Marketing material

Matthew Dobbs, Fund Manager

Schroder AsiaPacific Fund plc

January 2020

Schroders in the Far East

2

Strong regional presence

Source: Schroders, as at 31 December 2019.1December 2019. Includes a joint-venture team of Indian equity specialists at Axis Asset Management (Axis AMC) in Mumbai. The Axis AMC team is fully integrated and provides support and coverage for Indian stocks within our research universe.

Schroders office– Matthew Dobbs has over 38 years of investment experience with Schroders, 30 of which has been spent following Far Eastern markets

– Richard Sennitt has 26 years of investment experience all of which have been spent following the Far Eastern markets and all at Schroders

– 371 ex Japan analysts based in six offices across the region

2A joint venture fund management company with Axis Asset Management Company

Investment office

Representative office

TokyoOpened 1974SeoulOpened 1987BeijingOpened 1996Mumbai2

Opened 2012TaipeiOpened 1989ShanghaiOpened 1994

Hong KongOpened 1971SingaporeOpened 1977JakartaOpened 1991

SydneyOpened 1963MelbourneOpened 2007

Source: Schroders, as at December 2019.1Jay Luong also has fund management role. 2 Head of China-A shares Research and reports directly to Louisa Lo. 3Joint venture fund management company with Axis Asset Management Company. 4Head of Australian Equities.5Deputy Head of Australian Equities.6Head of Australian Research.

Asia Pacific ex Japan Equities research

3

Our research team

Depth of research, 37 career analysts in 6 offices

Analyst Location Coverage Years of Experience

Years with Schroders

Raymond MAGUIRE Hong Kong Head of Research 23 5Jay LUONG1 Hong Kong Regional Financials 20 12Sherry LIN Hong Kong Regional Financials 26 10Alice LIU Hong Kong China Equity 10 1Maggie LI, CFA Hong Kong China Equity 6 6Maurien YAU, CFA Hong Kong China Equity 28 15Ashley CHUNG Hong Kong China Equity 14 2Wei LI Hong Kong China Equity 9 2Jose PUN Hong Kong China Equity 9 1Sarah LIU Shanghai China Equity 14 6Candice CHEN Shanghai China Equity 6 2Kelly ZHANG, CFA Shanghai China Equity 8 4Nina YAN Shanghai China Equity 12 1Jingyi SONG Shanghai China Equity 3 1Jack LEE, CFA2 Shanghai China Equity 21 7Chen-Hsiu CHEN, CFA Taipei Regional Technology 22 20

Analyst Location Coverage Years of Experience

Years with

Schroders

Sameer KAKAKHEL, CFA Singapore Regional Energy and Materials 25 8

Jeonghoon (Matthew) YANG Hong Kong Korean Equity 12 6

Siok Mei LIM, CFA Singapore Philippines, Thailand and Vietnam Domestic 25 24

Siew Ling TAN, CFA Singapore Indonesian and Malaysia Domestic 11 6

Chuanyao LU, CFA Singapore Singapore Domestic 12 2Gina KIM, CFA Singapore Asian Small Caps 20 7Martin CONLON4 Sydney Australian Domestic 31 26Andrew FLEMING5 Sydney Australian Domestic 31 12Joseph KOH Sydney Australian Domestic 23 10Justin HALLIWELL6 Sydney Australian Domestic 23 23Ray DAVID Sydney Australian Domestic 18 7Daniel PETERS, CFA Sydney Australian Domestic 20 11Sally WARNEFORD Sydney Australian Domestic 26 2Joseph WRIGHT Sydney Australian Domestic 8 3Vana MAKARIC Sydney Australian Domestic 10 3Ashish NAIK Mumbai3 India Domestic 13 10Nitin ARORA Mumbai3 India Domestic 11 2Deepak AGRAWAL Mumbai3 India Domestic 13 5Hitesh DAS Mumbai3 India Domestic 9 5Mayank HYANKI Mumbai3 India Domestic 12 4Vinayak JAYANATH Mumbai3 India Domestic 5 3Average 16 7

Performance

Benchmark: MSCI AC Asia ex Japan Index1 (net dividends reinvested)Current value: £857,294,118Inception date: 20 November 1995

Schroder AsiaPacific Fund plc

5

NAV performance

Past performance is not a guide to future performance. The value of investment can go down as well as up and is not guaranteed.

Source: Morningstar, Schroders. Source for ratings: Morningstar and Citywire, as at 31 December 2019. Please see Morningstar disclaimer at the end of the presentation. 1Prior to 28 February 2011 Benchmark was MSCI AC Far East ex Japan. 2Cum-income fair NAV Total Return (since inception Total Return NAV), net of fees, GBP.

Returns to 31 December 2019 (£)3 months

%1 year

%3 years

% p.a.5 years

% p.a.Since inception

% p.a.

Schroder AsiaPacific Fund plc2 4.1% 15.0% 12.1% 12.2% 8.2%

MSCI AC Asia ex Japan 4.0% 13.6% 10.2% 10.2% 5.6%

Relative performance 0.1% 1.4% 1.9% 2.0% 2.6%

Schroder AsiaPacific Fund plc

6

Calendar year returns (£)

NAV performance

Past performance is not a guide to future performance. The value of investment can go down as well as up and is not guaranteed.

Source: Morningstar, Schroders. 1Prior to 31 January 2011 Benchmark was MSCI AC Far East ex Japan. 2Cum-income fair NAV Total Return, net of fees, GBP.

Q4 2018 – Q4 2019%

Q4 2017 – Q4 2018%

Q4 2016 – Q4 2017%

Q4 2015 – Q4 2016%

Q4 2014 – Q4 2015%

Schroder AsiaPacific Fund plc2 15.0% -11.7% 38.7% 27.6% -1.0%

MSCI AC Asia ex Japan1 13.6% -9.1% 29.5% 26.1% -3.6%

Relative performance 1.4% -2.6% 9.2% 1.5% 2.6%

Schroder AsiaPacific Fund plcPerformance – Since inception1 to December 31, 2019

050

100150200250300350400450500550600650700

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Schroder AsiaPacific Fund plc MSCI AC Asia ex Japan (NDR)

Index 100 = 20 November 1995

Past performance is not a guide to future performance. The value of investment can go down as well as up and is not guaranteed.

1 20 November 19952 Total Return NAV, net of fees, GBP.3 Prior to 31/01/2011 Benchmark was MSCI AC Far East ex JapanSource: Morningstar, Schroders

+562%

+264%

7

2 3

Schroder AsiaPacific Fund plc

8

Risk factors

Source: Schroders.

– Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested.

– Emerging markets, and especially frontier markets, generally carry greater political, legal, counterparty and operational risk.

– The trust can be exposed to different currencies. Changes in foreign exchange rates could create losses.

– The trust may be concentrated in a limited number of geographical regions, industry sectors, markets and/or individual positions. This may result in large changes in the value of the fund, both up or down, which may adversely impact the performance of thefund.

– The trust may borrow money to invest in further investments, this is known as gearing. Gearing will increase returns if the value of the investments purchased increase in value by more than the cost of borrowing, or reduce returns if they fail to do so.

– Investments such as warrants, participation certificates, guaranteed bonds, etc will expose the fund to the risk of the issuer of these instruments defaulting on paying the capital back to the fund.

Outlook

Asian outlook

Global Manufacturing PMI*1

Global monetary easing point to better global growth – a positive for Asia

Source: 1Refinitiv Datastream, as at 31 December 2019. 2Credit Suisse November 2019. *PMI – Purchasing Managers Index

10

0.85

0.90

0.95

1.00

1.05

1.10

1.15

48

49

50

51

52

53

54

55

2012 2014 2016 2018

Global Manufacturing PMI New Order/Inventory (RHS)

-0.8

-0.6

-0.4

-0.2

0.0

0.2

0.4

0.6

0.8

1.0

43

45

47

49

51

53

55

57

59

61

63

Sep95

Sep97

Sep99

Sep01

Sep03

Sep05

Sep07

Sep09

Sep11

Sep13

Sep15

Sep17

Sep19

Global Manufacturing PMI new orders

% of Central Banks Cutting v Hiking, 8m lead, rhs

Central Bank cuts point to PMI improvement2

Asian OutlookHowever market already anticipating recovery

Past performance is not a guide to future performance. The value of investment can go down as well as up and is not guaranteed. Source: 1Schroders,Bloomberg. December 31, 2019. Data is based on the MSCI AC Pacific ex Japan Index. 2FactSet Estimates, MSCI, as at December 31, 2019. *Earnings Per Share (EPS)

11

Changes in valuations have dominated1

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

2015 2016 2017 2018 20192021/2020 2020/2019 2019/20182018/2017 2017/2016 2016/2015

Therefore earnings need to grow2

Consensus EPS* growth for Pacific ex Japan

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

2016 2017 2018 2019

Price Earnings Rerate EPS % Price return

Asian outlook

12

Price to book (x)

Valuations now at or above 10 year averages

Source: Citi Investment Research, as at 31 December 2019.

Historic price/earnings1 (x)

5

10

15

20

25

30

1991

1993

1995

1997

1999

2001

2003

2005

2007

2009

2011

2013

2015

2017

2019

Asia Pacific ex Japan price / earnings ratio

Average

Average - 10 years December 31, 2019

0.9

1.2

1.5

1.8

2.1

2.4

2.7

3.0

1991

1993

1995

1997

1999

2001

2003

2005

2007

2009

2011

2013

2015

2017

2019

Asia Pacific ex Japan price to book ratio

Average

Average - 10 years December 31, 2019

0

2

4

6

8

10

12

14

16

18

20

04A

05A

06A

07A

08A

09A

10A

11A

12A

13A

14A

15A

16A

17A

18A

19E

20F

21F

USA AC Europe Japan AC Pacific ex-JP

Asian Outlook

13

MSCI regions (incl-fin) – Return of Equity trends

Some positive factors for Asian markets

Source: Jefferies, FactSet, January 2020.Note: ROE and net gearing data is bottom up aggregated with freefloat adjustment based on current MSCI universe.The forecast should be regarded as illustrative of trends. Actual figures will differ from forecasts. Please refer to the important information slide at the end of this presentation

MSCI regions (ex-fin) – net gearing trend

20

30

40

50

60

70

80

2004

A

2005

A

2006

A

2007

A

2008

A

2009

A

2010

A

2011

A

2012

A

2013

A

2014

A

2015

A

2016

A

2017

A

2018

A

USA AC Europe Japan AC Pacific ex-JP

Net debt to equity %% of companies with yield over 3%%

Asian Outlook

14

“De-globalisation” – nothing wildly new

Source: 1BofA Global Research, IMF. January 2020. 2BofA Global Research, IMF, Bloomberg. Based on MSCI AC World and MSCI Frontier Markets countries. January 2020. *Gross domestic product (GDP).

Global cross border lending1

20%

25%

30%

35%

40%

45%

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Global Cross Border Bank Lending (% of GDP*)

Globalisation

De-globalisation

Asia its own trading bloc2

42%

35%

40%

45%

50%

55%

60%

65%

1981

1983

1985

1987

1989

1991

1993

1995

1997

1999

2001

2003

2005

2007

2009

2011

2013

2015

2017

2019

Proportion of Interregional-to-Total Goods Exports from the Region

Proportion of Interregional-to-Total Goods Imports to the Region

Globalisation

Regionalisation

Asian Outlook

15

North Asia – rising R&D and upskilling should help support growth. Brains vs. brawn

Source: 1World Bank, OECD, Macquarie Research, June 2019. 2Patsnap, February 2017. 3Gross domestic product (GDP). Regions shown are for illustrative purposes only and should not be viewed as a recommendation to buy or sell. 3Latest data point is as of 2013. 4Latest data point is as of 2014. 5Latest data point is as of 2015. 6Latest data point is as of 2016.

R&D spending as a % of GDP1,3

2000 2008 2012 2017Korea 2.2% 3.1% 4.0% 4.6%Japan 2.9% 3.3% 3.2% 3.2%Taiwan 1.9% 2.7% 3.0% 3.3%US 2.6% 2.8% 2.7% 2.8%Germany 2.4% 2.6% 2.9% 3.0%France 2.1% 2.1% 2.2% 2.2%Singapore 1.8% 2.6% 2.0% 2.2%4

Australia 1.5% 2.2% 2.1% 1.9%5

China 0.9% 1.4% 1.9% 2.1%Canada 1.9% 1.9% 1.8% 1.6%UK 1.6% 1.6% 1.6% 1.7%Spain 0.9% 1.3% 1.3% 1.2%Italy 1.0% 1.2% 1.3% 1.4%Russia 1.0% 1.0% 1.0% 1.1%India 0.8% 0.9% 0.8% 0.6%5

Hong Kong 0.5% 0.7% 0.7% 0.8%South Africa 0.7% 0.9% 0.7% 0.8%5

Turkey 0.5% 0.7% 0.8% 1.0%Malaysia 0.5% 0.8% 1.1% 1.3%5

Mexico 0.3% 0.5% 0.5% 0.5%6

Thailand 0.2% 0.2% 0.4% 0.6%6

Egypt 0.2% 0.3% 0.5% 0.6%Philippines 0.1% 0.1% 0.1% 0.1%3

Indonesia 0.1% 0.1% 0.1% 0.1%3

Number of patents filed2 Share of global patents filed2

Thousands

0

50

100

150

200

250

300

1985

1987

1989

1991

1993

1995

1997

1999

2001

2003

2005

2007

2009

2011

Americas APAC ex. JapanEastern Europe EUJapan LATAMMiddle East and Africa

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

1985

1987

1989

1991

1993

1995

1997

1999

2001

2003

2005

2007

2009

2011

Americas APAC ex. JapanEastern Europe EUJapan LATAMMiddle East and Africa

Asian Outlook

16

China – slower but more sustainable growth – easing trade drag

Source: Goldman Sachs Global Investment Research, January 2020. The forecast should be regarded as illustrative of trends. Actual figures will differ from forecasts. Please refer to the important information slide at the end of this presentation.

A slower but more balanced growth for 2020Effects of the trade war in China

2018 2019e 2020e 2021e

GDP by expenditure %YoY 6.6 6.1 5.8 5.7Domestic demand %YoY 7.4 5.4 5.6 5.5

Consumption %YoY 9.8 7.5 7.6 7.6Gross capital form. %YoY 4.4 2.9 3.0 2.8

Net exports PPT -0.6 0.7 0.3 0.2Exports %YoY 4.7 1.0 2.5 3.5Imports %YoY 8.6 -3.0 1.0 2.5

Fixed Asset Investment(FAI) forecastsHeadline FAI %YoY 5.9 4.8 4.6 4.4Manufacturing %YoY 9.5 2.5 5.0 6.0Infrastructure %YoY 3.5 5.0 5.0 5.0Real Estate %YoY 9.5 10.0 6.0 5.0Others %YoY 1.2 3.5 2.0 0.0

1 2 3 4 1 2 3 4 1 2 3 4 1 2

2018 2019 2020 2021

-0.7

-0.6

-0.5

-0.4

-0.3

-0.2

-0.1

0.0

0.1

0.2

0.3

-0.7

-0.6

-0.5

-0.4

-0.3

-0.2

-0.1

0.0

0.1

0.2

0.3

Total

Percentage points Percentage points

Effect of the Trade War on China Real

QoQ Annualized GDP Growth*

FCI

Trade Policy

Uncertainty

Net Trade

Real Income

*Assumes 25% tariff on List 1-3 remains and a rollback of 15% tariff on list 4A, no more escalation

Asian Outlook

17

Source: DSG Asia, January 2020.

China real wage growthChina Purchasing Managers’ Index (PMI)

42

44

46

48

50

52

54

56

58

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Caixin Manufacturing PMI (Seasonally adjusted)Caixin Services PMI (Seasonally adjusted)

YoY %

0%

2%

4%

6%

8%

10%

12%

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Disposable Income per Capita: Urban Wage and Salary

YoY %

China managing a tricky transition

e

Asian Outlook

18

China increasingly a credible and substantial end market

Source: 1HSBC. January 2019. 2Visualcapitalist.com, May 2019. Regions and countries shown are for illustrative purposes only and should not be viewed as a recommendation to buy or sell. The forecast should be regarded as illustrative of trends. Actual figures will differ from forecasts. Please refer to the important information slide at the end of this presentation.

Chinese growth 'needed‘1 Domestic economy not to be underestimated2

0

2

4

6

8

10

12

14

16

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23

Real GDP growth What's needed'

(% y-o-y)

Asian Outlook

19

Source: Thomson Reuters Datastream, January 2020.

Hong Kong Visitor ArrivalsHong Kong Retail Sales

-40%

-30%

-20%

-10%

0%

10%

20%

30%

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Hong Kong Retail Sales

YoY %

-40%

-30%

-20%

-10%

0%

10%

20%

30%

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Hong Kong Visitor Numbers

YoY %

Hong Kong economy has been hit hard

% change year on year % change year on year

Asian Outlook

20

Source: Visual Capitalist, August 2018.

The future for Hong Kong as the mainland sees it – perhaps not so bad?

Investors

AnalystsESG specialists

ESG integration

21

Embedded in our culture and investment process

Source: Schroders.

Thematic research– Examines key sustainability trends and challenges current thinking – Focused on investment impacts

Proprietary ESG tools– ESG guidance document covering 170+ GICS sub-sectors– Investment-driven ESG tool, CONTEXT– Country Sustainability Dashboard– SustainEx

Training– ESG training for new joiners and existing analysts– Sector specific training– Investment desk training– Regular sector specific news and updates

Communication– ESG specialists sit amongst investment teams to facilitate

regular dialogue– Research and engagements shared on global research platform– Monthly Sustainability Investor Group meeting to discuss research

insights and upcoming agenda

Monitoring– Ongoing monitoring of companies to identify emerging issues and

candidates for engagement– Collaboration with Data Insights team to track sustainability trends and

negative events– Quarterly screening of desk portfolios to identify holdings with poor

ESG ratings

ESG Analysis – ESG specialists work with research analysts to understand key ESG issues and

evaluate impact on the investment case– ESG analysis included in research notes– ESG specialists periodically review to highlight best practice and

suggest improvements

ESG integration

22

Number of engagements

More than 2,200 engagements across 52 countries

Company engagements by region

Source: Schroders, as at 31 December 2018.

0

500

1,000

1,500

2,000

2,500

2014 2015 2016 2017 2018

Change facilitation Fact-finding

ESG integration

23

Source: Schroders, April 2019.

Ownership Structures in Asia are quite different from developed markets so a greater scrutiny of Governance is always the starting point in our work YoY %

Governance is key

Measure Emerging Asia All US UK

Family firm 360 1243 264 46Founder firm 256 1483 668 87State owned enterprise 336 624 6 5Any of the above 790 2914 847 123Total companies 983 7780 3002 536Family/founder/state owned as % of total 80% 37% 28% 23%

ESG integration

24

Source: 1CDIAC; Friedlingstein et al 2019; Global Carbon Budget 2019. 2CDIAC; Peters et al 2019; Friedlingstein et al 2019; Global Carbon Budget 2019. January 2020

Carbon Emissions1

YoY % YoY %

Asia’s environmental impact

Top Six Carbon Emitters2

ESG integration

25

Source: 1Asian Development Bank, World Bank, July 2017. 2Researchgate.net, October 2015.

Asia-Pacific coastal zones at risk1

YoY % YoY %

Environmental vulnerability of Asia

China has to face the challenge2

ESG integration

26

Battery capacity1

Asia is part of the solution

1Source: Bernstein, January 2020.2Source: McKinsey Global Institute, January 2020. *Electric Vehicles (EV), Energy Storage System (ESS)The forecast should be regarded as illustrative of trends. Actual figures will differ from forecasts. Please refer to the important information slide at the end of this presentation

% (Capacity in GWh – 2023 estimates)

LG Chem

Panasonic/Tesla

CATL

Samsung SDI

BYD

Others

0

500

1,000

1,500

2,000

2,500

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

Demand - Govt target Supply - Consolidation (Tier 1 only)Supply - Consolidation Supply - No consolidationTotal capcity (GWh)

EV+ESS* Battery Supply and Demand1

GWh

By 2023, tier 1 battery supply

is not enough to meet

government target

By 2026, total supply not

enough (assuming some

consolidation)

By 2029, total supply not

enough even without any

further consolidation

China technology producers market share2

95

80

100

Electric vehicles

Wind turbines

Solar panels

5

5

50

68

68

78

Market chare in China%

Market chare rest of world%

% of first tier components from Chinese suppliers

Positioning

4.7

2.9

5.3

1.7

0.7

50.3

0.0

0.0

1.4

0.2

8.6

0.0

0.9

11.6

9.6

2.1

4.7

2.9

1.7

1.7

0.7

0.2

0.0

0.0

-0.9

-0.9

-1.5

-2.1

-2.1

-2.2

-4.2

2.1

Other

Australia

Singapore

Vietnam

Japan

HK / China

Sri Lanka

Pakistan

Indonesia

Philippines

India

Malaysia

Thailand

Korea

Taiwan

Cash

Schroder AsiaPacific Fund plc

28

Overweight/underweight positions

Active country positions as at 31 December 2019

Source: Schroders. Fund position less benchmark weight. Based on unaudited data. Country examples are for illustrative purposes only and are not a recommendation to buy or sell.

% of portfolio Underweight Overweight

Schroder AsiaPacific Fund plc

29

Overweight/underweight positions

As at 31 December 2019

Source: Schroders. Fund position less benchmark weight. Based on unaudited data. Sector examples are for illustrative purposes only and are not a recommendation to buy or sell.

% of portfolio Underweight Overweight

20.8

22.3

26.2

6.4

6.7

2.1

3.2

1.2

8.6

0.0

0.3

2.1

6.1

3.6

3.2

0.6

0.0

-0.9

-1.1

-2.8

-2.9

-3.0

-4.8

2.1

Consumer Discretionary

Information Technology

Financials

Real Estate

Industrials

Health Care

Materials

Energy

Communication Services

Utilities

Consumer Staples

Cash

Schroder AsiaPacific Fund plc

30

Top 20 holdings

Top 20 holdings as at 31 December 2019

Source: Schroders. FactSet PA3. Based on unaudited data. Stock examples are for illustrative purposes only and are not a recommendation to buy or sell.

Company name Country % portfolio Company name Country % portfolio

Alibaba Group Hldg China 8.0 Ping An Insurance China 2.3

Samsung Electronic Korea 7.5 Hdfc Bank India 2.3

Taiwan Semicon Man Taiwan 7.2 Samsung Sdi Korea 2.2

Tencent Hldgs Ltd China 6.5 Kerry Properties Hong Kong 2.1

Aia Group Ltd Hong Kong 3.7 Oversea-Chinese Bk Singapore 2.0

Galaxy Entertainment Hong Kong 3.1 Hong Kong Exchange Hong Kong 2.0

Icici Bank India 3.0 Swire Pacific Hong Kong 1.9

Midea Group Co Ltd China 3.0 Hon Hai Precision Taiwan 1.9

Boc Hong Kong Hldg Hong Kong 2.7 Prada Spa Hong Kong 1.9

Bhp Billiton Australia 2.6 Keppel Corp Singapore 1.9

Total of top 20 67.8

Important information

Marketing material. Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall.Schroders has expressed its own views and opinions in this document and these may change. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Nothing in this material should be construed as advice or a recommendation to buy or sell. Information herein is believed to be reliable but we do not warrant its completeness or accuracy.Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data.The material is not intended to provide, and should not be relied on for accounting, legal or tax advice. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. No responsibility can be accepted for error of fact or opinion.The forecasts included in this presentation should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change. We accept no responsibility for any errors of fact or opinion and assume no obligation to provide you with any changes to our assumptions or forecasts. Forecasts and assumptions may be affected by external economic or other factors. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. Schroders will be a data controller in respect of your personal data. For information on how Schroders might process your personal data, please view our Privacy Policy available at www.schroders.com/en/privacy-policy or on request should you not have access to this webpage. For your security, communications may be recorded or monitored.

31

Important information – Schroder AsiaPacific Fund plc

Risk Factors: Schroder AsiaPacific Fund plc: – Emerging markets, and especially frontier markets, generally carry greater political, legal, counterparty and operational risk.– The trust can be exposed to different currencies. Changes in foreign exchange rates could create losses.– The trust may be concentrated in a limited number of geographical regions, industry sectors, markets and/or individual positions. This may result in large

changes in the value of the fund, both up or down, which may adversely impact the performance of the fund.– The trust may borrow money to invest in further investments, this is known as gearing. Gearing will increase returns if the value of the investments

purchased increase in value by more than the cost of borrowing, or reduce returns if they fail to do so. – Investments such as warrants, participation certificates, guaranteed bonds, etc will expose the fund to the risk of the issuer of these instruments

defaulting on paying the capital back to the fund.

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Important information

Source for ratings: Morningstar, as at 31 December 2019. © 2019 Morningstar UK Ltd. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For more detailed information about Morningstar's Analyst Rating, including its methodology, please go to:http://corporate.morningstar.com/us/documents/MethodologyDocuments/AnalystRatingforFundsMethodology.pdfFor disclosure and detailed information about this fund please refer to full Morningstar Global Fund Report: http://essentials.morningstar.com/file/downloadEuAnalystRatingReport?IsUKCOUNTRY=false&univ=FO&isFullReport=true&msgType=514,639&MstarId=F0GBR04DLC&countryId=GBR&languageId=EN

Third party data is owned or licensed by the data provider and may not be reproduced or extracted and used for any other purpose without the data provider's consent. Third party data is provided without any warranties of any kind. The data provider and issuer of the document shall have no liability in connection with the third party data. The Prospectus and/or www.schroders.com contains additional disclaimers which apply to the third party data.

Subscriptions for fund units can only be made on the basis of its latest Key Investor Information Document and Prospectus, together with the latest audited annual report (and subsequent unaudited semi-annual report, if published), copies are available in English and can be obtained, free of charge, from Schroder Unit Trusts Limited.Issued in January 2020 by Schroder Unit Trusts Limited, 1 London Wall Place, London EC2Y 5AU. Registered No: 4191730 England. Authorised and regulated by the Financial Conduct Authority. GJE000032

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