Fundamental. Thinking. Worldwide.

Emerging Markets Review | Second Quarter 2020

HARDING LOEVNER 2

Harding Loevner ProfileAs of June 30, 2020

Data as of June 30, 2020. 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.

42 investment professionals Emerging Markets portfolio management team averages 12 years at Harding Loevner

Total Assets$67B

Strategy Assets Firm Assets

Global $17.8B 26%

International (non-US) $32.7B 49%

Emerging Markets $15.9B 24%

Frontier Emerging Markets $0.2B <1%

Global Small Companies <$0.1B <1%

International Small Companies $0.4B 1%

Research Portfolios <$0.1B <1%

HARDING LOEVNER 3

Quality & Growth Investment PhilosophyAs of June 30, 2020

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 percentagespresented as weighted medians. Please read the disclosures on the last page, which are an integral part of this presentation.

37.2

47.6

82.3

Debt/Equity

3.6 3.4

5.3

Std Dev of ROE

7.4

11.7

13.6

6.6

9.1

10.3

5.8

11.2

9.2

Sales Growth Earnings GrowthCash Flow

Growth

16.3

8.9

19.5

14.3

6.4

14.413.6

7.4

17.4

Profit Margin Return on Assets Return on Equity

Faster GrowthMore Profitable Lower Risk

Harding Loevner Emerging Markets Model MSCI Emerging Markets Index MSCI World Index

HARDING LOEVNER 4

Composite Performance SummaryAs of June 30, 2020

1Annualized Returns; 2Inception date November 30, 1989; 3The Benchmark Index; 4Gross of withholding taxes. The performance returns shown are preliminary.The Emerging Markets Composite contains fully discretionary, fee-paying accounts investing in US and non-US equity and equity-equivalent securities and cash reserves, and is measuredagainst the MSCI Emerging Markets Index (Gross) for comparison purposes. Harding Loevner LP is an investment adviser registered with the Securities and Exchange Commission. HardingLoevner is an affiliate of Affiliated Managers Group, Inc. (NYSE: AMG), an investment holding company with stakes in a diverse group of boutique firms. Harding Loevner claims compliance withthe Global Investment Performance Standards (GIPS®). Harding Loevner has been independently verified for the period November 1, 1989 through March 31, 2020. Verification assesseswhether (1) the firm has complied with all composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policy and procedures are designed to calculateand present performance in compliance with GIPS standards. The Emerging Markets Composite has been examined for the periods December 1, 1998 through March 31, 2020. The verificationand performance examination reports are available upon request. Performance data quoted represents past performance; past performance does not guarantee future results. Returns arepresented both gross and net of management fees and include the reinvestment of all income. Net returns are calculated using actual fees. The US dollar is the currency used to expressperformance. For complete information on the construction and historical record of the 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 an integral part of this presentation.

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

HL Emerging Markets Equity (gross) 17.32 -14.55 -6.72 0.81 3.82 5.69 11.58

HL Emerging Markets Equity (net) 17.06 -14.95 -7.56 -0.09 2.91 4.75 10.67

MSCI Emerging Markets Index3,4 18.18 -9.67 -3.05 2.27 3.23 3.63 8.45

Up/Down Capture (trailing five years, annualized): 101/99

Performance (% Total Return)

HARDING LOEVNER 5

MSCI EM Index Total Returns by Quality, Growth, and Value Rank

Source: FactSet; Data as of June 30, 2020. Please read the disclosures on the last page, which are an integral part of this presentation.

2Q20Fast growth and expensive stocks outperformed.

Year to DateFastest growth & most expensivestocks stronglyoutperformed.High quality also outperformed.

0

5

10

15

20

25

30

Highest Lowest

Ret

urn

(%)

Quality Rank Quintiles

0

5

10

15

20

25

30

Fastest Slowest

Growth Rank Quintiles

0

5

10

15

20

25

30

LeastExp.

MostExp.

Value Rank Quintiles

-25

-20

-15

-10

-5

0

5

10

15

LeastExp.

MostExp.

Value Rank Quintiles

-25

-20

-15

-10

-5

0

5

10

15

Highest Lowest

Ret

urn

(%)

Quality Rank Quintiles

-25

-20

-15

-10

-5

0

5

10

15

Fastest Slowest

Growth Rank Quintiles

HARDING LOEVNER 6

-30% -20% -10% 0% 10% 20%

MSCI EM

ARG Peso

BRZ Real

TUR Lira

PER Sol

IND Rupee

CHN Renminbi

MAL Ringgit

SKO Won

PHI Peso

TWN Dollar

SAF Rand

MEX Peso

HUN Forint

CHL Peso

POL Zloty

CZH Koruna

THAI Baht

COL Peso

RUS Ruble

IND Rupiah

1H20 2Q20

Source: Bloomberg Data as of June 30, 2020. *Currency returns based on change in spot rate vs US Dollar for each currency and for MSCI EM it represents the difference in the MSCI EM Index performance in Local Currency and the MSCI EM Index performance in US Dollars.

Currency Returns

0.035

0.040

0.045

0.050

0.055

Spo

t Rat

e

0.160

0.180

0.200

0.220

0.240

0.260

Spo

t Rat

e

0.012

0.013

0.014

0.015

0.016

0.017

Spo

t Rat

e

Mexican Peso

Brazilian Real

Russian Ruble

Currency Returns for Periods Ended June 30, 2020* Spot Rates Relative to US Dollar

HARDING LOEVNER 7

South Africa

Brazil

Taiwan

India

South Korea

Russia

MSCI EM Index

Small Emerging Markets¹

HL EM Composite

China

Mexico

Health Care

Materials

Comm Services

Energy

Cons Discretionary

Info Technology

MSCI EM Index

HL EM Composite

Industrials

Cons Staples

Utilities

Financials

Real Estate 11.0

15.4

17.3

17.3

18.2

18.9

19.6

20.6

21.5

22.9

27.5

0.0 10.0 20.0 30.0 40.0

6.1

7.7

10.8

13.4

16.9

17.3

18.2

20.6

22.3

23.1

23.4

24.4

37.5

0.0 10.0 20.0 30.0 40.0

Benchmark Sector/Region ReturnsSecond Quarter

1Includes the remaining emerging markets, which individually comprise less than 5% of the Index.Source: FactSet; Data as of June 30, 2020. 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 (%)

HARDING LOEVNER 8

Performance Attribution: Composite vs BenchmarkSecond Quarter

¹Emerging markets or frontier markets companies listed in developed markets; ²Includes countries with less-developed markets outside the Index; ³Includes the remaining emerging markets,which individually, comprise less than 5% of the Index. Past performance does not guarantee future results.“Composite”: Emerging Markets Composite. “Benchmark”: MSCI Emerging Markets Index.Sector and Region Attribution and Contributors and Detractors are shown as supplemental information only and complement the fully compliant Emerging Markets Composite GIPSPresentation. The portfolio holdings identified above do not represent all of the securities held in the portfolio. It should not be assumed that investment in the securities identified has beenor will be profitable. The following information is available upon request: (1) information describing the methodology of the contribution data and (2) a list showing the weight andcontribution of all holdings during the quarter. Contribution is the contribution to overall performance over the period. Contributors and detractors exclude cash and securities in the Compositenot 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.

-1.0

-0.5

0.0

0.5

1.0

1.5

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

Sector

Effe

ct (%

)Top Five Contributors to Absolute Returns

Tencent

TSMC

EPAM

Lukoil

Yandex

Top Five Detractors from Absolute Returns

Credicorp

AmorePacific

CBD

East African Breweries

Walmart de México

Effe

ct (%

)

Region

Total Effect: -0.9

Selection Effect: 0.8

Allocation Effect: -1.7

Total Effect: -0.9

Selection Effect: -0.2

Allocation Effect: -0.7

-1.0

-0.5

0.0

0.5

1.0

1.5

CHINA +HK

RUSSIA DEV MKTLISTED¹

BRAZIL FRONTIERMKTS²

MEXICO TAIWAN SAFRICA SMALLEMS³

SKOREA INDIA CASH

Selection Effect Allocation Effect Total Effect

HARDING LOEVNER 9

China

Taiwan

South Korea

MSCI EM Index

HL EM Composite

India

Small Emerging Markets¹

South Africa

Russia

Mexico

Brazil

Health Care

Comm Services

Cons Discretionary

Info Technology

Cons Staples

MSCI EM Index

Materials

HL EM Composite

Industrials

Utilities

Real Estate

Financials

Energy -38.8

-28.3

-24.3

-23.9

-18.4

-16.9

-14.6

-9.7

-7.2

-1.6

3.6

-45.0 -30.0 -15.0 0.0 15.0 30.0

-25.9

-25.7

-22.3

-18.0

-15.9

-14.6

-13.8

-9.7

-9.0

-0.8

0.2

11.6

25.8

-45.0 -30.0 -15.0 0.0 15.0 30.0

Benchmark Sector/Region ReturnsYear to Date

1Includes the remaining emerging markets, which individually comprise less than 5% of the Index.Source: FactSet; Data as of June 30, 2020. 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 (%)

HARDING LOEVNER 10

Performance Attribution: Composite vs BenchmarkYear to Date

-3.0

-2.0

-1.0

0.0

1.0

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

-3.0

-2.0

-1.0

0.0

1.0

CASH BRAZIL DEV MKTLISTED¹

RUSSIA SKOREA SAFRICA INDIA TAIWAN FRONTIERMKTS²

SMALLEMS³

MEXICO CHINA +HK

¹Emerging markets or frontier markets companies listed in developed markets; ²Includes countries with less-developed markets outside the Index; ³Includes the remaining emerging markets,which individually, comprise less than 5% of the Index. Past performance does not guarantee future results.“Composite”: Emerging Markets Composite. “Benchmark”: MSCI Emerging Markets Index.Sector and Region Attribution and Contributors and Detractors are shown as supplemental information only and complement the fully compliant Emerging Markets Composite GIPSPresentation. The portfolio holdings identified above do not represent all of the securities held in the portfolio. It should not be assumed that investment in the securities identified has beenor will be profitable. The following information is available upon request: (1) information describing the methodology of the contribution data and (2) a list showing the weight andcontribution of all holdings during the quarter. Contribution is the contribution to overall performance over the period. Contributors and detractors exclude cash and securities in the Compositenot held in the Model Portfolio. Data is not annualized. Please read the disclosures on the last page, which are an integral part of this presentation.

Top Five Contributors to Absolute Returns

Tencent

Yandex

EPAM

LG Household & Health Care

ZTO Express

Top Five Detractors from Absolute Returns

HDFC Corp

Banco Bradesco

Sberbank

Bank Rakyat

Copa Holdings

Selection Effect Allocation Effect Total Effect

Effe

ct (%

)Ef

fect

(%)

Total Effect: -4.8

Selection Effect: -5.0

Allocation Effect: 0.2

Total Effect: -4.8

Selection Effect: -4.8

Allocation Effect: 0.0

Sector

Region

HARDING LOEVNER 11

-1.2

-0.6

0.0

0.6

1.2

1.8

2.4

-20

-10

0

10

20

30

40

Cheap Expensive Cash

Con

trib

utio

n to

Exc

ess

Ret

urn

(%)

Abs

olut

e R

etur

n (%

)Port. Total Return Bench. Total Return Total Effect (RHS)

Negative Contribution from Most Expensive StocksExpensive stocks outperformed in 2Q20

FactSet; Data as of June 30, 2020

Returns and Contribution to Excess Returns by Value Rank Decile - 2Q20

HARDING LOEVNER 12

MSCI EM Returns by Valuation and Momentum Deciles2Q20 MSCI EM Index Returns

FactSet; Data as of June 30, 2020

0

10

20

30

40

50

Cheap Expensive

Inde

x R

etur

n (%

)

0

10

20

30

40

50

HighestMomentum

LowestMomentum

Inde

x R

etur

n (%

)

0

10

20

30

40

50

HighestQuality

LowestQuality

Inde

x R

etur

n (%

)

0

10

20

30

40

50

HighestQuality

LowestQuality

Inde

x R

etur

n (%

)

MSCI EM Index Returns by Momentum Decile

MSCI EM Index Returns by VR Decile Quality Stock Performance within Highest Valuation Deciles

Quality Stock Performance within Highest Momentum Deciles

HARDING LOEVNER 13

Current Valuations in Historical ContextAs of June 30, 2020

FactSet; Data as of June 30, 2020

Price/Book Valuation vs Long-Term History

-1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0

Financials

Real Estate

Consumer Staples

Energy

Industrials

Materials

Utilities

Information Technology

Consumer Discretionary

Communication Services

Health Care

MSCI EM Index

P/B 6/30/20 Less P/B 10yr Avg P/B 12/31/19 Less P/B 10yr Avg

HARDING LOEVNER 14

Completed Portfolio Transactions

*Received as spin off from Naspers. The portfolio is actively managed therefore holdings shown may not be current. The portfolio holdings identified above do not represent all of thesecurities held in the portfolio. It should not be assumed that investment in the securities identified has been or will be profitable. To request a complete list of portfolio holdings for the pastyear, contact Harding Loevner. Holdings are shown as supplemental information only and complement the fully compliant Emerging Markets Composite GIPS Presentation. Please read thedisclosures on the last page, which are an integral part of this presentation.

PositionsEstablished

Portfolio Turnover (5 year annualized average): 18.1%

PositionsSold

3Q19 4Q19 1Q20 2Q20

AirTAC

Hankook Tire

Fuyao Glass Industry

HDFC Bank

Lojas Renner

ZTO Express

JD.com

Sasol

Weibo

SF Express

Naspers

Prosus

Trailing 12 Months

Jiangsu Yanghe Brewery

Prosus*

Aspen Pharmacare

Emaar Properties

Han's Laser

Hong Kong Exchanges

Raia Drogasil

HARDING LOEVNER 15

Company Country Sector Wt (%)

AIA Group Hong Kong Financials 2.7

LG Household & Health Care South Korea Cons Staples 2.7

Lukoil Russia Energy 2.5

Sberbank Russia Financials 2.2

HDFC Corp India Financials 2.1

Geography HL % EM % (Under) / Over

Dev Market Listed¹ 5.8 —

Russia 8.6 3.2

Cash 3.9 —

Mexico 4.0 1.7

Frontier Markets² 2.1 —

Brazil 6.9 5.1

India 7.1 8.0

South Korea 9.7 11.6

South Africa 1.3 3.8

Taiwan 9.2 12.3

Small EMs3 7.9 13.3

China + Hong Kong4 33.5 41.0

Portfolio ExposuresAs of June 30, 2020

1Emerging markets or frontier markets companies listed in developed markets; 2Includes countries with less-developed markets outside the Index; 3Includes the remaining emerging markets,which individually comprise less than 5% of the Index; 4The Harding Loevner Emerging Markets Model portfolio’s end weight in China at June 30, 2020 is 26.7% and Hong Kong is 6.8%. TheBenchmark does not include Hong Kong. Source: Harding Loevner Emerging Markets Model; MSCI Inc. and S&P. Sector and Region end weights, holdings, and active share are shown assupplemental information only and complement the fully compliant Emerging Markets Composite GIPS Presentation. Please read the disclosures on the last page, which are an integral part ofthis presentation.

Sector HL % EM % (Under) / Over

Industrials 9.0 4.7

Cash 3.9 —

Info Technology 20.8 16.9

Financials 22.9 19.1

Cons Staples 9.8 6.5

Energy 5.7 5.9

Utilities 1.4 2.3

Health Care 1.7 4.3

Real Estate 0.0 2.6

Cons Discretionary 14.4 17.4

Comm Services 10.4 13.5

Materials 0.0 6.8

Company Country Sector Wt (%)

Tencent China Comm Services 6.1

Samsung Electronics South Korea Info Technology 5.4

TSMC Taiwan Info Technology 5.4

Alibaba China Cons Discretionary 4.9

EPAM US Info Technology 3.0

Ten Largest Holdings – Total Weight: 37.0%

69% Active Share

(8.0) (4.0) 0.0 4.0 8.0 (8.0) (4.0) 0.0 4.0 8.0

HARDING LOEVNER 16

Relative Quarterly Returns Since 2008Periods of weakness often followed by strong relative performance.

FactSet; Data as of June 30, 2020

-5.0

-4.0

-3.0

-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

1Q08

3Q08

1Q09

3Q09

1Q10

3Q10

1Q11

3Q11

1Q12

3Q12

1Q13

3Q13

1Q14

3Q14

1Q15

3Q15

1Q16

3Q16

1Q17

3Q17

1Q18

3Q18

1Q19

3Q19

1Q20

EM Composite Performance Relative to Benchmark

HARDING LOEVNER 17

3.3

2.0

1.0

8.0

7.2

8.9

7.8

15.1

16.1

29.5

3.9

1.4

1.7

5.7

9.0

9.8

10.4

14.4

20.8

22.9

0.0 10.0 20.0 30.0 40.0

Cash

Utilities

Health Care

Energy

Industrials

ConsumerStaples

CommServices

ConsDiscretionary

InfoTechnology

Financials

6/30/2020 6/30/2019

Sector (%)

3.3

4.4

2.2

4.5

4.7

8.0

5.7

10.9

8.7

7.0

8.9

31.7

3.9

1.3

2.1

4.0

5.8

6.9

7.1

7.9

8.6

9.2

9.7

33.5

0.0 10.0 20.0 30.0 40.0

Cash

SouthAfrica

FrontierMarkets³

Mexico

Dev MarketListed²

Brazil

India

Small EMs¹

Russia

Taiwan

SouthKorea

China +Hong Kong

6/30/2020 6/30/2019

June 30, 2020 vs June 30, 2019

1Includes the remaining emerging markets, which individually, comprise less than 5% of the Index; 2Emerging markets or frontier markets companies listed in developed markets; 3Includescountries with less-developed markets outside the Index. Sector and Region end weights are shown as supplemental information only and complement the fully compliant Emerging MarketsComposite GIPS Presentation. Please read the disclosures on the last page, which are an integral part of this presentation.

Region (%)

Portfolio Allocation Comparison

Total FM weight (includingDM-listed) = 7.9% at 2Q20

HARDING LOEVNER 18

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. A complete list of holdings for the Emerging Markets Model at June 30, 2020 is available on request.

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, Investment Statistics, Benchmark Returns, Performance Attribution, Portfolio Profile and Portfolio Transactions are shown as supplemental information only and complement the fully compliantEmerging Markets Composite GIPS Presentation, which is available on request.

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 apercent. Debt/Equity Ratio: total long-term debt divided by total shareholder’s equity. Standard Deviation: the statistical measure of the degree to which an individual value in a probability distribution tends to vary from the meanof the distribution. Sales Per Share: the total revenue earned per share over a 12-month period, net of returns, allowances, and discounts. Earnings Per Share: portion of a company’s profit allocated to each outstanding share ofcommon stock. Cash Flow: a measure of the cash generating capability of a company calculated by adding non-cash charges (e.g. depreciation) and interest expense to pretax income. Dividend Per Share: a total dividends pershare paid during the previous fiscal year. Active Share: the proportion of holdings by weight that differ from holdings of the benchmark index. Turnover: calculated by dividing the lesser of Purchases or Sales by Average Capital.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market 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 developed market equity performance. The Index consists of 23 developed market countries. You cannot invest directlyin 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 Emerging Markets Composite; MSCI Inc.

Source (Portfolio Profile, Portfolio Transactions, Portfolio Allocation Comparison, Quality & Growth Characteristics [Run date: July 5, 2020, based on the latest available data in FactSet on this date.]): FactSet; Harding LoevnerEmerging Markets Model; MSCI Inc.

Source (Investment Statistics): eVestment Alliance; Harding Loevner 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

Appendix

HARDING LOEVNER 20

Relative Return Volatility in Rebounding Markets 2Q20

FactSet; Data as of June 30, 2020. Past performance is not a guarantee of future results.

HL EM v MSCI EM Index – QTD Cumulative Returns

HL EM v MSCI EM Index – Excess QTD Cumulative Returns

-5.0

0.0

5.0

10.0

15.0

20.0

25.0HL EM MSCI EM Index

Cum

ulat

ive

Ret

urn

(%)

-2.5

-2.0

-1.5

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

Exce

ss C

umul

ativ

e R

etur

n (%

)

HARDING LOEVNER 21

Composition of Most Expensive Stocks Skewed to Lower Quality in 2Q20

FactSet; Data as of June 30, 2020. VR= Value Ranking. VR score is a weighted average of five different metrics. Most expensive decile of companies based on Harding Loevner valuation calculations.

-0.2

0.0

0.2

0.4

0.6

0.8

1.0

1.2

-0.2 0.0 0.2 0.4 0.6 0.8 1.0 1.2

GR

Sco

re

QR Score-0.2

0.0

0.2

0.4

0.6

0.8

1.0

1.2

-0.2 0.0 0.2 0.4 0.6 0.8 1.0 1.2

GR

Sco

re

QR Score

0.00.51.01.52.02.53.03.54.04.55.0

Wei

ght (

%)

June 30, 2020December 31, 2018

-8.0

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

Cheap Expensive

Act

ive

Wei

ght (

%)

QG Scores of Large Cap Companies ($10bn+) in the Most Expensive VR Decile in MSCI EM IndexBubble Size Represents Contribution to Index Return

Weight of Lowest Quality Quintile in Most Expensive VR Decile EM Portfolio - Active Weight by VR Decile 2Q20

HARDING LOEVNER 22

Key Components of Underperformance: Banks and Travel/Leisure

Source: FactSet; Data as of March 31, 2020. This information is supplemental information only and complements the fully compliant Emerging Markets Composite GIPS Presentation.

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

Performance Contribution by Country within Banks

Selection Effect Allocation Effect Total Effect

-4.00

-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

Total

Copa Holdings

Grupo Aeroportuario

del Sureste

Localiza

Sands China

Trip.com

-1.40

-1.20

-1.00

-0.80

-0.60

-0.40

-0.20

0.00

Total Effect of Travel Stock Holdings

HARDING LOEVNER 23

Characteristics of HL EM Bank Holdings

Source: FactSet; Data as of March 31, 2020

0%

10%

20%

30%HL EM Bank Holdings - Tier 1 Capital Ratios

2008 2019

0.0%

1.0%

2.0%

3.0%HL EM Bank Holdings - Return on Assets

2019

HARDING LOEVNER 24

Valuations in 2Q20 Fall from 12 Month Highs down to GFC Levels

Source: FactSet; Data as of June 30, 2020. GFC= Global Financial Crisis.

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

HL EM Banks - Current Valuations compared with GFC Lows (Price-to-Book)

GFC Low P/B Last 12M High 2Q20 Low