EMERGING MARKETS EQUITY January 2021 Monthly Update

PERFORMANCE (% TOTAL RETURN) FOR THE PERIODS ENDED JANUARY 31, 20211 SINCE 1 MONTH 1 YEAR 3 YEARS2 5 YEARS2 10 YEARS2 INCEPTION2,3 HL EMERGING MARKETS (GROSS OF FEES) 1.11 21.11 4.60 15.29 6.96 12.83

HL EMERGING MARKETS (NET OF FEES) 1.01 20.00 3.66 14.28 6.01 11.91 MSCI EMERGING MARKETS INDEX4,5 3.09 28.33 4.81 15.43 4.60 9.71

BENCHMARK PERFORMANCE BY SECTOR – JANUARY BENCHMARK PERFORMANCE BY GEOGRAPHY – JANUARY 16.0 8.0 12.0 4.0 8.0

4.0 0.0 0.0 Total Return (%) Total Return (%) -4.0 -4.0

-8.0 -8.0 ⁶ UTIL INFT FINA INDU STPL RLST DSCR HLTH INDIA ENER MATS COMM BRAZIL RUSSIA MEXICO TAIWAN SKOREA SAFRICA CHINA + HK SMALL EMS . Chinese internet game and social media company led . The UAE was the best-performing market. It changed rules to allow Communication Services. Its shares surged on enthusiasm for its more foreign workers to become citizens. Considering that they make up growth plan for the WeChat platform, and relief over the Trump over 80% of residents, the impact on the country’s long-term growth administration’s decision not to add it to the list of alleged Chinese could be significant. military-connected firms prohibited for ownership by US investors. . Colombia was the worst-performing market. Its currency fell 4% against . Most of the damage in Utilities came in Brazil, particularly at the US dollar, and investors took a dim view of Ecopetrol’s acquisition of Electrobas, where the CEO resigned and disappointment grew at the state-owned utility ISA, a poor fit with Ecopetrol’s oil exploration and prospect of further privatization fading once again. production activities.

PERFORMANCE ATTRIBUTION BY SECTOR – JANUARY PERFORMANCE ATTRIBUTION BY GEOGRAPHY – JANUARY EMERGING MARKETS COMPOSITE VS. MSCI EM INDEX EMERGING MARKETS COMPOSITE VS. MSCI EM INDEX Selection Effect -1.6 Selection Effect -0.7 1.0 1.0 Allocation Effect -0.4 Allocation Effect -1.3 0.5 Total Effect -2.0 0.5 Total Effect -2.0

0.0 0.0

-0.5 -0.5 Effect (%) Effect (%) -1.0 -1.0

-1.5 -1.5

-2.0 -2.0 ⁷ ⁶ ⁸ UTIL INFT FINA INDU STPL RLST DSCR HLTH ENER CASH MATS COMM INDIA CASH BRAZIL RUSSIA MEXICO TAIWAN SKOREA SAFRICA LISTED FRONTIER CHINA + HK SMALL EMS DEV MARKET

. Stock selection was negative, especially in Consumer Discretionary, where . Weak stocks detracted in South Korea. LG Household & Health Care, one shares of operator Sands China lagged following the illness of our strongest 2020 performers, had a tough start to 2021 despite and eventual death of its CEO and founder, Sheldon Adelson. reporting higher fourth-quarter sales and operating profits. LG’s beauty . Asset allocation was also negative, primarily due to our overweight in business, under pressure from domestic and international store closures, Financials. Shares of India-based Kotak Mahindra Bank sank on poor was flat, and management refrained from issuing 2021 guidance. fourth-quarter earnings, although its high retail loan loss provisions at least . Asset allocation also detracted, largely due to our overweights in Russia, partially stemmed from management’s conservatism in recording stress. Brazil, and Mexico, where currency weakness dragged on US dollar returns, and our under-exposure to the bounce in China. TOP FIVE CONTRIBUTORS TO RELATIVE RETURNS TOP FIVE DETRACTORS FROM RELATIVE RETURNS AVG WEIGHT (%) EFFECT AVG WEIGHT (%) EFFECT COMPANY COUNTRY SECTOR PORT INDEX (BPS) COMPANY COUNTRY SECTOR PORT INDEX (BPS) FUYAO GLASS INDUSTRY CHINA DSCR 1.2 0.1 23 * CHINA DSCR 0.0 2.0 -29 CHINA INFT 1.3 0.2 16 LG HOUSEHOLD & HEALTH CARE SOUTH KOREA STPL 2.6 0.2 -24 HON HAI PRECISION TAIWAN INFT 1.6 0.6 15 KOTAK MAHINDRA BANK INDIA FINA 1.4 0.2 -22 * CHINA INFT 0.0 0.7 11 DISCOVERY HOLDINGS SOUTH AFRICA FINA 0.9 0.1 -20 TATA CONSULTANCY SERVICES INDIA INFT 2.3 0.5 10 EPAM US INFT 2.6 0.0 -20 *Company was not held in the portfolio; its absence had a significant impact on the portfolio’s return relative to the MSCI Emerging Markets Index. Please read the disclosures on the last page, which are an integral part of this presentation. SECTOR EXPOSURE (%) AT JANUARY 31, 2021

SECTOR HL EM MSCI EM (UNDER) / OVER THE BENCHMARK

FINANCIALS 22.6 17.1 CASH 3.7 — INDUSTRIALS 7.8 4.2 CONS STAPLES 8.8 5.7 INFO TECHNOLOGY 21.6 20.9 ENERGY 4.6 4.6 UTILITIES 1.4 1.9 CONS DISCRETIONARY 17.5 19.3 REAL ESTATE 0.0 1.9 COMM SERVICES 10.1 12.3 HEALTH CARE 1.9 4.7 MATERIALS 0.0 7.4

GEOGRAPHIC EXPOSURE (%) AT JANUARY 31, 2021 (8.0) (4.0) 0.0 4.0 8.0

REGION HL EM MSCI EM (UNDER) / OVER THE BENCHMARK

DEVELOPED MARKET LISTED⁸ 5.9 —

RUSSIA 7.1 2.8

CASH 3.7 —

MEXICO 4.5 1.6

BRAZIL 6.8 4.6

FRONTIER MARKETS⁷ 1.5 —

INDIA 7.9 8.9

SOUTH AFRICA 1.5 3.5

TAIWAN 10.9 13.3

SOUTH KOREA 9.2 13.3

SMALL EMERGING MARKETS⁶ 7.2 11.9

CHINA + HONG KONG⁹ 33.8 40.1 (8.0) (4.0) 0.0 4.0 8.0 ENDNOTES (1) The January 2021 Composite performance shown is preliminary (2) Annualized returns (3) Inception date: November 30, 1998 (4) The Benchmark Index (5) Gross of withholding taxes (6) Includes the remaining emerging markets, which individually, comprise less than 5% of the Index (7) Includes countries with less-developed markets outside the Index (8) Emerging markets or frontier markets companies listed in developed markets (9) The Harding Loevner Emerging Markets Model Portfolio’s end weight in China is 27.3% and Hong Kong is 6.5%. The Benchmark does not include Hong Kong. SOURCES Benchmark Performance: FactSet; MSCI Inc. and S&P. Sector/Geographic Attribution: FactSet; Harding Loevner Emerging Markets Composite; MSCI Inc. and S&P. Sector/Geographic Exposure: FactSet; Harding Loevner Emerging Markets Model; MSCI Inc. and S&P. DISCLOSURES Composite performance shown is preliminary.For comparison purposes the Composite return is measured against the MSCI Emerging Markets Index (Gross).Harding Loevner LP is an investment adviser registered with the Securities and Exchange Commission.Harding Loevner claims compliance with the Global Investment Performance Standards (GIPS®).GIPS® is aregistered trademark of CFA Institute.CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.Harding Loevner has been independently verified for the period November 1,1989 through September 30,2020.A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm's policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis.The Emerging Markets Composite has had a performance examination for the periods December 1, 1998 through September 30, 2020.The verification and performance examination reports are available upon request. Performance data quoted represents past performance;past performance does not guarantee future results.Returns are presented both gross and net of management fees and include the reinvestment of all income.Net returns are calculated using actual fees.The US dollar is the currency used to express performance. For complete information on the construction and historical record of the Emerging Markets Composite, please contact Harding Loevner at (908) 218-7900 or visit www.hardingloevner.com. The firm maintains acomplete list of composite descriptions, alist of limited distribution pooled fund descriptions, and alist of broad distribution pooled funds, which are available upon request. The MSCI Emerging Markets Index