TMB / Thanachart

Eastspring Global
Innovation & ARK series

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.

 11

TMB EASTSPRING GLOBAL INNOVATION | THANACHART ES GLOBAL INNOVATION

Performance Review

Source: ARK Invest as of 31 Mar 2022

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.

 12

TMB EASTSPRING GLOBAL INNOVATION | THANACHART ES GLOBAL INNOVATION

Market Outlook

Mega-cap
Disruptive Innovation

valuation % Private Equity valuation

valuation

Yield Curve Flat Inverted

recessions recession

GDP
saving rate covid

Source: ARK Invest as of 31 Mar 2022

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.

 13

TMB EASTSPRING GLOBAL INNOVATION | THANACHART ES GLOBAL INNOVATION

Market Outlook
.6%
disrupt

Short
Amazon disrupt

iPhone Apple Nokia, Samsung Blackberry

Bitcoin cryptoassets

Source: ARK Invest as of 31 Mar 2022

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.

 14

TMB EASTSPRING GLOBAL INNOVATION | THANACHART ES GLOBAL INNOVATION

Top Contribution 1Q 2022
Tesla (Contributor) :

Gigafactory Hertz Model 3 Model Y

Signify Health (Contributor) : Signify Health

JP Morgan Healthcare

Roku (Detractor) : Roku

OEM

Zoom Video (Detractor) : Zoom ARK

Zoom

Source: ARK Invest as of 31 Mar 2022

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.

 15

TMB EASTSPRING GLOBAL INNOVATION | THANACHART ES GLOBAL INNOVATION

Inflation, Interest Rates, and Recession views
FED :

GDP : GDP real GDP

GDP
2 GDP 3 recession
recession recession

:
PPI CPI PCE

leading indicator 2

Source: ARK Invest - "In the Know," (May 6, 2022)

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.

 16

TMB EASTSPRING GLOBAL INNOVATION | THANACHART ES GLOBAL INNOVATION

Inflation, Interest Rates, and Recession views
:

% private equity valuation

valuation

Dot-com-bubble? :
Dot-com bubble
dot-com bubble

Source: ARK Invest - "In the Know," (May 6, 2022)

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.

 17

TMB EASTSPRING GLOBAL INNOVATION | THANACHART ES GLOBAL INNOVATION

CURRENT PORTFOLIO

Source: ARK Invest as of 31 Mar 2022

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.

 18

TMB EASTSPRING GLOBAL INNOVATION | THANACHART ES GLOBAL INNOVATION

1 2022

Source : Bloomberg as of 9 May 2022

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.

 19

TMB EASTSPRING GLOBAL INNOVATION | THANACHART ES GLOBAL INNOVATION

500.0% 474.7%

400.0%

300.0%

200.0%
139.0%
100.0% 52.2%64.6% 55.3% 73.1% 65.3%
29.9% 30.3% 33.9% 28.8% 22.4%
41.3% 34.5%
14.0% 20.9%
0.0%
0.0%
-15.7%
-100.0%
CY 18 CY 19 CY 20 CY 21 CY 22 CY 23 CY 24 CY 25 CY 26
EPS Revenue EPS (F) Revenue (F)
Source : Bloomberg as of 9 May 2022

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.

 20

TMB EASTSPRING GLOBAL INNOVATION | THANACHART ES GLOBAL INNOVATION

UPSIDE TOP-10 HOLDING

Name GICS Sector Country %1M %YTD %1Yr Target Price %Upside
Tesla Inc Consumer Discretionary UNITED STATES -15.6% -18.1% 28.7% 999.91 15.51%
Roku Inc Communication Services UNITED STATES -15.6% -57.6% -69.5% 154.60 59.66%
Zoom Video Communications Inc Information Technology UNITED STATES -13.1% -47.6% -67.4% 158.32 64.26%
Block Inc Information Technology UNITED STATES -21.9% -40.4% -58.8% 157.00 63.22%
Exact Sciences Corp Health Care UNITED STATES -18.3% -29.3% -47.4% 98.06 78.29%
Coinbase Global Inc Financials UNITED STATES -35.5% -58.9% -60.7% 264.14 154.61%
Teladoc Health Inc Health Care UNITED STATES -49.4% -63.6% -77.9% 51.44 53.78%
Unity Software Inc Information Technology UNITED STATES -36.8% -59.9% -35.9% 132.23 130.61%
Twilio Inc Information Technology UNITED STATES -26.7% -59.2% -65.0% 222.45 107.16%
UiPath Inc Information Technology UNITED STATES -14.1% -60.3% -75.2% 35.40 106.68%

Source : Bloomberg as of 9 May 2022

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.

 21

TMB EASTSPRING NEXT GENERATION INTERNET

CURRENT PORTFOLIO

Source: ARK Invest as of 31 Mar 2022

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.

 22

TMB EASTSPRING NEXT GENERATION INTERNET

1 2022

Source : Bloomberg as of 9 May 2022

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.

 23

TMB EASTSPRING NEXT GENERATION INTERNET

200.0% 176.1%

150.0%

100.0% 76.6% 91.4%

58.9%
50.0% 43.2% 38.1%
22.5% 22.9% 19.8%
31.6% 23.8% 29.9% 24.0%
19.1% 13.2% 17.6%
0.0%
-5.2%
-50.0%
-62.0%
-100.0%
CY 18 CY 19 CY 20 CY 21 CY 22 CY 23 CY 24 CY 25 CY 26
EPS Revenue EPS (F) Revenue (F)
Source : Bloomberg as of 9 May 2022

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.

 24

TMB EASTSPRING NEXT GENERATION INTERNET

UPSIDE TOP-10 HOLDING
Name GICS Sector Country %1M %YTD %1Yr Target Price %Upside
Tesla Inc Consumer Discretionary UNITED STATES -15.6% -18.1% 28.7% 999.91 15.51%
Trimble Inc Information Technology UNITED STATES -11.1% -26.5% -19.2% 89.70 39.98%
Kratos Defense & Security Solu Industrials UNITED STATES -27.8% -27.8% -48.3% 21.96 56.73%
Komatsu Ltd Industrials JAPAN 4.4% 4.5% -21.5% 25.27 3.48%
UiPath Inc Information Technology UNITED STATES -14.1% -60.3% -75.2% 35.40 106.68%
Deere & Co Industrials UNITED STATES -9.8% 10.1% -4.3% 429.05 13.67%
AeroVironment Inc Industrials UNITED STATES -21.2% 31.0% -25.8% 86.50 6.46%
Iridium Communications Inc Communication Services UNITED STATES -12.5% -15.4% -7.9% 52.33 49.78%
Blade Air Mobility Inc Industrials UNITED STATES -4.5% -13.3% -12.0% 13.80 80.16%
Teradyne Inc Information Technology UNITED STATES -2.5% -35.2% -17.4% 138.26 30.54%

Source : Bloomberg as of 9 May 2022

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.

 25

TMB EASTSPRING GENOMIC REVOLUTION

CURRENT PORTFOLIO

Source: ARK Invest as of 31 Mar 2022

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.

 26

TMB EASTSPRING GENOMIC REVOLUTION

1 2022

Source : Bloomberg as of 9 May 2022

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.

 27

TMB EASTSPRING GENOMIC REVOLUTION

150.0%
114.9%
100.0% 78.0% 82.0%

50.0%
18.5% 7.7%4.9% 14.0%
6.3% 4.4% 7.0%
0.0%
-0.9% -6.4% -8.0%-4.0%
-13.6%
-17.1%
-50.0% -25.7%

-100.0%

-150.0%
-151.2%
-200.0%
CY 18 CY 19 CY 20 CY 21 CY 22 CY 23 CY 24 CY 25 CY 26
EPS Revenue EPS (F) Revenue (F)
Source : Bloomberg as of 9 May 2022

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.

 28

TMB EASTSPRING GENOMIC REVOLUTION

UPSIDE TOP-10 HOLDING
Name GICS Sector Country %1M %YTD %1Yr Target Price %Upside
Exact Sciences Corp Health Care UNITED STATES -18.3% -29.3% -47.4% 98.06 78.29%
Ionis Pharmaceuticals Inc Health Care UNITED STATES -9.5% 19.3% -0.7% 47.80 31.68%
Teladoc Health Inc Health Care UNITED STATES -49.4% -63.6% -77.9% 51.44 53.78%
Fate Therapeutics Inc Health Care UNITED STATES -36.4% -58.7% -68.4% 86.26 257.05%
Signify Health Inc Health Care UNITED STATES -25.6% -12.7% -53.7% 23.80 91.63%
Vertex Pharmaceuticals Inc Health Care UNITED STATES -9.4% 15.6% 18.1% 295.36 16.32%
Incyte Corp Health Care UNITED STATES -9.6% 2.5% -9.1% 91.75 22.01%
CRISPR Therapeutics AG Health Care SWITZERLAND -22.1% -36.6% -55.4% 130.09 170.97%
CareDx Inc Health Care UNITED STATES -30.0% -43.3% -66.8% 52.00 101.71%
Intellia Therapeutics Inc Health Care UNITED STATES -24.5% -59.8% -29.8% 136.65 187.26%

Source : Bloomberg as of 9 May 2022

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.

 29

TMB EASTSPRING FINTECH INNOVATION

CURRENT PORTFOLIO

Source: ARK Invest as of 31 Mar 2022

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.

 30

TMB EASTSPRING FINTECH INNOVATION

1 2022

Source : Bloomberg as of 9 May 2022

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.

 31

TMB EASTSPRING FINTECH INNOVATION

80.0%
70.0% 66.6%
60.0%
50.0% 46.6% 47.2%
40.1%
40.0% 35.8%
28.5% 30.0% 29.1%
30.0% 24.0% 26.0%
18.6% 17.7%
20.0% 17.4% 16.0% 14.6%
10.2%
10.0%
1.9%
0.0%
-10.0% -4.0%
CY 18 CY 19 CY 20 CY 21 CY 22 CY 23 CY 24 CY 25 CY 26
EPS Revenue EPS (F) Revenue (F)
Source : Bloomberg as of 9 May 2022

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.

 32

TMB EASTSPRING FINTECH INNOVATION

UPSIDE TOP-10 HOLDING
Name GICS Sector Country %1M %YTD %1Yr Target Price %Upside
Block Inc Information Technology UNITED STATES -21.9% -40.4% -58.8% 157.00 63.22%
Shopify Inc Information Technology CANADA -35.9% -72.0% -63.9% 753.23 54.96%
Coinbase Global Inc Financials UNITED STATES -35.5% -58.9% -60.7% 264.14 154.61%
Twilio Inc Information Technology UNITED STATES -26.7% -59.2% -65.0% 222.45 107.16%
MercadoLibre Inc Consumer Discretionary ARGENTINA -20.1% -31.2% -37.4% 1,533.80 65.36%
Robinhood Markets Inc Financials UNITED STATES -10.0% -43.0% #N/A N/A 15.03 48.48%
UiPath Inc Information Technology UNITED STATES -14.1% -60.3% -75.2% 35.40 106.68%
Discovery Ltd Financials SOUTH AFRICA -21.3% -1.5% -2.1% 20,254.33 43.26%
Silvergate Capital Corp Financials UNITED STATES -12.8% -24.8% 19.6% 204.44 83.34%
Sea Ltd Communication Services SINGAPORE -33.4% -65.9% -68.3% 180.15 136.42%

Source : Bloomberg as of 9 May 2022

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.

 33

TMB EASTSPRING AUTONOMOUS TECHNOLOGY AND ROBOTICS

CURRENT PORTFOLIO

Source: ARK Invest as of 31 Mar 2022

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.

 34

TMB EASTSPRING AUTONOMOUS TECHNOLOGY AND ROBOTICS

1 2022

Source : Bloomberg as of 9 May 2022

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.

 35

TMB EASTSPRING AUTONOMOUS TECHNOLOGY AND ROBOTICS

120.00% 111.7%
100.00%
79.89%
80.00%

60.00%
37.82%
40.00% 0.29 28.0%
20.31% 21.2%17.1% 17.2%13.5%
20.00% 15.6%15.4% 11.6%
0.09 11.12%
2.53% 0.03
0.00%
-4.7%
-20.00%
CY 18 CY 19 CY 20 CY 21 CY 22 CY 23 CY 24 CY 25 CY 26
EPS Revenue EPS (F) Revenue (F)
Source : Bloomberg as of 9 May 2022

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.

 36

TMB EASTSPRING AUTONOMOUS TECHNOLOGY AND ROBOTICS

UPSIDE TOP-10 HOLDING

Name GICS Sector Country %1M %YTD %1Yr Target Price %Upside
Tesla Inc Consumer Discretionary UNITED STATES -15.6% -18.1% 28.7% 999.91 15.51%
Trimble Inc Information Technology UNITED STATES -11.1% -26.5% -19.2% 89.70 39.98%
Kratos Defense & Security Solu Industrials UNITED STATES -27.8% -27.8% -48.3% 21.96 56.73%
Komatsu Ltd Industrials JAPAN 4.4% 4.5% -21.5% 25.27 3.48%
UiPath Inc Information Technology UNITED STATES -14.1% -60.3% -75.2% 35.40 106.68%
Deere & Co Industrials UNITED STATES -9.8% 10.1% -4.3% 429.05 13.67%
AeroVironment Inc Industrials UNITED STATES -21.2% 31.0% -25.8% 86.50 6.46%
Iridium Communications Inc Communication Services UNITED STATES -12.5% -15.4% -7.9% 52.33 49.78%
Blade Air Mobility Inc Industrials UNITED STATES -4.5% -13.3% -12.0% 13.80 80.16%
Teradyne Inc Information Technology UNITED STATES -2.5% -35.2% -17.4% 138.26 30.54%

Source : Bloomberg as of 9 May 2022

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.

 37

TMB EASTSPRING GLOBAL INNOVATION | THANACHART ES GLOBAL INNOVATION

FAQ ARK
ARK Active

Source: TMBAM TFUND Eastspring Investment Strategy Bloomberg as of 5 May 2022

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.

 38

TMB EASTSPRING GLOBAL INNOVATION | THANACHART ES GLOBAL INNOVATION

FAQ
ARK NAV

Source: TMBAM TFUND Eastspring Investment Strategy Bloomberg as of 5 May 2022

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.

 39

TMB EASTSPRING GLOBAL INNOVATION | THANACHART ES GLOBAL INNOVATION

FAQ ARK
ARK
Operation Margin ARK

TESLA ZOOM TELADOC

60000 53823 4500 4099.9 2500
4000 2032.7
50000 2000
3500
40000 3000 1500
31536 2651.4 1094
30000 24578 2500 1000
21461.3 2000 553.3
20000 417.9
1375.6 500 233.3
11758.8 1500 77.4 123.2
19.9 43.5
10000 7000.1 5519 1000 672.3
3198.4 4046 622.7 0
413.3 2013.5 721 330.5 -6 -17 -58
0 500 60.8 0 151.5 -74.2 -106.8 -97.1 -98.9
7.6 25.3 -500
-396.2 -74 -294 -888.7 -674.9 -1961.4 -976.1 -862 0 -485.1 -428.8
-10000 -500 -3.8 -1000
FY FY FY FY FY FY FY FY FY FY FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2013FY 2014FY 2015FY 2016FY 2017FY 2018FY 2019FY 2020FY 2021
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Revenue Net Income Revenue Net Income Revenue Net Income

Source: TMBAM TFUND Eastspring Investment Strategy Bloomberg

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.

 40

TMB ES GLOBAL INNOVATION

Recommendations : Neutral
GINNO Growth / Tech
bps QT
SHORT-TERM OUTLOOK
FED
NAV
ARKK

LONG-TERM OUTLOOK

ARKK
%
Source: Investment Strategy Team

STRICTLY PRIVATE AND CONFIDENTIAL. FOR PROFESSIONAL INVESTORS ONLY.