Emerging Markets Growth - Quarterly Call Update June 30, 2021 - Sands Capital

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Emerging Markets Growth - Quarterly Call Update June 30, 2021 - Sands Capital
Emerging Markets
Growth
Quarterly Call Update
June 30, 2021
Emerging Markets Growth - Quarterly Call Update June 30, 2021 - Sands Capital
We are active, long-term investors in leading
innovative growth businesses, globally.

   All-IN CULTURE                                           INSIGHT-DRIVEN                                   YEAR FOUNDED
                                                                                                             1992
   We are one team dedicated to one mission and one         Businesses that can build a sustainable
   philosophy. As a fully independent and                   advantage are few and far between. To seek       OWNERSHIP
   staff-owned firm, we attract and retain strong talent,   them, we apply six criteria to separate signal
                                                                                                             Independent
   focus on long-term outcomes, and are highly aligned      from noise, identify what matters most, and
                                                                                                             100% Staff Owned
   with our clients’ interests.                             construct differentiated views on tomorrow’s
                                                            businesses, today.                               AUM
                                                                                                             $77.6B

                                                                                                             STAFF
   GLOBAL PERSPECTIVE WITH                                  HIGH CONVICTION
   LOCAL UNDERSTANDING                                      FOR HIGH IMPACT                                  162

   Innovation-driven growth knows no geographic             All our strategies concentrate investments in    HEADQUARTERS
   boundaries. Neither does our research team. We are       only our best ideas and avoid mediocrity. With   Arlington, VA, USA
   hands on, on-the-ground, deeply immersed                 the intent to own businesses for five years or
   in the ecosystems in which our businesses operate.       longer, we seek to create value for clients
                                                            through the compounding of business growth
                                                            over time.

All data is as of 6/30/2021.

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What We Do
With a singular focus on growth investing, we offer clients
strategies that actively target leading public and private
businesses across the growth spectrum.
                                                                                                                                                                                                        GLOBAL LEADERS

                                                                                                                                                                                                        30-50 public businesses
                                                                                                                                                                                                        Global opportunity set
                                                                                                                                                                                                        $3.9B AUM

                                                                                                                                                       SELECT GROWTH                                    GLOBAL GROWTH

                                                                                                                                                       25-30 public businesses                          30-50 public businesses
                                                                                                                                                       Primarily U.S.-focused                           Global opportunity set
                                                                                                                                                       $25.3B AUM                                       $30.5B AUM

                                                                                                                                                        EMERGING MARKETS                                INTERNATIONAL GROWTH

                                                                                                                                                        30-50 public businesses                         25-40 public businesses
                                                                                                                                                        Emerging and frontier markets                   International opportunity set
                                                                                                                                                        $15.2B AUM                                      $107.6M AUM

                                                                                     PRIVATE GROWTH EQUITY                                             TECHNOLOGY INNOVATORS                             FOCUS STRATEGIES

                                                                                     Global Private Growth Fund I - Fully invested                     25-35 public businesses                           5-20 public businesses
                                                                                     Global Innovation I - Investing                                   Global opportunity set                            Global opportunity set
                                                                                     Global Innovation II - Investing                                  $1.1B AUM                                         $1.5B AUM
                                  VENTURE CAPITAL
                                                                                     Life Sciences Pulse I - Investing
                                  Global Venture Fund I - Fully invested             Life Sciences Pulse II - Investing
                                  Global Venture Fund II - Investing
                                  Global Venture Fund III - Investing

All data is as of 6/30/2021. The above figures represent total Assets Under Management for each public investment strategy listed. The Venture Capital and Growth Equity investment strategies are managed by Sands Capital Ventures,
LLC, an affiliate of Sands Capital Management, LLC, and are only available to qualified investors. GIPS® Reports and additional disclosures for the related composites may be found at
http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. References to “Sands Capital”, the “firm”, “we” or “our” are references to Sands Capital Management and its affiliates,
collectively, including Sands Capital Ventures, LLC (“Sands Capital Ventures”), which is a registered investment adviser that provides private market investment strategies, including its Private Growth Strategy to its clients. Sands
Capital Management seeks to adhere to the Global Investment Performance Standards (GIPS®) when reporting its investment performance results; however, Sands Capital Ventures does not.

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Emerging Markets Growth - Quarterly Call Update June 30, 2021 - Sands Capital
Investment Strategy & Results
Net Results (%) as of June 30, 2021
                                                                                                                                                                                       ANNUALIZED %

                                                                                               INCEPTION            STRATEGY                                                                                                  SINCE
                                                                                                 DATE                ASSETS                 2Q21            1 YEAR          3 YEAR          5 YEAR         10 YEAR          INCEPTION
 Select Growth                                                                                  2/29/1992             $25.3B                10.9               47.4            29.6            29.7          20.1               14.1
 Russell 1000 Growth Index                                                                                                                   11.9              42.5            25.1             23.7          17.9              10.7

 Value Added (bps)                                                                                                                          -100               490             450             600           220               340
 Global Growth                                                                                 12/31/2008             $30.5B                 10.7              41.9            24.2            24.5          15.9               21.2
 MSCI All Country World Index                                                                                                                 7.4              39.3            14.6            14.6           9.9               11.9

 Value Added (bps)                                                                                                                          330                260             960             990           600               930
 Emerging Markets Growth                                                                       12/31/2012              $15.2B                8.6              53.5             21.5            19.8              -              12.9
 MSCI Emerging Markets Index                                                                                                                 5.0              40.9              11.3            13.0             -               5.6

 Value Added (bps)                                                                                                                          360              1,260           1,020             680               -              730
 Global Leaders                                                                                  3/31/2017              $3.9B                9.4              34.8            20.5                 -             -              21.6
 MSCI All Country World Index                                                                                                                 7.4              39.3            14.6                -             -              13.9

 Value Added (bps)                                                                                                                          200               -450             590                 -             -              770
 International Growth                                                                           3/31/2018            $107.6M                10.3               47.7            32.1                -             -             30.2
 MSCI All Country World Index ex US                                                                                                          5.5               35.7             9.4                -             -               7.7

 Value Added (bps)                                                                                                                          480              1,200           2,270                 -             -           2,250
 Technology Innovators                                                                         12/31/2010                $1.1B               12.2              51.9            37.1            36.8          24.0              23.5
 MSCI ACWI Info Tech and Communication Services Index                                                                                        9.8              44.8             24.5            27.0          18.5               17.6

 Value Added (bps)                                                                                                                          240                710           1,260             980           550               590

The investment results shown are net of advisory fees and reflect the reinvestment of dividends and any other earnings. Investment results presented are that of the Tax-Exempt Institutional Equity Composite, Global Growth Equity
Composite, Global Leaders Equity Composite, Emerging Markets Growth Composite, International Growth Equity Composite and Technology Innovators Equity Composite. GIPS® Reports and additional disclosures for the related
composites may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Past performance is not indicative of future results.

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Emerging Markets Growth - Quarterly Call Update June 30, 2021 - Sands Capital
Global Research Team
 RE S E ARCH ANALYSTS                                                                                                                             PORT FOLIO MANAGE RS
                                                                                                                                                  SELECT GROWTH                                      GLOBAL GROWTH
                                                                                                                                                  Frank Sands, CFA                    2000*          Brian Christiansen, CFA              2006
                                                                                                                                                  Sr. Portfolio Manager                              Sr. Portfolio Manager
                CONSUMER                                                             LIFE S C IE NC E S
                                                                                                                                                  Wesley Johnston, CFA                2004           David Levanson, CFA                  2002*
         Christina Hang 2018                                                         Daniel Cheng 2013                                            Sr. Portfolio Manager                              Sr. Portfolio Manager
      Massi m o Marolo, CFA 2018                                                 Michael Gi nder, CFA 2011
                                                                                                                                                  Michael Sramek, CFA                 2001           Perry Williams, CFA                  2004
     Matthew Luneburg, CFA 2006                                               J enni fer Go ldsmith, CFA 2013                                     Sr. Portfolio Manager                              Sr. Portfolio Manager
        K atherine Okon 2012*
                                                T E C H NO L O GY                                                                                 Thomas Trentman, CFA                2005
                                              Kumar Gautam 2020*                                                                                  Sr. Portfolio Manager
                                                                                                                                                                                                      GLOBAL LEADERS
                                              Judy Jiao, CFA 2015
                                          Barron Marti n, Jr., CFA 2008                                                                                                                               Sunil Thakor, CFA                   2004
                                                                                                                                                  EMERGING MARKETS GROWTH                             Sr. Portfolio Manager
                                               Daniel Pi l l ing 2018
                                           Tho m as Rogers, CFA 2014                                                                              Brian Christiansen, CFA             2006            Michael Raab, CFA                   2007
                                                                                                                                                  Sr. Portfolio Manager                               Portfolio Manager
             INDUS T R IAL S                                                                                                                      Ashraf Haque                        2008
                                                                                      F INANC IAL S
               Eric Black 2013                                                                                                                    Sr. Portfolio Manager
                                                                                  Teeja Boye, CFA 2014                                                                                               INTERNATIONAL GROWTH
        Brian Keegan, CFA 2011                                                                                                                    Neil Kansari                        2008
                                                                                Jason Harden, CFA 2012                                            Sr. Portfolio Manager                              Ashraf Haque                         2004
     Dani el le Menichel la, CFA 2013
                                                                                                                                                                                                     Sr. Portfolio Manager
                                                                                                                                                                                                     Sunil Thakor, CFA                    2008
                                                                                                                                                  FOCUS STRATEGIES                                   Sr. Portfolio Manager
                                                S T E WAR DS H IP
                                                                                                                                                  Michael Sramek, CFA                  2001
                               Brian Christiansen, CFA, Director of Stewardship
                                                                                                                                                  Sr. Portfolio Manager
                                     K ari n Riechenberg, Sr. ESG Analyst                                                                                                                            GLOBAL INNOVATION
                                                                                                                                                                                                     Michael Clarke                         2011
    Depth                                                                                                                                        TECHNOLOGY INNOVATORS                               Managing Partner
    We know our businesses. With approximately 138 aggregate portfolio businesses and 47                                                         Thomas Trentman, CFA                 2005           Barron Martin, CFA                    2008
    investment professionals, our people dig deep for insights. Intimate knowledge of a small                                                    Sr. Portfolio Manager                               Managing Partner
    number of companies is more valuable than superficial knowledge of many companies.
                                                                                                                                                 Emerson Bluhm, CFA                   2010
    Focus                                                                                                                                        Portfolio Manager
    We’ve developed substantial domain knowledge in business spaces where innovation and                                                                                                             VENTURE/PRIVATE GROWTH
                                                                                                                                                 Michael Clarke                       2011
    industry transformation are rampant. Domain experience enables us to recognize patterns,                                                                                                         Ian Ratcliffe                        2016
    identify analogues, and understand business models and ecosystems.                                                                           Portfolio Manager
                                                                                                                                                                                                     Managing Partner
    Collaboration                                                                                                                                                                                    Michael Graninger                    2018
    All PM’s are analysts first. Together, they are integrally involved in every step of the research                                             LIFE SCIENCES PULSE                                Partner
    process. Our organization is intentionally designed to encourage analysts to work in sectors,                                                 Stephen Zachary, PhD                2016
    not within silos, reflecting the interconnected webs in which our businesses operate.                                                         Managing Partner
All data is as of 6/30/2021. * Denotes year that staff member had re-joined Sands Capital. The Venture/Private Growth, Life Sciences Pulse, and Global Innovation investment strategies are managed by Sands Capital Ventures, LLC, an
affiliate of Sands Capital Management, LLC, and are only available to qualified investors. References to “Sands Capital”, the “firm”, “we” or “our” are references to Sands Capital Management and its affiliates, collectively, including Sands
Capital Ventures, LLC (“Sands Capital Ventures”), which is a registered investment adviser that provides private market investment strategies, including its Private Growth Strategy to its clients.

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Emerging Markets Growth - Quarterly Call Update June 30, 2021 - Sands Capital
Power of Long-term Compounding
Emerging Markets Growth vs. MSCI Emerging Markets Index
Net Results for Period Ending June 30, 2021

                                                                                                Annualized Since                        Cumulative Since
                                                                                                   Inception 1                            Inception 1
                                                                      Portfolio                           12.9                                   180.2
                                                                      Benchmark                            5.6                                    59.1
   200

    150

   100

     50

       0

    -50
           '13                      '14                      '15                       '16                       '17                       '18                      '19                       '20                       '21

1Inception date is 12/31/2012. The investment results shown are net of advisory fees and reflect the reinvestment of dividends and any other earnings. The investment results are that of the Emerging Markets Growth Composite. GIPS®

Reports and additional disclosures for the related composites may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Past performance is not indicative of
future results. Source: SCM, MSCI.

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Emerging Markets Growth - Quarterly Call Update June 30, 2021 - Sands Capital
Rolling Investment Results
Emerging Markets Growth vs. MSCI Emerging Markets Index
Net Results (%) as of June 30, 2021

                                                       Rolling 7 Years                                                                                                Rolling 5 Years
                                       50                                                                                                            50

                                       40                                                                                                            40

                                                                                                                         Net Composite Returns (%)
          Net Composite Returns (%)

                                       30                                                                                                            30

                                       20                                                                                                            20

                                       10                                                                                                            10

                                        0                         % of Outperforming Periods:        100%                                             0                         % of Outperforming Periods:         100%
                                                                  Average Annlzd Excess Return:       5.9%                                                                      Average Annlzd Excess Return:        4.0%
                                       -10                                                                                                           -10
                                             -10   0   10            20             30       40              50                                            -10   0   10            20             30        40              50
                                                            Benchmark Returns (%)                                                                                         Benchmark Returns (%)

                                                       Rolling 3 Years
                                       50

                                       40
           Net Composite Returns (%)

                                       30

                                       20

                                        10

                                        0                         % of Outperforming Periods:         88%
                                                                  Average Annlzd Excess Return:       4.3%
                                       -10
                                             -10   0   10            20             30       40              50
                                                            Benchmark Returns (%)

Average annualized excess returns are calculated based on monthly rolling periods beginning 12/31/2012 (composite inception date). The investment results shown are net of advisory fees and reflect the reinvestment of dividends and
any other earnings. Investment results are that of the Emerging Markets Growth Composite. GIPS® Reports and additional disclosures for the related composites may be found at
http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Past performance is not indicative of future results. Source: SCM, MSCI.

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Emerging Markets Growth - Quarterly Call Update June 30, 2021 - Sands Capital
Annualized Investment Results
Emerging Markets Growth vs. MSCI Emerging Markets Index
Net Results (%) as of June 30, 2021

        Portfolio        Benchmark

                                                                                             53.5

                                                                                                        40.9

                                                                                                                                    21.5
                                                                                                                                                                          19.8

                                                                                                                                                                                     13.0                       12.9
                                                                                                                                               11.3
                 8.6                                               7.4
                            5.0                         6.1                                                                                                                                                                 5.6

                      QTD                                     YTD                                1 Year                                3 Years                               5 Years                         Since Inception

Inception date is 12/31/2012. Periods greater than one year are annualized. The investment results shown are net of advisory fees and reflect the reinvestment of dividends and any other earnings. The investment results are that of the
Emerging Markets Growth Composite. GIPS® Reports and additional disclosures for the related composites may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this
presentation. Past performance is not indicative of future results. Source: SCM, MSCI.

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Emerging Markets Growth - Quarterly Call Update June 30, 2021 - Sands Capital
Yearly & Cumulative Investment Results
Emerging Markets Growth vs. MSCI Emerging Markets Index
Net Results (%) as of June 30, 2021

                                                                                                                                                                     RELATIVE VALUE                    CUMULATIVE VALUE
                                                                                               PORTFOLIO                           BENCHMARK                          ADDED (BPS)                         ADDED (BPS)

 2013                                                                                                12.6                                -2.6                                 1,520                                1,520
 2014                                                                                                 5.7                                -2.2                                   790                                2,380
 2015                                                                                                -8.9                               -14.9                                   600                                2,740
 2016                                                                                                 2.5                                 11.2                                 -870                                 2,110
 2017                                                                                                39.1                                37.3                                    180                               3,100
 2018                                                                                                -14                                -14.6                                     60                               2,740
 2019                                                                                               28.2                                 18.4                                   980                               4,540
 2020                                                                                               54.8                                 18.3                                 3,650                               11,600
 2021                                                                                                 6.1                                 7.4                                  -130                                12,110
                                                                               1Q                   -2.4                                  2.3                                  -470                              10,640
                                                                              2Q                      8.6                                 5.0                                   360                                12,110
 Cumulative Since Inception (12/31/12 - 6/30/21)                                                   180.2                                 59.1                                 12,110
 Annualized Since Inception                                                                          12.9                                 5.6                                   730

Inception date is 12/31/2012. The investment results shown are net of advisory fees and reflect the reinvestment of dividends and any other earnings. The investment results are that of the Emerging Markets Growth Composite. GIPS®
Reports and additional disclosures for the related composites may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Past performance is not indicative of
future results. Source: SCM, MSCI.

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Emerging Markets Growth - Quarterly Call Update June 30, 2021 - Sands Capital
Yearly Investment Results
Emerging Markets Growth vs. MSCI Emerging Markets Index
Net Results (%) as of June 30, 2021
                                                                                                                                                                       Portfolio (%)
                                                                                                                                                                       Benchmark
                                                                                                                                                                       Value Added (bps)
      60%

      50%

     40%

      30%

      20%

      10%

       0%

     -10%

     -20%

                                                                                                                                                                             3,650

                    1,520
                                          790                                                                                                           980
                                                                600
                                                                                                            180                    60

                                                                                                                                                                                                   -130
                                                                                      -870

                    2013                  2014                  2015                  2016                  2017                 2018                  2019                  2020                  2021

Inception date is 12/31/2012. Periods greater than one year are annualized. The investment results shown are net of advisory fees and reflect the reinvestment of dividends and any other earnings. The investment results are that of the
Emerging Markets Growth Composite. GIPS® Reports and additional disclosures for the related composites may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this
presentation. Past performance is not indicative of future results. Source: SCM, MSCI.

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Emerging Markets Growth Portfolio Profile Summary
Emerging Markets Growth vs. MSCI Emerging Markets Index
As of June 30, 2021

COMPOSITION                                                PORTFOLIO BENCHMARK                             REGION EXPOSURE (%)                          PORTFOLIO BENCHMARK                                 ACTIVE WEIGHT
Number of Holdings                                               39                1,412                   Emerging Asia                                   56.3                52.0                                         4.3
Assets                                                         $12.0B               n/a                    Asia/Pacific Ex Japan                           17.7                27.2         -9.5
Benchmark Holdings                                              55%                 n/a                    Latin America                                   15.2                 7.8                                               7.4
Active Share                                                    80%                 n/a                    Europe                                           7.1                 4.7
                                                                                                                                                                                                                       2.4
Trailing 12 mos. Turnover                                       14%                 n/a                    Mid-East & Africa                                2.1                 8.3
                                                                                                                                                                                                   -6.2
                                                                                                           [Cash]                                           1.7                   –
                                                                                                                                                                                                                      1.7
CHARACTERISTICS                                            PORTFOLIO BENCHMARK
SCM Long-Term EPS Growth Estimate                                51%               n/a
Consensus Long-Term EPS Growth Estimate                         26%                19%
Weighted Avg. Market Cap                                       $167.7B           $165.7B
Median Market Cap                                              $20.6B             $7.8B
Consensus Forward P/E - Next 12 mos.                             37x               13x
Dividend Yield                                                  0.3%              1.8%
                                                                                                           SECTOR EXPOSURE (%)                          PORTFOLIO BENCHMARK                                 ACTIVE WEIGHT
                                                                                                           Consumer Discretionary                          27.9                 17.6                                              10.3
TOP 10 HOLDINGS                                   WEIGHT (%)         DATE PURCHASED                        Communication Services                          22.1                 11.3                                              10.8
Sea                                                     8.9                  Oct-17                        Financials                                      18.2                 17.8                                0.4
Tencent                                                 6.8                  Dec-12                        Health Care                                     10.9                  5.0                                        5.9
MercadoLibre                                            6.6                  Dec-12                        Information Technology                          10.3                20.4            -10.1
Taiwan Semiconductor                                    6.3                  Jul-15                        Consumer Staples                                 5.8                  5.6                                0.2
Alibaba                                                 6.1                  Sep-14                        Materials                                        1.4                  8.4                 -7.0
Anta Sports Products                                    4.2                  Jul-16                        Industrials                                      1.3                  4.9                       -3.6
Apollo Hospitals                                        4.1                  Dec-12                        Real Estate                                      0.6                  2.0                         -1.4
Yandex                                                  4.1                  Jan-17                        Energy                                              –                 5.0                      -5.0
Wuxi Biologics                                          3.9                  Mar-19                        Utilities                                           –                 2.0                        -2.0
Bajaj Finance                                           3.6                  Jul-18                        [Cash]                                            1.7                   –                                 1.7
Total                                                  54.6

All values are that of the Emerging Markets Growth Composite. The companies illustrated above represent a sub-set of current holdings in the Emerging Markets Growth Composite and were selected based on the performance measures
presented. Pricing obtained from IDC. Rounding may cause figures to vary from 100.0%. GIPS® Reports and additional disclosures for the related composites may be found at
http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Source: SCM, MSCI.

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Contribution Analysis: Quarter to Date
   Emerging Markets Growth vs. MSCI Emerging Markets Index
   Period Ending June 30, 2021

BEST PERFORMERS (%)                                                                                                              TOP ABSOLUTE CONTRIBUTORS (%)

                                  AVERAGE      TOTAL       ABSOLUTE          RELATIVE                                                                           AVERAGE TOTAL               ABSOLUTE RELATIVE
COMPANY                                                                                     GICS SECTOR                          COMPANY                                                                                  GICS SECTOR
                                   WEIGHT     RETURN       CONTRIB.          CONTRIB.                                                                            WEIGHT RETURN               CONTRIB. CONTRIB.

Kaspi                              1.7         49.3           0.7              0.7          Financials                           Sea                               8.8          23.0           2.0            2.0         Communication Services

Wuxi Biologics                     3.3         46.3            1.4             1.1          Health Care                          Anta Sports Products              3.6          44.8           1.4            1.3         Consumer Discretionary

Anta Sports Products               3.6         44.8            1.4             1.3          Consumer Discretionary               Wuxi Biologics                    3.3          46.3           1.4            1.1         Health Care

Hutchison China MediTech           0.8         39.0           0.3              0.3          Health Care                          Apollo Hospitals                  3.9          22.7           0.8            0.8         Health Care

ICICI Prudential Life Insurance    2.2         35.3           0.7              0.7          Financials                           Kaspi                             1.7          49.3           0.7            0.7         Financials

WORST PERFORMERS (%)                                                                                                             TOP ABSOLUTE DETRACTORS (%)

                                  AVERAGE      TOTAL       ABSOLUTE          RELATIVE                                                                           AVERAGE TOTAL               ABSOLUTE RELATIVE
COMPANY                                                                                     GICS SECTOR                          COMPANY                                                                                  GICS SECTOR
                                   WEIGHT     RETURN       CONTRIB.          CONTRIB.                                                                            WEIGHT RETURN               CONTRIB. CONTRIB.

New Oriental Education             1.8         -41.5          -0.9             -0.8         Consumer Discretionary               New Oriental Education            1.8          -41.5         -0.9            -0.8        Consumer Discretionary

Tencent Music                      1.3         -24.5          -0.4             -0.4         Communication Services               Tencent Music                     1.3          -24.5         -0.4           -0.4         Communication Services

CP All                             1.1         -14.3          -0.2             -0.2         Consumer Staples                     Prosus                            2.3          -12.2          -0.3           -0.3        Consumer Discretionary

Prosus                             2.3         -12.2          -0.3             -0.3         Consumer Discretionary               Tencent                           7.4          -3.9           -0.3           -0.1        Communication Services

Trip                               1.8         -10.5          -0.2             -0.2         Consumer Discretionary               CP All                            1.1          -14.3          -0.2           -0.2        Consumer Staples

   Contribution and performance are calculated using end of day prices, and do not reflect actual purchase prices. This can affect the presentation of contribution and performance of IPOs and other transactions amid heightened volatility.
   Emerging Markets Growth may participate in IPOs in eligible accounts and purchase additional shares in the secondary market. All values are that of the Emerging Markets Growth Composite. The companies illustrated above represent a
   sub-set of current holdings in the Emerging Markets Growth Composite and were selected based on the performance measures presented. Top and Bottom absolute contribution figures were calculated by multiplying the security's
   average weight by the security's return. The investments results shown are gross of advisory fees and reflect the reinvestment of dividends and any other earnings. The client's return will be reduced by these fees and expenses in addition
   to any other costs incurred in the management of the account. Pricing obtained from IDC. To receive a complete list of and description of the calculation methodology for the attribution analysis and complete list detailing each holding’s
   attribution please contact a member of the Client Relations Team at 703-562-4000. GIPS® Reports and additional disclosures for the related composites may be found at
   http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Past performance is not indicative of future results. Source: SCM, MSCI.

   SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336                                                                                                                                                                                          12
Attribution Analysis: Quarter to Date
Emerging Markets Growth vs. MSCI Emerging Markets Index
Period Ending June 30, 2021
 Total Effect               Selection Effect              Allocation Effect                  Currency Effect
                                   6.0                        2.0
                                   5.0
                                                               1.5
                                   4.0
                                   3.0
                                                               1.0

    BY COUNTRY (%)                 2.0                        0.5
     (Top/Bottom 5)                1.0
                                                              0.0
                                   0.0
                                                              -0.5
                                   -1.0
                                  -2.0                        -1.0

                                            Total                      Singapore          India                  China         Kazakhstan             South Africa            Thailand          Mexico           Saudi Arabia     Netherlands      Taiwan
Portfolio Weight (avg)                      100.0                          8.8             21.5                   31.0              1.7                      –                    1.1               –                   –              2.3           6.4
Index Weight (avg)                          100.0                               –             9.7                 37.3                 –                   3.8                   1.8               1.8                2.8               –            13.9

Portfolio Return                              8.6                         23.0                11.0                 5.1             49.3                      –                 -14.3                –                   –            -12.2            1.9
Index Return                                   5.1                              –             6.9                  2.3                 –                   -1.5                 -4.9              9.1                10.0               –             7.1
Relative Return                               3.5                         23.0                 4.1                 2.8             49.3                    1.5                  -9.4              -9.1              -10.0            -12.2           -5.2

                                   6.0                         2.5
                                   5.0                        2.0
                                   4.0
                                                               1.5
                                   3.0
                                                               1.0
      BY SECTOR (%)                2.0
                                                              0.5
      (GICS Sectors)               1.0
                                   0.0                        0.0
                                   -1.0                       -0.5
                                  -2.0                        -1.0

                                                                                                     Communication       Information                                                                                 Consumer                     Consumer
                                            Total                    Health Care    Financials                                             Real Estate            Utilities         Materials      Industrials                        Energy
                                                                                                       Services          Technology                                                                                   Staples                    Discretionary
Portfolio Weight (avg)                      100.0                        9.6           18.0              22.1                10.2              0.6                     –                  1.3             1.3            6.2                 –       28.5
Index Weight (avg)                          100.0                        4.7           18.2               11.6              20.7                2.1                  2.0                  8.5             4.5               5.7         4.9          17.2

Portfolio Return                              8.6                       31.2           12.8               7.9                6.2              -2.7                     –                 16.0            20.7            -0.1                –        2.4
Index Return                                   5.1                       14.1           4.2                1.9               3.8              -6.0                   2.0                  8.2            13.2               4.5        12.4           3.6
Relative Return                               3.5                        17.1           8.6               6.0                2.4               3.3                   -2.0                 7.8             7.5           -4.6           -12.4          -1.2

Contribution and performance are calculated using end of day prices, and do not reflect actual purchase prices. This can affect the presentation of contribution and performance of IPOs and other transactions amid heightened volatility.
Emerging Markets Growth may participate in IPOs in eligible accounts and purchase additional shares in the secondary market. All values are that of the Emerging Markets Growth Composite. The investments results shown are gross of
advisory fees and reflect the reinvestment of dividends and any other earnings. The client's return will be reduced by these fees and expenses in addition to any other costs incurred in the management of the account. The attribution
analysis approximates the gross excess returns of the portfolio and is calculated by the FactSet attribution model based on a “buy-and-hold” approach. Returns will not match actual performance because FactSet uses different exchange
rate sources, the performance does not capture intra-day trading, and the analysis removes the impact of cash flows. Pricing obtained from IDC. To receive a complete list of and description of the calculation methodology for the
attribution analysis and complete list detailing each holding’s attribution please contact a member of the Client Relations Team at 703-562-4000. GIPS® Reports and additional disclosures for the related composites may be found at
http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Past performance is not indicative of future results. Source: SCM, MSCI.
SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336                                                                                                                                                                                                             13
Contribution Analysis: Year to Date
   Emerging Markets Growth vs. MSCI Emerging Markets Index
   Period Ending June 30, 2021

BEST PERFORMERS (%)                                                                                                              TOP ABSOLUTE CONTRIBUTORS (%)

                                AVERAGE        TOTAL       ABSOLUTE          RELATIVE                                                                           AVERAGE TOTAL               ABSOLUTE RELATIVE
COMPANY                                                                                     GICS SECTOR                          COMPANY                                                                                  GICS SECTOR
                                 WEIGHT       RETURN       CONTRIB.          CONTRIB.                                                                            WEIGHT RETURN               CONTRIB. CONTRIB.

Kaspi                             1.6          63.4           0.8              0.8          Financials                           Sea                               8.8          38.0           3.1            3.1         Communication Services

Anta Sports Products              3.5          49.0            1.7             1.6          Consumer Discretionary               Anta Sports Products              3.5          49.0           1.7            1.6         Consumer Discretionary

Apollo Hospitals                  3.6          47.5            1.3             1.3          Health Care                          Wuxi Biologics                    3.3          38.2           1.4            1.2         Health Care

Wuxi Biologics                    3.3          38.2            1.4             1.2          Health Care                          Apollo Hospitals                  3.6          47.5           1.3            1.3         Health Care

Sea                               8.8          38.0            3.1             3.1          Communication Services               Kaspi                             1.6          63.4           0.8            0.8         Financials

WORST PERFORMERS (%)                                                                                                             TOP ABSOLUTE DETRACTORS (%)

                                AVERAGE        TOTAL       ABSOLUTE          RELATIVE                                                                           AVERAGE TOTAL               ABSOLUTE RELATIVE
COMPANY                                                                                     GICS SECTOR                          COMPANY                                                                                  GICS SECTOR
                                 WEIGHT       RETURN       CONTRIB.          CONTRIB.                                                                            WEIGHT RETURN               CONTRIB. CONTRIB.

New Oriental Education            2.1          -55.9          -1.7             -1.5         Consumer Discretionary               New Oriental Education            2.1          -55.9          -1.7           -1.5        Consumer Discretionary

Tencent Music                     1.0          -43.1          -0.7             -0.7         Communication Services               Tencent Music                     1.0          -43.1          -0.7           -0.7        Communication Services

CD Projekt                        0.5          -32.1          -0.2             -0.2         Communication Services               MercadoLibre                      7.0          -7.0          -0.4           -0.4         Consumer Discretionary

JD Health                         0.8          -25.9          -0.3             -0.3         Consumer Discretionary               Bandhan Bank                      1.1          -19.3          -0.3           -0.3        Financials

Allegro                           0.7          -24.2          -0.2             -0.2         Consumer Discretionary               Prosus                            2.4          -9.5           -0.3           -0.3        Consumer Discretionary

   Contribution and performance are calculated using end of day prices, and do not reflect actual purchase prices. This can affect the presentation of contribution and performance of IPOs and other transactions amid heightened volatility.
   Emerging Markets Growth may participate in IPOs in eligible accounts and purchase additional shares in the secondary market. All values are that of the Emerging Markets Growth Composite. The companies illustrated above represent a
   sub-set of current holdings in the Emerging Markets Growth Composite and were selected based on the performance measures presented. Top and Bottom absolute contribution figures were calculated by multiplying the security's
   average weight by the security's return. The investments results shown are gross of advisory fees and reflect the reinvestment of dividends and any other earnings. The client's return will be reduced by these fees and expenses in addition
   to any other costs incurred in the management of the account. Pricing obtained from IDC. To receive a complete list of and description of the calculation methodology for the attribution analysis and complete list detailing each holding’s
   attribution please contact a member of the Client Relations Team at 703-562-4000. GIPS® Reports and additional disclosures for the related composites may be found at
   http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Past performance is not indicative of future results. Source: SCM, MSCI.

   SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336                                                                                                                                                                                          14
Attribution Analysis: Year to Date
Emerging Markets Growth vs. MSCI Emerging Markets Index
Period Ending June 30, 2021
 Total Effect               Selection Effect              Allocation Effect                  Currency Effect
                                    1.5                       3.0
                                    1.0                        2.5
                                   0.5                        2.0
                                   0.0                         1.5
                                  -0.5                         1.0
    BY COUNTRY (%)                 -1.0                       0.5
     (Top/Bottom 5)                -1.5                       0.0
                                  -2.0                       -0.5
                                   -2.5                      -1.0
                                  -3.0                        -1.5

                                            Total                      Singapore       Kazakhstan             India             China                 Malaysia             Brazil            Poland          Russia         Argentina       Taiwan
Portfolio Weight (avg)                      100.0                          8.8              1.6                20.7              31.7                      –                 6.5                1.2            4.0              8.7            6.3
Index Weight (avg)                          100.0                              –               –               9.5              38.4                     1.4                 4.7               0.7             3.1              0.1           13.7

Portfolio Return                              6.2                         38.0             63.4                12.1                 1.8                    –                -0.1             -27.3             1.7             -5.5           10.9
Index Return                                   7.5                             –               –              12.4                  1.8                  -8.1               10.7               9.8            19.7             -0.5           18.8
Relative Return                               -1.3                        38.0             63.4               -0.3                   –                   8.1               -10.8              -37.1          -18.0             -5.0           -7.9

                                    1.5                       3.0
                                    1.0
                                                              2.0
                                   0.5
                                   0.0
                                                               1.0

      BY SECTOR (%)               -0.5                        0.0
      (GICS Sectors)               -1.0
                                                              -1.0
                                   -1.5
                                                              -2.0
                                  -2.0
                                   -2.5                       -3.0

                                                                                   Communication                                                                Consumer                       Information                                 Consumer
                                            Total                    Health Care                    Financials        Real Estate         Utilities                                 Energy                    Industrials     Materials
                                                                                     Services                                                                    Staples                       Technology                                 Discretionary
Portfolio Weight (avg)                      100.0                        9.7           22.3            17.6               0.6                  –                   6.0                 –           10.2               1.2         1.3          29.1
Index Weight (avg)                          100.0                        4.6            11.8           17.8               2.0                2.0                   5.6                4.8             20.8           4.4          8.1         17.9

Portfolio Return                              6.2                       35.1            12.2           8.0                1.4                  –                  -4.5                 –               5.0       -3.6            6.4          -3.7
Index Return                                  7.5                        8.9            7.6             7.5              -0.4                3.9                   1.6               15.6              8.7       16.2           18.0           0.3
Relative Return                               -1.3                      26.2            4.6            0.5                1.8               -3.9                  -6.1              -15.6             -3.7       -19.8          -11.6         -4.0

Contribution and performance are calculated using end of day prices, and do not reflect actual purchase prices. This can affect the presentation of contribution and performance of IPOs and other transactions amid heightened volatility.
Emerging Markets Growth may participate in IPOs in eligible accounts and purchase additional shares in the secondary market. All values are that of the Emerging Markets Growth Composite. The investments results shown are gross of
advisory fees and reflect the reinvestment of dividends and any other earnings. The client's return will be reduced by these fees and expenses in addition to any other costs incurred in the management of the account. The attribution
analysis approximates the gross excess returns of the portfolio and is calculated by the FactSet attribution model based on a “buy-and-hold” approach. Returns will not match actual performance because FactSet uses different exchange
rate sources, the performance does not capture intra-day trading, and the analysis removes the impact of cash flows. Pricing obtained from IDC. To receive a complete list of and description of the calculation methodology for the
attribution analysis and complete list detailing each holding’s attribution please contact a member of the Client Relations Team at 703-562-4000. GIPS® Reports and additional disclosures for the related composites may be found at
http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Past performance is not indicative of future results. Source: SCM, MSCI.
SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336                                                                                                                                                                                                     15
Contribution Analysis: Trailing 1 Year
   Emerging Markets Growth vs. MSCI Emerging Markets Index
   Period Ending June 30, 2021

BEST PERFORMERS (%)                                                                                                              TOP ABSOLUTE CONTRIBUTORS (%)

                                AVERAGE        TOTAL       ABSOLUTE          RELATIVE                                                                           AVERAGE TOTAL               ABSOLUTE RELATIVE
COMPANY                                                                                     GICS SECTOR                          COMPANY                                                                                  GICS SECTOR
                                 WEIGHT       RETURN       CONTRIB.          CONTRIB.                                                                            WEIGHT RETURN               CONTRIB. CONTRIB.

Wuxi Biologics                    3.2         200.5           4.3              3.7          Health Care                          Sea                               8.5          156.1          10.3           10.3        Communication Services

Apollo Hospitals                  3.2          172.4          3.5              3.5          Health Care                          Taiwan Semiconductor              5.5          114.5          4.4            -0.3        Information Technology

Anta Sports Products              3.5         168.4           4.3              4.0          Consumer Discretionary               Wuxi Biologics                    3.2         200.5           4.3            3.7         Health Care

Sea                               8.5          156.1          10.3             10.3         Communication Services               Anta Sports Products              3.5         168.4           4.3            4.0         Consumer Discretionary

Kaspi                             1.0         143.6            1.3             1.3          Financials                           MercadoLibre                      6.8          58.0           4.2            4.2         Consumer Discretionary

WORST PERFORMERS (%)                                                                                                             TOP ABSOLUTE DETRACTORS (%)

                                AVERAGE        TOTAL       ABSOLUTE          RELATIVE                                                                           AVERAGE TOTAL               ABSOLUTE RELATIVE
COMPANY                                                                                     GICS SECTOR                          COMPANY                                                                                  GICS SECTOR
                                 WEIGHT       RETURN       CONTRIB.          CONTRIB.                                                                            WEIGHT RETURN               CONTRIB. CONTRIB.

CD Projekt                        0.3         -54.4           -0.6             -0.5         Communication Services               Tencent Music                     0.5          -43.1          -0.7           -0.7        Communication Services

Tencent Music                     0.5          -43.1          -0.7             -0.7         Communication Services               CD Projekt                        0.3          -54.4         -0.6            -0.5        Communication Services

New Oriental Education            2.4          -37.1          -0.5             -0.4         Consumer Discretionary               New Oriental Education            2.4          -37.1          -0.5          -0.4         Consumer Discretionary

CP All                            1.3          -13.3          -0.3             -0.3         Consumer Staples                     CP All                            1.3          -13.3          -0.3           -0.3        Consumer Staples

Allegro                           0.6          -6.5           0.0              0.0          Consumer Discretionary               NagaCorp                          0.1          -3.6           -0.1           0.0         Consumer Discretionary

   Contribution and performance are calculated using end of day prices, and do not reflect actual purchase prices. This can affect the presentation of contribution and performance of IPOs and other transactions amid heightened volatility.
   Emerging Markets Growth may participate in IPOs in eligible accounts and purchase additional shares in the secondary market. All values are that of the Emerging Markets Growth Composite. The companies illustrated above represent a
   sub-set of current holdings in the Emerging Markets Growth Composite and were selected based on the performance measures presented. Top and Bottom absolute contribution figures were calculated by multiplying the security's
   average weight by the security's return. The investments results shown are gross of advisory fees and reflect the reinvestment of dividends and any other earnings. The client's return will be reduced by these fees and expenses in addition
   to any other costs incurred in the management of the account. Pricing obtained from IDC. To receive a complete list of and description of the calculation methodology for the attribution analysis and complete list detailing each holding’s
   attribution please contact a member of the Client Relations Team at 703-562-4000. GIPS® Reports and additional disclosures for the related composites may be found at
   http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Past performance is not indicative of future results. Source: SCM, MSCI.

   SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336                                                                                                                                                                                          16
Attribution Analysis: Trailing 1 Year
Emerging Markets Growth vs. MSCI Emerging Markets Index
Period Ending June 30, 2021
 Total Effect               Selection Effect              Allocation Effect                    Currency Effect
                                  20.0                        8.0

                                   15.0                       6.0
                                                              4.0
                                   10.0
    BY COUNTRY (%)                                             2.0
                                    5.0
     (Top/Bottom 5)                                           0.0
                                   0.0                        -2.0

                                   -5.0                       -4.0

                                            Total                      Singapore           China                 India          Argentina            Kazakhstan            Hong Kong           Taiwan            Poland        Netherlands      Korea
Portfolio Weight (avg)                      100.0                          8.5              33.8                  19.2              8.7                  1.0                   2.9                5.5              0.9              2.5            –
Index Weight (avg)                          100.0                               –           39.9                  8.9                  0.1                –                     –                13.2              0.7               –           12.7

Portfolio Return                             53.9                         156.1                 39.1             73.7              55.5                143.6                  32.9              114.5            -28.8             5.4              –
Index Return                                 40.9                               –           27.4                 56.4              28.6                   –                  -12.2              70.5              26.7               –           66.2
Relative Return                              13.0                         156.1                 11.7              17.3             26.9                143.6                  45.1              44.0             -55.5             5.4          -66.2

                                   25.0                       10.0
                                   20.0                        8.0
                                   15.0                        6.0
                                   10.0                       4.0
      BY SECTOR (%)
                                    5.0                        2.0
      (GICS Sectors)
                                    0.0                       0.0
                                   -5.0                       -2.0
                                  -10. 0                      -4.0

                                                                                    Communication                                                                                                 Consumer        Consumer                    Information
                                            Total                    Health Care                       Financials        Real Estate         Energy            Utilities         Industrials                                      Materials
                                                                                      Services                                                                                                   Discretionary     Staples                    Technology
Portfolio Weight (avg)                      100.0                        9.4            22.6              15.9               0.6                –                   –                  1.3           30.2            6.0              1.2          10.1
Index Weight (avg)                          100.0                        4.5             12.3             17.9               2.2               5.1                 2.0                 4.4              18.6             5.9         7.6         19.6

Portfolio Return                             53.9                      149.2            56.7             49.9               29.1                –                   –                72.3               37.5         14.3           80.2         73.9
Index Return                                 40.9                       32.4            23.0             33.0                6.6              32.3                20.3               44.8               36.9         23.7            71.1        75.5
Relative Return                              13.0                       116.8           33.7              16.9              22.5             -32.3             -20.3                 27.5                0.6         -9.4             9.1         -1.6

Contribution and performance are calculated using end of day prices, and do not reflect actual purchase prices. This can affect the presentation of contribution and performance of IPOs and other transactions amid heightened volatility.
Emerging Markets Growth may participate in IPOs in eligible accounts and purchase additional shares in the secondary market. All values are that of the Emerging Markets Growth Composite. The investments results shown are gross of
advisory fees and reflect the reinvestment of dividends and any other earnings. The client's return will be reduced by these fees and expenses in addition to any other costs incurred in the management of the account. The attribution
analysis approximates the gross excess returns of the portfolio and is calculated by the FactSet attribution model based on a “buy-and-hold” approach. Returns will not match actual performance because FactSet uses different exchange
rate sources, the performance does not capture intra-day trading, and the analysis removes the impact of cash flows. Pricing obtained from IDC. To receive a complete list of and description of the calculation methodology for the
attribution analysis and complete list detailing each holding’s attribution please contact a member of the Client Relations Team at 703-562-4000. GIPS® Reports and additional disclosures for the related composites may be found at
http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Past performance is not indicative of future results. Source: SCM, MSCI.
SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336                                                                                                                                                                                                         17
Contribution & Attribution Analysis: Trailing 3 Year
Emerging Markets Growth vs. MSCI Emerging Markets Index
Period Ending June 30, 2021

 TOP ABSOLUTE CONTRIBUTORS (%)                                                                                                    REGION ATTRIBUTION
                                                                                                                                                                                             ACTIVE          RELATIVE            TOTAL
                                AVERAGE TOTAL ABSOLUTE RELATIVE                                                                   REGION                                                     WEIGHT           RETURN             EFFECT
 COMPANY                                                                                   GICS SECTOR
                                 WEIGHT RETURN CONTRIB. CONTRIB.                                                                  Asia/Pacific Ex Japan                                         -10.1            244.1              20.0
                                                                                                                                  Latin America                                                  0.8             156.5              14.4
 Sea                               5.3          1730.7         29.5           29.4         Communication Services
                                                                                                                                  Emerging Asia                                                 10.9              18.6               8.6
 MercadoLibre                      5.1          421.1          14.5           14.5         Consumer Discretionary                 Mid-East & Africa                                             -6.2             103.5               3.6
                                                                                                                                  Europe                                                         1.5              9.6                1.1
 Anta Sports Products              3.5          359.6           8.3            7.9         Consumer Discretionary

 Tencent                           7.4           51.1           7.0            3.7         Communication Services

 Taiwan Semiconductor              3.8          250.2           7.0            0.1         Information Technology
                                                                                                                                  SECTOR ATTRIBUTION
                                                                                                                                                                                             ACTIVE          RELATIVE            TOTAL
                                                                                                                                  SECTOR                                                     WEIGHT           RETURN             EFFECT
 TOP ABSOLUTE DETRACTORS (%)                                                                                                      Communication Services                                          8.5             123.8             25.7
                                                                                                                                  Consumer Discretionary                                         18.1              18.9             11.5
                                                                                                                                  Health Care                                                     4.5             140.1             7.0
                                AVERAGE TOTAL ABSOLUTE RELATIVE                                                                   Financials                                                     -6.3              25.5              5.3
 COMPANY                                                                                   GICS SECTOR
                                 WEIGHT RETURN CONTRIB. CONTRIB.                                                                  Materials                                                      -6.1             73.0               1.0
                                                                                                                                  Utilities                                                      -2.4              -8.3             0.7
 Baidu                             1.5          -44.0          -3.6           -3.0         Communication Services
                                                                                                                                  Energy                                                         -6.7             -19.8             0.7
 Medy-Tox                          0.9          -42.6          -3.2           -3.2         Health Care                            Real Estate                                                    -1.4              15.3             0.3
                                                                                                                                  Industrials                                                    -1.4              -9.7             -0.2
 MakeMyTrip                         1.1         -63.4          -3.1           -3.1         Consumer Discretionary
                                                                                                                                  Consumer Staples                                               -0.5              -9.4             -1.1
 Trip                              2.6          -25.6          -2.9           -2.7         Consumer Discretionary                 Information Technology                                         -9.4               5.5             -3.6

 Amorepacific                      0.2          -50.6          -2.3           -2.2         Consumer Staples

Contribution and performance are calculated using end of day prices, and do not reflect actual purchase prices. This can affect the presentation of contribution and performance of IPOs and other transactions amid heightened volatility.
Emerging Markets Growth may participate in IPOs in eligible accounts and purchase additional shares in the secondary market. All values are that of the Emerging Markets Growth Composite and were selected based on the performance
measures presented. The investments results shown are gross of advisory fees and reflect the reinvestment of dividends and any other earnings. The client's return will be reduced by these fees and expenses in addition to any other costs
incurred in the management of the account. Top and Bottom absolute contribution figures were calculated by multiplying the security's average weight by the security's return. The attribution analysis approximates the gross excess
returns of the portfolio and is calculated by the FactSet attribution model based on a “buy-and-hold” approach. Returns will not match actual performance because FactSet uses different exchange rate sources, the performance does not
capture intra-day trading, and the analysis removes the impact of cash flows. Pricing obtained from IDC. To receive a complete list of and description of the calculation methodology for the attribution analysis and complete list detailing
each holding’s attribution please contact a member of the Client Relations Team at 703-562-4000. GIPS® Reports and additional disclosures for the related composites may be found at
http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Past performance is not indicative of future results. Source: SCM, MSCI.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336                                                                                                                                                                                           18
Contribution & Attribution Analysis: Trailing 5 Year
Emerging Markets Growth vs. MSCI Emerging Markets Index
Period Ending June 30, 2021

 TOP ABSOLUTE CONTRIBUTORS (%)                                                                                                    REGION ATTRIBUTION
                                                                                                                                                                                             ACTIVE          RELATIVE            TOTAL
                                AVERAGE TOTAL ABSOLUTE RELATIVE                                                                   REGION                                                     WEIGHT           RETURN             EFFECT
 COMPANY                                                                                   GICS SECTOR
                                 WEIGHT RETURN CONTRIB. CONTRIB.                                                                  Emerging Asia                                                 13.2              41.8              22.8
                                                                                                                                  Asia/Pacific Ex Japan                                         -12.3            339.8              21.5
 Sea                               3.3          1588.8         29.3           29.3         Communication Services
                                                                                                                                  Latin America                                                 -0.6             198.8              20.1
 MercadoLibre                      4.5          1011.9         21.7           21.6         Consumer Discretionary                 Mid-East & Africa                                             -4.7             233.2              12.6
                                                                                                                                  Europe                                                         1.3             -41.6              -2.2
 Alibaba                           8.2          185.2          20.0           13.3         Consumer Discretionary

 Tencent                           5.9          235.6          13.1            4.7         Communication Services

 Anta Sports Products              2.9          1027.0         12.0           11.5         Consumer Discretionary
                                                                                                                                  SECTOR ATTRIBUTION
                                                                                                                                                                                             ACTIVE          RELATIVE            TOTAL
                                                                                                                                  SECTOR                                                     WEIGHT           RETURN             EFFECT
 TOP ABSOLUTE DETRACTORS (%)                                                                                                      Consumer Discretionary                                         18.5             95.7              33.3
                                                                                                                                  Communication Services                                          6.1            231.0              33.1
                                                                                                                                  Financials                                                     -8.5             56.3               9.1
                                AVERAGE TOTAL ABSOLUTE RELATIVE                                                                   Industrials                                                    -0.2             32.6               5.6
 COMPANY                                                                                   GICS SECTOR
                                 WEIGHT RETURN CONTRIB. CONTRIB.                                                                  Utilities                                                      -2.6            -12.5               3.3
                                                                                                                                  Real Estate                                                    -1.2             11.9               2.2
 Hikma Pharmaceuticals             0.7          -57.8          -4.1           -4.1         Health Care
                                                                                                                                  Materials                                                     -6.0              60.7              0.9
 Amorepacific                      0.8          -61.5          -3.9           -3.6         Consumer Staples                       Energy                                                         -6.8            -74.1              0.6
                                                                                                                                  Health Care                                                     5.8             81.8              -1.9
 Grupo Aeroportuario               1.0          -41.5          -2.2           -2.2         Industrials
                                                                                                                                  Consumer Staples                                                2.4            -10.1              -4.2
 Trip                              2.7          -13.9          -2.1           -2.1         Consumer Discretionary                 Information Technology                                        -10.5            -46.6              -6.9

 Bandhan Bank                      0.4          -44.4          -1.9           -1.8         Financials

Contribution and performance are calculated using end of day prices, and do not reflect actual purchase prices. This can affect the presentation of contribution and performance of IPOs and other transactions amid heightened volatility.
Emerging Markets Growth may participate in IPOs in eligible accounts and purchase additional shares in the secondary market. All values are that of the Emerging Markets Growth Composite and were selected based on the performance
measures presented. The investments results shown are gross of advisory fees and reflect the reinvestment of dividends and any other earnings. The client's return will be reduced by these fees and expenses in addition to any other costs
incurred in the management of the account. Top and Bottom absolute contribution figures were calculated by multiplying the security's average weight by the security's return. The attribution analysis approximates the gross excess
returns of the portfolio and is calculated by the FactSet attribution model based on a “buy-and-hold” approach. Returns will not match actual performance because FactSet uses different exchange rate sources, the performance does not
capture intra-day trading, and the analysis removes the impact of cash flows. Pricing obtained from IDC. To receive a complete list of and description of the calculation methodology for the attribution analysis and complete list detailing
each holding’s attribution please contact a member of the Client Relations Team at 703-562-4000. GIPS® Reports and additional disclosures for the related composites may be found at
http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Past performance is not indicative of future results. Source: SCM, MSCI.

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Trailing Attribution Effects
Emerging Markets Growth vs. MSCI Emerging Markets Index
Period Ending June 30, 2021
 Total Effect               Selection Effect              Allocation Effect                Currency Effect
                            90.0
                            80.0
                            70.0
                            60.0
                            50.0
 BY REGION (%)              40.0
                            30.0
                            20.0
                            10.0
                             0.0
                           -10.0
                           -20.0
                                                  QTD                               YTD                                1 Yr.                             3 Yrs.                             5 Yrs.

Portfolio Return                                    8.6                               6.2                               53.9                               84.2                               159.7
Index Return                                        5.1                               7.5                               40.9                               37.8                               84.5
Relative Return                                     3.5                               -1.3                              13.0                               46.4                                75.2
                            90.0
                            80.0
                            70.0
                            60.0
 BY SECTOR                  50.0
     (%)                    40.0
(GICS Sectors)              30.0
                            20.0
                            10.0
                             0.0
                           -10.0
                           -20.0
                                                  QTD                               YTD                                1 Yr.                             3 Yrs.                             5 Yrs.

Contribution and performance are calculated using end of day prices, and do not reflect actual purchase prices. This can affect the presentation of contribution and performance of IPOs and other transactions amid heightened volatility.
Emerging Markets Growth may participate in IPOs in eligible accounts and purchase additional shares in the secondary market. All values are that of the Emerging Markets Growth Composite. The investments results shown are gross of
advisory fees and reflect the reinvestment of dividends and any other earnings. The client's return will be reduced by these fees and expenses in addition to any other costs incurred in the management of the account. The attribution
analysis approximates the gross excess returns of the portfolio and is calculated by the FactSet attribution model based on a “buy-and-hold” approach. Returns will not match actual performance because FactSet uses different exchange
rate sources, the performance does not capture intra-day trading, and the analysis removes the impact of cash flows. Pricing obtained from IDC. To receive a complete list of and description of the calculation methodology for the
attribution analysis and complete list detailing each holding’s attribution please contact a member of the Client Relations Team at 703-562-4000. GIPS® Reports and additional disclosures for the related composites may be found at
http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Past performance is not indicative of future results. Source: SCM, MSCI.
SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336                                                                                                                                                                                        20
Risk Statistics
Emerging Markets Growth vs. MSCI Emerging Markets Index
Net Results for Period Ending June 30, 2021

                                                                                                                                                                                      EMG
                                                                                                                                                                                      MSCI EM
                      30           1.17       1.13
                                                                1.08                                                                                                                  Beta to MSCI EM
                      25                                                          1.04               1.00              1.00              0.99
Sector Exposure (%)

                                                                                                                                                            0.87
                      20                                                                                                                                                      0.79              0.78
                                                                                                                                                                                                                  0.73
                      15

                      10

                       5

                      0

5 Year Risk Statistics – EMG VS. MSCI EM
                                                           Annualized Up                                Annualized Down                                                              Max
                            Beta                           Capture Ratio                                 Capture Ratio                                                            Drawdown

                           1.02                         119.4%                                           92.3%                                      -24.7%                              vs.
                                                                                                                                                                                                          -28.7%
                                                                                                                                                             EMG                                                MSCI EM

Emerging Markets Growth returns used to calculate all statistics shown are net of advisory fees and reflect the reinvestment of dividends and any other earnings. Sectors are based on GICS classifications. Beta is a measure of an asset’s
risk in relation to the market, as typically represented by a broad index. Annualized Up Capture Ratio is a measure of the manager’s performance during phases of positive benchmark returns. Annualized Down Capture Ratio is a measure
of the manager’s performance during phases of negative benchmark returns. Max Drawdown is the maximum of the peak-to-trough declines during a specific period. GIPS® Reports and additional disclosures for the related composites
may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. The chart above is shown for illustrative purposes only and is not intended as a forecast, guarantee of
future results, investment recommendation, or an offer to buy or sell any securities. Characteristics and sector exposure are subject to change and should not be considered as recommendations. Past performance is not indicative of
future results. Source: SCM, MSCI.

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Significant Transactions
Emerging Markets Growth
Period Started January 1, 2021 and Ended June 30, 2021

             PURCHASES                                                        SCM SECTOR                                      SALES                                                            SCM SECTOR

1Q21         Tencent Music                                                   Technology                                       BeiGene                                                         Life Sciences

2Q21         Haidilao                                                        Consumer                                        No Transactions for this period.
             Kanzhun                                                         Technology

The securities identified represent new securities purchased and sold within the current and prior quarter but do not include weight changes. The list above does not include in progress purchase investment actions. Upon request, a
complete list of securities purchased and sold in the Emerging Markets Growth Composite will be provided. It should not be assumed that these holdings were or will be profitable. GIPS® Reports and additional disclosures for the related
composites may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336                                                                                                                                                                                         22
Portfolio Holdings by Sector
Emerging Markets Growth vs. MSCI Emerging Markets Index
Period Ending June 30, 2021
SECTOR/COMPANY                          BUSINESS SPACE                                                          DOMICILE                PORTFOLIO (%)             BENCHMARK (%)                           OWNED SINCE
Communication Services                                                                                                                         22.1                       11.3
CD Projekt                              Interactive Gaming and Software                                            Poland                       0.4                        0.0                                 2020
Kanzhun1                                Recruiting and B2B Marketing and Sales                                     China                        0.8                          –                                 2021
Sea1                                    Internet Software and Services                                           Singapore                      8.9                          –                                 2017
Tencent1                                Internet Communications and Entertainment                                  China                        6.8                        5.0                                 2012
Tencent Music1                          Internet Communications and Entertainment                                  China                         1.1                       0.1                                 2021
Yandex                                  Internet Search and Media                                                  Russia                       4.1                        0.3                                 2017
Consumer Discretionary                                                                                                                        27.9                        17.6
Alibaba1                                Internet Retail                                                            China                        6.1                        5.0                                 2014
Allegro                                 Internet Retail                                                           Poland                        0.7                        0.1                                 2020
Anta Sports Products                    Textile Apparel and Luxury Goods                                           China                        4.2                        0.3                                 2016
Haidilao                                Restaurants and Food Retail                                                China                        0.8                        0.1                                 2021
JD Health                               Health Care Equipment and Supplies                                         China                        0.7                        0.0                                 2020
Jubilant Foodworks                      Quick Service Restaurants                                                  India                        2.6                        0.0                                 2012
MercadoLibre                            Online Marketplace and Payment Service                                   Argentina                      6.6                          –                                 2012
New Oriental Education1                 Education Services                                                         China                         1.1                       0.1                                 2018
Prosus                                  Internet Retail                                                         Netherlands                     1.8                          –                                 2019
Titan                                   Jewelry, Watch, and Eyewear Retail                                         India                        1.7                        0.1                                 2019
Trip1                                   Online Travel Reservation Service                                          China                        1.6                        0.2                                 2016
Consumer Staples                                                                                                                                5.8                        5.6
Britannia                               Packaged Foods                                                             India                        2.3                        0.1                                  2016
CP All                                  Food Retail                                                               Thailand                      1.0                        0.1
Foshan Haitian Flavoring                Food Products                                                              China                        1.5                        0.0                                 2020
Raia Drogasil                           Pharmacy Retail                                                            Brazil                       0.9                        0.1                                 2012
Energy                                                                                                                                                                     5.0
Financials                                                                                                                                     18.2                       17.8
AIA                                     Insurance                                                               Hong Kong                       2.6                          –                                 2018
Bajaj Finance                           Consumer Durables Financing                                                India                        3.6                        0.3                                 2018
Bandhan Bank                            Commercial Banks                                                           India                        1.0                        0.0                                 2019
Bank Central Asia                       Diversified Banking and Financial Services                               Indonesia                      1.4                        0.3                                 2018
HDFC Bank1                              Commercial Banks                                                           India                        2.8                          –                                 2017
ICICI Prudential Life Insurance         Insurance                                                                  India                        2.3                        0.0                                 2020
Kaspi1                                  Diversified Banking and Financial Services                              Kazakhstan                      2.1                          –                                 2020
XP                                      Diversified Financial Services                                             Brazil                       2.4                          –                                 2020
Health Care                                                                                                                                   10.9                         5.0
Apollo Hospitals                        Hospital Owner/Operator, Pharmacy Owner/Operator                           India                        4.1                        0.1                                 2012
Hutchison China MediTech1               Biotech Therapeutic Drugs                                                  China                         1.1                       0.0                                 2018
Tigermed                                Contract Research Organization                                             China                        1.7                        0.0                                 2020
Wuxi Biologics                          Contract Research Organization                                             China                        3.9                        0.7                                 2019
Industrials                                                                                                                                     1.3                        4.9
Localiza Rent a Car                     Consumer Automobiles                                                       Brazil                        1.3                       0.1                                  2019
Information Technology                                                                                                                         10.3                      20.4
Globant                                 Software-as-a-Service - IT Service Management                            Argentina                      1.7                        0.1                                 2020
PagSeguro Digital                       Payment Processing                                                         Brazil                       2.3                         –                                  2019
Taiwan Semiconductor1                   Semiconductors and Semiconductor Equipment                                Taiwan                        6.3                        6.1                                 2015
Materials                                                                                                                                       1.4                        8.4
Asian Paints                            Paints and Chemicals                                                       India                        1.4                        0.2                                  2012
Real Estate                                                                                                                                    0.6                         2.0
Vincom Retail                           Real Estate Management and Development                                    Vietnam                       0.6                          –                                  2019
Utilities                                                                                                                                                                  1.9
[Cash]                                                                                                                                          1.7

1
 ADRs. Data presented is that of the Emerging Markets Growth Composite. The index represented will differ in characteristics, holdings, and sector weightings from that of the composite. Rounding may cause figures to vary from 100.0%.
GIPS® Reports and additional disclosures for the related composites may be found at http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf or at the end of this presentation. Source: Factset, SCM, MSCI.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336                                                                                                                                                                                      23
Our Portfolio
Our approach to investment research, portfolio construction, and risk management results in
a portfolio of high-quality, leading growth businesses located around the world.

                                                                                                             KAZAKHSTAN                         RUSSIA
                                                                                              POLAND

                                                                     NETHERLANDS

                                                                                                                                                            HONG KONG

                                                                                                                                                          TAIWAN

                                                                                                                                                    VIETNAM
                    BRAZIL

                                                                                                                          INDIA
                                                                                        CHINA
                                                                                                                                                         THAILAND

                               ARGENTINA
                                                                                                                                  SINGAPORE   INDONESIA

Data shown is as of June 30, 2021. The above information is that of the Emerging Markets Growth Composite.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336                                                                                                                        24
Appendix
                                                                                                             1000 Wilson Boulevard
                                                                                                             Suite 3000
                                                                                                             Arlington, VA 22209, USA
                                                                                                             703.562.4000
                                                                                                                                                                              MIX Paper
                                                                                                             sandscapital.com                                                 FSC® C001844

                                                                                                             The views expressed are the opinion of Sands Capital Management and are not
                                                                                                             intended as a forecast, a guarantee of future results, investment
                                                                                                             recommendations, or an offer to buy or sell any securities. The views expressed
                                                                                                             were current as of the date indicated and are subject to change. Past
                                                                                                             performance is not indicative of future results. Differences in account size, timing
                                                                                                             of transactions and market conditions prevailing at the time of investment may
                                                                                                             lead to different results, and clients may lose money. A company’s fundamentals
                                                                                                             or earnings growth is no guarantee that its share price will increase. Forward
                                                                                                             earnings projections are not predictors of stock price or investment performance,
                                                                                                             and do not represent past performance. Characteristics, sector exposure and
                                                                                                             holdings information are subject to change, and should not be considered as
                                                                                                             recommendations. The specific securities identified and described do not
                                                                                                             represent all of the securities purchased, sold, or recommended for advisory
                                                                                                             clients. There is no assurance that any securities discussed will remain in the
                                                                                                             portfolio or that securities sold have not been repurchased. You should not
                                                                                                             assume that any investment is or will be profitable.

                                                                                                             The Global Industry Classification Standard ("GICS") was developed by and is the
                                                                                                             exclusive property and a service mark of MSCI Inc. ("MSCI") and Standard &
                                                                                                             Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P") and is licensed for
                                                                                                             use by Sands Capital Management, LLC. Neither MSCI, S&P nor any third party
                                                                                                             involved in making or compiling the GICS or any GICS classifications makes any
                                                                                                             express or implied warranties or representations with respect to such standard or
                                                                                                             classification (or the results to be obtained by the use thereof), and all such
                                                                                                             parties hereby expressly disclaim express or implied warranties or representations
                                                                                                             with respect to any such standard or classification. Without limiting any of the
                                                                                                             foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party
                                                                                                             involved in making or compiling the GICS or any GICS classifications have any
                                                                                                             liability for any direct, indirect, special, punitive, consequential or any other
                                                                                                             damages (including lost profits) even if notified of the possibility of such
                                                                                                             damages.
                                                                                                             All company logos and website images are used for illustrative purposes only and
                                                                                                             were obtained directly from the company websites. Company logos and website
                                                                                                             images are trademarks or registered trademarks of their respective owners and
                                                                                                             use of a logo does not imply any connection between Sands Capital and the
   On the Cover                                                                                              company. GIPS®-compliant presentations and additional disclosures for the
   The Bandra-Worli Sea Link is a cable-stayed bridge that links Bandra in the Western Suburbs of Mumbai     related composites may be found at
   with Worli in South Mumbai. Mumbai is home to the headquarters of many Indian portfolio businesses such   http://sandscapital.com/media/Sands_Capital_Annual_Disclosure_Presentation.pdf
   as Asian Paints and HDFC Bank.                                                                            or at the end of this presentation.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · D137                                                                                                                                                25
Sands Capital exists to add value and
                          enhance the wealth of our clients
                              with prudence over time.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · D137                 26
Investment Philosophy

We believe that, over time, common stock prices will reflect the earnings power and growth of the
underlying businesses. To be successful we must:

                 • Identify the few truly exceptional businesses with sustainable above-average growth
                 • Construct a concentrated conviction-weighted portfolio
                 • Accept short-term market volatility in exchange for long-term wealth creation

                                        “As long-term investors, we buy leading growth
                                        businesses… we do not trade stocks.”
                                                                       Frank M. Sands, Sr., Founder

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · D137                                                         27
Investment Strategy

The cornerstone of our investment strategy is our proprietary global research:
Fundamental, bottom-up, and business-focused.

          We seek to identify leading growth businesses that meet the following criteria:

                   1. Sustainable above-average earnings growth

                   2. Leadership position in a promising business space

                   3. Significant competitive advantage/unique business franchise

                   4. Clear mission and value-added focus

                   5. Financial strength

                   6. Rational valuation relative to the market and business prospects

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · D137                                            28
Portfolio Guidelines and Construction
A concentrated and conviction-weighted portfolio based on fit with our six investment criteria
is the primary source of value added.

GUIDELINES                                                                                                    CONSTRUCTION

Number of Holdings:                          30-50
                                                                                                                 Large Weights
                                                                                                                 >3%
                                             Average of 2-3%; maximum of 8% active                               Typically Top 10 Holdings
Position Size
                                             weight

Turnover:                                    Low                                                                                             30-40%
                                                                                                                                             % of Assets (approximate)

                                             Outcome of research process;                                        Medium Weights
Sector Exposure:1                            monitor exposure to revenue drivers at                              >1.5-3%
                                             portfolio level                                                     Typically 15-25 Holdings

Currency:                                    Not actively managed

Cash Position:                               Residual
                                                                                                                                             40-50%
                                                                                                                                             % of Assets (approximate)

                                                                                                                 Small Weights
Benchmark:                                   MSCI Emerging Markets Index
Secular Trends Drive Above-Average Growth

 FINANCIAL PENETRATION                                                                                                  LIFE SCIENCES INNOVATION
 Approximately a third of the world’s adult population remains unbanked,                                                Over the next decade, we view genes and genomics, minimally
 and most live in emerging markets.                                                                                     invasive technologies, consumerization of health care, the
                                                                                                                        humanization of pets, and globalization of innovation as the most
 New technologies are enabling access to basic financial products and                                                   important secular trends in life sciences.
 services, including asset management, durable-goods financing, and
 insurance.                                                                                                             We focus on investing in businesses that are changing the standard-
                                                                                                                        of-care, providing best-in-class “picks and shovels” to biopharma
 Businesses serving the needs of the growing middle class should                                                        and life science researchers, and meaningfully improving access and
 benefit from increasing demand for financial services.                                                                 cost in healthcare delivery.

  MOBILE INTERNET                                                                                                       INDUSTRY DIGITAL TRANSFORMATION
  Rising internet connectivity and mobile device penetration are spurring                                               Digital technologies are introducing new capabilities and disrupting
  broad-based economic activity in emerging markets.                                                                    the status quo in several industries, changing how consumers access
                                                                                                                        services and interact with companies.
  Commercial opportunities—including ecommerce, mobile gaming, on-
  demand video, ride-sharing, and social media—are being enabled by                                                     IT and R&D spending continues to shift toward innovations that make
  new cloud, logistics, and enterprise solutions.                                                                       processes more accurate, efficient, and safe.

All data is as of 6/30/21. The companies illustrated represent a sub-set of the Emerging Markets Growth Composite. They were chosen because they are the largest weights of the companies that reflect the secular growth trend listed.

SANDS CAPITAL MANAGEMENT, LLC · JUNE 2021 · P336                                                                                                                                                                                          30
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