EASTSPRING INVESTMENTS - ASIAN HIGH YIELD BOND FUND - December 2020

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EASTSPRING INVESTMENTS - ASIAN HIGH YIELD BOND FUND - December 2020
EASTSPRING INVESTMENTS -
ASIAN HIGH YIELD BOND FUND
December 2020

                                eastspring.com
                             eastspring.us/offshoreadvisor
EASTSPRING INVESTMENTS - ASIAN HIGH YIELD BOND FUND - December 2020
2

LEADING ASSET MANAGER IN ASIA
LEVERAGING OUR ASIAN DNA TO CAPITALISE ON GLOBAL OPPORTUNITIES

1994                                                                                             One of the
                             USD 248bn                      300+ INVESTMENT                                                               DEEP INSIGHTS
Founded 1994 in              Managing USD 248bn
                                                            PROFESSIONALS^                       LARGEST                                  INTO ASIA
Singapore (HQ) and           assets on behalf of
100% owned by                institutional and individual
                                                            Unrivalled on-the-ground             ASIAN ASSET                              Our investment teams'
                                                            investment presence in Asia                                                   deep understanding of
Prudential plc (UK)          investors globally                                                  MANAGERS                                 Asian markets, provides us
                                                                                                 and a major Asian Fixed                  with a unique perspective
                                                                                                 Income player                            for global investments

                                                               United
                                                             Kingdom

                                                                Luxembourg
                                                                                                                                                 Japan
                     United States                                                                                          China*         South Korea

                                                                                                                                     Taiwan
                                                                                                            India*               Hong Kong*
                                                                                                                Thailand*
                                                                                                                                Vietnam
                                                                                                               Malaysia
                                                                                                                              Singapore

                                                                                                                                     Indonesia
 Investment and Sales & Client Service office
 Sales & Client Service Office
 Joint venture

Source: Eastspring Investments. As at 31 December 2020. ^Including joint ventures and sales offices in the US, UK and
Luxembourg. AUM size by contracted sales. Note: bn = billion.

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EASTSPRING INVESTMENTS - ASIAN HIGH YIELD BOND FUND - December 2020
3

A DIVERSIFIED AND GROWING GLOBAL ASSET MANAGER
                                                                   AUM Growth (USD bn)

         2%          7%                                                                                                                       241    248

                                                                                                                                       193
                          47%                                                                      12% CAGR                     188

40%                                                                                                                      146
                                                                                                                 131

                                                                                                 99     121
                                                                                        95
                                                                       81       78

                          51%

      Fixed Income         Equity           Quant
      Others ^             Investment Solutions (IS)

                                                                      2010    2011     2012    2013     2014    2015     2016   2017   2018   2019   2020

          Internal Life 56%                                                                                                      Third Party 44%

                                                            AUM      USD248bn
Source: Eastspring Investments as at 31 December 2020. AUM includes Joint Ventures AUM based on % of ownership
*Joint ventures: India - ICICI Prudential Asset Management Co Ltd, Hong Kong - Bank of China International – Prudential Asset
Management and China - CITIC-Prudential Fund Management Co Ltd. ^ Others – include Alternative assets and money market
funds. Note: bn = billion.

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EASTSPRING INVESTMENTS - ASIAN HIGH YIELD BOND FUND - December 2020
4

EXTENSIVE LOCAL PRESENCE IN ASIA
ONSHORE ASSET MANAGEMENT ACROSS ASIA

Sources: Singapore and Hong Kong (Morningstar), Malaysia (Lipper), Thailand (Association of Investment Management Companies), Korea (Korea
Financial Investment Association), India (Association of Mutual Funds in India), Japan (Investment Trusts Association, Japan), Taiwan (Securities
Investment Trust & Consulting Association of R.O.C.), China (Wind), Indonesia (Otoritas Jasa Keuangan), Vietnam (State Securities Commission of
Vietnam). All markets as of December 2020. Eastspring JVs include HK, India and China. Japan reflects Publicly Offered Investment Trusts market
presence. China reflects public mutual funds market presence. Vietnam reflects open-ended mutual funds market presence only. *Market presence
based on whether the AMCs offer onshore domiciled mutual funds. Market ranking based on 100% shareholdings.

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EASTSPRING INVESTMENTS - ASIAN HIGH YIELD BOND FUND - December 2020
5

INVESTMENT CAPABILITIES OVERVIEW

                                                                  Fixed                             Investment                              Quantitative
                     Equities                                    Income                              Solutions                               Strategies

                        AUM of                                    AUM of                                 AUM of                                 AUM of
                   USD 25bn                                  USD 62bn                             USD 115bn*                                USD 3.5bn
                 Key capabilities:                          Key capabilities:                     Key capabilities:                         Key capabilities:

         GEM Concentrated Value                               EM Debt                                Multi Asset                            Global Low Vol
        Japan Concentrated Value                             Asian HY                                Solutions                              Asian Low Vol
            China A Growth                               Asia Fixed Income                                                                   Multi-Factor
             Greater China                               Asian Sustainable
            Asia ex – Japan                                 China RMB

                  Number of Inv.                            Number of Inv.                         Number of Inv.                           Number of Inv.
                 professionals: 31                         professionals: 22                      professionals: 12                         professionals: 8

              Avg. yrs experience:                       Avg. yrs experience:                  Avg. yrs experience:                    Avg. yrs experience:
                       18                                         15                                    14                                      13
Source: Eastspring Investments as at 31 December 2020. AUM for investment teams are internally calculated and includes advisory
mandates. There might be double counting of assets within the individual investment teams. The figures above do not reflect joint venture
assets under management. *Including sub-funds managed by other teams and investments into Eastspring SICAV funds. Note: bn =
billion.

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EASTSPRING INVESTMENTS - ASIAN HIGH YIELD BOND FUND - December 2020
6

FOCUSED - FIXED INCOME INVESTMENT CAPABILITIES
  Strategy Name                              Asian High Yield Bond                       China Onshore Bond                         Global Emerging Markets Bond

                                             JPMorgan Asia Credit – Non                                                         JPMorgan Emerging Markets Bond Index -
 Benchmark                                     Investment Grade Index          Markit iBoxx ALBI China Onshore Bond index                 Global Diversified

                                              Invests primarily in USD–
                                                                                Invests primarily in China onshore bonds            Invests primarily in hard currency
                                           denominated below investment
 Investment Objective                                                         across different sectors, including government    denominated bonds issued by government
                                            grade bonds issued by Asian
                                           corporate, quasi-sovereign and     and non-government bond sectors; Moderate           and quasi-government entities within
                                                      sovereign                  flexibility to go into non-RMB securities                 Emerging Markets

 Investment Style                                 Benchmark-aware                       Benchmark-unconstrained                            Benchmark-aware
 AuM (USD mn)                                           468.3                                      434.2                                        2,251.6
                                                                                        Incepted :December 2019
 Strategy Inception                                   Oct 2011                            Investment Start Date :                               Apr 2011
                                                                                             21 February 2020
 Lead PM                                           Wai Mei Leong               Guan Yi Low with advisory from China WFOE                       Eric Fang
 Current YTM (%)+                                       7.72                                       3.37                                           4.29
 Current Duration   (yrs)+                              3.50                                       5.45                                           8.44

 Credit Quality Bias                                 High Yield                             Investment Grade                                   High Yield
 Key Investment Parameters *

 Duration Range                             +/- 1.5 years from BM duration                          N/A                                +/- 1 year from BM duration
                                         Not applicable; Max 20%in non-BM
 Max Country Weight                                   countries                Up to 35% for single country of risk ex. China              +/- 5% BM Weight
                                                                                                                                   Max 20% in corporates (ex Quasi-
 Max Sector Weight                       Max 33% in IG, non-rated and cash                          N/A                                      sovereigns)
                                                                                Up to 10% per currency with exception of
 Currency Limits                           Max 20% in non-USD exposures         CNY/CNH; Max aggregate non-CNY/CNH                  Max 10% in non-USD exposures
                                                                                           exposure: 30%
 Min. Portfolio Average                  Not more than 3 notches below BM Aggregate non-investment grade bond exposure           Not more than 1 notch below BM rating
 Credit Rating*                                    rating (Linear)                        limit: Max 30%                                        (Linear)

Source: Eastspring Investments, as of 31 December 2020. +The computation of yield to maturity and average duration includes cash and
derivatives securities.; * Internal guidelines, subject to changes at fund managers’ discretion

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7

FOCUSED - FIXED INCOME INVESTMENT CAPABILITIES
  Strategy Name                                    Asian USD Bond                            Asia Sustainable Bond                         Asian Total Return

 Benchmark                                    JPMorgan Asia Credit Index                          Unconstrained                               Unconstrained

                                                                                  Invests in a mix of green, social and sustainability
                                         Invests primarily in USD –denominated    (“GSS”) bonds and other debt securities issued by Invests primarily in a mix of USD and
                                        bonds issued by Asian corporate, quasi-   Emerging Asian governments, quasi-governments, domestic Asian bonds and currencies;
 Investment Objective
                                        sovereign and sovereign, including both    corporates or supranational, which are aligned to   flexibility to implement tactical
                                            high yield and investment grade         internal Environmental, Social and Governance                    overlays
                                                                                                   (“ESG”) principles

 Investment Style                                  Benchmark-aware                             Absolute return targeted                   Absolute return targeted
 AuM (USD mn)                                           3,334.2                                         73.3                                        92.7
 Strategy Inception                                    Dec 2002                                       Dec 2019                                   Nov 2017
 Lead PM                                             Wai Mei Leong                                 Rong Ren Goh                                 Guan Yi Low
 Current YTM (%)+                                        4.43                                           4.20                                        6.27
 Current Duration (yrs)+                                 5.57                                           4.39                                        4.00

 Credit Quality Bias                               Investment Grade                               Investment Grade                           Investment Grade
 Key Investment Parameters *

 Duration Range                               +/- 1 year from BM duration                          Below 5 years                                  -1y to 8y

 Max Country Weight                               +/- 10% BM Weight                                     35%                                         30%
                                                                                        Sovereign: Max 35% for single issuer             Max non-investment grade
 Max Sector Weight                                   Not applicable                                                                           exposure: 30%
                                                                                     IG/HY Corporate: Max 10% for single issuer
                                                                                    Up to 10% per currency with exception of USD
 Currency Limits                            Max 10% in non-USD exposures          (subject to an aggregate limit of 20% for non-USD     Aggregate net short FX: 30%
                                                                                                      exposures)
 Min. Portfolio Average                  Not more than 1 notch below BM rating               Max non-investment grade                               N.A.
 Credit Rating*                                         (Linear)                                  exposure: 30%

Source: Eastspring Investments, as of 31 December 2020. +The computation of yield to maturity and average duration includes cash and
derivatives securities.; * Internal guidelines, subject to changes at fund managers’ discretion

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8

 AWARD WINNING FIXED INCOME CAPABILITIES

               2020                                     2019                                 2018                                     2017

                                                                                         Asian High                              Asian Local
             Asian                                    Asian                                                                       Currency
             Bond                                     Bond                               Yield Bond
                                                                                                                                    Bond
             House                                    House                                 Fund                                    Fund
        “Best of the Best”                       “Best of the Best”               Best Fund over five years            Best Fund Manager Bond Asia
         Regional Awards                          Regional Awards                  Bond USD – High Yield              Pacific Local Currency Category
       (Awarded by Asia Asset                   (Awarded by Asia Asset
           Management)                                                                   Category                               Low Guan Yi
                                                    Management)
                                                                                 (Awarded by Refinitiv Lipper Fund          (Awarded by Citywire Asia)
                                                                                             Award)
                                                                                                                      Top 5 Investment Houses in Asia
          Asian Local                                                                                                  – Asian Local Bond Currency
                                                   Singapore                           Asian Local                            Category Rank 1st
           Currency                               Select Bond                           Currency                        (Awarded by The Asset Benchmark
             Bond                                                                         Bond                                     Research)
             Fund                                    Fund
                                                                                          Fund                            Most Astute Investors
                                                                                                                        Asian Local Bond Currency
Best Asian Fixed Income Fund,              Best Fund over 3 & 5 years                                                       Portfolio managers,
       Local Currency                             Bond SGD                      Top 5 Investment Houses in               Cheong Wei Ming (No. 3),
(Awarded by Asia Asset Management)        (Awarded by Refinitiv Lipper Fund      Asia – Asian Local Bond               Danny Tan (No. 6) and Guan Yi
                                                      Award)                    Currency Category Rank 1st               Low (Highly commended)
                                                                                 (Awarded by The Asset Benchmark
                                                                                            Research)
                                                                                                                        (Awarded by The Asset Benchmark
                                                                                                                                   Research)

 Sources: Refinitiv Lipper (April 2019 and April 2017), Citywire (April 2016), The Asset Benchmark Research (November 2016, July 2017),
 Asia Asset Management (2015, 2019 and 2020), Asian Investor Asset Management (June 2015), and unless otherwise stated.

 STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
9

WHY EASTSPRING?

       Pursuit of alpha through a differentiated,
                                                                       DIVERSITY OF
       Asian lens                                                      OUR PEOPLE AND
                                                                       PERSPECTIVES
       History of operating in some of the most
       diverse, illiquid and inefficient markets
       positions us well for emerging and
       developed markets investment
                                                                      56%                40% of female
       Alignment of interests and history of                          of our workforce   representation in our
                                                                      is female          Executive Management
       investing alongside our clients
                                                                                         Committee

       Commitment of seed capital to innovate
       new strategies and willingness to
       customize solutions for clients
                                                                      27
                                                                      nationalities

       Risk management is embedded in our
       DNA with a long history of managing
       liability-linked assets

As of 31 December 2020.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
ASIAN HIGH YIELD FIXED INCOME
OVERVIEW
11

WHY INVEST IN ASIAN HIGH YIELD

Compelling absolute yields and yield advantage vs. other high yield markets

Attractive valuations, relatively wide spreads, improving fundamentals and liquidity

Continued issuance growth, domestic demand, and institutional ownership

Lower default rates compared with most high yield markets

Complementary diversification versus US and European high yield markets

Attractive risk/reward profile
12

ASIAN HIGH YIELD
CHARACTERISTICS VS. OTHER HIGH YIELD MARKETS

                                                        US HY                    Euro HY                        MARKET CAPITALISATION –
                              Asian HY
                                                       Corporate                Corporate                     ASIAN HIGH YIELD (US$ ‘BILLION)

 Market Cap                                                                                          200
                                188,075                 1,543,269                 431,172
 (US$ MN)
                                                                                                     180
 No. Of Issues                      365                      2,030                    706
                                                                                                     160
 Yield-to-Worst                     7.01                     4.24                     2.88
 (%)                                                                                                 140

                                                                                                     120
 Effective                          2.23                     3.67                     3.50
 Duration (Years)
                                                                                                     100
 Average Credit                     B+                        B+                      BB-              80
 Rating
                                                                                                       60
 Credit Spreads*                    679                      386                      355
 (bps)                                                                                                 40
                         Real Estate       56.0   Energy             13.4   Banking          12.0
                                                                                                       20
 Top 3 Industry          Basic             10.1   Media              9.2    Automotive       11.6
 Exposures (%)           Industry                                                                       0
                         Banking           7.9    Basic              9.1    Telecom          10.7
                                                  Industry

Source: Eastspring Investments, Bank of America Merrill Lynch Indexes from Bloomberg, as at 31 December 2020. *Refers to
option-adjusted spreads (vs Govt). Note : IG = Investment Grade, HY = High Yield. Past performance is not necessarily indicative
of the future performance.

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13

ABOUT THE ASIAN HIGH YIELD BOND MARKET
  Rising share of local demand for Asian bonds provides a cushion from capital flight from investors
  outside the region.
  Volatility of Asian high yield bond has declined since Global Financial Crisis (GFC)

       ROLLING 3-YEAR ANNUALISED VOLATILITY                                                                                                   ASIA HIGH YIELD NEW ISSUE ALLOCATION
                                                                                                                                                          BY GEOGRAPHY
   18%                                                                                                                                 100%
   16%                                                                                                                                 90%
   14%                                                                                                                                 80%
   12%                                                                                                                                 70%

   10%                                                                                                                                 60%
                                                                                                                                       50%
    8%
                                                                                                                                       40%
    6%
                                                                                                                                       30%
    4%
                                                                                                                                       20%
    2%
                                                                                                                                       10%
    0%
                                                                                                                                        0%
                                                               Jul-14
         Jan-09

                                    Oct-11

                                                                        Jun-15
                                                                                 May-16

                                                                                                   Mar-18
                                                                                                            Feb-19
                                                                                                                     Jan-20
                  Dec-09
                           Nov-10

                                             Sep-12
                                                      Aug-13

                                                                                          Apr-17

                                                                                                                              Dec-20

                                                                                                                                                     US      Europe     Asia
                           Asian High Yield Bonds                                         Global Bonds

LHS Source: Bloomberg, JPMorgan, FTSE, 31 December 2020; Asian High Yield Bonds: JPMorgan Asia Credit Index – Non
Investment Grade; Global Bonds: FTSE World Government Bond Index.
RHS Chart Source: J.P. Morgan; Bond Radar, Bloomberg, JP Morgan estimates, December 2020.
Past performance is not necessarily indicative of the future or likely performance.
14

YIELD ADVANTAGE VS. OTHER ASSET CLASSES
STILL ATTRACTIVE
                                                                                                                                                                                AVERAGE
                                                                         AVERAGE YIELD (%)                                       YIELD PER UNIT
                                                                                                                                                                                 CREDIT
                                                                                                                                OF DURATION (%)
                                                                                                                                                                                QUALITY

                               Asian HY Corp                                                                               7.0                 3.1                                B+
     50% EM Corporate + 50% EM
      Sovereign (Hard Currency)                                                                 4.3                                            0.6                               BBB-
                                    US HY Corp                                                 4.2                                             1.2                                B+
                          Asian USD Bonds                                           3.1                                                        0.6                               BBB
                                 EUR HY Corp                                     2.9                                                           0.8                               BB-
                         Asian Local Bonds                                       2.8                                                           0.4                                A
                                 Asian IG Corp                            2.2                                                                  0.4                                A-
                                     US IG Corp                       1.8                                                                      0.2                                A-
                  Developed Gov Bonds*                           0.3                                                                           0.0                                AA
                                  EUR IG Corp                    0.2
                                                                                                                                               0.0                                A-

Source: Bloomberg, Eastspring Investments, BofAML, Citigroup, Markit iBoxx as at 31 December 2020. * Data as of 30 September 2020. Asian HY Corp as represented
by BofA Merrill Lynch Asian Dollar High Yield Corp Index. Asian IG Corp as represented by BofA Merrill Lynch Asian Dollar Investment Grade Corp Index. US IG Corp and
US HY Corp as represented by BofA Merrill Lynch US Corp and High Yield Indices respectively, Asian Local Bonds as represented by the Markit iBoxx Asian Local Bond
Index, Asian USD Bonds as represented by BofA Merrill Lynch Asian Dollar Index, Developed Govt bonds represented by Citigroup World Government Bond index. EUR
HY Corp and EUR IG Corp represented by BofA Merrill Lynch Euro High Yield and Euro Corporate Indices respectively. 50% EM Corp + 50% EM Sov (Hard currency) as
represented by JP Morgan EMBI Global Diversified Index + JP Morgan CEMBI Broad Diversified Index. HY= High Yield, IG = Investment Grade. Average yield for
corporate bonds are based on yield to worst. Please note that there are limitations to the use of such indices as proxies for the past performance in the respective asset
classes/sector. The historical performance or forecast presented in this slide is not indicative of and should not be construed as being indicative of or otherwise used as a
proxy for the future or likely performance.
STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
15

      WHY ASIAN HIGH YIELD BONDS
      CREDIT FUNDAMENTALS REALTIVELY GOOD SHAPE
               Asian credits entered into the sell-off in relatively good shape; liquidity was generally adequate.
               However, Covid-19 will impact some companies more than others; There will be winners and
               losers emerging from this episode.

                                      NET LEVERAGE OF ASIAN HIGH YIELD VS. EM AND DM HIGH YIELD

               6.0x                    Global EM HY            US HY         European HY                                                Global EM Emerging                  Asia
                      5.4x                                                                                      3.5x                    Europe                              Latin America
                             4.8x                                                                                                       Middle East & Africa
               5.0x                                                                4.3x                         3.0x
                                                          4.1x 4.0x                       4.0x
                                    3.8x 3.7x 3.7x 3.7x                3.7x 3.6x                                2.5x
Net Leverage

               4.0x                                                                                                                                                                               2.5x

                                                                                                 Net Leverage
                             4.0x                                                                                                                                                                 2.2x
               3.0x   3.7x                                   3.7x 3.8x 3.6x 3.5x 3.6x                           2.0x
                                              3.3x 3.4x 3.5x                                                                                                                                      1.7x
                                    3.1x 3.1x                3.0x 3.0x                                          1.5x                                                                              1.5x
                                                                        2.6x      2.6x 2.6x
               2.0x                                     2.5x
                                              2.1x 2.2x                      2.3x                               1.0x                                                     2.0x 1.8x
                                                                                                                                                                  1.9x                      1.8x 1.9x
                             1.7x 1.5x 1.5x                                                                                   1.5x               1.6x 1.7x 1.8x                      1.5x
               1.0x                                                                                                    1.1x          1.3x 1.3x
                      1.1x                                                                                      0.5x
               0.0x                                                                                             0.0x
                      2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 LTM                                  2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 LTM

        Source: JPMorgan, Bloomberg, June 2020, LTM includes partial 1Q 20 results. Past performance is not necessarily indicative of
        the future or likely performance of the portfolio.

     STRICTLY PRIVATE AND CONFIDENTIAL
16

 MARKET OUTLOOK
 … AND VERSUS US HIGH YIELD

                                                 RELATIVE VALUE VERSUS US HIGH YIELD
   2.6
   2.4
   2.2
   2.0
   1.8
   1.6
   1.4
   1.2
   1.0
   0.8
         Sep-11
         Dec-10

         Dec-11

         Sep-12
         Dec-12

         Sep-13
         Dec-13

         Sep-14
         Dec-14

         Sep-15
         Dec-15

         Sep-16
         Dec-16

         Jun-17
         Sep-17
         Dec-17

         Sep-18
         Dec-18

         Sep-19
         Dec-19

         Sep-20
         Dec-20
         Mar-11

         Mar-12

         Mar-13

         Mar-14

         Mar-15

         Mar-16

         Mar-17

         Mar-18

         Mar-19

         Mar-20
         Jun-11

         Jun-12

         Jun-13

         Jun-14

         Jun-15

         Jun-16

         Jun-18

         Jun-19

         Jun-20
                                                     Asia - US "B: Rated Spread Multiple                                     Average

Source: Bloomberg, JPMorgan, ICE Benchmark Administration Limited (IBA), 15 January 2021 (daily data); JPMorgan Asia Credit Index – B sub-
index; ICE BofAML US High Yield B Option-Adjusted Spread retrieved from FRED, Federal Reserve Bank of St. Louis; August 1, 2018. HY: High
Yield. * Spread differential between Asian HY B rated and US HY B rated. Please note that there are limitations to the use of such indices as
proxies for the past performance in the respective asset classes/sector. The historical performance or forecast present in this slide is not indicative
of and should not be construed as being indicative of or otherwise used as a proxy for the future or likely performance of the fund.

STRICTLY PRIVATE AND CONFIDENTIAL
17

ATTRACTIVE VALUATIONS VS. OTHER CREDIT MARKETS &
HISTORY

                                SPREAD TO WORST (BPS) OVER THE LAST 10 YEARS
1600

1400                High        Low       Current         Ave

1200

1000

  800
                                                                              677
  600

  400                                                                                            390                358
                                                                                                                                        277       283
  200                                                       163
                       98                92
     0
               US IG             Eur IG          Asian USD         Asian USD             US HY             Eur HY         EM USD Sov          EM USD
                                                     IG                HY                                                                      Corp

Source: Eastspring Investments, Bloomberg, as at 31 December 2020. US, EUR and Asian USD Investment Grade and High Yield
corporates represented by ICE BofA US Corporate Index, US High Yield index, Euro Corporate index, Euro high yield index, Asian Dollar
Investment Grade index, Asian Dollar High Yield index respectively. EM USD Sovereign and Corporates are represented by ICE BofA US
Emerging Markets External Sovereign Index and US Emerging Markets External Debt Sovereign & Corporate Plus Index respectively.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
18

MARKET OUTLOOK
VALUATIONS ARE STILL RELATIVELY ATTRACTIVE
    Historically, investors entering the Asian high yield corporate markets at yield levels of 7-8%
    achieve a median return of 7.1% over rolling 3 years period.

     HISTORICAL ASIAN HIGH YIELD CORPORATE BOND
          YIELDS % AND SPREADS BPS (5-YEAR)
1700                                                                                         18
                                                                                                                Average           3-Year Rolling Returns % ann.
1500                                                                                         16                                       (Jun 2007 to current)
                                                                                                                    AHY
1300                                                                                         14                    Yield
                                                                                                                at Entry            Min.           Median   Max
1100                                                                                         12

  900                                                                                        10                     9%           5.7%            13.1%    30.1%

                         Option-Adjusted Spreads bps
                         BAML Asian US$ HY Corp Yields %, RHS
Source: ICE BofAML Asian Dollar High Yield Corporate index as of 10 October 2020 (weekly data). The historical performance or forecast
presented in this slide is not indicative of and should not be construed as being indicative of or otherwise used as a proxy for the future or likely
performance of the portfolio. Please note that there are limitations to the use of such indices as proxies for the past performance in the respective
asset classes/sector. The historical performance or forecast present in this slide is not indicative of and should not be construed as being
indicative of or otherwise used as a proxy for the future or likely performance of the portfolio.
19

MANAGEABLE DEFAULT RISKS
     Default risks for 2021 are expected to moderate given the stronger macroeconomic outlook.
     However, China’s credit tightening measures and an uneven global recovery path are still likely
     to result in idiosyncratic risks.

                                HISTORICAL HIGH YIELD CORPORATE DEFAULT RATES (%)
18.0
16.0
14.0
12.0
10.0
 8.0
 6.0
 4.0
 2.0
 0.0
          2009       2010       2011       2012       2013       2014        2015       2016       2017       2018       2019         2020   2021F

                   Asia                                         Emerging Europe                               Latin America
                   US                                           Asia Average (2.4)                            Emerging Europe Average (3.7)
                   Latin America Average (4.6)                  US Average (3.4)

 Source: JP Morgan, 6 January 2021; based on par value of defaulted bonds and excluding 100% quasi-sovereigns. Note: Average
 default rates are calculated from 2009-2020. Past performance is not necessarily indicative of the future or likely performance of
 the portfolio.

 STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
20

               RISK RETURN PROFILE
               FAVOURABLE RISK-ADJUSTED RETURNS
                                       RISK/RETURN PERFORMANCE OF ASIAN BONDS                                                    SHARPE RATIO *
                                        VS. OTHER ASSET CLASSES (SINCE DEC 2000)                               (Return minus risk-free rate, divided by volatility, ann.)
            12.0%
                                                                                                                  Asian USD Bonds                                 1.12

                                                                                  Asia ex Japan
                                                                                                                  Asian High Yield Bonds                          1.05
            10.0%                                           Asian High            Equities
                                                            Yield Bonds
                                                                                                                  US Treasuries                                   1.01
Return (Annualised %)

                                       Global Emerging
                                                                                                                  Asian Local Bonds                               0.95
                        8.0%           Market Bonds
                                       USD                    US High Yield      US Equities                      Global Emerging Market Bonds                    0.88
                                    Asian USD                 Bonds
                                    Bonds
                                                                                Global Equities                   US High Yield Bonds                             0.78
                        6.0%
                                        Asian Local
                                        Bonds                                                                     Global Government Bonds                         0.68

                                                                                                                  US Equities                                     0.48
                        4.0%       US
                                   Treasuries         Global
                                                      Government                                                  Asian ex Japan Equities                         0.47
                                                      Bonds
                                                                                                                  Global Equities                                 0.40
                        2.0%
                            0.0%            5.0%           10.0%          15.0%        20.0%         25.0%
                                                       Risk, (Std Dev, annualised %)

         Please note that there are limitations to the use of such indices as proxies for the past performance in the respective asset classes/sector. The historical performance or forecast
         presented in this slide is not indicative of and should not be construed as being indicative of or otherwise used as a proxy for the future or likely performance of the portfolio

Source: Bloomberg, Eastspring Investments, from end December 2000 to end December 2020, in USD, based on monthly data; *Based on risk-free rate of 3-
Month Intercontinental Exchange London Interbank Offered rate (“LIBOR”). Various markets are represented by following indices : Asian High Yield Bonds – JP
Morgan (“JPM”) Asia Credit Index (“JACI”) High Yield Index, Asian USD Bonds – JACI Asia Credit Index, Asian Local Bonds – Markit iBoxx Asian Local Bond
Index, Global Government Bonds – Citi World Govt Bond, US High Yield Bonds – Bank of America Merrill Lynch(“BofAML”) US High Yield, Global Emerging
Market Bonds – JPM Emerging Markets Bond Investment Grade, Asian ex Japan Equities – Morgan Stanley Composite Index (“MSCI”) Asia Ex Japan, Global
Equities – MSCI AC World US$, US Equities – Standard & Poor 500 Index, US Treasuries represented by Citi US Broad Investment-Grade Treasury/Agency
Index.
                        STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
FIXED INCOME TEAM, PHILOSOPHY
& PROCESS
22

     FIXED INCOME EXPERIENCED & STABLE INVESTMENT TEAM
                                             Portfolio Management                 Portfolio Management                   Portfolio Management
                                                Life / Solutions                          Credit                                                                           Credit Research
                                                                                                                              Local Rates

                                                 Danny Tan (21)                        Wai Mei Leong (21)                  Wei Ming Cheong (25)                     Yong Hong Tan^^ (19)
                                                 Investment Director                   Investment Director                 Investment Director                      Credit Manager

                                                 Kenneth Lee (7)                       Eric Fang (17)                      Guilherme Maciel de                      Li Ping Yeo^ (26)
                                                 Portfolio Manager                     Portfolio Manager                   Barros (14)                              Senior Credit Analyst
                                                                                                                           Portfolio Manager
                                                                                                                           Rong Ren Goh (13)                       Jerry Gwee^ (18)
    Boon Peng Ooi # (33)                       Peerampa Janjumratsang^ (8)                                                                                         Senior Credit Analyst
Head of ES Portfolio Strategies                Portfolio Manager                                                           Portfolio Manager

                                                                                                                            Matthew Kok (3)                         Elvin Tan (15)
                                                                                                                            Portfolio Manager                       Senior Credit Analyst

                                                                                                                                                                    Marvin Kwong (14)
                                                                                                                                                                    Senior Credit Analyst
                                               Other Investment Support Personnel                                                                                   Shao Keng Ang (12)
                                                                                                                                                                    Senior Credit Analyst
      Guan Yi Low (23)
                                               Ginny Wong (19) Senior Dealer 1
    Head of Fixed Income                                                                                                                                             Lee Wai Meng (9)
                                               Vivian Ting (21) Senior Dealer 1
                                                                                                                                                                     Senior Credit Analyst
                                               Matthew Valath (10) Dealer 1
                                               Tricia Wong (19) Client Portfolio Manager 2
                                                                                                                                                                     Valerie Yan (4)
                                               Chung Yuh Ang (8) Client Portfolio Manager3                                                                           Credit Analyst
                                               Shirley Fong (12) Portfolio Specialist 3
                                               Jacelyn Wu (17) Investment Analyst 4                                                                                  Ng Kah Wee (3)
                                                                                                                                                                     Credit Analyst

                                                                                                                                                                 Credit Research: China (WFOE)

            Portfolio managers have an average 16 years of investment                                                                                                William Xin (18)**
                                                                                                                                                                     Head of Fixed Income
            experience and 9 years of experience within the firm
            USD62.4* billion of assets under management                                                                                                               Janet Lu (11)
                                                                                                                                                                      Analyst

     Source: Eastspring Investments, 1 January 2021. Years of relevant investment experience in brackets (xx). ^Li Ping Yeo, Jerry Gwee and Peerampa Janjumratsang
     assume both credit research and portfolio management responsibilities. ^^Yong Hong Tan oversees the credit analyst team. **Secondary reporting line to CIO, Fixed
     Income and direct reporting to General Manager, Eastspring China. 1Direct reporting to Head of Central Dealing Desk. 2Direct reporting to Head of Client Portfolio
     Managers. 3Direct reporting to Client Portfolio Manager of Fixed Income, Tricia Wong. 4Direct reporting to Investment Director (Fixed Income), Danny Tan. #Boon Peng is
     also CEO of Eastspring Singapore and oversees the Equities and Quantitative Strategies teams as well. *As of end December 2020.

    STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
23

FIXED INCOME TEAM-BASED RESEARCH APPROACH

                                                                         USD62.4b Asset Under Management*
          Global Macro
                                               Asian Interest Rates         14+ years of fixed income experience
                                                  and Currencies
       Boon Peng/ Rong
     Ren/Guan Yi: G3 and                        Wei Ming/ Rong Ren :          21 Investment Professionals
                                              Asian rates and currencies
     broad interest rate and
                                              Guilherme : GEM rates &              2 Credit Analysts based in
         macro views                                                                                     China
                                                     currencies
           Wei Ming:
                                                 Kenneth : Phil & Thai
         Commodities                                    rates
                                                                                                                     700+ Issuers^
                                  Guan Yi:                                                                           under coverage
                               Formulation of
                                Investment
                                   views

               Credits                              Bottom-up &
      Wai Mei: Asian Credits                      Industry Trends
      Eric: Global Emerging                   Credit Analysts: Bottom-                                                    Combining
      Sovereign/Quasi-Sov                          up analysis of                                                         best of top-down
             Markets                           companies and credit                                                       & bottom up
                                                      sectors
                                                                                                          Strong track record
                                                                                                          of credit selection

Source: Eastspring Investments, 31 December 2020. Years of relevant investment experience in brackets (xx).*As of end December 2020.
^Research coverage included corporate, sovereign and quasi-sovereign issuers.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
24

FIXED INCOME INVESTMENT PHILOSOPHY

   Fundamentals, Valuation and Technical factors are the basis for well-informed investment
   decisions and alpha generation

   A medium-term investment horizon provides patient investors opportunities to take advantage
   of dislocations in fair value

   Investment opportunities are created by identifying cyclical extremities in interest rates and
   credit spreads

   Value opportunities arise due to shifts in investor risk perception, resulting in the mispricing of
   assets relative to fundamentals

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
25

 FIXED INCOME INVESTMENT PROCESS
 A rigorous investment process comprising four broad stages

                             1
                     INVESTMENT
                                                                  1       Macroeconomic and market research to determine the
                                                                          investment outlook and ascertain the fair value of the broad
                                                                          interest rate, credit and currency markets
                      OUTLOOK &
                      FAIR VALUE

           4
                       ANALYSIS
                                                                  2       Fundamental, valuation and technical analyses of relevant
                                                                          markets are combined to determine the portfolio’s:
                                                                             Duration and yield curve strategy
       RISK                                     2                            Currency strategy
                         ASIAN           STRATEGY
     CONTROL
       AND               FIXED          FORMULATION                          Credit strategy
      REVIEW            INCOME

                                                                          Portfolio is constructed in line with the duration/yield curve,

                             3
                     PORTFOLIO
                                                                      3   sector, credit and currency risk preferences of the team, as
                                                                          well as the client’s risk preferences and objectives
                   CONSTRUCTION
                                                                          Portfolios’ risk exposures are reviewed in real time and
                                                                      4   discussed during weekly and quarterly team meetings
                                                                          Performance and risk exposures also reviewed on a quarterly
                                                                          basis with the Investment Risk Oversight Committee

 Source: Eastspring Investments (Singapore) Limited

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
26

 FIXED INCOME INVESTMENT PROCESS
 A rigorous investment process comprising four broad stages

MACRO ANALYSIS                                    Analysis & View         Assessing Value in        Bond Market &
AND DURATION                                      Formulation             Bond Markets              Duration Strategy
                                                   Economic & inflation    Monetary policy             Duration position
MANAGEMENT                                        outlook                 pricing                      versus benchmark
                                                   Projected monetary       Yield curve slope &        Yield curve
                                                  policy action           forward yield curve          strategy
                                                   Global interest rate   analysis                     Relative value of
                                                  outlook                   Absolute & real yield      bond markets
                                                                          levels vs history            Credit & swap
                                                                           Supply & demand             spread strategy
                                                                          dynamics

Source: Eastspring Investments.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
27

 FIXED INCOME INVESTMENT PROCESS
 A rigorous investment process comprising four broad stages

                                                  Top-down Credit         Bottom-up Credit          Credit Strategy
                                                  Outlook                 Selection
                                                   Economic                Assess credit strength    Credit allocation
                                                  environment             and default risk           versus benchmark
 PROPRIETARY                                       Credit condition        Establish Internal        Credit sector
                                                                          Credit Rating (ICR)        allocation
 CREDIT ANALYSIS                                   Credit migration and
                                                  default trend             Relative value           Value opportunities
 & STRATEGY                                        Corporate earnings     analysis and calculate
                                                                          implied credit default
                                                   Supply-demand
                                                                          levels
                                                   Risk appetite
                                                   Market liquidity
                                                   Sector comparison
                                                   Cross-market
                                                  comparison

Source: Eastspring Investments.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
28

                                                                          TOP-DOWN MACROECONOMIC THEMES
                                                      Identify thematic drivers – event               Portfolio flow trends into EM and Asia
                                                      risks, asset class trends , secular/            region
                                                      structural trends                               Investor positioning – DM vs. EM / Asia
                                                      Assess correlations across assets               Technical/price signals – Risk assets
                                                      and currencies
                                                                             BOTTOM-UP CURRENCY ANALYSIS

                                                      Fundamentals                         Valuations                        Technicals
CURRENCY                                           Economic fundamentals             Structural valuation
                                                                                     models (eg.
                                                                                                                       Investor positions – high
                                                                                                                       level of long or shorts in
MANAGEMENT                                         Monetary policy outlook
                                                   Fiscal policy trends
                                                                                     Fundamentals / Real
                                                                                     effective exchange rate)
                                                                                                                       a currency
                                                                                                                       Investor sentiment & risk
                                                                                                                       appetite: risk seeking /
                                                   Current account trends            Interest rate carry               avoidance behaviour
                                                                                     relative to volatility            Technical/ price signals:
                                                                                                                       Eg. MACD, RSI, Trend
                                                                                     Interest rate differentials       Channels, Charting

                                                                                 CURRENCY STRATEGIES
                                                Strategic overlays
                                                  Relative value and total return assessment
                                                  Determine currency positioning relative to benchmark or absolute basis

                                                Tactical overlays
                                                 Exploit opportunities arising from market noise and idiosyncrasies prevalent in FX markets.
                                                 Risk management due to near term headwinds identified.
                                                 Overlays applied to create synthetic bond positions that deliver better risk-adjusted carry, and
                                                 lower transaction costs.

Source: Eastspring Investments.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
29

PORTFOLIO RISK CONTROLS & REVIEW
                                                     REGULAR INVESTMENT MEETING
Our core framework for managing                         MEETING           FREQUENCY         PURPOSE                    DISCUSSION TOPICS
investment risks involves:                                                                Local rates and FX
                                                      Investment                          markets updates and          Broad macro updates
                                                      Meeting                 Weekly      review of key                Individual LCY and FX markets
    Appropriate risk sizing for                       (Rates/FX)                          portfolio risk               Discussion on portfolio strategies
                                                                                          exposures
    positions and risk control at
    outset. Monitoring of positions                                                       Discussion and               Updates on credit sector meetings
                                                      Investment                                                       and new issuance activity
                                                                                          update of credit-
    with appropriate stop/review                      Meeting                 Weekly      specific issues and          Highlight material issuer
                                                      (Credit)                            developments                 developments or credit risks
    levels                                                                                                             Ad-hoc topical / sectoral discussion

                                                                                                                       Macro and G3 interest rate markets
    Comprehensive real time                                                               Formulation of               Commodity markets
                                                      Strategy           At least three   investment strategy          Individual Asian LCY and FX
    portfolio monitoring and risk                     Meeting            times a year     for the next 3-6             markets
    reports                                                                               months                       Asian credit markets
                                                                                                                       Sector / credit focus

    Regular portfolio and risk                       RISK OVERSIGHT MEETINGS
    oversight meetings to discuss                       Monthly One-on-One                   Quarterly Investment
                                                                                                                                Quarterly Risk Oversight
                                                       with Head of Investment               Management Meeting
    market and credit risks in light of                       Strategies                       with CIOs (IMM)
                                                                                                                                        Review

    economic and market                                                                    Attended by Head of
                                                      Attended by Head of                                                      Attended by Investment
    developments.                                     Investment Strategies                Investment Strategies,
                                                                                                                               Risk team, Head of
                                                      and CIO of Fixed                     Head of Investment
                                                                                                                               Investment Strategies, and
                                                      Income team                          Solutions and all CIOs of
                                                                                                                               CIO of Fixed Income team
                                                                                           respective asset classes

                                                       Ongoing ad hoc analysis and reviews by Risk Oversight function covering emerging issues

Source: Eastspring Investments. The above views are subject to change at the fund manager’s discretion without prior notice.
ASIAN HIGH YIELD FIXED INCOME
STRATEGY
31

ASIAN HIGH YIELD FIXED INCOME STRATEGY
KEY INVESTMENT PROFESSIONALS
                                                                                         CREDIT RESEARCH TEAM                                                 Investment/
                                                                                         Credit              Primary Responsibility                           Firm
                                                                                         Research            (Credit Research Coverage)                       Experience
                                                                                                                                                              (years)

                                                                                                             China properties, China Investment Grade
                                                                                          Yong Hong Tan corporates, Korea corporates,
                                                                                                                                                                 19 / 10
                                                                                          (Credit Manager) Australia/Europe/Japan corporates
      PORTFOLIO MANAGEMENT                                                                                   China local government financing vehicles
                                                              Investment/                 William Xin*       (LGFV) and Hong Kong HY/Taiwan                       18 / 6
                                                              Firm                                           corporates
      Name           Designation        Responsibilities
                                                              Experience                                     India high yield corporates and other non-
                                                              (years)                     Elvin Tan          Asia Emerging Market corporates &                    15 / 2
                                                                                                             financials
                     Chief Investment                                                                        SGD property, China/Hong Kong and
      Guan Yi Low,                                            23 / 13                     Marvin Kwong                                                            14 / 7
      CFA          Officer,             Team oversight                                                       financial institutions, Indon property issuers
                     Fixed Income
                                                                                                             Malaysia/MYR corporates and other banks
                                                                                          Shao Keng Ang      & financial institutions
                                                                                                                                                                 12 / 13

      Wai Mei        Portfolio          Management of Asian   21 / 13                                        China central state owned enterprises
      Leong          Manager            USD Credit funds                                  Janet Lu           (SOE) and China HY non-property issuers              11 / 1
                                                                                                             / industrials, Macao corporates

                                        Management of Asian                                                  Credit research of Hong Kong IG
                                                                                          Valerie Yan        Corporates and Singapore properties
                                                                                                                                                                 3 /
32

                                                                      Strategy Objectives                              Key Characteristics

                                                                                                                                   JACI Asia Credit
                                                         Focused on opportunities in the Asian                                      (JACI) – Non
                                                         USD high yield corporate bond market               Benchmark
                                                                                                                                  Investment Grade
                                                         Credit selection key source of value                                           Index
                                                         add with duration decisions secondary              Average                 +/- 1.5 year
                                                         Benchmark-aware strategy with                      duration             benchmark duration
                                                         moderate flexibility to invest in local                                  Up to 20% in non-
ASIAN HIGH YIELD                                         currency denominated bonds and                    Country limit
                                                                                                                                 benchmark countries
                                                         corporate credits.
FIXED INCOME                                             Seeks to outperform the benchmark by              Sector limit                   N.A.

STRATEGY                                                 50-75 bps pa, with less risk/volatility.
                                                                                                           Single Issuer
                                                                                                                                 Non Sovereigns: the
                                                                                                                                   higher of 5% or
OVERVIEW                                                                                                   Limit                  benchmark weight
                                                                                                                                     +3% points
                                                                                                                                  Average not more
                                                                  Investment Team                          Average rating       than 3 notches below
                                                                                                                                     benchmark
                                                                                                           Non-USD
                                                         Lead Portfolio Manager: Leong Wai                                             Max 20%
                                                                                                           exposure
                                                         Mei
                                                                                                           Strategy
                                                                                                                                      October 2011
                                                         Investment team:                                  Inception Date
                                                              11 Portfolio Managers*                       Fund Size              USD 468.3 million
                                                              8 Credit Analysts
                                                              1 Quantitative Analyst                       Currency                      USD

Source: Eastspring Investments, 31 December 2020; *Li Ping , Peerampa and Jerry Gwee assume both credit research and
portfolio management responsibilities. The portfolio characteristics are subject to change at the fund manager’s discretion without
notice. Past performance is not necessary indicative of the future or likely performance of the Strategy.
33

WHAT WE LOOK FOR IN ASIAN HIGH YIELD CREDITS

    Assessment of the issuer’s ability to repay debt                      Quantitative
       Qualitative                                                           Debt levels
           Issuer’s sector characteristics                                   Cash flow / liquidity
           Business position                                                 Profitability
           Management quality                                                Margins
           Corporate governance                                              Debt structuring / covenants

                                             DEBT ANALYSIS VS. EQUITY ANALYSIS
                                   (both require fundamental analysis to ascertain the sustainability
                                                      of a company’s business)

   Debt Analysis                                                       Equity Analysis
      Focus on whether company can pay                                    Focus on a company’s growth possibilities and
      us back                                                             creation of shareholders' value
      Analysis of a company’s solvency, stability of                      Analysis of earnings growth trend, dividend
      income and protection provided for debt holders                     policy, Return on Equity
      Bond valuations driven by interest rate trends and                  Determination of equity fair value driven by
      company-specific risk premium determined based                      forward-looking earnings growth forecasts or
      on company’s financial and qualitative factors                      underlying asset values

Source: Eastspring Investments
34

ROBUST CREDIT SELECTION PROCESS

      Credit and sector selection key alpha
      generators
      Duration positioning also a key                                                     1. Meeting with
      performance consideration                                                            management

                                                                                                                         2. Fundamental
           Credit Strategy                                                                                                    analysis
     1     Sector Allocation                                5. Site visits,                                             - Business profile
             (Allocation across sovereign/               ongoing monitoring
                                                         and annual review                                              - Financial profile
             corporate/quasi-sovereign, Investment                                                                       - Internal Credit
             Grade vs. High Yield, etc.)                                          CREDIT SELECTION                             Rating
                                                                                     PROCESS
           Security Selection
             (Selection of credits to mitigate default
             risks and to pick securities which offer
             attractive risk-return trade off)
            Duration Strategy                                     4. Technical analysis                     3. Valuation analysis
           (Implementation of US interest rate                    - Demand dynamics                            - Relative value
      2    views, i.e., overweight/ underweight                       - Supply risk                         - Default probability
           duration)

Source: Eastspring Investments
35

ROBUST CREDIT SELECTION PROCESS
                                           DEFAULTS IN ASIAN USD BOND MARKET IN 2019 & YTD 2020
                                           Year   Issuer                            Country    Sector
                                                  Huiyuan Juice                    China       Consumer
                                                  Kangde Xin                       China       Industrial
    Despite the moderate                          MIE Holdings                     China       Oil & Gas
    rise in Asian bond                            New Cotai                        Macau       Consumer
                                           2019   China Minsheng Investment        China       Diversified
    default rate since                            GCX Limited                      India       TMT
    2018, we believe our                          Haikou Meilan Airport            China       Infrastructure
                                                  Delta Merlin Dunia Textile       Indonesia   Consumer
    rigorous credit                               Tewoo                            China       Industrials
                                                  Huachen Energy                   China       Utilities
    selection has helped                           Qinghai Provincial Investment   China       Diversified
    our funds to avoid                             PKU Founder                     China       TMT
    extreme drawdowns                              Tunghsu Group                   China       TMT
                                                   Jain Irrigation                 India       Industrial
    due to idiosyncratic                           Yida China                      China       Real Estate
    factors                                        PKU Resources                   China       Real Estate
                                                   Dr Peng                         China       TMT
                                                   Garuda                          India       Transport
                                           YTD
                                                   Yihua Enterprise                China       Consumer
                                           2020
                                                   MNC Investama                   Indonesia   TMT
                                                   Zhongrong Xinda                 China       Diversified
                                                   Geo Energy                      Indonesia   Metal & Mining
                                                   Hilong Holding                  China       Oil & Gas
                                                   MIE Holdings                    China       Oil & Gas
                                                   Tahoe Group                     China       Real Estate
                                                   Jiansu Nantong Sanj Intl        China       Industrial
                                                   Modernland Realty               Indonesia   Real Estate

Source: JPMorgan report, 14 October 2020
36

CREDIT SELECTION EXAMPLE

                                Hsin Chong Group Holdings Limited is an investment holding company, primarily
                                provides building construction and civil engineering services.

        We avoided credits issued by China construction
        company Hsin Chong Group on concerns with
        over the company’s corporate governance, high
        leverage, quality and valuation of real estate                                              HSINCG8 ¾ 05/18 Corp
        assets, and operating performance.                              120

        After an analyst site visit, we believed there was a            100
        mismatch in the quality of real estate projects and
        reported asset values;                                           80

        We identified suspicious connected transactions                  60
        between the company and its non-executive
                                                                         40
        chairman.
                                                                         20
        The issuer missed a coupon payment due in May
        2017 on its US$300m 8.75% senior notes,                           0
        maturing on May 18 2018.

                                                                                                         Nov-15

                                                                                                                           Mar-16

                                                                                                                                                               Nov-16

                                                                                                                                                                                 Mar-17
                                                                                                Sep-15

                                                                                                                  Jan-16

                                                                                                                                                      Sep-16

                                                                                                                                                                        Jan-17

                                                                                                                                                                                                   Jul-17
                                                                              May-15
                                                                                       Jul-15

                                                                                                                                    May-16
                                                                                                                                             Jul-16

                                                                                                                                                                                          May-17
Source: Eastspring Investments, Bloomberg, February 2019. This above examples are included for illustrative purposes only and
do not constitute recommendations to buy/sell the above securities.
37

EASTSPRING INVESTMENTS - ASIAN HIGH YIELD BOND FUND
PORTFOLIO POSITIONING OVERVIEW1
 Characteristics                       Portfolio             Benchmark                     Country Breakdown                       Portfolio     Benchmark
                                                                                          China                                       54.3          54.1
 Av Duration (years)^                      3.5                    3.1
                                                                                          India                                       11.7          10.1
 Current yield (%)^                        7.0                    6.6
                                                                                          Indonesia                                    8.9          4.5
 Yield to maturity (%)^                    7.7                    6.9                     Philippines                                  7.1          5.7
 Yield to worst (%)^                       7.3                    6.8                     Sri Lanka                                    3.8          2.8
 No. of issues                             333                    553                     Singapore                                    3.0          0.5
 No. of issuers                            148                    297                     Macau                                        2.6          4.4
                                                                                          Hong Kong                                    2.5          10.0
 Av. Credit Rating                         B+                      B+
                                                                                          Pakistan                                     1.7          1.7
Sector Breakdown                         Portfolio           Benchmark                    Others                                       3.8          6.4
                                                                                          Cash                                         0.7           -
               High Yield                    83.1                 86.5                    Total                                      100.0         100.0
Corporate
               Investment Grade              6.8                   0.8                     Currency Breakdown                      Portfolio     Benchmark

               High Yield                    6.4                   6.0                    US Dollar                                   93.4         100.0
Government                                                                                Indonesian Rupiah                           2.0            -
               Investment Grade              0.2                   0.0                    Singapore Dollar                            1.8            -
                                                                                          Indian Rupee                                1.3            -
               High Yield                    0.9                   6.7
Quasi                                                                                     South Korean Won                            0.5            -
Government                                                                                Malaysian Ringgit                           0.4            -
               Investment Grade              1.8                   0.0
                                                                                          HK Delivered Chinese
                                                                                                                                       0.3           -
Cash                                         0.7                   0.0                    Renminbi (Yuan)
                                                                                          Hong Kong Dollar                            0.3            -
                Total                       100.0                100.0                     Total                                     100.0         100.0

Source: Eastspring Investments, J.P. Morgan, 31 December 2020 (based on internal data). Benchmark: JACI Non-Investment Grade Index.
Note: 1Portfolio positioning is subject to change without prior notice. The above does not constitute a recommendation of any
security/sector/industry. The historical performance is not indicative of the future or likely performance of Eastspring Investments or the
Portfolio. ^The computation of yield to maturity, yield to worst, average duration and current yield includes cash and derivatives securities.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
38

EASTSPRING INVESTMENTS - ASIAN HIGH YIELD BOND FUND
CREDIT RATING & SECTOR BREAKDOWN1
  Credit Ratings
                            Portfolio           Benchmark             Relative
  by External
  Agencies^                                                                                                   SECTOR BREAKDOWN (%) **
  AA                           0.0                  0.0                   0.0
  AA-                          0.0                  0.0                   0.0
  A+                           0.4                  0.0                   0.4
  A                            0.6                  0.0                   0.6
  BBB+                         0.4                  0.0                   0.4
  BBB                          1.2                  0.0                   1.2
  BBB-                         6.1                  0.8                   5.4
 IG sub-total                  8.8                  0.8                   8.1
 BB+                           3.5                  8.3                  -4.7
 BB                            3.9                 12.6                  -8.8
 BB-                          19.9                 15.5                   4.4
 B+                           13.1                 11.9                   1.2
 B                            22.2                 16.1                   6.0
 B-                            7.8                  6.4                   1.5
 CCC+                          4.9                  3.2                   1.8
 CCC                           0.0                  0.1                  -0.1
 CCC-                          0.3                  0.2                   0.0
 CC                            0.0                  0.0                   0.0
 D                             0.6                  0.0                   0.6
 NR                           14.2                 24.8                 -10.6
 HY sub-total                 90.5                 99.2                  -8.8
 Cash                          0.7                  0.0                   0.7
 Total                        100.0                100.0                  0.0

Source: Eastspring Investments, J.P. Morgan, 31 December 2020 (based on internal data). Benchmark: JACI Non-Investment Grade Index. Note:
1Portfolio positioning is subject to change without prior notice. The above does not constitute a recommendation of any security/sector/industry.

The historical performance is not indicative of the future or likely performance of Eastspring Investments or the Portfolio. ^Based on credit ratings
assigned by external credit rating agencies, S&P, Moody’s or Fitch only. ** Extracted from factsheet as of end November 2020 data.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
39

EASTSPRING INVESTMENTS - ASIAN HIGH YIELD BOND FUND
TOP 10 HOLDINGS1
                                     Portfolio       Benchmark           Relative                                                  Portfolio      Benchmark     Relative
  By Issuers                                                                                 By Issues **

                                                                                            China Evergrande Group
 China Evergrande Group                  5.1              4.3               0.8                                                        1.3                1.4     -0.1
                                                                                            8.75% 28-Jun-2025
                                                                                            Theta Capital Pte Ltd 6.75%
 Kaisa Group Holdings Ltd                4.5              3.4               1.1                                                        1.1                0.1     1.0
                                                                                            31-Oct-2026

 Sri Lanka (Democratic                                                                      Kaisa Group Holdings Ltd
                                         3.6              2.8               0.8                                                        1.0                1.1     -0.1
 Socialist Republic Of)                                                                     9.375% 30-Jun-2024

 Yuzhou Group Holdings Co                                                                   China South City Holdings Ltd
                                         3.4              1.7               1.7                                                        1.0                0.1     0.9
 Ltd                                                                                        10.75% 11-Apr-2023
                                                                                            Zhenro Properties Group Ltd
 Sunac China Holdings Ltd                3.2              2.5               0.7                                                        1.0                0.0     1.0
                                                                                            12.5% 2-Jan-2021
                                                                                                                US Dollar,
                                                                                            GMR Hyderabad International
 CIFI Holdings Group Co Ltd              3.1              1.4               1.6                                 89.6                   1.0                0.1     0.9
                                                                                            Airport Ltd 4.25% 27-Oct-2027
 China South City Holdings                                                                  Pakistan (Islamic Republic Of)
                                         2.8              0.2               2.6                                                        0.9                0.6     0.3
 Ltd                                                                                        6.875% 5-Dec-2027
 Fantasia Holdings Group Co                                                                 Agile Group Holdings Ltd
                                         2.7              1.0               1.7                                                        0.9                0.2     0.7
 Ltd                                                                                        7.875% 31-Dec-2049
 Ronshine China Holdings                                                                    Kaisa Group Holdings Ltd
                                         2.5              1.0               1.5                                                        0.9                0.4     0.5
 Ltd                                                                                        8.5% 30-Jun-2022
 Country Garden Holdings                                                                    Manila Water Co Inc 4.375%
                                         2.2              0.0               2.2                                                        0.9                0.2     0.7
 Co Ltd                                                                                     30-Jul-2030
 Total                                  32.9             18.2              14.7             Total                                     10.0                4.3     5.7

Source: Eastspring Investments, J.P. Morgan, 31 December 2020 (internal data). Benchmark: JACI Non-Investment Grade Index. Note: 1Portfolio
positioning is subject to change without prior notice. The above does not constitute a recommendation of any security/sector/industry. The
historical performance is not indicative of the future or likely performance of Eastspring Investments or the Portfolio. ** Extracted from factsheet as
of end November 2020 data.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
40

EASTSPRING INVESTMENTS - ASIAN HIGH YIELD BOND FUND
TRACK RECORD AS AT 31 DECEMBER 2020

                                                                                                                                                    Since
 CLASS A (USD)                  1 month            3 months              YTD               1 year            3 years*           5 years*
                                                                                                                                                  inception*
 Eastspring Investments
 – Asian High Yield
                                   -1.3                1.1                0.3                0.3                2.7                4.7                -1.3
 Bond
 (Bid-bid) (%)
 JP Morgan Asia Credit
 Index – Non Investment            1.8                 4.2                3.4                3.4                3.7                5.4                1.8
 Grade (%)
                Overall
                Rating

 Source : US$; Returns are based in share class currency and computed using the NAV price on bid-bid basis with net income reinvested . The NAV
 price is net of all fees, expenses and withholding taxes. Calendar year returns are based on the share class performance for the year and if the share
 class is incepted during a particular year, the returns shown relate to the performance of the share class since its inception till end of that calendar year.
 Fees and expenses vary among share classes, further information is available in the Prospectus. Inception Date : 9 July 2012.

Source: Eastspring Investments, Morningstar Ratings, as at 31 December 2020. Performance and benchmark values are rounded off
to 1 decimal place. *Annualised Benchmark: JACI Non-Investment Grade Index. Note: Funds are rated based on their risk-adjusted
returns.

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
41

ASIAN HIGH YIELD FIXED INCOME STRATEGY
COMPOSITE PERFORMANCE AS OF 31 DECEMBER 2020
                                                                                                                                         Annualised
  Composite Performance (USD, %)                                                                    1Y             3Y            5Y            S.I.         2019           2018          2017

 Asian High Yield Bond Composite (Gross)                                                           4.61          5.04          6.86           7.32         13.77          -2.62          6.59

 Asian High Yield Bond Composite (Net)                                                             4.12          4.63          6.46           6.93         13.38          -2.96          6.22

 JP Morgan Asian Non-investment Grade Credit                                                       4.94          4.63          6.38           7.28         12.76          -3.20          6.92

  Excess Return:                                                                                  -0.34          0.41          0.48           0.04          1.02           0.58         -0.33

  Strategy Risk Statistics
  Tracking Error (%)                                                                              3.00           1.83          1.59           1.50          0.82           0.97          0.93

  Information Ratio                                                                               -0.11          0.22          0.30           0.02          1.24           0.60          -0.32

  Annualised Volatility (%)                                                                       18.54         11.18          8.99           7.79          4.60           4.62          2.87

The chart inserted above is for illustrative purpose only. Past performance is not indicative of the future or likely performance Gross composite returns are presented gross of investment management
fees and net of trading expenses. Additional information on other fees treatment are available upon request.

Source: Eastspring Investments, as at 31 December 2020. Note: Asian High Yield Bond C219 (Dec 2011). p.a. = per annum, yr = year, yrs = years,
S.I. = Since Inception. This is for information purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial
instrument, investment product, security or service.
42

 MORNINGSTAR PEER UNIVERSE RANKING – ASIAN HIGH YIELD

       Generally second quartile performance

Source: Morningstar Direct (US offshore), as at 31 December 2020, for illustrative purpose only
43

 MORNINGSTAR PEER UNIVERSE RANKING – ASIAN HIGH YIELD
       With more benign drawdowns

Source: Morningstar Direct (US offshore), as at 31 December 2020, for illustrative purpose only
APPENDIX
45

ASIAN HIGH YIELD BOND (JPM) COMPOSITE DECEMBER 2020 (USD)
                                                                              Annualised figures
Rolling Period Data                                                                                                      Calendar Year Data                            YTD 2020 2019 2018 2017 2016 2015 2014 2013
                                             1m 1Y         2Y    3Y     4Y     5Y     6Y     7Y     8Y    9 Y S. I.

Composite Return - Net (%)                   1.8    4.1    8.7    4.6   5.0    6.5    6.0    6.0    5.3    6.8   6.9     Composite Return - Net (%)                     4.1     4.1    13.4     -3.0    6.2     12.4     3.5     6.2     0.4

Composite Return - Gross (%)                 1.9    4.6    9.1    5.0   5.4    6.9    6.3    6.4    5.7    7.2   7.3     Composite Return - Gross (%)                   4.6     4.6    13.8     -2.6    6.6     12.8     3.8     6.6     0.8

Benchmark Return (%)                         2.0    4.9    8.8    4.6   5.2    6.4    6.2    6.2    5.6    7.2   7.3     Benchmark Return (%)                           4.9     4.9    12.8     -3.2    6.9     11.2     5.2     6.1     2.0

Relative to Gross (%)                       -0.1 -0.3      0.3    0.4   0.2    0.5    0.2    0.2    0.0    0.0   0.0     Relative to Gross (%)                         -0.3    -0.3     1.0     0.6     -0.3     1.5    -1.4     0.5     -1.2
                                                                                                                         Composite 3-Year Annualised
Composite Annualised Volatility (%)          N/A 18.5 13.3 11.2 9.7            9.0    8.6    8.1    8.0    7.8   7.8                                                   11.2    11.2     4.4     4.5     5.0      5.4     6.0     6.1     N/A
                                                                                                                         Volatility (%)
Highest Return in Composite (%)              1.9    4.6    9.1    5.0   5.4    6.9    6.3    6.4    5.7    7.2   7.3     Benchmark 3-Year Annualised
                                                                                                                                                                        9.6     9.6     4.0     3.9     3.8      4.1     5.0     5.4     N/A
                                                                                                                         Volatility (%)
Lowest Return in Composite (%)               1.9    4.6    9.1    5.0   5.4    6.9    6.3    6.4    5.7    7.2   7.3     Number of Portfolios                            1       1       1       1        1       1       1       1       1
Tracking Error (%)                           N/A    3.0    2.2    1.8   1.6    1.6    1.7    1.6    1.6    1.5   1.5     Market Value at End, USD (bn)                 0.47    0.47    0.36     0.21    0.20    0.17    0.15    0.15    0.18
Information Ratio                            N/A -0.1      0.1    0.2   0.1    0.3    0.1    0.1    0.0    0.0   0.0     Percentage of Firm’s Assets (%)               N/A      N/A    0.29     0.15    0.13    0.15    0.15    0.16    0.24

Eastspring Investments claims compliance with Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. To receive a
complete list and description the composites and/or a presentation that adheres to the GIPS standards, contact the relevant sales representatives or email institutional@eastspring.com.
The Firm is defined as all portfolios, except those that are predominantly Private Equity portfolios, of Eastspring Investments (Singapore) Limited and Eastspring Investments (Hong-Kong) Limited (collectively referred to as "Eastspring
Investments"), which are business units within the Prudential Plc Group.
This composite includes a single portfolio that invest primarily in Asian High Yield fixed Income and managed to JACI Non-Investment Grade Index
This Composite was created on 1 Jan 12 and Composite Performance starts from 1 Dec 11. A full List of the Firm's Composites is available upon request.
No alteration of composite as presented here has occurred because of changes in personnel or other reasons at any time.
Eastspring Investments has been independently verified for the periods 1 Jan 1995 - 31 Dec 2009 and 1 Jan 2018 - 31 Dec 2018. 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 firms 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 presentation.
The minimum fund size requirement for a fund to be included in a composite is USD3 million.
All returns are presented in Dollar. Market Values are presented in Dollar.
Policies for valuing portfolios, calculating performance and preparing compliant presentations are available upon request.
Performance results are presented gross of investment management fees and net of trading expenses. Treatment of other fees and withholding tax on dividends, interest income and capital gains varies for the underlying portfolios.
Additional information on other fees treatment are available upon request.
Portfolios within the composite has no or minimal derivatives exposure
If a fund has a cash flow or in-specie transfer (either in or out) that is greater than 10% of the opening balance of the fund, then the impact on portfolio performance has to be assessed to determine whether it should be held out-of-
structure. If the impact on performance is equal to or greater than 20 basis points, then the fund can be excluded from composite performance until it is back in structure. Additional information regarding the treatment of significant cash
flows is available upon request.
The highest % of management fee charged are as per below:
         Equity Strategies : 2.00% per annum
         Fixed Income Strategies : 1.25% per annum
Additional information regarding policies for calculating and reporting returns is available on request
The Firm total assets under management as of 31 December 2019 was USD125 billion.
Net composite returns shown do not represent actual net returns of underlying portfolios but are calculated net of the highest band fee (net down by 0.5% p.a.) in the tiered management fee schedule applicable to an institutional investor
investing in such a strategy. However, the firm reserves the right to change this fee structure and hence net composite returns might change without prior or subsequent notifications to current or potential investors
Effective 1st November 2018, Information Ratio is calculated as (Annualized Fund Return - Annualized Bench Return) / Tracking Error.
Prior to 1st November 2018, Information Ratio was calculated as (Average Annualized Excess Return / Tracking Error).

 STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
46

EASTSPRING INVESTMENTS – ASIAN HIGH
YIELD BOND FUND
SHARE CLASSES AVAILABLE FOR INVESTMENT
                                                                                          Inception                *Minimum                        *Minimum
Class                 Currency         Bloomberg ticker                  ISIN                date             initial investment             subsequent investment

 Class A                 USD               ESAHAUI LX            LU0801099465             09-Jul-12                 USD500                               USD50

 Class Adm               USD              ESAHYAD LX             LU0756523055            30-Mar-12                  USD500                               USD50

 Class R                 USD              ESAHYRU LX             LU0865488281             12-April-19               USD500                               USD50

                    Initial sales            Annual              Annual admin Initial sales  Annual       Annual   Ongoing
Class                charges%             management              fee% (max)   charges% management admin fee% charges %
                        (max)              fee% (max)                           (current) fee% (current) (current)

 Class A                 3.000              1.250                       0.250               3.000               1.000              0.250             1.360

 Class Adm               3.000              1.250                       0.250               3.000               1.000              0.250             1.360

 Class R                 None               0.625                       0.250               None                0.500              0.250             0.860

                                                                                           Annual            Ongoing charges vary from year to year and do not include portfolio transaction cost.
Class               Distribution                                   Dividend per           dividend           Ongoing charges are based on annualized expenses for the year ending December 2020.
                                              Ex-date                                                        R-class shares are not sold directly to investors, but to financial intermediaries that serve
                     frequency                                         share               yield %           investors. The intermediary executes the purchase of the funds on behalf of the investor,
                                                                                                             as well as the sale and exchange. The Sales Charge may be modified for certain financial
                                                                                                             intermediaries who submit trades on behalf of eligible investors. As allowed in the
 Class A                  N.A                    N.A                     N.A                  N.A            Prospectus, Eastspring and the financial intermediaries have agreed to waive the Sales
                                                                                                             Charge for all purchases for the fee-based R share class. Always consult your financial
 Class Adm             Monthly              01-Mar-21                0.0494852               7.50            adviser. For more about charges, see the Prospectus.

 Class R                  N.A                    N.A                     N.A                  N.A

Distributions are not guaranteed and may fluctuate. Past distributions are not necessarily indicative of future trends, which may be lower. Distribution payouts and its
frequency are determined by the Board of Directors, and can be made out of (a) income; or (b) net capital gains; or (c) capital of the Fund or a combination of any of (a)
and/or (b) and/or (c). The payment of distributions should not be confused with the Fund’s performance, rate of return or yield. Any payment of distributions by the Fund
may result in an immediate decrease in the net asset value per share. Funds with Monthly and Quarterly Distribution Frequency: Annualised Dividend yield = (Dividend
per share / Reference NAV at start of distribution period) x (No. of calendar days in a year / No. of calendar days in distribution period) x 100%. Funds with Yearly
Distribution Frequency: Annualised Dividend Yield = (Dividend amount / Total Net Assets) x (No. of calendar days in a year / No. of calendar days in distribution period)
x 100%. *Or their near equivalent in any major freely convertible currency of the amounts specified. "N.A.": This share class does not distribute dividends.
STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.
47

FIXED INCOME INVESTMENT TEAM PROFILE
                                                                    Yrs of      Yrs of                                                                    Yrs of      Yrs of
  Portfolio                                                                                                   Primary Responsibility (Credit
                       Primary Responsibilities                  Investment      Firm       Credit Research                                            Investment      Firm
  Management                                                     Experience   Experience                      Research Coverage)                       Experience   Experience

                       Team oversight and management of
 Guan Yi Low                                                         23          13                           China properties, China Investment
                       Asian Local bond, Total Return bond                                 Yong Hong Tan
                                                                                                              Grade corporates, Korea corporates,          19          10
                       and China Bond strategies                                           (Credit Manager)   Australia/Europe/Japan corporates;
                       Management of Asian, Singapore,
 Wei Ming Cheong       Indonesian bond strategies, as well as        25          15                           Credit funds; Credit research of
                       SGD Cash strategies                                                 Li Ping Yeo^       China property and India Investment          26           3
                       Management of Hong Kong bond and                                                       Grade corporates
 Danny Tan             other solution-based/ credit-focused          21          17                           Research coverage of Indonesia/IDR
                       strategies                                                          Jerry Gwee^        non property / industrials as well as        18           7
                                                                                                              SGD non-property corporates
                       Management of Asian USD credit                                                         China local government financing
 Wai Mei Leong                                                       21          13
                       strategies                                                          William Xin*       vehicles (LGFV) and Hong Kong                18           6
                       Management of Global Emerging                                                          HY/Taiwan corporates;
                       Markets Bond strategy, Fixed                                                           India high yield corporates and other
 Eric Fang                                                           17          13
                       Maturity products as well as selected                               Elvin Tan          non-Asia Emerging Market                     15           2
                       credit strategies                                                                      corporates & financials
                                                                                                              SGD property, China/Hong Kong and
 Guilherme Maciel de   Management of Global Emerging
                                                                     14           2        Marvin Kwong       financial institutions, Indon property       14           8
 Barros                Markets bond strategy
                                                                                                              issuers;
                       Management of Global and Japan                                                         Malaysia/MYR corporates and other
                       bond strategies, as well as thematic /                              Shao Keng Ang                                                   12          14
                                                                                                              banks & financial institutions;
 Rong Ren Goh          Total Return strategies including Asian       13           5
                       Sustainable Bond, Capital Reserve                                                      China central and local state owned
                       funds                                                                                  enterprises (SOE) and China HY non-
                                                                                           Janet Lu                                                        11           1
                       Management of Philippines Local/USD                                                    property issuers / industrials, Macao
 Kenneth Lee           bond and selected Asian USD credit            7            6                           corporates
                       solution-based strategies
                                                                                           Wai Meng Lee       Credit Research Support                      9            2
                       Management of Thai bond strategies
 Peerampa                                                            8            4                           Credit research of Hong Kong IG
 Janjumratsang^        and Fixed Maturity products; Research                                                                                               3
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