2013 may em small cap to send to citywire

AVIVA INVESTORSEMERGING MARKET EQUITY SMALLEMERGING MARKET EQUITY SMALL CAP FUND

MAY 2013

This document is for Professional Clients and institutional/qualified investors only. It is not to be viewed by or used with retail clients.

CONTENTSAviva Investors Emerging Markets Equity Review & Outlook 2013

CONTENTS

1. Emerging Markets Equities

2 Emerging Market Small Cap2. Emerging Market Small Cap

3. Aviva Investors Emerging Markets Equity Small Cap Fund Process

4 A di4. Appendices

– Biographies

Team Awards– Team Awards

2

Aviva Investors Emerging Markets Equity Review & Outlook 2013

1. EMERGING MARKET EQUITIES

3

EMERGING MARKETS OUR BELIEFSAviva Investors Emerging Markets Equity Review & Outlook 2013

EMERGING MARKETS – OUR BELIEFS

1.Emerging Market economies are projected to grow faster than developed economies,

while offering stronger fundamentals and more attractive valuationswhile offering stronger fundamentals and more attractive valuations

ff f2.Emerging Markets are less efficient than Developed Markets allowing for the

achievement of higher relative returns over the long term

3.Emerging Markets offer a different opportunity set and diversification from developed

markets

Source: Aviva Investors, 31 January 2013. 4

EMERGING MARKET EQUITYAviva Investors Emerging Markets Equity Review & Outlook 2013

EMERGING MARKET EQUITYEMERGING AND DEVELOPED MARKET COMPARATORS

Emerging Economies as a percentage of world totalEmerging Economies as a percentage of world total

Population

Land Mass

Foreign Exchange reserves

Energy consumption

GDP at PPP

Exports

GDP at market rates

Market Cap (Full market)

0% 20% 40% 60% 80% 100%

Market Cap (float adjusted)

Emerging Markets Developed Markets

Emerging markets are under represented in financial markets

Source: Empirical Research and Aviva Investors, 2012 5


EMERGING MARKET EQUITY INCREASING IN GLOBAL IMPORTANCEGDP Growth by Region Proportion of Global GDP

8

10

63%51%

41%

50%

75%

100%

2

4

6

37%49%

59%

0%

25%

50%

2010 2020 2030

-2

0

2

2000 2002 2004 2006 2008 2010 2012 2014 2016

2010 2020 2030

Proportion of Global Market Cap

45%75%

100%

-6

-4

Emerging Markets Developed Markets 44%55%

71%56%

45%

25%

50%

75%

Emerging Markets Developed Markets 29%

0%2010 2020 2030

– Emerging Markets are expected to continue their higher growth trajectory

Emerging markets are expected to grow dramatically in global relevance

– The importance of Emerging Markets to global financial markets will only continue to increase

Source: IMF World Economic Outlook Database April 2012 Source: Goldman Sachs. March 2011 6


EMERGING MARKET EQUITY FINANCIALLY ROBUSTDebt to GDP ratio %

90

100

110

60

70

80

20

30

40

50

202000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Advanced economies Emerging Economies

– Developed markets are still working off the excess leverage from the credit boom

– Prior Emerging Market crisis have meant governments have been more prudent

Emerging Market sovereign debt has remained at manageable levels

Excess leverage is currently a developed market phenomenon

– Emerging Market sovereign debt has remained at manageable levels

Source: IMF World Economic Outlook April 2012. General government gross debt as a percentage of GDP 7

EMERGING MARKET GROWTHAviva Investors Emerging Markets Equity Review & Outlook 2013

EMERGING MARKET GROWTHA LONG TERM STORY

Per Capita GDP Emerging vs Developed Markets since 1980 Emerging Market Population pyramid (2015)

– Emerging Markets are growing significantly faster than Developed Markets– Attractive Emerging Market demographics should continue to drive domestic growthAttractive Emerging Market demographics should continue to drive domestic growth

A secular growth story

Source. IMF, United Nations Population Division, Credit Suisse September 2012 8

EMERGING MARKETS ARE UNDER RESEARCHEDAviva Investors Emerging Markets Equity Review & Outlook 2013

EMERGING MARKETS ARE UNDER RESEARCHEDINFORMATION DISCOVERY LEADS TO GREATER LONG TERM RETURNS

Market Cap Number of Companies Analyst Coverage<$1.5bn 2044 9$

$1.5bn<$5bn 373 22

$5bn<$20bn 164 26

>$20bn 31 31>$20bn 31 31

Analyst coverage is focused on the mega cap space– Analyst coverage is focused on the mega cap space

– Analyst coverage is shallow and rapidly falls away

1/3rd of companies within our universe have less than 5 analysts following the company– 1/3rd of companies within our universe have less than 5 analysts following the company

– Coverage is often dominated by local brokerage firms

Market inefficiencies create long term investment opportunities

Source: Factset, February 2013 9

A VERY VOLATILE ENVIRONMENT FOR EQUITIESAviva Investors Emerging Markets Equity Review & Outlook 2013

A VERY VOLATILE ENVIRONMENT FOR EQUITIESSTUMBLING BETWEEN CRISIS AND BAIL OUTS

MSCI Emerging Markets (January 2011- April 2013)

1200

1250

Japanese

1100

1150

1200

+20% +23%

ECB bond buying and

QE3.0

EarthquakeOperation twist +

LTRO rally

1050

1100

950

1000

850

900

Spanish Crisis

European crisis and Emerging Market -28%

-18%

800Spanish Crisis

g gDeceleration

Source: Bloomberg and Factset, April 2013 10

EMERGING MARKET CORPORATE EARNINGSAviva Investors Emerging Markets Equity Review & Outlook 2013

EMERGING MARKET CORPORATE EARNINGSA STABILISATION IN EARNINGS

150%

MSCI Emerging Markets: Earnings growth year-on-year (1995-April 2013)

100%

50%

50%

0%

-100%

-50%

01-199607-199601-199707-199701-199807-199801-199907-199901-200007-200001-200107-200101-200207-200201-200307-200301-200407-200401-200507-200501-200607-200601-200707-200701-200807-200801-200907-200901-201007-201001-201107-201101-201207-201201-2013

We believe a recovery in earnings growth should help drive emerging market equity returns

Source: Bloomberg and Factset, April 2013

We believe a recovery in earnings growth should help drive emerging market equity returns

11

EMERGING MARKET VALUATIONAviva Investors Emerging Markets Equity Review & Outlook 2013

EMERGING MARKET VALUATIONVALUATION DISPERSION SHOWING SIGNS OF CONTRACTING

MSCI Emerging Markets: top quintile compared to market average (1992 – 2012)

2.5

3 Economic Slowdowns

1.5

2

O St d d

0

0.5

1One Standard

Deviation

Average

-1

-0.5

0 Average

One Standard Deviation

-1.5

E i k l i di i di i ll id d i i l d

Valuation dispersion creates attractive investment opportunities

– Equity market valuation dispersion traditionally widens during economic slowdowns

– We believe a wide valuation dispersion creates an attractive opportunity set for active investment managers.

Source: Bloomberg and Factset, April 2013

Valuation dispersion creates attractive investment opportunities

12


EMERGING MARKET EQUITYATTRACTIVELY VALUED

2 8

3.3

16

18

Emerging Market historic price to earnings and price to book ratio

1.8

2.3

2.8

10

12

14

P/E

P/B

20%

0.8

1.3

6

8

10

2007 2008 2009 2010 2011 2012

P/B

-20%

-10%

0%

10%

20%

P/E Relative to developed Markets

P/B Relative to developed

k t

-40%

-30%markets

– Emerging Market equities are cheap when compared to their historic valuation levels

– The discount to developed markets is approaching an extreme for emerging markets

– Current valuations are based on earnings depressed by a mid cycle economic slowdown

Emerging markets currently trade at an extreme discount to developed markets

Source: Factset/Bloomberg, April 2013

Emerging markets currently trade at an extreme discount to developed markets

13


EMERGING MARKET EQUITY CHEAP ACROSS ASSET CLASSES

11

13

15

Dividend Yield

Emerging Market Sovereign Debt, Equity and Dividend Yield

3

5

7

9

Earnings Yield

1 5

2.0

Earnings

-1

1

3

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Sovereign Yield

-0.5

0.0

0.5

1.0

1.5 Earnings Yield / Debt Yield

-1.0

– Emerging Market Sovereign yield has compressed over the last decade

– Sovereign yield is nearing parity with Emerging Market dividend yield

– Emerging Market earnings yield compared to sovereign yield is at an all time extreme

– “Fed Model” suggests emerging market equity is looking exceptionally cheap

Emerging market equity is cheap compared to emerging market debtSource : Factset/MSCI, April 2013; Sovereign Yield is based on the JPMorgan EMBI+ Yield; Earnings Yield is based on the MSCI Emerging Market Index

Emerging market equity is cheap compared to emerging market debt

14


2. EMERGING MARKETS EQUITY SMALL CAP

15

THE CASE FOR EMERGING MARKET EQUITY SMALL CAPSAviva Investors Emerging Markets Equity Review & Outlook 2013

THE CASE FOR EMERGING MARKET EQUITY SMALL CAPS

1. Small cap stocks have greater exposure to domestic growth within Emerging Markets

2 Small cap stocks trade at cheaper m ltiples and ha e s perior long term gro th2. Small cap stocks trade at cheaper multiples and have superior long-term growth prospects / superior long term returns expected

3 The asset class is under researched and less efficient We believe this allows for the3. The asset class is under researched, and less efficient. We believe this allows for the achievement of higher relative returns over the long term

4. In a period of increasing global correlation, Emerging Market Equity Small Caps offer4. In a period of increasing global correlation, Emerging Market Equity Small Caps offer diversification

16

S C S O OS O G G G OAviva Investors Emerging Markets Equity Review & Outlook 2013

SMALL CAPS OFFER EXPOSURE TO EMERGING MARKET GROWTHTHE ACCELERATING PACE OF URBANISATION

I f t t di f t f E i M k tUrban Population vs GDP per capita

9

10

Infrastructure spending forecast for Emerging Markets (USD tn)

5

6

7

8

1

2

3

4

0

1

China

India

Russia

Brazil

Indonsia

Mexico

Saudi A

rabi

South A

frica

UA

E

Other

– The growth of GDP per capita and that of an urban population are intrinsically linked– Urbanisation requires a step change in infrastructure investment

ia a

Urbanisation requires a step change in infrastructure investment– Emerging Markets are struggling to keep pace with their populations demands for better infrastructure

Exposure to the Emerging Markets key investment needs

Source. Bloomberg, United Nations Population Division, Credit Suisse, Dow Jones, Morgan Stanley September 201217

S C S O OS O G G G OAviva Investors Emerging Markets Equity Review & Outlook 2013

SMALL CAPS OFFER EXPOSURE TO EMERGING MARKET GROWTHACCESS TO DOMESTIC DEMAND

25%

30%

– Small caps have greater exposure to the themes of growing domestic demand such as:

20%

– Increased urbanisation– Rising income levels – Consumer goods and services

Healthcare

10%

15%– Healthcare– Infrastructure– Industrials

5%– By comparison, large caps are dominated by

energy and commodities

0%

Large Cap Small Cap

A more targeted approach to emerging market growth

Source: Factset, MSCI September 2012. 18

SMALL CAPS ARE UNDER RESEARCHEDAviva Investors Emerging Markets Equity Review & Outlook 2013

SMALL CAPS ARE UNDER RESEARCHEDINFORMATION DISCOVERY LEADS TO GREATER RETURNS

Analyst coverage Large cap Small capNo. of companies 821 1,902p ,

Analysts per stock 14 4

Stocks with no analyst coverage 43 667

Stocks with 2 or less analysts 68 907Stocks with 2 or less analysts 68 907

Analyst coverage is focused on the mega cap space– Analyst coverage is focused on the mega cap space

– Analyst coverage is shallow and rapidly falls away

– Nearly 40% of small caps in emerging markets did not have any coverage as at January 2012


Source: Factset, January 2012 19

EMERGING MARKET SMALL CAPSAviva Investors Emerging Markets Equity Review & Outlook 2013

EMERGING MARKET SMALL CAPSA NARROWING DISCOUNT

2

2.5

3

S ll C

1

1.5

2 Small Cap

0

0

0.5

2005 2006 2007 2008 2009 2010 2011 2012

Large Cap

-0.3

-0.2

-0.1 P/B Discount

-0.5

-0.4

– Emerging Market Small Caps still trade at a discount to Large Caps

– The discount to larger market cap companies is gradually decreasing

Emerging market small cap stocks trade at an unjustified discount to large caps

The discount to larger market cap companies is gradually decreasing

– In developed markets small cap indices traditionally trade at a premium to large cap

Source: Factset/Bloomberg, as at May 2013. 20

EMERGING MARKET SMALL CAPSAviva Investors Emerging Markets Equity Review & Outlook 2013

EMERGING MARKET SMALL CAPSLOWER REALISED VOLATILITYHistoric Realised 1 Year Volatility

35.00

40.00

25.00

30.00

EM Small Cap

15 00

20.00

EM

DM Small Cap

DM

10.00

15.00

– Emerging Market Small Caps have recently experienced significantly lower volatility than other broad indices

Unlike in developed markets emerging market small caps are less volatile than their larger peers

5.00 2008 2009 2010 2011 2012 2013


– Unlike in developed markets, emerging market small caps are less volatile than their larger peers

– Volatility has substantially reduced since the credit crisis

Source: Bloomberg/MSCI, as at May 2013.


21

SMALL CAPS OFFER DIVERSIFICATIONAviva Investors Emerging Markets Equity Review & Outlook 2013

SMALL CAPS OFFER DIVERSIFICATIONAN OPPORTUNITY TO REDUCE RISK

MSCI Investment Universe

Emerging Market Small

Caps

Emerging Markets World North

America Europe

Emerging Market Small Caps 1

Emerging Markets 0.962 1

World 0.837 0.879 1

North America 0.778 0.832 0.975 1

Europe 0.811 0.855 0.961 0.890 1p

– Emerging market small caps have the lowest correlation with other major equity markets

Reduced correlation improves risk adjusted returns– Reduced correlation improves risk adjusted returns


Source: Bloomberg March 2013 22


3. EMERGING MARKETS EQUITY SMALL CAP FUND PROCESSCAP FUND PROCESS

23

EMERGING MARKET SMALL CAPAviva Investors Emerging Markets Equity Review & Outlook 2013

EMERGING MARKET SMALL CAP INVESTMENT PROCESS

Client portfolioSmall cap investment

Quality screening

Value screening

Core fine filters

P i t– Unconstrained

– High conviction

– 40 - 80 stocks

universe

– 4,000 + companies

g

– Quality filter. scores companies for:

g

– Valuations:

– P/E

– Earnings t

– Proprietary Research

– Company Meetings

I d th– Profitability

– Growth

– Spending efficiency

momentum

– Price momentum

– Filters i t

– In-depth Analysis

y

– Sustainability

– Persistency

universe to 100 - 150 stocks

– Our primary source of alpha is our in-house, bespoke research:– Emerging market small cap universe is under-researched

Our proprietary research is augmented by selected independent third-party research– Our proprietary research is augmented by selected independent third-party research

Rigorous process combining quantitative filters with bottom-up stock picking

24


FUNDAMENTAL ANALYSISFUNDAMENTAL ANALYSISINVESTMENTS ARE ANALYSED ON AN INDIVIDUAL BASIS

We look for factors that affect the long term potential of a business:

Att ti b i d l- Attractive business model

- Quality of management and alignment with shareholder objectives

- Accounting quality and practices

- Balance sheet strength

- Cash flow existence, stability and growth

Undervalued- Undervalued

In-depth company analysis

25Source: Aviva Investors


FUNDAMENTAL ANALYSISFUNDAMENTAL ANALYSISINVESTMENTS ARE ANALYSED ON AN INDIVIDUAL BASIS

– An in-depth report is produced on all investments

In-depth company analysis

– The underlying business model and industry dynamics are analysed in detail

26Source: Aviva Investors


MACRO INPUTMACRO INPUTCOUNTRY EFFECTS HAVE GREATER INFLUENCE IN EMERGING MARKETS

Developed Markets Emerging Markets

60

70

60

70

30

40

50

30

40

50

10

20

10

20

092 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12

Region Country Sector Industry

092 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12

Region Country Sector Industry

– Emerging markets are influenced by country factors to a greater degree than developed markets.

– We ensure that our portfolio construction coherently addresses macro factors.

We invest in companies but build portfolios that will last

Macro factors are given due consideration in portfolio construction

– We invest in companies, but build portfolios that will last.

Source: Empirical Research, February 2013 27

PORTFOLIO CONSTRUCTIONAviva Investors Emerging Markets Equity Review & Outlook 2013

PORTFOLIO CONSTRUCTION

- 40 – 80 Holdings

T 2/3 d f f li i i d $2b k- Target 2/3rds of portfolio in companies under $2bn market cap

- Valuation below that of the MSCI Emerging Market Small Cap Index

- Balanced target beta range 0.90 to 1.10

- Average position size 1.5%

- No holding >5.0%

- No Sector or Country deviation >10% of MSCI Emerging Market Small Cap Index weighty g g p g

- Target tracking error range 4-8%

1 to 3 year investment horizon ensures low turnover- 1 to 3 year investment horizon ensures low turnover

28There is no guarantee that the projected returns will be achieved.


EMERGING MARKET EQUITY SMALL CAP FUNDEMERGING MARKET EQUITY SMALL CAP FUNDPORTFOLIO CONSTRUCTION

Region No. of Stocks % of Fund % Index

Asia 37 69 74

EMEA 12 19 14

L i A i 6 10 12

Active sector weights (%)Top active country weights (%)

Latin America 6 10 12

Total 55 100 100

g ( )p y g ( )

4 08

4.67

6.55

Health Care

Information Technology

Consumer Discretionary

3 02

4.04

5.98

Philippines

Thailand

Turkey

-1.40

-0.95

0.24

4.08

Energy

Telecommunication Services

Industrials

Health Care

-2.13

2.76

3.00

3.02

India

Russia

Mexico

Philippines

5 77

-2.92

-2.57

-1.93

Materials

Utilities

Consumer Staples

Financials

8 41

-5.79

-2.76

-2.69

Taiwan

Hong Kong

Brazil

Indonesia

Diversified portfolio across region, country and sector

-5.77Materials-8.41Taiwan

Source: Aviva Investors, 30 April 2013 29


EMERGING MARKET EQUITY SMALL CAP FUND

Top 10 weights (%)

EMERGING MARKET EQUITY SMALL CAP FUNDPORTFOLIO CONSTRUCTION

Liquidity Analysis – % of portfolio to cash by Top 10 weights (%)

12%

9%

6%

0 3

< 0.2

< 0.1

number of days required

4.40

4.84

GS Home Shopping Inc.

Filinvest Land Inc.

27%

17%

14%

12%

< 1

< 0.5

< 0.4

< 0.3

3.58

3.60

3.93

Intelligent Digital Integrated Security

Sungwoo Hitech Co. Ltd.

Turk Traktor ve Ziraat Makineleri A.S.

Qualitas Controladora S.A.B. de C.V.

61%

53%

42%

< 4

< 3

< 2

2 80

2.87

2.92

3.22

H iti I t ti l H ldi Ltd

Life Healthcare Group Holdings Ltd.

KPJ Healthcare Bhd

Intelligent Digital Integrated Security Co. Ltd.

79%

66%

< 10

< 5

N t t b t >10%

2.75

2.80

DGB Financial Group Co. Ltd.

Haitian International Holdings Ltd.

– No sector or country bet >10%

– Concentrated stock specific bets however no individual position greater than 5%

– 80% of portfolio realisable within 10 days, 50% within 3 days in a traditionally illiquid asset class

Carefully managed risk

80% of portfolio realisable within 10 days, 50% within 3 days in a traditionally illiquid asset class

Source: Aviva Investors, 30 April 2013 30Source: Aviva Investors, 28 February 2013


EMERGING MARKET EQUITY SMALL CAP FUNDEMERGING MARKET EQUITY SMALL CAP FUND INVESTMENT APPROACH

– Global Emerging Market Small Cap strategy William BallardFund manager, Emerging Markets

– Quality and Value focus

– A focused, unconstrained portfolio of high-conviction positions

Aviva Investors Emerging Market Small Cap fundMSCI Global Emerging Markets Small

Investment experience: 13yrs

conviction positions

– Robust risk management practices

Low turnover due to 1 3 year investment

Benchmark MSCI Global Emerging Markets Small Cap index

Fund/strategy Size USD 142m as at 28 February 2013

Target Alpha 3% p.a. over rolling 3 year periods– Low turnover due to 1-3 year investment

horizon

– A niche product. One of the few EM Small C f d

Target tracking error 4-8%

Typical number of stocks 40-80

Max. active stock weights 10%Cap funds

g

Min. market cap No min.

Max. market cap Min: 2/3rds of portfolio <$2bn market cap

Source: Aviva Investors, 28 February 2013. There is no guarantee that the projected returns will be achieved. 31


5. APPENDICES

32

BIOGRAPHIESAviva Investors Emerging Markets Equity Review & Outlook 2013

BIOGRAPHIES

Jerome NunanClient Portfolio Manager, Equities

Will BallardEmerging Markets Fund Manager q

Joined the investment industry in 1998 and Aviva Investors in 2009

Jerome bridges the investment and distribution teams

g

Joined the investment industry in 2000 and Aviva Investors in 2009

Will is responsible for fund management in emerging Jerome bridges the investment and distribution teams, supporting clients and the distribution process.

Prior to joining Aviva, Jerome spent eight years at Deutsche Bank, working in Global Equities. Previously he

k d f fi i l lt fi d hi fi t j b

Will is responsible for fund management in emerging markets

Will previously worked at the Royal Bank of Canada in their Global Arbitrage Trading division. Prior to this role he was a fund manager at Henderson Global Investors on their Pan worked for a financial consultancy firm, and his first job

was in the British Army, where he served for 10 years in the Royal Tank Regiment

Jerome holds a BA (Hons) in Modern Languages from the University of East Anglia and a MBA from Cranfield

fund manager at Henderson Global Investors on their Pan European Equity Multi-strategy team.

Will holds an MA (Hons) from Cambridge University. He also holds the Investment Management Certificate and is a CFA charter holder University of East Anglia and a MBA from Cranfield

University, School of ManagementCFA charter holder.

33

EMERGING MARKETS EQUITY TEAMAviva Investors Emerging Markets Equity Review & Outlook 2013

EMERGING MARKETS EQUITY TEAMSOME PRESTIGIOUS AWARDS

European Convergence Fund

Winner of 2009 Lipper Fund Awards Taiwan, Singapore – Aviva Funds Emerging Markets Equity P1 - best

Emerging Markets Small Cap

2012 winner in the Equity Global Emerging Markets best fund over 3 years category

Emerging Markets Small Cap

2010 winner in the Emerging Markets Equity category by the Expansión/Interactive Data Funds g g q y

fund over 3 and 5 years in the ‘Equity Global Emerging Markets’ sector

y g y pAwards

Other recent awards:

European Convergence Fund: Winner of 2010 Morningstar LibreBelgique De Standaard in theBelgique De Standaard in the ‘Equities Emerging Markets’ sector

Winner of 2009 FondsProfessionell/Die Presse Awards –3 year performance and 5 year performance

Emerging Markets Equity

Winner of 2009 ‘Best of the Best’ for the ‘Most Innovative Product –Singapore’ category

European Convergence Fund

Winner of 2010 Les Victoires des SICAV Vainquer France, La Tribune/Morningstar in the Emerging Europe Equity category performanceEmerging Europe Equity category

Past performance is not a guide to future performance 34

IMPORTANT INFORMATIONAviva Investors Emerging Markets Equity Review & Outlook 2013

IMPORTANT INFORMATIONThis document is for Professional Clients only. It is not to be viewed by or used with retail clients. The information provided in this document and any appendix is confidential and should only be used for the purposes requested.

Except where stated as otherwise, the source of all information is Aviva Investors as at 31 March 2013.

Aviva Investors Emerging Market Small Cap Fund (“the Fund”) is a sub-fund of Aviva Investors SICAV, an open-ended investment company incorporated as a Société d'Investissement à Capital Variable in Luxembourg. It is authorised by the Commission de Surveillance du Secteur Financier (CSSF) and qualifies as an Undertaking for Collective Investment in Transferable Securities (UCITS) under Part I of the law of 17 December 2010 relating to undertakings for collective investment. The Management Company is Aviva Investors Luxembourg. Investment Manager is Aviva Investors Global Services Limited, regulated and authorised by the FCA.

Th di t ib ti d ff i f h b t i t d b l i t i j i di ti Thi d t h ld t b t k d ti ff b iThe distribution and offering of shares may be restricted by law in certain jurisdictions. This document should not be taken as a recommendation or offer by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer or solicitation. The distribution and offering of shares may be restricted by law in certain jurisdictions. This document should not be taken as a recommendation or offer by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer or solicitation. The content of this document does not purport to be representational or provide warranties above and beyond those contained in the legal documentation and subscription documentation of the Fund. The legal documentation and the subscription document contain the full terms, conditions, representations and warranties in respect of the Fund. Nothing in this document shall be construed as forming any part of those terms conditions representations or warranties The legal documentation and the subscription documents should beshall be construed as forming any part of those terms, conditions, representations or warranties. The legal documentation and the subscription documents should be read before an investment is made.

Any future returns and opinions expressed are based on the internal forecasts of Aviva Investors and should not be relied upon as indicating any guarantee of return from an investment managed by Aviva Investors. No part of this document is intended to constitute advice or recommendations of any nature. Past performance is not a guarantee of future returns.

The value of an investment and any income from it may go down as well as up and the investor may not get back the original amount investedThe value of an investment and any income from it may go down as well as up and the investor may not get back the original amount invested.

Information about specific securities should not be construed as a recommendation to buy or sell any securities.

IMPORTANT INFORMATION HONG KONG: The contents of this document have not been reviewed by any regulatory authority in Hong Kong. It is not intended to constitute, and under no circumstances should it be construed as, an offer or invitation to anyone to invest in any products, an offer of or solicitation for services, or an advice on any products, services or investment, associated with Aviva Investors Asia Pte Ltd. If Investors are in any doubt about any of the contents of this document they should obtain independent professional advice This document is not being distributed in Hong Kong other than (1) to "professional investors" withindocument, they should obtain independent professional advice. This document is not being distributed in Hong Kong other than (1) to professional investors within the meaning of the Securities and Futures Ordinance (Cap. 571) of Hong Kong (the "SFO") and any rules made under the SFO; or (2) in other circumstances which do not result in the document being a "prospectus" as defined in the Companies Ordinance (Cap. 32) of Hong Kong (the "CO") or which do not constitute an offer to the public within the meaning of the CO. No action has been taken, in Hong Kong or elsewhere, to permit the distribution of this document to the public of Hong Kong or in a manner in which this document may be accessed or read by the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong). This document is distributed on a confidential basis.

Aviva Investors Asia Pte. Limited, a company incorporated under the laws of Singapore with registration number 200813519W, holds a valid Capital Markets Services Licence to carry out fund management activities issued under the Securities and Futures Act (Singapore Statute Cap. 289) and is an Exempt Financial Adviser for the purposes of the Financial Advisers Act (Singapore Statute Cap. 110).Registered Office: 6 Temasek Boulevard, #32-08 Suntec Tower 4, Singapore 038986.

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