Institutional Strategy Profile

Emerging Markets Equity as of 3/31/18

FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION

Actual results may vary, and the information should not be considered or relied upon as a performance guarantee.

Various account minimums or other eligibility qualifications apply depending on the investment strategy, vehicle or investor jurisdiction.

Janus Henderson is a trademark of Janus Henderson Investors. © Janus Henderson Investors. The name Janus Henderson Investors includes HGI Group Limited, Henderson Global Investors (Brand Management) Sarl and Janus International Holding LLC.

Investment Philosophy We are fundamental, bottom up investors who seek to create high conviction

portfolios of reasonably valued, high quality companies. We ascribe to the

following six core investment principles of the Strategy’s investment philosophy:

Glen Finegan

Head of Global Emerging Markets Equity

Supported by an experienced team of investors

17 years of emerging markets investing experience*

Investment Style Quality at a reasonable price

Benchmark MSCI Emerging Markets Index

Excess Return Objective +2% – 3% per annum

through a cycle

Target Upside Capture 90%

Target Downside Capture 80%

Active Share >90%

Typical Holdings Range 40 – 80

Sector Limit 40%

Maximum Country Limit 25%

Expected Annual Turnover Approximately 30%

Portfolio Management

Strategy Characteristics

Don’t follow the index

The index is not a useful guide to investment – we prefer to start with a blank

sheet of paper.

Bottom up

The research process is driven by company fundamentals, rather than

macro drivers.

Sector and geographic allocations are outcomes of stock selection, not top

down limits.

Long-term focus

We consider a five-year ‘buy and hold’ time horizon, which we believe

differentiates our approach from a significant portion of the investment industry.

Invest with an absolute rather than relative return mindset

We believe that risk should be measured based on the magnitude of capital

loss potential rather than relative over- or under-performance against an

industry.

Quality companies

The research process aims to build confidence in the quality of management,

franchise and financials of companies considered for investment.

Our faith in the quality of the company should give us confidence to buy more

stock in falling markets.

Strict valuation discipline

We aim to not overpay for the growth of invested companies.

A range of financial and non-financial metrics are used to establish long term

price review targets.

Key Differentiators Seeks long-term growth of capital:

Risk-focused approach seeks high-quality companies with exposure

to emerging markets whose sustainable long-term growth rates may

be underestimated by the market.

Non-index portfolio construction:

Does not use benchmark as a starting point for portfolio

construction; sector and country allocation are determined solely by

stock selection.

High conviction process:

The portfolio typically holds between 40 and 80 stocks with

fundamental trends within a business considered more important

and predictable than fluctuations in the wider economy.

Genuine long-term investment horizon:

Investments are made considering a five-year time horizon. A strict

valuation discipline is implemented with a focus on earnings and

cash flow growth and balance sheet strength.

*Glen Finegan began managing the firm’s Global Emerging Markets Equity investment strategy on 2/1/15.

There is no assurance the stated objectives will be met.

SM

Continued on back page

Janus Henderson Emerging Markets Equity (as of 3/31/18)

Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes, if any, and reflect the reinvestment of dividends and other earnings.

The gross performance results presented do not reflect the deduction of investment advisory fees and returns will be reduced by such advisory fees and other contractual expenses as described in the individual contract and Form ADV Part 2A.

Net performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite but they do reflect the deduction of model investment advisory fees based on the maximum fee rate in effect for the respective time period, adjusted for performance-based fees where applicable. Actual advisory fees may vary among clients invested in the strategy shown and may be higher or lower than model advisory fees. Returns for each client will be reduced by such fees and expenses as negotiated in any client contract as discussed in Form ADV Part 2A.

Index returns are provided to represent the investment environment existing during the periods shown. The index is fully invested, including the reinvestment of dividends and capital gains. Index returns do not include any transaction costs, management fees or other costs, and are gross of non-reclaimable withholding taxes, if any.

Absolute weight based on representative account

Active weight reflects over/under relative to index

Emerging Markets Equity All Cap portfolios, benchmarked to the MSCI Emerging Markets IndexSM, seek to achieve long-term growth of capital primarily through investing in equity securities of companies exposed to emerging market countries. Portfolios generally contain 40 to 80 securities. Prior to May 2017 the composite was known as the Emerging Markets Equity Composite. The composite was created in March 2004.

Information relating to portfolio holdings is based on the representative account in the composite and may vary for other accounts in the strategy due to asset size, client guidelines and other factors. The representative account is believed to most closely reflect the current portfolio management style.

Portfolio holdings are as of the date indicated, and are subject to change. This material should not be construed as recommendation to buy or sell any security.

Equity country, regional, sector and industry weights based on MSCI and GICS classifications.

C-0418-16726 07-30-18 399-15-410476 04-18

FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION

Sector Allocation (%)

Absolute

Weight

Active

Weight

Consumer Staples 34.0 +27.5

Financials 17.2 -6.9

Materials 12.8 +5.5

Information Technology 7.1 -20.7

Industrials 6.2 +1.1

Consumer Discretionary 5.8 -3.7

Utilities 5.3 +2.9

Telecom Services 2.5 -2.0

Health Care 1.4 -1.4

Energy 1.0 -6.2

Real Estate 0.0 -2.8

Cash & Equivalents 6.8 +6.8

Performance (%) 1Q

2018 YTD 1

Year 3

Year 5

Year 10

Year

Composite (gross) -0.55 -0.55 16.14 9.11 5.53 1.97

Composite (net) -0.99 -0.99 14.10 7.20 3.67 0.18

MSCI Emerging Markets IndexSM 1.46 1.46 25.37 9.21 5.37 3.36

Difference (gross vs. index) -2.01 -2.01 -9.23 -0.10 0.16 -1.39

Characteristics Rep.

Account Benchmark

Number of Holdings 70 847

Weighted Avg. Market Cap $16.3 B $102.0 B

Median Market Cap $5.2 B $6.9 B

Active Share 95% —

Risk/Reward (vs. Benchmark) 3 Year 5 Year 3 Year 5 Year

Information Ratio -0.02 0.03 Std. Dev. (composite) 13.85 13.68

Sharpe Ratio 0.62 0.38 Std. Dev. (index) 16.46 14.97

Up Market Capture 81% 88% Tracking Error 6.15 5.67

Down Market Capture 76% 86% Beta 0.78 0.85

Regional Exposure (Rep. Account %)

Top 5 Holdings (%) Absolute

Weight

Active

Weight

Tiger Brands, Ltd. 5.0 +4.9

Uni-President Enterprises 3.9 +3.7

Banco Bradesco SA 3.2 +3.1

Duratex SA 3.0 +3.0

Grasim Industries, Ltd. 2.9 +2.8

Country Allocation (%)

Absolute

Weight

Active

Weight

South Africa 13.4 +6.7

India 12.4 +4.3

Chile 9.9 +8.7

Brazil 9.8 +2.4

Taiwan 9.2 -2.6

China 5.3 -24.6

United Kingdom 5.0 +5.0

South Korea 4.3 -10.9

Mexico 4.0 +1.1

Thailand 3.1 +0.7

Other 16.8 —

Cash & Equivalents 6.8 +6.8

Cash & Equivalents 6.8%

Americas 24.6%

EMEA 26.6%

Asia Pacific 42.0%