www.martincurrie.com

GLOBAL EQUITYINCOME

INVESTMENT PHILOSOPHY & PROCESSFOR PROFESSIONAL CLIENTS ONLY

2 WHY GLOBAL EQUITY INCOME?

3 MARTIN CURRIE’S APPROACH TO INCOME INVESTING

4 OUR INCOME TEAM

5 OUR INVESTMENT PHILOSOPHY

6 OUR INVESTMENT PROCESS

13 SUMMARY

CONTENTS

WE BELIEVE OUR COMBINATION OF ROBUST RESEARCH, UNIQUE INCOME ANALYSIS AND DISCIPLINED PORTFOLIO CONSTRUCTION IS WELL SUITED TO ENABLE US TO DELIVER ON OUR AIM OF PROVIDING INCOME AND THE POTENTIAL FOR CAPITAL GROWTH OVER THE LONG TERM.

WHY GLOBAL EQUITY INCOME?

The attractions of a global equity income approach are clear, offering not only greater choice and a welcome degree of diversification for income-focused investors, but also the prospect of higher returns for investors seeking long-term capital growth. Furthermore, history shows that such a style of investing can deliver performance in excess of the broader market, but with lower volatility, offering investors not only a solution to their needs, but one which has an attractive risk/reward profile.

Today, against a backdrop of an ageing global population, volatile market conditions and reduced yields since the global financial crisis, income growth is an increasingly vital consideration for both institutional and retail investors.

Pension funds across the world are facing two major issues: rising benefit payments as more participants become eligible, and persistent low interest rates resulting in reduced discount rates being used in the calculation of the present value of liabilities.

The difficulty in matching liabilities is exacerbated by fixed income (the traditional asset class of choice for such funds) offering historically low yields. Endowments and foundations, which typically make annual distributions, are also facing a potential issue with low interest rates and yields.

There is a twofold need for individual investors. Pre-retirees, keen to grow their retirement pots, will look to improve the total return of their investments, by capturing the benefits of compounding returns. Retired investors, on the other hand, want an attractive level of investment income that can grow above inflation, protecting their purchasing power.

We believe that a global equity strategy focused on income and the potential for capital growth over the long term provides a solution.

GLOBAL EQUITY INCOME 02

We believe clients need high yielding, high conviction portfolios that deliver sustainable, growing income.

With this in mind:

• Growth, not yield, is our starting point

• Dividend stress testing and credit analysis ensure dividend sustainability

• We offer high yielding, high active share portfolios

• We are a seven strong, experienced income team

In this document we explain in detail our investment philosophy and process behind solutions-based, high-conviction portfolios with diverse income sources.

MARTIN CURRIE’S APPROACH TO INCOME INVESTING

03

MEET THE TEAM

Income portfolio managers

Mark Whitehead

• Head of Income • Co-manager of Martin Currie Global

Equity Income• Portfolio manager of Securities Trust

of Scotland• Investment experience: 18 years

Alan Porter

• Co-manager of Martin Currie Global Equity Income

• Professional qualifications: ASIP • Investment experience: 25 years

David Forsyth

• Co-manager of Martin Currie European Equity Income

• Professional qualifications: CA, ASIP• Investment experience: 16 years

Ross Watson

• Co-manager of Martin Currie European Equity Income

• Lead manager of Martin Currie charity portfolios

• Investment experience: 33 years

Income analysts

Pieter van Diepen

• Income Investment Analyst• Professional qualifications: CEFA• Investment experience: 8 years

Laurie Lochtie

• Income Investment Analyst• Professional qualifications: CFA®

charterholder• Investment experience: 4 years

The Martin Currie Income team is led by Mark Whitehead. Mark is backed by an experienced team of senior investment professionals with significant expertise in income investing.

The team further benefits from drawing on the extensive research capacity of Martin Currie’s specialist regional teams and global sector specialists. Our income investment expertise and resource is housed in a single location, enabling efficient communication, idea generation, decision-making and implementation.

OUR INCOME TEAM

GLOBAL EQUITY INCOME 04

Annualised performance

SectorTop

RoIC (%)*

Bottom

RoIC (%)*

Energy 7.4 5.8

Materials 10.4 8.1

Telecommunications 7.7 5.7

Utilities 7.2 6.5

Information technology 8.0 7.2

Healthcare 11.5 11.9

Consumer staples 11.9 9.8

Consumer discretionary 8.0 7.2

Industrials 8.6 9.6

Financials (ROE)** 5.3 8.6

Average 8.6 8.0

Past performance is not a guide to future returns.Source: Martin Currie and FactSet. *Top: first and second quartile; bottom: third and fourth quartile. Index: MSCI ACWI shown for illustrative purposes only. Data shown for 11-year period to 31 December 2016. **Return on equity (ROE) used for financials sector.

0.00

0.02

0.04

0.06

0.08

0.10

0.12

0.14

0.16

38 40 43 45 48 50 53 55 58 60 63(%)

1 std dev (68.2%)

2 std devs(95.4%)

3 std devs(99.7%)

Observedvalueequatingto 1 in 400chance ofbeing froma samplewith mean50%

Percentage of higher RoIC stocks with higher than average dividened growth

Over the long term, equities also offer better returns than corporate and government bonds, but with a higher associated risk. However, not all equities are equal, as illustrated in the chart opposite.

Within the asset class, ‘quality equities’ – companies with high returns on invested capital (RoIC) – have a better return/risk profile than the broader equity market. What’s more, historically, ‘quality income’ equities (defined above as the 60% of higher RoIC stocks that exhibit above-average dividend growth) have an even better risk-adjusted return.

Our belief, therefore, is that quality drives returns. This is the fundamental concept that underpins our investment philosophy, and allows us to meet our clients’ investment objectives.

HIGH YIELDING, QUALITY EQUITIES TYPICALLY OUTPERFORM OVER THE LONG TERM*

Past performance is not a guide to future returns.Source: Factset and Martin Currie. *Volatility-adjusted returns shown for eight year period to 31 December 2016. Quality income – Equal weighted higher RoIC and higher dividend growth; Quality equities – Equal weighted higher RoIC; Equity market – Money weighted equity market; Corporate bonds – Bank of America Merrill Lynch US Corporate (AAA); Government bonds – Bank of America Merrill Lynch US Treasury (3-5 year).

We believe investing in undervalued, growing companies which can generate excess returns on invested capital will enable us to meet our aim of delivering income and the potential for capital growth over the long term.

THE EVIDENCE BEHIND OUR PHILOSOPHYThere is evidence (presented in the illustration below) that companies that have above-average returns on invested capital (RoIC) outperform. As an example, looking at the MSCI All Countries World index, over the 2005-2015 period companies displaying higher than average RoIC returned an annualised 8.6% versus 8.0% for companies with below-average returns.

In addition, there is a clear relationship between higher RoIC and higher dividend growth, with 60% of the higher RoIC stocks exhibiting above-average dividend growth.

This evidence leads us to believe that a focus on companies with the potential to produce high RoIC and subsequent higher dividend growth should help us meet an objective of delivering income and capital growth over the long term.

OUR INVESTMENT PHILOSOPHY

HIGHER QUALITY COMPANIES OUTPERFORM AND HAVE THE MAJORITY OF DIVIDEND GROWTH

0 2000 4000 6000

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

>2026

Year

*

Revolving credit

Term loans

Notes/Bonds

05

OUR INVESTMENT PROCESS

WHAT WE LOOK FOR – GROWTH IS OUR STARTING POINTOur investment process is designed to assess the potential of an investment through three interconnected lenses. We look for high quality companies displaying sustainable growth, where the valuation is attractive. This ensures our process fits both our philosophy and our aim of providing income and capital growth.

SUSTAINABLE GROWTH

Our focus is to find, and ultimately invest in, companies exhibiting genuine, sustainable growth. We look for this in revenues, retained earnings and cash flows being made available to shareholders over the long term.

Typical questions include:

• What are the drivers of franchise strength and revenue growth?

• Will the competitive environment allow for growth to be repeated?

• What are the operational drivers for revenue growth to translate into cash flow growth?

HIGH QUALITYOnce we have identified a company that is growing, we test the quality of this growth. We believe that the companies which are best placed to sustain real dividend growth to shareholders, are those which possess the autonomy to invest in order to support existing returns and fund future growth. This is combined with the ability to deliver an excess cash flow return. In other words, we look for repeatable top-line growth that can be translated through operational excellence into earnings growth and converted to available cash (post-capital expenditures), to support real dividend growth. To us, the fundamental manifestation of a company’s successful use of capital is sustainable real cash flow growth.

Typical questions include: • Are returns on invested capital attractive?

• How resilient is cash flow generation?

• How strong is the balance sheet?

• Are management good capital allocators?

ATTRACTIVE VALUATIONWe look to determine whether a stock merits a valuation that is materially different to the current share price. For most non-financials we use a discounted cash flow (DCF) valuation approach, to enable us to assess the long-term intrinsic value of a company’s cash-generating ability.

As an extra level of prudence, we fade future expected returns to acknowledge the influence of competition. We also use traditional multiples to help us understand how the market views a company’s shorter-term prospects and how this compares with history, peers and the broader market. This holistic approach helps us put company valuations in perspective.

TO US, THE FUNDAMENTAL MANIFESTATION OF A COMPANY’S SUCCESSFUL USE OF CAPITAL IS SUSTAINABLE REAL CASH FLOW GROWTH.

GLOBAL EQUITY INCOME 06

OUR INVESTMENT PROCESS

THE INVESTMENT PROCESSAn illustration of our investment process is shown opposite. Robust research, differentiated income analysis and disciplined portfolio construction are key to our investment process.

WHAT WE MEAN BY ROBUST RESEARCH

Extensive, proprietary research forms the bedrock of our idea generation. The Martin Currie income team includes dedicated research specialists, focused on identifying the best income stocks globally that fit with our philosophy. This is achieved by consistent and open collaboration, both within the income team and by engaging with colleagues across the investment floor. This mix of shared opinion, research and expertise is an integral part of the process of providing a continuous source of new ideas.

Ongoing collaboration throughout our research process enables robust decisions and results in higher-conviction stock selection. Given the large number of companies in our investible universe, it is vital to have an efficient way of identifying appropriate new ideas. To help in this initial discussion, the income team employs an ‘income stock pitch’. This pitch allows the team to decide whether to continue researching the stock and if so what the focus of further research might be.

For each idea considered, we construct a financial model, using our proprietary template, with five years of our own explicit assumptions. The template includes a discounted cash flow model, income metrics and a written investment thesis. Using a proprietary template enables us to compare stocks, conduct scenario analysis and helps encourage challenge and debate – all of which add to our conviction in a stock.

UNIQUE INCOMEANALYSIS

• Dividend stress testing• Credit analysis• Governance and sustainability

ROBUSTRESEARCH

• Proprietary financial modelling• Collaboration

DISCIPLINEDPORTFOLIOCONSTRUCTION

• Risk management• Clear sell discipline

ROBUST, SUSTAINABLE AND DISCIPLINED

Our income strategies have access to the best ideas and information from across the wider investment team. Cluster meetings bring global sector and regional specialists together and provide a forum to share and debate ideas. With an emphasis on global connections, the meetings ensure a collaborative approach and challenge to investment assumptions.

Daily stock discussions are an integral part of our investment process, where both fully developed ideas for new investments and the case for existing holdings are subjected to peer review. These discussions are open to all members of the investment floor and provide challenge to the assumptions within an investment case. They often lead to proactive and focused company contact, as we build conviction in an investment case. This contact is imperative prior to any purchase, in order to fully understand company strategy, risks to the business model and capital allocation – particularly in relation to the dividend policy.

07

ALL IDEAS FOR THE PORTFOLIO ARE INTERNALLY GENERATED FROM ACROSS THE WIDER INVESTMENT TEAM. THIS IS ACHIEVED BY CONSISTENT AND OPEN COLLABORATION, ENGAGING WITH COLLEAGUES THROUGH OUR FORMAL MEETING STRUCTURES.

OUR UNIQUE INCOME ANALYSISCrucial to our research is our income analysis involving dividend stress testing, credit analysis and governance and sustainability analysis. We work closely with companies to help us understand the sustainability and resilience of dividend payments which are key to us delivering on our aim.

Dividend stress testing allows us to understand how a company generates cash flow and to test its ability to pay growing dividends over the long term.

Credit analysis allows us to identify and discount companies that may have difficulty meeting their obligations and risk hampering their growth potential and dividend paying ability.

Governance and sustainability analysis helps us to identify well-managed companies, exhibiting strong governance that we believe will outperform over time.

These differentiating elements are key to our investment process and importantly to the sustainability of future dividends.

DIVIDEND STRESS TESTING

Dividend stress testing is an important part of our income analysis and is carried out for all stock ideas, as we look to identify companies that can sustain and grow their dividend. We believe that for dividends to be sustainable over the long term they should be paid out of organic cash flow, rather than potentially unsustainable practices, such as raising debt or cutting capital expenditure. By fully understanding how companies generate cash flow, we have a better understanding of any associated risks to the dividend.

Dividends are stress tested against a range of different pragmatic scenarios that could negatively affect the operational use of cash flow.

Through this analysis, we look to address the following key questions:

• Does the company generate enough cash from its operations to sustain the business?

• Has the company generated enough cash to pay off existing debts as they mature?

• Does the company carry enough cash to take advantage of new investment opportunities?

GLOBAL EQUITY INCOME

Income statement FY2017 FY2018 FY2019 FY2020 FY2021

Sales growth (%) 5.0 2.0 2.0 2.0 5.0

EBITDA margin (%) 25.2 23.0 18.0 17.0 20.0

Depreciation rate as % of sales

3.0 3.0 3.0 3.0 3.0

Interest rate on debt (%)

3.5 3.5 3.5 3.5 3.5

Tax rate (%) 30.0 30.0 30.0 30.0 30.0

Capex as % of sales 5.0 5.0 5.0 5.0 5.0

Working capital % of sales

0.0 0.0 0.0 0.0 0.0

Dividend payout ratio (%)

50.0 55.0 80.0 85.0 75.0

Past performance is not a guide to future returns.Source: Martin Currie and FactSet. Data shown for illustrative purposes only.

Income statement FY2017 FY2018 FY2019 FY2020 FY2021

Sales growth (%) 5.0 5.0 5.0 5.0 5.0

EBITDA margin (%) 25.2 25.4 25.5 25.6 25.7

Depreciation rate as % of sales

3.0 3.0 3.0 3.0 3.0

Interest rate on debt (%)

3.5 3.5 3.5 3.5 3.5

Tax rate (%) 30.0 30.0 30.0 30.0 30.0

Capex as % of sales 5.0 5.0 5.0 5.0 5.0

Working capital % of sales

0.0 0.0 0.0 0.0 0.0

Dividend payout ratio (%)

50.0 50.0 50.0 50.0 50.0

The stress

For illustrative purposes, a simple example of our stress testing is shown below. In this example, we show how margin forecasts for sales growth and earnings before interest, tax, depreciation and amortisation (EBITDA) in a ‘bear case’, result in free cash flow failing to be enough to pay the dividend.

In this instance, we would then ask ourselves if this scenario is realistic? If not, then we would have comfort that the dividend is sustainable. If it is realistic, then this would lessen our conviction that the stock might be suitable for the portfolio. All stocks are stress tested for dividend risk, enabling us to enhance conviction as to whether or not they are suitable for meeting our objective.

Dividend at risk

Cashflow statement FY2017 FY2018 FY2019 FY2020 FY2021

Net income 14 17 18 19 20

Depreciation 3 3 3 4 4

Amortisation 0 0 0 0 0

Change in working capital:

2 0 0 0 0

Operating cashflow 19 20 21 23 24

Capital expenditures (5) (6) (6) (6) (6)

Free cashflow 14 15 16 16 17

Acquisitions and investments

0 0 0 0 0

Disposals 0 0 0 0 0

Payment of dividends (7) (8) (9) (9) (10)

Residual free cashflow 7 6 7 7 7

Cashflow statement FY2017 FY2018 FY2019 FY2020 FY2021

Net income 14 15 11 11 14

Depreciation 3 3 3 3 4

Amortisation 0 0 0 0 0

Change in working capital:

2 0 0 0 0

Operating cashflow 19 18 14 14 17

Capital expenditures (5) (5) (5) (6) (6)

Free cashflow 14 12 9 8 11

Acquisitions and investments

0 0 0 0 0

Disposals 0 0 0 0 0

Payment of dividends (7) (8) (9) (9) (10)

Residual free cashflow 7 4 0 (1) 1

Dividend at risk

OUR INVESTMENT PROCESS

EXAMPLE OF OUR DIVIDEND STRESS TESTING

Base case Bear case

ALL STOCKS ARE STRESS TESTED FOR DIVIDEND RISK, ENABLING US TO ENHANCE CONVICTION AS TO WHETHER OR NOT THEY ARE SUITABLE FOR MEETING OUR OBJECTIVE.

09

Credit metrics

Debt servicing/repayment FY1 FY2

EBIT/interest expense 17.6x 18.6x

Net debt/EBITDA 0.8x 0.8x

FCF/Net debt 0.6x 0.5x

Leverage/capital structure FY1 FY2

Debt/IC (%) 46% 44%

Liquidity summary

Debt servicing/repayment 30 Sep 17 31 Dec 17

Cash & ST investments 4,726 5,689

Total liquidity 21,693 21,358

USING CREDIT ANALYSIS

An equally important part of our research is credit analysis. Companies that experience difficulty meeting their interest payments or paying the principal of their loans are likely to make decisions that will hamper both their growth potential and their ability to pay their dividend.

Below, we provide a brief snapshot of what we look for when undertaking credit analysis.

Credit metrics allow us to understand debt servicing and repayment in the context of profits and cash flow. We examine interest cover, the level of debt to profits and the level of cash flows to debt. Leverage and capital metrics allow us to understand how the invested capital base of a company is structured. The higher the debt component relative to invested capital or assets, the higher the credit risk.

Debt capital structure analysis also allows us to see the different debt components and their magnitude relative to the profit base of the company. This helps us understand a business’ debts in terms of what category they are, and whether they are short or long term. The greater the short-term debt components, the higher a company’s liquidity requirement needs to be, in order to finance repayment and therefore the greater the potential pressure on cash flow.

Long-term debt by maturity

0 2000 4000 6000

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

>2026

Year

*

Revolving credit

Term loans

Notes/Bonds

Past performance is not a guide to future returns. Source: Martin Currie and FactSet. Data shown for illustrative purposes only.

Key questions include:

• Are interest payments manageable?

• Is the capital structure appropriate for the nature of the business?

• Is there enough liquidity for unforeseen events?

• Is the debt repayment schedule likely to cause any issues?

• How do these metrics look under our stress test?

COMPANIES THAT EXPERIENCE DIFFICULTY MEETING THEIR INTEREST PAYMENTS OR PAYING THE PRINCIPAL OF THEIR LOANS ARE LIKELY TO MAKE DECISIONS THAT WILL HAMPER BOTH THEIR GROWTH POTENTIAL AND THEIR ABILITY TO PAY THEIR DIVIDEND.

GLOBAL EQUITY INCOME 10

OUR INVESTMENT PROCESS

GOVERNANCE AND SUSTAINABILITY ANALYSIS

We believe well-managed companies that exhibit strong corporate governance are more likely to be successful long-term investments. This sentiment isn’t driven by idealism, but simply by the reality that companies exhibiting strong governance tend to outperform over time.

The sustainability of a company’s business model is critical to maintaining competitive industrial positioning and robust returns, but at the same time a company must effectively manage the needs of its different stakeholder groups. We believe our approach to assessing sustainability of all aspects of a company’s operations, helps us to identify strong management teams, understand their motivations, and determine whether their interests are aligned with investors. This ultimately reduces the risk to the investment and our clients’ money.

Our goal is to take a clear view on the integrity of management and corporate governance from a very early stage. We do this by fully integrating governance and sustainability considerations into our standard research templates and including this as part of all our stock discussions. Importantly, this is not seen as a one-off exercise. Instead, we believe in active and ongoing engagement with the companies owned in the portfolio. This engagement includes raising any issues identified in our research, with company management teams, as well as voting at company general meetings. While we will vote against management where appropriate, we also write to them explaining why we have done so and offer to engage with them.

The income team receives additional guidance from Martin Currie’s Head of Governance and Sustainability. This dedicated role provides in-house expertise on all aspects of governance and responsible investment, as well as supporting initiatives to raise standards in corporate governance within the industry.

11

DISCIPLINED PORTFOLIO CONSTRUCTIONBy the portfolio construction stage, only the very best ideas that fit our philosophy and process remain.

With an objective of delivering rising income and capital appreciation over the long term, we focus on undervalued, high-quality, growing companies with the ability to provide sustainable dividends. At the same time, we constantly challenge the levels of conviction we have in existing stocks, weighing these against potential opportunities that we see in new ideas.

We aim to construct a portfolio where risk is dominated by our high-conviction stock choices and where, crucially, unintended factor risks are minimised. We believe that such portfolios are more resilient to market shocks, volatility and large factor swings, ensuring performance is consistently dominated by our stock selection.

A portfolio of 35–55 stocks allows us to achieve diversification, while backing our best ideas with high-conviction positions. The portfolio is unconstrained by sector, industry and country considerations; and individual positions range from 1–5%. The initial position size of a purchase depends on the individual characteristics of the stock, as well as how we expect it to fit relative to other names within the portfolio.

GLOBAL EQUITY INCOME 12

Risk management is fully integrated into the investment process. An experienced and independent investment risk team provides oversight of adherence to the risk framework and works closely with the income team providing analytics and portfolio construction advice. An internal investment risk framework is applied to ensure the portfolio is run in line with objectives, risk tolerances, and in accordance with our investment process.

Sell discipline is an important part of our portfolio construction process. Stocks may be sold for a number of reasons: the investment thesis has been successful and come to an end; the investment thesis has been violated; or quite simply there are more compelling stocks which are not already owned. In addition, if a stock falls 20% from its purchase price a full review will be triggered and action taken. This review will be carried out by a different team member to the original analyst where possible.

We believe our combination of robust research, unique income analysis and disciplined portfolio construction will enable us to deliver on our aim of providing income and the potential for capital growth over the long term.

RISK MANAGEMENT IS FULLY INTEGRATED INTO THE INVESTMENT PROCESS. AN EXPERIENCED AND INDEPENDENT INVESTMENT RISK TEAM PROVIDES OVERSIGHT OF ADHERENCE TO THE RISK FRAMEWORK AND WORKS CLOSELY WITH THE INCOME TEAM PROVIDING ANALYTICS AND PORTFOLIO CONSTRUCTION ADVICE.

We believe that the Martin Currie Global Equity Income strategy offers investors a compelling investment proposition – high yielding, high conviction portfolios that deliver sustainable, growing income.

To reiterate:

• Growth, not yield, is our starting point

• Dividend stress testing and credit analysis ensure dividend sustainability

• We offer high yielding, high active share portfolios

• We are a seven strong, experienced income team

SUMMARY

For further information on Martin Currie please visit our website – www.martincurrie.com You can find your local contact at www.martincurrie.com/contact_us

Alternatively please call our global offices, press office or global consultant team on the numbers below:

Edinburgh (headquarters)44 (0) 131 229 5252

London 44 (0) 20 7065 5970

Asia and Australia(61) 3 9017 8601

Global consultants 44 (0) 131 479 5954

New York1 (212) 805 6000

Media44 (0) 131 479 4713

FIND OUT MORE

13

IMPORTANT INFORMATION

This information is issued and approved by Martin Currie Investment Management Limited (‘MCIM’). It does not constitute investment advice. Market and currency movements may cause the capital value of shares, and the income from them, to fall as well as rise and you may get back less than you invested.

The information contained has been complied with considerable care to ensure its accuracy. However, no representation or warranty, express or implied, is made to its accuracy or completeness. Martin Currie has procured any research or analysis contained in this presentation for its own use. It is provided to you only incidentally and any opinions expressed are subject to change without notice.

Investors should also be aware of the following risk factors which may be applicable to the strategy.

Investing in foreign markets introduces a risk where adverse movements in currency exchange rates could result in a decrease in the value of your investment.

Emerging markets or less developed countries may face more political, economic or structural challenges than developed countries. Accordingly, investment in emerging markets is generally characterised by higher levels of risk than investment in fully developed markets.

This strategy may hold a limited number of investments. If one of these investments falls in value this can have a greater impact on the portfolio’s value than if it held a larger number of investments.

Smaller companies may be riskier and their shares may be less liquid than larger companies, meaning that their share price may be more volatile.

The strategy may invest in derivatives to obtain, increase or reduce exposure to underlying assets. The use of derivatives may restrict potential gains and may result in greater fluctuations of returns for the portfolio. Certain types of derivatives may become difficult to purchase or sell in such market conditions.

Income strategy charges are deducted from capital. Because of this, the level of income may be higher but the growth potential of the capital value of the investment may be reduced. The level of income is not guaranteed.

For Investors in the USA, the information contained within this document is for Institutional Investors only who meet the definition of Accredited Investor as defined in Rule 501 of the United States Securities Act of 1933, as amended (‘The 1933 Act’) and the definition of Qualified Purchasers as defined in section 2 (a) (51) (A) of the United States Investment Company Act of 1940, as amended (‘the 1940 Act’). It is not for intended for use by members of the general public.

Any distribution of this material in Australia is by Martin Currie Australia Limited (‘MCA’). Martin Currie Australia is a division of Legg Mason Asset Management Australia Limited (ABN 76 004 835 849). Legg Mason Asset Management Australia Limited holds an Australian Financial Services Licence (AFSL No. AFSL 240827) issued pursuant to the Corporations Act 2001.

GLOBAL EQUITY INCOME 14

Martin Currie Investment Management Limited, registered in Scotland (no SC066107) Martin Currie Inc, incorporated in New York and having a UK branch registered in Scotland (no SF000300), Saltire Court, 20 Castle Terrace, Edinburgh EH1 2ES

Tel: (44) 131 229 5252 Fax: (44) 131 222 2532 www.martincurrie.com Both companies are authorised and regulated by the Financial Conduct Authority. Martin Currie Inc, 620 Eighth Avenue, 49th Floor New York, NY 10018 is also registered with the Securities Exchange Commission. Please note that calls to the above number may be recorded.