COMGEST GROWTH GEM PROMISING …

1 COMGEST GROWTH GEM PROMISING companies EUR ACC The Morningstar Analyst Rating represents Morningstar analysts opinion of a fund s relative investment merit. It is a forward-looking measure and identifies analyst conviction in a fund s long-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 COMGEST Asset Management International Limited, 46 St. Stephen's Green, Dublin 2, Ireland - - TOP 5 HOLDINGS (% weight) Infraestructura Energetica Nova SAB .. Discovery Limited Nigerian Breweries PLC Genting Malaysia Bhd.

2 Samsonite International The above equity exposures are provided for information only, are subject to change and are not a recommendation to buy or sell the securities. SECTOR BREAKDOWN (%) Port. Index Consumer Discretionary Financials Consumer Staples Information Technology Utilities Health Care Industrials [Cash] -- Materials Telecommunication Services Others -- Real Estate -- Energy -- COUNTRY BREAKDOWN (%) Port. Index Brazil China Mexico Hong Kong South Africa India Russia Korea [Cash] -- United Kingdom -- Nigeria -- Malaysia Vietnam -- Argentina -- Colombia Taiwan Indonesia Egypt Turkey Thailand -- Poland -- Philippines -- Greece -- Chile -- Qatar -- United Arab Emirates -- Pakistan -- Hungary -- Peru -- Czech Republic -- Breakdowns based on GICS sector and MSCI country classifications.

3 INVESTMENT OBJECTIVE The investment objective of GEM PROMISING companies is to achieve capital appreciation by creating a portfolio of high quality long-term GROWTH PROMISING companies based or operating in Global Emerging Markets. The fund is aimed at investors with a long-term investment horizon. RISK AND REWARD PROFILE Lower risk Higher risk Typically lower rewards Typically higher rewards 1 2 3 4 5 6 7 This indicator represents the risk and reward profile presented in the Key Investor Information Document. It is not guaranteed and may change during the month. CUMULATIVE PAST PERFORMANCE (INDEXED) AS AT ROLLING PERFORMANCE (%) AS AT Annualised 1 month QTD YTD 1 Year 3 Years 5 Years 10 Years Since Incep.

4 fund Index fund Volatility Index Volatility CALENDAR YEAR PAST PERFORMANCE (%) 2013 2014 2015 2016 2017 fund Index ANNUAL PERFORMANCE (%) AS AT QUARTER END Q2 2013 Q2 2014 Q2 2015 Q2 2016 Q2 2017 -Q2 2014 -Q2 2015 -Q2 2016 -Q2 2017 -Q2 2018 fund Index Performance data expressed in EUR Index: MSCI Emerging Markets SMID Cap - Net Return (changed from MSCI Emerging Markets - Net Return on ). The index is used for comparative purposes only and the fund does not seek to replicate the index. Past performance is not a reliable guide to future performance. The calculation of performance data is based on the net asset value (NAV) which does not include any sales charges.

5 If taken into account, sales charges would have a negative impact on performance. 456585105125145165 Apr-07 Apr-09 Apr-11 Apr-13 Apr-15 Apr-17 Indexed Performance FundIndexPage 1 of 2 RATINGS (as at ) Morningstar Category: EAA fund GEM Small/Mid-Cap Equity Number of funds in Category: 198 2018 Morningstar, Inc. All rights reserved. Ratings and awards mentioned in this document can change at any time and do not constitute a buy recommendation. COMGEST GROWTH GEM PROMISING companies EUR ACC All information and performance data is as of and is unaudited Source: CAMIL / FactSet financial data and analytics, unless otherwise stated COMGEST Asset Management International Limited, 46 St.

6 Stephen's Green, Dublin 2, Ireland - - Net Asset Value (NAV): Total Net Assets (all classes, m): Number of holdings: 40 Average weighted market cap (m): 3,871 Weight of top 10 stocks: Active share: Holdings exclude cash and cash equivalents. KEY INFORMATION ISIN: IE00B1VC7227 SEDOL: B828PB3 Bloomberg: COMGEMA ID Domicile: Ireland Dividend Policy: Capitalisation fund Base Currency: EUR Share Class Currency: EUR Share Class Launch Date: 04/04/2007 Index (used for comparative purposes only): MSCI Emerging Markets SMID Cap - Net Return Legal Structure: COMGEST GROWTH GEM PROMISING companies , a sub- fund of COMGEST GROWTH plc, is an Undertaking for Collective Investment in Transferable Securities (UCITS) compliant with European Directive 2014/91/EU Investment Manager: COMGEST Asset Management International Limited (CAMIL) Regulated by the Central Bank of Ireland Investment Advisor.

7 COMGEST (CSA) Regulated by the Autorit des March s Financiers - GP 90023 Investment Team listed below may include sub-advisors from other COMGEST group entities. Investment Team: Wojciech Stanislawski Galina Besedina Caroline Maes Juliette Alves Investment Manager's fees: of the NAV Maximum sales charge: Redemption fee: None Minimum initial investment: EUR 50 Minimum holding: None Contact for subscriptions and redemptions: RBC Investor Services Ireland Limited Tel: +353 1 440 6555 Fax: +353 1 613 0401 Dealing Frequency: Any business day (D) when banks in Dublin and Luxembourg are open for business Cut off: 5:00 pm Irish time on day D-1 An earlier deadline for receipt of application or redemption requests may apply if your request is sent through a third party.

8 Please enquire with your local representative, distributor or other third party NAV: Calculated using closing prices of D NAV known: D+1 Settlement: D+3 fund COMMENTARY The performance of emerging market equities was disappointing in August, with the MSCI Emerging Markets and the MSCI Emerging Markets SMID indexes showing declines in EUR of and respectively. The devaluation of many emerging market currencies (notably the Turkish Lira and Argentinian Peso), the continuation of Sino-US tensions over trade restrictions, rising rates in the US and a stronger USD, put pressure on the emerging markets. The performance of your fund was negatively affected by its Argentinian and Russian exposure.

9 Banco Macro, one of Argentina s leading banks, was one of the main detractors in August due to concerns over its capacity to expand its lending activity under the new economic conditions, such as the country s recent 60% interest rate hike. The company s valuation returned to historic lows despite good progress regarding earnings GROWTH and its strong capital ratios. The performance of the portfolio s Russian equities, such as Lenta and , was also disappointing. Lenta reported good results, showing sales GROWTH of 18% and income GROWTH of 15%. At the same time the company cut its 2018 capital expenditure plan and reduced the number of store openings, because of the construction delays in different regions due to strong competition from the residential real estate market.

10 Lenta did not lose any projects, but some openings will be postponed. The share price of came under pressure as the company continued to show strong top-line GROWTH of 30% in 2Q, but at the expense of margins. The firm s EBITDA margin is under pressure from new investments and dropped to 21%. The company increased its top-line yearly guidance, and maintains its EBITDA guidance unchanged, which means that the second half of 2018 should be strong. Our Asian holdings performed relatively well. Samsonite and NCsoft were among the top contributors, as both companies reported good results. We continue to see macro headwinds in the emerging markets, which negatively affect the share price performance of our holdings.