Japan. Chantana Ward, Richard Kaye Pavillon Cambon, Paris. For Professional Investors only

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1 Japan Chantana Ward, Richard Kaye Pavillon Cambon, Paris For Professional Investors only

2 2 A GENUINE KNOW-HOW ON JAPAN A diverse and experienced team (average industry experience of 16+ years) Comgest office in Tokyo since 27 Chantana Ward PM / Analyst (15/15) Richard Kaye PM / Analyst (2/5) Yu Takata Analyst (8/6) Makoto Egami Analyst (13/1) Chakara Sisowath PM / Analyst (27/13) Paris Paris Tokyo Tokyo Hong Kong October 214 / (Years experience in the industry / years experience in the company).

3 3 AFTER MORE THAN 2 YEARS OF DE-RATING, ATTRACTIVE VALUATIONS Forward P/E next 12 months MS Japan Fwd P/E NTM MS United States Fwd P/E NTM MS Europe Fwd P/E NTM MS World ex Japan Fwd P/E NTM Source: Nomura StrategyInsight, Thomson Reuters, MSCI

4 4 PRECONCEIVED IDEA #1: DOMESTIC OR EXPORT COMPANIES? In Japan, like in any other region, we prefer strong franchises! Unicharm (Price vs. EPS, in JPY) % p.a % p.a Oct-4 Nov-5 Dec-6 Jan-8 Feb-9 Mar-1 Apr-11 May-12 Jun-13 Jul-14 Price (lhs) EPS Next 12 months (rhs) Above-average EPS growth drives above-average stock appreciation Source: Nomura Strategy Insight, Thomson Reuters, MSCI Past performance is not a reliable guide to future performance. The value of investments may go down as well as up.

5 5 PRECONCEIVED IDEA #2: ROE IS WEAK This is less true Forward ROE next 12 months (%) Source: Nomura, Thomson Reuters and FTSE (FTSE US, FTSE Europe, FTSE Asia Pacific, FTSE Japan) Past performance is not a reliable guide to future performance. The value of investments may go down as well as up.

6 6 PRECONCEIVED IDEA #2: ROE IS WEAK Share buybacks are at work Share buybacks by Japanese companies Source: Nomura, Company data. Data as of 19/5/214 Past performance is not a reliable guide to future performance.

7 7 PRECONCEIVED IDEA #3: EARNINGS STARTED TO REBOUND IN 213 EPS forecast trend from 21 onward MSCI Japan EPS NTM MSCI United Kingdom EPS NTM MSCI France EPS NTM S&P 5 EPS NTM MSCI Germany EPS NTM MSCI Italy EPS NTM.5 Dec-9 Aug-1 Apr-11 Dec-11 Aug-12 Apr-13 Dec-13 Aug-14 Source: Factset Past performance is not a reliable guide to future performance.

8 8 PRECONCEIVED IDEA #4: UNFAVORABLE TAXATION IN 214 Is there a tendency to retain only bad news when it comes to Japan? VAT: 5% 8% since April 1 st 214 Corporate tax: 35% ~25% in the coming years

9 9 FIVE THEMES FROM FIFTY MEETINGS Five themes were prominent from 5+ recent meetings in Japan: Domestic capex is rebounding due to upgrade of pre-lehman equipment Inflation is real: from air conditioners to eyeglasses, companies are raising price Not enough workers: Uniqlo and Mitsubishi Bank regularizing part-time employees Real estate is recovering, especially for Tokyo office After April s tax hike, a consumer revival is hinted in 7-Eleven s same-store sales data and Gulliver s showroom traffic

10 1 DIFFERENT SOURCES OF FRANCHISES Technology / Patents Market share Distribution network Brand High client lock-in First mover advantage The material presented in this document is for information purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. The contents of this document should not be treated as advice in relation to any potential investment.

11 Performance

12 12 JAPANESE EQUITIES COMPOSITE Performance* (gross, in JPY) Cumulative performance since inception (%) Mar-94 Sep-96 Mar-99 Sep-1 Mar-4 Sep-6 Mar-9 Sep-11 Mar-14 Composite Topix - NR Rolling performance (%) QTD YTD 1 Year 3 Years annualised 5 Years annualised 1 Years annualised Inception annualised Composite Index *Gross performance in JPY as of 3/9/214. Source: FactSet/Comgest Data represents composite, gross-of-fees performance for all funds managed by Comgest in the relevant strategy. Performance is gross of management fees and performance fees (where applicable). The treatment of other fees may vary between collective investment schemes and discretionary accounts. The inclusion of management and other fees would have the effect of decreasing the composite performance results. Reference to the benchmark is for comparative purposes only and is not intended to indicate that the composite will contain the same investments as the benchmark. The volatility of the index may be materially different from that of the composite. The index used for comparative purposes is the Topix dividends reinvested. Prior to 2, figures are converted using the relevant FRF exchange rates. Investors have the opportunity for losses as well as profits. Past performance is no guarantee of future results.

13 13 JAPANESE EQUITIES COMPOSITE Performance* (gross, in JPY) Annual return (calendar) % Composite Topix +/- Index *Gross performance in JPY as of 3/9/214. Source: FactSet/Comgest Data represents composite, gross-of-fees performance for all funds managed by Comgest in the relevant strategy. Performance is gross of management fees and performance fees (where applicable). The treatment of other fees may vary between collective investment schemes and discretionary accounts. The inclusion of management and other fees would have the effect of decreasing the composite performance results. Reference to the benchmark is for comparative purposes only and is not intended to indicate that the composite will contain the same investments as the benchmark. The volatility of the index may be materially different from that of the composite. The index used for comparative purposes is the Topix dividends reinvested. Prior to 2, figures are converted using the relevant FRF exchange rates. Investors have the opportunity for losses as well as profits. Past performance is no guarantee of future results.

14 14 A CONTINUOUSLY REINFORCED TEAM 28: Chantana Ward becomes dedicated to Japan funds 29: Richard Kaye joins the team and works now as a PM alongside Chantana 21: Yu Takata joins Comgest as an analyst 213: Makoto Egami joins Comgest as an analyst Currently, our Japanese Equities team is composed of four full-time members Cumulative performance* since 1st July 29 (gross, in JPY) Calendar performance* since 1st July Jun-9 Jun-1 Jun-11 Jun-12 Jun-13 Jun-14 Japan Composite Topix - NR Composite Index +/- Index H FY FY FY FY YTD Gross performance in JPY as of 3/9/214. Source: FactSet/Comgest Data represents composite, gross-of-fees performance for all funds managed by Comgest in the relevant strategy. Performance is gross of management fees and performance fees (where applicable). The treatment of other fees may vary between collective investment schemes and discretionary accounts. The inclusion of management and other fees would have the effect of decreasing the composite performance results. Reference to the benchmark is for comparative purposes only and is not intended to indicate that the composite will contain the same investments as the benchmark. The volatility of the index may be materially different from that of the composite. The index used for comparative purposes is the Topix dividends reinvested. Prior to 2, figures are converted using the relevant FRF exchange rates. Investors have the opportunity for losses as well as profits. Past performance is no guarantee of future results.

15 Contribution % 15 QUALITY GROWTH INVESTMENT PERFORMS WELL IN JAPAN Contribution of the top 5 positions 8% 7% 6% 5% 5 years 3 years 1 year Many stocks outperformed but a handful were particularly important to overall performance Source: FactSet/Comgest. Portfolio of Comgest Growth Japan as of 31/3/214. Past performance is no guarantee of future returns.

16 16 ORGANIC SALES GROWTH OF TOP CONTRIBUTORS % 45 7% 122% Softbank Keyence Unicharm United Arrows Makita Source: FactSet/Comgest. 31/3/214. Past performance is no guarantee of future returns. The material presented in this document is for information purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. The contents of this document should not be treated as advice in relation to any potential investment.

17 17 PERFORMANCE IN THE SHORT AND LONG TERM Comgest Growth Japan Annualised Performance YTD 3 yrs 5 yrs Fund 8.4% 25.2% 12.9% Index 4.4% 22.9% 1.6% Ranking 27/359 67/359 6/359 Global Category = Japan Equity Source = Morningstar 31/1/214 Oldest share class = Yes Currency: JPY Source: Morningstar / Comgest Past performance is no guarantee of future returns. Indices are used for comparative purposes only. The price of shares can go down as well as up.

18 Portfolio review

19 19 COMGEST GROWTH JAPAN Top 1 holdings % Sysmex Corporation Health Care 3.9 Makita Corporation Industrials 3.7 Murata Manufacturing Co., Ltd. Information Technology 3.6 Unicharm Corporation Consumer Staples 3.5 Hikari Tsushin, Inc. Consumer Discretionary 3.2 Keyence Corporation Information Technology 3.2 Sekisui Chemical Co., Ltd. Consumer Discretionary 3.2 KDDI Corporation Telecommunication Services 3.1 SoftBank Corp. Telecommunication Services 3.1 Fast Retailing Co., Ltd. Consumer Discretionary 3. Data as of 31/1/214 Source: FactSet/Comgest Data on holdings is provided for information purposes only and is not a recommendation to buy or sell the securities shown. Data on holdings is subject to change and excludes cash and cash equivalents. Past performance is no guarantee of future results.

20 INCREASED 2 COMGEST GROWTH JAPAN 214 main portfolio changes BOUGHT NIHON M&A PARK 24 AMADA CALBEE SOLD AEON FINANCIAL REDUCED SUGI HOLDING Data as of 3/9/214, Source: FactSet/Comgest This material is for information purposes and is not intended as an offer or solicitation with respect to the purchase or sale of any security.

21 21 EXAMPLES OF PORTFOLIO COMPANIES % global market share 1% 8% 6% 4% 2% Sekisui Chemical Automotive window films 5% Keyence Industrial sensors 28%* Hoya Mask blanks 8% Photomasks 35% HDD substrates 65% Sysmex Haematological analysis 4% Daikin Air conditioning 45%* Shimano High end sport bicycle parts 6 7% Derailleurs 8% Canon Photo printers 45% (35%*) Hamamatsu Photonics Photomultiplier tubes 9% Kubota Tractors 45%* Shin-Etsu Chemical Polyvinyl chloride 35% Silicon wafers 3% HDD rare earth magnets 45% Uni-Charm Baby care 53% in Indonesia 64% in Thailand 39% in Japan Murata Mfg Ceramic filters and resonators 7% Shock sensors 95% Connectivity modules (wifi & bluetooths) 6% Makita Power tools 23% Fanuc CNC, robots 5% *Domestic market share. Source: Company data This material is for information purposes and is not intended as an offer or solicitation with respect to the purchase or sale of any security.

22 22 COMGEST GROWTH JAPAN Portfolio contribution analysis* Top 5 contributors and detractors - Year-to-date, 31/1/214 % contribution Gulliver International Co. Sysmex Corporation Shimano Inc 1.35 M3 Inc Unicharm Corporation Mitsubishi Estate Company Orix Corporation Kakaku.com Yahoo Japan Corporation Jin Co Source: Factset / Comgest. *Net performance in JPY. Past performance is no guarantee of future results. Indices are used for comparison of past performance only. Comgest runs a buy-and-hold contribution system which performs holdings-based analysis using the beginning of period weights of securities and their returns to calculate contributions. Returns are therefore not derived from the actual portfolio return and may not reconcile with the real portfolio return as measured by NAV to NAV variation.

23 23 SYSMEX Leading manufacturer of equipment and reagents for blood tests Dominant position in the hematology business with 4% of the global market (7% market share in Japan, 5% in Europe, 5% in China but only 25% in the US) Resilient to the yen strength: between 3/22 and 3/212, sales at Sysmex rose by 11% (annualized) and operating margin by 19% Strong business growth in China and emerging markets Sector: Health Care Market cap.: USD 8.4bn EPS growth 5 yrs (est.)*: 17% ROE: 15.5% Dividend yield:.7% Data updated as at 3/9/214 *EPS growth 5 years is a Comgest estimate and can differ from data in the graph which are based on the Factset consensus. Market Cap is calculated as of end of last calendar quarter while ROE and dividend yield are calculated as of end of last fiscal year. Past performance is not a reliable guide to future performance. The value of investments may go down as well as up. Forward looking data included is estimated and is not a reliable guide to the future performance. The material presented in this document is for information purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. The contents of this document should not be treated as advice in relation to any potential investment Price () Price Actual EPS Estimated EPS 6 5 Source: FactSet Research Systems EPS and price rebased at 1

24 24 HIKARI TSUSHIN Unrivalled franchise with Japanese SMEs for telecommunications equipment wholesaling Successful diversification into business services and equipment Committed to 15% earnings growth from growing repeat-revenue installed base Price () Sector: Consumer Discretionary Market cap.: USD 3.4bn EPS growth 5 yrs (est.)*: 17% ROE: 23.7% Dividend yield: 1.5% Data updated as at 3/9/214 *EPS growth 5 years is a Comgest estimate and can differ from data in the graph which are based on the Factset consensus. Market Cap is calculated as of end of last calendar quarter while ROE and dividend yield are calculated as of end of last fiscal year. Past performance is not a reliable guide to future performance. The value of investments may go down as well as up. Forward looking data included is estimated and is not a reliable guide to the future performance. The material presented in this document is for information purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. The contents of this document should not be treated as advice in relation to any potential investment Price Actual EPS Estimated EPS Source: FactSet Research Systems EPS and price rebased at 1

25 25 UNICHARM Manufacturer / distributor of sanitary napkins and baby diapers in Japan Unicharm holds leading market share in many countries including: Japan: #1 leading position in baby care and feminine care with a market share of 38% and 42% respectively 4 4 China: #3 player in feminine and baby care Thailand: leading position in both products with 43% market share in baby care and 45% in feminine care Holds leading position in pet care business in Japan Benefits from high growth Asian markets for disposable baby diapers and feminine care products Sector: Consumer Staples Market cap.: USD 14.1bn EPS growth 5 yrs (est.)*: 15% ROE: 11.5% Dividend yield:.7% Data updated as at 3/9/214 *EPS growth 5 years is a Comgest estimate and can differ from data in the graph which are based on the Factset consensus. Market Cap is calculated as of end of last calendar quarter while ROE and dividend yield are calculated as of end of last fiscal year. Past performance is not a reliable guide to future performance. The value of investments may go down as well as up. Forward looking data included is estimated and is not a reliable guide to the future performance. The material presented in this document is for information purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. The contents of this document should not be treated as advice in relation to any potential investment Price () Price Actual EPS Estimated EPS Source: FactSet Research Systems EPS and price rebased at 1

26 Price 26 M3 Leading operator of pharmaceutical online marketing platform, that provides direct communication between physicians and drug companies. Roughly 8% of Japanese physicians are registered with its site Strong growth expansion has been driven by digital marketing (e-promotion) needs of drug companies, with an advantage of easy access to physicians and Cost- Effectiveness, versus real-world MRs New applications to leverage its unique platform are; Clinical Trial Business (CRO/SMO), Contract MR Business (CSO), Job-Search business for physicians and pharmacist, etc. Potential in overseas business: M3 s doctor network is Sector: Health Care Market cap.: USD 5.2bn EPS growth 5 yrs (est.)*: 19% ROE: 28.2% Dividend yield:.4% roughly 8% in the USA, 7% in the UK, and 5% in China Data updated as at 3/9/214 *EPS growth 5 years is a Comgest estimate and can differ from data in the graph which are based on the Factset consensus. Market Cap is calculated as of end of last calendar quarter while ROE and dividend yield are calculated as of end of last fiscal year. Past performance is not a reliable guide to future performance. The value of investments may go down as well as up. Forward looking data included is estimated and is not a reliable guide to the future performance. The material presented in this document is for information purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. The contents of this document should not be treated as advice in relation to any potential investment. 1, Price () Price Actual EPS Estimated EPS EPS Source: FactSet Research Systems EPS and price rebased at 1

27 Price 27 MAKITA World s 3rd largest power tool maker with a consistently increasing global market share now at 2% Industry s highest high-teens operating margins supported by value-adding product innovations and cost-efficient manufacturing capability Excellent balance sheet quality with over USD1bn net cash allows steady expansion of distribution and after-sales service, which is key to market share gains Globally rising wages are expected to continue to drive power tool demand at GDP growth rates or more Sector: Industrials Market cap.: USD 7.9bn EPS growth 5 yrs (est.)*: 1% ROE: 1.% Dividend yield: 1.4% Data updated as at 3/9/214 *EPS growth 5 years is a Comgest estimate and can differ from data in the graph which are based on the Factset consensus. Market Cap is calculated as of end of last calendar quarter while ROE and dividend yield are calculated as of end of last fiscal year. Past performance is not a reliable guide to future performance. The value of investments may go down as well as up. Forward looking data included is estimated and is not a reliable guide to the future performance. The material presented in this document is for information purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. The contents of this document should not be treated as advice in relation to any potential investment Price () Price Actual EPS Estimated EPS EPS 1 Source: FactSet Research Systems EPS and price rebased at 1

28 Price 28 MURATA World s leading maker of various ceramic-based electronic components, primarily used in mobile phones and computers, and increasingly in automobiles thanks to car electrification trend. Global market shares of 35-4% in MLCC, 35% in EMI suppression filters, 7% in ceramic filters and resonators, 4% in SAW filters, 95% in shock sensors, and 6% in connectivity modules. Major beneficiary of ongoing miniaturization trend of electronic devices given cutting-edge miniaturization and high-capacity technologies. Industry s top-class mid/high-teens operating margins generated from leading market positions as well as efficiently integrated in-house production capability. Sound balance sheet with over USD2bn net cash and equivalents, which enables sustainable investments in R&D and production, and Sector: Information Technology Market cap.: USD 25.6bn EPS growth 5 yrs (est.)*: 12% ROE: 1.3% Dividend yield: 1.2% M&A as needed. Data updated as at 3/9/214 *EPS growth 5 years is a Comgest estimate and can differ from data in the graph which are based on the Factset consensus. Market Cap is calculated as of end of last calendar quarter while ROE and dividend yield are calculated as of end of last fiscal year. Past performance is not a reliable guide to future performance. The value of investments may go down as well as up. Forward looking data included is estimated and is not a reliable guide to the future performance. The material presented in this document is for information purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. The contents of this document should not be treated as advice in relation to any potential investment Price () Price Actual EPS Estimated EPS EPS Source: FactSet Research Systems EPS and price rebased at 1

29 Price 29 KAKAKU.COM One of Japan s sustainably growing internet service companies focused on categorized search with +2-3% CAGR track record and med/long-term expectation. Operates two de facto standard consumer-generated media services that are expected to continue to drive growth: kakaku.com price comparison site with 5m monthly users/1.1bn page views and tabelog restaurant review site with 57mn monthly users/1.3bn page views. 45-5% operating margin structure backed by asset-light business model and excellent internet site quality, which makes Search Engine Marketing unnecessary. Successfully diversifying into areas of travel, real estate, and movies/theatres. Sector: Information Technology Market cap.: USD 3.2bn EPS growth 5 yrs (est.)*: 22% ROE: 4.2% Dividend yield:.7% Data updated as at 3/9/214 *EPS growth 5 years is a Comgest estimate and can differ from data in the graph which are based on the Factset consensus. Market Cap is calculated as of end of last calendar quarter while ROE and dividend yield are calculated as of end of last fiscal year. Past performance is not a reliable guide to future performance. The value of investments may go down as well as up. Forward looking data included is estimated and is not a reliable guide to the future performance. The material presented in this document is for information purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. The contents of this document should not be treated as advice in relation to any potential investment Price () Price Actual EPS Estimated EPS Source: FactSet Research Systems EPS and price rebased at 1 EPS

30 Canon Familymart Fast Retailing Hamamatsu Photonics Kobayashi Pharm Kurita Water Makita Sanrio Shin Etsu Chemicals Sugi Sysmex Canon Familymart Fast Retailing Hamamatsu Photonics Kobayashi Pharm Kurita Water Makita Sanrio Shin Etsu Chemicals Sugi Sysmex CONCENTRATED PORTFOLIO OF QUALITY GROWTH COMPANIES 3 ROE level FY213e Net D/E ratio FY Market average: 4% Source: Bloomberg Past performance is no guarantee of future results. The material presented in this document is for information purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. The contents of this document should not be treated as advice in relation to any potential investment

31 31 COMGEST GROWTH JAPAN Portfolio composition* Sector breakdown (%) Consumer Discretionary Information Technology Industrials Consumer Staples Health Care Telecommunication Services Financials Materials Cash Comgest Growth Japan Topix Source: Factset / Comgest. *Portfolio as of 31/1/214.

32 32 WE STILL LIKE JAPAN Japan corporates are expected to improve their profitability thanks to reduction in corporate tax Earnings momentum remains strong Acceleration in GDP growth Japan remains the market with the most leverage to a global recovery Still an attractive valuation

33 Appendices

34 34 COMGEST GROWTH JAPAN Performance* (net, in JPY) Cumulative performance since inception (%) 14 % change Dec 21 Dec 23 Dec 25 Dec 27 Dec 29 Dec 211 Dec 213 Fund Topix - NR Rolling performance (%) QTD YTD 1 Year 3 Years annualised 5 Years annualised 1 Years annualised Inception annualised Portfolio Index Net performance in JPY as of 31/1/214 Source: FactSet/Comgest *Past performance is no guarantee of future results. Indices are used for comparison of past performance only. Performance calculation based on NAV to NAV variation expressed in EUR. 214 Morningstar, Inc. All rights reserved. Ratings and awards mentioned in this document can change at any time and do not constitute a buy recommendation.

35 35 JAPAN CORPORATES ARE EXPECTED TO IMPROVE THEIR PROFITABILITY THANKS TO REDUCTION IN CORPORATE TAX Aggregate Tax Rate by Major Regions* Abe s Targeted Corporate Tax Rate Cut (%)* *Source: Credit Suisse Equity Research (8/1/213, left) / Daiwa Securities (18/1/213, droite)

36 36 ASSET ALLOCATION OF GPIF IN A GLOBAL BACKDROP Basic portfolios of Japan s GPIF and Leading Foreign Public Pension Funds % 2% 4% 6% 8% 1% GPIF (Japan) Bonds 71% Equity 24% Short-term assets 5% GPF-G (Norway) Bonds 4% Equity 6% CPPIB (Canada) Bonds 35% Equity 65% CalPERS (USA) Bonds 16% Equity 63% Others 21% Source : Nomura Research Data as of march 213.

37 37 IMPORTANT INFORMATION This document has been prepared for professional investors only and may only be used by these investors. This material is for information purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. The contents of this document should not be treated as advice in relation to any potential investment. The securities discussed herein may not be held in the portfolio at the time you receive this presentation. Performance figures are provided net of all fees unless otherwise stated and are calculated on a time-weighted, total return basis. Funds which specialise in a particular region or market sector may entail higher risks than those which hold a very broad spread of investments. Past investment results are not necessarily indicative of future investment results. The value of all investments and the income derived therefrom can decrease as well as increase. This may be partly due to exchange rate fluctuations in investments that have an exposure to currencies other than the base currency of the Fund. Reference to market indices or other measures of relative market performance over a specified period of time are provided for your information only. Reference to an index does not imply that the portfolio will achieve returns, volatility or other results similar to the index. The composition of the index will not reflect the manner in which a portfolio is constructed. The information and any opinions have been obtained from or are based on information from sources believed to be reliable, but accuracy can not be guaranteed. No liability is accepted by Comgest in relation to the accuracy or completeness of the information contained in this document. The information in this document is not comprehensive and is presented for informational purposes only. All opinions and estimates constitute our judgment as of the date of this presentation and are subject to change without notice. Comgest does not provide tax or legal advice to its clients and all investors are strongly urged to consult their own tax or legal advisors concerning any potential investment. Before making any investment decision, investors are advised to check the investment horizon and category of the Fund in relation to any objectives or constraints they may have. Investors must read the latest Fund prospectus and the Key Investor Information Document ( KIID ), available at our offices and on our website Investors shall undertake to respect the legal, regulatory and deontological measures relative to the fight against money laundering, as well as the texts that govern their application, and if modified investors shall ensure compliance with the applicable texts. This material is in no case an offer for people living in a specific jurisdiction which does not authorize the distribution of the Funds mentioned herein. The investment professionals listed in this document are employed either by Comgest S.A., Comgest Asset Management International Limited, Comgest Far East Limited, Nippon Comgest Inc, Comgest Singapore Pte. Ltd. Comgest S.A. is regulated by the Autorité des Marchés Financiers (AMF). Comgest Far East Limited is regulated by the Hong Kong Securities and Futures Commission. Comgest Asset Management International Limited is regulated by the Central Bank of Ireland. Nippon Comgest Inc. is regulated by the Financial Service Agency of Japan (registered with Kanto Local Finance Bureau (No. Kinsho 1696)). Comgest Singapore Pte Ltd, created 18 August 21, is a Licensed Fund Management Company & Exempt Financial Advisor (for Institutional and Accredited Investors) regulated by the Monetary Authority of Singapore.