Global Growth Quarterly Call Update June 30, 2021 We Are Active, Long-Term Investors in Leading Innovative Growth Businesses, Globally

Global Growth Quarterly Call Update June 30, 2021 We are active, long-term investors in leading innovative growth businesses, globally.

All-IN CULTURE INSIGHT-DRIVEN YEAR FOUNDED 1992 We are one team dedicated to one mission and one Businesses that can build a sustainable philosophy. As a fully independent and advantage are few and far between. To seek OWNERSHIP staff-owned firm, we attract and retain strong talent, them, we apply six criteria to separate signal Independent focus on long-term outcomes, and are highly aligned from noise, identify what matters most, and 100% Staff Owned with our clients’ interests. construct differentiated views on tomorrow’s businesses, today. AUM $77.6B

STAFF GLOBAL PERSPECTIVE WITH HIGH CONVICTION LOCAL UNDERSTANDING FOR HIGH IMPACT 162 Innovation-driven growth knows no geographic All our strategies concentrate investments in HEADQUARTERS boundaries. Neither does our research team. We are only our best ideas and avoid mediocrity. With Arlington, VA, USA hands on, on-the-ground, deeply immersed the intent to own businesses for five years or in the ecosystems in which our businesses operate. longer, we seek to create value for clients through the compounding of business growth over time.

All data is as of 6/30/2021.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · D137 2 What We Do With a singular focus on growth investing, we offer clients strategies that actively target leading public and private businesses across the growth spectrum.

GLOBAL LEADERS

30-50 public businesses Global opportunity set $3.9B AUM

SELECT GROWTH GLOBAL GROWTH

25-30 public businesses 30-50 public businesses Primarily U.S.-focused Global opportunity set $25.3B AUM $30.5B AUM

EMERGING MARKETS INTERNATIONAL GROWTH

30-50 public businesses 25-40 public businesses Emerging and frontier markets International opportunity set $15.2B AUM $107.6M AUM

PRIVATE GROWTH EQUITY TECHNOLOGY INNOVATORS FOCUS STRATEGIES

Global Private Growth Fund I - Fully invested 25-35 public businesses 5-20 public businesses Global Innovation I - Investing Global opportunity set Global opportunity set Global Innovation II - Investing $1.1B AUM $1.5B AUM VENTURE CAPITAL Life Sciences Pulse I - Investing Global Venture Fund I - Fully invested Life Sciences Pulse II - Investing Global Venture Fund II - Investing Global Venture Fund III - Investing

All data is as of 6/30/2021. The above figures represent total Assets Under Management for each public investment strategy listed. The Venture Capital and Growth Equity investment strategies are managed by Sands Capital Ventures, LLC, an affiliate of Sands Capital Management, LLC, and are only available to qualified investors. GIPS® Reports and additional disclosures for the related composites may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. References to “Sands Capital”, the “firm”, “we” or “our” are references to Sands Capital Management and its affiliates, collectively, including Sands Capital Ventures, LLC (“Sands Capital Ventures”), which is a registered investment adviser that provides private market investment strategies, including its Private Growth Strategy to its clients. Sands Capital Management seeks to adhere to the Global Investment Performance Standards (GIPS®) when reporting its investment performance results; however, Sands Capital Ventures does not.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · D137 3 Investment Strategy & Results Net Results (%) as of June 30, 2021

ANNUALIZED %

INCEPTION STRATEGY SINCE DATE ASSETS 2Q21 1 YEAR 3 YEAR 5 YEAR 10 YEAR INCEPTION

Select Growth 2/29/1992 $25.3B 10.9 47.4 29.6 29.7 20.1 14.1

Russell 1000 Growth Index 11.9 42.5 25.1 23.7 17.9 10.7

Value Added (bps) -100 490 450 600 220 340

Global Growth 12/31/2008 $30.5B 10.7 41.9 24.2 24.5 15.9 21.2

MSCI All Country World Index 7.4 39.3 14.6 14.6 9.9 11.9

Value Added (bps) 330 260 960 990 600 930

Emerging Markets Growth 12/31/2012 $15.2B 8.6 53.5 21.5 19.8 - 12.9

MSCI Emerging Markets Index 5.0 40.9 11.3 13.0 - 5.6

Value Added (bps) 360 1,260 1,020 680 - 730

Global Leaders 3/31/2017 $3.9B 9.4 34.8 20.5 - - 21.6

MSCI All Country World Index 7.4 39.3 14.6 - - 13.9

Value Added (bps) 200 -450 590 - - 770

International Growth 3/31/2018 $107.6M 10.3 47.7 32.1 - - 30.2

MSCI All Country World Index ex US 5.5 35.7 9.4 - - 7.7

Value Added (bps) 480 1,200 2,270 - - 2,250

Technology Innovators 12/31/2010 $1.1B 12.2 51.9 37.1 36.8 24.0 23.5

MSCI ACWI Info Tech and Communication Services Index 9.8 44.8 24.5 27.0 18.5 17.6

Value Added (bps) 240 710 1,260 980 550 590

The investment results shown are net of advisory fees and reflect the reinvestment of dividends and any other earnings. Investment results presented are that of the Tax-Exempt Institutional Equity Composite, Global Growth Equity Composite, Global Leaders Equity Composite, Emerging Markets Growth Composite, International Growth Equity Composite and Technology Innovators Equity Composite. GIPS® Reports and additional disclosures for the related composites may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Past performance is not indicative of future results.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · D137 4 Global Research Team RESEARCH ANALYSTS PORTFOLIO MANAGERS SELECT GROWTH GLOBAL GROWTH Frank Sands, CFA 2000* Brian Christiansen, CFA 2006 Sr. Portfolio Manager Sr. Portfolio Manager CONSUMER LIFE SCIENCES Wesley Johnston, CFA 2004 David Levanson, CFA 2002* Christina Hang 2018 Daniel Cheng 2013 Sr. Portfolio Manager Sr. Portfolio Manager Massimo Marolo, CFA 2018 Michael Ginder, CFA 2011 Michael Sramek, CFA 2001 Perry Williams, CFA 2004 Matthew Luneburg, CFA 2006 Jennifer Goldsmith, CFA 2013 Sr. Portfolio Manager Sr. Portfolio Manager Katherine Okon 2012* TECHNOLOGY Thomas Trentman, CFA 2005 Kumar Gautam 2020* Sr. Portfolio Manager GLOBAL LEADERS Judy Jiao, CFA 2015 Barron Martin, Jr., CFA 2008 Sunil Thakor, CFA 2004 EMERGING MARKETS GROWTH Sr. Portfolio Manager Daniel Pilling 2018 Thomas Rogers, CFA 2014 Brian Christiansen, CFA 2006 Michael Raab, CFA 2007 Sr. Portfolio Manager Portfolio Manager INDUSTRIALS Ashraf Haque 2008 FINANCIALS Eric Black 2013 Sr. Portfolio Manager Teeja Boye, CFA 2014 Brian Keegan, CFA 2011 Neil Kansari 2008 INTERNATIONAL GROWTH Jason Harden, CFA 2012 Sr. Portfolio Manager 2004 Danielle Menichella, CFA 2013 Ashraf Haque Sr. Portfolio Manager Sunil Thakor, CFA 2008 FOCUS STRATEGIES STEWARDSHIP Sr. Portfolio Manager Michael Sramek, CFA 2001 Brian Christiansen, CFA, Director of Stewardship Sr. Portfolio Manager Karin Riechenberg, Sr. ESG Analyst GLOBAL INNOVATION Michael Clarke 2011 Depth TECHNOLOGY INNOVATORS Managing Partner We know our businesses. With approximately 138 aggregate portfolio businesses and 47 Thomas Trentman, CFA 2005 Barron Martin, CFA 2008 investment professionals, our people dig deep for insights. Intimate knowledge of a small Sr. Portfolio Manager Managing Partner number of companies is more valuable than superficial knowledge of many companies. Emerson Bluhm, CFA 2010 Focus Portfolio Manager We’ve developed substantial domain knowledge in business spaces where innovation and 2011 VENTURE/PRIVATE GROWTH industry transformation are rampant. Domain experience enables us to recognize patterns, Michael Clarke Portfolio Manager Ian Ratcliffe 2016 identify analogues, and understand business models and ecosystems. Managing Partner Collaboration Michael Graninger 2018 All PM’s are analysts first. Together, they are integrally involved in every step of the research LIFE SCIENCES PULSE Partner process. Our organization is intentionally designed to encourage analysts to work in sectors, Stephen Zachary, PhD 2016 not within silos, reflecting the interconnected webs in which our businesses operate. Managing Partner All data is as of 6/30/2021. * Denotes year that staff member had re-joined Sands Capital. The Venture/Private Growth, Life Sciences Pulse, and Global Innovation investment strategies are managed by Sands Capital Ventures, LLC, an affiliate of Sands Capital Management, LLC, and are only available to qualified investors. References to “Sands Capital”, the “firm”, “we” or “our” are references to Sands Capital Management and its affiliates, collectively, including Sands Capital Ventures, LLC (“Sands Capital Ventures”), which is a registered investment adviser that provides private market investment strategies, including its Private Growth Strategy to its clients.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · D137 5 Power of Long-term Compounding Global Growth vs. MSCI All Country World Index Net Results for Period Ending June 30, 2021

Annualized Since Cumulative Since Inception1 Inception1 Portfolio 21.2 1,007.2 Benchmark 11.9 308.1 1200

1000

800

600

400

200

-200 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21

1Inception date is 12/31/2008. The investment results shown are net of advisory fees and reflect the reinvestment of dividends and any other earnings. The investment results are that of the Global Growth Equity Composite. GIPS® Reports and additional disclosures for the related composites may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Past performance is not indicative of future results. Source: SCM, MSCI.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · D137 6 RollingInvestment Results Global Growth vs. MSCI All Country World Index Net Results (%) as of June 30, 2021

Rolling 10 Years Rolling 7 Years 50 50

40 40

30 30

20 20

10 10 Net Net Composite Returns (%) Net Net Composite Returns (%) 0 % of Outperforming Periods: 100% 0 % of Outperforming Periods: 100% Average Annlzd Excess Return: 6.3% Average Annlzd Excess Return: 5.1% -10 -10 -10 0 10 20 30 40 50 -10 0 10 20 30 40 50 Benchmark Returns (%) Benchmark Returns (%)

Rolling 5 Years Rolling 3 Years 50 50

40 40

30 30

20 20

10 10 Net Net Composite Returns (%) 0 % of Outperforming Periods: 100% Net Composite Returns (%) 0 % of Outperforming Periods: 97% Average Annlzd Excess Return: 5.3% Average Annlzd Excess Return: 6.1% -10 -10 -10 0 10 20 30 40 50 -10 0 10 20 30 40 50 Benchmark Returns (%) Benchmark Returns (%)

Average annualized excess returns are calculated based on monthly rolling periods beginning 12/31/2008 (composite inception date). The investment results shown are net of advisory fees and reflect the reinvestment of dividends and any other earnings. Investment results are that of the Global Growth Equity Composite. GIPS® Reports and additional disclosures for the related composites may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Past performance is not indicative of future results. Source: SCM, MSCI.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · D137 7 Annualized Investment Results Global Growth vs. MSCI All Country World Index Net Results (%) as of June 30, 2021

Portfolio Benchmark

41.9 39.3

24.2 24.5 21.2

15.9 14.6 14.6 12.3 11.9 10.7 9.8 9.9 7.4

QTD YTD 1 Year 3 Years 5 Years 10 Years Since Inception

Inception date is 12/31/2008. Periods greater than one year are annualized. The investment results shown are net of advisory fees and reflect the reinvestment of dividends and any other earnings. The investment results are that of the Global Growth Equity Composite. GIPS® Reports and additional disclosures for the related composites may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Past performance is not indicative of future results. Source: SCM, MSCI.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · D137 8 Yearly & Cumulative Investment Results Global Growth vs. MSCI All Country World Index Net Results (%) as of June 30, 2021

RELATIVE VALUE CUMULATIVE VALUE PORTFOLIO BENCHMARK ADDED (BPS) ADDED (BPS) 2012 20.4 16.1 430 430 2013 27.9 22.8 510 1,130 2014 5.4 4.2 120 1,370 2015 0.4 -2.4 280 1,790 2016 0.5 7.9 -740 740 2017 38.9 24.0 1,490 3,350 2018 -2.8 -9.4 660 4,530 2019 30.7 26.6 410 6,630 2020 49.6 16.3 3,330 17,320 2021 9.8 12.3 -250 18,350 1Q -0.8 4.6 -540 15,780 2Q 10.7 7.4 330 18,350 Cumulative 10 year (6/30/11 - 6/30/21) 337.4 157.0 18,040 Annualized 10 Year 15.9 9.9 600

Inception date is 12/31/2008. The investment results shown are net of advisory fees and reflect the reinvestment of dividendsand any other earnings. The investment results are that of the Global Growth Equity Composite. GIPS® Reports and additional disclosures for the related composites may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Past performance is not indicative of future results. Source: SCM, MSCI.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · D137 9 Yearly Investment Results Global Growth vs. MSCI All Country World Index Net Results (%) as of June 30, 2021  Portfolio (%)  Benchmark  Value Added (bps) 100%

80%

60%

40%

20%

-20%

5,210

3,330

1,500 1,490 530 430 510 660 410 120 280

-250 -740

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · D137 10 Global Growth Portfolio Profile Summary Global Growth vs. MSCI All Country World Index As of June 30, 2021

COMPOSITION PORTFOLIO BENCHMARK REGION EXPOSURE (%) PORTFOLIO BENCHMARK ACTIVE WEIGHT

Number of Holdings 36 2,975 US/Canada 54.3 61.5 -7.2 Assets $26.5B n/a W. Europe 16.4 16.6 -0.2 Benchmark Holdings 85% n/a Developed Asia 13.7 8.9 4.8 Active Share 90% n/a Emerging Asia 9.8 10.2 -0.4 Trailing 12 mos. Turnover 18% n/a Latin America 2.6 1.1 1.5

Mid-East & Africa – 1.1 -1.1

E. Europe – 0.6 -0.6 CHARACTERISTICS PORTFOLIO BENCHMARK [Cash] 3.1 – 3.1 SCM Long-Term EPS Growth Estimate 46% n/a Consensus Long-Term EPS Growth Estimate 21% 17% Weighted Avg. Market Cap $287.9B $343.7B Median Market Cap $71.5B $13.1B Consensus Forward P/E - Next 12 mos. 46x 18x Dividend Yield 0.2% 1.7% SECTOR EXPOSURE (%) PORTFOLIO BENCHMARK ACTIVE WEIGHT

Information Technology 33.5 21.9 11.6

TOP 10 HOLDINGS WEIGHT (%) DATE PURCHASED Consumer Discretionary 25.6 12.8 12.8 Sea 6.5 Dec-19 Communication Services 18.1 9.4 8.7 ASML Holding 4.9 Jul-10 Health Care 11.7 11.6 0.1 Zalando 4.2 Oct-17 Industrials 3.6 9.9 -6.3 Visa 4.1 Dec-08 Financials 1.8 14.1 -12.3 Amazon 4.1 Oct-15 Materials 1.4 4.9 -3.5 Shopify 4.1 Feb-17 Consumer Staples 1.1 6.9 -5.8 Adyen 3.8 Jun-18 Energy – 3.4 -3.4 Alphabet 3.6 Dec-08 Real Estate – 2.6 -2.6 Nike 3.6 Nov-10 Utilities – 2.6 -2.6 Entain 3.5 Sep-19 [Cash] 3.1 – 3.1 Total 42.4

All values are that of the Global Growth Equity Composite. The companies illustrated above represent a sub-set of current holdings in the Global Growth Equity Composite and were selected based on the performance measures presented. Pricing obtained from IDC. Rounding may cause figures to vary from 100.0%. GIPS® Reports and additional disclosures for the related composites may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Source: SCM, MSCI.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336 11

Contribution Analysis: Quarter to Date Global Growth vs. MSCI All Country World Index Period Ending June 30, 2021

BEST PERFORMERS (%) TOP ABSOLUTE CONTRIBUTORS (%)

AVERAGE TOTAL ABSOLUTE RELATIVE AVERAGE TOTAL ABSOLUTE RELATIVE COMPANY GICS SECTOR COMPANY GICS SECTOR WEIGHT RETURN CONTRIB. CONTRIB. WEIGHT RETURN CONTRIB. CONTRIB.

DoorDash 1.2 36.0 0.5 0.5 Consumer Discretionary Sea 6.4 23.0 1.4 1.4 Communication Services Shopify 3.6 32.0 1.1 1.0 Information Technology Shopify 3.6 32.0 1.1 1.0 Information Technology Edwards Lifesciences 2.9 23.8 0.6 0.6 Health Care Zalando 4.0 23.0 0.9 0.9 Consumer Discretionary Illumina 2.2 23.2 0.5 0.5 Health Care Alphabet 3.7 19.5 0.7 0.3 Communication Services Sea 6.4 23.0 1.4 1.4 Communication Services ASML Holding 5.2 12.2 0.7 0.6 Information Technology

WORST PERFORMERS (%) TOP ABSOLUTE DETRACTORS (%)

AVERAGE TOTAL ABSOLUTE RELATIVE AVERAGE TOTAL ABSOLUTE RELATIVE COMPANY GICS SECTOR COMPANY GICS SECTOR WEIGHT RETURN CONTRIB. CONTRIB. WEIGHT RETURN CONTRIB. CONTRIB. iRhythm Technologies 0.9 -52.2 -0.9 -0.9 Health Care iRhythm Technologies 0.9 -52.2 -0.9 -0.9 Health Care CP All 1.2 -14.3 -0.2 -0.2 Consumer Staples CP All 1.2 -14.3 -0.2 -0.2 Consumer Staples Airports of Thailand 0.4 -9.8 -0.1 -0.1 Industrials Uber Technologies 2.1 -8.1 -0.2 -0.2 Industrials Uber Technologies 2.1 -8.1 -0.2 -0.2 Industrials Workday 2.7 -3.9 -0.1 -0.1 Information Technology Nihon M&A Center 1.8 -4.2 -0.1 -0.1 Industrials Airports of Thailand 0.4 -9.8 -0.1 -0.1 Industrials

Contribution and performance are calculated using end of day prices, and do not reflect actual purchase prices. This can affect the presentation of contribution and performance of IPOs and other transactions amid heightened volatility. Global Growth may participate in IPOs in eligible accounts and purchase additional shares in the secondary market. All values are that of the Global Growth Equity Composite. The companies illustrated above represent a sub-set of current holdings in the Global Growth Equity Composite and were selected based on the performance measures presented. Top and Bottom absolute contribution figures were calculated by multiplying the security's average weight by the security's return. The investments results shown are gross of advisory fees and reflect the reinvestment of dividends and any other earnings. The client's return will be reduced by these fees and expenses in addition to any other costs incurred in the management of the account. Pricing obtained from IDC. To receive a complete list of and description of the calculation methodology for the attribution analysis and complete list detailing each holding’s attribution please contact a member of the Client Relations Team at 703-562-4000. GIPS® Reports and additional disclosures for the related composites may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Past performance is not indicative of future results. Source: SCM, MSCI.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336 12

Attribution Analysis: Quarter to Date Global Growth vs. MSCI All Country World Index Period Ending June 30, 2021

 Total Effect  Selection Effect  Allocation Effect  Currency Effect

5.0 2.5

4.0 2.0 3.0 1.5 2.0 1.0 BY REGION (%) 1.0 0.5 0.0 0.0 - 1.0 -0.5 -2.0 -1.0

Total Developed Asia US/Canada W. Europe Mid-East & Africa E. Europe Latin America Emerging Asia Portfolio Weight (avg) 100.0 13.7 52.8 16.6 – – 2.6 10.9 Index Weight (avg) 100.0 9.3 60.9 16.9 1.1 0.6 1.1 10.2

Portfolio Return 10.9 15.9 12.0 14.6 – – 5.8 -0.5 Index Return 7.4 1.3 8.9 7.4 4.1 13.7 14.1 3.8 Relative Return 3.5 14.6 3.1 7.2 -4.1 -13.7 -8.3 -4.3

4.5 2.5

4.0 3.5 2.0 3.0 1.5 2.5 1.0 BY SECTOR (%) 2.0 1.5 0.5 (GICS Sectors) 1.0 0.5 0.0 0.0 -0.5 -0.5 - 1.0 -1.0

Consumer Information Communication Consumer Total Utilities Materials Health Care Real Estate Financials Energy Industrials Discretionary Technology Services Staples Portfolio Weight (avg) 100.0 24.5 33.3 18.3 – 1.4 11.6 – 2.0 – 1.2 4.4 Index Weight (avg) 100.0 12.6 21.3 9.4 2.8 5.1 11.4 2.6 14.4 3.4 6.9 10.0

Portfolio Return 10.9 14.5 12.9 13.5 – 16.0 9.4 – -2.5 – -14.3 -6.6 Index Return 7.4 5.9 10.5 8.0 -0.5 5.9 9.4 8.4 6.2 9.5 5.7 4.7 Relative Return 3.5 8.6 2.4 5.5 0.5 10.1 – -8.4 -8.7 -9.5 -20.0 -11.3

Contribution and performance are calculated using end of day prices, and do not reflect actual purchase prices. This can affect the presentation of contribution and performance of IPOs and other transactions amid heightened volatility. Global Growth may participate in IPOs in eligible accounts and purchase additional shares in the secondary market. All values are that of the Global Growth Equity Composite. The investments results shown are gross of advisory fees and reflect the reinvestment of dividends and any other earnings. The client's return will be reduced by these fees and expenses in addition to any other costs incurred in the management of the account. The attribution analysis approximates the gross excess returns of the portfolio and is calculated by the FactSet attribution model based on a “buy-and-hold” approach. Returns will not match actual performance because FactSet uses different exchange rate sources, the performance does not capture intra-day trading, and the analysis removes the impact of cash flows. Pricing obtained from IDC. To receive a complete list of and description of the calculation methodology for the attribution analysis and complete list detailing each holding’s attribution please contact a member of the Client Relations Team at 703-562-4000. GIPS® Reports and additional disclosures for the related composites may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Past performance is not indicative of future results. Source: SCM, MSCI.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336 13

Contribution Analysis: Year to Date Global Growth vs. MSCI All Country World Index Period Ending June 30, 2021

BEST PERFORMERS (%) TOP ABSOLUTE CONTRIBUTORS (%)

AVERAGE TOTAL ABSOLUTE RELATIVE AVERAGE TOTAL ABSOLUTE RELATIVE COMPANY GICS SECTOR COMPANY GICS SECTOR WEIGHT RETURN CONTRIB. CONTRIB. WEIGHT RETURN CONTRIB. CONTRIB.

Entain 3.3 55.6 1.4 1.4 Consumer Discretionary Sea 6.2 38.0 2.1 2.1 Communication Services ASML Holding 4.8 42.0 1.8 1.7 Information Technology ASML Holding 4.8 42.0 1.8 1.7 Information Technology Alphabet 3.4 40.9 1.2 0.5 Communication Services Entain 3.3 55.6 1.4 1.4 Consumer Discretionary Lam Research 2.9 38.4 1.0 0.9 Information Technology Alphabet 3.4 40.9 1.2 0.5 Communication Services Sea 6.2 38.0 2.1 2.1 Communication Services Lam Research 2.9 38.4 1.0 0.9 Information Technology

WORST PERFORMERS (%) TOP ABSOLUTE DETRACTORS (%)

AVERAGE TOTAL ABSOLUTE RELATIVE AVERAGE TOTAL ABSOLUTE RELATIVE COMPANY GICS SECTOR COMPANY GICS SECTOR WEIGHT RETURN CONTRIB. CONTRIB. WEIGHT RETURN CONTRIB. CONTRIB. iRhythm Technologies 1.5 -72.0 -2.1 -2.1 Health Care iRhythm Technologies 1.5 -72.0 -2.1 -2.1 Health Care Nihon M&A Center 1.9 -22.1 -0.6 -0.6 Industrials Nihon M&A Center 1.9 -22.1 -0.6 -0.6 Industrials Snowflake 0.9 -14.1 -0.1 -0.1 Information Technology Keyence 3.0 -9.9 -0.3 -0.3 Information Technology PeptiDream 0.4 -10.9 0.0 0.0 Health Care MercadoLibre 2.9 -7.0 -0.2 -0.2 Consumer Discretionary Keyence 3.0 -9.9 -0.3 -0.3 Information Technology Netflix 3.1 -2.3 -0.2 -0.1 Communication Services

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336 14

Attribution Analysis: Year to Date Global Growth vs. MSCI All Country World Index Period Ending June 30, 2021

 Total Effect  Selection Effect  Allocation Effect  Currency Effect

0.5 3.0

0.0 2.0

-0.5 1.0

- 1.0 0.0 BY REGION (%) - 1.5 -1.0

-2.0 -2.0

-2.5 -3.0

Total W. Europe Developed Asia E. Europe Mid-East & Africa Latin America Emerging Asia US/Canada Portfolio Weight (avg) 100.0 16.0 13.9 – – 2.9 11.3 52.8 Index Weight (avg) 100.0 16.8 9.6 0.6 1.1 1.1 10.6 60.3

Portfolio Return 10.4 24.5 9.9 – – -7.0 1.2 10.3 Index Return 12.3 11.7 3.9 14.5 16.9 7.2 6.0 15.0 Relative Return -1.9 12.8 6.0 -14.5 -16.9 -14.2 -4.8 -4.7

0.5 2.0

0.0 1.5 1.0 -0.5 0.5 BY SECTOR (%) - 1.0 0.0 -0.5 (GICS Sectors) - 1.5 -1.0 -2.0 -1.5 -2.5 -2.0

Communication Consumer Consumer Information Total Utilities Real Estate Materials Energy Financials Industrials Health Care Services Discretionary Staples Technology Portfolio Weight (avg) 100.0 17.7 24.5 – 1.2 32.8 – 1.4 – 2.0 4.8 12.4 Index Weight (avg) 100.0 9.4 12.8 2.8 7.0 21.4 2.6 5.0 3.3 14.2 9.9 11.5

Portfolio Return 10.4 23.8 12.5 – -2.3 13.2 – 6.4 – -4.9 -10.8 -0.3 Index Return 12.3 15.2 8.4 0.1 4.8 12.5 14.9 12.7 28.9 18.3 12.5 9.9 Relative Return -1.9 8.6 4.1 -0.1 -7.1 0.7 -14.9 -6.3 -28.9 -23.2 -23.3 -10.2

Contribution and performance are calculated using end of day prices, and do not reflect actual purchase prices. This can affect the presentation of contribution and performance of IPOs and other transactions amid heightened volatility. Global Growth may participate in IPOs in eligible accounts and purchase additional shares in the secondary market. All values are that of the Global Growth Equity Composite. The investments results shown are gross of advisory fees and reflect the reinvestment of dividends and any other earnings. The client's return will be reduced by these fees and expenses in addition to any other costs incurred in the management of the account. The attribution analysis approximates the gross excess returns of the portfolio and is calculated by the FactSet attribution model based on a “buy-and-hold” approach. Returns will not match actual performance because FactSet uses different exchange rate sources, the performance does not capture intra-day trading, and the analysis removes the impact of cash flows. Pricing obtained from IDC. To receive a complete list of and description of the calculation methodology for the attribution analysis and complete list detailing each holding’s attribution please contact a member of the Client Relations Team at 703-562-4000. GIPS® Reports and additional disclosures for the related composites may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Past performance is not indicative of future results. Source: SCM, MSCI.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336 15

Contribution Analysis: Trailing 1 Year Global Growth vs. MSCI All Country World Index Period Ending June 30, 2021

BEST PERFORMERS (%) TOP ABSOLUTE CONTRIBUTORS (%)

AVERAGE TOTAL ABSOLUTE RELATIVE AVERAGE TOTAL ABSOLUTE RELATIVE COMPANY GICS SECTOR COMPANY GICS SECTOR WEIGHT RETURN CONTRIB. CONTRIB. WEIGHT RETURN CONTRIB. CONTRIB.

Entain 2.6 163.5 2.8 2.7 Consumer Discretionary Sea 5.7 156.1 6.3 6.3 Communication Services Sea 5.7 156.1 6.3 6.3 Communication Services ASML Holding 4.5 88.8 3.2 3.0 Information Technology Align Technology 2.6 122.6 2.4 2.3 Health Care Entain 2.6 163.5 2.8 2.7 Consumer Discretionary Aptiv 2.1 101.9 1.7 1.6 Consumer Discretionary Zalando 4.0 71.5 2.6 2.6 Consumer Discretionary ASML Holding 4.5 88.8 3.2 3.0 Information Technology Align Technology 2.6 122.6 2.4 2.3 Health Care

WORST PERFORMERS (%) TOP ABSOLUTE DETRACTORS (%)

AVERAGE TOTAL ABSOLUTE RELATIVE AVERAGE TOTAL ABSOLUTE RELATIVE COMPANY GICS SECTOR COMPANY GICS SECTOR WEIGHT RETURN CONTRIB. CONTRIB. WEIGHT RETURN CONTRIB. CONTRIB. iRhythm Technologies 1.4 -68.2 -1.6 -1.6 Health Care iRhythm Technologies 1.4 -68.2 -1.6 -1.6 Health Care Galapagos 0.7 -49.5 -1.2 -1.2 Health Care Galapagos 0.7 -49.5 -1.2 -1.2 Health Care Bluebird Bio 0.4 -23.8 -0.2 -0.2 Health Care Regeneron Pharmaceuticals 1.0 -19.8 -0.6 -0.5 Health Care Regeneron Pharmaceuticals 1.0 -19.8 -0.6 -0.5 Health Care CP All 1.4 -13.3 -0.3 -0.3 Consumer Staples Sarepta Therapeutics 0.3 -18.6 -0.2 -0.2 Health Care Sarepta Therapeutics 0.3 -18.6 -0.2 -0.2 Health Care

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336 16

Attribution Analysis: Trailing 1 Year Global Growth vs. MSCI All Country World Index Period Ending June 30, 2021

 Total Effect  Selection Effect  Allocation Effect  Currency Effect

6.0 6.0

5.0 5.0 4.0 4.0 3.0 3.0 2.0 2.0 1.0 1.0 BY REGION (%) 0.0 0.0 - 1.0 -1.0 -2.0 -2.0 - 3.0 -3.0 -4.0 -4.0

Total W. Europe Developed Asia E. Europe Mid-East & Africa Latin America Emerging Asia US/Canada Portfolio Weight (avg) 100.0 15.6 13.8 – – 1.8 12.9 52.6 Index Weight (avg) 100.0 16.9 9.7 0.6 1.0 1.1 10.4 60.4

Portfolio Return 41.8 70.5 65.9 – – 21.1 26.9 34.6 Index Return 39.3 35.0 27.8 32.9 40.3 46.0 41.0 42.0 Relative Return 2.5 35.5 38.1 -32.9 -40.3 -24.9 -14.1 -7.4

5.0 5.0

4.0 4.0 3.0 3.0 2.0 2.0 BY SECTOR (%) 1.0 1.0 0.0 (GICS Sectors) -1.0 0.0 -2.0 - 1.0 -3.0 -2.0 -4.0

Communication Consumer Information Consumer Total Utilities Real Estate Energy Materials Industrials Financials Health Care Services Discretionary Technology Staples Portfolio Weight (avg) 100.0 17.0 23.6 31.1 – 1.4 – – 1.3 4.9 2.1 15.2 Index Weight (avg) 100.0 9.4 12.8 21.3 3.0 7.4 2.7 3.2 4.9 9.8 13.6 11.9

Portfolio Return 41.8 69.6 58.6 47.3 – -13.3 – – 80.2 29.0 43.1 6.5 Index Return 39.3 42.0 46.4 46.0 14.6 20.7 27.0 39.4 49.0 44.5 48.9 23.5 Relative Return 2.5 27.6 12.2 1.3 -14.6 -34.0 -27.0 -39.4 31.2 -15.5 -5.8 -17.0

Contribution and performance are calculated using end of day prices, and do not reflect actual purchase prices. This can affect the presentation of contribution and performance of IPOs and other transactions amid heightened volatility. Global Growth may participate in IPOs in eligible accounts and purchase additional shares in the secondary market. All values are that of the Global Growth Equity Composite. The investments results shown are gross of advisory fees and reflect the reinvestment of dividends and any other earnings. The client's return will be reduced by these fees and expenses in addition to any other costs incurred in the management of the account. The attribution analysis approximates the gross excess returns of the portfolio and is calculated by the FactSet attribution model based on a “buy-and-hold” approach. Returns will not match actual performance because FactSet uses different exchange rate sources, the performance does not capture intra-day trading, and the analysis removes the impact of cash flows. Pricing obtained from IDC. To receive a complete list of and description of the calculation methodology for the attribution analysis and complete list detailing each holding’s attribution please contact a member of the Client Relations Team at 703-562-4000. GIPS® Reports and additional disclosures for the related composites may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Past performance is not indicative of future results. Source: SCM, MSCI.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336 17

Contribution & Attribution Analysis: Trailing 3 Year Global Growth vs. MSCI All Country World Index Period Ending June 30, 2021

TOP ABSOLUTE CONTRIBUTORS (%) REGION ATTRIBUTION

ACTIVE RELATIVE TOTAL AVERAGE TOTAL ABSOLUTE RELATIVE REGION WEIGHT RETURN EFFECT COMPANY GICS SECTOR WEIGHT RETURN CONTRIB. CONTRIB. Developed Asia -0.1 237.4 18.4 W. Europe -5.1 152.2 18.3 Shopify 3.2 901.4 13.1 12.8 Information Technology US/Canada -5.7 23.2 13.6 Sea 2.3 636.2 10.8 10.8 Communication Services Latin America -0.7 -4.0 0.1 E. Europe -0.7 -27.4 0.0 ASML Holding 4.1 257.1 7.9 7.4 Information Technology Mid-East & Africa -0.6 -19.4 -0.3 Adyen 2.6 343.6 6.2 6.2 Information Technology Emerging Asia 9.5 -21.5 -4.4

Atlassian 2.6 310.8 6.1 6.1 Information Technology

SECTOR ATTRIBUTION

TOP ABSOLUTE DETRACTORS (%) ACTIVE RELATIVE TOTAL SECTOR WEIGHT RETURN EFFECT Information Technology 9.1 113.8 25.6 AVERAGE TOTAL ABSOLUTE RELATIVE COMPANY GICS SECTOR Communication Services 4.7 87.8 10.0 WEIGHT RETURN CONTRIB. CONTRIB. Energy -4.8 15.1 5.0 Financials -11.5 -17.1 2.6 Maruti Suzuki 1.5 -49.4 -3.0 -3.0 Consumer Discretionary Industrials -7.1 -4.9 1.4 ASOS 0.2 -52.3 -2.3 -2.3 Consumer Discretionary Materials -3.4 76.2 1.3 Real Estate -3.0 -24.8 0.8 Bluebird Bio 0.6 -61.2 -1.9 -1.9 Health Care Consumer Discretionary 15.0 8.3 0.6 Eicher Motors 0.6 -57.9 -1.6 -1.6 Consumer Discretionary Utilities -3.2 -26.7 0.4 Consumer Staples -5.8 -43.5 0.0 iRhythm Technologies 0.5 -68.2 -1.6 -1.6 Health Care Health Care 6.6 -20.2 -1.9

Contribution and performance are calculated using end of day prices, and do not reflect actual purchase prices. This can affect the presentation of contribution and performance of IPOs and other transactions amid heightened volatility. Global Growth may participate in IPOs in eligible accounts and purchase additional shares in the secondary market. All values are that of the Global Growth Equity Composite and were selected based on the performance measures presented. The investments results shown are gross of advisory fees and reflect the reinvestment of dividends and any other earnings. The client's return will be reduced by these fees and expenses in addition to any other costs incurred in the management of the account. Top and Bottom absolute contribution figures were calculated by multiplying the security's average weight by the security's return. The attribution analysis approximates the gross excess returns of the portfolio and is calculated by the FactSet attribution model based on a “buy-and-hold” approach. Returns will not match actual performance because FactSet uses different exchange rate sources, the performance does not capture intra- day trading, and the analysis removes the impact of cash flows. Pricing obtained from IDC. To receive a complete list of and description of the calculation methodology for the attribution analysis and complete list detailing each holding’s attribution please contact a member of the Client Relations Team at 703-562-4000. GIPS® Reports and additional disclosures for the related composites may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Past performance is not indicative of future results. Source: SCM, MSCI.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336 18

Contribution & Attribution Analysis: Trailing 5 Year Global Growth vs. MSCI All Country World Index Period Ending June 30, 2021

TOP ABSOLUTE CONTRIBUTORS (%) REGION ATTRIBUTION

ACTIVE RELATIVE TOTAL AVERAGE TOTAL ABSOLUTE RELATIVE REGION WEIGHT RETURN EFFECT COMPANY GICS SECTOR WEIGHT RETURN CONTRIB. CONTRIB. US/Canada -3.9 83.8 40.5 W. Europe -7.0 282.5 29.2 Shopify 2.5 2545.7 17.1 16.7 Information Technology Developed Asia -3.5 174.0 17.4 ASML Holding 3.9 624.0 14.2 13.6 Information Technology Emerging Asia 12.6 9.1 14.5 Mid-East & Africa 0.4 26.1 5.1 Amazon 4.4 380.7 13.5 9.8 Consumer Discretionary Latin America -1.0 -23.8 3.7 Alibaba 4.4 185.2 11.8 11.0 Consumer Discretionary E. Europe -0.7 -60.8 1.7

Visa 4.9 225.8 11.0 10.1 Information Technology

SECTOR ATTRIBUTION

TOP ABSOLUTE DETRACTORS (%) ACTIVE RELATIVE TOTAL SECTOR WEIGHT RETURN EFFECT Information Technology 6.3 292.7 35.8 AVERAGE TOTAL ABSOLUTE RELATIVE COMPANY GICS SECTOR Communication Services 4.6 251.4 23.1 WEIGHT RETURN CONTRIB. CONTRIB. Consumer Discretionary 18.7 56.2 21.9 Consumer Staples -5.4 6.2 9.5 Ono Pharmaceutical 0.4 -48.5 -4.6 -4.5 Health Care Energy -5.4 -5.3 7.5 Bluebird Bio 0.3 -61.2 -1.9 -1.9 Health Care Financials -11.4 10.9 5.5 Industrials -6.9 3.2 4.0 iRhythm Technologies 0.3 -68.2 -1.6 -1.6 Health Care Utilities -3.2 -35.8 3.3 Incyte 1.0 -25.2 -1.6 -1.6 Health Care Real Estate -3.0 -36.8 3.3 Materials -3.2 85.5 1.6 Under Armour 0.2 -54.9 -1.5 -1.5 Consumer Discretionary Health Care 5.6 -38.8 -4.8

Contribution and performance are calculated using end of day prices, and do not reflect actual purchase prices. This can affect the presentation of contribution and performance of IPOs and other transactions amid heightened volatility. Global Growth may participate in IPOs in eligible accounts and purchase additional shares in the secondary market. All values are that of the Global Growth Equity Composite and were selected based on the performance measures presented. The investments results shown are gross of advisory fees and reflect the reinvestment of dividends and any other earnings. The client's return will be reduced by these fees and expenses in addition to any other costs incurred in the management of the account. Top and Bottom absolute contribution figures were calculated by multiplying the security's average weight by the security's return. The attribution analysis approximates the gross excess returns of the portfolio and is calculated by the FactSet attribution model based on a “buy-and-hold” approach. Returns will not match actual performance because FactSet uses different exchange rate sources, the performance does not capture intra- day trading, and the analysis removes the impact of cash flows. Pricing obtained from IDC. To receive a complete list of and description of the calculation methodology for the attribution analysis and complete list detailing each holding’s attribution please contact a member of the Client Relations Team at 703-562-4000. GIPS® Reports and additional disclosures for the related composites may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Past performance is not indicative of future results. Source: SCM, MSCI.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336 19

Trailing Attribution Effects Global Growth vs. MSCI All Country World Index Period Ending June 30, 2021

 Total Effect  Selection Effect  Allocation Effect  Currency Effect

120.0 100.0 80.0 BY REGION (%) 60.0 40.0 20.0 0.0

-20.0 QTD YTD 1 Yr. 3 Yrs. 5 Yrs.

Portfolio Return 10.9 10.4 41.8 94.1 207.3 Index Return 7.4 12.3 39.3 50.4 97.8 Relative Return 3.5 -1.9 2.5 43.7 109.5

120.0 100.0 80.0 BY SECTOR (%) 60.0 (GICS Sectors) 40.0 20.0 0.0

-20.0 QTD YTD 1 Yr. 3 Yrs. 5 Yrs.

Contribution and performance are calculated using end of day prices, and do not reflect actual purchase prices. This can affect the presentation of contribution and performance of IPOs and other transactions amid heightened volatility. Global Growth may participate in IPOs in eligible accounts and purchase additional shares in the secondary market. All values are that of the Global Growth Equity Composite. The investments results shown are gross of advisory fees and reflect the reinvestment of dividends and any other earnings. The client's return will be reduced by these fees and expenses in addition to any other costs incurred in the management of the account. The attribution analysis approximates the gross excess returns of the portfolio and is calculated by the FactSet attribution model based on a “buy-and-hold” approach. Returns will not match actual performance because FactSet uses different exchange rate sources, the performance does not capture intra-day trading, and the analysis removes the impact of cash flows. Pricing obtained from IDC. To receive a complete list of and description of the calculation methodology for the attribution analysis and complete list detailing each holding’s attribution please contact a member of the Client Relations Team at 703-562-4000. GIPS® Reports and additional disclosures for the related composites may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Past performance is not indicative of future results. Source: SCM, MSCI.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336 20

Significant Transactions Global Growth Period Started January 1, 2021 and Ended June 30, 2021

PURCHASES SCM SECTOR SALES SCM SECTOR

1Q21 No Transactions for this period. Abiomed Life Sciences

Bluebird Bio Life Sciences

2Q21 No Transactions for this period. Airports of Thailand Industrials

PeptiDream Life Sciences

The securities identified represent new securities purchased and sold within the current and prior quarter but do not include weight changes. The list above does not include in progress purchase investment actions. Upon request, a complete list of securities purchased and sold in the Global Growth Equity Composite will be provided. It should not be assumed that these holdings were or will be profitable. GIPS® Reports and additional disclosures for the related composites may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336 21

Portfolio Holdings by Sector Global Growth vs. MSCI All Country World Index Period Ending June 30, 2021

SECTOR/COMPANY BUSINESS SPACE DOMICILE PORTFOLIO (%) BENCHMARK (%) OWNED SINCE

Communication Services 18.1 9.4 Alphabet Internet Search and Media U.S. 3.6 2.2 2008 Facebook Online Media U.S. 2.6 1.3 2012 Netflix Internet Video U.S. 3.0 0.4 2017 Sea1 Internet Software and Services Singapore 6.5 0.0 2019 Tencent 1 Internet Communications and Entertainment China 2.4 0.7 2018 Consumer Discretionary 25.6 12.7 Alibaba1 Internet Retail China 1.4 0.6 2014 Amazon Internet Retail and Infrastructure-as -a-Service U.S. 4.1 2.2 2015 Aptiv Automotive Technology U.S. 2.4 0.1 2019 DoorDash Restaurants and Food Retail U.S. 2.1 – 2020 Entain Integrated Casino Resort Development United Kingdom 3.5 0.0 2019 MercadoLibre Online Marketplace and Payment Service Argentina 2.6 0.1 2020 Nike Athletic Apparel and Footwear U.S. 3.6 0.3 2010 Titan Jewelry, Watch, and Eyewear Retail India 1.7 0.0 2013 Zalando Internet Retail Germany 4.2 0.0 2017 Consumer Staples 1.1 6.9 CP All Food Retail Thailand 1.1 0.0 Energy 3.4 Financials 1.8 14.1 Housing Development Finance Mortgage Financing and Financial Services India 1.8 0.1 2014 Health Care 11.7 11.6 Align Technology Medical Devices U.S. 2.9 0.1 2018 Dexcom Medical Devices U.S. 2.7 0.1 2020 Edwards Lifesciences Health Care Equipment and Supplies U.S. 3.0 0.1 2015 Illumina Genome Sequencing and Genotyping U.S. 2.4 0.1 2015 iRhythm Technologies Medical Devices U.S. 0.7 – 2020 Industrials 3.6 9.9 Nihon M&A Center M&A Advisory Services Japan 1.7 0.0 2020 Uber Technologies Personal Mobility, Food Delivery, and Freight U.S. 1.9 0.1 2020 Information Technology 33.5 21.9 Adyen Payment Processing Netherlands 3.8 0.1 2018 ASML Holding1 Semiconductors and Semiconductor Equipment Netherlands 4.9 0.4 2010 Atlassian Enterprise Software Australia 2.6 – 2018 Keyence Industrial Sensors and Controls Japan 3.0 0.1 2018 Lam Research Semiconductors and Semiconductor Equipment U.S. 3.0 0.1 2020 Okta Software-as-a-Service - IT Service Management U.S. 1.5 0.0 2019 Shopify Software-as-a-Service - Ecommerce Platforms Canada 4.1 0.2 2017 Snowflake Enterprise Software U.S. 1.3 0.0 2020 Twilio Computer Communications U.S. 1.6 0.1 2020 Visa Payment Processing U.S. 4.1 0.6 2008 Workday Enterprise Software U.S. 2.3 0.1 2014 Zoom Video Communications Enterprise Software U.S. 1.3 0.1 2019 Materials 1.4 4.9 Asian Paints Paints and Chemicals India 1.4 0.0 2011 Real Estate 2.6 Utilities 2.6 [Cash] 3.1

1 ADRs. Data presented is that of the Global Growth Equity Composite. The index represented will differ in characteristics, holdings, and sector weightings from that of the composite. Rounding may cause figures to vary from 100.0%. GIPS® Reports and additional disclosures for the related composites may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Source: Factset, SCM, MSCI.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336 22

Our Portfolio Our approach to investment research, portfolio construction, and risk management results in a portfolio of high-quality, leading growth businesses located around the world.

CANADA GERMANY

NETHERLANDS

JAPAN U.K.

CHINA U.S.

THAILAND

AUSTRALIA

INDIA ARGENTINA

SINGAPORE

Data shown is as of June 30, 2021. The above information is that of the Global Growth Equity Composite.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336 23

Appendix 1000 Wilson Boulevard Suite 3000 Arlington, VA 22209, USA 703.562.4000 sandscapital.com

The views expressed are the opinion of Sands Capital Management and are not intended as a forecast, a guarantee of future results, investment recommendations, or an offer to buy or sell any securities. The views expressed were current as of the date indicated and are subject to change. Past performance is not indicative of future results. Differences in account size, timing of transactions and market conditions prevailing at the time of investment may lead to different results, and clients may lose money. A company’s fundamentals or earnings growth is no guarantee that its share price will increase. Forward earnings projections are not predictors of stock price or investment performance, and do not represent past performance. Characteristics, sector exposure and holdings information are subject to change, and should not be considered as recommendations. The specific securities identified and described do not represent all of the securities purchased, sold, or recommended for advisory clients. There is no assurance that any securities discussed will remain in the portfolio or that securities sold have not been repurchased. You should not assume that any investment is or will be profitable.

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P") and is licensed for use by Sands Capital Management, LLC. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim express or implied warranties or representations with respect to any such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. All company logos and website images are used for illustrative purposes only and were obtained directly from the company websites. Company logos and website images are trademarks or registered trademarks of their respective owners and use of a logo does not imply any connection between Sands Capital and the company. GIPS®-compliant presentations and additional disclosures for the On the Cover related composites may be found at Located in Shenzhen, Global Growth holding Tencent is estimated to account for over 50 percent of total http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf mobile-internet time spent in China. or at the end of this presentation.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · D137 24 Sands Capital exists to add value and enhance the wealth of our clients with prudence over time.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · D137 25 Investment Philosophy

We believe that, over time, common stock prices will reflect the earnings power and growth of the underlying businesses. To be successful we must:

• Identify the few truly exceptional businesses with sustainable above-average growth • Construct a concentrated conviction-weighted portfolio • Accept short-term market volatility in exchange for long-term wealth creation

“As long-term investors, we buy leading growth businesses… we do not trade stocks.” Frank M. Sands, Sr., Founder

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · D137 26 Investment Strategy

The cornerstone of our investment strategy is our proprietary global research: Fundamental, bottom-up, and business-focused.

We seek to identify leading growth businesses that meet the following criteria:

1. Sustainable above-average earnings growth

2. Leadership position in a promising business space

3. Significant competitive advantage/unique business franchise

4. Clear mission and value-added focus

5. Financial strength

6. Rational valuation relative to the market and business prospects

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · D137 27 Portfolio Guidelines and Construction A concentrated and conviction-weighted portfolio based on fit with our six investment criteria is the primary source of value added.

GUIDELINES CONSTRUCTION

Number of Holdings: 30-50 Large Weights >3.5%

Typically Top 10 Holdings Position Size Average of 2-3%; maximum of 6-8%

Turnover: Low 35-45% % of Assets (approximate)

1 Sector Exposure: Typically 0-3x benchmark Medium Weights >1.5-3.5%

Not to exceed the greater of 3x Typically 25 Holdings Emerging Markets:2 benchmark exposure or 30%

Currency: Not actively managed 45-55% % of Assets (approximate) Cash Position: Residual Small Weights <1.5%

Typically 10 Holdings Benchmark: MSCI All Country World Index 5-15% % of Assets (approximate)

1 As defined by GICS. 2 As defined by MSCI. Information presented is a high-level summary, which has been condensed and aggregated and is inherently limited.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P325 28

Secular Trends Drive Above-Average Growth

LIFE SCIENCES INNOVATION LOCAL COMPANIES SERVING LARGE CONSUMER MARKETS Over the next decade, we view genes and genomics, minimally Over the decade, nearly two billion people are expected to enter the invasive technologies, consumerization of health care, the middle class. Most reside in emerging markets. humanization of pets, and globalization of innovation as the most important secular trends in life sciences. Many of these consumers will be served by local companies that have established leading market shares. We focus on investing in businesses that are changing the standard- of-care, providing best-in-class “picks and shovels” to biopharma As industries formalize and consolidate, we expect share leaders to be and life science researchers, and meaningfully improving access and natural beneficiaries, particularly those with capable management teams, cost in healthcare delivery. dominant brands, local market knowledge, and scale.

RETAIL REVOLUTION SHIFTING IT SPEND FROM MAINTENANCE TO AGILITY Ecommerce is the fastest-growing segment of retail sales, but still Information technology spending continues to shift toward innovations accounts for less than 20 percent of total global retail sales. that make enterprises more agile and efficient. Omnichannel retailing allows brands to provide customers a In the last decade, cloud-based software disrupted legacy, on-premise seamless experience by integrating online and offline storefronts. systems within well-defined market opportunities. Consumers are more empowered than ever before with ubiquitous The next generation of SaaS leaders is enabling new businesses and information and nearly unlimited selection, driving increased demand processes, serving as the enablers of an increasingly digital-first for more tangible value from what and how they buy. economy. These businesses are often typified by user-driven adoption, consumption-based licensing, and competitive advantages driven by network effects and ecosystem partners.

All data is as of 6/30/21. The companies illustrated represent a sub-set of the Global Growth Equity Composite. They were chosen because they are the largest weights of the companies that reflect the secular growth trend listed.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336 29

Focus on Sustainable Growth Over Life Cycle

Hyper Growers Classic Growers Duration Growers

• Emerging innovator • Established leaders • Most established opportunities • Strong competitive • Highly visible long-term • Past inflection point advantage opportunities

• Early leadership • Global business

Inflection Point

Secular Growth

The companies illustrated represent a subset of the Global Growth Equity Composite. There is no assurance that any security listed will remain in the portfolio. These examples were selected based on sector, geography and SCM’s assessment of the different stages of the growth lifecycle. The assessment of each business is based on SCM’s estimate of its long-term market opportunity, the degree to which that market opportunity has been penetrated, the company growth rate and the market growth rate, among other factors. Company logos and website images are used for illustrative purposes only and were obtained directly from the company websites. Company logos and website images are trademarks or registered trademarks of their respective owners and use of a logo does not imply any connection between Sands Capital and the company. The views expressed are the opinions of SCM and are not intended as a forecast, a guarantee of future results, investment recommendations, or an offer to buy or sell any securities. There is no assurance that any securities listed will remain in the portfolio. A company’s fundamentals or earnings growth is no guarantee that its share price will increase. The views expressed were current as of the date indicated and subject to change. GIPS® Reports and additional disclosures for the related composites may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336 30

Portfolio Exposures Global Growth vs. MSCI All Country World Index Period Ended June 30, 2021

Region of Domicile (%) Sector Exposure (%)

 Portfolio  Benchmark 33.5 Information Technology 21.9 61.5 54.3 25.6 Consumer Discretionary 12.8

18.1 Communication Services 9.4

Health Care 11.7 16.4 16.6 11.6 13.7 9.8 10.2 8.9 3.6 2.6 3.1 Industrials 9.9 1.1 – 1.1 – 0.6 – US/Canada W. Europe Developed Asia Emerging Asia Latin America Mid-East & E. Europe [Cash] Financials 1.8 Africa 14.1

Materials 1.4 Developed vs. Emerging Markets (%) 4.9

 Developed  Emerging  Cash 1.1 Consumer Staples 6.9

Portfolio Benchmark – Energy 3.4

13 13 – Real Estate 2.6

– Utilities 2.6

3.1 [Cash] – 84 87

The above figures are that of the Global Growth Equity Composite. “Developed vs. Emerging” market distinction is based on MSCI classification. The index represented will differ in characteristics, holdings, and sector weightings from that of the composite. Rounding may cause figures to vary from 100.0%. GIPS® Reports and additional disclosures for the related composites may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Source: SCM, MSCI.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336 31

Adyen operates a worldwide payment platform Alibaba operates the world’s largest Align Technology is the market leader for that is a novel piece of commerce infrastructure ecommerce marketplace, based on gross clear aligners, with over 80 percent market powering the global internet economy. merchandise volume (GMV). share. The company simplifies the operational burden of cross- Alibaba accounts for approximately 70 percent of all With only 10 percent penetration in the 10 million annual border transactions by offering a single point of integration ecommerce sales in China. Several characteristics make malocclusion cases, we expect clear aligners to become the for retailers to get paid anywhere in the world, across any China an attractive ecommerce market, in our view, treatment standard globally over the next decade, as they channel—effectively serving as a bridge between retailers including its large and growing user base, rising middle- are aesthetically superior, less painful, more hygienic, and and payment networks/methods. Cross-border ecommerce class incomes, and an underdeveloped traditional retail faster than traditional braces, while being less time- is a massive and growing market, and Adyen’s platform is a infrastructure. While overall ecommerce penetration is high consuming for clinicians. We also expect the overall key enabler and accelerant of its growth. We believe the in China relative to other large markets, significant malocclusion treatment market to expand, as more adults value proposition is clear for retailers— better conversion segments—including packaged and fresh food—remain that didn’t previously want visible braces adopt invisible results in more revenue, and less fraud and increased early. Over our investment horizon, we expect Alibaba’s clear aligners, and as Align improves access through localization results in lower costs—and Adyen takes a small earnings growth to be driven primarily by higher GMV and international expansion and direct-to-consumer (DTC) toll on every transaction. The business’s technology—in increasing monetization, which remains lower than global channels. In addition to expanding the market, DTC should addition to its regulatory/operational infrastructure and peers. Longer term, we see upside potential from several allow Align to control more of the economics, driving higher partner ecosystem—provides a wide competitive moat, in additional opportunities, including cloud computing and margins over time. We expect the business to benefit from our view, which is strengthened by the virtuous cycle of digital financial services. Alibaba’s cloud business is China’s a number of competitive advantages. These include share gains, more data, and better risk decisions and clear leader, with twice the estimated market share of the widespread brand recognition, the most comprehensive performance. Over our investment horizon, we expect next-closest competitor, and enterprise digital product offerings, patent protection, and the largest clear Adyen’s commission-based revenue model and largely transformation remains early. Investee Ant Group is China’s aligner data repository, which helps direct future fixed cost structure will enable it to benefit from growing market-share leader in digital payments, and has a massive innovation. market volumes while delivering healthy profitability. addressable market for other digital financial services, including credit, insurance, and investment management.*

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · D137 32 Alphabet is a global internet company whose Amazon is one of the largest internet-based Aptiv delivers technology solutions for car principle businesses are Google and YouTube, retailers and cloud infrastructure providers companies and other mobility providers. the two most-visited websites in the world. globally. The company monetizes this consumer position through We believe each of its core businesses is positioned for The company is a market leader in electrical architecture, the sale of targeted advertisements. Search intent is long-duration growth opportunities. As a retailer, Amazon is as well as in electronics and active safety, which serve as a among the most powerful types of data that can be used to a customer-centric company where people can find nearly car’s nervous systems and brains, respectively. It is the only target advertisements, in our view, supporting high return anything they want to buy online. We expect ecommerce supplier that designs systems for both functions. The on investment (ROI) for the company’s advertiser growth to continue to outpace overall retail spending for automotive industry is undergoing a highly disruptive customers. We believe Alphabet will continue to benefit the foreseeable future. We believe Amazon will be a primary transformation, spurring an arms race for innovative from and help drive continued growth in digital advertising beneficiary of this global secular trend as its delivers technologies that make cars increasingly environmentally budgets, fueled by increasing global internet usage, convenience, selection, and competitive prices for friendly, safe, and connected. We expect Aptiv to benefit increasing ecommerce penetration, and continued customers, furthering its retail presence and its rapidly uniquely from this shift, given its position at a choke point innovation. This should, in turn, drive an improved user growing advertising business. Amazon Web Services in the supply chain. Importantly, the company’s growth experience and better ROI for advertisers. We believe the (AWS) is a global leader in cloud infrastructure and does not rely on higher auto production. Instead, it relies on company is also a clear leader in the development of provides organizations with on-demand access to compute, increasing penetration of these solutions and more content artificial intelligence, which we expect to help sustain storage, and other services through its cloud platform. Over per vehicle, which we expect will result in above-market growth in the core advertising businesses while creating the coming decades, we expect AWS will be a key player in growth. Aptiv is a market leader benefiting from the totally new business opportunities in areas like medicine the paradigm shift towards shared infrastructure services. proliferation of key solutions, such as advanced driver- and autonomous driving. We anticipate robust top-line growth, scale-based expense assistance systems and connectivity. Looking ahead, we leverage, and higher-margin sales mix to drive above- expect the shift toward smarter and more content-enabled average revenue and earnings growth for the company cars will lead to further share gains for Aptiv. over the next five years.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · D137 33 Asian Paints is India's leading paint company ASML Holding is the largest vendor of Atlassian is a leading software-application with over 50 percent market share. semiconductor-production equipment by vendor that creates tools to enhance team revenue. productivity. The paint industry is one of the fastest-growing segments The company is the leading supplier of photolithography The company is best known for its Jira tool, which enables of the Indian economy, with growth averaging nearly two equipment, which uses concentrated light to imprint circuit developers to plan, track, and release software. Jira is times GDP. We believe secular trends—including rising patterns onto silicon wafers. We believe lithography is one specifically designed for a software-development method middle-class incomes and increasing home purchases and of the key process steps driving continued improvement in known as agile development, which involves frequent small renovations—will bolster demand for decorative and semiconductor performance, and foresee continued strong deployments of code updates. Among its developer user industrial paint over the long term. We view the company’s demand for ASML's technology. Over our investment base, Atlassian employs a "land and expand" cross-selling well-known brand and retail positioning, wide distribution horizon, we believe the commercialization of the company's approach, in which most Jira users adopt additional tools network, and large manufacturing scale as significant next-generation extreme ultra-violet (EUV) technology will aimed at both specific tasks and general team competitive advantages. At approximately 60,000 dealers be a key growth driver. ASML is the monopolistic supplier collaboration. All cross-selling is automated and built into today, we believe Asian Paints could add up to 4,000 of this technology, and multiple customers have already the products, which not only reduces friction, but improves dealers annually over the next decade, especially as the committed to adoption over the next several years. EUV the company's margin profile. Moreover, Atlassian offers company continues its expansion into Asia, the Caribbean, adoption will, in our view, strengthen ASML's leadership transparent and low pricing, despite its position as a and the Middle East. Product innovation is another source position and enable the company to capture a greater mission-critical application for its users. For this reason, we of growth. The Colour Idea Store, which offers a boutique share of overall semiconductor-production equipment believe Atlassian has strong long-term pricing power. shopping experience, is one example of how Asian Paints spending. We believe increased pricing power, the growing Beyond software development, expansion potential for expanded its addressable market. complexity of lithographic equipment, and the continued broader business use cases is the primary upside driver to overall growth of the semiconductor industry will result in our investment case. above-average annualized earnings growth.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · D137 34 CP All is the exclusive, perpetual franchisee of Dexcom is a leading producer of medical DoorDash is the leading food-delivery the 7-Eleven brand in Thailand. devices treating diabetes. platform in the United States, based on market share. It is the country’s dominant convenient store operator, with We expect the company’s next-gen continuous glucose The business pioneered the logistics-first model in the nearly 10 times as many stores as its next-closest monitoring (CGM) platform—known as the G7—to reshape United States, employing its own couriers rather than competitor. Convenience stores are an attractive business the market as the new standard of care in diabetes. CGM simply aggregating and processing orders on behalf of space, in our view, given their ecommerce defensibility, provides continuous, predictive data that can monitor restaurants. Food delivery is an attractive business space, economic cycle resilience, and scale advantages. They’re blood glucose levels and inform treatment decisions. The in our view, due to scale advantages, a market that should particularly attractive in Thailand, given favorable G7 will be the thinnest, most accurate, most algorithmically tend to duopoly, and expansion potential into other demographics and a formalizing market. Historically CP advanced, and most consumer-friendly CGM on the delivery use cases. We expect U.S. food delivery spending All’s growth was driven by new store openings, but looking market. We believe it addresses the three largest barriers to to more than double over the next five years, with ahead, we expect growth to be primarily driven by adoption: cost, physical discretion, and insurance DoorDash as the primary beneficiary. In addition to overall optimization of its massive existing footprint (e.g. data- coverage/availability. Over time, we expect Dexcom to industry growth and continued share gains, we expect new- driven store differentiation, omnichannel capabilities, and leverage its data and further differentiate the G7 platform user acquisition and higher frequency among existing white-label products). The business still expects to open via future software and data analytics capabilities. Beyond users will be key growth drivers for DoorDash. We believe approximately 700 stores annually, many of which will insulin-intensive diabetics, who are the primary users of margins will improve as volumes increase and the feature bakeries and cafes to seek to drive continued share CGM today, but are still underpenetrated, we expect the G7 percentage of retained customers grows, as the company’s gains from traditional grocery retail. New market to address the massive and largely unaddressed population marketing spend is disproportionately directed at new-user expansion—including Cambodia and Laos—could also of non-insulin-intensive Type 2 patients. CGM sensors acquisition and habit formation. Longer term, we expect extend the business’s growth duration. enable recurring revenues due to their replacement greater contribution from additional on-demand local- frequency. As G7 adoption inflects, we expect margin delivery needs, such as DoorDash’s nascent grocery and leverage, given the low production cost and distribution via convenience businesses. higher-margin channels (e.g., pharmacies).

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · D137 35 Edwards Lifesciences creates artificial heart Entain is a leading global sports-betting Facebook is the leading social-networking valves to treat advanced cardiovascular disease. business. business globally, engaging over a quarter of the world's population on a monthly basis across its family of applications. Edwards pioneered the development of artificial heart Entain operates a multi-channel, global portfolio consisting Facebook leverages the information it captures on users' valves used to treat aortic stenosis, a disease characterized of over 15 of the most recognizable brands in the sports social connections and interests to sell highly targeted ads. by a progressive hardening and dysfunction of the aortic betting and gaming industries. Our research indicates that We believe Facebook's massive user base and its ability to valve, a life-threatening condition. The only treatment is online sports betting is a secular growth industry— deliver highly relevant and high-performing ads at scale will replacement of the valve through open heart surgery or producing high single-digit annualized growth over the allow the company to continue to benefit transcatheter aortic valve replacement (TAVR). We believe past decade—and legalization in additional areas could disproportionately from the growth of digital-advertising growing adoption of TAVR will be the primary driver of the greatly expand the addressable market. Today, Entain has budgets globally. Over our investment horizon, we believe company's growth over our investment horizon. We believe a top-three position in Europe’s largest gaming markets, that the main growth drivers include 1) increased Instagram the rise of minimally invasive surgery is a major secular and we believe it will become the premier operator in the user engagement and monetization; and 2) increased ad trend in healthcare as it improves patients' recovery times U.S. and Brazil, which are increasingly liberalizing. Over the pricing on the Stories format, where users are increasingly and provides savings to the broader healthcare system next several years, we expect the U.S. market will generate spending screen time across the core Facebook and relative to open surgery. Additionally, Edwards is utilizing its at least $10 billion annually in gross gaming revenue, with Instagram applications. Longer term, monetization of other expertise in minimally invasive valve technology to begin Entain capturing as much as 25 percent market share. In applications such as Messenger and WhatsApp could addressing other structural heart dysfunctions, particularly addition to its brand, scale, and operational prowess, we extend the duration of the company's growth opportunity. in the mitral and tricuspid valves, which should provide believe that Entain’s joint venture with MGM in the U.S. will large, long-term growth opportunities. enable it to be the primary beneficiary of the country’s structural sports-betting expansion.*

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · D137 36 Housing Development Finance (HDFC) is Illuminais the global leader in genomic iRhythm Technologies is a pioneer in atrial a leading Indian mortgage-finance company. sequencing technology, with over 70 percent fibrillation (irregular heartbeat) detection. share of installed instruments. At less than 10 percent of GDP, mortgage penetration in The company has a portfolio of integrated systems Atrial fibrillation (AFib) is a leading cause of stroke—a India is low relative to developed countries and other composed of instruments, consumable reagents, and debilitating if not fatal condition—and is a significant cost emerging markets. However, we believe powerful secular analysis tools that aid in the sequencing/research of burden on the health care system. Early detection can trends—which include rising urbanization, growing genomes, which are complete sets of DNA for organisms. prevent 80 percent of AFib-induced strokes, yet legacy incomes, and favorable demographics—should Illumina’s next-generation sequencing technology enables technologies fail to detect half of AFib cases. iRhythm’s Zio meaningfully drive mortgage penetration. Moreover, researchers to use genetic information to discover disease XT patch addresses these shortcomings, as its small, increased home ownership is a high-level priority for the origin, guide targeted drug development, and inform waterproof design allows patients to wear them for more Indian government, and is reflected in successive policies physician treatment decisions. We believe Illumina’s consecutive days (14 days) and it collects more to improve affordability and incentivize affordable home potential for above-average growth is driven by adoption of comprehensive diagnostic information. Through its construction. As a first mover with a 30-year history of Illumina sequencing in the clinical diagnostics market. proprietary ZEUS software, iRhythm processes these data, strong execution, we believe HDFC is well positioned to Clinical opportunities include oncology, non-invasive increasing doctors’ efficiency and profitability because they benefit from the market’s expected growth. Furthermore, prenatal testing, and rare genetic diseases. In total, we can see and treat more patients. As this collection of heart the company has a number of competitive advantages, believe Illumina’s long-term total addressable market rhythm data grows, the algorithm should become faster, including a strong brand, developer relationships, and a opportunity is in excess of $20 billion annually. Illumina has better, and cheaper. The addressable market for AFib broad distribution footprint, that we believe will attract new an attractive razor/razorblade business model and derives diagnostics is large—with over 20 million people affected customers and grow its position in the market. In addition significant revenue from higher-margin consumables used globally—and we expect iRhythm to grow its market share to mortgage lending, HDFC offers exposure to fast-growing in instrument operation. As Illumina’s technology usage threefold over our investment horizon by converting legacy subsidiaries in banking, insurance, and asset management. expands, we believe recurring consumables revenue will be technology. In addition to new products and international the primary driver of the business. expansion, we believe extension into asymptomatic AFib monitoring could provide meaningful upside over our investment horizon.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · D137 37 Keyence is a leading designer of high-end Lam Research is a leading global provider of MercadoLibre operates the largest factory automation sensors and sensor systems. semiconductor fabrication equipment. ecommerce and payments platforms in Latin America, based on market share. Based in Japan, Keyence sells to more than 200,000 Our research indicates that Lam’s equipment has an 80 Ecommerce penetration in Latin America significantly lags customers in over 100 countries through direct sales. The percent share of the early stage semiconductor other regions, and we expect MercadoLibre to be the company’s products allow businesses to automate their manufacturing process, where transistor structures are primary beneficiary of this secular growth opportunity. The manufacturing processes, resulting in cheaper, faster, and etched onto silicon wafers. The equipment largely services business has built a large lead in the region’s five largest more accurate production. Although automation has memory chips, with a secondary focus on logic chips. We countries, and we believe that its proprietary logistics historically been limited to the automotive and consumer expect continued above-average demand growth for the network will further bolster its competitive advantage. electronics industries, we expect it will expand to any entire semiconductor industry—and memory and logic Logistics has been the main impediment to ecommerce industry requiring complex processes and/or inspection. chips in particular—as the world becomes more connected adoption in Latin America, with unreliable carrier networks This expansion will likely be enabled by next-generation and as compute complexity increases. Semiconductor and high delivery costs. MercadoLibre has made significant automation technologies, including 3D vision and machine manufacturing capital intensity continues to increase, given investment since 2017 in its proprietary logistics network to learning. Within this massive and rapidly growing market, higher complexity on a fixed physical space, resulting in deliver goods more cheaply and more quickly, which has Keyence is viewed as a leader, due to its highly trained higher unit costs for finished silicon wafers. Importantly, we improved the value proposition for both buyers and sellers. direct salesforce, diverse product line, innovative R&D believe Lam is an enabler of future computing power Beyond ecommerce, we expect MercadoLibre to leverage efforts, and product quality. We expect the company to growth. Past drivers of computing progress—such as its data and user base to enable value-added digital maintain its leadership position as it expands into new frequency and power—have reached their limit. Going financial services, similar to the leading Chinese internet industries, solutions, and applications over the next decade, forward, new improvements, such as 3D structures, parallel platforms. In addition to a payment service that facilitates resulting in sustained above-average earnings growth. computing, and task-specific accelerators will drive growth, digital transactions, MercadoLibre now offers asset and we believe Lam is a key enabler of these technologies. management, credit, insurance, and offline payment processing. We expect meaningful adoption of these opportunities over our investment horizon.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · D137 38 Netflix is the largest global video streaming Nihon M&A Center (NMA) is the leading Nike is the largest athletic footwear and content producer and distributor, based on Japanese broker network for mergers and apparel company in the world. content spend and subscribers, respectively. acquisitions (M&A) among small and medium- sized enterprises (SMEs). The business benefits, in our view, from powerful network NMA’s first-mover advantage has enabled it to become the It has one of the broadest addressable markets, selling effects: award-winning proprietary content leads to more primary M&A partner for 80 percent of Japan’s products for men, women, and children in virtually every subscriber growth, which in turn fuels more content accountancies, 90 percent of regional banks, most country. Nike is one of only a few globally recognized development. The higher-quality content enables stronger government chambers of commerce, and the two largest brands, in our view, with an established international pricing power, and the large subscriber base allows for high investment banks. We believe that NMA’s scale creates a business (about half of total revenue) that has reached incremental margins. Following a period of hypergrowth powerful network effect, which has enabled the company to scale in many emerging markets. We expect the company that resulted in over 200 million global subscribers, we become Japan’s primary platform for SME sellers and will continue to increase its presence and take share in believe Netflix is evolving into a business that will continue acquirers. Unlike in other developed countries, M&A many countries, including Brazil, China, Mexico, and South to deliver strong topline results, but with rapid margin consulting is a growth industry in Japan, given its rapidly Korea. In addition to Nike’s brand power, its growing direct- expansion and cash flow generation. Historically, Netflix’s aging population and the increasing number of executives to-consumer segment, tiered retailing strategy, and pace of content development resulted in massive upfront reaching retirement age. Today, we estimate that there are product technology innovation are all competitive cash costs. This trend is reversing as the pace of original over 150,000 profitable SMEs looking for an acquirer, with advantages that should drive increasing customer traffic content production moderates, given the large existing merely 2,000 deals executed annually. Beyond the core and sales. We expect above-average earnings growth over library and declining marginal benefit of incremental domestic M&A market, we believe that additional long-term the next five years as Nike continues to grow its global content. With slowing cash burn and growing revenue growth drivers include ASEAN expansion, a web-based footprint and innovate. (from new subscribers and pricing increases), we expect model targeting micro businesses, and other ancillary free cash flow to expand rapidly, enabling Netflix to services to address demand among existing clients for ultimately return excess cash to shareholders through quality accounting and consulting. buybacks.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · D137 39 Okta is the leading independent provider of Sea is an internet business in Southeast Asia Shopify is the leading global ecommerce enterprise identity-management services, based that operates leading platforms for video games, platform enabling the next generation of retail. on revenue and integrations. ecommerce, and digital financial services. Its products include single sign-on, universal directory, and Sea’s core geographic market benefits from several secular Shopify is used by merchants in more than 175 countries, multifactor authentication. Modern identity solutions are trends—including above-average economic growth, young and is 20 times larger than its next-largest competitor in necessary for every business and IT organization, as they demographics, and low digital adoption levels—that we terms of customers and revenue. The company has built undergo the shift to cloud services and adopt more cloud- believe will underpin strong growth for its core businesses. what it calls a retail operating system that provides its based apps. Legacy approaches aren’t equipped to handle The Garena gaming franchise is the region’s top game merchant customers with tools they need to manage their the administrative and security burdens to ensure that the publisher in terms of revenue and users and is also a everyday businesses, such as distributing marketing right people have the right access to the right apps at the leading esports promoter. We expect profits generated materials, designing digital storefronts, accepting right time. Our research indicates that Okta is well from Garena will support Sea’s future growth engines of payments, managing inventory, fulfilling orders, and positioned to address this need. The company has neutral- ecommerce (Shopee) and digital financial services providing easy access to financing. These tools are party integrations with more than 5,000 applications, (SeaMoney). Shopee is the leading ecommerce platform in complemented by an ecosystem of more than 30,000 enabling a unified approach across apps for a better Southeast Asia and Taiwan by market share, and is one of partners, which has enabled even the smallest direct-to- employee experience, improved IT administration, and the most-downloaded shopping apps globally. We expect consumer brands to compete with the largest online lower security risk. Beyond its core workforce identity- continued penetration of retail sales in Southeast Asia, players. This has helped democratize ecommerce. We management tools, Okta offers a suite of products that expansion into new geographies such as Latin America, believe this novel model has created a powerful “flywheel businesses can use to manage their customers’ identities. and higher monetization to be key growth drivers. Shopee’s effect” where Shopify has been able to continually increase Longer term, the company is developing a number of new integration with SeaMoney—which provides services such sales volumes flowing through the platform, which has use cases, such as the internet-of-things and application as payment processing, installment loans, and seller enabled rapid platform innovation, attracting more programming interface identity/access management. loans—can further monetize Sea’s massive and growing merchants, and ultimately increasing sales volumes further. user base.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · D137 40 Snowflake is a leading global cloud-native Tencent is a leading Chinese internet platform Titan is India’s largest specialty-jewelry retailer, data platform. business. by store count and market share.

Snowflake’s data platform enables companies to store their It engages over a billion monthly users across each of its The company sells jewelry, watches, and eyewear at data and run queries for a wide range of use cases with a Weixin/WeChat, QQ instant messaging, and Qzone social- branded stores catering to both high-end and mass-market pay-as-you-go model, helping its customers seamlessly networking apps, and maintains leading businesses across consumers. India’s jewelry market is massive—with the scale up usage over time. Data infrastructure is a key piece a number of areas, including entertainment, information, country accounting for roughly one-quarter of global gold of enterprise digital transformation, a massive secular and payments. All told, we estimate that approximately 60 demand—and remains highly fragmented. We expect trend. Enterprises are increasingly recognizing that data percent of total mobile-internet time in China is spent organized players to increasingly take share from informal can be a competitive advantage, and that data siloed in using Tencent apps. Unlike in the U.S., where each internet operators, given shifting consumer preferences and legacy systems impedes analysis and decision-making vertical has a distinct market leader, we believe a select growing regulatory pressures. Titan will be a beneficiary, in capabilities. Snowflake’s offering benefits from its group of companies in China will take a disproportionate our view, given its nationwide footprint of over 1,600 stores proprietary architecture, enabling a step-change share of all new internet-related opportunities over the and its highly visible brand. In addition to Tanishq, India’s improvement in ease of use, speed, and scalability relative next five to 10 years. We expect Tencent to be one of the leading jewelry brand, Titan also owns Sonata, India’s best- to alternative solutions. Its compatibility with all of the few beneficiaries, with advertising as the next key growth selling watch brand. Weddings provide an additional growth leading public cloud vendors provides its customers with a driver, as the company increasingly monetizes its massive opportunity for Titan, given the importance of traditional flexible solution compatible with their existing IT user base. Beyond advertising, we believe that Tencent’s gold jewelry gifting, and the country’s young and configurations. Longer term, we expect the business to online media and entertainment, mobile/digital wallet, and increasingly wealthy population. continue to expand from its core data warehouse use case public-cloud businesses will propel growth well into the and to further monetize its customer base through its data next decade. exchange.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · D137 41 Twilio is a leading software-enabled Uber Technologies is the world’s leading Visa operates the world’s largest retail communications platform that enables app mobility technology platform. electronic-payment network, processing more integration with messaging, voice, and video than 50 percent of all credit and debit functionality. transactions globally. At its core, Twilio’s technology is enabling a dramatic digital Based on gross bookings, Uber’s ride-hailing business This network serves as the critical link connecting transformation within the $1.5 trillion communications (Rides) is the leader in each of its markets, and its food merchants, merchant acquirers, and card issuers. Visa market by simplifying complex legacy infrastructure into a delivery business (Eats) is a leader or fast follower in over generates revenue by charging licensing and transaction single line of code. We consider Twilio to be a pure-play 30 countries. The ride-hailing industry has grown fees to card issuers and merchant acquirers based on the application programming interface (API) business, which is explosively over the past decade, but we believe that many dollar volume and number of processed transactions. We a growing segment within the broader software universe. underestimate the durability of Rides’ above-average expect Visa to benefit from the secular shift from paper to Once merely features of other software, APIs are now growth potential. We expect both users and rides per user electronic payments, which still has a long growth runway. distinct building blocks of many consumer- and enterprise- will continue to grow, driven by convenience and habit For example, Visa processed nearly $9 trillion in payments facing applications. End users often don’t realize they’re formation. The earnings potential of Rides is also in 2019, which pales in comparison to the $18 trillion annual interacting with the software; for example, Twilio enables underappreciated, in our view, and we expect Uber to cash and check payment volume globally—which the functionality to call a rideshare from a proxy number, or expand its margins as incremental revenues grow. In continues to grow in the low-single digits. Importantly, receive confirmation text messages after booking an addition to ride-hailing, Uber leverages its mobility Visa’s cost base is largely fixed, enabling high incremental appointment. As network effects and ecosystem technology to operate one of the world’s leading food margins and operating leverage. Looking ahead, Visa is integrations grow Twilio’s share of the market, we expect delivery businesses. This market remains highly strategically expanding beyond core consumer payments, the business to become an effective tax on communication. competitive, but Uber benefits from scale and its ability to and seeking to address all types of money movement, We believe Twilio’s 2020 acquisition of Segment—a leading reinvest the profits from Rides into growing Eats. including person-to-person, business-to-business, and consumer data platform—will further strengthen the cross-border transactions. We expect this expansion will business’ ability to digitize and modernize customer help extend Visa’s above-average growth well into the next interactions. decade.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · D137 42 Workday is a leading provider of enterprise Zalando is the largest ecommerce apparel Zoom Video Communications is the software-as-a-service (SaaS) applications for retailer in Europe, based on market share. leading cloud video-conferencing software human-capital management, financial provider, based on app downloads. management, and analytics. Over the next decade, we expect enterprises to The company focuses on selling full-priced, in-season The video-conferencing industry is undergoing a secular increasingly adopt SaaS-based resource-planning merchandise from leading apparel brands, and operates in shift, driven by the increase in remote working and the solutions, and we see Workday as both a driver and a key over 15 countries. We believe that apparel purchasing will proliferation of open-office concepts. Zoom’s software— beneficiary of this trend. The cloud-based nature of the continue to move online in Europe, and that Zalando will be which works with all video-conferencing hardware—aims to company’s products allows for more frequent updates with the primary beneficiary. The company is increasingly deliver a best-in-class product experience. Zoom’s greater ease, less down time, and a lower total cost of focused on building its Partner Program, which provides a customer growth has been driven by its “freemium” ownership relative to traditional on-premise software. marketplace for partnering brands, and includes services business model (offering paid upgrades for additional Workday’s leadership in human-capital management is such as analytics, logistics, and marketing. The Partner features), and its high level of customer satisfaction. These already well established, but we believe the opportunity is Program, which currently has over 300 leading brands, aspects have contributed to Zoom’s viral growth, enabling still largely underpenetrated. We expect financial should allow Zalando to access a broader assortment of the firm to reach $100 million in quarterly revenue more management to be Workday’s next growth driver, which merchandise from brands that were previously reluctant to quickly than its peers, while simultaneously generating should broaden its total addressable opportunity, ultimately engage in a traditional wholesale-distribution agreement. positive earnings. This mix of growth and profitability is positioning the company as a key strategic vendor to its Beyond the Partner Program, Zalando has a large and unique among newly public businesses. Beyond video customers. growing store of proprietary data, which allows it to make conferencing, we believe that Zoom’s next growth driver personalized style recommendations. The combination of will be Zoom Phone, a cloud-based enterprise-voice broad product assortment offered via the Partner Program solution. More than 95 percent of enterprise-voice and the personalized shopping experience should solidify networks are facilitated by hardware today, and we believe Zalando’s status as the go-to online apparel mall for their shift to the cloud is inevitable, given hardware’s lack of European consumers. scalability, underutilization, and maintenance costs.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · D137 43 *Ant Group and MGM are not Global Growth strategy holdings. Information included in this report is for all companies held in the Global Growth Equity Composite as of 6/30/2021. The views expressed represent the opinions of SCM and are not intended as a forecast, a guarantee of future results, investment recommendations or an offer to buy or sell any securities. There is no assurance that any securities discussed will remain in the portfolio or that securities sold have not been repurchased. You should not assume that any investment is or will be profitable. A company’s fundamentals or earnings growth is no guarantee that its share price will increase. Forward earnings projections are not predictors of stock prices or investment performance, and do not represent past performance. There is no guarantee that the forward earnings projections will accurately predict the actual earnings experience of any of the companies involved. To the extent specific securities, other than current holdings, are referenced herein, they have been included for informational purposes only to illustrate the rationales expressed in the investment cases. Such references do not include all material information about such securities, including risks, and are not intended to be recommendations to take any action with respect to such securities. Company logos and website images are used for illustrative purposes only and were obtained directly from the company websites. Company logos and website images are trademarks or registered trademarks of their respective owners and use of a logo does not imply any connection between Sands Capital and the company. GIPS® Reports and additional disclosures for the related composites may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation. pdf or at the end of this presentation. Past performance is not indicative of future results.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · D137 44 Portfolio Management Team

Brian A. Christiansen, CFA David E. Levanson, CFA T. Perry Williams, CFA Sr. Portfolio Manager, Research Analyst, Executive Managing Sr. Portfolio Manager, Research Analyst, Executive Managing President, Director of Research, Sr. Portfolio Manager Director Director Joined Sands Capital in 2004 Joined Sands Capital in 2006 Re-Joined Sands Capital in 2002 Sr. Portfolio Manager, Research Analyst (2010-2015) Research Analyst (2008-2013) Research Analyst, Portfolio Manager (2002-2006) Research Analyst, Portfolio Manager (2006-2009) Research Associate (2006-2008) Director, Client Relations (2004-2006) MFS Investment Management (1999-2002) Yale University Boston, MA • Research Analyst Mercer Investment Consulting, Inc. (1995-2004) MBA, School of Management (2009) State Street Research & Management (1996-1999) Atlanta, GA • Consultant, Principal

Yale University Boston, MA • Research Analyst, Vice President BA, Economics (2005) Northwestern University Sands Capital Management (1992-1994) MM, Kellogg Graduate School of Management (1999) Arlington, VA • Research Analyst University of Virginia

The Capital Management Group, Folger Nolan Fleming Douglas, Inc. BS, McIntire School of Commerce (1994) (1990-1992) Washington, DC • Research Analyst

University of Virginia MBA, Darden School (1996) University of Florida BSBA, Finance (1990)

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P325 45

Tax-Exempt Institutional Equity Composite (TEIEC) GIPS Report

TEIEC Russell 1000 Growth Index (R1000G)

Year End Number of Assets at End of Net Return Gross Return Annualized 3 Yr. R1000G Annualized 3 Yr. Non-Fee Paying Asset Weighted Firm's Total Assets Accounts Period Ex-Post Standard Deviation Ex-Post Standard Deviation Assets as Standard Deviation (USD Millions) (USD Millions) of Net Returns Percentage of Gross Returns of Composite 2020 82 $12,888.65 71.42 72.15 22.42 38.49 19.64 0.00 0.71 $68,621.83 2019 84 $10,063.97 33.34 33.91 17.22 36.39 13.07 0.00 0.15 $44,636.85 2018 90 $9,140.97 6.77 7.27 17.03 -1.51 12.13 0.00 0.19 $35,387.67 2017 102 $11,646.37 35.15 35.74 15.07 30.21 10.54 0.00 0.48 $41,331.26 2016 115 $10,192.82 -7.13 -6.70 15.58 7.08 11.15 0.00 0.18 $34,914.29 2015 146 $14,686.78 2.92 3.40 14.56 5.67 10.7 0.00 0.50 $44,192.42 2014 155 $17,737.17 8.95 9.63 14.51 13.05 9.59 0.00 0.18 $47,659.83 2013 155 $16,244.61 42.19 42.95 15.55 33.48 12.18 0.00 0.17 $42,067.92 2012 141 $11,421.39 24.08 24.69 18.39 15.26 15.66 0.00 0.22 $27,001.96 2011 122 $8,572.50 2.47 3.02 19.92 2.64 17.76 0.00 0.15 $18,759.70

Sands Capital Management (“Sands Capital” and “SCM”) is an independent registered investment advisor. Sands Capital claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS® standards. Sands Capital has been independently verified for the periods February 7, 1992 through December 31, 2019. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm's policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. The Tax-Exempt Institutional Equity Composite (“TEIEC”) has been examined for the periods February 29, 1992 through December 31, 2019. The verification and performance examination reports are available upon request. The TEIEC contains all fee-paying, tax-exempt institutional equity accounts managed according to the Select Growth Equity Strategy on a fully discretionary basis and for comparison purposes is measured against the Russell 1000 Growth Index (“R1000G”). The Select Growth Equity Strategy (formerly “Large Cap Growth”) is a concentrated portfolio that typically includes 25 to 30 companies. Portfolio investments are typically U.S. domiciled large-capitalization leaders in their respective business spaces and usually operate on a global basis. The portfolio may invest in mid-capitalization companies. While primarily constructed of domestic companies, the portfolio may contain foreign securities that trade on a U.S. exchange. The R1000G measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The TEIEC holds securities that are not included in the R1000G, and Sands Capital Management, LLC may invest in securities not covered by the index. Performance results in presentations prior to January 1, 2002 were measured against the S&P 500 Index. The benchmark was changed to be more representative of the composite strategy, however, information regarding the comparison to the S&P 500 is available upon request. Effective April 1, 1997, the minimum account size for this composite is $3 million. The minimum account size was $1 million from February 7, 1992 through March 31, 1997. The annual composite dispersion presented is an asset-weighted standard deviation calculated of performance dispersion for accounts in the composite for the entire year, using beginning of period values. Returns are presented gross and net of management fees and performance fees, if applicable, and include the reinvestment of all income. For periods prior to 2013, gross returns are shown as supplemental information and are stated gross of all fees and transaction costs for bundled fee accounts; net returns are reduced by all fees and transaction costs incurred. Net returns presented are calculated using actual fees. Bundled fee accounts pay a fee based on a percentage of assets under management. Other than brokerage commissions this fee may have included portfolio monitoring, consulting services, and in some cases, custodial services. As of January 1, 2013, bundled fee accounts are no longer included in the TEIEC. The U.S. Dollar is the currency used to express performance. Policies for valuing investments, calculating performance, and preparing GIPS Reports are available upon request. A list of composite descriptions, pooled fund descriptions for limited distribution pooled funds, and broad distribution funds is available upon request. Past performance is not indicative of future results. The investment management fee schedule for separate accounts is 0.75% on the first $50 million of assets under management and 0.50% on assets under management greater than $50 million. In addition to the management fee, some accounts may also pay an incentive fee. Additional information regarding the incentive fee is available upon request. Actual investment advisory fees incurred by clients may vary. The Select Growth Equity Strategy of the portfolio manager was created and fully invested February 7, 1992. The TEIEC was created on February 29, 1992 and the inception date for performance is February 29, 1992. Russell 1000® Growth Index is a trademark of the Frank Russell Company. GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P325 46

Global Growth Equity Composite (GGEC) GIPS Report

GGEC MSCI All Country World Index (MSCI ACWI)

Year End Number of Assets at End of Net Return Gross Return Annualized 3 Yr. MSCI ACWI Annualized 3 Yr. Asset Weighted Firm's Total Assets Accounts Period Ex-Post Standard Deviation Ex-Post Standard Deviation Standard Deviation (USD Millions) (USD Millions) of Net Returns of Gross Returns

2020 18 $18,329.54 49.57 50.81 19.87 16.26 18.13 0.43 $68,621.83 2019 18 $12,690.57 30.65 31.72 14.24 26.60 11.22 0.41 $44,636.85 2018 15 $9,713.59 -2.85 -2.03 14.93 -9.42 10.48 0.14 $35,387.67 2017 14 $10,812.64 38.88 40.01 13.85 23.97 10.36 0.20 $41,331.26 2016 21 $9,019.25 0.54 1.41 14.56 7.86 11.06 0.12 $34,914.29 2015 18 $9,129.68 0.40 1.27 13.92 -2.36 10.79 0.18 $44,192.42 2014 19 $9,285.34 5.37 6.26 13.72 4.16 10.5 0.25 $47,659.83 2013 18 $7,531.91 27.89 28.97 16.28 22.80 13.94 0.25 $42,067.92 2012 11 $3,746.92 20.38 21.37 18.55 16.13 17.13 0.21 $27,001.96 2011 <5 $1,544.95 -1.98 -1.14 22.67 -7.35 20.59 n.m. 1 $18,759.70

1 n.m. – Not statistically meaningful, five or less accounts in the composite for the entire year. 2 The 3-year annualized standard deviation is not shown due to the composite having less than 36 months of returns. Sands Capital Management (“Sands Capital” and “SCM”) is an independent registered investment advisor. Sands Capital claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Sands Capital has been independently verified for the periods February 7, 1992 through December 31, 2019. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm's policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. The Global Growth Equity Composite (“GGEC”) has had a performance examination for the periods December 31, 2008 through December 31, 2019. The verification and performance examination reports are available upon request. The GGEC reflects information from all fee paying and non-fee paying accounts managed in the Global Growth Equity Strategy on a fully discretionary basis. The Global Growth Equity Strategy is a concentrated global portfolio that typically includes 30 to 50 companies that are domiciled around the world. Portfolio investments are typically large-capitalization leaders in their respective business spaces. The portfolio may invest in mid-capitalization companies. The portfolio may invest a significant percentage of its assets in U.S. companies, ADRs, and foreign securities traded on foreign exchanges, and may include the use of derivative access products to gain exposure to certain foreign markets where direct investment is not always practical or cost efficient. There is no account minimum. The benchmark for the GGEC is the MSCI All Country World Index (“MSCI ACWI”). The MSCI ACWI is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The GGEC holds securities not included in the MSCI ACWI and Sands Capital Management, LLC may invest in securities not covered by the index. The annual composite dispersion presented is an asset-weighted standard deviation calculated of performance dispersion for accounts in the composite for the entire year, using beginning of period values. The U.S. dollar is the currency used to express performance. Returns include the effect of foreign currency exchange rates. Returns are presented gross and net of management fees and include the reinvestment of all income. Composite performance is presented net of foreign withholding taxes on dividends, interest income, and capital gains. Withholding taxes may vary according to the investor’s domicile. The benchmark return is net of withholding taxes from a Luxembourg tax perspective. Net of fee performance was calculated by deducting the highest applicable fee of 0.85% from the monthly gross composite return. Sands Capital may use access products as needed to gain exposure to securities of companies in markets that restrict foreign ownership of local companies. (1) A Low Exercise Price Warrant (‘LEPW’) is a warrant in which the value and performance of its intrinsic value is effectively identical to that of the underlying security. LEPWs are used to allow participation in the performance of a foreign equity security where there are legal or financial obstacles to purchasing the underlying directly. (2) Participation Notes ("P-Notes") are unsecured, bearer securities typically issued by financial institutions, the performance of which is generally linked to the performance of the underlying listed shares of a company in an emerging market (for example, the shares in a company incorporated in India). Investors in P-Notes do not have or receive any rights relating to the underlying shares, and the issuers of the notes may not be obligated to hold any shares in the underlying companies. LEPWs and P-Notes bear counterparty risk and may bear additional liquidity risk. Policies for valuing investments, calculating performance, and preparing GIPS Reports are available upon request. A list of composite descriptions, pooled fund descriptions for limited distribution pooled funds, and broad distribution funds is available upon request. Past performance is not indicative of future results. The investment management fee schedule for separate accounts is 0.85% on the first $50 million, 0.65% on the next $200 million and 0.55% on all assets above $250 million. Actual investment advisory fees incurred by clients may vary. The Global Growth Equity Strategy of the portfolio manager was created and fully invested December 31, 2008. The GGEC was created on February 26, 2009 and the inception date for performance is December 31, 2008. MSCI is the source of all MSCI data presented. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P325 47

Emerging Markets Growth Composite (EMGC) GIPS Report

EMGC MSCI Emerging Markets Index (MSCI EM)

Year End Number of Assets at End of Net Return Gross Return Annualized 3 Yr. MSCI EM Annualized 3 Yr. Asset Weighted Firm's Total Assets Accounts Period Ex-Post Standard Deviation Ex-Post Standard Deviation Standard Deviation (USD Millions) (USD Millions) of Net Returns of Gross Returns

2020 10 $6,521.97 54.79 56.05 22.43 18.31 19.6 0.17 $68,621.83 2019 8 $3,551.45 28.20 29.39 14.85 18.42 14.17 0.21 $44,636.85 2018 10 $2,432.63 -13.97 -12.86 15.97 -14.57 14.60 0.30 $35,387.67 2017 9 $2,010.72 39.12 40.82 14.51 37.28 15.35 0.28 $41,331.26 2016 9 $1,114.66 2.51 3.81 16.03 11.19 16.07 0.24 $34,914.29 2015 8 $776.57 -8.90 -7.76 15.43 -14.92 14.06 0.30 $44,192.42 2014 <5 $444.88 5.71 7.04 — 2 -2.19 — 2 n.m. 1 $47,659.83 2013 <5 $1.17 12.64 14.02 — 2 -2.60 — 2 n.m. 1 $42,067.92

1 n.m. – Not statistically meaningful, five or less accounts in the composite for the entire year. 2 The 3-year annualized standard deviation is not shown due to having less than 36 months of returns. Sands Capital Management (“Sands Capital” and “SCM”) is an independent registered investment advisor. Sands Capital claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS® standards. Sands Capital has been independently verified for the periods February 7, 1992 through December 31, 2019. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm's policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. The Emerging Markets Growth Composite (“EMGC”) has been examined for the periods December 31, 2012 through December 31, 2019. The verification and performance examination reports are available upon request. The EMGC reflects information from all fee-paying and non-fee paying accounts managed in the Emerging Markets Growth Strategy on a fully discretionary basis. The Emerging Markets Growth Strategy is a concentrated portfolio that typically includes 30 to 50 companies that are domiciled, listed, or that derive over half their revenues or profits from countries classified as MSCI Emerging and Frontier Market countries. Portfolio companies can be small, mid, or large capitalization companies that have attractive growth opportunities ahead of them and are leaders in their respective business spaces. The portfolio may invest in developed market businesses that derive a substantial portion of their revenues from emerging markets. The portfolio may invest in ADRs, foreign securities traded on foreign exchanges, and may include the use of derivative access products to gain exposure to certain foreign markets where direct investment is not always practical or cost efficient. There is no account minimum. The benchmark for the EMGC is the MSCI Emerging Markets Index (“MSCI EM”). The MSCI EM is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets. The EMGC may hold securities not included in the MSCI EM and Sands Capital Management, LLC may invest in securities not covered by the index. The annual composite dispersion presented is an asset-weighted standard deviation calculated of performance dispersion for accounts in the composite for the entire year, using beginning of period values. The U.S. dollar is the currency used to express performance. Returns include the effect of foreign currency exchange rates. Returns are presented gross and net of management fees and include the reinvestment of all income. Composite performance is presented net of foreign withholding taxes on dividends, interest income, and capital gains. Withholding taxes may vary according to the investor’s domicile. The benchmark return is net of withholding taxes from a Luxembourg tax perspective. Net of fee performance was calculated by deducting the model annual fee of 1.25% from the monthly gross composite return for the period from January 1, 2013 to March 31, 2019. Beginning on April 1, 2019, the model annual fee was lowered to 0.85% and net of fee returns were calculated by deducting this model fee from the monthly gross composite return. Sands Capital may use access products as needed to gain exposure to securities of companies in markets that restrict foreign ownership of local companies. (1) A Low Exercise Price Warrant (‘LEPW’) is a warrant in which the value and performance of its intrinsic value is effectively identical to that of the underlying security. LEPWs are used to allow participation in the performance of a foreign equity security where there are legal or financial obstacles to purchasing the underlying directly. (2) Participation Notes ("P-Notes") are unsecured, bearer securities typically issued by financial institutions, the performance of which is generally linked to the performance of the underlying listed shares of a company in an emerging market (for example, the shares in a company incorporated in India). Investors in P-Notes do not have or receive any rights relating to the underlying shares, and the issuers of the notes may not be obligated to hold any shares in the underlying companies. LEPWs and P-Notes bear counterparty risk and may bear additional liquidity risk. Policies for valuing investments, calculating performance, and preparing GIPS Reports are available upon request. A list of composite descriptions, pooled fund descriptions for limited distribution pooled funds, and broad distribution funds is available upon request. Past performance is not indicative of future results. The investment management fee schedule for separate accounts is 0.85% on the first $50 million, 0.65% on the next $200 million and 0.55% on all assets above $250 million. The Sands Capital Emerging Markets Growth Master Fund LP, which is included in the composite, has an investment management fee schedule of 0.85% on all assets and the total expense ratio is 1.00%. Actual investment advisory fees incurred by clients may vary. The Emerging Markets Growth Strategy of the portfolio manager was created and fully invested December 31, 2012. The EMGC was created on May 28, 2013 and the inception date for performance is December 31, 2012. MSCI is the source of all MSCI data presented. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non- infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com) GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P325 48

Global Leaders Equity Composite (GLEC) GIPS Report

GLEC MSCI All Country World Index (MSCI ACWI)

2020 7 $2,719.58 26.75 27.80 17.66 16.26 18.13 0.15 $68,621.83 2019 5 $1,361.96 35.76 36.89 — 2 26.60 — 2 n.m. 1 $44,636.85 2018 <5 $351.83 2.04 2.90 — 2 -9.42 — 2 n.m. 1 $35,387.67 2017 3 <5 $49.95 21.30 22.04 — 2 15.96 — 2 n.m. 1 $41,331.26

1 n.m. – Not statistically meaningful, five or less accounts in the composite for the entire year. 2 The 3-year annualized standard deviation is not shown due to the composite having less than 36 months of returns. 3 Annual performance results for 2017 reflect partial period performance. Returns are calculated from 3/31/17 to 12/31/17 for both the composite and the index. Sands Capital Management (“Sands Capital” and “SCM”) is an independent registered investment advisor. Sands Capital claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Sands Capital has been independently verified for the periods February 7, 1992 through December 31, 2019. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm's policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. The Global Leaders Equity Composite (“GLEC”) has had a performance examination for the periods March 31, 2017 through December 31, 2019. The verification and performance examination reports are available upon request. The GLEC reflects information from all fee paying and non-fee paying accounts managed in the Global Leaders Equity Strategy on a fully discretionary basis. The Global Leaders Equity Strategy is a concentrated portfolio of primarily large- and mid-capitalization growth businesses that the manager considers to be leaders in their country, industry, or globally in terms of products, services or execution. The portfolio normally consists of the equity securities of 30 to 50 issuers that the manager believes are capable of generating sustainable, above-average, and relatively stable rates of earnings per share growth and strong free cash flow. Portfolio investments are domiciled in both developed and emerging markets. Eligible securities include equity and equity-related securities, such as American depositary receipts; exchange-traded funds; global depositary receipts; low exercise price warrants; and participatory notes, quoted or traded on global regulated exchanges. There is no account minimum. The benchmark for the GLEC is the MSCI All Country World Index(“MSCI ACWI”). The MSCI ACWI is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The GLEC holds securities not included in the MSCI ACWI and Sands Capital Management, LLC may invest in securities not covered by the index. The annual composite dispersion presented is an asset-weighted standard deviation calculated of performance dispersion for accounts in the composite for the entire year, using beginning of period values. The U.S. dollar is the currency used to express performance. Returns include the effect of foreign currency exchange rates. Returns are presented gross and net of management fees and include the reinvestment of all income. Composite performance is presented net of foreign withholding taxes on dividends, interest income, and capital gains. Withholding taxes may vary according to the investor’s domicile. The benchmark return is net of withholding taxes from a Luxembourg tax perspective. Net of fee performance was calculated by deducting the highest applicable fee of 0.85% from the monthly gross composite return. Sands Capital may use access products as needed to gain exposure to securities of companies in markets that restrict foreign ownership of local companies. (1) A Low Exercise Price Warrant (‘LEPW’) is a warrant in which the value and performance of its intrinsic value is effectively identical to that of the underlying security. LEPWs are used to allow participation in the performance of a foreign equity security where there are legal or financial obstacles to purchasing the underlying directly. (2) Participation Notes ("P- Notes") are unsecured, bearer securities typically issued by financial institutions, the performance of which is generally linked to the performance of the underlying listed shares of a company in an emerging market (for example, the shares in a company incorporated in India). Investors in P-Notes do not have or receive any rights relating to the underlying shares, and the issuers of the notes may not be obligated to hold any shares in the underlying companies. LEPWs and P- Notes bear counterparty risk and may bear additional liquidity risk. Policies for valuing investments, calculating performance, and preparing GIPS Reports are available upon request. A list of composite descriptions, pooled fund descriptions for limited distribution pooled funds, and broad distribution funds is available upon request. Past performance is not indicative of future results. The investment management fee schedule for separate accounts is 0.85% on the first $50 million, 0.65% on the next $200 million, and 0.55% on assets on all assets above $250 million. Actual investment advisory fees incurred by clients may vary. The Global Leaders Equity Strategy of the portfolio manager was created and fully invested March 1, 2017. The GLEC was created on March 8, 2017 and the inception date for performance is March 31, 2017. MSCI is the source of all MSCI data presented. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non- infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com) GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P325 49

International Growth Equity Composite (IGEC) GIPS Report

MSCI All Country World ex USA Index (MSCI IGEC ACWI ex USA)

Year End Number of Assets at End of Net Return Gross Return Annualized 3 Yr. MSCI ACWI ex Annualized 3 Yr. Asset Weighted Firm's Total Assets Accounts Period Ex-Post Standard Deviation USA Ex-Post Standard Deviation Standard Deviation (USD Millions) (USD Millions) of Net Returns of Gross Returns

2020 <5 $2.25 60.19 61.53 — 2 10.65 — 2 n.m. 1 $68,621.83 2019 <5 $1.40 46.28 47.49 — 2 21.51 — 2 n.m. 1 $44,636.85 2018 3 <5 $0.95 -7.14 -6.54 — 2 -13.17 — 2 n.m. 1 $35,387.67

1 n.m. – Not statistically meaningful, five or less accounts in the composite for the entire year. 2 The 3-year annualized standard deviation is not shown due to the composite having less than 36 months of returns. 3 Annual performance results reflect partial period performance. The returns are calculated from 03/31/18 to 12/31/18 for both the composite and the index. Sands Capital Management (“Sands Capital”) is an independent registered investment advisor. Sands Capital claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS® standards. Sands Capital has been independently verified for the periods February 7, 1992 through December 31, 2019. The verification report is available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report. The IGEC reflects information from all fee paying and non-fee paying accounts managed in the International Growth Equity Strategy on a fully discretionary basis. The International Growth Equity Composite reflects information from all fee paying and non- fee paying accounts managed in the International Growth Equity Strategy on a fully discretionary basis. The International Growth Equity strategy is a concentrated portfolio that typically includes 25 to 40 companies that are domiciled outside the United States. Portfolio investments are typically large and mid-capitalization companies that the manager believes are capable of generating sustainable, above-average, rates of earnings per share growth and strong free cash flows. Portfolio investments are domiciled in both developed and emerging markets. Eligible securities include equity and equity-related securities, such as American depositary receipts; exchange-traded funds; global depositary receipts; low exercise price warrants; and participatory notes, quoted or traded on global regulated exchanges. There is no account minimum. The benchmark for the IGEC is the MSCI ACWI ex USA, a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed (excluding the US) and emerging markets. The IGEC holds securities not included in the MSCI ACWI ex USA and Sands Capital Management, LLC may invest in securities not covered by the index. Results are based on fully discretionary accounts under management. The annual composite dispersion presented is an asset-weighted standard deviation calculated of performance dispersion for accounts in the composite for the entire year, using beginning of period values. The U.S. dollar is the currency used to express performance. Returns include the effect of foreign currency exchange rates. Returns are presented gross and net of management fees and include the reinvestment of all income. Composite performance is presented net of foreign withholding taxes on dividends, interest income, and capital gains. Withholding taxes may vary according to the investor’s domicile. The benchmark return is net of withholding taxes from a Luxembourg tax perspective. Net of fee performance was calculated by deducting the highest applicable fee of 0.85% from the monthly gross composite return. Sands Capital may use access products as needed to gain exposure to securities of companies in markets that restrict foreign ownership of local companies. (1) A Low Exercise Price Warrant (‘LEPW’) is a warrant in which the value and performance of its intrinsic value is effectively identical to that of the underlying security. LEPWs are used to allow participation in the performance of a foreign equity security where there are legal or financial obstacles to purchasing the underlying directly. (2) Participation Notes ("P-Notes") are unsecured, bearer securities typically issued by financial institutions, the performance of which is generally linked to the performance of the underlying listed shares of a company in an emerging market (for example, the shares in a company incorporated in India). Investors in P-Notes do not have or receive any rights relating to the underlying shares, and the issuers of the notes may not be obligated to hold any shares in the underlying companies. LEPWs and P-Notes bear counterparty risk and may bear additional liquidity risk. Policies for valuing investments, calculating performance, and preparing GIPS Reports are available upon request. A list of composite descriptions, pooled fund descriptions for limited distribution pooled funds, and broad distribution funds is available upon request. Past performance is not indicative of future results. The investment management fee schedule for separate accounts is 0.85% on the first $50 million, 0.65% on the next $200 million, and 0.55% on assets on all assets above $250 million. Actual investment advisory fees incurred by clients may vary. The International Growth Equity strategy of the portfolio manager was created and fully invested March 31, 2018. The IGEC was created on March 21, 2018 and the inception date for performance is March 31, 2018. MSCI is the source of all MSCI data presented. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com) GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P325 50

Technology Innovators Composite (TIC) GIPS Report

MSCI ACWI Info Tech and Communication TIC Services Index (ACWI ITCS)

Year End Number of Assets at End of Net Return Gross Return Annualized 3 Yr. ACWI ITCS Annualized 3 Yr. Asset Weighted Firm's Total Assets Accounts Period Ex-Post Standard Deviation Ex-Post Standard Deviation Standard Deviation (USD Millions) (USD Millions) of Net Returns of Gross Returns

2020 <5 $173.98 76.31 77.46 21.20 38.25 19.32 n.m. 1 $68,621.83 2019 <5 $141.10 41.60 42.58 16.70 38.53 14.17 n.m. 1 $44,636.85 2018 <5 $118.18 12.94 13.73 17.15 -4.59 14.28 n.m. 1 $35,387.67 2017 <5 $117.97 46.70 47.73 16.55 41.77 13.68 n.m. 1 $41,331.26 2016 <5 $122.94 -2.19 -1.48 18.55 12.20 13.32 n.m. 1 $34,914.29 2015 <5 $138.46 5.64 6.38 18.19 3.20 11.19 n.m. 1 $44,192.42 2014 <5 $149.69 4.49 5.24 17.99 15.20 11.32 n.m. 1 $47,659.83 2013 <5 $224.68 48.39 49.39 17.51 26.51 13.91 n.m. 1 $42,067.92 2012 <5 $114.78 32.16 33.08 — 2 15.32 — 2 n.m. 1 $27,001.96 2011 <5 $367.26 -7.30 -6.83 — 2 -4.43 — 2 n.m. 1 $18,759.70

1 n.m. – Not statistically meaningful, five or less accounts in the composite for the entire year. 2 The 3-year annualized standard deviation is not shown due to having less than 36 months of returns. Sands Capital Management (“Sands Capital” and “SCM”) is an independent registered investment advisor. Sands Capital claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Sands Capital has been independently verified for the periods February 7, 1992 through December 31, 2019. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm's policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. The Technology Innovators Composite ("TIC") has had a performance examination for the periods December 31, 2010 through December 31, 2019. The verification and performance examination reports are available upon request. The composite reflects information from all fee paying and non-fee paying accounts managed in the Technology Innovators Strategy on a fully discretionary basis. The Technology Innovators Strategy is a concentrated portfolio of leading growth businesses across the technology sector, typically including 20 to 35 companies. Additionally, it is an all- capitalization portfolio that may invest a significant percentage of its assets in foreign securities, whether traded on a U.S. or foreign exchange. There is no account minimum. The benchmark for the TIC is the MSCI ACWI Info Tech and Communication Services Index (“ACWI ITCS”). The ACWI ITCS is an unmanaged capitalization-weighted index that measures the performance of the information technology and communication services sectors of the MSCI All Country World Index. The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. This composite may hold securities that are not included in the MSCI ACWI ITCS, and Sands Capital Management may invest in securities not covered by the ACWI ITCS. Performance results in presentations between April 30, 2012 and December 3, 2018 were measured against the MSCI All Country World Information Technology Index, which is shown for that period of time. The benchmark was changed to be more representative of the composite strategy, however, information regarding the comparison to the MSCI All Country World Information Technology Index is available upon request. Performance results in presentations prior to April 30, 2012 were measured against the S&P Composite 1500 Information Technology Index. The benchmark was changed to be more representative of the composite strategy, however, information regarding the comparison to the S&P Composite 1500 Information Technology Index is available upon request. The U.S. dollar is the currency used to express performance. Returns include the effect of foreign currency exchange rates. Returns are presented gross and net of management fees and include the reinvestment of all income. Net of fee performance was calculated using actual management fees. Composite performance is presented net of foreign withholding taxes on dividends, interest income, and capital gains. Withholding taxes may vary according to the investor’s domicile. The benchmark return is net of withholding taxes from a Luxembourg tax perspective. Policies for valuing investments, calculating performance, and preparing GIPS Reports are available upon request. A list of composite descriptions, pooled fund descriptions for limited distribution pooled funds, and broad distribution funds is available upon request. Past performance is not indicative of future results. The investment management fee schedule for separate accounts is a performance based fee that consists of a 0.50% base fee plus 20% of the annualized excess return versus the benchmark. Actual investment advisory fees incurred by clients may vary. The Technology Innovators Strategy of the portfolio manager was created and fully invested December 31, 2010. The TIC was created on January 6, 2011 and the inception date for performance is December 31, 2010. MSCI is the source of all MSCI data presented. The MSCI data is comprised of a custom index calculated by MSCI for, and as requested by, Sands Capital Management. The MSCI data is for internal use only and may not be redistributed or used in connection with creating or offering any securities, financial products or indices. Neither MSCI nor any other third party involved in or related to compiling, computing or creating the MSCI data (the “MSCI Parties”) makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and the MSCI Parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to such data. Without limiting any of the foregoing, in no event shall any of the MSCI Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. (www.msci.com) GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P325 51