QUARTERLY Artisan Emerging Markets Strategy FactCommentary Sheet

As of 31 March 2018

Investment Process We seek to invest in companies that are uniquely positioned to benefit from the growth potential in emerging markets and that possess a sustainable global competitive advantage. Sustainable Earnings We believe over the long term a stock’s price is directly related to the company’s ability to deliver sustainable earnings. We determine a company’s sustainable earnings based upon financial and strategic analyses. Our financial analysis of a company’s balance sheet, income statement and statement of cash flows focuses on identifying historical drivers of return on equity. Our strategic analysis examines a company’s competitive advantages and financial strength to assess sustainability. Risk Analysis We believe a disciplined risk framework allows greater focus on fundamental stock selection. We incorporate our assessment of company-specific and macroeconomic risks into our valuation analysis to develop a risk-adjusted target price. Our risk-rating assessment includes a review of country-appropriate macroeconomic risk factors to which a company is exposed. Valuation We believe that investment opportunities develop when businesses with sustainable earnings are undervalued relative to peers and historical industry, country and regional valuations. We value a business and develop a price target for a company based on our assessment of the business’s sustainable earnings and risk analysis.

Team Overview

Team experience, continuity and a rigorous investment process are the characteristics that we believe differentiate our team from other emerging markets investment managers. Research analysts have autonomy and ownership of their regions and accountability for the success of their ideas. Our team members bring deep experience and uncommon insight to their respective areas of responsibility.

Portfolio Management

Maria Negrete-Gruson, CFA Portfolio Manager

Investment Results (%) Average Annual Total Returns

As of 31 March 2018 QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception2 Composite — Gross 2.37 2.37 29.04 14.30 8.00 3.20 6.95 Composite — Net 2.12 2.12 27.77 13.13 6.89 2.12 5.84 MSCI Emerging Markets Index 1.42 1.42 24.93 8.80 4.98 3.02 6.34

Annual Returns (%) 12 months ended 31 March 2014 2015 2016 2017 2018 Composite — Gross -0.67 -0.96 -5.80 22.88 29.04 Source: Artisan Partners/MSCI. Returns for periods less than one year are not annualized. 2Composite inception: 1 July 2006.

Past performance does not guarantee and is not a reliable indicator of future results. Current performance may be lower or higher than the performance shown. Composite performance has been presented in both gross and net of investment management fees. Investment Risks: Investments will rise and fall with market fluctuations and investor capital is at risk. Investors investing in strategies denominated in non-local currency should be aware of the risk of currency exchange fluctuations that may cause a loss of principal. These risks, among others, are further described on the second to last page, which should be read in conjunction with this material. Quarterly Commentary Artisan Emerging Markets Strategy As of 31 March 2018

Investing Environment positioned to become a market leader with sustainable growth The year opened with a marked uptick in volatility, dragging many opportunities in an industry with high barriers to entry. indices into negative territory—in some cases, their first negative quarter in several years. However, emerging markets outpaced their Medy-Tox is a Korean biopharmaceutical manufacturer of botulinum developed counterparts, closing in positive territory and adding to toxins (similar to Allergan’s Botox) and HA fillers, both of which are 2017’s gains. used in facial noninvasive rejuvenation treatment. We initiated our position tied to our confidence in the firm’s superior technology and As is often the case in the emerging markets, geopolitical headlines differentiation in a competitive market. Robust demand growth abounded in Q1. Despite the noise, Brazil was the top performing continued in Q1, fueling strong sales growth, particularly in overseas country in the MSCI EM in Q1. Also among the top contributors was markets. Medy-Tox also continues taking share in the domestic China—though primarily due to its large weighting in the index, Korean market. Importantly for future growth, Medy-Tox is making rather than especially strong market performance. Conversely, one of steady progress toward its entry into the Chinese market, which the bottom-performing countries in Q1 was India, which is struggling would represent a meaningful new market. In addition to a large with an ongoing banking crisis centered around non-performing population, China has a favorable competitive backdrop with only assets (NPAs) at many of its public-sector banks. two extant approved sellers and favorable pricing that is higher than in Medy-Tox’s domestic Korean market. To date, Medy-Tox is the Contributing to Q1’s volatility was heightened protectionist rhetoric— furthest along of the various competitors with its entry into China, and particularly though not exclusively between the US and China. For we anticipate such a development would meaningfully broaden the now, the actual amount of trade likely to be impacted remains company’s market opportunity, lending conviction to our relatively small and therefore seems unlikely to have an outsized longer-term thesis. economic impact, though we will continue evaluating any potential impact on a holding-by-holding basis. Retail clothing chain operator Foschini is executing well against an improving political backdrop in South Africa, where the rand has From a sector standpoint, strength in the MSCI EM Index was stabilized, lifting disposable incomes and taming inflation. This concentrated among financials and technology stocks, while favorable combination has contributed to attractive sales growth for discretionary and telecom stocks detracted. Against a more volatile Foschini. The company is also effectively capitalizing on recent backdrop, larger stocks held up better, outperforming their smaller investments in manufacturing and logistics to take market share from counterparts in the index. domestic competitors. While the international environment remains highly competitive, which could pressure Foschini’s margins in the Performance Discussion future, we believe the company remains well positioned relative to Our portfolio outperformed the MSCI EM Index in Q1. From a sector domestic peers and maintain our conviction in the growth standpoint, relative strength was concentrated among our health care opportunity ahead. holdings—which we find particularly rewarding given our meaningful above-benchmark exposure. As we have discussed in prior Among our bottom relative contributors in Q1 were Kajaria, Zhuzhou communications, we believe the health care sector is relatively and ICICI Bank. Kajaria, India’s largest tile manufacturer, is generating underrepresented in the benchmark, despite presenting a meaningful faster sales growth as broad economic growth in India drives demand opportunity for many emerging markets economies. for higher-quality construction materials. However, higher fuel costs and lower capacity utilization have recently weighed on margins and Our technology and energy holdings were also sources of relative pressured shares. Looking forward, we believe recent regulatory strength, as were our discretionary holdings, which were modestly changes—including a lower goods & services tax (GST) along with negative overall but held up better than index peers. Conversely, our improved means of enforcing it—position Kajaria well relative to its industrials and consumer staples holdings weighed on relative results. smaller, unorganized competitors. At a high level, both sectors were in the red globally in Q1—likely tied to heightened talk of various tariffs. Shares of Zhuzhou were pressured as investors were disappointed by slower locomotive sales growth as well as higher R&D expenses, Among our top relative individual contributors in the quarter were which weighed on margins. However, with a replacement cycle likely health care companies Biologics and Medy-Tox as well as ahead, we anticipate sales to resume their attractive growth rates. South African retailer Foschini. Samsung Biologics’ ability to Despite the near-term setback, we maintain our conviction in manufacture biopharmaceuticals efficiently at scale generates above- Zhuzhou’s sustainable growth potential as it consolidates the industry industry margins. Further, the company has a solid pipeline of on the strength of its superior technology. marketable biosimiliars within its Samsung Bioepis subsidiary. In Q1, Samsung Bioepis launched the first biologic version of Roche’s breast Shares of ICICI Bank were caught up by broader Indian financials woes cancer therapy Herceptin® in the UK—a positive first step to bringing in Q1—particularly as the aforementioned banking scandals came to more biologics to market. We believe Samsung Biologics is well light. In addition, as the quarter closed, allegations arose that ICICI Bank’s CEO made a less-than-above-board loan to her husband’s translate into heightened downside volatility for emerging markets in organization. To date, the ICICI Bank board has defended the CEO, the period ahead. Regardless of the market environment, we will indicating that ICICI Bank was only part of a consortium that provided remain focused on our disciplined approach to building a portfolio the loan and that the CEO was one of many who were involved in the with attractive upside potential that we believe is reflective of the full decision. For now, the optics are challenging and have pressured emerging markets opportunity set. shares. While we are monitoring developments for their potential impact, we maintain our conviction in those traits that first attracted us to ICICI—including its solid local brand, well-scaled franchise and extensive domestic branch network. Its valuation also remains highly compelling relative to its competitive advantages.

Portfolio Activity We initiated a position in Q1 in PLAY Communications, Poland’s second-largest mobile telecom company offering mobile voice, data and pay-TV services. Play operates a modern network that is free of legacy fixed-line components—a meaningful sustainable competitive advantage as it results in low capex deployment and superior cash generation relative to peers. Poland’s broadband market is relatively underpenetrated—given the country’s low urbanization rate and lower fixed-line coverage—but is growing rapidly. As the most innovative operator, Play is well positioned to capitalize on this growth, driving attractive levels of revenue growth in the period ahead. Further, with the company well established as the second competitor in the market, we anticipate lower selling expenses associated with subscription growth, which should translate into margin expansion as well.

Conversely, we concluded our investment in Magnit tied to growing corporate governance concerns. We had held Magnit, a Russian convenience store and hypermarket operator, for its market-share strength in a virtual duopoly. Shares of Magnit were pressured in the quarter as the long-time CEO, Sergei Galitsky, announced he would sell the entirety of his 29.1% stake and step down. The company was already facing headwinds tied to sluggish same-store-sales in outlying areas. With the added uncertainty introduced by a meaningful management change, we chose to exit our position in favor of better opportunities elsewhere.

Perspective The first quarter was productive from a travel perspective, with the team visiting a combined 15 countries and taking over 200 meetings with individual companies. We believe travel is a critical aspect of our process, allowing us to meet not only with current investments but also with potential candidates for future investment. We continue to find interesting companies around the globe who possess the compelling combination of unique access to emerging markets growth and sustainable competitive advantages.

From a market standpoint, we were encouraged by emerging markets’ relative performance in Q1—particularly in comparison to past periods of heightened market volatility, which have often increased the likelihood of meaningful spillover effects into emerging markets. While we have no unique insight into whether volatility will remain elevated, we wouldn’t be surprised if it did—or if it were to For more information: Visit www.artisanpartners.com

Investment Risks: International investments involve special risks, including currency fluctuation, lower liquidity, different accounting methods and economic and political systems, and higher transaction costs. These risks typically are greater in emerging markets. Such risks include new and rapidly changing political and economic structures, which may cause instability; underdeveloped securities markets; and higher likelihood of high levels of inflation, deflation or currency devaluations. Securities of small- and medium-sized companies tend to have a shorter history of operations, be more volatile and less liquid and may have underperformed securities of large companies during some periods. These risks, among others, are further described in Artisan Partners Form ADV, which is available upon request. Unless otherwise indicated, the Artisan Strategy characteristics relate to that of an investment composite or a representative account managed within a composite. It is intended to provide a general illustration of the investment strategy and considerations used by Artisan Partners in managing that strategy. Individual accounts may differ, at times significantly, from the reference data shown due to varying account restrictions, fees and expenses, and since-inception time periods, among others. Where applicable, this information is supplemental to, and not to be construed with, a current or prospective client’s investment account information. Securities of the same issuer are aggregated to determine a holding’s weight in the portfolio. Securities referenced may not represent all of the securities in the portfolio. If certain information is unavailable for a particular security Artisan Partners may use data from a related security to calculate portfolio characteristics. All information in this report is as of the date shown in the upper right hand corner unless otherwise indicated and is subject to change without notice. Totals may not sum due to rounding. Attribution is used to evaluate the investment management decisions which affected the portfolio’s performance when compared to a benchmark index. Attribution is not exact, but should be considered an approximation of the relative contribution of each of the factors considered. Net-of-fees composite returns were calculated using the highest model investment advisory fees applicable to portfolios within the composite. Fees may be higher for certain pooled vehicles and the composite may include accounts with performance-based fees. All performance results are net of commissions and transaction costs, and have been presented gross and net of investment advisory fees. Dividend income is recorded net of foreign withholding taxes on ex-dividend date or as soon after the ex-dividend date as the information becomes available to Artisan Partners. Interest income is recorded on the accrual basis. Performance results for the Index include reinvested dividends and are presented net of foreign withholding taxes but, unlike the portfolio's returns, do not reflect the payment of sales commissions or other expenses incurred in the purchase or sale of the securities included in the indices. MSCI Emerging Markets Index measures the performance of emerging markets. The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for direct investment. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI. The Global Industry Classification Standard (GICS®) is the exclusive intellectual property of MSCI Inc. (MSCI) and Standard & Poor’s Financial Services, LLC (S&P). 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A R T I S A N P A R T N E R S

4/17/2018 A18545L_vXUS Artisan Emerging Markets Strategy Quarterly Contribution to Return (%) As of 31 March 2018

Contribution to Contribution to Top Contributors Average Weight Return Ending Weight Bottom Contributors Average Weight Return Ending Weight Samsung Biologics Co Ltd 1.52 0.41 1.74 Zhuzhou CRRC Times Electric Co Ltd 1.84 -0.54 1.80 Petroleo Brasileiro SA 1.36 0.40 1.49 Naspers Ltd 3.01 -0.33 2.62 Taiwan Semiconductor Manufacturing Co Ltd 5.31 0.37 5.38 ICICI Bank Ltd 1.70 -0.22 1.47 Itau Unibanco Holding SA 1.68 0.37 1.71 Magnit PJSC 0.60 -0.21 0.00 Equity Group Holdings Ltd 1.10 0.37 1.13 Telekomunikasi Indonesia Persero Tbk PT 0.90 -0.20 0.79 Alibaba Group Holding Ltd 5.63 0.34 5.59 Kajaria Ceramics Ltd 0.73 -0.18 0.66 Medy-Tox Inc 0.76 0.34 0.96 Sunny Friend Environmental Technology Co Ltd 1.73 -0.17 1.65 The Foschini Group Ltd 1.63 0.31 1.81 China Life Insurance Co Ltd 1.07 -0.17 1.30 Sberbank of Russia PJSC 2.31 0.29 2.30 Astra International Tbk PT 0.90 -0.13 0.95 China Traditional Chinese Medicine Holdings Co Ltd 0.86 0.28 1.10 Digital China Holdings Ltd 0.53 -0.12 0.50 Sino Biopharmaceutical Ltd 2.59 0.27 2.58 Reliance Industries Ltd 1.99 -0.12 1.89 LUKOIL PJSC 1.33 0.24 1.40 Cemex SAB de CV 1.00 -0.12 0.88 China Petroleum & Chemical Corp 1.13 0.20 1.47 Havells India Ltd 0.73 -0.11 0.66 CVC Brasil Operadora e Agencia de Viagens SA 0.82 0.17 0.74 Hanssem Co Ltd 0.57 -0.11 0.55 AirAsia Bhd 0.82 0.16 0.81 NAVER Corp 0.92 -0.09 0.87 Yandex NV 0.86 0.15 0.87 Warsaw Stock Exchange 0.90 -0.09 0.82 Sinopharm Group Co Ltd 0.99 0.15 1.24 Georgia Healthcare Group PLC 0.91 -0.09 0.85 MediaTek Inc 1.09 0.15 1.18 Dufry AG 0.63 -0.07 0.56 Cia Energetica de Minas Gerais 0.62 0.12 0.95 Co Ltd 0.81 -0.07 0.76 FirstRand Ltd 1.52 0.11 0.98 Indofood CBP Sukses Makmur Tbk PT 0.81 -0.07 0.82 Vale SA 1.51 0.10 1.47 Anima Holding SA 0.69 -0.06 0.65 Credicorp Ltd 1.01 0.09 1.04 Baidu Inc 1.91 -0.06 1.75 Grupo Supervielle SA 2.04 0.09 2.03 Hon Hai Precision Industry Co Ltd 1.50 -0.06 1.49 Sinotrans Ltd 0.74 0.07 0.71 SACI Falabella 1.31 -0.06 1.36 Moneta Money Bank AS 0.99 0.07 1.01 LG Chem Ltd 1.10 -0.05 1.07 Noah Holdings Ltd 1.86 0.06 1.85 Motors Corp 0.72 -0.04 0.71 Ctrip.com International Ltd 0.94 0.06 1.05 Global Ports Holding PLC 1.15 -0.04 1.15 Emaar Development PJSC 0.85 0.05 0.86 Co Ltd 6.58 -0.04 6.84 Godrej Consumer Products Ltd 0.71 0.05 0.73 Linx SA 0.93 -0.04 1.02 Turkiye Sinai Kalkinma Bankasi AS 0.97 0.04 0.90 YPF SA 1.06 -0.03 0.95 Grana y Montero SAA 0.46 0.04 0.65 Akbank Turk AS 0.92 -0.03 0.82 MercadoLibre Inc 0.28 0.03 0.28 Bank Rakyat Indonesia Persero Tbk PT 1.09 -0.02 1.04 Hypera SA 0.73 0.03 0.71 KB Financial Group Inc 0.91 -0.02 0.89 Cosan SA Industria e Comercio 0.24 0.03 0.00 Westlife Development Ltd 0.75 -0.02 0.72 Empresa Nacional de Telecomunicaciones SA 0.79 0.02 0.79 AIA Group Ltd 1.23 -0.01 1.25 Bangkok Bank PCL 0.69 0.02 0.65 Korea Electric Power Corp 0.02 -0.01 0.00 Polyus PJSC 1.15 0.02 1.13 Ajisen China Holdings Ltd 0.48 -0.00 0.47 E Ink Holdings Inc 0.77 0.01 0.79 China High Precision Automation Group Ltd 0.00 0.00 0.00 Cash Holdings 2.23 0.01 1.97 Wisdom Sports Group 0.01 0.00 0.00 PLAY Communications SA 0.31 0.01 0.83 JUMBO SA 0.98 0.01 0.92 MMC Norilsk Nickel PJSC 1.16 0.01 1.07 Source: Artisan Partners/FactSet. Performance is historical and is not a reliable indicator of future results. As of 31 Mar 2018. These investments made the greatest contribution to, or detracted most from, performance during the period based on a representative account within the strategy Composite. Upon request, Artisan will provide: (i) the calculation methodology and/or (ii) a list showing the contribution of each holding to overall performance during the measurement period. Securities of the same issuer are aggregated to determine the weight in the portfolio. % Contribution to Return is calculated by FactSet by multiplying a security’s weight in the portfolio by its in portfolio return for the period referenced and does not take into account expenses of the portfolio. Purchases/sales are accounted for by using end of the day prices, which may or may not reflect the actual purchase/sale price realized by the portfolio.