Since inception (% p.a.) Global Emerging Markets MSCI Emerging Markets Relative

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1 QUARTERLY UPDATE GLOBAL EMERGING MARKETS QUARTER 4, 2017 FOR INSTITUTIONAL INVESTORS IN THE US ONLY Driven by fundamental research, we aim to build high-conviction, stock-focused emerging markets portfolios that seek to exploit market inefficiencies and maximise risk-adjusted returns for investors. STRATEGY SUMMARY The portfolio, once again, outperformed a rising market in the quarter, up 7.9% in US dollar terms versus the index of 7.5%. This brings the portfolio s total returns for the year to 49.2%, significantly outperforming the benchmark s rise of 37.8%. PERFORMANCE (GROSS OF FEES) Performance to 31 December 2017 (US$) Three months One year Three years Five years Since inception Global Emerging Markets MSCI Emerging Markets Relative PERFORMANCE (NET OF FEES) Performance to 31 December 2017 (US$) Three months One year Three years Five years Since inception Global Emerging Markets MSCI Emerging Markets Relative Past performance is not a guide to future returns. Data calculated in US$ gross and net of fees. The return may increase or decrease as a result of currency fluctuations. Source: Martin Currie as at 31 December All data presented is the Martin Currie Global Emerging Markets US$ composite. Gross data is presented without deducting investment advisory fees, broker commissions, or other expenses that reduce the return to investors. Net data is presented net of investment advisory fees, broker commissions, and all other expenses borne by investors. An annual fee rate of 0.75% has been applied for the net data. The figures provided include the re-investment of dividends. Since manager tenure start date is 1 October Relative calculation is geometric. The performance record noted above is clear representation of the Martin Currie Global Emerging Markets strategy performance over the period shown. Performance information showing five years (or since inception) in complete 12 month periods is available upon request. This data is supplementary to the GIPS disclosures provided in the appendix of this document.

2 GLOBAL EMERGING MARKETS QUARTER 4, 2017 TOP/BOTTOM CONTRIBUTORS Top five contributors Q Contribution to return Bottom five contributors Q Contribution to return Titan 0.7 Shanghai Fosun Pharma 0.6 Naspers 0.5 Maruti Suzuki India 0.4 St Shine Optical 0.4 Magnit (0.4) Grupo Financiero Banorte (0.4) China Gas Holdings (0.3) Largan Precision (0.3) Yes Bank (0.3) Past performance is not a guide to future returns. The information provided should not be considered a recommendation to purchase or sell any particular security. It should not be assumed that any of the security transactions discussed here were, or will prove to be, profitable. Source: Martin Currie as at 31 December Data calculated for the Martin Currie Global Emerging Markets representative account. MSCI Emerging Markets index used as benchmark. REVIEW: POSITIVE CONTRIBUTORS Titan: India s leading jewellery retailer continued its strong run in the quarter, as investors recognised that the company is a direct beneficiary of recent government regulations aimed at cracking down on black market sales and tax avoidance thus playing to the advantage of Titan as a formal retailer. The government is also planning to enact legislation to make the hallmarking of jewellery compulsory, as well as requiring an invoice trail in order to stop avoidance of the recently introduced Goods and Services Tax. We expect this to further help the shift of customers to Titan. Shanghai Fosun Pharma: The Chinese healthcare company was a strong contributor to portfolio performance in the quarter, following positive market reaction to the announcement of an investment by Jacobson Pharma in Fosun Pharma s business. Shares were further buoyed by the company s announcement that it would be investing in a hospital management company joint venture; news which was also well received by investors. We maintain our conviction in the strong long-term prospects for this company in the fast-growing, but simultaneously consolidating, Chinese healthcare market. Naspers: The South-Africa listed internet and media group, was strong in the quarter, as investors enthused over the strength of delivery in Tencent (where Naspers is a founder-investor), as well as evidence of management s efforts to improve the profitability of its core assets and transparency around management incentives. We therefore remain convinced in the long-term investment case for the company. It has a very significant portfolio of international e-commerce businesses, all at varying stages of development. The strength of the company s cash flows from its pay-tv business also allows Naspers to reinvest in other growth opportunities in the emerging markets universe and we believe that there is a long list of potential monetisation events to look forward to. REVIEW: NEGATIVE CONTRIBUTORS Magnit: Shares in Magnit, one of the leading food retailers in Russia, were weaker over the reporting period, as investors were upset by relatively pedestrian results for the third quarter, at both the revenue and the profitability levels. We ascribe this short term disappointment to the costs of new-store openings and existingstore relaunches, which lead us to an expectation of a growth rebound in Our confidence has been bolstered by evidence of a step change in the store-refurbishment programme and the delivery of new-store openings ahead of schedule, as well as signs of customers trading up. Finally, we maintain our conviction in the long-term investment case, as Magnit is the leading (and direct) beneficiary of the inexorable formalisation of food retail in Russia. Grupo Financiero Banorte: Investors were taken by surprise by the Mexican financial services firm s announcement of an agreed merger with Interacciones, a smaller, public-sector focused competitor at a price that implied a 10% discount to market value. The inconvenient fact is that Banorte Chairman Carlos Hank Gonzalez came from Interacciones and his family is the controlling shareholder of this bank. The deal did obtain approval from both sets of shareholders, as well as the banking authorities, so there are no obstacles to its completion, resulting in the second-largest bank in Mexico. Management has presented a credible case for significant cost synergies and some further diversification of its earnings sources. While Banorte is not immune to the effects of a slowing economy in the near term and the proximity of presidential elections in 2018, our investment case is based on the long-term growth of credit in the country and Banorte s strong position within the financial services industry. China Gas Holdings: The Chinese city gas distribution company fared badly as investors reacted somewhat illogically to the publication of the company s excellent results. As a result of its policy to expand into rural areas, it has acquired a number of new licenses and these boosted earnings, which doubled over the same period a year ago. The pace of connections was higher than expected and the volume of gas sold was also very strong. The bears point to the fact that margins are lower in rural areas, but we would counter that the growth in sales, new connections and volumes is enough to compensate. Finally, we focus on the fact that the company is delivering better-than expected operational results and has raised its dividend. We continue to believe that the company remains well placed to benefit from the increasing adoption of gas in China in the years to come. Past performance is not a guide to future returns.

3 PORTFOLIO ACTIVITY There were no new purchases or complete sales over the quarter. Information provided should not be considered a recommendation to purchase or sell any particular security. It should not be assumed that any of the security transactions discussed here were, or will prove to be, profitable. A full list of the purchases and sales made over the last 12 months is available on request. FIND OUT MORE For further information on Martin Currie please visit our website You can find your local contact at Alternatively please call our global offices, press office or global consultant team on the numbers below: Edinburgh (headquarters) 44 (0) Global consultants 44 (0) London 44 (0) New York 1 (212) Media 44 (0) IMPORTANT INFORMATION Notes for Global Emerging Markets Gross Martin Currie, the firm, encompasses Martin Currie Investment Management Ltd and Martin Currie Inc. Martin Currie claims compliance with the Global Investment Performance Standards (GIPS ) and has prepared and presented this report in compliance with the GIPS Standards. Martin Currie has been independently verified for the periods April 1996 to December The verification reports are available upon request. Verification assesses whether 1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and 2) the firm s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentations. 2. The composite strategy consists of actively managed global emerging markets portfolios made up of segregated and pooled accounts. The portfolios in the composite have objectives to outperform the stated benchmark over rolling three-to-five year periods. Investing in all or any of the emerging markets countries, the portfolios invest in shares of companies, and the value of these shares could be negatively affected by changes in the company or its industry of the economy in which it operates. Emerging markets or less developed countries may face more political, economic or structural challenges than developed countries. Accordingly, investment in emerging markets is generally developed markets. The composite portfolios may hold a limited number of investments. If one of these investments falls in value this can have a greater impact on the portfolio s value than if it held a larger number of investments. The composite portfolios typically have an all-cap approach and therefore may invest in some smaller companies which may be riskier and less liquid than larger companies. The composite portfolios may invest in derivatives to obtain, increase or reduce exposure to underlying assets. The use of derivatives may restrict potential gains and may result in greater fluctuations of returns for the portfolios. Certain types of derivatives may become difficult to purchase or sell in such market conditions. 3. The composite was created July The index used is the MSCI Emerging Markets Free Index (gross income). 4. The returns are gross of investment management fees and reflect the reinvestment of interest or other earnings. Dividends and interest are paid net of irrecoverable taxes. Investment management fees will vary depending on the portfolio size and investment mandate. A standard fee schedule has been attached. 5. The Standard Deviation results shown are calculated using monthly data. Prior to March 2004 the composite results were calculated quarterly, therefore no standard deviation measure is shown for the composite before The composite dispersion is represented by the highest and lowest constituent portfolios included the composite for the entire reporting period. 7. Three year annualised standard deviation measure is not presented when there are less than 36 months of data. 8. A complete list and description of composites and performance results is available upon request. 9. Additional information regarding policies for the valuation of portfolios and for the calculation and reporting of returns is available upon request. 10. Fee table Global Emerging Markets Fee Pooled funds 0.85 Minimum investment 1m Segregated Mandates First US$50m, 40m, 45m 0.75 Next US$50m, 40m, 45m 0.65 Next US$100m, 80m, 90m 0.65 Next US$150m, 120m, 135m 0.60 Next US$350m, 280m, 315m 0.55

4 GLOBAL EMERGING MARKETS QUARTER 4, 2017 Total Return % Annualised Volatility three years Composite BMark Composite Index No. of A/Cs Account Performance Dispersion (AW) Highest Lowest Market Value % TFA ,165,465, ,062,121, ,019,784, ,239,928, ,068, ,847, ,844, ,930, ,694, ,282, N/A ,557, N/A N/A 2 N/A ,164, N/A N/A 2 N/A ,209, Q2 04 to end Q N/A N/A 2 N/A ,565, Notes for Global Emerging Markets Net Martin Currie, the firm, encompasses Martin Currie Investment Management Ltd and Martin Currie Inc. Martin Currie claims compliance with the Global Investment Performance Standards (GIPS ) and has prepared and presented this report in compliance with the GIPS Standards. Martin Currie has been independently verified for the periods April 1996 to December The verification reports are available upon request. Verification assesses whether 1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and 2) the firm s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentations. 2. The composite strategy consists of actively managed global emerging markets portfolios made up of segregated and pooled accounts. The portfolios in the composite have objectives to outperform the stated benchmark over rolling three-to-five year periods. Investing in all or any of the emerging markets countries, the portfolios invest in shares of companies, and the value of these shares could be negatively affected by changes in the company or its industry of the economy in which it operates. Emerging markets or less developed countries may face more political, economic or structural challenges than developed countries. Accordingly, investment in emerging markets is generally developed markets. The composite portfolios may hold a limited number of investments. If one of these investments falls in value this can have a greater impact on the portfolio s value than if it held a larger number of investments. The composite portfolios typically have an all-cap approach and therefore may invest in some smaller companies which may be riskier and less liquid than larger companies. The composite portfolios may invest in derivatives to obtain, increase or reduce exposure to underlying assets. The use of derivatives may restrict potential gains and may result in greater fluctuations of returns for the portfolios. Certain types of derivatives may become difficult to purchase or sell in such market conditions. 3. The composite was created July The index used is the MSCI Emerging Markets Free Index (gross income). 4. The returns are net of investment management fees and reflect the reinvestment of interest or other earnings. Dividends and interest are paid net of irrecoverable taxes. Investment management fees will vary depending on the portfolio size and investment mandate. A standard fee schedule has been attached. 5. The Standard Deviation results shown are calculated using monthly data. Prior to March 2004 the composite results were calculated quarterly, therefore no standard deviation measure is shown for the composite before The composite dispersion is represented by the highest and lowest constituent portfolios included the composite for the entire reporting period. 7. Three year annualised standard deviation measure is not presented when there are less than 36 months of data. 8. A complete list and description of composites and performance results is available upon request. 9. Additional information regarding policies for the valuation of portfolios and for the calculation and reporting of returns is available upon request. 10. Fee table Global Emerging Markets Fee Pooled funds 0.85 Minimum investment 1m Segregated Mandates First US$50m, 40m, 45m 0.75 Next US$50m, 40m, 45m 0.65 Next US$100m, 80m, 90m 0.65 Next US$150m, 120m, 135m 0.60 Next US$350m, 280m, 315m 0.55

5 Total Return % Annualised Volatility three years Composite BMark Composite Index No. of A/Cs Account Performance Dispersion (AW) Highest Lowest Market Value % TFA ,165,465, ,062,121, ,019,784, ,239,928, ,068, ,847, ,844, ,930, ,694, ,282, N/A ,557, N/A N/A 2 N/A ,164, N/A N/A 2 N/A ,209, Q2 04 to end Q N/A N/A 2 N/A ,565, This information is issued and approved by Martin Currie Inc ( MC Inc ). It does not constitute investment advice. Market and currency movements may cause the capital value of shares, and the income from them, to fall as well as rise and you may get back less than you invested. Past performance is not a guide to future returns. Some of the information provided in this document has been compiled using data from a representative account. This account has been chosen on the basis that they are the longest running account for each strategy. This account is an existing account managed by Martin Currie, within the strategy referred to in this document. This data has been provided as an illustration only; the figures should not be relied upon as an indication of future performance. The data provided for this account may be different to other accounts following the same strategy. The information should not be considered as comprehensive and additional information and disclosure should be sought ahead of any planned investment. Performance notes: Gross data is presented without deducting investment advisory fees, broker commissions, or other expenses that reduce the return to investors. The net fees stated throughout this document are based on our minimum investment of US$1 million. These fees may vary from other strategy accounts that the investment advisor manages. The opinions contained in this document are those of the named managers. They may not necessarily represent the views of other Martin Currie managers, strategies or funds. The information provided should not be considered a recommendation to purchase or sell any particular security. It should not be assumed that any of the security transactions discussed here were, or will prove to be, profitable. Risk warnings Investors should also be aware of the following risk factors which may be applicable to the strategy shown in this document. Investing in foreign markets introduces a risk where adverse movements in currency exchange rates could result in a decrease in the value of your investment. Emerging markets or less developed countries may face more political, economic or structural challenges than developed countries. Accordingly, investment in emerging markets is generally developed markets. This strategy may hold a limited number of investments. If one of these investments falls in value this can have a greater impact on the portfolio s value than if it held a larger number of investments. The strategy may invest in derivatives, LEPWs (Low Exercise Price Warrants), Index futures and FX forwards to obtain, increase or reduce exposure to underlying assets. The use of derivatives may restrict potential gains and may result in greater fluctuations of returns for the portfolio. Certain types of derivatives can be difficult to purchase or sell in certain market conditions. For Investors in the USA, the information contained within this document is for Institutional Investors only who meet the definition of Accredited Investor as defined in Rule 501 of the United States Securities Act of 1933, as amended ( The 1933 Act ) and the definition of Qualified Purchasers as defined in section 2 (a) (51) (A) of the United States Investment Company Act of 1940, as amended ( the 1940 Act ). It is not for intended for use by members of the general public. Martin Currie Inc, incorporated in New York and having a UK branch registered in Scotland (no SF000300), Saltire Court, 20 Castle Terrace Edinburgh EH1 2ES Tel: (44) Fax: (44) The company is authorised and regulated by the Financial Conduct Authority. Martin Currie Inc, 620 Eighth Avenue, 49th Floor New York, NY Please note that calls to the above number may be recorded.