Fundamental. Thinking. Worldwide.

Frontier Emerging Markets Review | Year End 2019

HARDING LOEVNER 2

Steven AnzaloneSenior Associate, Client Management

Pradipta ChakraborttyCo-Lead Portfolio Manager

Today’s Presenters

HARDING LOEVNER 3

Composite PerformanceAs of December 31, 2019

3 Months 1 Year 3 Years1 5 Years1 10 Years1 Since Inception1,2

HL Frontier Emerging Markets Equity (gross) 7.07 12.85 7.33 1.54 5.83 1.39

HL Frontier Emerging Markets Equity (net) 6.71 11.32 5.88 0.12 4.34 -0.03

MSCI Frontier Emerging Markets Index3,4 6.78 14.46 7.63 1.51 4.61 -0.96

1Annualized Returns; 2Inception date May 31, 2008; 3The Benchmark Index; 4Gross of withholding taxes. The performance returns shown are preliminary.The Frontier Emerging Markets Composite contains fully discretionary, fee-paying accounts investing in non-US equity and equity-equivalent securities and cash reserves of companiesdomiciled predominately in frontier emerging markets and is measured against the MSCI Frontier Emerging Markets Total Return Index (Gross) for comparison purposes. Harding Loevner LP isan investment adviser registered with the Securities and Exchange Commission. Harding Loevner is an affiliate of Affiliated Managers Group, Inc. (NYSE: AMG), an investment holding companywith stakes in a diverse group of boutique firms. Harding Loevner claims compliance with the Global Investment Performance Standards (GIPS®). Harding Loevner has been independentlyverified for the period November 1, 1989 through September 30, 2019. Verification assesses whether (1) the firm has complied with all composite construction requirements of the GIPSstandards on a firm-wide basis and (2) the firm’s policy and procedures are designed to calculate and present performance in compliance with GIPS standards. Verification does not ensure theaccuracy of any composite presentation. The Verification reports are available upon request. Performance data quoted represents past performance; past performance does not guaranteefuture results. Returns are presented both gross and net of management fees and include the reinvestment of all income. The US dollar is the currency used to express performance. Forcomplete information on the construction and historical record of the Frontier Emerging Markets Composite, please contact Harding Loevner at 908-218-7900 or visitwww.hardingloevner.com. The firm maintains a complete list and description of composites, which is available upon request. Please read the disclosures on the last page, which are anintegral part of this presentation.

Performance (% Total Return)

HARDING LOEVNER 4

68.2

101.1

Debt/Equity

Quality & Growth Investment PhilosophyAs of December 31, 2019

Source: FactSet. Growth and volatility metrics are based on five-year historical data; the other ratios are based on the most recent annual data. All metrics and ratios are presented asweighted medians. Please read the disclosures on the last page, which are an integral part of this presentation.

6.8

11.5 11.8

6.6 7.5 7.6

Sales Growth Earnings GrowthCash Flow

Growth

18.5

6.7

17.618.1

3.5

13.0

Profit Margin Return on Assets Return on Equity

Faster GrowthMore Profitable Lower Risk

Harding Loevner Frontier Emerging Markets Equity Model MSCI Frontier Emerging Markets Index

2.41.4

Std Dev of ROE

HARDING LOEVNER 5

MSCI FEM Index Total Returns by Style

Source: FactSet; Data as of December 31, 2019. Please read the disclosures on the last page, which are an integral part of this presentation.

By Quality, Growth, and Value Ranks, and Momentum, Tertile 1 - Tertile 3

-2

0

2

4

6

8

Ret

urn

(%)

4Q19

QR 1-3 GR 1-3 VR 1-3 Mo 1-3

-10

-5

0

5

10

15

20

Ret

urn

(%)

2019

QR 1-3 GR 1-3 VR 1-3 Mo 1-3

• High quality and fast growth underperformed. Cheaper stocks also lagged.• MSCI’s upgrade of Kuwait to EM led to high momentum stocks outperforming.

HARDING LOEVNER 6

Currency Returns

Source: Bloomberg; Data as of December 31, 2019. 1Argentine Peso reclassified to Emerging Markets May 28, 2019. Please read the disclosures on the last page, which are an integral part of this presentation.

6

*

-40%

-30%

-20%

-10%

0%

10%

20%

4Q19 YTD

Full Year 2019 vs 4Q19

HARDING LOEVNER 7

Info Technology

Energy

Financials

Comm Services

HL Frontier EM Composite

MSCI Frontier EM Index

Materials

Industrials

Health Care

Real Estate

Cons Discretionary

Utilities

Cons Staples

Gulf States

Latin America

Europe

Africa

HL Frontier EM Composite

MSCI Frontier EM Index

Asia

Middle East

Benchmark Sector/Region ReturnsFourth Quarter

Source: FactSet; Data as of December 31, 2019. Past performance does not guarantee future results. Please read the disclosures on the last page, which are an integral part of this presentation.

Sector Total Return (%) Region Total Return (%)

-5.4

-3.4

0.6

3.5

4.2

4.5

6.1

6.8

7.1

7.7

9.5

14.6

15.8

-10.0 0.0 10.0 20.0

-23.9

1.0

6.8

7.1

8.6

9.8

11.2

12.9

-30.0 -20.0 -10.0 0.0 10.0 20.0

HARDING LOEVNER 8

Performance Attribution: Composite vs BenchmarkFourth Quarter

“Composite”: Frontier Emerging Markets Composite. “Benchmark”: MSCI Frontier Emerging Markets Index. 1Includes companies in frontier markets or small emerging markets listed indeveloped markets. Past performance does not guarantee future results. Sector and Region Attribution and Contributors and Detractors are shown as supplemental information only andcomplement the fully compliant Frontier Emerging Markets Composite GIPS Presentation. The portfolio holdings identified above do not represent all of the securities held in the portfolio. Itshould not be assumed that investment in the securities identified has been or will be profitable. The following information is available upon request: (1) information describing themethodology of the contribution data and (2) a list showing the weight and contribution of all holdings during the quarter. Contribution is the contribution to overall performance over thequarter. Contributors and detractors exclude cash and securities in the Composite not held in the Model Portfolio. Quarterly data is not annualized. Please read the disclosures on the lastpage, which are an integral part of this presentation.

-2.0

-1.0

0.0

1.0

2.0

RLST INFT COMM UTIL ENER INDU MATS CASH DSCR HLTH FINA STPL

Sector

Effe

ct (%

)

Top Five Contributors to Absolute Returns

Ecopetrol

Mabanee

Safaricom

SM Prime Holdings

National Bank of Kuwait

Top Five Detractors from Absolute Returns

Square Pharmaceuticals

Vietnam Dairy Products

Masan Group

Integrated Diagnostics

Sabeco

Region

Total Effect: 0.3

Selection Effect: 0.9

Allocation Effect: -0.6

Total Effect: 0.3

Selection Effect: -0.6

Allocation Effect: 0.9

Selection Effect Allocation Effect Total Effect

Effe

ct (%

)

-2.0

-1.0

0.0

1.0

2.0

DEVMARKETLISTED¹

MIDEAST EUROPE LATAM ASIA CASH AFRICA GULF

HARDING LOEVNER 9

Gulf States

Europe

Africa

MSCI Frontier EM Index

HL Frontier EM Composite

Asia

Latin America

Middle East

Info Technology

Real Estate

Financials

Comm Services

MSCI Frontier EM Index

Energy

HL Frontier EM Composite

Industrials

Health Care

Materials

Cons Staples

Utilities

Cons Discretionary

Benchmark Sector/Region ReturnsTrailing 12 Months

Source: FactSet; Data as of December 31, 2019. Past performance does not guarantee future results. Please read the disclosures on the last page, which are an integral part of this presentation.

-31.3

6.8

9.2

12.8

14.5

17.3

31.9

37.7

-40.0 -20.0 0.0 20.0 40.0 60.0

-20.7

-9.3

1.2

2.9

4.2

10.3

12.8

13.5

14.5

18.3

19.3

19.8

88.3

-50.0 0.0 50.0 100.0

Sector Total Return (%) Region Total Return (%)

HARDING LOEVNER 10

Performance Attribution: Composite vs BenchmarkTrailing 12 Months

“Composite”: Frontier Emerging Markets Composite. “Benchmark”: MSCI Frontier Emerging Markets Index. 1Includes companies in frontier markets or small emerging markets listed indeveloped markets. Past performance does not guarantee future results. Sector and Region Attribution and Contributors and Detractors are shown as supplemental information only andcomplement the fully compliant Frontier Emerging Markets Composite GIPS Presentation. The portfolio holdings identified above do not represent all of the securities held in the portfolio. Itshould not be assumed that investment in the securities identified has been or will be profitable. The following information is available upon request: (1) information describing themethodology of the contribution data and (2) a list showing the weight and contribution of all holdings during the period. Contribution is the contribution to overall performance over theperiod. Contributors and detractors exclude cash and securities in the Composite not held in the Model Portfolio. Quarterly data is not annualized. Please read the disclosures on the last page,which are an integral part of this presentation.

-3.0

-1.5

0.0

1.5

3.0

LATAM MIDEAST DEVMARKETLISTED¹

AFRICA EUROPE CASH GULF ASIA

-3.0

-1.5

0.0

1.5

3.0

INFT ENER UTIL COMM RLST INDU CASH MATS DSCR HLTH FINA STPL

Sector

Effe

ct (%

)

Top Five Contributors to Absolute Returns

Globant

Safaricom

Ecopetrol

Mabanee

National Bank of Kuwait

Top Five Detractors from Absolute Returns

Grupo Financiero Galicia

Jollibee Foods

Banco Macro

Square Pharmaceuticals

Agthia

Effe

ct (%

)

Selection Effect Allocation Effect Total Effect

Region

Total Effect: -1.0

Selection Effect: 0.8

Allocation Effect: -1.8

Total Effect: -1.0

Selection Effect: -2.9

Allocation Effect: 1.9

HARDING LOEVNER 11

Completed Portfolio TransactionsFourth Quarter

The portfolio is actively managed therefore holdings shown may not be current. The portfolio holdings identified above do not represent all of the securities held in the portfolio. It should notbe assumed that investment in the securities identified has been or will be profitable. To request a complete list of portfolio holdings for the past year, contact Harding Loevner. Holdings areshown as supplemental information only and complement the fully compliant Frontier Emerging Markets Composite GIPS Presentation. Please read the disclosures on the last page, which arean integral part of this presentation.

Positions Established Positions Sold

Portfolio Turnover (5 year annualized average): 24.0%

Company Country Sector

Equity Group Kenya Financials

Marel Iceland Industrials

Company Country Sector

Kernel Ukraine Cons Staples

MHP Ukraine Cons Staples

HARDING LOEVNER 12

Portfolio ExposuresAs of December 31, 2019

1Includes companies in frontier markets or small emerging markets listed in developed markets. Current frontier markets exposure in the portfolio is 45.5% and emerging markets exposure is48.7%. Sector and Region weights, holdings, and active share are shown as supplemental information only and complement the fully compliant Frontier Emerging Markets Composite GIPSPresentation. Please read the disclosures on the last page, which are an integral part of this presentation.

58% Active Share

Company Country Sector Wt (%)

Credicorp Peru Financials 4.3

Bancolombia Colombia Financials 4.2

Globant Argentina Info Technology 4.0

Commercial International Bank Egypt Financials 3.6

Hoa Phat Group Vietnam Materials 3.4

Geography HL % FEMI % (Under) / Over

Africa 19.3 14.9

Dev Market Listed¹ 4.0 —

Europe 9.5 5.6

Cash 1.8 —

Latin America 21.4 22.4

Middle East 0.0 1.0

Asia 31.1 34.2

Gulf States 12.9 21.9

Sector HL % FEMI % (Under) / Over

Cons Staples 13.3 5.0

Info Technology 8.3 1.5

Cons Discretionary 4.7 0.8

Health Care 4.0 1.3

Cash 1.8 —

Energy 6.1 4.6

Materials 5.3 5.5

Comm Services 6.4 8.1

Real Estate 10.2 11.9

Utilities 0.0 2.6

Industrials 5.8 10.8

Financials 34.1 47.9

Company Country Sector Wt (%)

National Bank of Kuwait Kuwait Financials 4.8

Safaricom Kenya Comm Services 4.8

Ecopetrol Colombia Energy 4.8

Mabanee Kuwait Real Estate 4.8

SM Prime Holdings Philippines Real Estate 4.7

Ten Largest Holdings – Total Weight: 43.4%

(16.0) (8.0) 0.0 8.0 16.0 (16.0) (8.0) 0.0 8.0 16.0

HARDING LOEVNER 13

Historical Information Technology ExposureIncreasing portfolio exposure to IT

Source: FactSet; MSCI Inc. Data as of December 31, 2019. Please read the disclosures on the last page, which are an integral part of this presentation.

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

Ove

r/U

nder

Wei

ght (

%)

Wei

ght (

%)

Port. Ending Weight Active Ending Weight

HARDING LOEVNER 14

Valuation Returns and Margins

Source: Bloomberg, MSCI Inc. Data as of December 31, 2019. Please read the disclosures on the last page, which are an integral part of this presentation.

14

Return on Equity Trailing 12M Operating Margin Net Debt to EBITDA

MSCI FEM vs MSCI World

Price Earnings Ratio (P/E)

0

5

10

15

20

25

0

5

10

15

20

25

30

Q4 2009 Q4 2011 Q4 2013 Q4 2015 Q4 2017 Q4 2019

P/E R

atio and Net D

ebt / EBITD

A

Ope

rati

ng M

argi

n an

d R

OE

MSCI Frontier Emerging Markets

0

5

10

15

20

25

0

5

10

15

20

25

30

Q4 2009 Q4 2011 Q4 2013 Q4 2015 Q4 2017 Q4 2019

P/E R

atio and Net D

ebt / EBITD

A

Ope

rati

ng M

argi

n an

d R

OE

MSCI World

• Operating margins and ROE continue to remain high for FEM compared to developed world• Leverage remains low in FEM• FEM multiples remain close to 10 year lows unlike in MSCI World

HARDING LOEVNER 15

Country ValuationsValuations (Price to Book and Price to Earnings) relative to 10Y average

Source: FactSet; MSCI Inc. Weighted harmonic average valuation multiples. Data as of December 31, 2019. Please read the disclosures on the last page, which are an integral part of this presentation.

-5

-4

-3

-2

-1

0

1

2

3

4

5

Valu

atio

n (N

ow v

s 10

Yr A

vg)

Price to Earnings

Price to Book

HARDING LOEVNER 16

Philippines24.4%

Kuwait18.5%

Colombia9.4%

Peru8.8%

Vietnam7.7%

Morocco4.5%

Argentina4.2%

Egypt3.6%

All Other Countries

18.9%Philippines

18.8%

Kuwait9.6%

Colombia9.7%

Peru7.7%Vietnam

7.9%

Morocco2.4%

Argentina, 4.0%

Egypt5.3%

All Other Countries

32.9%

Portfolio DiversificationAs of December 31, 2019

Source: FactSet, MSCI; Data as of December 31, 2019. Country weights are shown as supplemental information only and complement the fully compliant Frontier Emerging Markets Composite GIPS Presentation. Please read the disclosures on the last page, which are an integral part of this presentation.

16

HL Frontier Emerging Markets ModelEnd Weights

MSCI Frontier Emerging Markets IndexEnd Weights

HARDING LOEVNER 17

FEM Has Been Less Volatile Than EM

0

5

10

15

20

25

30

35

Trailing 20-Day Standard Deviation of Daily Returns, annualized

MSCI Frontier Emerging Markets MSCI Emerging Markets

Source: FactSet; MSCI Inc. Data as of December 31, 2019. Please read the disclosures on the last page, which are an integral part of this presentation.

HARDING LOEVNER 18

Harding Loevner ProfileAs of December 31, 2019

Data as of December 31, 2019. Total AUM includes all the assets under management and is presented as supplemental information.Please read the disclosures on the last page, which are an integral part of this presentation.

18

43 investment professionals Frontier Emerging Markets portfolio management team averages 10 years at Harding Loevner

Total Assets$73B

Strategy Assets Firm Assets

Global $17.2B 24%

International (Non-US) $35.8B 49%

Emerging Markets $19.0B 26%

Frontier Emerging Markets $0.3B <1%

Global Small Companies <$0.1B <1%

International Small Companies $0.5B 1%

Research Portfolios <$0.1B <1%

HARDING LOEVNER 19

The information provided in this Presentation should not be considered a recommendation to purchase or sell a particular security. Unless otherwise stated, non-performance based criteria have been used to select the securitieslisted. The portfolio is actively managed therefore securities shown may not be current. It should not be assumed that investment in the securities identified has been or will be profitable. To request a complete list of portfolioholdings for the past year contact Harding Loevner.

Investing in stocks entails the risks of market volatility. The value of all types of stocks may increase or decrease over varying time periods. To the extent the investments depicted herein represent international securities, youshould be aware that there may be additional risks associated with international investing, including foreign economic, political, monetary and/or legal factors, changing currency exchange rates, foreign taxes, and differences infinancial and accounting standards.

Quality & Growth Characteristics, Benchmark Returns, Performance Attribution, Portfolio Exposures, and Portfolio Transactions are shown as supplemental information only and complement the fully compliant Frontier EmergingMarkets Composite GIPS Presentation, which is available on request.

Alpha: a measure of risk-adjusted return. Beta:a measure of the portfolio’s sensitivityto the market. R-Squared: a measure of how well a portfolio tracks themarket. Standard Deviation: the statistical measure of the degree towhich an individual value in a probability distribution tends to varyfrom the mean of the distribution. Information Ratio: a measure of risk-adjusted return calculated by dividing the portfolio active return (i.e., portfolio returnsminus benchmark return) by the standard deviation of the active return. Sharpe Ratio: the return over the risk free rate per unit of risk. Up/Down Capture: a measure of the manager’s performance in up/down markets relative tothe market itself. Profit Margin: relationship of gross profits to net sales. Return on Assets: net income for past 12 months divided by total assets. Return on Equity: the net income divided by total common equity outstanding,expressed as a percent. Debt/Equity Ratio: total long-term debt divided by total shareholder’s equity. Sales Per Share: the total revenue earned per share over a 12-month period, net of returns, allowances, and discounts. EarningsPer Share: portion of a company’s profit allocated to each outstanding share of common stock. Cash Flow: a measure of the cash generating capability of a company calculated by adding non-cash charges (e.g. depreciation) andinterest expense to pretax income. Turnover: calculated by dividing the lesser of Purchases or Sales by Average Capital. Active Share: the proportion of holdings by weight that differ from holdings of the benchmark index.

The MSCI Frontier Emerging Markets Index is a free float-adjusted market capitalization index designed to measure equity market performance in all countries from the MSCI Frontier Markets Index and the lower size spectrum ofthe MSCI Emerging Markets Index. The Index consists of 28 frontier markets and 6 emerging markets. The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equitymarket performance in the global emerging markets. The Index consists of 26 emerging market countries. The MSCI World Index is a free float-adjusted market capitalization index that is designed to measure global developedmarket equity performance. The Index consists of 23 developed market countries. You cannot invest directly in these Indexes.

All performance and data shown are in US dollar terms, unless otherwise noted.

Harding Loevner’s Quality, Growth, and Value rankings are proprietary measures determined using objective data. Quality rankings are based on the stability, trend, and level of profitability, as well as balance sheet strength.Growth rankings are based on historical growth of earnings, sales, and assets, as well as expected changes in earnings and profitability. Value rankings are based on several valuation measures, including price ratios.

The Composite and Attribution returns may show discrepancies due to the different data sources for these returns. Composite performance is preliminary and obtained from Harding Loevner’s accounting system and Attributionreturns are obtained from the FactSet portfolio analysis system. Please note returns from FactSet are not audited for GIPS compliance and are for reference only.

Source (Benchmark Performance, Performance Attribution, Contributors and Detractors): FactSet, Harding Loevner Frontier Emerging Markets Composite; MSCI Inc.

Source (Quality & Growth Characteristics [Run date: January 7, 2020], Portfolio Transactions, Portfolio Exposures, Ten Largest Holdings, Portfolio Allocation Comparison): FactSet; Harding Loevner Frontier Emerging Markets Model;MSCI Inc. and S&P.

Source (Investment Statistics): eVestment Alliance; Harding Loevner Frontier Emerging Markets Composite, based on composite returns.

MSCI Inc. and S&P do not make any express or implied warranties or representations and shall have no liability whatsoever with respect to any GICS data contained herein.

FactSet Fundamentals, Copyright 2020 FactSet Research Systems, Inc. All rights reserved.

Disclosures