Periods Ending September 30, MSCI ACWI ex-u.s. Small Cap Growth

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1 Cumulative Excess Return % Return % Non-U.S. Small Cap Quarterly Review Composite Performance Periods Ending September 30, 2018 Qtr 3 1 Year 3 Year 5 Year 10 Year At A Glance Inception: August 1, 2001 Benchmark: MSCI ACWI ex-u.s. Small Cap Growth AUM: $1.01 billion Non-U.S. Small Cap Gross of Fees Non-U.S. Small Cap Net of Fees MSCI ACWI ex-u.s. Small Cap Growth Source: Factset. The value of investments can fluctuate. Data assumes reinvestment of dividends and capital gains. Data reflects past performance. Past performance does not guarantee future results. Periods greater than one year have been annualized. Quarterly Top Relative Contributors and Detractors Contributor Detractor Burford Capital Ltd 0.38 Tateru Inc Systena Corp 0.30 Wisdom Education International Holdings Co Ltd KH Neochem Co Ltd 0.26 Melco International Development Ltd Hikma Pharmaceuticals PLC 0.23 Ichikoh Industries Ltd TCI Co Ltd 0.22 Dewan Housing Finance Corp Ltd Attribution Analysis One Year Ending September 30, Sector Allocation Security Selection Currency Effect Total Effect 0.28

2 Investing With a Time-Tested Growth Philosophy We believe that accelerating growth in revenues and earnings results in significant potential for stock price appreciation. markets are inefficient at identifying such points. Our process is designed to uncover stocks that outperform as earnings growth accelerates, market expectations rise and multiples expand. Goal Seeks to outperform the MSCI AC World ex-u.s. Small Cap Growth Index by 3% to 4% annualized over a market cycle. Risk Guidelines Maximum position size: 3% active weight Regional exposure: +/- 10% of benchmark weight Sector exposure: +/- 10% of benchmark weight Emerging markets exposure: +/- 10% of benchmark weight Liquidity target: No more than 20% of average weekly trading volume Expected tracking error: 6% to 8% versus benchmark Investment Process Investment Universe Market capitalization <$5B Sufficient trading liquidity 1 2 Fundamental 3 Idea Generation Identify companies exhibiting accelerating growth and improving fundamentals Fundamental information flow Quantitative screens Analysis Confirm acceleration is genuine and sustainable Construction Focus portfolio on best ideas Monitor risk controls and guidelines Companies 2

3 Characteristics Characteristics Benchmark Weighted Average Market Capitalization $3.0 B $2.0 B Median Market Capitalization $2.1 B $0.5 B Price To Earnings Ratio, Historical 1 Year 22.7x 19.4x Price To Earnings Ratio, Forecasted 1 Year 21.7x 18.9x EPS Growth, Historical 1 Year 31.2% 21.8% EPS Growth, Forecasted 1 Year 20.7% 19.8% Number of Holdings Number of Countries Turnover, Trailing 1 Year 127% N/A % Cash 1.3% 0.0% Forecasts are not a reliable indicator of future performance. Investment Team Managers - Trevor Gurwich - Federico Laffan - Pratik Patel Client Managers - Nathan Chaudoin - Bernard Chua, CFA - Laura Granger, CFA - Jim Shore, CFA 8 Investment Analysts Located in New York Top 10 Holdings Holding Country Industry Assets BRP Inc Canada Leisure Products 2.03 AVEVA Group PLC UK Software 1.61 Burford Capital Ltd UK Capital Markets 1.55 ASR Nederland NV Netherlands Insurance 1.53 Amplifon SpA Italy Health Care Providers & Services 1.51 Hikma Pharmaceuticals PLC UK Pharmaceuticals 1.47 Ence Energia y Celulosa SA Spain Paper & Forest Products 1.37 WNS Holdings Ltd India IT Services 1.35 Anritsu Corp Japan Electronic Equip Instruments & Component 1.32 Pigeon Corp Japan Household Products 1.31 Total 15.04% Top 10 Overweights Holding Weight Benchmark Weight Overweight BRP Inc ASR Nederland NV AVEVA Group PLC Amplifon SpA Hikma Pharmaceuticals PLC Ence Energia y Celulosa SA WNS Holdings Ltd Teleperformance Burford Capital Ltd Anritsu Corp Equity holdings are grouped to include common shares, depository receipts, rights and warrants issued by the same company. holdings subject to change. 3

4 Sector Allocation Weight vs. Benchmark % Sector Benchmark Information Technology Health Care Financials Energy Materials Consumer Staples Utilities Telecommunication Services Real Estate Consumer Discretionary Industrials Quarterly Sector Performance Contribution to Return vs. Benchmark Sector Contribution to Return Contribution to Benchmark Return Information Technology Consumer Staples Materials Health Care Telecommunication Services Financials Utilities Energy Real Estate Industrials Consumer Discretionary When shown, "Diversified" includes portfolio holdings that cannot be attributed to a specific GICS sector. % 4

5 Country Allocation: Top 10 Over/Underweights % Weight vs. Benchmark Country United Kingdom France Netherlands Italy Spain Argentina Austria China Mexico Canada Benchmark Denmark Hong Kong Finland Taiwan Thailand South Africa Germany Singapore Israel Sweden Quarterly Top Relative Contributors and Detractors by Country Contributor Taiwan 0.62 United Kingdom 0.40 France 0.19 Belgium 0.18 Netherlands 0.17 Detractor Japan China South Korea Canada Sweden

6 Percentile Rank Non-U.S. Small Cap Risk-Adjusted Performance Three-Year MPT Statistics vs. ea ACWI ex-u.s. Small Cap Equity Universe vs. MSCI- AC World ex-u.s. Small Cap-ND, Citigroup 3-Month T-Bill 0 Excess Returns Tracking Error Information Ratio Sharpe Ratio 25 Median American Century Investments Non-U.S. Small Cap Excess Returns Tracking Error Information Ratio Sharpe Ratio Manager Percentile Rank Median Source: evestment Analytics Excess returns are gross of fees. Number of products in the universe was 56. Available Vehicles Separate Account Collective Investment Trust International Opportunities Fund I Share Class - ACIOX Investor Share Class - AIOIX Available in U.S. and certain non-u.s. countries Available only in U.S. Available only in U.S. Available only in U.S. 6

7 Quarterly Commentary Review Small caps underperformed large caps. While the earnings outlook for non-u.s. small-cap companies remained healthy, global trade and political concerns, slowing growth in China, and rising U.S. interest rates weighed on investor sentiment. Emerging markets underperformed. Emerging markets stocks were particularly vulnerable to the geopolitical backdrop, slowdown in China, rising U.S. interest rates, and a stronger U.S. dollar. Country-specific events also hurt the asset class, which declined and lagged non-u.s. developed markets stocks, which increased modestly. Consumer discretionary sector detracted. Stock selection in the specialty retail industry was a key detractor in the consumer discretionary sector. Hotel Shilla, an operator of luxury hotels and duty-free shops in South Korea, declined on news of weak duty-free store sales and mounting competition. We sold our position. Company-specific issues weighed on industrials sector. The industrials sector was a key detractor, largely due to security selection in the machinery, building products, and road and rail industries. In general, company-specific issues and not owning select stocks represented in the index led to the relative underperformance. Information technology contributed. Information technology stocks were key contributors. Select companies benefited from corporate spending on software and information technology services, including Systena and Solutions 30, a computer and network support provider, which rallied on its broadband connectivity rollout in Europe. Health care exposure increased. We increased our position in the health care sector, including in the generic drugs industry, where pricing trends appear positive. We also favor health care equipment and supplies companies, including Carl Zeiss Meditec, an ophthalmology equipment manufacturer. We reduced exposure to consumer discretionary stocks, as global tariff policies may pressure earnings for select companies. Europe remained a top overweight. We increased our exposure to Europe, largely due to finding attractive stock-specific opportunities in the U.K., Italy, and Spain. We decreased exposure to emerging markets, particularly China, on concerns about tariffs and their effect on future earnings growth. Key Contributors Burford Capital. A provider of financing and professional services for the global legal industry, Burford Capital reported double-digit revenue and profits growth for the first half of The company benefits from a well-diversified portfolio and recurring business, which we believe will support sustainable earnings growth. Systena. The company, which provides technology solutions to support mobile communications, is benefiting from growing demand for connected devices. The company reported better-than-expected revenue and operating profits growth, aided by higher margins for expanding automotive-related business. KH Neochem. This supplier of petrochemical and other chemical products in Japan raised revenue guidance for the full year 2018, due to strong demand trends in several product lines and initiatives designed to improve production efficiency. Pricing is also improving. Key Detractors Tateru. The supplier of cloud-based real estate marketing services based on falsified bank statements. Amid a wider investigation into other potential occurrences, and given near-term uncertainty for the stock, we exited the position. Wisdom Education International. The private education company is capitalizing on growing demand for childhood educational services limiting the ability of private education companies to expand through acquisitions. Melco International Development. This resorts and gaming company operates high-end properties in Macau, a destination popular with Chinese tourists. Its stock price declined on concerns that slowing consumer growth might hurt business. Notable Trades Cosmos Pharmaceutical. We added a position in Cosmos, which earnings growth is sustainable and accelerating. In our view, samestore sales growth is also improving. Canada Goose Holdings. We initiated an investment in this down base and e-commerce activities will boost revenue growth. In our view, increased direct-to-consumer sales and in-house manufacturing should also lead to improving profitability. Hotel Shilla. Weak duty-free store sales and a more challenging competitive environment weighed on the shares of this operator of luxury hotels and duty-free shops in South Korea. We liquidated our position to seek out holdings with more attractive risk/reward profiles. Ambu. We exited our investment in this supplier of advanced, single-use diagnostic medical equipment. In addition to finding opportunities with more compelling risk/reward trade-offs, we were concerned about mounting competitive pressures. 7

8 Positioning for the Future The portfolio continues to invest in companies where we believe the fundamentals are strong and improving but share price performance does not fully reflect these factors. Our process is based on individual security selection, but broad themes have emerged. Information technology was a top overweight. The information technology sector remained a prominent overweight, as favorable capital spending trends are fueling earnings growth in several industries, including software and information technology services. In the software industry, we added a position in Paradox Interactive, a developer and publisher of PC-based strategy games. We also added a position in information technology services provider Afterpay Touch Group, a payment services company. Health care exposure increased. The health care sector was another notable overweight. We continued to find opportunities among drugmakers and health care equipment and supply companies, primarily in Europe and Japan. We are particularly optimistic about pricing trends among generic drug manufacturers, and we added a position in Sawai Pharmaceutical. In the health care equipment and supply industry, we increased our stake in Nihon Kohden, a manufacturer of medical electronic equipment. Consumer discretionary sector reduced. We decreased the exiting positions in China and other emerging markets. Trade-war fears and concerns about a resulting economic slowdown in China led to worries about consumer spending trends and earnings growth outlooks for select consumer-focused companies. Industrials remained a prominent underweight. A stronger U.S. dollar, ongoing global trade tensions, and concerns about an economic slowdown in China prompted us to maintain a large underweight in the industrials sector. We reduced our weighting to machinery stocks, selling Lonking Holdings, a manufacturer of excavators and infrastructure machinery based in China. Australia and Japan exposure increased. We boosted our position in Australia, including new holding Afterpay Touch Group (see above). We believe increased capital spending in the metals and mining industry and rising oil prices are creating a favorable backdrop for broad corporate earnings growth in Australia. We also added exposure in Japan, where we believe improving economic growth is aiding the earnings outlooks for many companies, including new holdings Sankyu, a transportation and logistics company, and Sumitomo Bakelite, a chemicals company. 8

9 Composite returns are gross of investment management fees. Sector weights, portfolio characteristics and holdings are of a representative account in the composite. Holdings are current as of the date indicated, are subject to change and may not reflect the portfolio's current holdings. construction guidelines document operational policies and not necessarily investment restrictions imposed on management of the strategy. Material presented has been derived from industry sources considered to be reliable, but their accuracy and completeness cannot be guaranteed. Opinions expressed are those of the portfolio investment team and are no guarantee of the future performance of any American Century Investments portfolio. Nothing in this document should be construed as offering investment advice. Please note that this is for informational purposes only and does not take into account whether an investment is suitable or appropriate for a specific investor. Source: MSCI. 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. For purposes of compliance with the Global Investment Performance Standards (GIPS tment Performance Standards (GIPS ). Non-U.S. Small Cap composite includes portfolios that invest primarily in the equity of small capitalization non-u.s. companies in developed markets that are demonstrating improving growth rates. Index futures (and currency forwards and futures, where applicable or appropriate) are occasionally used to equitize cash and manage portfolio risk. Other derivative instruments may be used, as allowed, as part of the investment strategy. Returns are calculated and stated in U.S. dollars. The return may increase or decrease as a result of currency fluctuations. Returns for periods less than one year are not annualized. To receive a complete list of composites and/or a GIPS compliant presentation, contact: American Century Investments 4500 Main Street Kansas City, MO Henrietta Street, 4th Floor London, WC2E 8LH United Kingdom Madison Avenue, 9th Floor New York, NY Suite 3201 Champion Tower 3 Garden Road, Central Hong Kong Charleston Road Mountain View, CA Macquarie Street Suite 1324 Sydney, NSW 2000, Australia Rosecrans Avenue Suite 4345 El Segundo, CA American Century Proprietary Holdings, Inc. All rights reserved. IM-FLY