The Age of Alternatives

Private Assets Virtual Seminar

11 March 2021 Marketing material for professional clients only.

Jun QianHead of Investments China

Private Equity

Fund manager universe has grown significantly over the past 20 years

3

All private equityFirm’s largest fund to date in billions of USD

Sources: Preqin, Schroder Adveq, 2021. Fund sizes are inflation-adjusted to 2020 USD. Single fund managers only, captive excluded. Bubble sizes are proportional to the private equity assets raised.

Fund manager universe has grown significantly over the past 20 years

4

All private equityFirm’s largest fund to date in billions of USD

Sources: Preqin, Schroder Adveq, 2021. Fund sizes are inflation-adjusted to 2020 USD. Single fund managers only, captive excluded. Bubble sizes are proportional to the private equity assets raised.

Fund manager universe has grown significantly over the past 20 years

5

All private equityFirm’s largest fund to date in billions of USD

Sources: Preqin, Schroder Adveq, 2021. Fund sizes are inflation-adjusted to 2020 USD. Single fund managers only, captive excluded. Bubble sizes are proportional to the private equity assets raised.

Why are investors interested in private equity?

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Multiple portfolio benefits are driving global adoption

Past performance is not a reliable indicator of future performance.Source: Schroder Adveq, 2021.

Diversification

Potential for betterperformance

Access to other industries

Low correlation

Improved risk/return profile compared to

public markets

Illiquidity/complexity premium

Private equity has proven resilient during the current crisis

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Buyouts

Valuation developments 2020 YTD

Past performance is not a reliable indicator of future performance.Sources: Bloomberg, Schroder Adveq, 2020.

Venture capital

-25

-20

-15

-10

-5

0

5

10

15

20

25

Q1/20 Q2/20 H1/20

Schroder Adveq MSCI World TR

-20

-15

-10

-5

0

5

10

15

20

25

30

35

Q1/20 Q2/20 H1/20

Schroder Adveq NASDAQ

8

Strong investment results through 2020

Investment results across the portfolio

Quarterly investment results by region and segment

Past performance is not a guide to future performance. Source: Schroder Adveq, 2021.All FX rates as of quarter end date. Q3-results cover 94.8% of NAV based on reportings received. Investment results calculated according to the underlying investment level, net after the underlying fund fees, expenses and performance fees, and gross of Schroder Adveq's fund fees, expenses and performance fees. Calculated in $US.

Region

Q1: -2.3%Q2: 4.7%Q3: 5.6%

Q1: -6.9%Q2: 6.4%Q3: 7.9%

Q1: -2.1%Q2: 10.7%Q3: 18.0%

Q1: -0.5%Q2: 7.7%Q3: 11.8%

Q1: -7.5%Q2: 6.3%Q3: 10.1%

SegmentAsia

Europe

US

Venture/Growth

BuyoutQ2:

7.2%

Q1:-4.4%

Q3:10.9%

Crisis era vintages have delivered the highest returns

9

Global private equity returns (TVPI)1

Past performance is not a guide to future performance.Sources: Cambridge Global PE, Schroder Adveq 2020. 12014+ vintages are too recent to meaningfully reflect performance hence the use of a dashed line.

Expected return drivers

1.00x

1.20x

1.40x

1.60x

1.80x

2.00x

2.20x

2.40x

2.60x

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

TVPI Median TVPI Upper Quartile

Price correction in favour of buyers– Lower prices across all strategies– Even resilient industries experience price

dislocation (e.g. healthcare)

Structural market change– Disposal of non-core assets and recapitalisations

create buying opportunities– Well capitalised businesses to gain market share

Less competition– Potential buyers focusing on own operations– Less liquidity in the market

Investment strategies

10

Global private equity focus around 3 specialist capabilities

Source: Schroders, 2021.

– Upside potential through business transformation

– Reduced pricing cyclicality and conservative use of leverage

– Working with specialised fund managers

Small to mid sized buyout investments

in Europe and US

– China and India investment focus– Emphasis on domestic demand

including consumer services and the growing middle class

– Differentiation through direct access to China RMB private equity

Growth investments in Asia

– Emphasis on technology and life sciences

– Early stage financing of game-changing companies

– Invest with leading access-restricted venture managers

Global venture capital

China economic drivers support growth quality

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Emphasis on innovations, consumption upgrades and SMEs growth

Sources: Bloomberg, IMF, WEO, Iplytics, Xinhua, Schroder Adveq, 2020.1GDP growth rate in 2019.

6%

GDPgrowth rate

(%) 1

2%

6%

US China

300m

Millennials(#,m)

66

330

US China

30m

Share of SMEs in China

(%)

12%

Middle-class spending growth in China

($t)

12

18

27

37

2015 2020E 2025E 2030E

6,000

5G Patents (#)

2,591

6,234

US China# declared # granted

50%

60%

% of Tax % of GDP

IPO is an established exit route for PE backed companies

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Chinese companies’ # of domestic/overseas IPOs

More Chinese companies are choosing domestic stock market for IPO listing

Sources: Zero2IPO, EY, Schroder Adveq, 2021.¹Chinese companies refer to those companies whose headquarters are in China or the main business are in China market. ²STAR Market: Science and Technology Innovation Board is a pilot programmeDomestic IPO includes SSE and SZSE. Overseas IPO includes Nasdaq, NYSE, and HKSE.

– IPO is dominant exit route for PE backed Chinese companies– 90% of PE exits are via IPO– Over 65% of Chinese IPOs are PE backed

– Chinese companies1 now account for almost half of global IPOs worldwide (by number) and domestic IPOs make up the majority– Domestic IPOs are dominating overseas IPOs listing for

Chinese companies

– Regulatory changes are supporting the IPO market– Reducing restrictions to companies seeking a listing

(changes introduced in 2017)– Initiatives such as STAR Market2 inter alia allow companies

to list before they have turned a profit

227

438

105

203

392

64 66

105130 140

2016 2017 2018 2019 2020

Domestic IPOs Overseas IPOs

94%

6%

83%

17%

2015423 industries

2020513 industries

+63% +61% +50%+30% 27%

Technology Consumer Infrastructure Manufacturing Healthcare

Increase in Encouraged industries by sectors: Example of Encouraged industries:

5G, AI, chips and clouds

Service, retail, and e-commerce

Pharma and service

Advanced and greenmanufacturing

More industries are opening to foreign investors

13

2015 vs. 2020 foreign investment Encouraged and Restricted and prohibited industries catalogue

Sources: Catalogue of Industries for Guiding Foreign Investment (2015/2020 Edition), Schroder Adveq, 2020.

Encouraged industries Restricted and prohibited industries

China has the second largest PE market in the world

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China is under-represented in most investors’ portfolios

Sources: Preqin, Zero2IPO, Schroder Adveq, 2020. Note: includes government guidance funds.1Qualified Foreign Limited Partnership.

Global vs. China private equity fundraising ($bn)– China’s share of global GDP is

estimated at about 16% whereas most investors allocate a small fraction of that

– The market is increasingly opening up

1. Ownership restrictions in certain industries are being reduced

2. Cross-border capital flow restrictions can be managed by using initiatives such as QFLP1

– Growth in domestic PE investors led to a broader and more developed onshore private equity industry

– Increasingly attractive for international investors to access

0

100

200

300

400

500

600

700

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Aggregate capital raised globally ($bn) Aggregate capital raised in China ($bn)

15

Past performance is not a guide to future performance.Source: Schroder Adveq, 2020.1Qualified Foreign Limited Partnership.

2nd largest PE market

Invest in growth and scale potential of domestic consumption in China

Opening up of onshore markets to international ownership

Attractive RMB Market

RMB funds dominate fundraising for domestic-focused sectors and companies

Complementary to China-focused USD funds

Established exit routes and growing potential in secondaries market

Our Capabilities

Strong investment track record

Localised investment team and global platform

Beijing and Shanghai-based operational and compliance

professionals

At the forefront of accessing PE market directly in China

Schroder Adveq QFLP1

Short to mid-term outlook

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Covid-19

Source: Schroder Adveq, 2020.

− Massive money printing and government stimulus has led to record high stock prices

− Private equity has benefited from the strong stimulus measures

− Asia/China represents a growth opportunity

− Private equity well positioned to support portfolio companies where needed and to seize investment opportunities created by market disruptions

− Technology and healthcare sectors benefited from current crisis – both sectors play an important role for buyout and venture investments

− Covid-19 health crisis not over yet – possible second wave can have additional impact on the economy and can lead to additional stimulus measures

Thank you

Important Information - GeneralThe information contained in this presentation is current as at the date of publication and is provided by Schroder Investment Management Australia Limited (ABN 22 000 443 274, AFSL 226473) (Schroders). It is intended solely for wholesale clients (as defined under the Corporations Act 2001 (Cth)) and the recipient agrees that it will not pass on any of the information contained in this information to any person that is not also a wholesale client. Investment in any of the Schroders funds may be made on an application form accompanying the relevant disclosure document which is available from Schroders. This presentation does not contain and should not be taken as containing any financial product advice or financial product recommendations. In making this presentation, no consideration has been given to the recipient’s objectives, financial situation or needs. Before making any decision relating to a Schroders fund, you should obtain and read a copy of the relevant disclosure document for that fund to consider the appropriateness of the fund to your objectives, financial situation and needs.

Schroders does not give any warranty as to the accuracy, reliability or completeness of information which is contained in this presentation. Except insofar as liability under any statute cannot be excluded, Schroders and its directors, employees, consultants or any company in the Schroders Group do not accept any liability (whether arising in contract, in tort or negligence or otherwise) for any error or omission in this presentation or for any resulting loss or damage (whether direct, indirect, consequential or otherwise) suffered by the recipient of this presentation or any other person.

Total returns are calculated using exit price to exit price, after fees and expenses, and assuming reinvestment of income. Gross returns are calculated using exit price to exit price and are gross of fees and expenses. The repayment of capital and performance in any of the detailed funds are not guaranteed by Schroders or any company in the Schroders Group. Returns shown are before tax and fees and all income is reinvested.

Past performance is not a reliable indicator of future performance. Opinions constitute Schroders’ judgement at the time of issue and are subject to change. Schroders may record and monitor telephone calls for security, training and compliance purposes. Investment guidelines represented are internal only and are subject to change without notice.

Opinions, estimates and projections in this presentation constitute the current judgement of the presenter(s) as of the date of this presentation. They do not necessarily reflect the opinions of Schroders or any member of the Schroders Group and are subject to change without notice. Any references to securities, sectors, regions and/or countries are for illustrative purposes only and are not to be construed as a recommendation to buy, sell or hold.

Credit ratings are scales by which the future relative creditworthiness of a security is measured and express an opinion about the vulnerability of default. Credit ratings may be issued by an independent credit rating agency, or represent internal ratings prepared by Schroders. A change in a published credit rating can impact the price and liquidity of the security(ies) being re-rated. Investors should not rely on credit ratings in making investment decisions or view them as assurances of credit quality or the likelihood of default. The ratings issued included in the monthly report are intended to be used by wholesale clients as a guide only and should not be relied on by retail investors when making a decision to buy, hold or sell any securities or make any other investment decisions.

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Private Equity - Important Information (1/2)

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This document contains certain summary information regarding the offering of limited partnership interests (the 'Interests') of the Schroder Adveq fund(s) mentioned herein (the 'Fund') which is sponsored and advised by Schroder Adveq Management AG ('Schroder Adveq'). The information set forth herein is qualified, in its entirety, by the Confidential Private Placement Memorandum of the Fund (the 'Memorandum') and the constituent documents of the Fund. The information contained herein has been prepared on a confidential basis solely for the benefit of select, qualified individuals and entities for informational and discussion purposes only in connection with the private placement of limited partnership interests of the Fund and does not constitute an offer to sell or a solicitation of an offer to purchase an interest in the Fund. Any such offer or solicitation shall be made only pursuant to the Memorandum, which describes, among other things, certain risks related to an investment in the Fund and which qualifies in its entirety the information set forth herein. The Memorandum, including any supplement (which may include more recent information than the information provided herein) should be read carefully prior to any investment in the Fund. All information contained in herein is proprietary and confidential. Any reproduction or distribution of this document, in whole or in part or the disclosure of its contents, without Schroder Adveq’s prior written consent, is prohibited. This document must be returned to Schroder Adveq upon request. The statistical data and other factual statements contained herein have been obtained from publicly available documents or other sources considered by Schroder Adveq to be reliable, but no representations are made as to their accuracy and completeness. Certain statements express Schroder Adveq’s view as of the date stated, which may be subject to change. Additional and/or other information may be available at a later stage. Schroder Adveq may elect to update the information at some point in the future, but specifically disclaims any obligation to do so, even if Schroder Adveq’s estimates or expectations change. The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations. Information herein is believed to be reliable but Schroders (nor any of its entities) does not warrant its completeness or accuracy. No responsibility can be accepted for errors of fact or opinion. Recipients of this document should be aware that past performance of an Schroder Adveq investment funds is not necessarily indicative of the future performance that can be expected by investors for the Fund. Accordingly, there can be no assurance that the Fund will achieve comparable results or that the Fund will be able to implement its investment strategy or achieve its investment objective. Although Schroder Adveq and the general partner of the Fund intend to invest with certain fund managers mentioned in this document, there can be no assurance that Schroder Adveq or the general partner will receive allocations from these fund mangers in their existing or future investment fund or, if such allocation are received, that the performance of these fund managers will meet or exceed Schroder Adveq’s expectation.Illiquid investments such as private equity carry special market, operational and capital loss risks and should only be considered by sophisticated investors who understand the nature of these, and other, principal risks. All investments, domestic and foreign, involve risks including the risk of possible loss of principal. The market value of equities may decline as a result of a number of factors, including adverse economic and market conditions, prospects of stocks in the portfolio, changing interest rates, and real or perceived adverse competitive industry conditions. These risks tend to be greater with Initial Public Offerings (IPOs), investing overseas involves special risks including among others, risks related to political or economic instability, foreign currency (such as exchange, valuation and fluctuation) risk, market entry or exit restrictions, illiquidity and taxation. These risks exist to a greater extent in emerging markets than in developed markets. Investments in small capitalization companies generally carry greater risk than is customarily associated with larger capitalization companies, which may include, for example, less public information, more limited financial resources and product lines, greater volatility, higher risk of failure than larger companies and less liquidity. No investment strategy or risk management technique can guarantee future returns or eliminate risk in any market environment.

Forward-Looking StatementsCertain statements contained herein, including without limitation, the words 'believes', 'anticipates', 'intends', 'expects', 'may', 'plans', 'projects', 'will', 'would' and words of similar import, constitute 'Forward-Looking Statements'. Such Forward-Looking Statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Fund to be materially different from any future results, performance or achievements expressed or implied by such Forward-Looking Statements. Any analysis of potential investments is necessarily based on past performance which is not necessarily indicative of future results. Schroder Adveq and the Fund cannot guarantee that they will actually achieve the plans, intentions or expectations expressed or implied in such Forward-Looking Statements. Investors should not rely on Forward-Looking Statements as representing the views of Schroder Adveq or the Fund as of any date subsequent to the date set forth on the cover page hereof. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates or expectations change.

Limits of Forecasts, Cash Flow and Valuation EstimatesCertain information contained herein shows the valuation and expected future valuations as well as estimated, forecasted future results of the Fund. The estimated figures for draw downs, distributions and valuations are not a prediction or projection, but they represent a good faith estimate of the potential valuation timing and amounts. These estimates are based on, among other things, (i) the terms of the underlying Fund agreements, including provisions relating to Fund expenses, carried interest and management fees, (ii) where available, projections and other estimates provided by underlying funds in connection with Schroder Adveq’s investment due diligence relating to expected and or target return data (such as return multiples and IRRs), (iii) Schroder Adveq's analysis of portfolio companies of underlying funds, (iv) Schroder Adveq's interaction with the managers of underlying funds, (v) historical results of fund managers with whom Schroder Adveq has previously invested und (vi) publicly available comparables and statistical data as well as other sources considered by Schroder Adveq to be reliable and in good faith. Schroder Adveq cannot guarantee, represent or warrant the accuracy, completeness and correctness of this information and accepts no liability with respect to such information. Each recipient acknowledges that Schroder Adveq’s access to financial or other business information about underlying fund portfolio companies is limited by various factors, including the completeness of reporting by underlying fund managers and applicable confidentiality restrictions, which are a material mitigating factor with respect to the accuracy of such information. The information expresses Schroder Adveq’s view as of the date stated, which is subject to change. Additional and/or other information may be available at a later stage. Schroder Adveq may elect to update the information set forth herein at some point in the future, but specifically disclaims any obligation to do so, even if Schroder Adveq’s estimates or expectations change. The document contains significant uncertainty about the future developments, which is inherent in the current market conditions.

Private Equity - Important Information (2/2)

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UNPRI DisclosureSchroders and Schroder Adveq each are investment management signatory members of the PRI, the rights of membership for which they pay a fee. Signatory scores for each indicator will be peered against all other signatories for whom that indicator was relevant, regardless of their type, size or location. Module level: Signatory scores for each module will be displayed in six broad performance Bands (A+ to E) at an absolute level as well as relative to peers of a similar type, size or location. Each signatory’s total aggregated module score will be compared to relevant peer groups in a series of distribution charts. The PRI document is based on information reported directly by signatories. Moreover, the underlying information has not been audited by the PRI or any other party acting on its behalf. While every effort has been made to produce a fair representation of performance, no representations or warranties are made as to the accuracy of the information presented, and no responsibility or liability can be accepted for damage caused by use of or reliance on the information contained within this report. For more information on the methodology, visit www.unpri.org.

Performance DisclosuresNet IRR – The net annualized internal rates of return shown are calculated based on an effective compounded rate of return aggregating Limited Partner daily cash flows and quarterly capital values, presented net of all management and performance fees and other fund expenses. Fund IRRs are calculated from the first capital call in that fund through the date shown.Gross IRR – Represents the annualized internal rates of return calculated using daily cash flows from the funds managed by Schroder Adveq to and from the various partnerships in which the Schroder Adveq funds invested during the period specified, after the fees, expenses, and carried interest of the underlying partnership investments, but before the fees, expenses, and carried interest charged the Schroder Adveq funds.Net Total Value/Paid-In (Net TVPI) – Represents distributions plus capital value, divided by paid-in capital. Net TVPI is net of all fees and expenses.Gross Total Value/Paid-In (Gross TVPI) – Represents distributions plus capital value, divided by paid-in capital. Gross TVPI is net of partnership fees and expenses, but before Schroder Adveq fees and expenses.As an illustration of the impact on performance of these fees compounding over time, see the chart below. The value of a $5,000,000 account would be reduced by the following amounts due to the compound effect of the management fees. This has been calculated assuming an assumed constant return of 10% per annum and a hypothetical management fee of 0.75% per annum, which has been applied on a simple average of opening and closing annual fund values. The assumed 10% return is hypothetical and should not be considered a representation of past or future returns. The actual effect of fees on the value of an account over time will vary with future returns, which cannot be predicted and may be more or less than the amount assumed in this illustration. Actual fees may differ from the assumed rate presented above. Please consult the Firm's Advisory Brochure (ADV Part 2) for a description of the fees.

Notice to Australian recipientsThis document is intended solely for the person to whom it was issued by Schroder Investment Management Australia Limited (ABN 22 000 443 274, AFSL 226473) and is not for further distribution. None of Schroder Investment Management North America Inc., Schroder Investment Management (Switzerland) AG, Schroder Investment Management Limited, Schroder Investment Management (Europe) S.A., nor any other Schroders Group entity referred to in this document, are registered or regulated in Australia unless otherwise stated and this document has not been prepared, and its content has not been reviewed, specifically for Australian investors. It may contain references to dollar amounts that are not Australian dollars, may contain financial information which is not prepared in accordance with Australian law or practices, and does not address Australian tax or other regulatory matters. Unless otherwise indicated, none of Schroder Investment Management North America Inc., Schroder Investment Management (Switzerland) AG, Schroder Investment Management Limited, Schroder Investment Management (Europe) S.A., or any other person mentioned in this document holds an Australian Financial Services Licence or other similar Australian authorisation. This document does not constitute or involve a recommendation, offer or invitation to carry out any dealing in respect of any financial product. Schroders may record and monitor telephone calls for security, training and compliance purposes.

Gross value Net value Compound effect1 Year $5,500,000 $5,460,625 $39,3753 Years $6,655,000 $6,513,090 $141,9105 Years $8,052,550 $7,768,403 $284,14710 Years $12,968,712 $12,069,617 $899,095