Emerging Future: The Shift to New Growth Drivers

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Ashraf HaqueSANDS CAPITAL

September 2019 |

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Disclaimers

The views expressed are the opinion of Sands Capital Management and are not intended as a forecast, a guaranteeOf future results, investment recommendations, or an offer to buy or sell any securities.

Past performance is no guarantee of future results. The views expressed were current as of the date indicated and are subject to change.You should not assume that any investment is or will be profitable. A company's fundamentals or earnings growth is no guarantee that its share price willincrease.

Except where otherwise noted, the companies illustrated represent a sub-set of current portfolio holdings in the Emerging Markets Growth strategy. Theseholdings were chosen based on their sectors and because we believe they best illustrate the industry-specific learnings addressed in the presentation. There isno assurance that any security listed has remained or will remain in the portfolios or that securities sold have not been repurchased. A complete list of portfolioholdings is available upon request.

Company logos and website images are used for illustrative purposes only and were obtained directly from the company websites. Company logos and websiteimages are trademarks or registered trademarks of their respective owners and use of a logo does not imply any connection between Sands Capital and the company.

Charts and graphs are for illustrative purposes only . Forward earnings projections are not predictors of stock price or investment performance and do not represent past performance. There is no guarantee that the forward earnings projections will accurately predict the actual earnings experience of any of the companies involved, and no guarantee that owning securities of companies with relatively high price to earnings ratios will cause the portfolio to outperform its benchmark or index. This presentation may contain forward-looking statements, which are subject to uncertainty and contingencies outside of Sands Capital’s control. Readers should not place undue reliance upon these forward looking statements.

To receive a complete list and description of the firm’s composites, a presentation that adheres to the GIPS® standards, a description of the calculation methodology for the attribution analysis and a complete list detailing each holding’s attribution please contact a member of the Client Relations Team at 703-562-4000. GIPS®-compliant presentations and additional disclosures for the related composites may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdfor available upon request.

Source: Company filings and documents, SCM analysis.

FOR INSTITUTIONAL USE ONLY

Who we areAll-in CultureWe are one team dedicated to one mission and one investmentphilosophy. We strive to be highly efficient and highly effective at synthesizing information, unlocking insights, and putting them to work for our clients. Intentionally operating from one centralized office, we embrace collaboration, agility, and transparency—both internally and with our clients.

Clients benefit from our belief in our portfolio businesses in our view. Our belief is built from deep, business-focused research, engaging management teams, taking thoughtful views of risk, and focusing on long-term outcomes. The result? Concentrated portfolios of high-quality businesses and the patience to pursue meaningful impact for our clients over time.

High Conviction for High Impact

Global Perspective, Local UnderstandingInnovation-driven change knows no geographic boundaries. Neither does our research team. Our people are hands on, on-the-ground, seeking context. We experience products and services firsthand, speak to consumers, investigate competitors, understand the nuances of local markets, and build relationships with experts and influencers.

A Common Approach in Search of the ExtraordinaryBusinesses that can build a sustainable competitive advantage are few and far between. We consistently employ six criteria as the common lens across each of our strategies to separate signal from noise, find what matters most, and selectively invest in the businesses that are defining their markets.

INVESTMENT PROCESS

Independent, Bottom-up, Research-driven

ASSETS UNDER MANAGEMENT

$42.6B

STAFF

44 Investment Team125 Total

OWNERSHIP

100% Staff Owned

OPERATING EXPERIENCE

27 Years

INVESTMENT STYLE

Concentrated Growth

So many global concerns…

One, two, three, four, I declare

a trade war.

Should we be excitedAbout frontier and emerging

market investing?

We believe so!

The large, emerging middle class is driving global growth

05

10152025303540

Popu

latio

n (M

)

...as are 8 of the 10 largest urban areas

00.20.40.60.8

11.21.41.6

Popu

latio

n (B

)

9 of the 10 largest countries bypopulation are in emerging markets…

Real GDP (% of Annual Change at PPP Exchange Rates)

WORLDSHARE

AVG'06-'15 2016 2017 2018 2019E 2020E 2021E

Advanced Economies 40.8 1.5 1.7 2.4 2.2 1.5 1.1 1.6

Emerging Economies 59.2 5.5 3.5 4.5 4.5 4.0 3.8 3.8

Emerging Asia 36.3 7.0 5.5 5.7 5.6 5.1 4.8 4.6

Share of Global Middle Class Consumption(2000-2050)

Source: Worldometers, Capital Economics, OECD.

The large, emerging middle class is driving global growth

Source: Blackstone

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EM stock markets are already very large, and growing…

Stock Exchanges with Market Caps >$1T

Emerging Asia alone represents stock markets

valued ~$18T and growing…

Source: Visual Capitalist. Data as of November 2015.

No more “business as usual” – emerging markets are changing at a rapid paceTechnology is disrupting old business and economic models, creating significant value for innovators.

Source: Kleiner Perkins, CINIC/Bloomberg, CINIC/Forbes/Statista, NASSCOM

Will the old ways of investing work in the future?

• Commodity super-cycle: is the cycle structurally broken?

• Is low value-added global trade at risk?

29%

15%

71%85%

0%

25%

50%

75%

100%

2007 2017

China

Output Exported Output Consumed Domestically

6%

10%

14%

18%

1995 2000 2005 2010 2017

Gross Exports as a% of Gross Output

China India

Emerging markets growth drivers are changing...

…opportunities are increasingly domestic focusedSource: McKinsey

Technological innovation is re-shaping how emerging market consumersshop, pay, invest, entertain….

A woman makes a purchase at a Beijing market fruit stall in June by scanning QR codes with her smartphone. The popularity of Alibaba’s mobile-paying platform AliPay helped fuel the rise of the fund Y’ue Bao, which is linked to it. PHOTO: WANG ZHAO/AGENCE FRANCE-PRESSE/GETTY IMAGES

0

1

2

3

4

Average Daily Hours SpentPer Device on Mobile

Source: App Annie; Wall Street Journal; Capital Group; CB Insights.As of 8/31/19, Alibaba and Tencent were Emerging Markets Growth strategy holdings.

Innovative business models, such as Sea’s Garena and Shoppe, are scaling at a rapid pace….

Source: Sea. As of 8/31/19, Sea was an Emerging Markets Growth strategy holding.

Leading companies are also innovating in traditional industries such as banking (HDFC Bank in India) and car rentals (Localiza in Brazil)….

Source: HDFC Bank, Localiza. As of 8/31/19, HDFC Bank and Localiza were Emerging Markets Growth strategy holdings. Uber is not an Emerging Markets Growth strategy holding.

Innovative drug companies in China are developing world-class medicines that are affordable for the mass populations…

Source: Hutchison China MediTech; Wall Street Journal. As of 8/31/19, Hutchison China MediTech was an Emerging Markets Growth strategy holding.

Buy the few, but buy the very best

We believe that over time common stock prices will reflect the earnings power and growth of the underlying businesses. We believe to be successful one must…

• Focus on sustainable innovation-led growth

• Selectively own businesses with strong competitive advantages

• Align with management teams that are building businesses for the long term and have intense focus on ESG principles

• Be patient and long term

Power of Long-term CompoundingEmerging Markets Growth vs. MSCI EmergingMarkets Net Results (%) as of June 30, 2019

Portfolio: 7.01

Benchmark: 2.41

1Annualized since inception (%). Inception date is 12/31/12. The investment results shown are net of advisory fees and reflect the reinvestment of dividends and any other earnings. The investment results are that of the Emerging Markets Growth Equity Composite. GIPS®-compliant presentations and additional disclosures for the related composites may be found at http:// sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Past performance is not indicative of future results. Source: SCM, MSCI.

-40

-20

0

20

40

60

80

'13

'14 '15

'16 '17

'18 '19

55.2

16.9

Investment resultsEmerging Markets Growth vs. MSCI EmergingMarkets Net Results (%) as of June 30, 2019

0.3

16.6

-0.6

11.0

4.4

7.0

0.6

10.6

1.2

10.7

2.5 2.4

QTD YTD 1 YEAR 3 YEARS 5 YEARS SINCE INCEPTION

Inception date is 12/31/12. Periods greater than one year are annualized. The investment results shown are net of advisory fees and reflect the reinvestment of dividends and any other earnings. The investment results are that of the Emerging Markets Growth Composite. GIPS®-compliant presentations and additional disclosures for the related composites may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Past performance is not indicative of future results. Source: SCM, MSCI.

Portfolio Benchmark

Investment resultsGlobal Growth vs. MSCI All Country World Index Net Results (%) as of June 30, 2019

Inception date is 12/31/08. Periods greater than one year are annualized. The investment results shown are net of advisory fees and reflect the reinvestment of dividends and any other earnings. The investment results are that of the Global Growth Equity Composite. GIPS®-compliant presentations and additional disclosures for the related composites may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Past performance is not indicative of future results. Source: SCM, MSCI.

5.5

22.6

9.5

19.6

11.2

16.4

19.2

3.6

16.2

5.7

11.6

6.2

10.110.6

QTD YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS SINCE INCEPTION

Portfolio Benchmark

Investment resultsGlobal Leaders vs. MSCI All Country World Index Net Results (%) as of June 30, 2019

Inception date is 3/31/17. Periods greater than one year are annualized. The investment results shown are net of advisory fees and reflect the reinvestment of dividends and any other earnings. The investment results are that of the Global Leaders Equity Composite. GIPS®-compliant presentations and additional disclosures for the related composites may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Past performance is not indicative of future results. Source: SCM, MSCI.

1.0

24.9

15.5

20.5

0.3

16.6

2.9

9.1

QTD YTD 1 YEAR SINCE INCEPTION

Portfolio Benchmark

Sands Capital Management, LLC Emerging Markets Growth Composite (EMGC) Annual Disclosure Presentation

Year End Numberof Accounts

Assets at Endof Period

(USD Millions)

EMGC MSCI Emerging Markets Index (MSCI EM)

Percentage of Firmwide Assets

Percentageof Non-Paying

Accounts

Asset Weighted StandardDeviation1

Firm's Total Assets (USD Millions)

Net Return Gross Return Annualized 3 Yr.Ex-Post Standard Deviation

MSCI EM Annualized 3 Yr.Ex-Post Standard Deviation

2018 10 $2,432.63 -13.97 -12.86 15.97 -14.57 14.60 6.87 0.06 0.30 $35,387.672017 9 $2,010.72 39.12 40.82 14.51 37.28 15.35 4.86 0.08 0.28 $41,331.262016 9 $1,114.66 2.51 3.81 16.03 11.19 16.07 3.19 0.10 0.24 $34,914.292015 8 $776.57 -8.90 -7.76 15.43 -14.92 14.06 1.76 0.14 0.30 $44,192.422014 <5 $444.88 5.71 7.04 —2 -2.19 —2 0.93 0.34 n.m. $47,659.832013 <5 $1.17 12.64 14.02 —2 -2.60 —2 0.00 100.00 n.m. $42,067.92

1 n.m. – Not statistically meaningful, five or less accounts in the composite for the entire year. 2 The 3-year annualized standard deviation is not shown due to having less than 36 months of returns.Sands Capital Management (“Sands Capital” and “SCM”) is an independent registered investment advisor. Sands Capital claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS® standards. Sands Capital has been independently verified for the periods February 7, 1992 through December 31, 2018. 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. The Emerging Markets Growth Composite (“EMGC”) has been examined for the periods December 31, 2012 through December 31, 2018. The verification and performance examination reports are available upon request. The EMGC reflects information from all fee-paying and non-fee paying accounts managed in the Emerging Markets Growth Equity Strategy on a fully discretionary basis. The Emerging Markets Growth Equity Strategy is a concentrated portfolio that typically includes 30 to 50 companies that are domiciled, listed, or that derive over half their revenues or profits from countries classified as MSCI Emerging and Frontier Market countries. Portfolio companies can be small, mid, or large capitalization companies that have attractive growth opportunities ahead of them and are leaders in their respective business spaces. The portfolio may invest in developed market businesses that derive a substantial portion of their revenues from emerging markets. The portfolio may invest in ADRs, foreign securities traded on foreign exchanges, and may include the use of derivative access products to gain exposure to certain foreign markets where direct investment is not always practical or cost efficient. There is no account minimum. The benchmark for the EMGC is the MSCI Emerging Markets Index (“MSCI EM”). The MSCI EM is a free float- adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets. The EMGC may hold securities not included in the MSCI EM and Sands Capital Management, LLC may invest in securities not covered by the index. The annual composite dispersion presented is an asset-weighted standard deviation calculated of performance dispersion for accounts in the composite for the entire year, using beginning of period values. The U.S. dollar is the currency used to express performance. Returns include the effect of foreign currency exchange rates. Returns are presented gross and net of management fees and include the reinvestment of all income. Composite performance is presented net of foreign withholding taxes on dividends, interest income, and capital gains. Withholding taxes may vary according to the investor’s domicile. The benchmark return is net of withholding taxes from a Luxembourg tax perspective. Net of fee performance was calculated by deducting the model annual fee of 1.25% from the monthly gross composite return for the period from January 1, 2013 to March 31, 2019. Beginning on April 1, 2019, the model annual fee was lowered to 0.85% and net of fee returns were calculated by deducting this model fee from the monthly gross composite return. Sands Capital may use access products as needed to gain exposure to securities of companies in markets that restrict foreign ownership of local companies. (1) A Low Exercise Price Warrant (‘LEPW’) is a warrant in which the value and performance of its intrinsic value is effectively identical to that of the underlying security. LEPWs are used to allow participation in the performance of a foreign equity security where there are legal or financial obstacles to purchasing the underlying directly. (2) Participation Notes ("P-Notes") are unsecured, bearer securities typically issued by financial institutions, the performance of which is generally linked to the performance of the underlying listed shares of a company in an emerging market (for example, the shares in a company incorporated in India). Investors in P-Notes do not have or receive any rights relating to the underlying shares, and the issuers of the notes may not be obligated to hold any shares in the underlying companies. LEPWs and P-Notes bear counterparty risk and may bear additional liquidity risk. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. A list of composite descriptions is available upon request. Past performance is not indicative of future results. The investment management fee schedule for the strategy is 0.85% on the first $50 million, 0.65% on the next $200 million and 0.55% on all assets above $250 million. Actual investment advisory fees incurred by clients may vary. The Emerging Markets Growth Equity Strategy of the portfolio manager was created and fully invested December 31, 2012. The EMGC was created on May 28, 2013. MSCI is the source of all MSCI data presented. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non- infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

Sands Capital Management, LLC Global Growth Equity Composite (GGEC) Annual Disclosure Presentation

Year End Numberof Accounts

Assets at Endof Period

(USD Millions)

GGEC MSCI All Country World Index (MSCI ACWI)

Percentageof Non-Paying

Accounts

Asset Weighted StandardDeviation1

Firm's Total Assets (USD Millions)

Net Return Gross Return Annualized 3 Yr. Ex-Post Standard

MSCI ACWI Annualized 3 Yr. Ex-Post Standard

Percentage of Firmwide Assets

2018 15 $9,713.59 -2.85 -2.03 14.93 -9.42 10.48 27.45 0.00 0.14 $35,387.672017 14 $10,812.64 38.88 40.01 13.85 23.97 10.36 26.16 0.00 0.20 $41,331.262016 21 $9,019.25 0.54 1.41 14.56 7.86 11.06 25.83 0.00 0.12 $34,914.292015 18 $9,129.68 0.40 1.27 13.92 -2.36 10.79 20.66 0.00 0.18 $44,192.422014 19 $9,285.34 5.37 6.26 13.72 4.16 10.5 19.48 0.00 0.25 $47,659.832013 18 $7,531.91 27.89 28.97 16.28 22.80 13.94 17.90 0.00 0.25 $42,067.922012 11 $3,746.92 20.38 21.37 18.55 16.13 17.13 13.87 0.00 0.21 $27,001.962011 <5 $1,544.95 -1.98 -1.14 22.67 -7.35 20.59 8.24 0.00 n.m. $18,759.702010 <5 $1,529.67 27.67 28.74 —2 12.67 —2 9.53 0.00 n.m. $16,057.272009 <5 $1,223.16 86.69 88.18 —2 34.63 —2 8.82 0.19 n.m. $13,867.06

1 n.m. – Not statistically meaningful, five or less accounts in the composite for the entire year. 2 The 3-year annualized standard deviation is not shown due to the composite having less than 36 months of returns.Sands Capital Management (“Sands Capital” and “SCM”) is an independent registered investment advisor. Sands Capital claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS® standards. Sands Capital has been independently verified for the periods February 7, 1992 through December 31, 2018. 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. The Global Growth Equity Composite (“GGEC”) has been examined for the periods December 31, 2008 through December 31, 2018. The verification and performance examination reports are available upon request. The GGEC reflects information from all fee paying and non-fee paying accounts managed in the Global Growth Equity Strategy on a fully discretionary basis. The Global Growth Equity Strategy is a concentrated global portfolio that typically includes 30 to 50 companies that are domiciled around the world. Portfolio investments are typically large-capitalization leaders in their respective business spaces. The portfolio may invest in mid-capitalization companies. The portfolio may invest a significant percentage of its assets in U.S. companies, ADRs, and foreign securities traded on foreign exchanges, and may include the use of derivative access products to gain exposure to certain foreign markets where direct investment is not always practical or cost efficient. There is no account minimum. The benchmark for the GGEC is the MSCI All Country World Index (“MSCI ACWI”). The MSCI ACWI is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The GGEC holds securities not included in the MSCI ACWI and Sands Capital Management, LLC may invest in securities not covered by the index. The annual composite dispersion presented is an asset-weighted standard deviation calculated of performance dispersion for accounts in the composite for the entire year, using beginning of period values. The U.S. dollar is the currency used to express performance. Returns include the effect of foreign currency exchange rates. Returns are presented gross and net of management fees and include the reinvestment of all income. Composite performance is presented net of foreign withholding taxes on dividends, interest income, and capital gains. Withholding taxes may vary according to the investor’s domicile. The benchmark return is net of withholding taxes from a Luxembourg tax perspective. Net of fee performance was calculated by deducting the highest applicable fee of 0.85% from the monthly gross composite return. Sands Capital may use access products as needed to gain exposure to securities of companies in markets that restrict foreign ownership of local companies. (1) A Low Exercise Price Warrant (‘LEPW’) is a warrant in which the value and performance of its intrinsic value is effectively identical to that of the underlying security. LEPWs are used to allow participation in the performance of a foreign equity security where there are legal or financial obstacles to purchasing the underlying directly. (2) Participation Notes ("P-Notes") are unsecured, bearer securities typically issued by financial institutions, the performance of which is generally linked to the performance of the underlying listed shares of a company in an emerging market (for example, the shares in a company incorporated in India). Investors in P-Notes do not have or receive any rights relating to the underlying shares, and the issuers of the notes may not be obligated to hold any shares in the underlying companies. LEPWs and P-Notes bear counterparty risk and may bear additional liquidity risk. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. A list of composite descriptions is available upon request. Past performance is not indicative of future results. The investment management fee schedule for the strategy is 0.85% on the first $50 million, 0.65% on assets between $50 and $250 million, 0.60% on assets between $250 and $500 million, and 0.55% on all assets above $500 million. Actual investment advisory fees incurred by clients may vary. The Global Growth Equity Strategy of the portfolio manager was created and fully invested December 31, 2008. The GGEC was created on February 26, 2009. MSCI is the source of all MSCI data presented. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

Sands Capital Management, LLC Global Leaders Equity Composite (GLGC) Annual Disclosure Presentation

Year End Numberof Accounts

Assets at Endof Period

(USD Millions)

GLEC MSCI All Country World Index (MSCI ACWI)

Percentageof Non-Paying

Accounts

Asset Weighted StandardDeviation1

Firm's Total Assets (USD Millions)

Net Return Gross Return Annualized 3 Yr. Ex-Post Standard

MSCI ACWI Annualized 3 Yr. Ex-Post Standard

Percentage of Firmwide Assets

2018 <5 $351.83 2.04 2.90 —2 -9.42 —2 0.99 0.45 n.m. $35,387.672017 <5 $49.95 21.30 22.04 —2 15.96 —2 0.12 3.10 n.m. $41,331.26

1 n.m. – Not statistically meaningful, five or less accounts in the composite for the entire year. 2 The 3-year annualized standard deviation is not shown due to the composite having less than 36 months of returns. 3Annualperformance results reflect partial period performance. Returns are calculated from 3/31/17 to 12/31/17 for both the composite and the index.Sands Capital Management (“Sands Capital” and “SCM”) is an independent registered investment advisor. Sands Capital claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS® standards. Sands Capital has been independently verified for the periods February 7, 1992 through December 31, 2018. A copy of the verification report is 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. The Global Leaders Equity Composite (“GLEC”) has been examined for the periods March 31, 2017 through December 31, 2018. The verification and performance examination reports are available upon request. The GLEC reflects information from all fee paying and non-fee paying accounts managed in the Global Leaders Equity Strategy on a fully discretionary basis. The Global Leaders Equity Strategy is a concentrated portfolio of primarily large- and mid-capitalization growth businesses that the manager considers to be leaders in their country, industry, or globally in terms of products, services or execution. The portfolio normally consists of the equity securities of 30 to 50 issuers that the manager believes are capable of generating sustainable, above-average, and relatively stable rates of earnings per share growth and strong free cash flow. Portfolio investments are domiciled in both developed and emerging markets. Eligible securities include equity and equity-related securities, such as American depositary receipts; exchange-traded funds; global depositary receipts; low exercise price warrants; and participatory notes, quoted or traded on global regulated exchanges. There is no account minimum. The benchmark for the GLEC is the MSCI All Country World Index(“MSCI ACWI”). The MSCI ACWI is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The GLEC holds securities not included in the MSCI ACWI and Sands Capital Management, LLC may invest in securities not covered by the index. The annual composite dispersion presented is an asset-weighted standard deviation calculated of performance dispersion for accounts in the composite for the entire year, using beginning of period values. The U.S. dollar is the currency used to express performance. Returns include the effect of foreign currency exchange rates. Returns are presented gross and net of management fees and include the reinvestment of all income. Composite performance is presented net of foreign withholding taxes on dividends, interest income, and capital gains. Withholding taxes may vary according to the investor’s domicile. The benchmark return is net of withholding taxes from a Luxembourg tax perspective. Net of fee performance was calculated by deducting the highest applicable fee of 0.85% from the monthly gross composite return. Sands Capital may use access products as needed to gain exposure to securities of companies in markets that restrict foreign ownership of local companies. (1) A Low Exercise Price Warrant (‘LEPW’) is a warrant in which the value and performance of its intrinsic value is effectively identical to that of the underlying security. LEPWs are used to allow participation in the performance of a foreign equity security where there are legal or financial obstacles to purchasing the underlying directly. (2) Participation Notes ("P-Notes") are unsecured, bearer securities typically issued by financial institutions, the performance of which is generally linked to the performance of the underlying listed shares of a company in an emerging market (for example, the shares in a company incorporated in India). Investors in P-Notes do not have or receive any rights relating to the underlying shares, and the issuers of the notes may not be obligated to hold any shares in the underlying companies. LEPWs and P-Notes bear counterparty risk and may bear additional liquidity risk. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. A list of composite descriptions is available upon request. Past performance is not indicative of future results.The investment management fee schedule for the strategy is 0.85% on the first $50 million, 0.65% on the next $200 million, and 0.55% on assets on all assets above $250 million. Actual investment advisory fees incurred by clients may vary. The Global Leaders Equity Strategy of the portfolio manager was created and fully invested March 1, 2017. The GLEC was created on March 8, 2017. MSCI is the source of all MSCI data presented. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

ThankYou!

September 2019