Global Emerging Markets Dynamic Fund

GLOBAL EMERGING MARKETS DYNAMIC FUND

December 2020

eastspring.us/offshoreadvisor 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 - EQUITY INVESTMENT CAPABILITIES

Strategy Name GEM Dynamic Global Low Vol Japan Focused Value China A Shares

Primary Benchmark MSCI Emerging Markets Index MSCI ACWI Min Vol MSCI Japan Index^^ MSCI China A Net TR Index

Seeks to outperform the Seeks long-term capital growth, Seeks long-term growth of capital Seeks to deliver higher risk- benchmark over a full market invested in companies listed in by investing in a concentrated adjusted returns than the broad cycle by investing in a Japan. High conviction, portfolio of China A shares listed Investment Objective market by targeting a low volatility concentrated portfolio of significantly mispriced companies primarily on the Shanghai or portfolio and avoiding undesirable emerging market domiciled compared to long-term sustainable Shenzhen exchanges via Stock biases common equities. earnings. Connect. Top-down/bottom-up, benchmark Fundamental, benchmark- Quant, benchmark-aware Bottom up high conviction, Investment Style aware benchmark unconstrained agnostic. Large Cap Core All-Cap Value All-Cap Relative Value Concentrated, Quality Growth Strategy AuM (USD) 1,594mn 551mn 1,651mn 243mn Strategy Inception Date Oct 2010 Nov 2015 Jan 2005 Apr 2019 Ben Dunn Portfolio Manager: Jie Lu Lead Portfolio Manager Andrew Cormie Dean Cashman Chris Hughes Research Advisor: Michelle Qi ESG Integration √ √+ √ √

Key Investment Parameters*

Typical No. of Holdings 40-60 350-400 30-50^^ 30-50 Expected Alpha** 2.5% 1.0% 1.5-4.0%^^ 4% Expected Active Risk (TE) 4-6% 5-8%^ 3-8%^^ 4-10%

Typical Active Share 80-90% 80-90%^ 80-90%^^ 60-80%

Typical Beta (Historical) 1.00 0.80 NA 1.00

Max Country Weight +/-10% relative +/- 5% relative NA NA

+/- 10% relative Max Sector Weight +/-10% relative +/- 7% relative <40%

Currency Hedging Hedged/Unhedged Unhedged Hedged/Unhedged Fully Hedged (USD) Vehicle Availability SA, CIT, SICAV SA, CIT, SICAV SA, SICAV SA, SICAV

Source: Eastspring Investments, as of 31 December 2020. +ESG integration available at client’s request. *Internal guidelines, subject to changes at fund managers’ discretion. **This should not be construed as guarantee for outperformance. ^TE and Active Share range for GLVE is vs MSCI ACWI. ^^Japan Focused Value Strategy is not managed relative to a benchmark. The listed parameters are to be considered outcomes of the investment process and are not targeted by the investment approach

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 7 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. MARKET OVERVIEW 9 GEM DYNAMIC FUND KEY MESSAGES

We believe our value style can generate superior long-term returns in Global Emerging Market (“GEM”) equities.

Behavioural biases create a structural opportunity for us to exploit over time and we have seen a substantial valuation opportunity created in GEM equities over the last few years.

In recent months we have seen the start of a reversal in some of these biases which has supported Value outperformance.

The Eastspring Investments - Global Emerging Markets Dynamic Fund is well positioned to take advantage of the value opportunity over time.

Source: Eastspring Investments, 31 December 2020. This is only for information purposes. It is not intended as an offer or solicitation for the purchase or sales of any financial instrument, investment product or service.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 10 VALUE HAS OUTPERFORMED IN GEM EQUITIES OVER THE LONG TERM GEM Style Indices – Cumulative Factor Performance over the MSCI Emerging Markets Index 300% 200%

250% 150% 200%

100% 150%

50% 100%

0% 50%

-50% 0%

-100% -50% 2009 2011 2012 2013 2014 2016 2017 2018 2019 1999 2002 2004 2007 2009 2012 2014 2016 2019 Value Momentum Quality Growth Value Momentum Quality Growth

Source: Eastspring Investments, 31 December 2020. Market cap weighted. Returns of respective factors reflect the cumulative returns taking the performance of the bottom quintile of stocks from the top quintile of stocks, rebalanced on a monthly basis, from 31 December 1999. The style index described is unmanaged and not available for direct investment. Please note, there are limitations to the use of such style 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 of the Strategy.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 11 GLOBAL EMERGING MARKET ARE VERY CHEAP RELATIVE TO DEVELOPED MARKETS

Source: MSCI, Refinitiv Datastream, Eastspring Investments, 31 January 2021. Notes: PB = Price-to-book.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 12 THERE IS STILL EXTREME VALUE DISPERSION AT A STOCK LEVEL 3.1 GEM Valuation Dispersion

2.9

2.7

2.5

2.3

2.1

1.9

1.7

1.5 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Valuation Dispersion Average 1 Standard Deviation 2 Standard Deviations 3 Standard deviations

Source: Eastspring Investments, 31 December 2020. Valuation dispersion is defined as the Forward 12 month price to earnings ratio of the top quintile of the research universe divided by the forward 12 month price to earnings ratio of the bottom quintile of the research universe. The research universe is defined as the top 95% by market capitalisation of the S&P Emerging BMI. 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 of the Strategy.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 13 QUALITY AND GROWTH NAMES ARE EXTREMELY EXPENSIVE THIS IS AN OPPORTUNITY FOR VALUE INVESTORS

EM Quality Relative to EM Value PE EM Growth Relative to EM Value 1.5 PE 1.35

1.4 1.3

1.25 1.3 1.2 Growth Relatively Quality Relatively Expensive 1.2 Expensive 1.15

1.1 1.1 1.05

1 1 Growth Quality 0.95 Relatively Relatively Cheap 0.9 Cheap 0.9 01 03 05 07 09 11 13 15 17 19 01 03 05 07 09 11 13 15 17 19

Quality PE / Value PE Average 1 SD 2 SD Growth PE / Value PE Average 1 SD 2 SD

Source: Macquarie Quantitative Research, 31 January 2021. Relative PE (price-to-earnings) of top quintile of quality (by Macquarie quality score) versus top quintile of value (by Macquarie value score) stocks and top quintile of growth (by Macquarie growth score) versus top quintile of value (by Macquarie value score) stocks in MSCI Emerging Markets. 14 WE BELIEVE WE ARE POSITIONED TO CAPTURE THIS OPPORTUNITY POTENTIAL UPSIDE FROM HERE IS STILL LARGE

Source: Refinitiv Datastream, Eastspring Investments, 31 January 2021. MSCI Emerging Markets Index. Please note that there are limitations to the use of such index as a proxy 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 of the Strategy. Charts are for illustrative purposes only. The index described is unmanaged and not available for direct investment. PB: Price-to- book.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 15 WE ARE POSITIONED IN ATTRACTIVELY VALUED STOCKS PEERS ARE POSITIONED IN EXPENSIVE STOCKS

MSCI Emerging Markets index peers top 10 active Value Strategy top 10 active positives look cheap positions look expensive 45 45

40 40

35 35

30 30

25 25

20 20

15 15

10 10

5 5

0 0

PB Average MSCI EM Index PB Average

Source: Refinitiv Datastream, Eastspring Investments, 31 December 2020, Top 10 peer names sourced from BofA Merrill Lynch Global Quantitative Strategy, MSCI FTSE, Thomson Reuters Datastream, 13F Filings, Benchmark Indices, Country Stock Exchanges. Please note that the securities mentioned are included for illustration purposes only. It should not be considered a recommendation to purchase or sell such securities. There is no assurance that any security discussed herein will remain in the portfolio at the time you receive this document or that security sold has not been repurchased. The securities discussed do not represent the entire portfolio and in the aggregate may represent only a small percentage of the portfolio holdings. PB = Price-to-book. Both sets of data are sorted by PB, with the highest PB from the left to right. STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 16 WE ARE A GOOD DIVERSIFIER TO MOST OTHER GEM MANAGERS

Average correlation of Active Returns of eVestment GEM Equity All Cap Universe

GEM Dynamic Strategy

Source: eVestment, Eastspring Investments, as at 31 December 2020. Correlation of active returns calculated on all eVestment Emerging equity all cap universe (109 funds). Strategies with track records spanning December 2010 (Eastspring GEM Composite Inception) to current date specified. Chart is for illustrative purposes only.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. PHILOSOPHY, PEOPLE & PROCESS 18 OUR FLAGSHIP GEM EQUITY STRATEGIES

GEM Dynamic GEM Fundamental Value Concentrated stock picking Value driven Focused on best ideas, not the Index Diversified exposure Holistic risk management Holistic risk management Lead portfolio manager Andrew Cormie Steven Gray / Sang Hoon Lee

Benchmark MSCI Emerging Markets Index MSCI Emerging Markets Index Typical no. of holdings* 40 – 60 80-100 Target alpha** 2.5% 1.5% Target tracking error 4-6% 2-4% Country/sector range Broadly Diversified Broadly Diversified Market capitalisation Multi Multi Inception date 29 October 2010 1 July 2017 Strategy size USD 1594 mn USD 2,919 mn Base currency USD USD

Fund Benchmark Active Fund Benchmark Active PB (F12m) (x) 0.9 2.0 -1.1 1.1 2.0 -0.9 PE (FWD 12m) (x) 10.0 15.7 -5.7 10.5 15.7 -5.2 Div Yld (FWD 12m) 3.6 2.3 1.3 3.3 2.3 1.0 (%) Number of holdings 50 1,363 - 78 1,363 -

Source: Eastspring Investments. Fund size and specification, as at 31 January 2021. *Subject to changes at the sole discretion of the manager. **This should not be construed as a guarantee for outperformance. PB = price-to-book ratio, PE = price-to-earnings ratio, FWD 12m = 12-month forward, Div Yld = Dividend yield.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 19 GEM EQUITY INVESTMENT PHILOSOPHY

Price-focused process with a valuation anchor that seeks to generate superior long-term returns Prices frequently move more than justified due to shifts in investor risk perception and expectations Behavioral biases influence both investor expectations and risk appetites True underlying value is not always reflected in price Opportunities exist – emotional detachment, rigorous analysis and discipline over a longer-term horizon provides opportunities

Source: Eastspring Investments, The above views are subject to change at the manager’s discretion without prior notice.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 20 WHAT IS OUR INVESTMENT EDGE?

We believe behavioral biases drive mis-pricing. Our structure, process and tools deliberately and repeatedly target this mis-pricing.

As a result we…

Have a DISCIPLINED PROCESS that focuses us on VALUATION OUTLIERS

Take a LONGER HORIZON, allowing us to focus on SUSTAINABLE EARNINGS

Structure our TEAMS to maximise CHALLENGE and DEBATE

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 21 EQUITY TEAM CLEARLY DEFINED RESPONSIBILITIES

ANDREW CORMIE (13/39) JOHN TSAI (4/25) GEM AND REGIONAL ASIA VALUE EQUITY REGIONAL ASIA CORE EQUITY

CHINA-INDIA / GLOBAL REGIONAL ASIAN GREATER EQUITY REGIONAL EMERGING ASEAN INDIA CORE ASIA VALUE SMALLER CHINA INCOME ASIA CORE MARKETS COMPANIES

Andrew Cormie* Sundeep Bihani Krishna Kumar* John Tsai* (4/25) Pearly Yap* (10/26) Wing Kin Chow* John Tsai* (4/25) Anand Gupta* (13/39) (13/18) (12/26) Kieron Poon (8/10) Katerina Irwan (21/25) Arthur Chai (9/24) (11/24) Steven Gray (8/33) Andrew Cormie Yuan Yiu Tsai Bonnie Chan (5/16) (14/16) Bryan Yeong (8/19) Ding Wei Ko Sang Hoon Lee (13/39) (3/14) Nathan Yu (3/9) Peishee Seah Jie Yang Lee (1/5) (<1/<1) (16/25) Krishna Kumar (5/15) Navin Hingorani (12/26) Lawrence Law (1/1) (10/21) Yuan Yiu Tsai Xin Xian Lim (2/2) Mandeep (3/14) Sachdeva (5/19) Megan Ie (9/12) Luiz Pinho (6/16) Paul Chong (7/14)

SUPPORT PROVIDED BY QUANTITATIVE PORTFOLIO STRATEGY (QPS) TEAM

Rajnish Kumar* (4/6) Kun Ou (<1, 3)

Source: Eastspring Investments (Singapore) Limited, as of 31 January 2021. Years with firm/financial-industry-related experience in brackets (xx/xx). *Team leader. Eastspring Investments reserves the right to amend the number of years with the firm and years of financial industry related experience.

Strictly Private and Confidential. For professional investors only 22 EXPERIENCED GEM TEAM

GEM FOCUS TEAM LEADER

Sang Hoon Lee Paul Chong Mandeep Sachdeva Samuel Bentley Client Portfolio Manager YRS 16 / EXP 25 YRS 7 / EXP 14 YRS 5 / EXP 19 YRS 12 / EXP 21

Andrew Cormie

YRS 13 / EXP 39

Steven Gray Navin Hingorani Luiz Pinho Megan Ie

YRS 8 / EXP 33 YRS 10 / EXP 21 YRS 6 / EXP 16 YRS 9 / EXP 12

Source: Eastspring Investments, 31 January 2021

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 23 POWER OF THE COMMON RESEARCH PLATFORM GIVES ALL CLIENTS ACCESS TO THE BEST THINKING OF A DIVERSE TEAM OF SEASONED INVESTORS

What is our Common Research Platform?

All Focus All Focus Teams All research is Teams screen confirm if value shared across their universe exists using a Focus Teams to identify common company and is subject valuation valuation model to to debate and outliers identify underlying challenge by value based on seasoned sustainable investment earnings professionals

Source: Eastspring Investments, The above views are subject to change at the manager’s discretion without prior notice.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 24 GEM EQUITY FOCUSED TEAM APPROACH

Small, very experienced group with significant buy-in

Small, experienced, cohesive team of eight investment professionals Deep financial industry experience Deliberate strategy to differ from many core investment managers – typified by large teams delivering maintenance research across the investment universe How do we differ? We are a strong, centralised team that operates under a culture of challenge and debate, equipped to maximize a creative team dynamic We focus on best opportunities

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 25 INVESTMENT PROCESS DISCIPLINE FOCUSES SKILL

(1) IDEA GENERATION 1 Identify maximum impact opportunities (4) (2) 2 Deepen understanding and test RISK CONTROL FUNDAMENTAL conviction & REVIEW ANALYSIS 3 Establish and monitor the risk / reward relationship

4 Ensure integrity of investment (3) process PORTFOLIO CONSTRUCTION

Source: Eastspring Investments. The above views are subject to change at the manager’s discretion without prior notice.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 26 IDEA GENERATION

Identify episodes offering potential excess returns. The team allocates resources to best ideas

Proprietary screens using ten years of market data; long-term valuation criteria Identify large deviations of stocks relative to own history and universe: PE, PE relative to the market, and relative to history PBR, PBR relative to the market, and relative to history FCF Yield, FCF Yield relative to the market, and relative to history Dividend Yield, Dividend Yield relative to the market, and relative to history Price performance Broker sentiment and earnings revision analysis

Source: Eastspring Investments. The above views are subject to change at the manager’s discretion without prior notice.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 27 IDEA GENERATION FOCUSING ON VALUATION OUTLIERS

We focus on the valuation outliers 300 Number of 250 Stocks

200

150

100

0.13 0.38 0.63 0.88 1.13 1.38 1.63 1.88

-1.88 -1.63 -1.38 -1.13 -0.88 -0.63 -0.38 -0.13 Frequency distribution of a Valuation Z score Cheap Expensive

Screen on widest universe (c3,300*) to eliminate biases or sector country framing Narrow down to an investible universe (c500) using a range of valuation metrics This then allows for efficient allocation of research resources (c100 ‘first looks’ p.a.) This is the first step towards fundamental analysis (c20-40 deep dives p.a.)

Source: Eastspring Investments. * Including emerging market and frontier market listed equities. The graph and information are included for illustrative purposes only.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 28 VALUATION OUTLIERS OUTPERFORM OVER TIME A TAILWIND FOR STOCK SELECTION

Idea Generation Screen - Composite Value Quintile Performance 4.0

3.0

2.0 % 1.0

0.0

-1.0

-2.0 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019

Q1 Q2 Q3 Q4 Q5 Market Average

Source: Eastspring Investments. As at 31 December 2020. Average cumulative performance of the respective GEM Universe Screen quintile. Q5 is the cheapest quintile and Q1 is the most expensive quintile. ‘Market Average’ is the average performance of all the 5 quintile screens evenly weighted. Rebalanced on a monthly basis, from 31 January 1995. The style index described is unmanaged and not available for direct investment. Please note, there are limitations to the use of such style 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 of the Strategy.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 29 FUNDAMENTAL ANALYSIS AT ITS SIMPLEST GUARDING AGAINST BEHAVIORAL BIASES

Deep fundamental analysis by seasoned investors

Single model with absolute and relative valuation tools a. Consensus drives the short term b. Estimates of sustainable earnings and returns drives medium term c. Common terminal assumptions drive the long term

Helps understand what expectations are priced by the market

Look for a significant margin of safety

Our best ideas go to the conviction list

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 30 FUNDAMENTAL ANALYSIS CENTRAL TO OUR COMPETITIVE EDGE

Differentiated Concept of Valuation Relative to Sustainable Earnings

Market forecasts often overshoot Profitability

Sustainable earnings

Market forecasts often undershoot Time

Requires deep fundamental analysis and experience Provides clear understanding of drivers of valuation Large differences between price and valuation provide opportunity

Source: Eastspring Investments. For illustration purposes only.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 31 FUNDAMENTAL ANALYSIS WHEN ASSESSING MARKET RISKS ESG IS INCORPORATED

Assessing material risks to sustainable earnings: Incorporate governance, social behavior and environmental impacts Monitor company development over time Actively engage companies to promote shareholder value realisation We will actively promote changes when necessary Active and informed voting policy

Additional tools used: MSCI – identification of potential ESG risks ISS – for Proxy analysis

Source: Eastspring Investments. The above views are subject to change at the fund manager’s discretion without prior notice.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 32 FUNDAMENTAL ANALYSIS GUARDING AGAINST BEHAVIORAL BIASES

Lenovo Group Ltd 992 HK Target 7.51 90.6%

Forecasts 5 Year AVG Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 CAGR Sales 43,660 47,387 48,697 50,568 53,057 56,240 4.4% Sales growth 6.0% 4.5% 2.8% 3.8% 4.9% 6.0% EBITDA margin 3.1% 3.1% 3.4% 3.5% 3.7% 3.8% 3.5% OP growth -12.0% 66.1% 32.3% 16.3% 16.0% 16.0% OP margin 1.7% 1.6% 2.0% 2.2% 2.5% 2.7% Net Profit 384 517 735 605 727 868 -245.0% PER (current & fwd to fye) 985.0 11.7 8.2 10.0 8.3 6.9 PBR (current & fwd to fye) 13.2 1.6 1.5 1.5 1.4 1.3 Dividend Yield 6.2% 5.0% 8.5% 7.0% 8.4% 10.1% ROE 12.4% 14.2% 19.1% 15.0% 17.1% 19.4% 17.0% Adjusted ROE -1.2% 18.8% 25.1% 19.6% 22.5% 24.8% 22.1% Net Debt (Cash) / Equity -2.4% 35.3% 20.1% 6.4% -8.2% -23.5% EV/EBITDA (current & fwd to fye) 5.8 5.8 4.8 4.2 3.5 2.9

Implied Valuation FW PER FW PBR FW DY FW EV/EBITDA At Current Share Price 10.4 1.6 6.0 5.8 At Valuation Target 19.8 3.0 3.1 9.5

Equilibrium assumptions Equilibrium 5 Year AVG Used Blend Target Share Price 7.51 Inflation 2.4% 2.4% Real growth 5.1% 3.6% Absolute Value 7.51 Discount rate 10.5% 10.5% DCF Model 10.29 ROE 17.2% 12.4% 17.2% Residual Income Model 6.09 Non-cash ROE 21.0% -1.2% 21.0% DDM Model 6.15

Equilibrium outputs Equilib mult Median mult Used Relative Value Market mult FWD #s 6.70 Fwd EY 5.79% 6.91% 12m fwd. EY 9.64% FWD DY 3.91% 2.22% 3.91% 12m fwd DPS 5.96% 0.03 6.00 FWD PER 17.3 14.5 17.3 12m fwd EPS 10.4 0.05 6.56 FWD PBR 3.0 3.5 3.0 12m fwd BPS 1.6 0.32 7.54

Source: Eastspring Investments. The table and information is included for illustrative purposes only. Data shown as of date of research. It should not be considered a recommendation to purchase or sell any security.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 33 FUNDAMENTAL ANALYSIS CALIBRATING CONVICTION AND UPSIDE

High Upside %

Stocks allocated to a “list” – reflecting combination of Upside and Conviction Conviction Active List Conviction list: best ideas of List high upside and shared team conviction Active list: lower upside and

/ or shared team conviction Conviction Low High Conviction High Risk list: Not used for Risk List Active List Dynamic strategy. Only used for lower risk mandates.

Low Upside %

Source: Eastspring Investments. The above views are subject to change at the fund manager’s discretion without prior notice.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 34 PORTFOLIO CONSTRUCTION GETTING OUR HIGH CONVICTION IDEAS INTO THE PORTFOLIO

Clear and separate discipline, our portfolios are more than a collection of good ideas Portfolios are predominantly populated with stocks from our conviction list Positions are scaled around valuation upside and conviction Before investing in highly correlated stocks, we seek conviction that we will get rewarded for accepting the additional risk We identify and seek to manage unintended risks This all combines to produce price sensitive and patient portfolios of high conviction stocks

Source: Eastspring Investments. The above views are subject to change at the fund manager’s discretion without prior notice

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 35 PORTFOLIO CONSTRUCTION ILLUSTRATION ACTIVE POSITION SIZE DRIVEN BY RISK AND EXPECTED RETURN

GEM Dynamic Risk Return 150%

130% Add to uncorrelated high upside stocks 110% No risk positions

90%

70% Review / Rotate to higher

Upside* % Upside* upside stocks 50%

30%

10% Sell low upside stocks

0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% -10% Stock Contribution To Active Risk %

Source: Eastspring Investments. As at 30 October 2020. *Upside adjusted to maximum 150%. The plotted points represent holdings in the strategy. The above views are subject to change at the fund manager’s discretion without prior notice. Past performance is not necessarily indicative of the future or likely performance of strategies adopting the same strategy mentioned above.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 36 RISK CONTROL AND REVIEW TESTING CONSISTENCY OF PORTFOLIO WITH MANDATE AND RISK

Monitoring of positions relative to valuation and risk contribution aids review and sell discipline

Weekly portfolio review meeting: All portfolios subject to team scrutiny

Test consistency of views and portfolio positions

Quantitative Portfolio Strategy (QPS) Team - ongoing test of process consistency and allocation of capital in accordance with mandate

Head of Eastspring Portfolio Strategies (EPS) utilises risk framework in supervision and oversight

Risk oversight – scrutiny of risk characteristics and risk budget supported by independent Investment Risk Management Team

Head of EPS Head of EPS Head of EPS Quarterly Quarterly / Group Monthly one Strategy Performance Strategy Risk CRO on one Performance Reviews Performance Oversight Strategy risk Review Review Oversight

Source: Eastspring Investments. The above views are subject to change at the manager’s discretion without prior notice,

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 37 TEAM’S SUSTAINABLE EDGE POSITIONED FOR SUSTAINABLE LONG-TERM PERFORMANCE

Competitive edge based our understanding of behavioural sources of mispricing Price-focused process with a valuation anchor Experienced; small; dynamic; focused on “best ideas” Rigorous research supported by peer review Research output plus risk understanding provides clear link to portfolio construction Ongoing review supports process integrity and sell discipline

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. ENVIRONMENTAL, SOCIAL & GOVERNANCE 39 ASSESSING ALL MATERIAL RISKS TO SUSTAINABLE EARNINGS

Ongoing level of engagement with companies around material risks include but not limited to:

Board structure: discussions around board structure and its appropriateness to their strategy. We always vote and will vote against the board and engage with the company if appropriate.

Minority shareholder return focus: discussions with management to monitor whether change in this area is in line with expectations.

Structure of management KPIs: are they aligned with targeting capital efficiency / ROE or other. We will engage and monitor for change.

Complex ownership: we will engage with companies and monitor for improvements.

Managing environmental risks: discuss the processes in place at companies with significant environmental risks to building clarity around the risks to earnings.

Collaborating with other investors: we will work with other minority shareholder to communicate with boards on specific issues when appropriate.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 40 GLOBAL EMERGING MARKETS DYNAMIC STRATEGY ESG SUMMARY PROFILE (AS OF 31 JANUARY 2021)

Company Fund Company Fund Company name GICS Industry Company name GICS Industry Rating Weight Rating Weight

Lenovo Group Ltd. Technology Hardware, Storage & Peripherals AA 3.9% Cosco Shipping Energy Oil, Gas & Consumable Fuels CCC 1.0% Fubon Financial Holding Insurance AA 1.3% Petrochina Co Ltd Oil, Gas & Consumable Fuels CCC 1.3% Absa Group Ltd Banks AA 1.0% Sinopec Engineering Group Construction & Engineering B 1.9% Banco Bradesco Pref Banks AA 2.6% Cosco Shipping Ports Transportation Infrastructure B 1.3% Life Healthcare Group Health Care Providers & Services A 1.4% Kunlun Energy Co. Gas Utilities B 2.0% Naspers Ltd N Internet & Direct Marketing Retail A 3.8% E-mart Co. Ltd Food & Staples Retailing B 1.9% Estacio Participacoes S.a. Diversified Consumer Services A 2.2% Hyundai Mobis Auto Components B 3.5% Samsung Electronics Co Technology Hardware, Storage & Peripherals A 8.5% China Petroleum & Oil, Gas & Consumable Fuels B 1.2% Independent Power & Renewable Electricity China Longyuan Power A 1.5% Tingyi (cayman Islands) Food Products B 1.2% Producers Electronic Equipment, Instruments & Lg Display Co A 1.8% Grupo Televisa Sab Media B 1.5% Components

Source: Eastspring Investments, MSCI ratings , 31 January 2021. BM: Benchmark. Benchmark/Index: MSCI Emerging Markets Index. The graphs and information are included for illustrative purposes only.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. GEM DYNAMIC STRATEGY 42 GLOBAL EMERGING MARKETS DYNAMIC STRATEGY PERFORMANCE AS AT 31 DECEMBER 2020 % Performance – Class A Relative To MSCI EM Index 40.0 29.7 30.0 19.7 18.3 18.3 20.0 12.8 10.0 10.0 9.7 10.0 7.4 6.3 6.3 6.2 6.0 2.6 1.1 2.2 0.0

-10.0 -5.1 -3.1 -3.8 -20.0 -12.0 -12.0 1M 3M YTD 1 Yr 3 Yrs (p.a.) 5 Yrs (p.a.) Since Inception (p.a.) Net (%) Benchmark Return (%) Relative (%)

Performance – Class A Relative To MSCI EM Value Index % 35.0 29.7 30.0 25.0 19.0 20.0 15.0 12.8 10.0 10.7 9.2 9.7 10.0 6.3 6.3 6.8 4.0 2.3 2.9 2.2 5.0 1.1 0.4 0.7 1.2 1.0 0.0 -2.8 -5.0 -2.8 1M 3M YTD 1 Yr 3 Yrs (p.a.) 5 Yrs (p.a.) Since Inception (p.a.) Net (%) MSCI Emerging Markets Value (%) Relative (%) Source: Eastspring Investments, 31 December 2020, NAV-Net Class A. 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. Benchmark: MSCI Emerging Markets Index. This is for information purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument, investment product, security or service. Inception date: 15 May 2014. Past performance is not necessarily indicative of the future or likely performance. STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 43 GLOBAL EMERGING MARKETS DYNAMIC STRATEGY CALENDAR YEAR PERFORMANCE AS AT 31 DECEMBER 2020 % Performance – Class A Relative To MSCI EM Index 50.0 37.3 40.0 30.4 30.0 18.3 18.4 18.1 20.0 12.7 11.2 6.3 6.9 10.0 0.7 0.0 -10.0 -2.8 -5.8 -6.9 -20.0 -12.0 -13.9 -14.6 -17.7 -14.9 -30.0 2020 2019 2018 2017 2016 2015

Net (%) Benchmark Return (%) Relative (%)

% Performance – Class A Relative To MSCI EM Value Index

40.0 30.4 28.2 30.0 18.1 20.0 12.7 11.9 14.9 6.3 9.2 10.0 0.7 2.2 3.2 0.9 0.0 -10.0 -2.8 -3.1 -10.7 -20.0 -13.9 -17.7-18.6 -30.0 2020 2019 2018 2017 2016 2015

Net (%) MSCI Emerging Markets Value (%) Relative (%)

Source: Eastspring Investments, 31 December 2020, NAV-Net Class A. 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. Benchmark: MSCI Emerging Markets Index. This is for information purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument, investment product, security or service. Inception date: 15 May 2014. Past performance is not necessarily indicative of the future or likely performance. STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 44 GLOBAL EMERGING MARKETS DYNAMIC STRATEGY

Performance Relative To MSCI Emerging Markets Net Div (%)

10.0 6.9 3.7 3.9 5.0 0.7 % 0.0 -5.0 -2.8 -3.7 -10.0 -6.9 -5.8 -6.5 -9.1 -15.0 -12.0 -20.0 -25.0 -21.1 2015 2016 2017 2018 2019 2020

Fund relative to MSCI EM Net Div Value Index relative to MSCI EM Net Div

0.0 -2.0 -4.0 -3.1 -6.0 -3.8 -5.1 -4.8 -8.0 -5.8 -6.0 % -10.0 -8.9 -12.0 -14.0 -12.0 -16.0 -14.3 -15.2 1 year 2 years (p.a.) 3 years (p.a.) 5 years (p.a.) Since Inception (p.a.)

Fund relative to MSCI EM Net Div Value Index relative to MSCI EM Net Div

Source: Eastspring Investments, 31 December 2020, NAV-Net Class A. 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. Benchmark: MSCI Emerging Markets Index. This is for information purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument, investment product, security or service. Inception date: 15 May 2014. Past performance is not necessarily indicative of future performance. STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 45 GLOBAL EMERGING MARKETS DYNAMIC STRATEGY PORTOFLIO CHARACTERISTICS (AS OF 31 DECEMBER 2020)

Source: Eastspring Investments. As at 31 December 2020. Benchmark/Index: MSCI Emerging Markets Index. The information provided herein are subject to change at the discretion of the Investment Manager without prior notice.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 46 RISK CONTROL & REVIEW

Source: Eastspring Investments, 31 December 2020. Charts above reflect the change in underlying risk model effective from 1 July 2020. We made this change from Axioma model version 2 to version 4 to benefit from their updated risk mode The graphs and information are included for illustrative purposes only.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 47 EASTSPRING INVESTMENTS – GLOBAL EMERGING MARKETS DYNAMIC STRATEGY COUNTRY ATTRIBUTION – 3 YEARS TO 31 DECEMBER 2020 Asset Country Strategy Weight Ending (%) Index Weight Ending (%) Security Selection(%) Total Effect (%) Allocation(%) Total 100.0 100.0 0.0 -9.8 -9.8 Asia 71.9 80.0 -0.2 -14.7 -14.9 India 5.6 9.2 0.1 2.6 2.8 Philippines 3.9 0.7 -0.6 0.7 0.1 Pakistan 0.0 0.0 0.0 0.0 0.0 Hong Kong 0.0 0.0 0.0 0.0 0.0 Thailand 1.2 1.8 0.4 -0.8 -0.4 Malaysia 1.0 1.5 0.3 -0.8 -0.6 Indonesia 1.6 1.3 -0.1 -0.7 -0.8 Taiwan 6.0 12.8 -0.5 -2.0 -2.5 South Korea 18.8 13.5 0.5 -6.3 -5.8 China 33.8 39.1 -0.3 -7.5 -7.8 EMEA 13.2 12.1 0.6 1.7 2.4 South Africa 6.4 3.5 -0.9 3.1 2.2 Saudi Arabia 0.0 2.4 1.0 0.0 1.0 Poland 0.0 0.7 0.5 0.1 0.6 Greece 0.0 0.1 0.1 0.2 0.3 Hungary 0.0 0.2 0.0 0.0 0.1 Czech Republic 0.0 0.1 0.0 0.0 0.0 Kuwait 0.0 0.5 0.0 0.0 0.0 Qatar 0.0 0.7 0.0 0.0 0.0 Russia 3.0 3.0 0.8 -0.9 -0.1 United Arab Emirates 1.5 0.5 -0.2 0.1 -0.1 Egypt 1.1 0.1 -0.3 -0.1 -0.4 Turkey 1.2 0.4 -0.3 -0.9 -1.2 LATAM 12.8 7.9 0.3 3.4 3.7 Brazil 7.7 5.1 0.5 1.9 2.4 Chile 0.0 0.5 0.5 0.2 0.7 Mexico 5.1 1.7 -0.9 1.2 0.3 Argentina 0.0 0.1 0.1 0.0 0.1 Colombia 0.0 0.2 0.0 0.1 0.1 Peru 0.0 0.2 0.1 0.0 0.1 Europe 0.0 0.0 -0.2 0.0 -0.2 Netherlands 0.0 0.0 -0.2 0.0 -0.2 Cash and Equivalents 2.2 0.0 -0.5 -0.3 -0.8

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 48 EASTSPRING INVESTMENTS – GLOBAL EMERGING MARKETS DYNAMIC STRATEGY SECTOR ATTRIBUTION – 3 YEARS TO 31 DECEMBER 2020

Strategy Benchmark Active Stock Selection Sector Sector Effect (%) Total Effect (%) (%) (%) (%) Effect (%)

Total 100.0 100.0 0.0 -5.6 -4.2 -9.8

Financials 24.3 18.0 6.4 -0.6 2.0 1.4

Materials 5.5 7.6 -2.1 0.3 0.8 1.1

Consumer Staples 3.1 5.9 -2.8 0.1 0.4 0.5

Utilities 5.8 2.0 3.8 -1.6 1.9 0.3

Information Technology 19.0 20.5 -1.4 0.4 -0.3 0.2

Communication Services 11.2 11.6 -0.5 -1.0 1.1 0.1

Health Care 0.7 4.7 -4.0 0.4 -0.4 0.1

Real Estate 1.9 2.1 -0.2 0.0 -0.9 -0.8

Cash and Equivalents 2.2 0.0 2.2 -0.7 -0.2 -0.9

Industrials 7.4 4.3 3.1 -0.5 -2.6 -3.2

Energy 7.0 5.0 2.0 -0.7 -2.5 -3.3

Consumer Discretionary 11.8 18.3 -6.5 -1.7 -3.6 -5.3

Source: Eastspring Investments, 3 Years to 31 December 2020. Past performance is not necessarily indicative of the future or likely performance of mandates adopting the same strategy mentioned above. Please note that the securities mentioned are for illustrative purposes only. It should not be considered as a recommendation to purchase or sell such securities. There is no assurance that any security discussed herein will remain in the portfolio at the time you receive this document or that security sold has not been repurchased. The securities discussed do not represent the entire portfolio and in the aggregate may represent only a small percentage of the portfolio holdings.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 49 EASTSPRING INVESTMENTS – GLOBAL EMERGING MARKETS DYNAMIC STRATEGY CONTRIBUTORS AND DETRACTORS – 3 YEARS TO 31 DECEMBER 2020 Benchmark Benchmark Strategy End Contribution Strategy End Contribution Contributors End Weight Detractors End Weight Weight (%) (%) Weight (%) (%) (%) (%) China Resources Cement 0.0 0.0 1.7 Petrochina Co Ltd-H 1.4 0.1 -2.0 Holdings

ICICI Bank Ltd 3.5 0.5 1.5 Embraer 0.0 0.0 -1.8

CCR SA 0.0 0.0 1.5 Petrobras Petroleo Brasil^ 2.3 0.6 -1.5

Samsung Electronics Co Bank Negara Indonesia 8.9 5.2 1.5 1.6 0.0 -1.5 Ltd^ (Persero)

Banco Do Brasil 0.0 0.1 1.3 Emart Co Ltd 1.8 0.0 -1.4

China Overseas Land & 1.9 0.1 -1.3 Cosan -A 0.0 0.0 1.2 Investment

Sinopec Engineering 1.9 0.0 -1.3 Infosys Ltd^ 0.0 0.7 1.2 Group-H

JBS 0.0 0.1 1.0 LG Display 1.5 0.1 -1.2

China Longyuan Power 2.5 0.0 0.8 Bangkok Bank^ 1.2 0.0 -1.2 Group-H

Lenovo Group 4.1 0.1 0.8 Hana Financial Group 0.0 0.1 -1.2

Source: Eastspring Investments. 3 Years to 31 December 2020. Benchmark/Index: MSCI Emerging Markets Index. Past performance is not necessarily indicative of future performance. Please note that the securities mentioned are for illustrative purposes only. It should not be considered as a recommendation to purchase or sell such securities. There is no assurance that any security discussed herein will remain in the portfolio at the time you receive this document or that security sold has not been repurchased. The securities discussed do not represent the entire portfolio and in the aggregate may represent only a small percentage of the portfolio holdings. The information provided herein is subject to change at the discretion of the Investment Manager without prior notice. ^Includes all share classes.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 50 EASTSPRING INVESTMENTS – GLOBAL EMERGING MARKETS DYNAMIC STRATEGY COUNTRY POSITIONING - AS AT 31 DECEMBER 2020 Country Strategy Weight (%) Benchmark Weight (%) Relative (%) South Korea 18.8 13.5 5.3 Mexico 5.1 1.7 3.4 Philippines 3.9 0.7 3.2 South Africa 6.4 3.5 3.0 Brazil 7.7 5.1 2.6 Cash and Equivalents 2.2 0.0 2.2 Egypt 1.1 0.1 1.0 United Arab Emirates 1.5 0.5 1.0 Turkey 1.2 0.4 0.8 Indonesia 1.6 1.3 0.2 Russia 3.0 3.0 0.0 Pakistan 0.0 0.0 0.0 Czech Republic 0.0 0.1 -0.1 Greece 0.0 0.1 -0.1 Argentina 0.0 0.1 -0.1 Colombia 0.0 0.2 -0.2 Hungary 0.0 0.2 -0.2 Peru 0.0 0.2 -0.2 Kuwait 0.0 0.5 -0.5 Chile 0.0 0.5 -0.5 Malaysia 1.0 1.5 -0.5 Thailand 1.2 1.8 -0.6 Poland 0.0 0.7 -0.7 Qatar 0.0 0.7 -0.7 Saudi Arabia 0.0 2.4 -2.4 India 5.6 9.2 -3.6 China 33.8 39.1 -5.3 Taiwan 6.0 12.8 -6.8

Source: Eastspring Investments. 31 December 2020. Benchmark/Index: MSCI Emerging Markets Index. The information provided herein is subject to change at the discretion of the Investment Manager without prior notice.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 51 EASTSPRING INVESTMENTS – GLOBAL EMERGING MARKETS DYNAMIC STRATEGY SECTOR POSITIONING AS AT 31 DECEMBER 2020

Strategy Active Sector Benchmark (%) (%) (%)

Financials 24.3 18.0 6.4

Utilities 5.8 2.0 3.8

Industrials 7.4 4.3 3.1

Cash and Equivalents 2.2 0.0 2.2

Energy 7.0 5.0 2.0

Real Estate 1.9 2.1 -0.2

Communication Services 11.2 11.6 -0.5

Information Technology 19.0 20.5 -1.4

Materials 5.5 7.6 -2.1

Consumer Staples 3.1 5.9 -2.8

Health Care 0.7 4.7 -4.0

Consumer Discretionary 11.8 18.3 -6.5

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 52 EASTSPRING INVESTMENTS – GLOBAL EMERGING MARKETS DYNAMIC STRATEGY OVERWEIGHTS AND UNDERWEIGHTS AS AT 31 DECEMBER 2020 Benchmark Benchmark Strategy End Relative Strategy End Relative Overweights End Weight Underweights End Weight Weight (%) (%) Weight (%) (%) (%) (%) Taiwan Semiconductor Baidu Inc 5.5 0.7 4.7 0.0 5.9 -5.9 Manufacturing

Lenovo Group Ltd 4.1 0.1 4.0 Alibaba Group Holding Ltd 0.0 5.6 -5.6

Samsung Electronics Co 8.9 5.2 3.7 Tencent Holdings Ltd 0.0 5.3 -5.3 Ltd^

ICICI Bank Ltd 3.5 0.5 3.0 Meituan-Class B 0.0 1.7 -1.7

Hon Hai Precision Industry 3.4 0.5 2.9 Reliance Industries Ltd 0.0 1.0 -1.0

Banco Bradesco^ 3.2 0.4 2.9 JD.com Inc 0.0 1.0 -1.0

Hyundai Mobis Co Ltd 3.0 0.2 2.8 Ping An Insurance- H 0.0 0.9 -0.9

Naspers Ltd-N 3.6 1.1 2.5 Pinduoduo Inc - ADR 0.0 0.9 -0.9

China Longyuan Power 2.5 0.0 2.4 NIO Inc - ADR 0.0 0.8 -0.8 Group-H

China Pacific Insurance 2.4 0.1 2.2 Vale SA 0.0 0.8 -0.8 Group

Source: Eastspring Investments, 31 December 2020. Benchmark: MSCI Emerging Markets Index. Please note that the securities mentioned are included for illustration purposes only. It should not be considered a recommendation to purchase or sell such securities. There is no assurance that any security discussed herein will remain in the portfolio at the time you receive this document or that securities sold have not been repurchased. The securities discussed do not represent the entire portfolio and in the aggregate may represent only a small percentage of the portfolio holdings. The information provided herein are subject to change at the discretion of the Investment Manager without prior notice. ^Includes all share classes.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. APPENDIX 54 EASTSPRING INVESTMENTS – GLOBAL EMERGING MARKETS DYNAMIC FUND SHARE CLASSES AVAILABLE FOR INVESTMENT

*Minimum *Minimum Class Currency Bloomberg ISIN Inception initial subsequent ticker date investment investment

Class A USD IOEMDAU LX LU0640798160 15-May-14 USD500 USD50

Class R USD EGEMDRU LX LU2199555702 15-July-20 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 5.000 2.000 0.500 5.000 1.500 0.300 1.920

Class R None 1.000 0.500 None 0.750 0.300 1.180

Annual Ongoing charges vary from year to year and do not include portfolio transaction cost. Distribution Dividend per Ongoing charges are based on annualized expenses for the year ending December Class Ex-date dividend 2019 for Share Class A; Ongoing charges are based on estimated expenses of another frequency share yield % share class for Share Class R. R-class shares are not sold directly to investors, but to financial intermediaries that serve investors. The intermediary executes the purchase of the funds on behalf of the Class A N.A N.A N.A N.A investor, as 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 Class R N.A N.A N.A N.A allowed in the Prospectus, Eastspring and the financial intermediaries have agreed to waive the Sales Charge for all purchases for the fee-based R share class. Always consult your financial adviser. For more about charges, see the Prospectus.

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. 55 EASTSPRING INVESTMENTS – GLOBAL EMERGING MARKETS DYNAMIC COMPOSITE DECEMBER 2020 (USD)

Annualised figures Calendar Year Data 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2 3 4 5 6 7 8 9 10 Rolling Results 1 M 1 Y S.I Yrs Yrs Yrs Yrs Yrs Yrs Yrs Yrs Yrs Composite Return - Net (%) 8.0 14.2 -12.3 31.1 19.1 -17.0 -9.6 -0.6 24.1 -21.3 Composite Return - Net (%) 10.4 8.0 11.1 2.7 9.1 11.1 5.8 3.5 2.9 5.1 2.1 2.9 Composite Return - Gross (%) 8.8 15.2 -11.5 32.2 20.2 -16.3 -8.8 0.2 25.2 -20.6 Composite Return - Gross (%) 10.5 8.8 12.0 3.5 10.1 12.0 6.7 4.3 3.8 6.0 3.0 3.8 Benchmark Return (%) 18.7 18.9 -14.3 37.3 11.2 -14.9 -2.2 -2.6 18.2 -18.4 Benchmark Return (%) 7.4 18.7 18.8 6.5 13.5 13.0 7.8 6.3 5.2 6.5 3.7 4.4 Relative to Gross (%) -9.9 -3.7 2.8 -5.0 9.0 -1.3 -6.6 2.8 6.9 -2.2 Relative to Gross (%) 3.1 -9.9 -6.8 -3.0 -3.4 -1.0 -1.1 -2.0 -1.3 -0.5 -0.8 -0.7 Composite 3-Year Annualised Composite Annualised Volatility (%) N/A 30.6 24.9 21.8 19.4 19.3 19.7 19.1 18.4 18.8 19.7 19.8 21.8 14.6 14.9 17.6 18.8 16.4 17.0 21.2 N/A N/A Volatility (%) Highest Return in Composite (%) 10.5 9.0 12.1 3.6 10.1 12.0 6.7 4.4 3.8 6.0 3.0 3.8 Benchmark 3-Year Annualised 19.9 14.4 14.8 15.6 16.3 14.3 15.2 19.3 N/A N/A Lowest Return in Composite (%) 10.5 8.7 11.9 3.6 10.1 12.0 6.7 4.4 3.8 6.0 3.0 3.8 Volatility (%) Tracking Error (%) N/A 9.5 7.2 6.4 5.9 5.6 5.5 5.3 5.1 4.9 4.8 4.8 Number of Portfolios 3 2 1 1 1 1 1 1 1 1 Information Ratio N/A -1.0 -0.9 -0.5 -0.6 -0.2 -0.2 -0.4 -0.3 -0.1 -0.2 -0.1 Market Value at End, USD (bn) 1.54 0.95 0.47 0.52 1.73 0.46 0.48 0.12 0.02 0.02 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 a single portfolio that invest primarily in GEM Dynamic equities and managed to MSCI Emerging Mkts Index. This Composite was created on 1 Dec 10 and Composite Performance starts from 1 Dec 10. A full List of the Firm's Composites is available upon request. From 1 May 2018, benchmark was changed to MSCI Emerging Mkts Gross Div Index from Net Div Index. Eastspring Investments has been independently verified for the periods 1 Jan 98 - 31 Dec 09. The verification report(s) is/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 0.75% 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).

Source: Eastspring Investments, 31 December 2020 (C0208). Benchmark: MSCI Emerging Markets Index. This is for information purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument, investment product, security or service.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 56

Andrew leads Eastspring Investments’ Funds Management Pty Limited and, before Global Emerging Markets and Regional Asia this, he was a Managing Director, heading Value equity team, responsible for the firm’s up the Global Equity Team of JP Morgan GEM and Asia equity value offering Investment Management, London, for ten (including China-India funds). He was years. He also worked at JP Morgan appointed to this position in June 2020. Investment Management, Melbourne, Andrew is also the Lead Portfolio Manager latterly as their Director, responsible for the for the GEM Dynamic strategy. Australian Equity and Balanced business. Andrew began his investment career with With more than 39 years’ investment National Mutual Life Association. experience, Andrew has been with Andrew Cormie, CFA Eastspring since he joined as a Portfolio Andrew is a CFA charterholder and holds a Portfolio Manager Manager in 2008. Bachelor’s degree in Business Administration from the Griffith University, Prior to joining Eastspring, Andrew was the Brisbane and a diploma from the Securities Founding Partner and Director of Voyager Institute of Australia.

Source: Eastspring Investments, 31 January 2021

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 57

Sang Hoon Lee joined Eastspring Fidelity Investment Management (Hong Investments as Portfolio Manager Kong) Ltd. He was also an Equity Analyst in January 2005. at Dresdner Kleinwort Benson and Seoul Securities, Korea. Sang Hoon has over Sang Hoon is part of the Equity team and 25 years of financial industry experience. is a member of the Global Emerging Markets (GEM) focus team. He is also Sang Hoon is a CFA charterholder and Lead Manager of the GEM Core strategy. holds a Bachelor’s degree in Business Administration from Seoul National Prior to joining Eastspring Investments, University and a Master degree of Business Sang Hoon Lee, CFA, MBA Sang Hoon was an Investment Analyst at Administration from The Wharton School, University of Pennsylvania. Portfolio Manager

Luiz Pinho joined Eastspring Investments Brazil. This followed several years at UBS as Portfolio Manager in December 2014. Investment Bank as a Research Analyst covering the Brazilian oil & gas and utilities He is part of the Equity team and is a sectors. Before that, Luiz was an Equity member of the Global Emerging Markets Analyst at Schroders and had done private (GEM) focus team. He is also the Lead equity research for GP Investments. Luiz Portfolio Manager for the Brazil Equity has more than 18 years of financial industry strategy. experience.

Luiz holds a Bachelor of Business Prior to joining Eastspring Investments, Luiz Administration from Universidade de Sao Luiz Pinho was a Brazilian Equities Specialist providing Paulo (FEA USP) and a Masters Degree Portfolio Manager portfolio management support to the GEM in Finance and Accounting from Umeå CIO division at UBS Wealth Management in University, Sweden.

Source: Eastspring Investments, 31 January 2021

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 58

Paul Chong joined Eastspring Investments region. In 2012, Paul joined Citadel Global as Portfolio Manager in January 2014. Equities and was responsible for real estate equity research in the Asia ex Japan region. He is part of the Equity team and is a Paul has more than 14 years of financial member of the Global Emerging Markets industry experience. (GEM) focus team. Paul holds a Bachelor of Business Prior to joining Eastspring Investments, Paul Management (Magna Cum Laude), majoring was an Investment Analyst at Fidelity in Finance from Singapore Management International in Hong Kong focusing on University. Paul Chong fundamental research in the Asia ex Japan Portfolio Manager

Steven Gray joined Eastspring Investments of 7 sector focused analysts covering Non- as Portfolio Manager in August 2012. Asian emerging markets. Earlier on, Steven had a very successful career as a fund Steven is part of the Equity team and a manager in South Africa, managing one of member of the Global Emerging Markets the largest funds in the country. Steven has (GEM) focus team. He is also Lead more than 33 years of financial industry Manager for the GEM Core strategy. experience.

Prior to joining Eastspring Investments, Steven is a CFA charterholder and holds a Steven worked with GIC Asset Management Bachelor of Business Science from the Steven Gray, CFA, MBA in the Emerging Markets Non-Asia University of Cape Town, and a Masters of department as the Senior Vice President – Business Administration from UCT Graduate Portfolio Manager Head of Equity Research managing a team School of Business in South Africa.

Source: Eastspring Investments, 31 January 2021

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 59

Navin Hingorani joined Eastspring In 2006, Navin joined the Emerging Markets Investments as Portfolio Manager team at JP Morgan Asset Management in in January 2011. London, focusing on the EMEA region, and was subsequently promoted to Portfolio He is part of the Equity team and is a Manager, responsible for EMEA region. member of the Global Emerging Markets Navin has 20 years of financial industry (GEM) focus team. He is also the back up experience. Manager for the GEM Core strategy. Navin is a CFA charterholder and holds Prior to joining Eastspring Investments, a Bachelor of Science (Hons) from UCL Navin Hingorani, CFA Navin worked as an Analyst at Bear Stearns in Economics and a Master of Science in in London. In 2003, Navin joined RMB Asset European Politics & Policy from London Portfolio Manager Management, focusing on US equities. School of Economics.

Megan Ie joined Eastspring Investments as on Singapore and Hong Kong equities. She Portfolio Manager in September 2011. was also a Portfolio Strategist for the Asia Equity team at Eastspring before joining the She is part of the Equity team and is a GEM team. Megan has more than 11 years member of the Global Emerging Markets of financial industry experience. (GEM) focus team. Megan holds a Bachelor of Business Prior to joining Eastspring Investments, she Management degree from Singapore was a Trainee Dealer & Research Analyst at Management University. Kim Eng Securities Private Limited, focusing Megan Le Portfolio Manager

Source: Eastspring Investments, 31 January 2021

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 60

Mandeep Sachdeva joined Eastspring sectors. Prior to that, he was a Research Investments as Portfolio Manager, in Associate at Citigroup Asset Management, September 2015. Singapore and a Consultant at Arthur Andersen, Singapore. Mandeep has more Mandeep is part of the Equity team and is than 18 years of financial industry a member of the Global Emerging Markets experience. (GEM) focus team. Mandeep holds a Bachelor of Engineering Prior to joining Eastspring Investments, from Nanyang Technological University, Mandeep was an Analyst for 2 years at Singapore where he graduated with First Mandeep Sachdeva, CFA, MBA Fidelity Worldwide Investment, London. He Class Honours, and a Master of Business spent 5 years at Orbis Investment Advisory Administration from the London Business Portfolio Manager Ltd, London as a Research Analyst covering School. He is also a CFA charterholder. Global Telecommunications and Technology

Sam Bentley joined Eastspring Investments Management and Institutional Marketing. as Client Portfolio Manager, in August 2008. Prior to Henderson, Sam worked for one year in the compliance department of Sam is the Client Portfolio Manager for the stockbroker William de Broe. Sam has Global Emerging Market and Regional Asia 21 years of financial industry experience. equity strategies. Sam holds a Bachelor’s degree in Prior to joining Eastspring Investments, Sam Economics from Durham University and worked at Henderson Global Investors in is a CFA charterholder. London for 8 years where he worked in a Samuel Bentley, CFA number of roles including Global Investment Strategy, Global Bond Portfolio Client Portfolio Manager

Source: Eastspring Investments, 31 January 2021

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 61 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.

Performance information for the indexes shown are for illustrative purposes only and do not represent the MSCI Singapore Free Index is a free-float adjusted market capitalization weighted index that is actual strategy investment performance. Comparison and reference to the index performance and historical designed to track the equity market performance of Singapore securities listed on Singapore Stock returns shown for the periods prior to this date are not necessarily indicative of the performance that the Exchange. The MSCI Singapore Free Total Return Index takes into account both price performance strategy, based on a benchmark index other than its current index, would have generated. Indexes do not and income from dividend payments. The MSCI Singapore Free Index is constructed based on the charge management fees or other expenses. Indexes are unmanaged and an investor cannot invest directly MSCI Global Investable Market Indexes Methodology targeting a free-float market capitalization in an index. coverage of 85%.HSBC ALBI with Government & Corporate Bonds

MSCI AC Asia Pacific ex Japan Index captures large and mid cap representation across 4 of 5 Developed J.P. Morgan Asia Credit Index (JACI) tracks total return performance of the Asia fixed-rate dollar bond Markets countries* (excluding Japan) and 8 Emerging Markets countries* in the Asia Pacific region. With 678 market. JACI is a market cap-weighted index comprising sovereign, quasi-sovereign and corporate constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each bonds and it is partitioned by country, sector and credit rating. Quasi-Sovereign, Sovereign, Utility, country. Conglomerates, Telecom, Banks, Petrochemical, Petroleum, Electronics, Industrial, Infrastructure, Automobile, and Property. JACI sub-indexes include: JACI Sovereign and Quasi-sovereign Index, JACI MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to Corporate Index, JACI Investment Grade Index, JACI Non-investment Grade Index, etc. 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, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey* and United Arab Emirates. UOB SGS Index is designed to provide Singapore fund managers and interest rate market participants with a Singapore government bond index calculated using internationally accepted practices. The Index MSCI Golden Dragon Index captures the equity market performance of large and mid cap China is an accumulation index incorporating price and income components covering only Singapore securities (H shares, B shares, Red-Chips and P-Chips) and non-domestic China securities listed in Hong government bonds. Kong and Taiwan. MSCI ACWI Index captures large and mid cap representation across 23 Developed Markets (DM)*** FTSE Asia Pacific ex Japan Index is one of a range of indices designed to help investors to benchmark their and 23 Emerging Markets (EM)** countries. With 2,446 constituents, the index covers approximately Asia Pacific investments. The index comprises Large and Mid cap stocks providing coverage of the Developed 85% of the global investable equity opportunity set. and Emerging markets in Asia Pacific excluding Japan.

Topix 100 Index is a capitalization-weighted index designed to measure the performance of the 100 most MSCI World Index, which is part of The Modern Index Strategy, is a broad global equity benchmark liquid stocks with the largest market capitalization that are members of the TOPIX Index, also known as the that represents large and mid-cap equity performance across 23 developed markets countries. It Tokyo Stock Price Index, which is a capitalization weighted index of all companies listed on the First Section of covers approximately 85% of the free float-adjusted market capitalization in each country and MSCI the Tokyo Stock Exchange. The index is supplemented by the sub indices of the 33 industry sectors. World benchmark does not offer exposure to emerging markets.

FTSE Japan Index is comprised of large and mid cap Japanese companies that are constituents of the FTSE JPM GABI Index consists of the JPM GABI US, a U.S. dollar denominated, investment-grade index All-World Index. FTSE Kaigai Index (FTSE Developed ex Japan Index) consists of Large and Mid cap spanning asset classes from developed to emerging markets, and the JPM GABI extends the U.S. companies from the Developed markets of the FTSE All-World Index excluding Japan. The FTSE All-World index to also include multi-currency, investment-grade instruments. Index in turn represents the Large and Mid Cap companies within the FTSE Global Equity Index Series (GEIS). S&P Emerging BMI Index captures all companies domiciled in the emerging markets within the S&P Jakarta Stock Exchange Composite Index is a modified capitalization-weighted index of all stocks listed on Global BMI with a float-adjusted market capitalization of at least USD 100 million meeting 6- and 12- the regular board of the Indonesia Stock Exchange. month median value traded requirements.

S&P Korea BMI (US Dollar) Index captures all companies domiciled in South Korea within the S&P Global The MSCI Emerging Markets Value Index captures large and mid cap securities exhibiting overall BMI with a float-adjusted market capitalization of at least USD 100 million meeting 6- and 12-month median value style characteristics across 24 Emerging Markets (EM) countries*. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month value traded requirements. forward earnings to price and dividend yield.

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. 62 DISCLAIMER FOR INSTITUTIONAL, WHOLESALE OR PROFESSIONAL INVESTORS ONLY. ONE ON ONE PRESENTATION.

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.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY. 63 DISCLAIMER FOR INSTITUTIONAL, WHOLESALE OR PROFESSIONAL INVESTORS ONLY. ONE ON ONE PRESENTATION.

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

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.