Morningstar

Investment Management

Jin Tao, CFA, CAIA

Director, Investment Management group - Asia

Responsible Officer, Morningstar Investment Management Asia Ltd.

3 December 2014

The Morningstar Investment Management group, a unit of Morningstar, Inc., includes Morningstar Associates, LLC; Morningstar Investment Management Europe LTD; Morningstar Investment Services, Inc.; Ibbotson Associates,

Inc.; Ibbotson Associates Australia Ltd; Morningstar Investment Consulting France SAS; Ibbotson Associates Japan KK; Morningstar Associates, Inc. (Canada); Morningstar Investment Adviser India Private Ltd; Morningstar

Investment Advisory Company Ltd; and Morningstar Investment Management Asia Ltd. All can provide consulting or investment advisory services in their respective countries and are either direct or indirect subsidiaries of

Morningstar, Inc. The Morningstar name and logo are registered marks of Morningstar, Inc. This presentation includes proprietarymaterials of Morningstar, Inc. Reproduction, transcription or other use, by any means, in whole or

in part, without the prior, written consent of Morningstar, Inc. is prohibited.

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We unite the strengths of Morningstar, Inc.’s independent investment research, data, and tools with over three decades of

investment experience to help firms empower investors to meet their financial goals.

Morningstar Investment Management

Delivering a Full Market Perspective

Advice

Information

Our world-class investment management

organization is built on a foundation of proprietary

research, data, and analytics that uniquely

positions us to provide a more complete

perspective on the markets.

While other companies may offer software,

data, research, or ratings, what sets us apart is

the ability to combine and deliver them all in

whatever way is best for our clients.

Information services listed are provided by Morningstar, Inc. Advice services listed are provided by one or more of the Morningstar Investment Management group's members.

For Professional Client Use Only. Not for Public Distribution. Morningstar Investment Management Asia Limited is regulated by the Hong Kong

Securities and Futures Commission. Please see DISCLOSURES at the back for important information regarding this presentation.

479,000Investment Options

105Investment Professionals

averaging 10+years of investment experience

4,380Funds

100Analysts

1,420Stocks

170Analysts

280+Indexes

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Our investment expertise is supported by an expansive, in-house network of global data and investment analysis that spans

asset classes and regions to help drive timely new ideas.

Morningstar Investment Management

Depth and Quality of Resources

Data as of September 30, 2014. Source: Morningstar Latest Company Stats, October 2014.

For Professional Client Use Only. Not for Public Distribution. Morningstar Investment Management Asia Limited is regulated by the Hong Kong

Securities and Futures Commission. Please see DISCLOSURES at the back for important information regarding this presentation.

4

Our organization brings together a rich heritage of local investment management expertise and experience to craft

solutions that cater to the unique requirements of each market.

Morningstar Investment Management

A Global Organization with Local Expertise

Assets under management and

advisement worldwide

Investment

professionals

Registered

entities

Morningstar Investment Management operates in Hong Kong under Morningstar Investment Management Asia Limited.

Country

offices

CFA

charterholders

4117

47

$160.5 bil$5.8 bil

$3.1 bil

Data as of September 30, 2014. Includes assets under management and advisement for Morningstar Associates, LLC, Ibbotson Associates, Inc., Morningstar Investment Services, Inc., Morningstar Investment Management

Europe, and Ibbotson Associates Australia. Assets are in $USD.

For Professional Client Use Only. Not for Public Distribution. Morningstar Investment Management Asia Limited is regulated by the Hong Kong

Securities and Futures Commission. Please see DISCLOSURES at the back for important information regarding this presentation.

5

Since 1979, we’ve been advancing the frontier by bringing sophisticated academic ideas to life in practical ways that

address key challenges for investors.

Morningstar Investment Management

Decades of Trusted Research and Innovation

Graham and Dodd Award Winning Research and U.S. Patents Timeline:

Recent Research (2012–2014)

No Portfolio is an Island (2014)

Variable Risk Preference Bias (2014)

Alpha, Beta, and Now…Gamma (2013)

Volatility vs. Tail Risk: Which One is

Compensated in Equity Funds? (2013)

Optimal Portfolios for the Long Run

(2013)

Using a Target-Date Benchmark (2012)

Optimal Withdrawal Strategy for

Retirement Income Portfolios (2012)

Estimating Credit Risk and Illiquidity Risk

in Guaranteed Investment Products

(2012)

Graham and Dodd Awards granted for financial writing based on research by Morningstar, Inc. or its subsidiaries at the time the research was conducted. Patent issued to Ibbotson Associates, Inc. for Asset Allocation with

Annuities in 2006. Patent issued to Ibbotson Associates, Inc. for Human Capital in 2007. Ibbotson Associates, Inc. was founded in 1977.

For Professional Client Use Only. Not for Public Distribution. Morningstar Investment Management Asia Limited is regulated by the Hong Kong

Securities and Futures Commission. Please see DISCLOSURES at the back for important information regarding this presentation.

6

We draw on our core capabilities in asset allocation, manager selection, and portfolio construction to help financial

institutions differentiate themselves from competitors.

Morningstar Investment Management

Core Capabilities

Asset Allocation Manager Selection Portfolio Construction

Innovative strategic and tactical

principles rooted in proprietary

capital market assumptions

Strategic vision and insights

strengthened by high-quality

investment data and research

Advanced proprietary optimization

processes combined with our

manager expertise

For Professional Client Use Only. Not for Public Distribution. Morningstar Investment Management Asia Limited is regulated by the Hong Kong

Securities and Futures Commission. Please see DISCLOSURES at the back for important information regarding this presentation.

7

Our core capabilities fuel a range of investment management services that can each be tailored to the needs of our clients.

Morningstar Investment Management

Our Solutions

Tools

and Inputs

Manager

Solutions

Portfolio

Management

Asset Allocation Models

Capital Market Assumptions

Lifetime Financial Advice

Risk Tolerance Questionnaires

Wealth Forecasting Engine

Board Consulting

Due Diligence

Plan Sponsor Fiduciary Services

Select Lists

Custom Target Date

Fund, ETF, SMA Portfolios

Index Creation/Management

Retirement Managed Accounts

Sub-Advisory Services

Turnkey Asset Management Program

The advisory services listed here are provided by one or more of the Morningstar Investment Management group's members. Index creation/management is not an advisory service and is provided by Morningstar, Inc.

For Professional Client Use Only. Not for Public Distribution. Morningstar Investment Management Asia Limited is regulated by the Hong Kong

Securities and Futures Commission. Please see DISCLOSURES at the back for important information regarding this presentation.

8

A Hong Kong regulated entity focuses on leveraging global capabilities and creating custom solutions for financial

institutions in the region.

Morningstar Investment Management Asia

Who We Are

Tools

and Inputs

Manager

Solutions

Portfolio

Management

Asset Allocation Models

Capital Market Assumptions

Lifetime Financial Advice

Risk Tolerance Questionnaires

Wealth Forecasting Engine

Board Consulting

Due Diligence

Plan Sponsor Fiduciary Services

Select Lists

Custom Target Date

Fund, ETF, SMA Portfolios

Index Creation/Management

Retirement Managed Accounts

Sub-Advisory Services

Turnkey Asset Management Program

The advisory services listed here are provided by one or more of the Morningstar Investment Management group's members. Index creation/management is not an advisory service and is provided by Morningstar, Inc.

For Professional Client Use Only. Not for Public Distribution. Morningstar Investment Management Asia Limited is regulated by the Hong Kong

Securities and Futures Commission. Please see DISCLOSURES at the back for important information regarding this presentation.

DISCLOSURES

©2014 Morningstar. All rights reserved. This presentation is provided for information and illustration purposes only. The Morningstar name

and logo are registered marks of Morningstar, Inc. This presentation includes proprietary materials of Morningstar; reproduction,

transcription or other use, by any means, in whole or in part, without prior, written consent of Morningstar is prohibited. All reference to

assets are in USD.

About Morningstar Investment Management Asia Limited

Morningstar Investment Management Asia Limited is authorized and regulated by the Hong Kong Securities and Futures Commission to

provide investment research, non-discretionary investment consulting services, and discretionary investment management services to

financial institutions only.

About the Morningstar Investment Management Group

The Morningstar Investment Management group, part of Morningstar, Inc., creates custom investment solutions that combine award-

winning research and global resources with proprietary Morningstar data. With approximately $169 billion in assets under advisement and

management as of September 30, 2014, the Morningstar Investment Management group provides comprehensive retirement, investment

advisory, and portfolio management services for financial institutions, plans sponsors, and financial advisors around the world. The

Morningstar Investment Management group includes Morningstar’s 11 registered investment advisory and licensed advisory entities. In

Hong Kong, these services are provided by Morningstar Investment Management Asia Limited.

About Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company

offers an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers

and sponsors. Morningstar provides data on approximately 456,000 investment offerings, including stocks, mutual funds, and similar

vehicles, along with real-time global market data on more than 12 million equities, indexes, futures, options, commodities, and precious

metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its

registered investment advisor subsidiaries. The company has operations in 27 countries.

For Financial Professional Use Only. Not for Public Distribution. Morningstar Investment Management

Asia Limited is regulated by the Hong Kong Securities and Futures Commission. Please see DISCLOSURES

at the back for important information regarding this presentation.

For Professional Client Use Only. Not for Public Distribution. Morningstar Investment Management Asia Limited is regulated by the Hong Kong

Securities and Futures Commission. Please see DISCLOSURES at the back for important information regarding this presentation.