Finance and Capital Management

Investment Engine Building capabilities in high-value added areas of the market Customer and Distribution Multi-Asset £140bn Transformation Manager of one of Europe's largest multi-asset funds (our With-Profits Fund) Our priority: Leverage in-house asset allocation, private and public asset capabilities to address client needs through outcome-oriented investment solutions Investment Engine Finance and Capital Private Assets £60bn One of the world's largest Private Asset managers, with sourcing mostly in the UK and Europe Our priority: Expand sourcing capacity internationally strengthening existing areas of expertise • • Continued focus on expanding presence in the US syndicated loans market building on success in Europe Enhancing Private Debt capabilities; targeting a c. 33% increase in origination and analyst staff over the medium term Public Assets £217bn An established active manager with critical scale across major Public Asset classes • Our priority: Strengthen capabilities in asset classes and regions where we can provide value as an active manager Enhanced Emerging Market Equity expertise acquiring a 7-strong Asia specialist team through lift-out in September 2019 . Strengthening Emerging Market Debt team to broaden proposition and capitalise on existing strong track record • Relocating and hiring investment staff in the US and Asia • Broadening Real Estate offering into higher risk-return strategies ESG Note: All AuMA figures refer to position as of H1 2019 • Ongoing development of systematic and thematic equity product offering; fund launches in 2017 and 2018 with further planned Already launched a number of funds within Private, Public and Multi-Asset Our priority: Develop a consistent and comprehensive approach to ESG across asset classes 18

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