryan Kennedy - Investment Analyst 3. Graduate Investment & Currency Shashank Bhatia - Investment Analyst Analyst

Crossing Into Asia | 2 OurClick philosophy to edit Master title style

A Pragmatic Approach

Manage Starting Business Portfolio portfolio valuation resilience returns risk

Margin of Safety Multiple ways of Limit Absolute returns in (Short, no MoS) Winning excess of the benchmark (Short, Losing) correlated alpha clusters Seek minimum to ~15% of portfolio over the investment cycle • Competitive dynamics 15% absolute return (typically 3-5 years) at • Product cycle AND below market levels of risk • Regulatory at least 10% better • Management/financial than relevant region/sector • Macro/Style

Crossing Into Asia | 3 GeopoliticalClick to edit Master risk driving title style domestic focus

Investment stimulus required for sustainable recovery

Stages of lockdown/recovery 1. Income stimulus, e-commerce, food delivery, DIY, WFH enablers, etc. 2. Reopening: local and domestic retail, entertainment and travel 3. Medium term • Infrastructure stimulus (e.g. EV/5G/Cloud, Europe embracing radical decarbonisation) • Strategic supply chain relocalisation (e.g. China close to global sole supplier in active pharma ingredients, rare earths) • China will pursue semiconductor independence at all costs

Crossing Into Asia | 4 GeopoliticalClick to edit Master risk driving title style domestic focus

Investment stimulus required for sustainable recovery

Life won’t automatically revert to pre COVID-19 status quo • Cost cutting leading to slower than expected recovery in employment/business travel/office demand • Travel/retail industry shakeout, look for omnichannel survivors that emerge stronger • House prices key, deflation would be painful • Zombification leading to lower returns, equity risk premium likely to stay high

Crossing Into Asia | 5 GeopoliticalClick to edit Master risk driving title style domestic focus

Investment stimulus required for sustainable recovery

Risks to recovery • US withdraws income stimulus prematurely (currently expires end of July) • Social discontent/populism continues to intensify/second wave -> swing to more socialist policies • Open-ended fiscal deficits/government debt in US, Southern Europe, Canada • China-US technology rivalry re-escalating -> stress test companies with large profit pools in both countries

Crossing Into Asia | 6 DeglobalisationClick to edit Master means title style greater need for domestic investment

Cost pressures may follow

3 • US inflation has been mostly seen in Tuition, school 2.75 services, housing and food fees, childcare 2.5 • Deglobalisation adds cost pressure to 2.25 Medical care 2 goods sector, which has seen constant 1.75 ~2% relative deflation since 1984 1.5 Price Food and beverages, housing, personal care • 20% of consumption spend today is at relative 1.25 to CPI services direct risk of these cost pressures (1984 = 1) 1

0.75 Vehicles, personal care • Governments will incentivise investment in 0.5 products, apparel, household furnishings onshore production capacity, but 0.25 producers or consumers will bear the cost

Source: BLS of foregone global labour arbitrage

Crossing Into Asia | 7 TradeClick to war edit is Master a fight title for style technology independence/supremacy

Escalation from here is binary for asset markets • China will pursue semiconductor independence at all • But, 6% of S&P market cap weighted revenue is derived costs, but catching-up is difficult from HK/China but much larger for some US multinationals (Apple 16%, Mastercard 15%, Intel 27%) • China is ~100% dependent on the West for critical semiconductor equipment (~50% from US), access is • Both sides appreciate “Mutually Assured Destruction”, essential to reduce reliance on imported chips but Trump’s next move if polls deteriorate further? 40% Chinese exports / GDP 250 Estimated Chinese 5.0% 35% semiconductor trade deficit 4.5% 30% 200 4.0% 25% 3.5% 20% 150 3.0% To rest of world 15% 2.5% 10% 100 2.0% 5% To US 1.5% 0% 50 1.0%

Source: OECD, US Census Bureau Source: Bloomberg USD $Bn (LHS) % GDP (RHS) Risk assess multinationals with large profit pools in both US and China Crossing Into Asia | 8 EconomiesClick to edit Masterable to title kick-start style investment will emerge stronger

Ballooning fiscal deficits

• Rapid deterioration in US/Southern European fiscal • Europe slowly progressing toward investment-led position stimulus and China spent just ~3%/GDP to stabilise; industrial activity near pre-COVID levels, property/auto • Sufficient goodwill for infrastructure stimulus in the sales stabilised due to pent-up demand US? Dems favour state bailouts, Reps tax cuts. 200% 2020E Government Debt/GDP (RHS) 150% 100% 50% 0% -5% -10% -15% 2020E Fiscal Deficit (LHS) -20% -25%

Source: UBS When does the bond market and USD react to open-ended fiscal deficits/govt debt?

Crossing Into Asia | 9 China:Click to Loweredit Master growth, title butstyle higher quality

Growth increasingly consumer led Contribution to GDP growth in China 100% Stock examples in this cluster 80%

• Alibaba, Ping An, Yum China 60%

40% Irrational extrapolation 20% • “China Discount” led by concerns around governance, misallocation of credit and 0% reliance on fixed asset investment to drive growth -20% -40% • Opaqueness of Chinese policy fuels “un-investable, black-box” narrative Consumption Investment Net exports Multiple ways of winning Source: Citi • Greater focus on health of the financial system. Prior excesses in shadow China’s share of global unicorn formation banking have been reigned in. A more conservative approach to stimulus in 40% 35% 2019/2020 places less pressure on govt balance sheet preserving future firepower. 35% 32% 29% 30% 28%

• Consumer is taking up the baton leading to a higher quality growth 25% • Digital Leader with China starting to selectively lead in high technology 20% innovation/capital formation 15% 12% 10%

• Modern housing stock ~250m units versus U.S. (~130m) despite 5x population. For 5% 0% China to reach 75% urbanisation (currently 55%) housing stock will rise by 50 per 0% cent. Source: Citi

Crossing Into Asia | 10 CorporateClick to edit leverage Master title remains style high, though stable

Households taking on more debt to support consumption growth

Debt to GDP (%) 300

250 Government 200 Household 150

100 Non-financial corporate 50

0

Source: Bank of International Settlements

Crossing Into Asia | 11 BarbellClick to editapproach Master to title consumption style in China

Opportunities at low AND high income brackets

GDP capita/$5,500 (8% CAGR) GDP capita/$16,000 (15% CAGR) Population pool = 1b Population pool = 340m

Second in size to India, but more The same size as the US! than 2x the income! Opportunities: Opportunities: Ping An Insurance JD.com JD.com Alibaba Alibaba Yum China Wuliangye

Source: China Statistical Yearbook

Crossing Into Asia | 12 eCommerceClick to edit Master backdrop: title style China versus US

China: more consolidated with online leaders dominating ALL players China US

Private consumption CAGR (09-19) 14% 4%

Total Retail Sales (2019) US$5.8tn US$3.6tn

5 Year Fwd CAGR 7% 3%

Online Retail Sales (2019) US$1.4tn US$586bn

5 Year Fwd CAGR 12% 12%

eCommerce penetration (2019) 24% 15%

Online market share (#1-#3) 62% / 20% / 9% 42% / 7% / 6%

Offline market share (#1-#3) 1.2% / 0.4% / 0.4% 14% / 5% / 4%

Scale of largest online/largest offline 14x 0.5x

Delivery cost per package ~US$1 ~US$7

Delivery cost trajectory 15% deflation 5% inflation

Source: Company data, Euromonitor, Goldman Sachs, eMarketer, Antipodes Partners Forecasts

Crossing Into Asia | 13 MarketClick to structureedit Master supportive title style of industry profit growth

Competition remains rational, three dominant differentiated players Online Online 2018 % of total retail sales per Total China eCommerce Spend (CNY billions) Tiers Total retail sales capita Popn (m) sales 2017 2018 2019 2020e 2021e 2022e 2023e 2024e 2025e RMB (bn) (RMB) 25,000 Tier 1 74 1,351 18,256 35% Tier 2 290 3,603 12,423 25% 20,000 Tier 3-5 467 3,152 6,750 22% Rural 564 901 1,597 16% Total 1,395 9,007 6,456 24% 15,000 • Chinese disposable income/retail sales growing faster than GDP led by discretionary spend 10,000 • Market growing 15% p.a., dominated by major players:

5,000 BABA • Low to high end 0 • Infinite shelf/massive selection US Online 12.9% 14.5% 16.0% 17.6% 19.3% 21.1% 22.9% 24.6% 26.2% • Ecosystem breadth China Online 19.6% 21.7% 23.9% 26.1% 28.4% 30.7% 33.2% 35.8% 38.5% Total Sales 32.5% 36.2% 39.9% 43.7% 47.7% 51.8% 56.1% 60.4% 64.7% JD BABA PDD JD Other Online • Mid-High end branded • Electronics, household, FMCG Source: National Bureau of Statistics, iResearch, Department of Commerce, US Census Bureau, Google Public Data, World Bank, Company data, Antipodes Partners

Crossing Into Asia | 14 Cluster: LeadersClick to edit in theMaster largest title onlinestyle retail market Online Services

Alibaba: Longer-term growth underestimated Alibaba v peers

Other stock examples in this cluster 90 Netflix 80 • DM: Facebook (note: we do not own Apple or Google) Amazon 70 • Asia/EM: Tencent, JD.com 60 50 Costco Irrational extrapolation 40 McDonalds Coke Hershey Nike Tencent 30 Facebook • Threat of new scale player following PDD’s success Walmart Alphabet Microsoft Alibaba P/E (2021e) P/E 20 Home Depot • Permanent loss of capital in ancillary businesses 10 J&J Apple Hanesbrands 0 Multiple ways of winning 0% 10% 20% 30% 40% 50% 3 Year EPS Growth (p.a.,%) • Competitive dynamics: >2x/15x the size of next largest online/offline Source: FactSet. players, low and falling delivery cost underpins ongoing penetration, Take Rate Benchmarking positioned to benefit from growth in social/discovery-based commerce 40% 35% Commission Advertising Logistics & Other Total • Product cycle: Recommendation feed significantly improves product 31% targeting but yet to be monetised/take rate has upside 30% 25% • Management: Long-term investment horizon 25% 23% 20% 8.8% • Regulatory: Relatively low, government supportive of areas of 10.3% 15% investment, take rates are low, cannot be accused of gouging 3.8% 11% 10% 2.5% 8.0% 6.3% 5.1% 4.8% 3.8% 3.1% • Macro/Style: Affordable growth; key risk, Chinese hard landing 12.0% 12.4% 5% 2.2% 8.9% 2.7% 2.7% 2.3% 2.7% 0.3% 1.8% 2.4% 1.1% 2.8% 2.7% Margin of safety 0% • 23x PE, ~25% earnings growth Source: Company data, Antipodes Partners forecasts

Crossing Into Asia | 15 Cluster: Consumer LeadingClick to edit consumer Master title franchises style Defensive

Yum China: long runway for growth in lower tier cities Yum China v Staples by Region Other stock examples in this cluster 40 EM Asia 35 • Alibaba, JD.com, Ping An Insurance 30 Western… Yum China 25 Irrational extrapolation Japan/Ko… 20 • Concerns regarding Chinese economy 15 North …

10

Multiple ways of winning (2021e) PE 5 • Competitive dynamics: largest operator with superior quality to 0 local operators but at similar price point; investments in 0% 5% 10% 15% 20% digital/delivery increase customer lock 3Y EPS growth estimate (p.a.) • Product cycle: leading brand in upper and lower tier cities with Source: FactSet. significant opportunity for growth in lower tier cities. Chain KFC outlets per million relative to GDP/capita (USD) and population restaurant penetration 5% in China versus 65% in US. pool 10 Philippines: Jollibee (105m) • Management: good stewards of capital; stock buyback c.$500m p.a. 8 Thailand (70m) China Tier 4 (60m) • Macro/style: affordable quality; key risk, Chinese hard landing 6 China Tier 5 (53m) Margin of safety 4 Indonesia (260m) China Tier 6 (321m) • 24.5x PE ex cash, ~ 10% earnings growth with 7.5% market cap 2 Vietnam: Lotteria (96m) China Tier 7 (300m) in cash per million Outlets China Tier 8 (285m) 0 - 2,000 4,000 6,000 8,000 10,000 GDP/capita (USD) Source: China Statistical Yearbook, Company data Crossing Into Asia | 16 Cluster: SamsungClick to edit Electronics Master title style Connectivity/Compute

World class innovation in high barrier to entry segments Connectivity/Computer cluster Other examples in this cluster 75 • TSMC Software Internet 60 Irrational extrapolation 45 Hardware • “Korean Discount” Staples 30 • Memory demand remains highly cyclical 15 Multiple ways of winning (2021e) PE Portfolio 0 • Competitive dynamics: Memory industry now highly 5% 10% 15% 20% 25% consolidated 3Y EPS growth estimate (p.a.) • Product cycle: Samsung lead in important high-end memory Source: FactSet. Portfolio is Global Fund weighted connectivity/compute cluster positions. Other sectors are applications – server and automotive market cap weighted universe positions • Management: Renewed focus on shareholder outcomes, Memory - DRAM committing 50% of free cashflow to be returned to shareholders 200% 200% • Macro/style: Affordable quality 150% 150% Margin of safety 100% 100% • 1.4x book value, cash and investments ~ 60% of mkt cap 50% 50% • At 4.4x EBITDA, shares are discounting sharp downcycle in 0% 0% memory -50% -50%

-100% -100%

Units y/y ASPs y/y Revenues- RHS Source: Semiconductor Industry Association Crossing Into Asia | 17 MultipleClick to edit dispersion Master title approaching style dot-com bubble extremes

Investment stimulus can change the narrative away from paying any price for growth

Global sector-neutral multiple dispersion (z-score)

0.9

0.4

-0.1

-0.6

-1.1

Source: FactSet, Antipodes * High to low multiple quintiles are determined by the Antipodes Value score, a composite of point-in-time multiples and world relative z-scores ** Forward PE, cyclically adjusted PE, cyclically adjusted EV/EBIT, EV/Sales and EV/Operating Capital Employed (including goodwill) for industrials, with EV based measures replaced with PB and cyclically adjusted P/Pre-provision profits for financials

Crossing Into Asia | 18 GlobalClick to factors:edit Master performance title style and valuation

Growth, Profitability & Momentum have rarely been more expensive

Global factor Composite valuation (30Y z-score) 2020 YTD1 2018-19 p.a. Inception p.a. 1 2010-19 p.a performance:* Value (25.7%) (5.9%) (4.1%) (0.3%) Expensive Growth 5.0% 8.4% 8.7% 0.6% Profitability 15.6% 10.2% 12.0% 5.0% Resilience 11.7% (2.0%) 1.8% (0.3%) Momentum (12m) 27.3% 4.0% 2.0% 4.9% Cheap Factors returns measure global price performance of the highest to lowest quintile (cheapest to most expensive for Value). 1 As at June 30th 2020. Inception date is July 2015.

25% High growth 15%

5% 58% -5% -15%

-25% Low multiple

-35% Factor valuations are a ratio of the median multiple of the highest to lowest quintile (cheapest to most expensive for Value), expressed as a z-score. Our approach to measuring multiples comprises an equal weighted *Cumulative price performance of long low multiple/high growth and short high composite of EV/CE, EV/Sales, forward PE and EV/normalised EBIT. multiple/low growth strategies. Common currency terms. Source: FactSet, Antipodes As at Jun 2020.

Crossing Into Asia | 19 CheapClick to exposure edit Master to title growth style and quality

Asia Long-Short

STYLE EXPOSURES - Percentile score of fully invested long and short books (50 = market median) 90 Above average 80 Below average 15Y EPS 8.7% p.a.* Cheap Net Debt /EBITDA 0.2x* 70 PE CY1 15.5x* 15Y EPS Net Debt / 7.3% p.a.* EBITDA 60 Expensive PE CY1 19x* 0.7x* 50 40 30 20 10 - Value Growth Leverage Long Short Market Median As at Jun 2020 Scores computed against global universe, MCAP > US$1.5b. A percentile score of 100 represents the highest Growth/Resilience/Value (cheap) characteristics relative to the market. Source: Antipodes Partners. *Denotes the median multiple, long term growth rate, and Net Debt/EBITDA of stocks with similar Value, Growth and Quality scores respectively.

Crossing Into Asia | 20 AntipodesClick to edit Asia Master Portfolio title style

Stage 1 Social commerce Dominant platforms Income JD.com Naver, Tencent Stimulus Alibaba Meituan

StageStage 2 2 Emerging consumer Wealthy consumer Yili Ping An ReopeningRe- Yum China Wuliangye opening

Stage 3 Cyclical franchises EV/5G/Cloud enablers Suofeiya TSMC Investment HDFC Bank MediaTek Stimulus KB Financial Samsung Electronics

Shorts Tail risk protection Cyclicals facing secular challenges Newcrest Defensives facing cyclical challenges

Crossing Into Asia | 21 AsiaClick Long-Shortto edit Master performance title style summary

8% 65% 6% 4% 45% 2% 25% 0% 5% -2% -15%

RETURN -4% -35% -6% -8% -55% -10% -75% CUMULATIVERETURN

Antipodes Asia Fund MSCI Asia ex Japan Net Index Cumulative Return (RHS) Performance to Jul 20 Annual performance Period Fund Benchmark1 Alpha Period Fund Benchmark1 Alpha Quarter to Date 3.9% 4.2% (0.2%) Year to date 0.1% 1.3% (1.2%) 1 Year 9.3% 7.9% 1.4% 2019 18.4% 18.3% 0.1% 3 Year p.a. 9.2% 8.4% 0.7% 2018 (2.5%) (4.9%) 2.4% 5 Year p.a. 10.5% 8.0% 2.5% 2017 24.2% 31.2% (7.0%) Inception p.a. 10.1% 7.5% 2.6% 2016 15.0% 5.9% 9.1% 2 2 Source:Inception Antipodes 62.9% 44.2% 18.6% 2015 (1.4%) (9.0%) 7.6% Past performance is not a reliable indicator of future performance. Performance based on gross returns in AUD, Jul-15 to Jul-20. 1 MSCI Asia ex Japan Net Index in AUD 2 Inception 1 July 2015

Crossing Into Asia | 22 ASXClick listedto edit offerings Master title style

Global Long-Short Global Long Listed Investment Company Active ETF (LIC) Antipodes Global Shares Antipodes Global Investment (Quoted Managed Fund) Company ASX: AGX1 ASX: APL

Global Diversification Proven Track Record Value-focused Access to 30+ global Strategy has delivered Investment Approach companies via a single 10.1% pa since Capital preservation trade inception1 focus

1 Source: Antipodes. Past performance is not a reliable indicator of future performance. Performance based on Global Long gross returns in AUD, Jul-15 to Jul-20. Inception 1 July 2015

Crossing Into Asia | 23 Appendix AsiaClick Long-Shortto edit Master portfolio title style clusters

Sector Long Short Net Long cluster examples Short cluster examples Global 25.1% (0.8%) 24.3% Industrials 4.8% (0.8%) 4.0% Honda, Komatsu Automation Oil/Natural gas 2.8% - 2.8% CNOOC, Inpex, JGC Healthcare 1.0% - 1.0% Ono Pharmaceutical Connectivity/Compute 16.6% - 16.6% Samsung Electronics, TSMC, MediaTek Software - - - Asia/EM Domestic 63.0% (2.4%) 60.6% Online services 24.0% - 24.0% Alibaba, Tencent Consumer defensive 21.4% - 21.4% Ping An, Yum China Chinese property developers with weak Consumer cyclical 12.9% (0.6%) 12.2% KB Financial, HDFC Bank balance sheets Gas utilities facing competitive and/or Telco/Infrastructure 4.8% (1.8%) 3.0% KT Corp regulatory headwinds Tail Risk Hedge 2.9% (5.8%) (2.9%) Newcrest Indices Total 91.1% (9.0%) 82.1%

As at Jun 2020

Crossing Into Asia | 25 AsiaClick Long-Shortto edit Master attribution title style summary

12 Month (Jul 20) Calendar YTD (Jul 20)

Performance Portfolio1 Benchmark2 Alpha Performance Portfolio1 Benchmark2 Alpha

Long 9.9% 7.9% 1.9% Long 0.3% 1.3% (1.0%) Short (0.1%) - (0.1%) Short 0.1% - 0.1% Currency/Other3 (0.4%) - (0.4%) Currency/Other3 (0.2%) - (0.2%) Total 9.3% 7.9% 1.4% Total 0.1% 1.3% (1.2%) Top Five Contribution to alpha4 Top Five Contribution to alpha4 Wuliangye 2.0% Wuliangye 1.6% JD.com 1.4% Meituan Dianping 1.3% Meituan Dianping 1.4% JD.com 1.2% MediaTek 1.0% MediaTek 0.6% GDS Holdings 1.0% GDS Holdings 0.6% Bottom Five Contribution to alpha4 Bottom Five Contribution to alpha4

Banco do Brasil (0.8%) ICICI Bank (1.1%) ICICI Bank (0.8%) KB Financial (0.9%) Grupo Lala (0.8%) CNOOC (0.9%) CNOOC (0.7%) Banco do Brasil (0.9%) Genting Malaysia (0.6%) HDFC Bank (0.6%)

1 Based on gross of fees returns to Jul-20 2 Benchmark for Asia Long-Short is the MSCI Asia ex Japan Net Index 3 Other offsets the impact of expenses, payables/receivables, cash flows and intraday trading, among other accounting elements 4 Contribution to alpha measures over/underperformance relative to the iShares MSCI All Country Asia (ex-Japan) ETF in AUD. Source: FactSet, Antipodes

Crossing Into Asia | 26 GlobalClick to Long-Shortedit Master title portfolio style clusters

Sector Long Short Net Long cluster examples Short cluster examples Global 44.4% (10.1%) 34.3% Industrials 12.1% (2.9%) 9.2% GE, Siemens, Honda, Continental Aerospace & automation roll-ups Oil/Natural gas 5.0% (1.5%) 3.5% ENI, Inpex, TechnipFMC Expensive oil Healthcare 12.0% (2.5%) 9.5% Merck, Roche, Gilead Weaker competitors Connectivity/compute 10.1% (1.9%) 8.2% Samsung Electronics, Qualcomm Weaker competitors Narrow feature-sets vulnerable to Software 5.1% (1.2%) 3.9% Microsoft, VMware platform competition NA/Europe Domestic 23.8% (5.9%) 17.9% Narrow feature sets vulnerable to Online services 5.0% (0.8%) 4.2% Facebook, Uber increasing competition Consumer defensive 3.8% (1.7%) 2.2% Coke, Pepsi Under investing brands Weaker competitors facing disruptive Consumer cyclical 9.2% (2.8%) 6.4% ING, UniCredit, Capital One pressures Infrastructure assets facing competitive Telco/infrastructure 5.7% (0.5%) 5.1% EDF and/or regulatory headwinds Asia/EM Domestic 21.3% (2.1%) 19.3% Narrow feature-sets vulnerable to Online services 8.4% (0.3%) 8.2% Alibaba, Tencent platform competition Consumer defensive 6.9% - 6.9% Ping An, Yum China Consumer cyclical 4.1% (0.3%) 3.8% KB Financial, HDFC Bank Infrastructure assets facing competitive Telco/infrastructure 1.9% (1.5%) 0.4% KT Corp and/or regulatory headwinds Tail Risk Hedge 3.5% (7.0%) (3.5%) Barrick Gold, Newcrest Indices Total 93.0% (25.0%) 68.0% As at Jun 2020

Crossing Into Asia | 27 GlobalClick to Long-Shortedit Master title performance style summary

8% 70% 6% 50% 4% 30% 2% 0% 10% -2% -10%

RETURN -4% -30% -6% -8% -50% -10% -70% CUMULATIVERETURN

Antipodes Global Fund MSCI AC World Net Index Cumulative Return (RHS) Performance to Jul 201 Annual performance1 Period Fund Benchmark2 Alpha Period Fund Benchmark2 Alpha Quarter to Date 0.2% 1.1% (0.9%) Year to date (5.3%) (3.2%) (2.1%) 1 Year (1.3%) 3.0% (4.3%) 2019 11.0% 26.8% (15.8%) 3 Year p.a. 5.4% 10.9% (5.5%) 2018 2.7% 0.6% 2.1% 5 Year p.a. 8.0% 7.9% 0.1% 2017 14.5% 14.8% (0.3%) Inception p.a. 9.0% 8.9% 0.1% 2016 19.2% 8.4% 10.8% Inception3 54.8% 54.3% 0.5% 20153 5.1% 0.5% 4.6% Source: Antipodes. Past performance is not a reliable indicator of future performance. Performance based on gross returns in AUD, Jul-15 to Jul-20. 1 MSCI All Country World Net Index in AUD 2 Inception 1 July 2015

Crossing Into Asia | 28 GlobalClick to Longedit Master portfolio title clustersstyle

Sector Long Long cluster examples Global 42.9% Industrials 11.8% GE, Siemens, Continental, Honda Oil/Natural gas 4.7% ENI, Inpex, Technip Healthcare 11.8% Merck, Roche, Sanofi Connectivity/compute 9.4% Samsung Electronics, Qualcomm Software 5.1% Microsoft, VMware NA/Europe Domestic 22.7% Online services 4.6% Facebook, Uber Consumer defensive 3.8% Coke, Pepsi Consumer cyclical 8.8% ING, UniCredit, Capital One, Tapestry Telco/Infrastructure 5.5% EDF Asia/EM Domestic 20.8% Online services 8.4% Alibaba, Tencent Consumer defensive 6.8% Ping An, Yum China Consumer cyclical 3.8% KB Financial, HDFC Bank Telco/infrastructure 1.9% KT Corp Tail Risk Hedge 4.1% Barrick Gold, Newcrest Total 90.5%

As at Jun 2020

Crossing Into Asia | 29 GlobalClick to Longedit Master performance title style summary

9% 80% 7% 60% 5% 40% 3% 1% 20% -1% 0% -3% -20%

RETURN -5% -40% -7% -9% -60% -11% -80% CUMULATIVERETURN

Antipodes Global Fund - Long MSCI AC World Net Index Cumulative Return (RHS) Performance to Jul 20 Annual performance Period Fund Benchmark1 Alpha ACWI Value2 Period3 Fund Benchmark1 Alpha ACWI Value2 Quarter to Date 0.9% 1.1% (0.2%) (1.1%) Year to date (6.3%) (3.2%) (3.0%) (17.0%) 1 Year (1.0%) 3.0% (4.0%) (12.3%) 2019 18.7% 26.8% (8.1%) 20.8% 3 Year p.a. 7.2% 10.9% (3.6%) 2.7% 2018 (0.2%) 0.6% (0.9%) (0.9%) 5 Year p.a. 9.2% 7.9% 1.3% 3.0% 2017 21.8% 14.8% 7.0% 9.5% Inception p.a. 10.1% 8.9% 1.2% 3.9% 2016 17.3% 8.4% 8.9% 13.1% Inception3 63.0% 54.3% 8.7% 21.3% 20153 2.8% 0.5% 2.3% (1.4%) Source: Antipodes. Past performance is not a reliable indicator of future performance. Performance based on gross returns in AUD, Jul-15 to Jul-20. 1 MSCI All Country World Net Index in AUD 2 MSCI All Country World Value Index (Net div., AUD) 3 Inception 1 July 2015

Crossing Into Asia | 30 DisclaimerClick to edit Master title style

This communication has been prepared by Antipodes Partners Limited (‘Antipodes Partners’, ‘Antipodes’) ABN 29 602 042 035 AFSL 481580.

Interests in the Antipodes Global Fund (ARSN 087 719 515), Antipodes Global Fund – Long Only (ARSN 118 075 764) and Antipodes Asia Fund (ARSN 096 451 393) (‘Funds’) are issued by Pinnacle Fund Services Limited, ABN 29 082 494 362, AFSL 238371. Antipodes Partners is the investment manager of the Funds. The Product Disclosure Statements (‘PDS’) for the Funds are available at www.antipodespartners.com/funds. Any potential investor should consider the relevant PDS in deciding whether to acquire or continue to hold units in a fund. The issuer is not licensed to provide financial product advice. Please consult your financial adviser before making a decision to invest in a fund.

Antipodes Partners and Pinnacle Fund Services Limited believe the information contained in this communication is reliable, however no warranty is given as to its accuracy and persons relying on this information do so at their own risk. Any opinions or forecasts reflect the judgment and assumptions of Antipodes Partners and its representatives on the basis of information at the date of publication and may later change without notice. The information is not intended as a securities recommendation or statement of opinion intended to influence a person or persons in making a decision in relation to investment. This communication is for general information only. It has been prepared without taking account of any person’s objectives, financial situation or needs. Any persons relying on this information should obtain professional advice before doing so. Past performance is not a reliable indicator of future performance. Unless otherwise specified, all amounts are in Australian Dollars (AUD).

To the extent permitted by law, Antipodes Partners and Pinnacle Fund Services Limited disclaim all liability to any person relying on the information in respect of any loss or damage (including consequential loss or damage) however caused, which may be suffered or arise directly or indirectly in respect of such information contained in this communication.

The information contained in this communication is not to be disclosed in whole or part or used by any other party without the prior written consent of Antipodes Partners. Antipodes Partners and their associates may have interests in financial products mentioned in this communication.

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