A S I A N E Q U I T I E S

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1 A S I A N E Q U I T I E S Jupiter Asia Pacific Income SICAV FONDSFORUM Ingrid Tharasook Product Specialist Asian & Emerging Market Equities ADD FLAVOUR TO YOUR PORTFOLIO

2 1 Manager profile Jason Pidcock Fund Management Director 23 years industry experience Current role Current responsibilities 2015 Present Fund Management Director, Head of Strategy, Asian Income Fund Manager, Asian Income Strategy Jupiter Asset Management Newton Investment Management, Fund Manager BP Investment Management, Fund Manager Henderson Investment Management, Assistant Fund Manager Strategies under Management AUM* UK-domiciled Unit Trust 438m Jupiter Asia Pacific Income (SICAV) $32m Awards and ratings should not be taken as a recommendation. Note: Years of experience and strategies under management as at AUMs as at

3 2 Manager s track record 300% 275% 250% 225% Newton Asian Income / UK-domiciled Unit Trust FTSE AW AP Ex JPN TR GBP Peer Group 200% 175% 150% 125% Garden leave 100% 75% 50% 25% 0% -25% Nov.05 Dez.06 Dez.07 Dez.08 Dez.09 Dez.10 Jän.12 Jän.13 Jän.14 Jän.15 Jän.16 Jän.17 Past performance is no guide to the future. The Newton Asian Income is a UCITS structure and was managed by Jason Pidcock from to prior to joining Jupiter. The performance figures are shown as a representation of Jason s experience only and are not indicative of any potential future performance. The strategy used for the Newton Asian Income may not be representative of the strategy used for any future funds. Source: FE, bid to bid, net income reinvested, in GBP, from to IA = The Investment Association.

4 3 Jupiter Fund Management Team Stephen Pearson (CIO) Equities Fixed Income Specialist Support Function UK Value (4) UK Growth (3) Fixed Income (5) Independent Funds (5) CIO Office (4) Ben Whitmore (HOS) Alastair Gunn (FM) Dermot Murphy (AFM) Claudia Ripley (PS) Julie Watson, Seran Tahir (S) European Opportunities (3) Cédric de Fonclare (HOS) Gregory Herbert (FM) Tommy Kristoffersen (EA) Jules Ross-Louis (S) US (2) Sebastian Radcliffe (HOS) Robert Siddles (FM) Julie Watson (S) Emerging Markets (7) Ross Teverson (HOS) Ben Surtees (FM) Avinash Vazirani (FM) Colin Croft (FM) Amélie Thevenet (AFM) Charles Sunnucks (AFM) Aimee Truesdale (A) Ingrid Tharasook (PS) Seran Tahir (S) Steve Davies (HOS) Richard Curling (FM) James Zimmerman (FM) Claudia Ripley (PS) Julie Watson (S) European Growth (3) Alexander Darwall (HOS) Luca Emo Capodilista (FM) Jordane Guillot (A) Jules Ross-Louis (S) Asian Income (2) Jason Pidcock (HOS) Ingrid Tharasook (PS) Seran Tahir (S) Global (5) Stephen Mitchell (HOS) Stuart Cox (FM) Guy de Blonay (FM) Dan Carter (FM) Mitesh Patel (AFM) Jules Ross-Louis (S) Seran Tahir (S) Ariel Bezalel (HOS) Harry Richards (AFM) Rhys Petheram (FM) Alejandro Arevalo (FM) Fabrizio Palmucci (PS) Katharine Dryer (HOI, FIMA) Karla Sells (S) Multi-Asset Multi-Asset (3) Miles Geldard (HOS) Lee Manzi (FM) Joseph Chapman (A) Fabrizio Palmucci (PS) Katharine Dryer (HOI, FIMA) Julie Labelle (S) Credit Research Credit Research (7) Hilary Blandy (HOR) Nicole Weiss (A) Luca Evangelisti (A) Vikram Aggarwal (A) Adam Darling (A) Joe Moxham (A) Christian Holder (A) Katharine Dryer (HOI, FIMA) Julie Labelle (S) John Chatfeild-Roberts (HOS) Algy Smith-Maxwell (FM) David Lewis (FM) Amanda Sillars (FM) Alastair Irvine (PS) Karla Sells (S) Environment & Sustainability (4) Charles Thomas (HOS) Abbie Llewellyn-Waters (FM) Mark Evans (A) Jon Wallace (A) Julie Watson (S) Absolute Return (3) James Clunie (HOS) Michael Buhl-Nielsen (FM) Ivan Kralj (A) Magnus Spence (HOI, ALT) Karla Sells (S) Amit Narendra (ISM) Katharine Dryer (HOI, FIMA) Magnus Spence (HOI, ALT) Kristian Herrington (ISA) Tracey Smith (PA) Jason McAleer Dave Flanagan Carl Westover Paul McKay Andrew Withey Mark Robinson Portfolio Analytics (7) Mark Dempsey Simon Crawford Carli Prewett Chris Hayes Dealers (12) Jeremy Griggs Steve Naish Mike Poole Tanya Hoeftmann Donna Briggs Heather Naylor James Thompson Payal Bagchi Gergana Kabakova Investment Risk (3) Tim Shaw Tim Wijsbroek Sree Selvam Corporate Governance (2) Ian McVeigh Ashish Ray Amie Reid (S) Key: CIO Chief Investment Officer; HOI, FIMA Head of Investments, Fixed Income & Multi Asset; HOI ALT, Head of Investments, Alternatives; HOS Head of Strategy; FM Fund Manager; AFM Assistant Fund Manager; ISM Investment Strategy Manager; ISA Investment Strategy Analyst; HOR Head of Research, Credit; PS Product Specialist; EA Equities Analyst; A Analyst; S Secretary; PA Personal Assistant; Source: Jupiter, January Please note that some fund managers are members of more than one team (italics).

5 4 Why Asia Asia: dominant yet overlooked Intra-regional sales, as % of total sales***** 66% Global growth* 60% Global population** 23% Global consumption*** 12% Global indices**** 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% AxJ USA Japan Europe Other 12% 6% 4% 8% 10% 9% 13% 10% 1% 2% 22% 13% 53% 11% 57% 67% 2% 39% 64% 20% 16% 12% 14% 16% 20% APxJ USA Japan Europe World Source: *International Monetary fund 2016, **Population Reference Bureau 2014, ***Brooking Institute 2011, ****FTSE All World Index 2016, *****World Trade Organisation *****FactSet, CLSA,

6 5 Why Asian Income A compelling macro backdrop Major markets: equity yield vs. 10yr Govt bond yield 5 4 Equity yield Bond yield Income-hungry demographics Australia Singapore Taiwan Germany Japan USA Lessons learned from the Asian financial crisis Developed Asia: fund yield vs. 10yr Govt bond yield Fund yield* Govt bond yield Australia 4.8% 2.8% Diverse investment universe across different sectors Hong Kong 3.3% 2.0% New Zealand 6.5% 3.4% Singapore 4.7% 2.5% Taiwan 3.8% 1.2% Quoted yields are not guaranteed and may change in the future. The views expressed are those of the presenter at the time of preparation and may change in the future. Source: Bloomberg as at *Jupiter, MSCI Indices for Equity yield and 10 year government bond for bond yield.

7 F 6 Why Asian Income MSCI Asia Pacific ex Japan: high dividend stocks An Investment Contract When companies IPO, they take capital upfront with the promise to generate a return for investors. We only invest in companies that we believe are able and willing to deliver on this promise Dividend yield (FY0) > 4% Payout (FY0) > 40% Quoted yields are not guaranteed and may change in the future. The views expressed are those of the presenter at the time of preparation and may change in the future. Source: FactSet, CLSA. Data as at Note: 2016F data based on estimates for companies.

8 7 Investment universe Top down Bottom up MSCI AC Asia Pacific ex Japan Volatility in commodities No direct exposure to oil, mining or commodity stocks China slowdown Minimal direct exposure to China Large caps Liquid Competitive advantage High barriers to entry Fed hike & dollar strengthening Limited exposure to emerging Asia Trade protectionism Prefer domestic consumption stocks Dividend yield Dividend growth ~700 stocks Systematic Geopolitical or corruption risk Cautious Indonesia and Pakistan Search for the unloved Bullish Philippines Rising bond yields Retain so-called bond proxy (i.e. high-yielding) stocks throughout short-term volatility Stocks yielding higher than the index ~80% of holdings Stocks yielding lower than the index, but present growth opportunities ~20% of holdings The views expressed are those of the presenter at the time of preparation and may change in the future.

9 8 Current holdings Dividend yield 32 Dividend growth 8 Australia Singapore China South Korea AGL Energy Amcor APA Dexus Property IAG Macquarie* Orora New Zealand Meridian Energy* Spark Scentre Suncorp Sydney Airport Telstra Transurban Vicinity Centres Wesfarmers Westpac Ascendas REIT Mapletree Commercial Trust Mapletree Logistics Trust Singapore Telecom ST Engineering InTouch Thailand Tencent* Hong Kong AIA* Samsung Electronics* Philippines GT Capital SM Prime Universal Robina Hong Kong China Malaysia Thailand Link REIT* NWS Holdings* Sands China* Hengan IHH Bangkok Dusit Medical South Korea Taiwan Macquarie Korea Infrastructure Fund Delta Electronics Hon Hai* Taiwan Mobile TSMC* Any holdings examples are used for illustrative purposes only and should not be viewed as investment advice. Source: Jupiter as at *Top 10 Holdings.

10 9 Country and sector exposure 1 holding Taiwan Hong Kong South Korea Singapore Australia New Zealand China Malaysia Philippines Thailand Pakistan India Indonesia Consumer Staples Consumer Discretionary Financials * Telecomms IT Industrials Health Care Real Estate Utilities Energy Materials ** Notes: *Macquarie Korea Infrastructure fund, **Amcor and Orora: plastics companies. Source: Jupiter as at

11 10 Key exposures Casinos Roads Ports Airports Hospitals Malls Warehouses Infrastructure Tourism Real Assets Bridges Cars (Leasing) Office buildings Pipelines Planes (Servicing) Car parks Industrial Property

12 11 Top down 95% occupancy rate Dominance of shopping malls (vs. online) likely to remain: less than 3% of adult population have a credit card Positive developments around effective REIT legislation Shopping malls Snacks We are excited about the Philippines: it is one of the fastest-growing economies in the region, with an excellent demographic profile. Therefore, we take a top-down view on this market. We look for companies that will benefit from this growth. Leading brand of snack foods Growing middle class (and discretionary consumption) Competes alongside international conglomerates, owing to nostalgic brand power The views expressed are those of the presenter at the time of preparation and may change in the future. Any holdings examples are used for illustrative purposes only and should not be viewed as investment advice.

13 12 Bottom up World s largest flexible plastics company Balanced global footprint: 1/3 EM / 1/3 Europe / 1/3 USA High-profit margin business model Packaging We are confident with Australia. It is a well-run country, with a strong, well-diversified economy that has enjoyed 25 years of uninterrupted growth. Australia not only benefits from its own domestic consumption, it is also uniquely-positioned to capture the wider Asian growth story. Airports Therefore, we can be bottom-up in this market. 40 million passengers per year nearly twice the size of the entire country s population Diverse clientele: no nation makes up more than 7% of visitors Continuous influx of Asian tourism The views expressed are those of the presenter at the time of preparation and may change in the future. Any holdings examples are used for illustrative purposes only and should not be viewed as investment advice.

14 13 Jupiter Asia Pacific Income Investing for three-way diversification Performance Source of income Jupiter Asia Pacific Income (L USD Acc) 1 month % 3 month % 6 month % Currency exposure MSCI AC Asia Pac Ex JPN GR USD Peer group average Country exposure Source: Morningstar, gross income reinvested, net of fees, in USD, as at Past performance is no guide to the future.

15 14 Disclosure This presentation is intended for investment professionals and not for the benefit of retail investors. Market and exchange rate movements can cause the value of an investment to fall as well as rise, and you may get back less than originally invested. Initial charges are likely to have a greater proportionate effect on returns if investments are liquidated in the shorter term. Any data or views given should not be construed as investment advice. Past performance is no indication of current or future performance. Performance data does not take into account commissions and costs incurred on the issue and redemption of shares. Company examples are for illustrative purposes only and are not a recommendation to buy or sell. Quoted yields are not guaranteed and may change in the future. Awards and ratings should not be taken as a recommendation. Every effort is made to ensure the accuracy of the information but no assurance or warranties are given. It is not an invitation to subscribe for shares in the Jupiter Global Fund (the Company) or any other fund managed by Jupiter Asset Management Limited. The Company is a UCITS fund incorporated as a Société Anonyme in Luxembourg and organised as a Société d investissement à Capital Variable (SICAV). This information is only directed at persons residing in jurisdictions where the Company and its shares are authorised for distribution or where no such authorisation is required. Jupiter Asia Pacific Income SICAV: The fund invests a significant portion of the portfolio in emerging markets, which carry increased liquidity and volatility risks. This fund invests mainly in shares and it is likely to experience fluctuations in price which are larger than funds that invest only in bonds and/or cash. Quarterly income payments will fluctuate. All of the fund's expenses are charged to capital, which can reduce the potential for capital growth. The KIID and Prospectus are available from Jupiter on request. This fund can invest more than 35% of its value in securities issued or guaranteed by an EEA state. The sub-fund(s) may be subject to various other risk factors, please refer to the Prospectus for further information. Prospective purchasers of shares of the sub-fund(s) of the Company should inform themselves as to the legal requirements, exchange control regulations and applicable taxes in the countries of their respective citizenship, residence or domicile. Subscriptions can only be made on the basis of the current prospectus and the KIID, accompanied by the most recent audited annual report and semi-annual report. These documents are available for download from The KIID and, where required, the Prospectus, along with other advertising materials which have been approved for public distribution in accordance with the local regulations are available in English, Dutch, French, Finnish, German, Italian, Portuguese, Spanish and Swedish. Before subscribing, please read the Prospectus. Hard copies may be obtained free of charge upon request from any of: The Company Custodian and Administrator: JP Morgan Bank Luxembourg S.A, 6 Route de Trèves, Senningerberg, L-2633, Luxembourg; and from certain of the Company s distributors; Austria: Jupiter Asset Management Limited, Vienna branch, Le Palais Business Residence, Herrengasse 1-3, 1010 Vienna, Austria; Belgium: BNP Paribas Securities Services, Boulevard Louis Schmidt 2, 1040 Brussels, Belgium; France: CACEIS Bank France, 1/3 Place Valhubert, Paris, France; Germany: Jupiter Asset Management Limited, Munich branch, whose registered office is at: Apartment 6, Weissenburger Platz 3, Munich, Germany; from Jupiter Asset Management Limited, Frankfurt branch, whose registered office is at: Roßmarkt 10, Frankfurt, Germany; Italy: BNP Paribas Securities Services, Milan branch, Piazza San Fedele 1/3, Milano, Italy. The Fund has been registered with the Commissione Nazionale per le Società e la Borsa (CONSOB) for the offer in Italy to retail investors; Luxembourg: the Company's registered office; 6 Route de Trèves, Senningerberg, L-2633, Luxembourg; Spain: Allfunds Bank, C/ La Estafeta 6, Edificio 3, Alcobendas, Madrid, Spain. For the purposes of distribution in Spain, the Company is registered with the Spanish Securities Markets Commission Comisión Nacional del Mercado de Valores ( CNMV ) under registration number 1253, where complete information, including a copy of the marketing memorandum, is available from the Company authorised distributors. Sweden: Jupiter Asset Management Limited, Nordic branch, 4th Floor, Strandvagen 7A, Stockholm, Sweden; Switzerland: Copies of the Memorandum and Articles of Association, the Prospectus, KIIDs and the annual and semi-annual reports of the Company may be obtained free of charge from the Company s representative and paying agent in Switzerland, BNP Paribas Securities Services, Paris, Succursale de Zurich, whose registered office is at Selnaustrasse 16, 8002 Zurich, Switzerland; United Kingdom: Jupiter Asset Management Limited (the Investment Manager), registered address: The Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ, United Kingdom. This document contains information based on the FTSE Asia Pacific ex Japan Index. FTSE is a trade mark owned by the London Stock Exchange Plc and is used by FTSE International Limited ( FTSE ) under licence. The FTSE Asia Pacific ex Japan is calculated by FTSE. FTSE does not sponsor, endorse or promote the product referred to in this document and is not in any way connected to it and does not accept any liability in relation to its issue, operation and trading. All copyright and database rights in the index values and constituent list vest in FTSE. This document contains information based on the MSCI AC Asia Pacific Ex. Japan Index. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI s express written consent Industry Classification Benchmark ( ICB ) is a product of FTSE International Limited ( FTSE ) and all intellectual property rights in and to ICB vest in FTSE. Jupiter Asset Management Limited has been licensed by FTSE to use ICB. FTSE is a trade mark owned by the London Stock Exchange Plc and is used by FTSE under licence. FTSE and its licensors do not accept liability to any person for any loss or damage arising out of any error or omission in ICB. Issued by The Jupiter Global Fund and, in some instances, Jupiter Asset Management Limited which is authorised and regulated by the Financial Conduct Authority. No part of this presentation may be reproduced in any manner without the prior permission of the Company or Jupiter Asset Management Limited _69211_SCV_ASIA_PACIFIC_INCOME_JP_0217 ON THE PLANET TO PERFORM