Asian Bond Fund

EASTSPRING INVESTMENTS - ASIAN BOND FUND

December 2020

eastspring.us/eastspring.comoffshoreadvisor 2 LEADING ASSET MANAGER IN ASIA LEVERAGING OUR ASIAN DNA TO CAPITALISE ON GLOBAL OPPORTUNITIES

1994 USD 248bn 300+ INVESTMENT One of the DEEP INSIGHTS Founded 1994 in Managing USD 248bn PROFESSIONALS^ LARGEST INTO ASIA Singapore (HQ) and assets on behalf of Unrivalled on-the-ground ASIAN ASSET 100% owned by institutional and individual Our investment teams' investment presence in Asia Prudential plc (UK) investors globally MANAGERS deep understanding of Asian markets, provides us and a major Asian Fixed with a unique perspective Income player for global investments

United Kingdom

Luxembourg Japan United States China* South Korea

Taiwan India* Hong Kong* Thailand* Vietnam Malaysia Singapore

Indonesia Investment and Sales & Client Service office Sales & Client Service Office Joint venture

Source: Eastspring Investments. As at 31 December 2020. ^Including joint ventures and sales offices in the US, UK and Luxembourg. AUM size by contracted sales. Note: bn = billion.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 3 A DIVERSIFIED AND GROWING GLOBAL ASSET MANAGER

AUM Growth (USD bn)

2% 7% 241 248

193 47% 12% CAGR 188

40% 146 131

99 121 95 81 78

51%

Fixed Income Equity Quant Others ^ Investment Solutions (IS) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Internal Life 56% Third Party 44%

AUM USD248bn

Source: Eastspring Investments as at 31 December 2020. AUM includes Joint Ventures AUM based on % of ownership *Joint ventures: India - ICICI Prudential Asset Management Co Ltd, Hong Kong - Bank of China International – Prudential Asset Management and China - CITIC-Prudential Fund Management Co Ltd. ^ Others – include Alternative assets and money market funds. Note: bn = billion.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 4 EXTENSIVE LOCAL PRESENCE IN ASIA ONSHORE ASSET MANAGEMENT ACROSS ASIA

Sources: Singapore and Hong Kong (Morningstar), Malaysia (Lipper), Thailand (Association of Investment Management Companies), Korea (Korea Financial Investment Association), India (Association of Mutual Funds in India), Japan (Investment Trusts Association, Japan), Taiwan (Securities Investment Trust & Consulting Association of R.O.C.), China (Wind), Indonesia (Otoritas Jasa Keuangan), Vietnam (State Securities Commission of Vietnam). All markets as of December 2020. Eastspring JVs include HK, India and China. Japan reflects Publicly Offered Investment Trusts market presence. China reflects public mutual funds market presence. Vietnam reflects open-ended mutual funds market presence only. *Market presence based on whether the AMCs offer onshore domiciled mutual funds. Market ranking based on 100% shareholdings.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 5 INVESTMENT CAPABILITIES OVERVIEW

Fixed Investment Quantitative Equities Income Solutions Strategies

AUM of AUM of AUM of AUM of USD 25bn USD 62bn USD 115bn* USD 3.5bn

Key capabilities: Key capabilities: Key capabilities: Key capabilities:

GEM Concentrated Value EM Debt Multi Asset Global Low Vol Japan Concentrated Value Asian HY Solutions Asian Low Vol China A Growth Asia Fixed Income Multi-Factor Greater China Asian Sustainable Asia ex – Japan China RMB

Number of Inv. Number of Inv. Number of Inv. Number of Inv. professionals: 31 professionals: 22 professionals: 12 professionals: 8

Avg. yrs experience: Avg. yrs experience: Avg. yrs experience: Avg. yrs experience: 18 15 14 13

Source: Eastspring Investments as at 31 December 2020. AUM for investment teams are internally calculated and includes advisory mandates. There might be double counting of assets within the individual investment teams. The figures above do not reflect joint venture assets under management. *Including sub-funds managed by other teams and investments into Eastspring SICAV funds. Note: bn = billion.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 6 FOCUSED - FIXED INCOME INVESTMENT CAPABILITIES

Strategy Name Asian High Yield Bond China Onshore Bond Global Emerging Markets Bond

JPMorgan Asia Credit – Non Benchmark JPMorgan Emerging Markets Bond Index - Investment Grade Index Markit iBoxx ALBI China Onshore Bond index Global Diversified

Invests primarily in USD– Invests primarily in China onshore bonds Invests primarily in hard currency denominated below investment across different sectors, including government Investment Objective grade bonds issued by Asian denominated bonds issued by government corporate, quasi-sovereign and and non-government bond sectors; Moderate and quasi-government entities within sovereign flexibility to go into non-RMB securities Emerging Markets

Investment Style Benchmark-aware Benchmark-unconstrained Benchmark-aware AuM (USD mn) 468.3 434.2 2,251.6 Incepted :December 2019 Strategy Inception Oct 2011 Investment Start Date : Apr 2011 21 February 2020 Lead PM Wai Mei Leong Guan Yi Low with advisory from China WFOE Eric Fang Current YTM (%)+ 7.72 3.37 4.29 Current Duration (yrs)+ 3.50 5.45 8.44

Credit Quality Bias High Yield Investment Grade High Yield Key Investment Parameters *

Duration Range +/- 1.5 years from BM duration N/A +/- 1 year from BM duration Not applicable; Max 20%in non-BM Max Country Weight countries Up to 35% for single country of risk ex. China +/- 5% BM Weight Max 20% in corporates (ex Quasi- Max Sector Weight Max 33% in IG, non-rated and cash N/A sovereigns) Up to 10% per currency with exception of Currency Limits Max 20% in non-USD exposures CNY/CNH; Max aggregate non-CNY/CNH Max 10% in non-USD exposures exposure: 30% Min. Portfolio Average Not more than 3 notches below BM Aggregate non-investment grade bond exposure Not more than 1 notch below BM rating Credit Rating* rating (Linear) limit: Max 30% (Linear)

Source: Eastspring Investments, as of 31 December 2020. +The computation of yield to maturity and average duration includes cash and derivatives securities.; * Internal guidelines, subject to changes at fund managers’ discretion

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 7 FOCUSED - FIXED INCOME INVESTMENT CAPABILITIES

Strategy Name Asian USD Bond Asia Sustainable Bond Asian Total Return

Benchmark JPMorgan Asia Credit Index Unconstrained Unconstrained

Invests in a mix of green, social and sustainability Invests primarily in USD –denominated (“GSS”) bonds and other debt securities issued by Invests primarily in a mix of USD and bonds issued by Asian corporate, quasi- Emerging Asian governments, quasi-governments, Investment Objective domestic Asian bonds and currencies; sovereign and sovereign, including both corporates or supranational, which are aligned to flexibility to implement tactical high yield and investment grade internal Environmental, Social and Governance overlays (“ESG”) principles

Investment Style Benchmark-aware Absolute return targeted Absolute return targeted AuM (USD mn) 3,334.2 73.3 92.7 Strategy Inception Dec 2002 Dec 2019 Nov 2017 Lead PM Wai Mei Leong Rong Ren Goh Guan Yi Low Current YTM (%)+ 4.43 4.20 6.27 Current Duration (yrs)+ 5.57 4.39 4.00

Credit Quality Bias Investment Grade Investment Grade Investment Grade Key Investment Parameters *

Duration Range +/- 1 year from BM duration Below 5 years -1y to 8y

Max Country Weight +/- 10% BM Weight 35% 30% Sovereign: Max 35% for single issuer Max non-investment grade Max Sector Weight Not applicable IG/HY Corporate: Max 10% for single issuer exposure: 30% Up to 10% per currency with exception of USD Currency Limits Max 10% in non-USD exposures (subject to an aggregate limit of 20% for non-USD Aggregate net short FX: 30% exposures) Min. Portfolio Average Not more than 1 notch below BM rating Max non-investment grade N.A. Credit Rating* (Linear) exposure: 30%

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 8 AWARD WINNING FIXED INCOME CAPABILITIES

2020 2019 2018 2017

Asian Local Asian Asian Asian High Yield Bond Currency Bond Bond Bond House House Fund Fund

“Best of the Best” “Best of the Best” Best Fund over five years Best Fund Manager Bond Asia Regional Awards Regional Awards Bond USD – High Yield Pacific Local Currency Category (Awarded by Asia Asset (Awarded by Asia Asset Category Low Guan Yi Management) Management) (Awarded by Refinitiv Lipper Fund (Awarded by Citywire Asia) Award) Top 5 Investment Houses in Asia Asian Local – Asian Local Bond Currency Singapore Asian Local st Currency Category Rank 1 Select Bond Currency (Awarded by The Asset Benchmark Bond Bond Research) Fund Fund Fund Most Astute Investors Asian Local Bond Currency Best Asian Fixed Income Fund, Best Fund over 3 & 5 years Portfolio managers, Local Currency Bond SGD Top 5 Investment Houses in Cheong Wei Ming (No. 3), (Awarded by Asia Asset Management) (Awarded by Refinitiv Lipper Fund Asia – Asian Local Bond Danny Tan (No. 6) and Guan Yi st Award) Currency Category Rank 1 Low (Highly commended) (Awarded by The Asset Benchmark (Awarded by The Asset Benchmark Research) Research)

Sources: Refinitiv Lipper (April 2019 and April 2017), Citywire (April 2016), The Asset Benchmark Research (November 2016, July 2017), Asia Asset Management (2015, 2019 and 2020), Asian Investor Asset Management (June 2015), and unless otherwise stated.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 9 WHY EASTSPRING?

Pursuit of alpha through a differentiated, DIVERSITY OF Asian lens OUR PEOPLE AND PERSPECTIVES History of operating in some of the most diverse, illiquid and inefficient markets positions us well for emerging and developed markets investment 56% 40% of female Alignment of interests and history of of our workforce representation in our investing alongside our clients is female Executive Management Committee

Commitment of seed capital to innovate new strategies and willingness to 27 customize solutions for clients nationalities Risk management is embedded in our DNA with a long history of managing liability-linked assets

As of 31 December 2020.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. ASIAN FIXED INCOME OVERVIEW 11

WHY INVEST IN ASIAN BONDS?

1 2 3 Asia’s strong economic A growing universe of Potential for superior risk- fundamentals investment opportunities adjusted returns over time Positive demographics to Myriad credit quality Rising domestic participation power long-term economic opportunities encompassing in Asian debt markets has growth in the region, driving both investment grade and coincided with lower volatility investment and savings high yield for the asset class Positive economic Home to some of the world’s This has translated to steady fundamentals to support largest companies, which are returns with lower volatility corporate profitability and growing in global prominence for Asian bonds debt-servicing ability

Source: Eastspring Investments (Singapore) Limited

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 12 WHAT ARE ASIAN BONDS? OVERVIEW OF ASIAN USD BOND MARKET

SUMMARY JP MORGAN ASIA CREDIT INDEX SECTOR/ CREDIT QUALITY* SPLIT

Government 11.8% 1.4% Number of issues 1,863 Quasi- 21.1% 1.5% Market capitalisation Sovereign 1,202.0 (US$ billion) Corporate 44.1% 20.0% Average credit rating BBB+ 0% 10% 20% 30% 40% 50% 60% 70% Investment Grade High Yield

COUNTRY SPLIT CORPORATES SECTOR SPLIT China, 50.6% Financial, 35.1% Indonesia, 11.2% Real Estate, 23.9% Hong Kong, 8.0% TMT, 8.9% Korea, 7.7% India, 5.9% Oil & Gas, 7.0% Philippines, 4.9% Utilities, 6.8% Singapore, 3.5% Malaysia, 2.7% Consumer, 4.5% Thailand, 1.7% Industrial, 4.5% Macau, 1.6% Infrastructure, 3.4% Sri Lanka, 0.6% Taiwan, 0.6% Diversified, 3.1% Pakistan, 0.4% Metals & Mining, 2.3% Mongolia, 0.3% Transport, 0.5% Vietnam, 0.2% Cambodia, 0.0% Pulp & Paper, 0.0%

Source: Eastspring Investments (Singapore) Limited. JPMorgan, 31 December 2020. *Based on credit ratings assigned by external credit rating agencies, S&P, Moody’s or Fitch only.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 13 WHY INVEST IN ASIAN BONDS? CHANGING DEMOGRAPHICS IN ASIA Demographic changes are likely to have a profound impact on the investment landscape A rise in the Asian “middle class” population will help to power economic growth in the region, driving savings and investments needs which will fuel structural demand for fixed income To cater to the world’s largest elderly population, Asia’s growing pension and retirement pool will likely be a structural buyer of fixed income assets

A RISING ASIAN MIDDLE CLASS POPULATION BY 2035 - 60% OF THE WORLD’S ELDERLY WILL BE IN ASIA Global Middle Class by Region (millions) People Aged 65 and Over 100% 5000 90% 80% 4000 70% 60% 60% 3000 50% 40% 2000 30% 20% 1000 10% 0% 0 2015 2020F 2025F 2030F

Asia Pacific North America Europe Oceania Europe Central and South America Northern America Latin America and the Caribbean Sub-Saharan Africa Middle East and North Africa Africa Asia

LHS Source: Global Economy & Development Working Paper 100, February 2017 (The Unpresented Expansion of the Global Middle Class (an update). RHS Source: United Nations, December 2017.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR TRAINING PURPOSE ONLY. 14 WHY INVEST IN ASIAN BONDS A GROWING UNIVERSE OF INVESTMENT OPPORTUNITIES Region encompasses a wide range of credit quality (AAA to B- sovereign ratings) Asia is home to some of the world’s largest companies, which have grown in global prominence

COUNTRIES BY STANDARD & POOR’S FOREIGN RATING TOP 10 COUNTRIES WITH THE MOST FORTUNE GLOBAL 500 COMPANIES B 2019 Rank Country Companies

1 United States 121 A+ China (including 3 Hong AA 2 119 Kong companies) B- 3 Japan 52 BBB- AA- BB- AA+ 4 France 31

5 Germany 29 BBB+ BBB+ BB 6 United Kingdom + 17

B+ A- 7 South Korea 16 AAA 8 Switzerland 14 BBB 9 Canada 13

10 Netherlands + 12

LHS Chart Source: S&P, 31 May 2019. RHS Chart Source: Fortune Global 500, July 2019. + The Global 500 includes Unilever under the heading "Britain/Netherlands", as the company is counted in the tally for both countries.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 15 WHY INVEST IN ASIAN BONDS A GROWING UNIVERSE OF CREDIT OPPORTUNITIES

Supply of corporate credits has been led by Asian issuers in recent years; this has provided increasing credit opportunities within Asia Market capitalisation of bonds in the JP Morgan Asia Credit Index has risen 9-fold from 2005 to 2020

ASIA CREDITS ARE MOSTLY ASIAN OWNED NOW JACI MARKET CAPITALISATION (US$ ‘BILLION) 100% 1400 90% The investible universe of Asian bonds has 1200 grown, encompassing both IG and Non-IG 80% 70% 1000 60% 800 50% 600 40% 30% 400

20% 200 10% 0

2014 2005 2006 2007 2008 2009 2010 2011 2012 2013 2015 2016 2017 2018 2019 2020

US Europe Asia Investment Grade Non-Investment Grade

LHS Source: JP Morgan report, as of 7 January 2021. RHS Source: JP Morgan Asia Credit Index (“JACI”), 31 December 2020. Note: IG=Investment Grade; Non-IG = Non-Investment Grade.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR TRAINING PURPOSE ONLY. 16 WHY INVEST IN ASIAN BONDS FUNDAMENTALS REMAIN LARGELY STABLE Corporate earnings and credit migration trend have turned weaker due to impact of virus outbreak in 2020. However, Asian credits entered into the sell-off in relatively good shape. Policy measures are also supportive.

REGIONAL NET LEVERAGE TRENDS … BUT NET DEBT IS STILL DOWN MODESTLY YEAR-ON-YEAR

3.5x 20% Asia 2Q20/1Q20 (qoq) 1Q20/4Q19 (qoq) 3.0x Emerging Europe 15% 2Q20/2Q19 (yoy) 1Q20/1Q19 (yoy) Latin America 10% 2.5x Middle East & 2.5x Africa 2.3x 2.0x 5% 1.9x 1.8x 1.5x 0%

1.0x -5%

0.5x -10%

0.0x -15% Asia Emerging Latin Middle East Global Europe America & Africa 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 LTM

Left Chart Source : JPMorgan estimates, September 2020. Right Chart Source : JP Morgan, Bloomberg, CapitalIQ, September 2020.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 17 WHY INVEST IN ASIAN BONDS MANAGEABLE DEFAULT RISKS Default risks for 2021 are expected to moderate given the stronger macroeconomic outlook. However, China’s credit tightening measures and an uneven global recovery path are still likely to result in idiosyncratic risks.

HISTORICAL HIGH YIELD CORPORATE DEFAULT RATES (%) 18.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021F

Asia Emerging Europe Latin America US Asia Average (2.4) Emerging Europe Average (3.7) Latin America Average (4.6) US Average (3.4)

Source: JP Morgan, 6 January 2021; based on par value of defaulted bonds and excluding 100% quasi-sovereigns. Note: Average default rates are calculated from 2009-2020. Past performance is not necessarily indicative of the future or likely performance of the portfolio.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 18 WHY INVEST IN ASIAN BOND FAVOURABLE RISK-ADJUSTED RETURNS VS OTHER ASSET CLASSES (DEC 2000 ~ DEC 2020) Sharpe Ratio* Annualised Volatility, % Annualised Returns, % 1.12 6.1% Asian Bonds 7.1%

1.05 8.8% Asian High Yield Bonds 9.4%

0.98 4.2% US Treasuries 4.4% 0.95 6.3% Asian Local Bonds 6.2% 0.88 8.9% Global EM Bonds USD 8.1% 0.78 9.4% US High Yield Bonds 7.6% 0.68 6.5% Global Bonds 4.6% 0.48 15.1% US Equities 7.5% 0.47 20.6% Asian Equities 10.0% 0.40 15.9% Global Equities 6.7% 30.0% 20.0% 10.0% 0.0% 0.0% 5.0% 10.0% 15.0%

Please note that there are limitations to the use of such indices as proxies for the past performance in the respective asset classes/sector. The historical performance or forecast presented in this slide is not indicative of and should not be construed as being indicative of or otherwise used as a proxy for the future or likely performance.

Source: Bloomberg, Eastspring Investments, from end December 2000 to end December 2020, in USD, based on monthly data; *Based on risk-free rate of 3-Month Intercontinental Exchange London Interbank Offered rate (“LIBOR”). Various markets are represented by following indices : Asian High Yield Bonds – JP Morgan (“JPM”) Asia Credit Index (“JACI”) High Yield Index, Asian USD Bonds – JACI Asia Credit Index, Asian Local Bonds – Markit iBoxx Asian Local Bond Index, Global Government Bonds – Citi World Govt Bond, US High Yield Bonds – Bank of America Merrill Lynch(“BofAML”) US High Yield, Global Emerging Market Bonds – JPM Emerging Markets Bond Investment Grade, Asian ex Japan Equities – Morgan Stanley Composite Index (“MSCI”) Asia Ex Japan, Global Equities – MSCI AC World US$, US Equities – Standard & Poor 500 Index, US Treasuries represented by Citi US Broad Investment-Grade Treasury/Agency Index.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 19 WHY INVEST IN ASIAN BOND COUPON INCOME IS A KEY PILLAR OF RETURNS Relatively attractive coupon rates offered by Asian bonds provide investors with the potential for enhanced current income* PMORGAN ASIAN CREDIT INDEX ANNUALISED RETURNS FROM SEP 2005 – DEC 2020 10% 9.18% 8.12% 8% 0.70%

5.51% 6% 6.38% 0.69% 4% 7.37%

2% 4.79% 2.63%

0% Asian USD High Yield Bonds Asian USD Investment Grade Bonds Asian Equities

Interest/ Dividend Income Capital Gains Total

Source: Bloomberg, JPMorgan, Eastspring Investments, in USD, from 30 September 2005 to 31 December 2020; *Barring any defaults or negative credit developments. Notes: Asian USD High Yield Bonds, represented by JPMorgan Asia Credit Index – Non-Investment Grade Index, Asian USD Investment Grade bonds represented by JPMorgan Asia Credit – Investment Grade index, Asian Equities represented by MSCI Asia ex Japan Index, dividend income calculated from the difference between price returns and total returns. Past performance is not necessarily indicative of the future performance of the markets and/or the Fund.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR TRAINING PURPOSE ONLY. 20 WHY INVEST IN ASIAN BONDS? POSITIVE YIELD PICK-UP VS. DEVELOPED MARKETS AVERAGE YIELD PER UNIT AVERAGE YIELD (%) CREDIT OF DURATION (%) QUALITY

Asian HY Corp 7.0 3.1 B+ 50% EM Corporate + 50% EM Sovereign (Hard Currency) 4.3 0.6 BBB- US HY Corp 4.2 1.2 B+

Asian USD Bonds 3.1 0.6 BBB

EUR HY Corp 2.9 0.8 BB-

Asian Local Bonds 2.8 0.4 A

Asian IG Corp 2.2 0.4 A-

US IG Corp 1.8 0.2 A- * Developed Gov Bonds 0.3 0.0 AA EUR IG Corp 0.2 0.0 A-

Source: Bloomberg, Eastspring Investments, BofAML, Citigroup, Markit iBoxx as at 31 December 2020. * Data as of 30 September 2020. Asian HY Corp as represented by BofA Merrill Lynch Asian Dollar High Yield Corp Index. Asian IG Corp as represented by BofA Merrill Lynch Asian Dollar Investment Grade Corp Index. US IG Corp and US HY Corp as represented by BofA Merrill Lynch US Corp and High Yield Indices respectively, Asian Local Bonds as represented by the Markit iBoxx Asian Local Bond Index, Asian USD Bonds as represented by BofA Merrill Lynch Asian Dollar Index, Developed Govt bonds represented by Citigroup World Government Bond index. EUR HY Corp and EUR IG Corp represented by BofA Merrill Lynch Euro High Yield and Euro Corporate Indices respectively. 50% EM Corp + 50% EM Sov (Hard currency) as represented by JP Morgan EMBI Global Diversified Index + JP Morgan CEMBI Broad Diversified Index. HY= High Yield, IG = Investment Grade. Average yield for corporate bonds are based on yield to worst. Please note that there are limitations to the use of such indices as proxies for the past performance in the respective asset classes/sector. The historical performance or forecast presented in this slide is not indicative of and should not be construed as being indicative of or otherwise used as a proxy for the future or likely performance. STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. FIXED INCOME TEAM, PHILOSOPHY & PROCESS 22 FIXED INCOME EXPERIENCED & STABLE INVESTMENT TEAM

Portfolio Management Portfolio Management Portfolio Management Credit Research Life / Solutions Credit Local Rates

Danny Tan (21) Wai Mei Leong (21) Wei Ming Cheong (25) Yong Hong Tan^^ (19) Investment Director Investment Director Investment Director Credit Manager

Kenneth Lee (7) Eric Fang (17) Guilherme Maciel de Li Ping Yeo^ (26) Portfolio Manager Portfolio Manager Barros (14) Senior Credit Analyst Portfolio Manager Jerry Gwee^ (18) # Rong Ren Goh (13) Boon Peng Ooi (33) Peerampa Janjumratsang^ (8) Senior Credit Analyst Head of ES Portfolio Strategies Portfolio Manager Portfolio Manager Matthew Kok (3) Elvin Tan (15) Portfolio Manager Senior Credit Analyst Marvin Kwong (14) Senior Credit Analyst

Other Investment Support Personnel Shao Keng Ang (12) Senior Credit Analyst Guan Yi Low (23) Ginny Wong (19) Senior Dealer 1 Head of Fixed Income Vivian Ting (21) Senior Dealer 1 Lee Wai Meng (9) Senior Credit Analyst Matthew Valath (10) Dealer 1 Tricia Wong (19) Client Portfolio Manager 2 Valerie Yan (4) 3 Chung Yuh Ang (8) Client Portfolio Manager Credit Analyst Shirley Fong (12) Portfolio Specialist 3 Jacelyn Wu (17) Investment Analyst 4 Ng Kah Wee (3) Credit Analyst

Credit Research: China (WFOE)

Portfolio managers have an average 16 years of investment William Xin (18)** Head of Fixed Income experience and 9 years of experience within the firm USD62.4* billion of assets under management Janet Lu (11) Analyst

Source: Eastspring Investments, 1 January 2021. Years of relevant investment experience in brackets (xx). ^Li Ping Yeo, Jerry Gwee and Peerampa Janjumratsang assume both credit research and portfolio management responsibilities. ^^Yong Hong Tan oversees the credit analyst team. **Secondary reporting line to CIO, Fixed Income and direct reporting to General Manager, Eastspring China. 1Direct reporting to Head of Central Dealing Desk. 2Direct reporting to Head of Client Portfolio Managers. 3Direct reporting to Client Portfolio Manager of Fixed Income, Tricia Wong. 4Direct reporting to Investment Director (Fixed Income), Danny Tan. #Boon Peng is also CEO of Eastspring Singapore and oversees the Equities and Quantitative Strategies teams as well. *As of end December 2020.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 23

FIXED INCOME TEAM-BASED RESEARCH APPROACH

USD62.4b Asset Under Management*

years of fixed income experience Global Macro Asian Interest Rates 14+ and Currencies Boon Peng/ Rong 21 Investment Professionals Ren/Guan Yi: G3 and Wei Ming/ Rong Ren : Asian rates and currencies broad interest rate and Guilherme : GEM rates & 2 Credit Analysts based in macro views currencies China Wei Ming: Kenneth : Phil & Thai 700+ Issuers^ Commodities rates Guan Yi: under coverage Formulation of Investment views

Credits Bottom-up & Wai Mei: Asian Credits Industry Trends Eric: Global Emerging Credit Analysts: Bottom- Combining Sovereign/Quasi-Sov up analysis of best of top-down Markets companies and credit & bottom up sectors Strong track record of credit selection

Source: Eastspring Investments, 31 December 2020. Years of relevant investment experience in brackets (xx).*As of end December 2020. ^Research coverage included corporate, sovereign and quasi-sovereign issuers.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 24 FIXED INCOME INVESTMENT PHILOSOPHY

Fundamentals, Valuation and Technical factors are the basis for well-informed investment decisions and alpha generation

A medium-term investment horizon provides patient investors opportunities to take advantage of dislocations in fair value

Investment opportunities are created by identifying cyclical extremities in interest rates and credit spreads

Value opportunities arise due to shifts in investor risk perception, resulting in the mispricing of assets relative to fundamentals

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 25

FIXED INCOME INVESTMENT PROCESS A rigorous investment process comprising four broad stages

Macroeconomic and market research to determine the 1 1 investment outlook and ascertain the fair value of the broad INVESTMENT interest rate, credit and currency markets OUTLOOK & FAIR VALUE ANALYSIS Fundamental, valuation and technical analyses of relevant 2 markets are combined to determine the portfolio’s: Duration and yield curve strategy 4 2 RISK ASIAN Currency strategy CONTROL STRATEGY AND FIXED FORMULATION Credit strategy REVIEW INCOME

Portfolio is constructed in line with the duration/yield curve, sector, credit and currency risk preferences of the team, as 3 3 well as the client’s risk preferences and objectives PORTFOLIO CONSTRUCTION Portfolios’ risk exposures are reviewed in real time and 4 discussed during weekly and quarterly team meetings Performance and risk exposures also reviewed on a quarterly basis with the Investment Risk Oversight Committee

Source: Eastspring Investments (Singapore) Limited

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 26

FIXED INCOME INVESTMENT PROCESS A rigorous investment process comprising four broad stages

MACRO ANALYSIS Analysis & View Assessing Value in Bond Market & AND DURATION Formulation Bond Markets Duration Strategy MANAGEMENT Economic & inflation Monetary policy Duration position outlook pricing versus benchmark Projected monetary Yield curve slope & Yield curve policy action forward yield curve strategy Global interest rate analysis Relative value of outlook Absolute & real yield bond markets levels vs history Credit & swap Supply & demand spread strategy dynamics

Source: Eastspring Investments.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 27

FIXED INCOME INVESTMENT PROCESS A rigorous investment process comprising four broad stages

Top-down Credit Bottom-up Credit Credit Strategy Outlook Selection Economic Assess credit strength Credit allocation environment and default risk versus benchmark PROPRIETARY Credit condition Establish Internal Credit sector CREDIT ANALYSIS Credit migration and Credit Rating (ICR) allocation default trend Relative value Value opportunities & STRATEGY Corporate earnings analysis and calculate implied credit default Supply-demand levels Risk appetite Market liquidity Sector comparison Cross-market comparison

Source: Eastspring Investments.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 28

TOP-DOWN MACROECONOMIC THEMES Identify thematic drivers – event Portfolio flow trends into EM and Asia risks, asset class trends , secular/ region structural trends Investor positioning – DM vs. EM / Asia Assess correlations across assets Technical/price signals – Risk assets and currencies BOTTOM-UP CURRENCY ANALYSIS

Fundamentals Valuations Technicals CURRENCY Economic fundamentals Structural valuation Investor positions – high models (eg. level of long or shorts in MANAGEMENT Monetary policy outlook Fundamentals / Real a currency Fiscal policy trends effective exchange rate) Investor sentiment & risk appetite: risk seeking / Current account trends Interest rate carry avoidance behaviour relative to volatility Technical/ price signals: Eg. MACD, RSI, Trend Interest rate differentials Channels, Charting

CURRENCY STRATEGIES Strategic overlays Relative value and total return assessment Determine currency positioning relative to benchmark or absolute basis

Tactical overlays Exploit opportunities arising from market noise and idiosyncrasies prevalent in FX markets. Risk management due to near term headwinds identified. Overlays applied to create synthetic bond positions that deliver better risk-adjusted carry, and lower transaction costs.

Source: Eastspring Investments.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 29 PORTFOLIO RISK CONTROLS & REVIEW

REGULAR INVESTMENT MEETING

Our core framework for managing MEETING FREQUENCY PURPOSE DISCUSSION TOPICS investment risks involves: Local rates and FX Investment markets updates and Broad macro updates Meeting Weekly review of key Individual LCY and FX markets portfolio risk Discussion on portfolio strategies Appropriate risk sizing for (Rates/FX) exposures positions and risk control at Updates on credit sector meetings outset. Monitoring of positions Investment Discussion and update of credit- and new issuance activity with appropriate stop/review Meeting Weekly Highlight material issuer specific issues and developments or credit risks levels (Credit) developments Ad-hoc topical / sectoral discussion

Macro and G3 interest rate markets Comprehensive real time Formulation of Commodity markets Strategy At least three investment strategy Individual Asian LCY and FX portfolio monitoring and risk Meeting times a year for the next 3-6 markets months Asian credit markets reports Sector / credit focus

Regular portfolio and risk RISK OVERSIGHT MEETINGS

oversight meetings to discuss Monthly One-on-One Quarterly Investment Quarterly Risk Oversight with Head of Investment Management Meeting Review market and credit risks in light of Strategies with CIOs (IMM) economic and market Attended by Head of Attended by Head of Attended by Investment Investment Strategies, developments. Investment Strategies Risk team, Head of Head of Investment and CIO of Fixed Investment Strategies, and Solutions and all CIOs of Income team CIO of Fixed Income team respective asset classes

Ongoing ad hoc analysis and reviews by Risk Oversight function covering emerging issues

Source: Eastspring Investments. The above views are subject to change at the fund manager’s discretion without prior notice. ASIAN FIXED INCOME STRATEGY 31 ASIAN BOND FIXED INCOME STRATEGY KEY INVESTMENT PROFESSIONALS CREDIT RESEARCH TEAM Investment/ Credit Primary Responsibility Firm Research (Credit Research Coverage) Experience (years)

Yong Hong Tan China properties, China Investment Grade corporates, Korea corporates, 19 / 10 (Credit Manager) Australia/Europe/Japan corporates PORTFOLIO MANAGEMENT China local government financing vehicles Investment/ William Xin* (LGFV) and Hong Kong HY/Taiwan 18 / 6 Firm corporates Name Designation Responsibilities Experience India high yield corporates and other non- (years) Elvin Tan Asia Emerging Market corporates & 15 / 2 financials

Chief Investment SGD property, China/Hong Kong and Guan Yi Low, Marvin Kwong 14 / 7 CFA Officer, Team oversight 23 / 13 financial institutions, Indon property issuers Fixed Income Malaysia/MYR corporates and other banks 12 / 13 Shao Keng Ang & financial institutions

Wai Mei Portfolio Management of Asian 21 / 13 China central state owned enterprises Leong Manager USD Credit funds Janet Lu (SOE) and China HY non-property issuers 11 / 1 / industrials, Macao corporates

Management of Asian Credit research of Hong Kong IG 3 / <1 Valerie Yan Corporates and Singapore properties Li Ping Yeo^ Portfolio USD Credit funds; 26 / 3 Manager Credit research of Credit research coverage of Indonesia China property quasi-sovereigns, Turkish financials/East 3 / <1 Kah Wee Ng Europe quasi-sovereigns and Philippines corporates

Indonesia/IDR non property / Jerry Gwee ^ industrials as well as SGD non- 18 / 7 property corporates

Peerampa Janjumratsang^ Thailand corporates 8 / 4

Source: Eastspring Investments, 1 January 2021. ^Li Ping Yeo, Jerry Gwee and Peerampa Janjumratsang assume both credit research and portfolio management responsibilities. *Secondary reporting line to CIO, Fixed Income and direct reporting to General Manager, Eastspring China. 32

Key Characteristics of Differentiating the Strategy Representative Portfolio

Benchmark JP Morgan Asia Credit Focus on Asian USD-denominated bonds 64% of the portfolio’s bond securities are Average Duration +/- 1 year benchmark (Years) duration investment grade bonds (38% IG Corps) KEY PRODUCT currently, while the rest are high yield +/- 10% of benchmark Country Limit securities (32% HY Corps) weight FEATURES Average portfolio quality of BBB Sector Limit N.A. EASTSPRING Key value add from credit allocation across sectors and most importantly Average not more INVESTMENTS – credit selection Average Rating than one notch below US interest rate management provides a benchmark more moderate source of value-add Non-USD ASIAN BOND FUND max 10% Exposure OVERVIEW Single Issuer Limit Higher of 5% or 2%+BM (Non-Sovereign) The Investment Team 10 November 2004 Inception Date (Class D) Lead Portfolio Manager: Wai Mei Leong Investment team Strategy Size USD3,334.2 million 11 Portfolio Managers* 8 Credit Analysts 1 Quant Analyst / 1 Investment Analyst Currency USD

Source: Eastspring Investments (Singapore) Limited, 31 December 2020. *Li Ping Yeo, Peerampa and Jerry Gwee assume both credit research and portfolio management responsibilities. The portfolio characteristics are subject to change at the fund manager’s discretion without notice. IG stands for Investment Grade, HY stands for High Yield.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 33 KEY PRODUCT FEATURE ROBUST CREDIT SELECTION PROCESS 1. Meeting with management Credit selection is key to fund performance Selecting credits / sectors will be 2. Fundamental important alpha generators analysis 5. Site visits, ongoing - Business profile monitoring and annual review - Financial profile The Fund aims to outperform the benchmark - Internal Credit through two key sources: CREDIT SELECTION Rating 1 Credit Strategy Sector Allocation PROCESS (Allocation across sovereign/ corporate/ quasi-sovereign, Investment Grade vs. High Yield, etc.) Security Selection (Selection of credits to mitigate default risks and to pick securities which offer attractive risk-return trade off) 4. Technical analysis 3. Valuation analysis 2 Duration Strategy - Demand dynamics - Relative value (Implementation of US interest rate views, i.e., overweight/ underweight duration) - Supply risk - Default probability

Source: Eastspring Investments, December 2019

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 34 ROBUST CREDIT SELECTION PROCESS

DEFAULTS IN ASIAN USD BOND MARKET IN 2019 & YTD 2020 Year Issuer Country Sector Huiyuan Juice China Consumer Despite the moderate Kangde Xin China Industrial MIE Holdings China Oil & Gas rise in Asian bond New Cotai Macau Consumer China Minsheng Investment China default rate since 2019 Diversified GCX Limited India TMT 2018, we believe our Haikou Meilan Airport China Infrastructure rigorous credit Delta Merlin Dunia Textile Indonesia Consumer Tewoo China Industrials selection has helped Huachen Energy China Utilities our funds to avoid Qinghai Provincial Investment China Diversified extreme drawdowns PKU Founder China TMT Tunghsu Group China TMT due to idiosyncratic Jain Irrigation India Industrial factors Yida China China Real Estate PKU Resources China Real Estate Dr Peng China TMT Garuda India YTD Transport Yihua Enterprise China 2020 Consumer MNC Investama Indonesia TMT Zhongrong Xinda China Diversified Geo Energy Indonesia Metal & Mining Hilong Holding China Oil & Gas MIE Holdings China Oil & Gas Tahoe Group China Real Estate Jiansu Nantong Sanj Intl China Industrial Modernland Realty Indonesia Real Estate

Source: JPMorgan report, 14 October 2020

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 35 FUND POSITIONING CHARACTERISTICS, SECTOR, COUNTRY AND CURRENCY BREAKDOWN1 COUNTRY BREAKDOWN Fund Characteristics Fund BM

No of issues 812 1863

Number of issuers 382 783

Average duration (years) 5.6 5.0

Average credit rating BBB- BBB+ Yield to maturity (%) 4.4 3.3 Yield to worst (%) 4.1 3.1

Currency Fund % Benchmark % Bond Sector Breakdown Fund % BM % US Dollar 94.3 100.0 Corporate Bond Indonesian Rupiah 1.9 - 36.4 44.2 Investment Grade* Indian Rupee 1.5 - Hong Kong Delivered High Yield* (incl. NR) 32.6 19.9 1.0 - Chinese Renminbi (Yuan) Government Bond 11.7 13.2 Malaysian Ringgit 0.5 - Quasi Government 17.8 22.6 Singapore Dollar 0.5 - Cash 1.5 0.0 South Korean Won 0.3 - - Total 100.0 100.0 Hong Kong Dollar 0.1 Total 100.0 100.0

Source: Eastspring Investments (Singapore) Limited as at 31 December 2020. Note: 1Fund positioning is subject to change without prior notice. The above does not constitute a recommendation of any security/sector/industry. The information provided herein are subject to change at the discretion of the Investment Manager without prior notice. Benchmark of the Fund is JPMorgan Asia Credit Index; *Based on credit ratings assigned by external credit rating agencies, S&P, Moody’s or Fitch only.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 36 FUND POSITIONING CREDIT RATING BREAKDOWN & TOP 10 ISSUERS1

CREDIT RATING BREAKDOWN (%) TOP 10 ISSUERS (%) Ratings by External Agencies* Fund BM Diff Issuers Fund BM Diff

AAA 0.2 0.7 -0.5 INDONESIA (REPUBLIC OF) 6.0 4.8 1.2 AA+ 0.2 0.5 -0.4 AA 1.8 5.0 -3.2 PHILIPPINES (REPUBLIC OF) 2.2 2.9 -0.7 AA- 0.3 0.4 0.0 A+ 9.6 14.4 -4.8 PERUSAHAAN PENERBIT SURAT BERHARGA SYARIAH 1.6 1.4 0.2 A 4.1 7.4 -3.4 NEGARA INDONESIA III A- 5.3 8.4 -3.1 BBB+ 13.9 14.5 -0.6 PERUSAHAAN LISTRIK 1.6 1.0 0.6 BBB 17.4 16.6 0.8 NEGARA (PERSERO) PT 10.8 9.3 1.5 BBB- PERTAMINA PERSERO PT 1.6 1.3 0.3 IG sub-total 63.5 77.2 -13.7 BB+ 2.2 1.9 0.3 KAISA GROUP HOLDINGS LTD 1.5 0.8 0.7 BB 1.7 2.9 -1.2 COUNTRY GARDEN HOLDINGS BB- 5.8 3.6 2.2 1.5 1.0 0.5 CO LTD B+ 4.8 2.7 2.1 HUARONG FINANCE 2017 CO 1.3 0.7 0.6 B 6.5 3.7 2.8 LTD B- 2.2 1.5 0.8 FANTASIA HOLDINGS GROUP 1.3 0.2 1.0 CCC+ and below 2.0 0.8 1.2 CO LTD NR 9.8 5.7 4.1 SMC GLOBAL POWER 1.2 0.2 1.0 HY sub-total 35.0 22.8 12.2 HOLDINGS CORP Cash 1.5 0.0 1.5 Total 19.7 14.2 5.5 Total 100.0 100.0 0.0

Source: Eastspring Investments (Singapore) Limited as at 31 December 2020. Note: 1Portfolio positioning is subject to change without prior notice. The above does not constitute a recommendation of any security/sector/industry. The information provided herein are subject to change at the discretion of the Investment Manager without prior notice. Benchmark of the Fund is JPMorgan Asia Credit Index; *Based on credit ratings assigned by external credit rating agencies, S&P, Moody’s or Fitch only.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 37 EASTSPRING INVESTMENTS – ASIAN BOND FUND FUND PERFORMANCE (CLASS A, USD)

3Y 5Y 10Y S.I. Performance (%) 1M 3M YTD 1Y 2019 2018 2017 p.a. p.a. p.a. p.a.

Eastspring Investments – Asian Bond Fund 0.7 2.4 5.9 5.9 4.5 4.5 4.2 4.8 11.0 -2.8 4.4 (Class A) (Bid-Bid)

JP Morgan Asia Credit 0.6 1.8 6.3 6.3 5.5 5.6 5.6 6.2 11.3 -0.8 5.8 Index

Relative Return 0.1 0.6 -0.4 -0.4 -1.0 -1.1 -1.4 -1.4 -0.3 -2.1 -1.4 (versus Bid-Bid)

Overall Rating

Source: Eastspring Investments (Singapore) Limited (Benchmark - JP Morgan Asia Credit Index), Morningstar Ratings as at 31 December 2020.; Returns are based in share class currency and computed using the NAV price on bid-bid basis with net income reinvested . The NAV price is net of all fees, expenses and withholding taxes. Calendar year returns are based on the share class performance for the year and if the share class is incepted during a particular year, the returns shown relate to the performance of the share class since its inception till end of that calendar year. Fees and expenses vary among share classes, further information is available in the Prospectus. Note: Funds are rated based on their risk- adjusted returns. Performance and benchmark values are rounded off to 1 decimal place. p.a. refers to per annum. Investors should be aware that past performance of the Fund is not necessarily indicative of the future or likely performance of the Fund. STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 38 EASTSPRING INVESTMENTS – ASIAN BOND FUND QUARTERLY FUND CHANGES

QUARTERLY CHANGES IN SECTOR ALLOCATION (RELATIVE WEIGHT VERSUS BENCHMARK)

Source: Eastspring Investments (Singapore) Limited as at 31 December 2020. Relative position of the Fund versus the JPMorgan Asia Credit Index; Investment Grade/ High Yield classifications based on credit ratings assigned by external credit rating agencies, S&P, Moody’s or Fitch only. Non-Rated bonds are included under High Yield. The information provided herein are subject to change at the discretion of the Investment Manager without prior notice. Note: IG refers to Investment Grade, HY refers to High Yield.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 39 INVESTMENT STRATEGY AND OUTLOOK

Asian countries have generally been relatively successful in the fight against COVID-19, However, we are cognizant that spreads have tightened in significantly, while the allowing the region’s economies to recover uneven growth recovery could still faster and keeping default risks manageable. challenge weaker issuers. We will thus This economic recovery should accelerate in be cautious in adding risk from here as 2021 as vaccines are rolled out globally. valuations are less compelling and in Realistically speaking though, the growth anticipation of strong issuances ahead. boost from virus immunization should come only in the second half of the year, given major We will, however, retain our overweight in high yield sector and may look to add moderate local hurdles in vaccine distribution and the near- currency bond exposures on pull-back. term challenges mentioned above. Both fiscal and monetary policies are likely to We may also look to add our duration position if remain accommodative to nurse the still fragile UST yields overshoots our expected range. economic recovery. The favourable macro backdrop suggests that Asian bonds should continue to perform well in 2021. Low-to-negative rates in most developed markets will encourage capital inflows to Asia, where the growth outlook is being supported by a better management of the pandemic.

Source : Eastspring Investment, December 2020

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. APPENDIX 41 ASIAN USD BOND (JPM) COMPOSITE DECEMBER 2020 (USD) Annualised figures Rolling Period Data Calendar Year Data YTD 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 1 m 1 Y 2 Y 3 Y 4 Y 5 Y 6 Y 7 Y 8 Y 9 Y 10 Y S. I.

Composite Return - Net (%) 0.8 6.6 9.3 5.6 5.6 5.7 5.1 5.5 4.6 5.6 5.4 6.6 Composite Return - Net (%) 6.6 6.6 12.2 -1.6 5.8 5.8 2.2 8.4 -1.9 14.1 3.6 10.5 Composite Return - Gross (%) 7.1 7.1 12.5 -1.3 6.1 6.2 2.5 8.7 -1.6 14.5 4.0 10.9 Composite Return - Gross (%) 0.8 7.1 9.8 6.0 6.0 6.0 5.4 5.9 4.9 6.0 5.8 7.0 Benchmark Return (%) 6.3 6.3 11.3 -0.8 5.8 5.8 2.8 8.3 -1.4 14.3 4.1 10.6 Benchmark Return (%) 0.6 6.3 8.8 5.5 5.6 5.6 5.2 5.6 4.7 5.7 5.6 6.6 Relative to Gross (%) 0.8 0.8 1.2 -0.5 0.4 0.3 -0.3 0.4 -0.2 0.3 -0.1 0.3 Relative to Gross (%) 0.2 0.8 1.0 0.5 0.4 0.4 0.3 0.3 0.2 0.2 0.2 0.4 Composite 3-Year Annualised 6.6 6.6 2.9 3.1 3.0 3.3 4.5 4.8 6.1 5.3 6.5 11.4 Composite Annualised Volatility (%) N/A 10.7 7.7 6.6 5.7 5.4 5.1 4.8 5.1 5.0 5.2 6.4 Volatility (%) Benchmark 3-Year Annualised 4.9 4.9 2.6 2.9 2.8 3.1 4.2 4.5 6.1 5.4 6.2 11.8 Highest Return in Composite (%) 0.8 7.1 9.8 6.0 6.0 6.0 5.4 5.9 4.9 6.0 5.8 N/A Volatility (%) Number of Portfolios 1 1 1 1 1 1 1 1 1 1 1 1 Lowest Return in Composite (%) 0.8 7.1 9.8 6.0 6.0 6.0 5.4 5.9 4.9 6.0 5.8 N/A Market Value at End, USD 3.33 3.33 4.25 3.53 3.37 3.04 2.73 2.28 2.04 2.20 1.71 1.21 Tracking Error (%) N/A 3.2 2.2 1.9 1.6 1.5 1.3 1.3 1.2 1.1 1.1 1.2 (bn) Percentage of Firm’s Assets N/A N/A 3.41 2.53 2.31 2.67 2.70 2.40 2.66 2.72 2.57 1.83 Information Ratio N/A 0.2 0.4 0.2 0.3 0.3 0.2 0.3 0.2 0.2 0.2 0.3 (%) Eastspring Investments claims compliance with Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. To receive a complete list and description the composites and/or a presentation that adheres to the GIPS standards, contact the relevant sales representatives or email [email protected].

The Firm is defined as all portfolios, except those that are predominantly Private Equity portfolios, of Eastspring Investments (Singapore) Limited and Eastspring Investments (Hong-Kong) Limited (collectively referred to as "Eastspring Investments"), which are business units within the Prudential Plc Group. This composite includes separately managed portfolios that primarily invest in Asian fixed incomes securities and managed to JP Morgan Asia Credit Index. This Composite was created on 1 Jul 02 and Composite Performance starts from 1 Jul 02. A full List of the Firm's Composites is available upon request. In Aug 2006, the benchmark was renamed from Chase Asia Bond Total Return Composite Index to JP Morgan Asia Credit Index. Eastspring Investments has been independently verified for the periods 1 Jan 1995 - 31 Dec 2009 and 1 Jan 2018 - 31 Dec 2018. The verification reports are available upon request.Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firms policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. The minimum fund size requirement for a fund to be included in a composite is USD3 million. All returns are presented in Dollar. Market Values are presented in Dollar. Policies for valuing portfolios, calculating performance and preparing compliant presentations are available upon request. Performance results are presented gross of investment management fees and net of trading expenses. Treatment of other fees and withholding tax on dividends, interest income and capital gains varies for the underlying portfolios. Additional information on other fees treatment are available upon request. Portfolios within the composite has no or minimal derivatives exposure If a fund has a cash flow or in-specie transfer (either in or out) that is greater than 10% of the opening balance of the fund, then the impact on portfolio performance has to be assessed to determine whether it should be held out-of- structure. If the impact on performance is equal to or greater than 20 basis points, then the fund can be excluded from composite performance until it is back in structure. Additional information regarding the treatment of significant cash flows is available upon request. The highest % of management fee charged are as per below: Equity Strategies : 2.00% per annum Fixed Income Strategies : 1.25% per annum Additional information regarding policies for calculating and reporting returns is available on request The Firm total assets under management as of 31 December 2019 was USD125 billion. Net composite returns shown do not represent actual net returns of underlying portfolios but are calculated net of the highest band fee (net down by 0.5% p.a.) in the tiered management fee schedule applicable to an institutional investor investing in such a strategy. However, the firm reserves the right to change this fee structure and hence net composite returns might change without prior or subsequent notifications to current or potential investors Effective 1st November 2018, Information Ratio is calculated as (Annualized Fund Return - Annualized Bench Return) / Tracking Error. Prior to 1st November 2018, Information Ratio was calculated as (Average Annualized Excess Return / Tracking Error).

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 42 EASTSPRING INVESTMENTS – ASIAN BOND FUND SHARE CLASSES AVAILABLE FOR INVESTMENT Inception *Minimum *Minimum Class Currency Bloomberg ticker ISIN date initial investment subsequent investment

Class A USD PRUASBA LX LU0154355936 01-Mar-05 USD500 USD50

Class Adm USD IOFASBA LX LU0428352776 02-Jun-09 USD500 USD50

Class R USD ESABDRU LX LU0865487804 14-Dec-12 USD500 USD50

Initial sales Annual Annual admin Initial sales Annual Annual Ongoing Class charges% management fee% (max) charges% management admin fee% charges % (max) fee% (max) (current) fee% (current) (current)

Class A 3.000 1.250 0.250 3.000 1.000 0.250 1.340

Class Adm 3.000 1.250 0.250 3.000 1.000 0.250 1.340

Class R None 0.625 0.250 None 0.500 0.250 0.840

Ongoing charges vary from year to year and do not include portfolio transaction cost. Ongoing charges are based on annualized expenses for the year ending December 2020. Annual R-class shares are not sold directly to investors, but to financial intermediaries that serve Distribution Dividend per Class Ex-date dividend investors. The intermediary executes the purchase of the funds on behalf of the investor, as frequency share yield % well as the sale and exchange. The Sales Charge may be modified for certain financial intermediaries who submit trades on behalf of eligible investors. As allowed in the Prospectus, Eastspring and the financial intermediaries have agreed to waive the Sales Class A N.A N.A N.A N.A Charge for all purchases for the fee-based R share class. Always consult your financial adviser. For more about charges, see the Prospectus. Class Adm Monthly 01-Mar-21 0.0410526 5.00

Class R N.A N.A N.A N.A

Distributions are not guaranteed and may fluctuate. Past distributions are not necessarily indicative of future trends, which may be lower. Distribution payouts and its frequency are determined by the Board of Directors, and can be made out of (a) income; or (b) net capital gains; or (c) capital of the Fund or a combination of any of (a) and/or (b) and/or (c). The payment of distributions should not be confused with the Fund’s performance, rate of return or yield. Any payment of distributions by the Fund may result in an immediate decrease in the net asset value per share. Funds with Monthly and Quarterly Distribution Frequency: Annualised Dividend yield = (Dividend per share / Reference NAV at start of distribution period) x (No. of calendar days in a year / No. of calendar days in distribution period) x 100%. Funds with Yearly Distribution Frequency: Annualised Dividend Yield = (Dividend amount / Total Net Assets) x (No. of calendar days in a year / No. of calendar days in distribution period) x 100%. *Or their near equivalent in any major freely convertible currency of the amounts specified. "N.A.": This share class does not distribute dividends. STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 43 FIXED INCOME INVESTMENT TEAM PROFILE

Yrs of Yrs of Yrs of Yrs of Primary Responsibility (Credit Portfolio Primary Responsibilities Management Investment Firm Credit Research Investment Firm Experience Experience Research Coverage) Experience Experience

Team oversight and management of China properties, China Investment Guan Yi Low Asian Local bond, Total Return bond 23 13 Yong Hong Tan Grade corporates, Korea corporates, and China Bond strategies 19 10 (Credit Manager) Australia/Europe/Japan corporates; Management of Asian, Singapore, Wei Ming Cheong Indonesian bond strategies, as well as 25 15 Credit funds; Credit research of SGD Cash strategies Li Ping Yeo^ China property and India Investment 26 3 Management of Hong Kong bond and Grade corporates Danny Tan other solution-based/ credit-focused 21 17 Research coverage of Indonesia/IDR strategies Jerry Gwee^ non property / industrials as well as 18 7 SGD non-property corporates Management of Asian USD credit Wai Mei Leong 21 13 China local government financing strategies William Xin* vehicles (LGFV) and Hong Kong 18 6 Management of Global Emerging HY/Taiwan corporates; Markets Bond strategy, Fixed India high yield corporates and other Eric Fang 17 13 Maturity products as well as selected Elvin Tan non-Asia Emerging Market 15 2 credit strategies corporates & financials SGD property, China/Hong Kong and Guilherme Maciel de Management of Global Emerging 14 2 Marvin Kwong financial institutions, Indon property 14 8 Barros Markets bond strategy issuers; Management of Global and Japan Malaysia/MYR corporates and other Shao Keng Ang 12 14 bond strategies, as well as thematic / banks & financial institutions; Rong Ren Goh Total Return strategies including Asian 13 5 Sustainable Bond, Capital Reserve China central and local state owned funds enterprises (SOE) and China HY non- Janet Lu 11 1 Management of Philippines Local/USD property issuers / industrials, Macao Kenneth Lee bond and selected Asian USD credit 7 6 corporates solution-based strategies Wai Meng Lee Credit Research Support 9 2 Management of Thai bond strategies Peerampa and Fixed Maturity products; Research 8 4 Credit research of Hong Kong IG Janjumratsang^ Valerie Yan 3 < 1 coverage of Thailand corporates Corporates and Singapore properties Credit research coverage of Support management of Philippines Indonesia and East Europe quasi- Matthew Kok local bond strategy and SGD Cash 3 3 Kah Wee Ng sovereigns, Turkish financials, 3 < 1 strategies supranational and Philippines corporates

INVESTMENT TEAM BIOGRAPHIES

Wai Mei Leong is a Portfolio Manager in the as Senior Analyst at the Bank of Nova Fixed Income team and is the Lead Portfolio Scotia Asia Ltd, Commerce International Manager for Asian hard currency fixed Merchant Bankers (CIMB), Malaysia and income portfolios, including the Asian Bond ABN AMRO Bank, Singapore. Wai Mei has and High Yield Bond strategies. 21 years of investment experience.

Wai Mei joined Eastspring Investments in Wai Mei holds a Postgraduate Diploma September 2007. (Finance) from Melbourne University and Bachelor of Business (Accounting) from Prior to joining Eastspring Investments, Wai RMIT, Australia. She is a Certified Public Mei has worked in various capacities in Accountant. Wai Mei Leong, CPA relation to credit including holding positions Director – Fixed Income Credits

Guan Yi Low is the CIO of the Fixed Income Chartered Bank Singapore. Guan Yi has 22 team and is responsible for overseeing the years of investment experience. management of the firm’s fixed income strategies. She is also the lead Portfolio Guan Yi holds a Bachelor of Business from Manager for Eastspring’s Asian local Nanyang Technological University, currency and total return bond funds. Singapore. She is also a CFA charterholder.

Guan Yi joined Eastspring Investments in August 2007. Prior to joining Eastspring Investments, Guan Yi was managing Asian local currency and credit portfolios at Bank Guan Yi Low, CFA Pictet et Cie Asia Ltd, Fullerton Fund Chief Investment Officer, Fixed Income Management Company and at Standard

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 45

INDEX DEFINITIONS

It is not possible to invest directly in an index. The performance of foreign indices may be based on different exchange rates than those used by a Fund and, unlike the Fund’s NAV, is not adjusted to reflect fair value at the close of regular trading on the NYSE (generally 4:00 PM Eastern Time) on each day that the exchange is open for trading.

MSCI AC Asia Pacific ex Japan Index captures large and mid cap representation across 4 of 5 Developed MSCI Singapore Free Index is a free-float adjusted market capitalization weighted index that is designed Markets countries* (excluding Japan) and 8 Emerging Markets countries* in the Asia Pacific region. With to track the equity market performance of Singapore securities listed on Singapore Stock Exchange. The 678 constituents, the index covers approximately 85% of the free float-adjusted market MSCI Singapore Free Total Return Index takes into account both price performance and income from capitalization in each country. dividend payments. The MSCI Singapore Free Index is constructed based on the MSCI Global Investable Market Indexes Methodology targeting a free-float market capitalization coverage of 85%.HSBC ALBI with MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to Government & Corporate Bonds measure equity market performance of the following 23 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, J.P. Morgan Asia Credit Index (JACI) tracks total return performance of the Asia fixed-rate dollar bond Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey* and United Arab market. JACI is a market cap-weighted index comprising sovereign, quasi-sovereign and corporate bonds Emirates. and it is partitioned by country, sector and credit rating. Quasi-Sovereign, Sovereign, Utility, Conglomerates, Telecom, Banks, Petrochemical, Petroleum, Electronics, Industrial, Infrastructure, Automobile, and Property. MSCI Golden Dragon Index captures the equity market performance of large and mid cap China JACI sub-indexes include: JACI Sovereign and Quasi-sovereign Index, JACI Corporate Index, JACI securities (H shares, B shares, Red-Chips and P-Chips) and non-domestic China securities listed in Hong Investment Grade Index, JACI Non-investment Grade Index, etc. Kong and Taiwan. UOB SGS Index is designed to provide Singapore fund managers and interest rate market participants with FTSE Asia Pacific ex Japan Index is one of a range of indices designed to help investors to benchmark a Singapore government bond index calculated using internationally accepted practices. The Index is an their Asia Pacific investments. The index comprises Large and Mid cap stocks providing coverage of the accumulation index incorporating price and income components covering only Singapore government Developed and Emerging markets in Asia Pacific excluding Japan. bonds.

Topix 100 Index is a capitalization-weighted index designed to measure the performance of the 100 most MSCI ACWI Index captures large and mid cap representation across 23 Developed Markets (DM)*** and liquid stocks with the largest market capitalization that are members of the TOPIX Index, also known as the 23 Emerging Markets (EM)** countries. With 2,446 constituents, the index covers approximately 85% of the Tokyo Stock Price Index, which is a capitalization weighted index of all companies listed on the First global investable equity opportunity set. Section of the Tokyo Stock Exchange. The index is supplemented by the sub indices of the 33 industry sectors. MSCI World Index, which is part of The Modern Index Strategy, is a broad global equity benchmark that represents large and mid-cap equity performance across 23 developed markets countries. It covers FTSE Japan Index is comprised of large and mid cap Japanese companies that are constituents of the approximately 85% of the free float-adjusted market capitalization in each country and MSCI World FTSE All-World Index. FTSE Kaigai Index (FTSE Developed ex Japan Index) consists of Large and Mid cap benchmark does not offer exposure to emerging markets. companies from the Developed markets of the FTSE All-World Index excluding Japan. The FTSE All-World Index in turn represents the Large and Mid Cap companies within the FTSE Global Equity Index Series S&P Emerging BMI Index captures all companies domiciled in the emerging markets within the S&P (GEIS). Global BMI with a float-adjusted market capitalization of at least USD 100 million meeting 6- and 12-month median value traded requirements. Jakarta Stock Exchange Composite Index is a modified capitalization-weighted index of all stocks listed on the regular board of the Indonesia Stock Exchange. MSCI China A Index is derived from the MSCI China A International Index but only includes securities that are accessible through “Stock Connect”. The index is designed for international investors and is calculated S&P Korea BMI (US Dollar) Index captures all companies domiciled in South Korea within the S&P Global using China A Stock Connect listings based on the offshore RMB exchange rate (CNH). Also, the index BMI with a float-adjusted market capitalization of at least USD 100 million meeting 6- and 12-month median constituents are weighted by the security free-float adjusted market capitalization calculated based on the Foreign Inclusion Factor (FIF) and subject to Foreign Ownership Limits (FOLs). The MSCI China A Index is value traded requirements. rebalanced simultaneously with the MSCI Global Investable Market Indexes, using the same price and data cut-off dates. JPM GABI Index consists of the JPM GABI US, a U.S. dollar denominated, investment-grade index spanning asset classes from developed to emerging markets, and the JPM GABI extends the U.S. index to also include multi-currency, investment-grade instruments.

Source: Eastspring Investments *Developed Markets countries in the index include: Australia, Hong Kong, New Zealand and Singapore. **E M include: China, India, Indonesia, Korea, Malaysia, the Philippines, Taiwan and Thailand. ***DM include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US. EM countries include: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 46 DISCLAIMER

Asian Local Currency Bond Fund: Top 5 Investment Houses in Asia – Asian Local Bond Currency Category Rank 1st 2018 and 2017 by The Asset Benchmark Research Methodology: The ranking for the top five investment houses in Asian local currency bonds is based on the number of votes, received from the top-rated analysts, economist and strategists, salespeople and traders, for investors in these institutions. The score is also subject to a weighting methodology which is determined by the rating of the individual casting the vote for the investors. More than 300 different institutions across the region including asset managers, insurance companies, banks and securities firms were evaluated. Asian Local Currency Bond Fund: Best Fund Manager Bond Asia Pacific Local Currency Category Low Guan Yi 2017 by Citywire Asia Methodology: Best Fund Manager Awards are derived by isolating the individuals with the highest risk-adjusted returns at a sector level over three years to 31 December 2016. These are based on the individual track records for all funds they have run in the sector over this period. In order to qualify, fund managers must run a fund registered for sale in Singapore or Hong Kong. Ratings methodologies approved by AKG Actuaries & Consultants. Asian Local Currency Bond Fund: Most Astute Investors Asian Local Bond Currency Portfolio managers, Cheong Wei Ming (No. 3), Danny Tan (No. 6) and Guan Yi Low (Highly commended) 2017 by The Asset Benchmark Research Methodology: Over 500 top-rated individuals including analysts, economists and strategists, salespeople and traders in Asian local currency bonds were invited by the Asset Benchmark Research to nominate the ten most Astute investors, based on their knowledge of the credits and markets, trading skill and acumen in making investment decisions. As such the ranking also includes investors who are not included in absolute return or performance assessments. The nominations collected are subject to two weightings: the first according to the rank in the nomination form and the second determined by the rating of the individual casting the vote. The latter is determined according to the annual survey of investors. Based on the nominations received, the top ten Astute Investors with the highest weighted score are ranked by geographic location. Asian Bond House: “Best of the Best” Regional Awards 2020 and 2019; CIO Award: “Best of the Best” CIO of the Year (Asia) Fixed Income Ngo The Trieu 2020 by Asia Asset Management Methodology: The REGIONAL awards are designed to identify Asia’s finest performers from financial services companies and institutional investors to service providers, whose influence and excellence expands beyond borders. These are firms that have boldly led the way in terms of innovation, service to clients, best practices and overall expertise in their field. Singapore Select Bond Fund: Best Fund over 3 & 5 years Bond SGD 2019 by Refinitiv Lipper Fund Award Asian High Yield Bond Fund: Best Fund over five years Bond USD – High Yield Category 2018 by Refinitiv Lipper Fund Award Methodology: The currency for the calculation corresponds to the currency of the country for which the awards are calculated and relies on monthly data. Classification averages are calculated with all eligible share classes for each eligible classification. The calculation periods extend over 36, 60 and 120 months. The highest Lipper Leader® for Consistent Return (Effective Return) value within each eligible classification determines the fund classification winner over three, five or 10 years.

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Strictly Private and Confidential. Past performance and the predictions, projections, or forecasts on the economy, This document is produced by Eastspring Investments (Singapore) Limited and securities markets or the economic trends of the markets are not necessarily issued in : indicative of the future or likely performance of Eastspring Investments or any of the funds managed by Eastspring Investments. An investment is subject to investment - Singapore and United States by Eastspring Investments (Singapore) Limited risks, including the possible loss of the principal amount invested. Where an (UEN: 199407631H) ; investment is denominated in another currency, exchange rates may have an adverse effect on the value price or income of that investment. Furthermore, The afore-mentioned entities are hereinafter collectively referred to as Eastspring exposure to a single country market, specific portfolio composition or management Investments. techniques may potentially increase volatility. The information contained herein does not have any regard to the specific investment objective(s), financial situation or the This document is solely to be used for informational purposes only and is not particular needs of any person. intended for anyone other than the recipient. This information is not an offer or solicitation to deal in shares of any securities or financial instruments and it is not Where included, benchmark and index data included in this document are provided intended for distribution or use by anyone or entity located in any jurisdiction where for illustrative purposes only. The portfolio and/or services mentioned do not formally such distribution would be unlawful or prohibited. This document may not be copied, track any such benchmarks or indices and no representation is made as to relative published, circulated, reproduced or distributed without the prior written consent of future performance or tracking deviation. You should note that investing in financial Eastspring Investments. instruments carries with it the possibility of losses and that a focus on above-market returns exposes the portfolio to above-average risk. Performance aspirations are not The Fund is not registered in the U.S. under the Investment Company Act of 1940, as guaranteed and are subject to market conditions. Higher yielding investments can amended, nor the Securities Act of 1933, as amended (1933 Act). Shares may not be produce income at the expense of capital growth or the capital value of the offered or sold, directly or indirectly, in the U.S. or to any ‘U.S. Person,’ as defined by investment. High volatility investments may be subject to sudden and large falls in Regulation S of the 1933 Act. This information is not an offer or solicitation to deal in value, and there could be a large loss on realization which could be equal to the shares of any securities or financial instruments and it is not intended for distribution amount invested. or use by anyone or entity located in any jurisdiction where such distribution would be unlawful or prohibited. Any investment or potential transaction described or Gross-of-fee performance figures presented do not reflect the deduction of contemplated in connection with the information published is subject to legal and investment advisory fees. A client’s returns will be reduced by the advisory fee and regulatory requirements applicable in your jurisdiction and you shall be solely other expenses incurred in the management of its account. For example, the responsible for complying with such legal and regulatory requirements. deduction of a 1% advisory fee over a 10-year period would reduce a 10% gross return to an 8.9% net return. Adviser’s fees are disclosed in Form ADV, Part II. Information herein is believed to be reliable at time of publication but Eastspring Investments does not warrant its completeness or accuracy and is not responsible for error of facts or opinion nor shall be liable for damages arising out of any person’s reliance upon this information. Any opinion or estimate contained in this document may subject to change without notice.

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Supplemental information, benchmark illustrations and representative accounts were client assets, nor does it trade, deal or direct trading in any security, client account or all selected on best available data. The representative accounts chosen best fund. Eastspring US does not receive or retain any assets or securities, nor does it represents guidelines, objectives and restrictions for this strategy and not based upon serve as a custodian or direct any custodial decisions. Additional information about investment performance. Illustrations shown or issuer specific examples in this Eastspring Investments is also is available on the SEC’s website at presentation are not in and of itself specific recommendations and by themselves www.adviserinfo.sec.gov cannot be used to determine which securities to buy or sell or when to buy or sell. The illustrations are based upon those issuers and/or benchmark specific Atlantic Zagros Financial Partners, LLC, (“AZFP”) is a Delaware limited liability circumstances that best represent our proprietary systematic investment process and company with its principal office and place of business 1345 Avenue of the Americas, not performance-based criteria. The securities identified and described do not 33rd Floor, New York, NY. AZFP as selling agent provides marketing and selling represent all the securities purchased, sold or recommended for client accounts. The services on behalf of Eastspring Investments and individuals referenced are reader should not assume that an investment in the securities identified was or will be members of the Financial Industry Regulatory Authority (“FINRA”). AZFP is not profitable. affiliated with Eastspring Investments, and additional information about those registered representatives is available at https://brokercheck.finra.org. The performance of the composites shown herein reflects the deduction of standardized management fees and brokerage commissions. You should note that Information provided by independent data providers (Bloomberg, Wind, Go-Goal, expenses incurred may be different in character and amount from those that will be Aladdin, Refinitiv Datastream, QUICK) herein is believed to be reliable at time of incurred by the portfolio in the future. Note also that the performance reflects the publication, Eastspring Investments utilizes independent data for illustrations, reinvestment of interest and other earnings. The performance illustrations have not representations, and modeling, but Eastspring Investments does not warrant its been audited. completeness or accuracy and is not responsible for error of facts or opinion nor shall be liable for damages arising out of any person’s reliance upon this information. Any Eastspring Investments (excluding JV companies) companies are ultimately wholly- opinion or estimate contained in this document may subject to change without notice. owned / indirect subsidiaries / associate of Prudential plc of the United Kingdom. Eastspring Investments companies (including JV's) and Prudential plc are not Prior to investing, Investors should read the Prospectus and Key Investor Information affiliated in any manner with Prudential Financial, Inc., a company whose principal Document (“KIID”). place of business is in the United States of America or with the Prudential Assurance Company, a subsidiary of M&G plc, a company incorporated in the United Kingdom. Morningstar Rating measures how funds have performed on a risk-adjusted basis against their category peers. It gives investors the ability to quickly and easily identify Eastspring Investments Inc. (“Eastspring US”) primary activity is to provide certain funds that are worthy of further research. The Morningstar Rating is calculated for marketing, sales servicing, and client support in the US on behalf of Eastspring three years, five years, and 10 years, and the overall rating is a weighted average of Investment (Singapore) Limited (“Eastspring Singapore”). Eastspring Singapore is an the time-period ratings. Morningstar Risk-Adjusted Return is calculated based on affiliated investment management entity that is domiciled and registered under, expected utility theory, a framework that recognizes that investors are risk-averse and among other regulatory bodies, the Monetary Authority of Singapore (MAS). willing to give up some portion of expected return in exchange for greater certainty of Eastspring Singapore is also registered with the US Securities Exchange return. Morningstar calculates risk-adjusted return by adjusting total return for the Commission (SEC) as a registered investment adviser. Eastspring US seeks to risk-free rate and risk. identify and introduce to Eastspring Singapore potential institutional client prospects. Such prospects, once introduced, would contract directly with Eastspring Singapore for any investment management or advisory services. Eastspring US does not contract directly with any prospective client, nor does it have any discretion over

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