Dec, 2019

Approved by internal Compliance (2020-200813) SAMSUNG Investment Performance Dec, 2019 YTD Since Inception China Equity Fund (Master Fund) +4.8% +26.5% +219.8% Investment Objective & Strategy Performance The objective of the Fund is to achieve long-term capital BM Fund Excess Return vs BM(Right) growth by investing in equities of companies exercising the predominant part of their economic activity in Greater China region.

Manager Note "What a great X’mas gift: “Phase 1” deal reached with RRR cut " Cumulative Returns(%) Since 1M 3M 6M 1Y 3Y Manager Ronney Cheung Inception Fund 4.83 8.90 6.87 26.51 43.97 219.79 BM 5.11 10.22 8.30 25.05 34.88 58.99 Excess Return vs BM(%pt) -0.28 -1.32 -1.43 1.46 9.09 160.80

Market Review and Outlook *Historical results do not guarantee the future performance. *Investment Performance, Performance graph and Cumulative Returns assume pre-tax return Greater China Equities rose mainly due to the announcement of Phase 1 deal to be reached with market rotating from growth into value sectors Return Contribution by Country such as real estate, materials and IT. Domestically, more supportive 1M weight measures were announced with a 50bps cut in RRR by PBOC and further 6.59 31.02 interest rate reform with the guided conversion of old benchmark CHINA 10.19 26.23 lending rates into LPR for the existing and new loan books. The long TAIWAN, PROVINCE OF CHINA 2.45 19.73 awaited Securities Law was also approved which includes the provisions UNITED STATES 4.38 11.22 to expand registration based IPOs and stricter information disclosure *Return contribution is estimated. requirement. *Two month lag data should be provided in compliance with the relevant regulation. *Historical results do not guarantee the future performance.

Portfolio Strategy Sector Composition (%) Top 5 Holdings(% of NAV) HOLDING-SP ConsumerDiscretionary 19.93 8.35 Samsung China Fund underperformed the benchmark index last month. ADR Our UW positions in Consumer Discretionary and stock selection in IT InformationTechnology 18.20 HOLDINGS LTD 7.95 TAIWAN SEMICONDUCTOR Financials 17.84 7.91 detracted value but was partially offset by positive performance from MANUFAC our OW in in Energy and Real Estate. Meanwhile, on country allocation, Communication Services 12.47 AIA GROUP LTD 4.12 ADVANCED WIRELESS our OW position in China and UW in Hong Kong added value while our Real Estate 6.08 3.18 SEMICONDUC OW in Taiwan detracted value. We added on Times Property on solid *Two month lag data should be provided in compliance with the relevant regulation. contracted sales performance and potential upside coming from its redevelopment projects. We also added on Central China Real Estate on Fund Information Portfolio & Risk Statistics much better than expected contracted sales in Dec and upcoming listing of its property management company. We trimmed on Link Reit due to Inception Date Jun 23, 2008 Number of Holding 78 potential longer than expected drag on retail sales (although its non- AUM(USD mn) 11.7 mn Beta 0.91 discretionary retail focus should be relatively resilient). We also trimmed Asset Class Equity Standard Deviation(%) 15.89 on Richwave due to potential delay of orders from Huawei to 1Q20 from Style Growth R-Squared 0.92 4Q19. Market Cap Foucs Multi Cap Sharpe Ratio 0.55 Geographic Focus Hong Kong, Taiwan Information Ratio 1.07 Fund Status Open Tracking Error(%) 4.74 Domicile Korea Turnover Ratio(%) 68.5 * Weekly data were used. Base Currency KRW Benchmark MSCI Golden Dragon(KRW)*100%

*AUM is calculated with exchange rate provided by SMBs(Seoul Money Brokerage Service) *Statistics numbers are calculated over the period, since inception to Dec 31, 2019.