COMGEST GROWTH EMERGING MARKETS EUR I ACC

1 COMGEST GROWTH EMERGING MARKETS . EUR I ACC. TOP 5 HOLDINGS (% weight) INVESTMENT OBJECTIVE RISK AND REWARD PROFILE. Ping An Insurance (Group) Company The investment objective of the EMERGING Lower risk Higher risk Taiwan Semiconductor Manufacturing MARKETS Fund is to achieve capital appreciation Typically lower rewards Typically higher rewards Sanlam Limited by creating a portfolio of high quality long-term Cognizant Technology Solutions GROWTH companies based or operating in Hangzhou Hikvision Digital EMERGING MARKETS . 1 2 3 4 5 6 7. The Fund is aimed at investors with a long-term This indicator represents the risk and reward The above equity exposures are provided for investment horizon. profile presented in the Key Investor Information information only, are subject to change and are not Document.

2 It is not guaranteed and may change a recommendation to buy or sell the securities. during the month. SECTOR BREAKDOWN (%). Port. Index CUMULATIVE PAST PERFORMANCE (INDEXED) AS AT Financials 165. Communication Services Information Technology 150. Consumer Staples Indexed Performance Consumer Discretionary 135. Industrials [Cash] -- 120. Utilities Others -- Health Care 105. Energy Materials -- 90. Jan-12 Dec-12 Nov-13 Oct-14 Sep-15 Aug-16 Jul-17 Jun-18. Real Estate -- Fund Index COUNTRY BREAKDOWN (%). Port. Index ROLLING PERFORMANCE (%) AS AT China Brazil Annualised South Africa Since Korea 1 month QTD YTD 1 Year 3 Years 5 Years 10 Years Incep. India Fund - [Cash] -- Hong Kong -- Index - Taiwan Mexico Fund Volatility - United States -- Index Volatility - Russia Indonesia Netherlands -- CALENDAR YEAR PAST PERFORMANCE (%).

3 Malaysia Japan -- 2014 2015 2016 2017 2018. United Kingdom -- Others -- Fund Thailand -- Index Poland -- Chile -- Philippines -- ANNUAL PERFORMANCE (%) AS AT QUARTER END. Qatar -- United Arab Emirates -- Q4 2013 Q4 2014 Q4 2015 Q4 2016 Q4 2017. Turkey -- -Q4 2014 -Q4 2015 -Q4 2016 -Q4 2017 -Q4 2018. Colombia -- Peru -- Fund Hungary -- Greece -- Index Czech Republic -- Performance data expressed in EUR. Egypt -- Index: MSCI EMERGING MARKETS - Net Return. The index is used for comparative purposes only and the Pakistan -- Fund does not seek to replicate the index. Breakdowns based on GICS sector and MSCI country Past performance is not a reliable guide to future performance. classifications. The calculation of performance data is based on the net asset value (NAV) which does not include any sales charges.

4 If taken into account, sales charges would have a negative impact on performance. RATINGS (as at ). Morningstar Category: EAA Fund Global EMERGING MARKETS Equity Number of funds in Category: 2957. 2019 Morningstar, Inc. All rights reserved. Ratings and awards mentioned in this document can change The Morningstar Analyst Rating represents Morningstar analysts' opinion of a fund's relative at any time and do not constitute a buy investment merit. It is a forward-looking measure and identifies analyst conviction in a fund's long- recommendation. term performance prospects relative to a relevant peer group. Please see risks and other important information on final page All information and performance data is as of and is unaudited Source: CAMIL / FactSet financial data and analytics, unless otherwise stated Page 1 of 2.

5 COMGEST Asset Management International Limited, 46 St. Stephen's Green, Dublin 2, Ireland - - COMGEST GROWTH EMERGING MARKETS . EUR I ACC. FUND COMMENTARY. Net Asset Value (NAV): After the difficulties of 2018, 2019 continues to see good performance in EMERGING MARKETS (EM), with Total Net Assets (all classes, m): 5, the index up in February in euro terms (+ in USD). Risk premium has compressed across Number of holdings: 47 asset classes. The global environment has become more constructive following the dovish shift by the Average weighted market cap (m): 53,105 US Fed, easing pressure on EM FX and local rates, and positive developments in the US-China trade Weight of top 10 stocks: conflict. Active share: Chinese shares continued to perform strongly on signs of further stimuli, including positive credit Holdings exclude cash and cash equivalents.

6 market indicators. While the Chinese/Hong Kong overweight was a headwind in 2018, it has helped performance YTD. A-shares performed particularly strongly, such as Focus Media up over 24% and Hangzhou Hikvision up more than 15% in February, while all the insurance holdings (Ping An, China Life and AIA) produced strong returns. Offsetting this, both South Africa and Brazil saw profit taking KEY INFORMATION after the strong performance over recent months. In South Africa the currency was weak. In Brazil, after the euphoria of the last few months, the reality that it will take considerable political skill for ISIN: IE00B4 VRKF23 President Bolsonaro to navigate his social security reform agenda through Congress became clear. SEDOL: B4 VRKF2 From a more fundamental perspective, Inner Mongolia Yili reported strong 4Q results with sales and Bloomberg: CMEMEIA ID EPS (earnings per share) up +17% and +31%, respectively.

7 After a few quarters impacted by high Domicile: Ireland marketing expenses, the largest dairy company in China managed to finish 2018 on a strong note. Dividend Policy: Accumulation In Brazil, BB Seguridade produced worse-than-expected results again, with net income declining 9%. Fund Base Currency: USD. y/y (year-on-year) in 2018 and down in Q4 y/y. Sales from the pension plan unit were lower Share Class Currency: EUR. than expected, while net investment income fell 43% explained by lower y/y interest rates. Share Class Launch Date: 19/01/2012. Index (used for comparative purposes only): NetEase was a detractor in February. The gaming business keeps growing in double digits despite the MSCI EMERGING MARKETS - Net Return current tight regulation, with a rising contribution from overseas.

8 However, we are still waiting to see if there is any improvement in profitability from the e-commerce business which now accounts for Legal Structure: close to 30% of revenue. COMGEST GROWTH EMERGING MARKETS , a sub-fund of Indian pharmaceutical company Lupin also weighed on the fund's monthly performance. The firm COMGEST GROWTH plc, is an Undertaking for Collective reported a net loss last quarter due to exceptional items. Operationally though, we are witnessing Investment in Transferable Securities (UCITS) some signs of a turnaround in the US generic drugs market , while India continues to grow strongly. compliant with European Directive 2014/91/EU. The views expressed in this document are valid at the time of publication only, do not constitute Investment Manager: independent investment research and should not be interpreted as investment advice.

9 Remember COMGEST Asset Management International Limited that past performance is not a reliable guide to future performance. (CAMIL). Regulated by the Central Bank of Ireland Sub-Investment Manager: RISKS. COMGEST There is no assurance that the investment objective of the Fund will be achieved. (CSA) The value of shares and the income from them can go down as well as up and you may get back Regulated by the Autorit des March s Financiers - less than the initial amount invested. GP 90023 Changes in exchange rates can negatively impact both the value of your investment and the level Investment Team listed below may include advisors of income received. from affiliates within the COMGEST group. The Fund invests in EMERGING MARKETS which tend to be more volatile than mature MARKETS and the value of investments can therefore move sharply up or down.

10 Investment Team: A more detailed description of the risk factors that apply to the Fund is set out in the Prospectus. Wojciech Stanislawski Emil Wolter IMPORTANT INFORMATION. Charles Biderman You should not subscribe into this Fund without having first read the Prospectus and the Key Investor David Raper Information Document ( KIID ). Tax applicable to an investment depends on individual circumstances. Depending on where you live, the Fund may not be available to you for subscription. Investment Manager's fees: of the NAV. Consult your financial or professional adviser for more information on investing and taxation. Maximum sales charge: None Redemption fee: None Minimum initial investment: EUR 750,000 The Prospectus, the KIID, the latest annual and interim reports and any country specific addendums Minimum holding: None can be obtained free of charge from the Investment Manager (at ) or the Administrator and from local representatives/paying agents including: Contact for subscriptions and redemptions: United Kingdom: BNP Paribas Securities Services SCA, London Branch, Facilities Agency Services, RBC Investor Services Ireland Limited c/o Company Secretarial Department, 10 Harewood Avenue, London, NW1 6AA.