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COMGES T G GROWT H PLC

(an an investmen t compan y with th variable le capita l an d havin g segregated liability ty between en its ts sub-funds) Registere d offices : 2 Gran d Cana l Square, e, Dublin in 2, 2, Ireland Compan y Registratio n No : 323577

UNAUDITE D INTERI M REPOR T A AND FINANCIA L S STATEMENT S FO R T TH E S SIX MONTH FINANCIAL PERIOD ENDED 3 30 JUNE 2 202 6

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COMGEST GROWTH plc

(An open ended investment company with variable capital structured as an umbrella fund with segregated liability between Fund s incorporated with limited liability in Ireland) (Registration Number 323577)

Unaudited

Interim Report and Financial Statements

for the 6 month financial period ended

30 June 2026

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2 / COMGEST GROWTH PLC

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COMGEST GROWTH plc

CONTENTS

GENERAL INFORMATION ................................ ................................ ................................ ................................ ................................ .......... 5

COMGEST GROWTH GLOBAL ................................ ................................ ................................ ................................ ................................ .... 7 COMGEST GROWTH GLOBAL COMPOUNDERS ................................ ................................ ................................ ................................ ......... 1 COMGEST GROWTH GLOBAL ESG PLUS 1 ................................ ................................ ................................ ................................ .................. 3 COMGEST GROWTH GLOBAL DEVELOPED MARKETS ................................ ................................ ................................ ............................... 4 COMGEST GROWTH EAFE ................................ ................................ ................................ ................................ ................................ ......... 6 COMGEST GROWTH AMERICA ................................ ................................ ................................ ................................ ................................ .. 8 COMGEST GROWTH AMERICA ESG PLUS ................................ ................................ ................................ ................................ ............... 10 COMGEST GROWTH JAPAN ................................ ................................ ................................ ................................ ................................ .... 12 COMGEST GROWTH JAPAN COMPOUNDERS ................................ ................................ ................................ ................................ ......... 15 COMGEST GROWTH EMERGING MARKETS ................................ ................................ ................................ ................................ ............ 17 COMGEST GROWTH EMERGING MARKETS EX CHINA ................................ ................................ ................................ ............................ 19 COMGEST GROWTH EMERGING MARKETS PLUS ................................ ................................ ................................ ................................ ... 21 COMGEST GROWTH EUROPE ................................ ................................ ................................ ................................ ................................ . 23 COMGEST GROWTH EUROPE COMPOUNDERS ................................ ................................ ................................ ................................ ...... 26 COMGEST GROWTH EUROPE ESG PLUS ................................ ................................ ................................ ................................ ................. 28 COMGEST GROWTH EUROPE S ................................ ................................ ................................ ................................ ............................... 31 COMGEST GROWTH EUROPE OPPORTUNITIES ................................ ................................ ................................ ................................ ...... 33 COMGEST GROWTH EUROPE SMALLER COMPANIES ................................ ................................ ................................ ............................. 34 COMGEST GROWTH EUROPE EX UK ................................ ................................ ................................ ................................ ....................... 37 COMGEST GROWTH EUROPE EX UK COMPOUNDERS ................................ ................................ ................................ ............................ 39 COMGEST GROWTH ASIA ................................ ................................ ................................ ................................ ................................ ....... 41 COMGEST GROWTH ASIA PAC EX JAPAN ................................ ................................ ................................ ................................ ................ 43 COMGEST GROWTH CHINA ................................ ................................ ................................ ................................ ................................ .... 45 COMGEST GROWTH INDIA ................................ ................................ ................................ ................................ ................................ ..... 47

STATEMENT OF FINANCIAL POSITION - UNAUDITED ................................ ................................ ................................ ............................. 49

STATEMENT OF COMPREHENSIVE INCOME - UNAUDITED ................................ ................................ ................................ ..................... 63

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES - UNAUDITED ...... 93

STATEMENT OF CASH FLOWS - UNAUDITED ................................ ................................ ................................ ................................ ........ 146

1 Comgest Growth Global ESG Plus was terminated on 12 June 2026 .

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CONTENTS (continued)

NOTES TO THE FINANCIAL STATEMENTS - UNAUDITED ................................ ................................ ................................ ....................... 176

Note 1 - Establishment and Organisation ................................ ................................ ................................ ................................ ............. 176 Note 2 - Material Accounting Policies ................................ ................................ ................................ ................................ .................. 179 Note 3 - Taxation ................................ ................................ ................................ ................................ ................................ .................. 185 Note 4 - Share Capital ................................ ................................ ................................ ................................ ................................ ........... 185 Note 5 - Fees ................................ ................................ ................................ ................................ ................................ ......................... 186 Note 6 - Derivative Contracts ................................ ................................ ................................ ................................ ............................... 191 Note 7 - Risk Associated with Financial Instruments ................................ ................................ ................................ ............................ 197 Note 8 - Cash at Bank and Broker ................................ ................................ ................................ ................................ ......................... 253 Note 9 - Related Party Transactions ................................ ................................ ................................ ................................ ..................... 258 Note 10 – Connected Persons ................................ ................................ ................................ ................................ .............................. 259 Note 11 - Soft Commissions ................................ ................................ ................................ ................................ ................................ .. 259 Note 12 - Efficient Portfolio Management ................................ ................................ ................................ ................................ ........... 259 Note 13 - Distributions ................................ ................................ ................................ ................................ ................................ ......... 260 Note 14 - Representative and Paying Agent in Switzerland ................................ ................................ ................................ ................. 262 Note 15 - Statement of Net Assets for Current and Prior Period ................................ ................................ ................................ ......... 262 Note 16 - Cross Portfolio Investment ................................ ................................ ................................ ................................ ................... 269 Note 17 - Significant Events during the Financial Period ................................ ................................ ................................ ...................... 269 Note 18 - Significant Events after the Financial Period ................................ ................................ ................................ ........................ 270 Note 19 - Securities Lending ................................ ................................ ................................ ................................ ................................ . 270 Note 20 - Approval of the Financial Statements ................................ ................................ ................................ ................................ ... 270

Schedule of Investments

Comgest Growth Global ................................ ................................ ................................ ................................ ................................ ........ 271 Comgest Growth Global Compounders ................................ ................................ ................................ ................................ ................ 276 Comgest Growth Global Developed Markets ................................ ................................ ................................ ................................ ....... 280 Comgest Growth EAFE ................................ ................................ ................................ ................................ ................................ .......... 284 Comgest Growth America ................................ ................................ ................................ ................................ ................................ ..... 289 Comgest Growth America ESG Plus ................................ ................................ ................................ ................................ ...................... 292 Comgest Growth Japan ................................ ................................ ................................ ................................ ................................ ......... 295 Comgest Growth Japan Compounders ................................ ................................ ................................ ................................ ................. 298 Comgest Growth Emerging Markets ................................ ................................ ................................ ................................ .................... 301 Comgest Growth Emerging Markets ex China ................................ ................................ ................................ ................................ ...... 306 Comgest Growth Emerging Markets Plus ................................ ................................ ................................ ................................ ............. 311 Comgest Growth Europe ................................ ................................ ................................ ................................ ................................ ...... 316 Comgest Growth Europe Compounders ................................ ................................ ................................ ................................ ............... 321 Comgest Growth Europe ESG Plus ................................ ................................ ................................ ................................ ........................ 325 Comgest Growth Europe S ................................ ................................ ................................ ................................ ................................ .... 330 Comgest Growth Europe Opportunities ................................ ................................ ................................ ................................ ............... 334 Comgest Growth Europe Smaller Companies ................................ ................................ ................................ ................................ ....... 339 Comgest Growth Europe ex UK ................................ ................................ ................................ ................................ ............................ 343 Comgest Growth Europe ex UK Compounders ................................ ................................ ................................ ................................ ..... 347 Comgest Growth Asia ................................ ................................ ................................ ................................ ................................ ........... 351 Comgest Growth Asia Pac ex Japan ................................ ................................ ................................ ................................ ...................... 356 Comgest Growth China ................................ ................................ ................................ ................................ ................................ ......... 361 Comgest Growth India ................................ ................................ ................................ ................................ ................................ .......... 364

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CONTENTS (continued)

Significant Portfolio Changes

Comgest Growth Global ................................ ................................ ................................ ................................ ................................ ........ 367 Comgest Growth Global Compounders ................................ ................................ ................................ ................................ ................ 369 Comgest Growth Global ESG Plus 1 ................................ ................................ ................................ ................................ ........................ 371 Comgest Growth Global Developed Markets ................................ ................................ ................................ ................................ ....... 373 Comgest Growth EAFE ................................ ................................ ................................ ................................ ................................ .......... 375 Comgest Growth America ................................ ................................ ................................ ................................ ................................ ..... 377 Comgest Growth America ESG Plus ................................ ................................ ................................ ................................ ...................... 379 Comgest Growth Japan ................................ ................................ ................................ ................................ ................................ ......... 381 Comgest Growth Japan Compounders ................................ ................................ ................................ ................................ ................. 383 Comgest Growth Emerging Markets ................................ ................................ ................................ ................................ .................... 385 Comgest Growth Emerging Markets ex China ................................ ................................ ................................ ................................ ...... 387 Comgest Growth Emerging Markets Plus ................................ ................................ ................................ ................................ ............. 389 Comgest Growth Europe ................................ ................................ ................................ ................................ ................................ ...... 391 Comgest Growth Europe Compounders ................................ ................................ ................................ ................................ ............... 393 Comgest Growth Europe ESG Plus ................................ ................................ ................................ ................................ ........................ 395 Comgest Growth Europe S ................................ ................................ ................................ ................................ ................................ .... 397 Comgest Growth Europe Opportunities ................................ ................................ ................................ ................................ ............... 399 Comgest Growth Europe Smaller Companies ................................ ................................ ................................ ................................ ....... 401 Comgest Growth Europe ex UK ................................ ................................ ................................ ................................ ............................ 403 Comgest Growth Europe ex UK Compounders ................................ ................................ ................................ ................................ ..... 405 Comgest Growth Asia ................................ ................................ ................................ ................................ ................................ ........... 407 Comgest Growth Asia Pac ex Japan ................................ ................................ ................................ ................................ ...................... 409 Comgest Growth China ................................ ................................ ................................ ................................ ................................ ......... 411 Comgest Growth India ................................ ................................ ................................ ................................ ................................ .......... 413

Appendix I ................................ ................................ ................................ ................................ ................................ .................... 415 Additional Provisions for Investors in Switzerland ................................ ................................ ................................ ............................ 415

Appendix II ................................ ................................ ................................ ................................ ................................ ................... 416 Total Expense Ratios ................................ ................................ ................................ ................................ ................................ ......... 416 Fund Performance Data ................................ ................................ ................................ ................................ ................................ ... 420

Appendix III ................................ ................................ ................................ ................................ ................................ .................. 426 Cybersecurity and ICT Risk ................................ ................................ ................................ ................................ ................................ 426 Securities Financing Transactions Regulation ................................ ................................ ................................ ................................ .. 427 CRS Data Protection Information Notice ................................ ................................ ................................ ................................ .......... 427

1 Comgest Growth Global ESG Plus was terminated on 12 June 2026 .

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COMGEST GROWTH plc

GENERAL INFORMATION

Address

6 th Floor 2 Grand Canal Square Dublin 2, D02 A342 Ireland (Registered office address)

46 St. Stephen’s Green Dublin 2, D02 WK60 Ireland (Operating office address)

Investment Manager

Comgest Asset Management International Limited 6 th Floor 2 Grand Canal Square Dublin 2, D02 A342 Ireland (Registered office address)

Comgest Asset Management International Limited 46 St. Stephen’s Green Dublin 2 , D02 WK60 I reland (Operating office address)

Sub - Investment Manager s

Comgest S . A . (“CSA”) 17 , s quare Edouard VII Paris 75009, France

Comgest Far East Limited 1 Level 10 , Five Pacific Place 28 Hennessy Road Hong Kong

Comgest Singapore Pte. Ltd. 2 6 Temasek Boulevard #25 - 03 Suntec Tower Four Singapore 038986

Administrator, Registrar and Transfer Agent

CACEIS Ireland Limited 9 th Floor, One George's Quay Plaza George's Quay Dublin 2, D02 E440 Ireland

1 As of 1 October 2025, the Sub - Investment Management Agreement between Comgest Asset Management International Limited and Comgest Far East Limited (“CFE”) for Comgest Growth China was terminated.

2 As of 1 October 2025, the Sub - Investment Management Agreement between Comgest Asset Management International Limited and Comgest Singapore Pte Limited (“CS”) for Comgest Growth India was terminated.

Secretary

Wilton Secretarial Limited 6 th Floor 2 Grand Canal Square Dublin 2, D02 A342 Ireland

Depositary

CACEIS Bank, Ireland Branch 9 th Floor, One George's Quay Plaza George's Quay Dublin 2, D02 E440 Ireland

Independent Auditors

Deloitte Ireland LLP Deloitte and Touche House Chartered Accountants and Statutory Audit Firm 29 Earlsfort Terrace Dublin 2 , D02 AY28 Ireland

Directors

Daniel Morrissey (Irish) Philippe Lebeau (French) Eve Finn * (Irish) Justin Streeter ( American ) Janice Olyarchuk (American) * Independent Director

All Directors are non - executive (Please see Note 9 )

Bankers

CACEIS Bank, Ireland Branch 9 th Floor, One George's Quay Plaza George's Quay Dublin 2, D02 E440 Ireland

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COMGEST GROWTH plc

GENERAL INFORMATION (continued)

Bankers (continued)

KBC Bank N.V., Dublin Branch Scotch House 6 - 7 Burgh Quay, Dublin 2 , D0 2 VK44, Ireland

HSBC Continental Europe , Ireland 1 Grand Canal Square Grand Canal Harbour Dublin 2, D02 P820 Ireland

Legal Advisors

William Fry LLP 2 Grand Canal Square Dublin 2, D02 A342 Ireland

Representative in Switzerland

BNP Paribas Securities Services, Paris Succursale de Zurich Selnaustrasse 16 8002 Zurich Switzerland

Paying Agent in Switzerland

BNP Paribas Securities Services, Paris Succursale de Zurich Selnaustrasse 16 8002 Zurich Switzerland

Shariah Supervisory Board

Amanie Advisors Sdn. Bhd. Level 13A - 2 Menara Tokio Marine Life 189, Jalan Tun Razak 50400 Kuala Lumpur Malaysia

Comgest Distributors

Comgest Austria (a branch of Comgest Asset Management International Limited) Am Belvedere 10 1100 Vienna Austria

Comgest Belgium (a branch of Comgest Asset Management International Limited) Avenue Louise 480 1050 Brussels Belgium

Comgest Italia (a branch of Comgest Asset Management International Limited) Via Dante, 7 20123 Milan Italy

Comgest Deutschland GmbH Sky Office Kennedydamm 24 40476 Düsseldorf Germany

Comgest S .A. 17, square Edouard VII 75009 Paris France

Comgest US LLC 101 Arch Street, 8th Floor Boston, MA 02110 USA

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COMGEST GROWTH plc

INVENT MANAGER’S REPORT COMGEST GROWTH GLOBAL a fund of Comgest Growth plc

INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2026

Performance Summary

Sub - fund share class Currency YTD 2026 Performance (%) COMGEST GROWTH GLOBAL USD ACC USD - 1.76 COMGEST GROWTH GLOBAL USD I ACC USD - 1.45 MSCI AC World - Net Return USD 11.25 COMGEST GROWTH GLOBAL EUR I ACC EUR 1.21 COMGEST GROWTH GLOBAL EUR R ACC EUR 0.69 COMGEST GROWTH GLOBAL EUR Z ACC EUR 1.22 COMGEST GROWTH GLOBAL EUR DIS EUR 0.78 COMGEST GROWTH GLOBAL EUR FIXED DIS EUR 0.76 MSCI AC World - Net Return EUR 14.28 COMGEST GROWTH GLOBAL GBP U ACC GBP - 0.14 COMGEST GROWTH GLOBAL GBP U DIS GBP - 0.12 MSCI AC World - Net Return GBP 12.74

Commentary

The first half of 2026 was a tale of two very different quarters. The year opened in turmoil, as the war between Iran and the combined forces of the US and Israel led to the effective closure of the Strait of Hormuz, through which roughly a fifth of global crude and LNG flows. Brent surged towards 20 - year highs, central banks signalled a pause on further rate cuts as the energy shock threatened to reverse progress on inflation, and a broad sell - off followed in which growth stocks were disproportionately aff ected while energy and defence names benefited. The second quarter then reversed the mood: AI enthusiasm returned with force and the market narrowed sharply around the AI supply chain, and particularly the dominant memory producers, whose pricing power was reinforced by a memory shortage that could persist beyond 2027. The same conflict that had opened the year de - escalated late in June, allowing oil to retrace almost all of its war - driven gains, while the US dollar strengthened to a multi - month high follow ing the nomination of a new, more hawkish Fed chair, which kept pressure on the longest - duration parts of the market.

Against this backdrop, the fund lagged its reference index which is heavily concentrated in the AI supply chain.

Taiwan Semiconductor Manufacturing (TSMC), the world's leading advanced semiconductor foundry, was again the single largest contributor, benefitting from its unrivalled position at the heart of the AI semiconductor supply chain as demand for leading - edge n odes and advanced packaging continued to strengthen.

ASML, the sole supplier of the extreme ultraviolet lithography (EUV) equipment indispensable for manufacturing the world's mo st advanced chips, rose sharply as the strength of the memory cycle, confirmed by Micron's recent record results, translated int o u pward revisions to wafer - fab - equipment demand.

Johnson & Johnson, the leading diversified healthcare group, contributed strongly, supported by continued momentum in oncolog y and immunology and the planned separation of its orthopaedics franchise.

Intuit, the US leader in tax preparation and small - business accounting software, sold off following quarterly results. Despite healthy double - digit revenue growth, the company announced a major restructuring including a reduction of approximately 17% of it s headcount, and the market continues to view AI as a potential threat to its TurboTax and QuickBooks franchises. We exited the position.

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EssilorLuxottica, the global leader in vision care and a pioneer in AI - powered smart glasses, came under pressure as the market weighed the sustainability of growth in its lower - margin smart - glasses franchise against the prospect of competitive entries fro m Apple and Alphabet. We had already trimmed the position materially ahead of the correction, having judged the valuation stret ched, while retaining conviction in the company's durable advantages in eyecare.

Microsoft, the enterprise - software and cloud leader, lagged amid concerns over the pace and returns of its AI capital expenditure, even as its structural position across cloud and productivity software remained intact.

Over the first half, our largest moves reflected a rotation away from lower - conviction and richly valued names. We exited several positions, including most of our software names (Intuit, SAP, Oracle) and meaningfully reduced our exposure to data vendors s u ch as Verisk, given the lower visibility on their business models created by generative AI. We initiated new positions in Intuitive Surgical, the global leader in robotic - assisted surgery; Motorola Solutions, a leading global player in public safety; Mitsu bishi Heavy Industries and Schneider Electric, adding exposure to power generation; and Broadcom, the largest supplier of custom AI chips. We reinfo rced Nvidia, Cintas and Hermès.

Consensus forecasts continue to support double - digit earnings growth for the fund in 2026, underpinned by well - diversified growth drivers across our holdings. The current environment, marked by an increasingly narrow and momentum - driven market, a sharp re rating of memory and AI - infrastructure names, and the continued penalisation of perceived AI laggards, is testing investor discipline and exacerbating volatility. In an environment where the foundations of growth are narrowing, we believe quality growth co mpanies with durable competitive moats, pricing power and structural growth tailwinds have historically proven to be best placed to compound through any softening.

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COMGEST GROWTH plc

COMGEST GROWTH GLOBAL COMPOUNDERS a fund of Comgest Growth plc

INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2026

Performance Summary

Sub - fund share class Currency YTD 202 6 Performance (%) COMGEST GROWTH GLOBAL COMPOUNDERS EUR I ACC EUR 1.60 COMGEST GROWTH GLOBAL COMPOUNDERS EUR SI ACC EUR 1.78 COMGEST GROWTH GLOBAL COMPOUNDERS EUR Z ACC EUR 1.65 COMGEST GROWTH GLOBAL COMPOUNDERS EUR R ACC EUR 1.25 MSCI AC World - Net Return EUR 14.28 COMGEST GROWTH GLOBAL COMPOUNDERS GBP U ACC GBP 0.27 MSCI AC World - Net Return GBP 12.74

Commentary

Against this backdrop, the fund lagged its reference index which is heavily concentrated in the AI supply chain.

Linde, one of the world's largest industrial - gas suppliers, contributed strongly to performance, continuing to demonstrate its defensive qualities through disciplined execution and a resilient business model, with additional optionality as the dominant gas supplier to the emerging space industry.

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Over the first half of 2026 we initiated a position in Cintas, the leading US provider of uniforms and workplace services, an d bought IDEXX Laboratories, the leader in companion - animal diagnostics. We increased our holding in Aon, whilst large trims includ ed data vendors S&P Global, Verisk and Experian, reflecting lower visibility due to generative AI. We exited Nestlé, Intuit, Zoetis a nd Analog Devices on reduced conviction or valuation grounds.

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COMGEST GROWTH plc

COMGEST GROWTH GLOBAL ESG PLUS 1 a fund of Comgest Growth plc

INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2026

1 Comgest Growth Global ESG Plus was terminated on 12 June 2026.

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COMGEST GROWTH plc

COMGEST GROWTH GLOBAL DEVELOPED MARKETS a fund of Comgest Growth plc

INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2026

Performance Summary

Sub - fund share class Currency YTD 202 6 Performance (%) COMGEST GROWTH GLOBAL DEVELOPED EUR I ACC EUR 0.48 MSCI World - Net Return EUR 12.68

Commentary

Against this backdrop, the fund lagged its reference index which is heavily concentrated in the AI supply chain.

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COMGEST GROWTH plc

Over the first half of 2026, we initiated several new positions, including Aon, a defensive, high - quality leader in risk advisory and insurance brokerage, and Motorola Solutions, a leader in mission - critical communications for public safety and defence. We also bought Intuitive Surgical, the global leader in robotic - assisted surgery, and Broadcom for its leadership in custom silicon and AI networking. We added meaningfully to Cintas and Hermès on attractive valuation. We exited seven names, including most o f our software companies (Intuit, SAP, Oracle) and meaningfully reduced our exposure to data vendors (S&P Global, Verisk, Experian) due to the lower visibility on their business models created by generative AI.

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COMGEST GROWTH plc

COMGEST GROWTH EAFE a fund of Comgest Growth plc

INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2026

Performance Summary

Sub - fund share class Currency YTD 2026 Performance (%) COMGEST GROWTH EAFE USD I ACC USD - 0.26 MSCI EAFE + Emerging Markets - Net Return USD 14.27

Commentary The first half of 2026 was a tale of two very different quarters. The year opened in turmoil, as the war between Iran and the combined forces of the US and Israel led to the effective closure of the Strait of Hormuz, through which roughly a fifth of global crude and LNG flows. Brent surged towards 20 - year highs, central banks signalled a pause on further rate cuts as the energy shock threatened to reverse progress on inflation, and a broad sell - off followed in which growth stocks were disproportionately aff ected while energy and defence names benefited. The second quarter then reversed the mood: AI enthusiasm returned with force and the market narrowed sharply around the AI supply chain, and particularly the dominant memory producers, whose pricing power was reinforced by a memory shortage that could persist beyond 2027. The same conflict that had opened the year de - escalated late in June, allowing oil to retrace almost all of its war - driven gains, while the US dollar strengthened to a multi - month high follow ing the nomination of a new, more hawkish Fed chair, which kept pressure on the longest - duration parts of the market.

Against this backdrop, the fund lagged its reference index which is heavily concentrated in the AI supply chain.

Keyence, a leading provider of factory - automation sensors and machine vision, delivered strong results with accelerating sales momentum. The stock was also supported by an increasing focus on shareholder returns.

Experian, a leading global credit data and analytics provider, de - rated as the market grouped it among data providers potentially exposed to AI disruption, despite the strong barriers to entry we continue to see around its proprietary data.

Tencent, the Chinese internet and gaming leader, was weak on persistent concerns over the Chinese consumer and macro backdrop , despite continued resilience in its core gaming and advertising franchises.

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Over the first half, our largest moves reflected a rotation away from lower - conviction and richly valued names. We exited seven names, including software companies such as Dassault Systèmes and SAP, partly due to lower visibility into their business mod els created by generative AI. We materially reduced Straumann and Keyence on valuation, and added to Aon, Hermès and MercadoLibre on attractive valuation. We initiated positions in Fuyao Glass, the leading Chinese automotive - glass manufacturer, Hitachi and Mitsubishi Heavy Industries, two Japanese firms adding exposure to power generation, as well as Tencent, the Chinese internet an d gaming leader with dominant social media franchises.

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COMGEST GROWTH plc

COMGEST GROWTH AMERICA a fund of Comgest Growth plc

INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2026

Performance Summary

Sub - fund share class Currency YTD 2026 Performance (%) COMGEST GROWTH AMERICA USD ACC USD - 5.37 COMGEST GROWTH AMERICA USD I ACC USD - 5.03 S&P 500 - Net Return USD 10.01 COMGEST GROWTH AMERICA USD Z ACC 1 USD - 5.10 S&P 500 - Net Return USD 8.88 COMGEST GROWTH AMERICA EUR R ACC EUR - 3.03 COMGEST GROWTH AMERICA EUR Z ACC EUR - 2.46 COMGEST GROWTH AMERICA EUR ACC EUR - 2.83 COMGEST GROWTH AMERICA EUR DIS EUR - 2.76 COMGEST GROWTH AMERICA EUR I ACC EUR - 2.45 COMGEST GROWTH AMERICA EUR FIXED DIS EUR - 2.83 S&P 500 - Net Return EUR 13.01 COMGEST GROWTH AMERICA EUR I H ACC EUR - 6.02 COMGEST GROWTH AMERICA EUR R H ACC EUR - 6.51 S&P 500 100% Hedged to EUR - Net Return EUR 8.67 COMGEST GROWTH AMERICA GBP U ACC GBP - 3.76 S&P 500 - Net Return GBP 11.49 COMGEST GROWTH AMERICA GBP Y ACC² GBP - 0.10 S&P 500 - Net Return GBP 10.73 ¹inception date 22/01/2026 ²inception date 20/02/2026

Commentary

US equities climbed a wall of worry in the first half of 2026, with the S&P 500 index gaining 10% in US dollars despite a suc cession of scares. The year opened with a sharp de - rating of software shares, as the arrival of agentic AI tools cast doubt on the staying power of subscription - based business models. Attention then swung to geopolitics: the Iran conflict that erupted in late February blockaded the Strait of Hormuz, choking off a fifth of the world's oil and gas trade and pushing crude to more than do uble its start - of - year level.

Sentiment turned as diplomacy gained traction, and an initial ceasefire graduated to a US - Iran Memorandum of Understanding to begin reopening the Strait of Hormuz on 18 th June. The crisis eased rather than ended, however, and a final settlement remains uncertain; for now, oil has retreated to pre - war levels. US macro data stayed resilient: wealthier consumers kept driving spending, with retail sales up around 5% year - on - ye ar in the second quarter, while unemployment held at 4.3%. Inflation proved sticky, the energy spike pushed the Consumer Price Index up 4.2% and led the Federal Reserve, under new Chair Kevin Warsh, to hold rates at 3.50% - 3.75% and strike a hawkish tone.

The defining feature of the period was a marked concentration of performance and a rotation within artificial intelligence (A I) toward the semiconductor complex. Leadership shifted to the more commodity - like corner of technology, where severe memory and st orage shortages sent prices soaring and stocks such as Micron, SanDisk and Western Digital more than doubled. By contrast, the hype rscalers lagged as investors began to question the scale of AI capital expenditure with spend projections topping $800 billio n for 2026. Even so, we continue to think these are businesses well placed to monetise AI over the long run: they own the cloud platforms, dis tribution and vast customer bases through which AI is delivered, giving them the scale, proprietary data and prici ng power to convert today's investment into durable, high - margin revenue.

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Our limited exposure to the rallying semiconductors, alongside our hyperscaler holdings, drove the fund’s underperformance, t hough most of our companies continued to deliver solid fundamentals.

Analog Devices was our top contributor to performance. The analog semiconductor leader benefitted from a broad - based cyclical upturn across its end markets, with accelerating AI - related demand reinforcing confidence in the durability of the upcycle.

Alphabet also contributed meaningfully. Previously viewed as vulnerable to AI disruption in search, the company helped revers e that perception with robust results. Search revenue rose 19% year - on - year, Google Cloud grew 63%, while cloud backlog nearly doub led to more than $460 billion, supported by rising Gemini adoption and external sales of its in - house AI chips, the Tensor Processing Units. An $85 billion capital raise announced in June did, however, renew concerns about AI - related spending.

Johnson & Johnson was the third contributor to performance. The diversified healthcare group delivered accelerating growth de spite the patent expiration of its largest product, led by the strength of its oncology franchise and the turnaround in MedTech, an d its shares benefitted from their defensive appeal in a volatile market.

Detractors included Microsoft and Oracle: despite strong revenue growth for both in their most recent quarters (respectively +18% and +21%), they de - rated on fears that the scale of their AI capital expenditure would depress free cash - flow with uncertain r eturns. Both are also perceived as exposed to OpenAI, which lost ground over the period as Anthropic advanced at the frontier. Micros oft was caught in the early - year software de - rating linked to potential disruption from innovation, notably from OpenAI and Anthropic. While we reduced our holdings in both companies, we continue to regard them as mission - critical software and infrastructure providers.

Intuit was the other notable detractor: despite raising its full - year outlook, its shares fell sharply on fears that AI could displace TurboTax, as a new generation of low - cost, AI - based tax tools threatens to erode the franchise. We exited the position, h aving already halved it two years ago.

With the AI opportunity broadening beyond the hyperscalers, we rebalanced slightly, trimming several of our larger platform h oldings (Alphabet, Microsoft, Oracle) to fund three new positions further down the value chain: one in custom AI accelerators (appl ication specific integrated circuits or ASICs), one in the high - speed connectors the data - centre roll - out depends on, and a low - power compute specialist. We were drawn to their earnings visibility, much of it underpinned by multi - year customer commitments, and to end market diversification beyond AI.

We also initiated a position in a leading online travel agency, added to S&P Global as valuations became more attractive, and to Motorola Solutions. Both companies are executing in line with our expectations. On the other hand, we exited Becton Dickinson , Intuit, Zoetis and Intuitive Surgical on competitive, visibility or valuation grounds. We also reduced our position in Eli Li lly amid rising competitive pressure, as well as in Analog Devices on valuation grounds.

Looking to the second half of 2026, the Iran conflict remains an unresolved source of energy - price risk — the ceasefire has repeatedly broken down and the Strait is yet to normalise — while inflation is proving sticky . A more hawkish Federal Reserve under Kevin Warsh has signalled that policy may remain restrictive for longer. We expect this tension, between near - term inflationary pressures and the longer - term disinflationary promise of AI, to keep volatility elevated.

The first half of the year was a reminder of how narrow and fast - moving market leadership can be, with an accelerating rotation into memory and chips. We do not intend to chase it but may selectively increase our exposure where visibility and valuations ar e compelling. We will also continue to anchor the fund in a diverse set of structural growth drivers beyond AI: these span digi tal payments, better medical care, the outsourcing of business services, and rising public infrastructure investment.

Our discipline is to own high - quality companies with strong earnings visibility, solid balance sheets and proven track records, bought at sensible valuations. We believe this bottom - up, diversified approach remains the most reliable path to long - term outpe rformance

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COMGEST GROWTH plc

COMGEST GROWTH AMERICA ESG PLUS a fund of Comgest Growth plc

INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2026

Performance Summary

Sub - fund share class Currency YTD 2026 Performance (%) COMGEST GROWTH AMERICA ESG PLUS USD SEA ACC USD 20.81 COMGEST GROWTH AMERICA ESG PLUS USD ACC USD 20.29 S&P 500 - Net Return USD 10.01 COMGEST GROWTH AMERICA ESG PLUS EUR SEA ACC EUR 24.12 COMGEST GROWTH AMERICA ESG PLUS EUR Z ACC EUR 23.84 COMGEST GROWTH AMERICA ESG PLUS EUR ACC EUR 23.41 S&P 500 - Net Return EUR 13.01

Commentary

Intuit was the most notable detractor from performance. Despite raising its full - year outlook, its shares fell sharply on fears that AI could displace TurboTax, as a new generation of low - cost, AI - based tax tools threatens to erode the franchise. We exited the position.

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Detractors also included Microsoft which, despite strong revenue growth in recent quarters, de - rated on concerns that the scale of its AI capital expenditure would depress free cash - flow with uncertain returns. The company is also perceived as exposed to O penAI, which lost ground over the period as Anthropic advanced at the frontier. Microsoft was caught in the early - year software de - rating linked to potential disruption from innovation, notably from OpenAI and Anthropic. While we reduced our holding in Mic rosoft, we continue to regard it as mission - critical software and infrastructure provider.

With the AI opportunity broadening beyond the hyperscalers, we rebalanced slightly, trimming several of our larger platform h oldings (Alphabet, Microsoft, Oracle) to fund new positions such as a low - power compute specialist. We were drawn to its earnings v isibility, much of it underpinned by multi - year customer commitments, and to end - market diversification beyond AI.

We also initiated positions in a leading online travel agency, a large pharmaceutical distributor and a global leader in secu rity products and access control solutions. We also added to MSCI on valuation grounds, as well as to Motorola Solutions and Danahe r. In contrast, we exited Avery Dennison, Intuit and JB Hunt due to reduced visibility. We also reduced our holdings in Eli Lilly amid rising competitive pressure, as well as in Analog Devices and Vulcan Materials on valuation grounds, and in Zoetis on qua lity grounds.

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COMGEST GROWTH JAPAN a fund of Comgest Growth plc

INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2026

Performance Summary

Sub - fund share class Currency YTD 2026 Performance (%) COMGEST GROWTH JAPAN JPY ACC JPY 30.44 COMGEST GROWTH JAPAN JPY I ACC JPY 30.87 COMGEST GROWTH JAPAN JPY I DIS JPY 30.85 COMGEST GROWTH JAPAN JPY X ACC JPY 31.38 Topix - Net Return JPY 18.35 COMGEST GROWTH JAPAN EUR I ACC EUR 29.44 COMGEST GROWTH JAPAN EUR R DIS EUR 28.84 COMGEST GROWTH JAPAN EUR R ACC EUR 28.96 COMGEST GROWTH JAPAN EUR Z ACC EUR 29.40 COMGEST GROWTH JAPAN EUR I DIS EUR 29.41 COMGEST GROWTH JAPAN EUR SI ACC EUR 29.57 Topix - Net Return EUR 17.25 COMGEST GROWTH JAPAN EUR ACC 1 EUR 8.80 Topix - Net Return EUR 1.52 COMGEST GROWTH JAPAN EUR I H ACC EUR 31.65 COMGEST GROWTH JAPAN EUR H DIS EUR 31.11 COMGEST GROWTH JAPAN EUR Z H ACC EUR 31.70 COMGEST GROWTH JAPAN EUR R H ACC EUR 31.15 Topix Hedged to EUR - Net Return EUR 19.01 COMGEST GROWTH JAPAN GBP U ACC GBP 27.83 COMGEST GROWTH JAPAN GBP SU ACC GBP 27.83 COMGEST GROWTH JAPAN GBP U DIS GBP 27.76 Topix - Net Return GBP 15.67 COMGEST GROWTH JAPAN GBP Z H ACC GBP 32.65 COMGEST GROWTH JAPAN GBP U H ACC GBP 32.61 Topix Hedged to GBP - Net Return GBP 20.14 COMGEST GROWTH JAPAN USD I ACC USD 25.82 COMGEST GROWTH JAPAN USD R ACC USD 25.35 Topix - Net Return USD 14.14 COMGEST GROWTH JAPAN USD I H ACC USD 32.64 COMGEST GROWTH JAPAN USD R H ACC USD 32.24 Topix Hedged to USD - Net Return USD 20.28 ¹inception date 13/05/2026

Commentary

As far as the broad market is concerned, the latest record highs across major indices reflect a long overdue recognition of t he strength and durability of Japanese corporate earnings. The widely expected Bank of Japan rate rise, which still leaves real rat es negative after adjusting for inflation, did nothing to dampen that enthusiasm. The potential resolution of the Hormuz Crisis only added to t he positive sentiment.

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Over the six month period ended 30 th June 2026, the Topix rose 18.3% in Japanese yen, supported by the Bank of Japan's gradual rate normalisation (the policy rate was raised to 1.0% in June, its highest level since 1995) as the yen remained relatively stabl e after its unprecedented rapid fal l since 2021 during the Federal Reserve hiking cycle. Market performance was led by AI - driven semiconductor supply chain companies which dominated index returns, while domestic and value - oriented names lagged. Our internal discussions have focused on the e ventual rotation of capital also into fundamentally solid but as yet unrewarded domestic sectors as a key risk to monitor in the second half.

The fund has large exposure to technology supply chain companies, though the majority of its exposure remains in other themes : Asian Growth and Japan Change.

Within Asian Growth, Fast Retailing, which operates the Uniqlo brand, continues to deliver teens percent profit growth, suppo rted by expansion in the US and Europe and by a recovery in China despite the subdued consumption environment there. This is compel ling proof of the appeal of a well targeted Japanese brand with expertly managed inventory.

Within Japan Change, retail consolidator Pan Pacific International Holdings, which operates the Don Quijote variety store, co ntinues to report strong monthly and quarterly growth. The drivers are a rising store footprint, growing higher margin private bran d products, expansion into supermarkets where it leverages its superior supply chain against incumbents, and the return of tourist consum ption. We confirmed these impressions at a recent investor tour of the company's latest Robin Hood format store.

The fund outperformed its reference index in the period under review with both allocation and stock selection contributing po sitively and Information Technology the dominant driver of total effect.

Among the principal contributors, Murata Manufacturing was the largest. The company's MLCC (Multilayer Ceramic Capacitor) business benefited from AI server demand and meaningful pricing power: our June call with the management team confirmed fisca l year 20 26 guidance of 85 – 90% year - on - year sales growth, split between 30 – 40% volume growth and the remainder from mix improvement. Kioxia Holdings performed strongly, driven by surging AI - related NAND demand; our discussions with the company highlighted improving long - term visibility as hyperscalers shift to multi - year supply agreements, with high margin AI solid state drives projected to reach 60% of sales by 2028. Fast Retailing was also a top contributor, demonstrating the ongoing appeal of the U niqlo brand acr oss Asia, the US and Europe.

The principal drag came from NEC Corporation. Organic growth in systems integration remains solid, as our analysis confirms, but investor fears around artificial intelligence disruption in government IT contracts have weighed materially on its multiple - a dislocation we believe may represent a market misperception given the resilience of NEC's underlying business. Kobe Bussan su ffered as the post inflation cycle weighed on discount consumer traffic, compounded by yen weakness making food imports more costl y. Sony Group and Suzuki Motor were caught by sector rotation, the former away from consumer electronics and the latter facing intensifying competition in the Indian passenger car market.

We have used alpha generated by the large exposure in technology supply chain companies to add to the themes that still repre sent the majority of the fund’s exposure: Asian Growth and Japan Change.

In deciding where to take that alpha from, we apply our dividend discount model with a five - year earnings horizon and global cost of capital assumptions, supplemented where relevant by pragmatic observations on the historical correlation between share pric es and quarterly orders. Where we believe the replicability of earnings has been underpriced by the market, we add.

We initiated positions in Kioxia Holdings, JX Advanced Metals and Modec during the period, all on growth grounds. Daiichi San kyo was exited on growth concerns. We reduced our holdings in Murata Manufacturing, Dexerials, Lasertec and Tokyo Electron follow in g exceptional share price appreciation, with proceeds redeployed into higher conviction names within the Asian Growth and Japan Change themes.

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The fading dominance of what many call the Value trade, broadly understood as the cohort of stocks that benefited from a decl ining yen and which drove Japanese market returns from 2021 to 2023, and the reallocation of capital toward Japanese companies, whe ther distinguished by unique brands, lifestyle models or indispensable roles in global technology supply chains, looks like a dura ble shift.

We expect double - digit earnings growth at the company level over many years, grounded in these structural themes. The Bank of Japan tightening cycle was widely cited as a risk to valuations, but global capital costs, especially US Treasury yields, see m in our experience to be more relevant to the incremental buyer of Japanese equities. Markets have long anticipated radical policy ch ange by the Bank of Japan, but the latest rate hike in June has generated little to no outperformance in Japanese bank stocks.

The sustainability of AI capital expenditure is supported for at least several quarters by order books across our supply chai n companies. However, the market is looking beyond the near term, and it is worth noting that the majority of semiconductor demand served by these companies is not AI - driven - graphic processors and high bandwidth memory remain a minority of the overall mix. With the market heavily concentrated in semiconductors, we are also building a buffer in Asian Growth and Japan Change themes, t o preserve exposure to Japan's structural growth story while protecting against potential semiconductor volatility.

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COMGEST GROWTH plc

COMGEST GROWTH JAPAN COMPOUNDERS a fund of Comgest Growth plc

INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2026

Performance Summary

Sub - fund share class Currency YTD 2026 Performance (%) COMGEST GROWTH JAPAN COMPOUNDERS JPY SI ACC JPY 32.66 Topix - Net Return JPY 18.35 COMGEST GROWTH JAPAN COMPOUNDERS EUR EA ACC EUR 31.29 COMGEST GROWTH JAPAN COMPOUNDERS EUR R ACC EUR 30.32 COMGEST GROWTH JAPAN COMPOUNDERS EUR I ACC EUR 31.10 COMGEST GROWTH JAPAN COMPOUNDERS EUR SEA ACC EUR 31.44 Topix - Net Return EUR 17.25 COMGEST GROWTH JAPAN COMPOUNDERS GBP U ACC GBP 29.36 Topix - Net Return GBP 15.67

Commentary

The fund has large exposure to technology supply chain companies, though the majority of its exposure remains in other themes : Asian Growth and Japan Change.

The fund outperformed its reference index in the period under review with both allocation and stock selection contributing po sitively and Information Technology the dominant driver of total effect.

Ibiden was a top contributor to fund performance. The company's earnings, and expectations for those earnings, accelerated be cause its core semiconductor packaging business is benefiting from extraordinarily strong demand for artificial intelligence graphi cs processing units (GPUs) from Nvidia, Intel and AMD, as well as limited supply of the raw materials needed to manufacture thos e packages – particularly a material known as T glass. Given this scarcity, we believe Ibiden will be able to raise prices.

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Murata Manufacturing also performed well. The company's MLCC (Multilayer Ceramic Capacitor) business benefited from AI server demand and meaningful pricing power: our June call with the management team confirmed fiscal year 2026 guidance of 85 – 90% year - on - year sales growth, split between 30 – 40% volume growth and the remainder from mix improvement.

Tokyo Electron also fared well. The company is a central beneficiary of the AI - driven capital expenditure cycle, supplying coater developer and etch equipment that is critical to advanced logic and memory chip fabrication. Sustained demand from leading - edg e chipmakers - underpinned by AI server and high - bandwidth memory capacity expansion - drove a powerful re - rating throughout the first half of the year.

In terms of performance detractors, the principal drag came from Nintendo, whose share price fell amid continuing concerns about the impact of rising memory prices on its game console margins, as well as disappointment that its recent game title announce ment did not include a Mario refresh which investors had been hoping for.

Sony Group was weighed down by fears about the Indian economy, given its perceived exposure to the Hormuz crisis.

Daiichi Sankyo also detracted from performance. Recent trials for Enhertu, Daiichi Sankyo’s core medicine which is for cancer , somewhat disappointed expectations, hence the share price reaction.

We initiated a new position in Taisei Corporation, one of Japan’s largest construction companies. The company stands to benef it from the industry’s exceptionally tight labour supply, alongside a multi - decade migration of corporate offices into Tokyo and a sustained rebuilding boom. We also purchased Tokio Marine, the Japan casualty insurance major which also has growing niche life insuran ce and other insurance businesses in the US.

We exited our positions in Kyushu Railway, Ly Corporation, Nihon M&A Center and Nippon Gas. Across these holdings, the common theme was profit growth that no longer compares favourably with opportunities available elsewhere on similar valuation and ri sk pa rameters, following a reassessment of our screening results.

We reduced Murata Manufacturing, Lasertec and Tokyo Electron following exceptional share price appreciation, with proceeds redeployed into higher conviction names within the Asian Growth and Japan Change themes.

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COMGEST GROWTH EMERGING MARKETS a fund of Comgest Growth plc

INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2026

Performance Summary

Sub - fund share class Currency YTD 2026 Performance (%) COMGEST GROWTH EMERGING MARKETS USD ACC USD 27.20 COMGEST GROWTH EMERGING MARKETS USD DIS USD 27.21 COMGEST GROWTH EMERGING MARKETS USD I ACC USD 27.50 COMGEST GROWTH EMERGING MARKETS USD R ACC USD 26.88 COMGEST GROWTH EMERGING MARKETS USD Z DIS USD 27.47 COMGEST GROWTH EMERGING MARKETS USD Z ACC USD 27.45 MSCI Emerging Markets - Net Return USD 23.85 COMGEST GROWTH EMERGING MARKETS EUR DIS EUR 30.64 COMGEST GROWTH EMERGING MARKETS EUR I ACC EUR 30.96 COMGEST GROWTH EMERGING MARKETS EUR I DIS EUR 31.00 COMGEST GROWTH EMERGING MARKETS EUR R ACC EUR 30.37 COMGEST GROWTH EMERGING MARKETS EUR Z ACC EUR 30.94 COMGEST GROWTH EMERGING MARKETS EUR Z DIS EUR 30.93 COMGEST GROWTH EMERGING MARKETS EUR FIXED DIS EUR 30.71 COMGEST GROWTH EMERGING MARKETS EUR ACC EUR 30.65 MSCI Emerging Markets - Net Return EUR 27.22 COMGEST GROWTH EMERGING MARKETS GBP U ACC GBP 29.20 COMGEST GROWTH EMERGING MARKETS GBP Z ACC GBP 29.18 MSCI Emerging Markets - Net Return GBP 25.51

Commentary

Emerging market equities extended their advance over the first half of the year, with gains once again concentrated in the te chnology and semiconductor complex of North Asia. The defining force remained the artificial intelligence (AI) investment super - cyc le: record capital expenditure by the large cloud operators, the migration from model training towards far more compute - and memory intensive agentic workloads, and a structural shortage of memory that lifted both pricing and earnings visibility for the le ading manufacturers. Korea and Taiwan, home to the world's dominant memory and foundry franchises, were the clearest beneficiaries, while a softer period across parts of the Chinese internet sector and several other markets produced a wide dispersion of ou tcomes.

The monetary backdrop turned less accommodative over the period: the Fed held rates steady across four consecutive meetings, signalling policy stays higher for longer, and in Brazil the long - awaited rate - cutting cycle has yet to arrive, keeping domestic co nditions restrictive. We continue to anchor on the durability of company earnings rather than the macro cycle, but the AI build - out is a genuine structural tailwind for several holdings, and one we have researched in depth for years.

At the country level, returns were led by Korean and Taiwanese technology holdings, while several Chinese, Indian and Argenti ne positions weighed on performance. These outcomes reflect bottom - up stock selection across the memory and AI - infrastructure suppl y chain rather than any country view.

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SK hynix was the largest contributor by a wide margin. As a leader in high - bandwidth memory (HBM), it is a direct beneficiary of an acute memory shortage: contract prices kept rising, customers grew willing to sign multi - year, prepaid supply agreements tha t lend unusual visibility, and agentic AI demand broadened from HBM into conventional memory. Delta Electronics, ASPEED and TSMC wer e also among the largest contributors. Delta's power - conversion and thermal - management franchise sits at the heart of the da ta - centre build - out, where the shift to higher - voltage power architectures and liquid cooling plays directly to its strengths. ASPEED, the near monopoly supplier of the management controllers embedded in almost every server, contributed strongly on the bac k of surging conventional server demand and a maiden price increase that underlined rare pricing power. TSMC raised full - year guidance to well above 30% USD revenue growth as advanced - node demand from AI customers broadened beyond a handful of names. We es tablished a new position in Samsung Electronics during the period, funded largely by trimming SK hynix; the stock has already contribut ed positively, reflecting early progress in the foundry turnaround and in next - generation HBM.

Tencent was the largest detractor, as investors doubted the payoff from its AI push: management doubled 2026 AI capex while c utting back buybacks and this was compounded by a mark - to - market drag on its investment portfolio. MakeMyTrip and HDFC Bank were th e next - largest detractors. MakeMyTrip was hit by a combination of factors: AI - driven disintermediation risk for the online travel model, higher fuel costs from the oil price rise, and the fallout from IndiGo's crew - scheduling crisis, which forced mass canc ellations, cut capacity and prompted government airfare caps, all weighing on travel bookings. HDFC Bank detracted on a deteriorating cu rrent account and savings deposit mix. MercadoLibre also weighed, after a first - quarter margin reset that was materially worse than the market expected, driven by stepped - up investments in logistics, AI and its credit - card business.

We were active across the first half of 2026. We initiated positions in Samsung Electronics, Chroma ATE, Nu Holdings and Park Systems, and exited Coca - Cola Icecek, Dino Polska, FPT Corp, Kweichow Moutai and Globant. We trimmed SK hynix, Delta Electronics a nd TSMC, primarily on UCITS concentration limits after exceptional runs, and added to weakness in B3.

We remain confident in the earnings power of our holdings. The AI infrastructure build - out looks structural rather than speculative, and our research continues to point to memory as a binding constraint on system performance rather than a commoditised inpu t, a shift that, if sustained, lifts the through - cycle quality of the leading memory makers well above prior cycles. We retain meaningful exposure to the suppliers of the compute, memory, power and connectivity the build - out requires, businesses we have st udied for years through supplier visits, expert interviews and industry conferences, and where our average holding period is measured i n years rather than quarters.

We are equally mindful of the risks. Valuations across parts of the technology complex embed considerable optimism, supply is being added, and, in our opinion, the eventual normalisation of memory pricing is a matter of when rather than if, so we monitor c apacity announcements closely. A higher - for - longer rate environment and a firmer dollar could also temper sentiment towards the asset class. Beyond technology, we hold a diversified set of structural growth stories, from Indian financial services to Latin American digital banking and consumer franchises, where earnings are driven by penetration and formalisation rather than the global cycle. Sho rt term volatility does not change theses built on multi - year fundamentals; our positioning reflects conviction in individual companies rather than a directional call on markets.

Our aim is to deliver compelling performance by building concentrated portfolios of enduring quality growth companies followi ng years of in - depth research.

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COMGEST GROWTH plc

COMGEST GROWTH EMERGING MARKETS EX CHINA a fund of Comgest Growth plc

INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2026

Performance Summary

Sub - fund share class Currency YTD 2026 Performance (%) COMGEST GROWTH EMERGING MARKETS EX CHINA USD I ACC USD 18.83 MSCI Emerging Markets ex China - Net Return USD 38.78 COMGEST GROWTH EMERGING MARKETS EX CHINA EUR I ACC EUR 22.19 MSCI Emerging Markets ex China - Net Return EUR 42.56

Commentary Emerging market equities ex - China extended their advance over the first half of 2026, with gains overwhelmingly concentrated in the technology and semiconductor complex of North Asia. The defining force remained the AI investment super - cycle: record capita l expenditure by the large cloud operators and a structural shortage of memory lifting both pricing and earnings visibility for the leading manufacturers. Korea and Taiwan, home to the world's dominant memory and foundry franchises, were the clearest benef iciaries, while several Latin American and frontier markets lagged.

For the fund specifically, that concentration cut both ways over the half. We returned +18.8% in USD, a strong absolute resul t, but trailed the index almost entirely because two Korean giants - Samsung and SK hynix - drove the benchmark's Korea weighting a nd Korea return (+119% in USD) to levels our own position sizing could not match. SK hynix overtook Samsung in June to become Ko rea's largest listed company for the first time in 25 years. Our own Korean holdings still returned over 80% in USD and, togethe r, Samsung and SK hynix were among the fund's largest absolute contributors - the shortfall is one of degree, not of direction.

We continue to anchor on the durability of company earnings rather than the macro or index cycle, but the first half is a cle an illustration of the relative volatility that discipline produces when a benchmark becomes this narrow.

Returns were led by Korean and Taiwanese technology holdings, driven by bottom - up stock selection across the memory and AI infrastructure supply chain rather than any country view.

Delta Electronics was the largest single contributor over the first half of 2026. Its power - conversion and thermal - management franchise sits at the heart of the data - centre build - out, where the shift to higher - voltage power architectures and liquid cooling plays directly to its strengths, and where reliability drawn from deep in - house component integration is a hard - to - replicate moat. Taiwan Semiconductor Manufacturing (TSMC), the irreplaceable foundry behind almost every leading - edge AI chip, was a close s econd, with advanced - node capacity still the industry's binding constraint - though UCITS rules cap our position at about 10% while the index weight is above 18%, so the strong absolute price gain did not fully translate into relative performance. ASPEED, the near - monopoly supplier of the management controllers embedded in almost every server, was the third - largest contributor: the surge in server demand accompanying the agentic boom played straight to its franchise, and a maiden price increase underlined r are pricing power. Samsung Electronics, which we bought during the half, contributed strongly on its distinctive combination of leading - edge logic and memory, its progress in custom and next - generation HBM, and the optionality from a foundry business becom ing a credible second source for advanced AI chips. SK hynix and Samsung, both initiated and reinforced through the period, rounded out the top contributors, direct beneficiaries of the acute memory shortage.

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Dino Polska, MercadoLibre , HDFC Bank, MakeMyTrip and PT Bank Central Asia were among the largest detractors. Dino's EBITDA margin fell for a fifth straight quarter on Polish wage inflation and food deflation, while MercadoLibre 's promised margin inflection keeps slipping as investment stays elevated - the topline story remains excellent, the market is simply losing patience faster than we are. MakeMyTrip was hit by a combination of factors: AI - driven disintermediation risk for t he online travel model, higher fuel costs from the oil price rise, and the fallout from IndiGo's crew - scheduling crisis, which forced mass cancellations, cut capacity and prompted government airfare caps, all weighing on travel bookings. HDFC Bank detracte d on a deteriorating current account and savings account deposit mix. PT Bank Central Asia fell on Indonesian macro concerns (a possible MSCI weighting cut, a wider f iscal deficit and higher oil prices) rather than anything company specific.

Over the period under review, we initiated Samsung Electronics, SK hynix, Chroma ATE and Park Systems, while exiting BIM Birl esik Magazalar, Coca - Cola Icecek, FPT, Globant and REC Limited. We took profits in TSMC and Delta Electronics due to UCITS rules, a nd in Tokai Carbon Korea after strong or extended runs. We added to B3, WEG, Coway and E Ink Holdings into share - price weakness.

We are equally mindful of the risks. Valuations across parts of the technology complex embed considerable optimism, supply is being added, and the eventual normalisation of memory pricing is a matter of when rather than if, so we monitor capacity announcem ents closely. A higher - for - longer rate environment and a firmer dollar could also temper sentiment towards the asset class. Beyond technology, we hold a diversified set of structural growth stories, from Indian financial services to Latin American industri al and consumer franchises, where earnings are driven by penetration and market share gains rather than the global cycle. Short - term volatility does not change theses built on multi - year fundamentals; our positioning reflects conviction in individual compa nies rather than a directional call on markets.

Our aim is to deliver compelling performance by building concentrated portfolios of enduring quality growth companies followi ng years of in - depth research.

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COMG EST GROWTH EMERGING MARKETS PLUS a fund of Comgest Growth plc

INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2026

Performance Summary

Sub - fund share class Currency YTD 2026 Performance (%) COMGEST GROWTH EMERGING MARKETS PLUS GBP U ACC GBP 28.11 COMGEST GROWTH EMERGING MARKETS PLUS GBP X DIS GBP 28.80 MSCI Emerging Markets - Net Return GBP 25.51 COMGEST GROWTH EMERGING MARKETS PLUS EUR ACC EUR 29.53 COMGEST GROWTH EMERGING MARKETS PLUS EUR I ACC EUR 29.83 COMGEST GROWTH EMERGING MARKETS PLUS EUR Z ACC EUR 29.78 MSCI Emerging Markets - Net Return EUR 27.22

Commentary

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We are equally mindful of the risks. Valuations across parts of the technology complex embed considerable optimism, supply is being added, and the eventual normalisation of memory pricing is a matter of when rather than if, so we monitor capacity announcem ents closely. A higher - for - longer rate environment and a firmer dollar could also temper sentiment towards the asset class. Beyond technology, we hold a diversified set of structural growth stories, from Indian financial services to Latin American digital banking and consumer franchises, where earnings are driven by penetration and formalisation rather than the global cycle. Short - term volatility does not change theses built on multi - year fundamentals; our positioning reflects conviction in individual compa nies rather than a directional call on markets.

Our aim is to deliver compelling performance by building concentrated portfolios of enduring quality growth companies followi ng years of in - depth research.

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COMGEST GROWTH plc

COMGEST GROWTH EUROPE a fund of Comgest Growth plc

INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2026

Performance Summary

Sub - fund share class Currency YTD 2026 Performance (%) COMGEST GROWTH EUROPE EUR ACC EUR - 3.61 COMGEST GROWTH EUROPE EUR DIS EUR - 3.62 COMGEST GROWTH EUROPE EUR I ACC EUR - 3.37 COMGEST GROWTH EUROPE EUR I DIS EUR - 3.36 COMGEST GROWTH EUROPE EUR R ACC EUR - 3.83 COMGEST GROWTH EUROPE EUR Z ACC EUR - 3.41 COMGEST GROWTH EUROPE EUR Z DIS EUR - 3.39 COMGEST GROWTH EUROPE EUR I FIXED DIS EUR - 3.37 COMGEST GROWTH EUROPE EUR FIXED DIS EUR - 3.57 MSCI Europe - Net Return EUR 10.75 COMGEST GROWTH EUROPE USD I ACC USD - 5.94 COMGEST GROWTH EUROPE USD Z ACC USD - 5.94 COMGEST GROWTH EUROPE USD ACC USD - 6.21 MSCI Europe - Net Return USD 7.81 COMGEST GROWTH EUROPE USD I H ACC USD - 2.85 MSCI Europe 100% Hedged to USD - Net Return USD 11.47 COMGEST GROWTH EUROPE GBP U ACC GBP - 4.69 MSCI Europe - Net Return GBP 9.26 COMGEST GROWTH EUROPE CHF Z ACC CHF - 4.30 MSCI Europe - Net Return CHF 9.77

Commentary

The first half of 2026 unfolded across two distinct market environments. In the first quarter, escalating geopolitical tensio ns and a direct military conflict between the US and Iran drove Brent crude prices sharply higher. The resulting energy price shock fuelled stagflation concerns, pushed interest rates higher and weighed on the valuations of growth stocks. Value and momentum were th e best - performing styles during the quarter, while quality and growth declined in tandem, in an environment unusually favo urable to cyclical and commodity - exposed businesses.

In the second quarter, the dominant macro theme remained the evolving US - Iran conflict. Earnings momentum remained strong, supported by two factors: the AI capital expenditure boom and elevated oil prices. When the US and Iran signed a Memorandum o f Unders tanding in June, the oil price fell sharply, removing one leg of that earnings momentum wave. The AI capital expenditure cycl e remained the primary driver. Stagflation concerns receded, rates declined and a risk - on rally took hold, led by semiconductor sto cks. The PHLX Semiconductor Sector Index (SOX), the broadest gauge of the sector, approximately doubled over the quarter, lifting European semiconductor names substantially. Growth stocks with strong earnings momentum performed well; quality and value lagg ed.

Against this backdrop, the fund underperformed its reference index over the period. Healthcare was the largest drag on relati ve performance in the first half of 2026. In a market rewarding earnings momentum, the defensive and high - quality characteristics o f our healthcare holdings found little favour with investors rotating away from stability. Idiosyncratic headwinds compounded t he sectoral pressure, for example 3i Group was held back by a sharp deceleration in like - for - like sales growth at Action, its dom inant portfolio holding, which triggered a significant share price correction on results day.

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Within Information Technology, a persistent bifurcation shaped relative returns. AI capital expenditure winners (semiconducto rs and electrification infrastructure) performed strongly, while software, data and IT services companies faced a significant derat ing on AI disruption concerns. Despite a meaningful reduction in software - as - a - service (SaaS) exposure within the fund, this trend weighed on relative performance over the period. Luxury names, held within Consumer Discretionary, faced an additional headwi nd early in the period as the Middle East conflict revived concerns about a derailment of the nascent sector recovery, weighing on consumer sentiment and travel retail flows, before partial stabilisation in the second quarter.

ASML was the top contributor to performance over the period. The company benefited from sustained AI infrastructure spending and rising long - term estimates. At its 1Q26 results day, ASML raised its full - year 2026 net sales outlook to €36 - 40 billion from a prior range of €34 - 39 billion.

Schneider Electric also rose strongly over the first six months of the year. The group reported organic growth of 11.2% in th e first quarter, with data centre solutions within its Energy Management division leading the way. Management reaffirmed its full - y ear 2026 financial targets. The company continues to benefit from the convergence of electrification, AI - driven data centre build - out and energy security investment.

InterContinental Hotels Group performed strongly. The May trading update showed healthy growth trends across both room additions and revenue per available room, despite the Middle East conflict. Peer results from Hilton and Marriott also pointe d to underly ing structural demand, including supportive US policy, deregulation and AI - driven investment activity lifting mid - market demand.

EssilorLuxottica was among the largest detractors from performance year to date, declining despite first - quarter organic revenue growth of 10.8%, with significant contribution from wearables. Investors seem to deeply discount emerging competition risks i n the smart glasses category. Fundamentals however remain intact: smart eyewear adoption continues and Stellest myopia - management lens penetration is building.

SAP fell following its 4Q25 results announcement, however the stock partially recovered following its 1Q26 results and Sapphi re conference in May, where management presented a credible AI - first roadmap centred on agentic enterprise transformation. However, the recovery proved short - lived, as investor concern over AI monetisation timelines and the pace of migration from traditional licensing continued to weigh on sentiment.

Coloplast shares declined over the period. The company reported an organic growth of 6% in Q2, with solid performance across its chronic care business, but cut full - year guidance due to a slower - than - expected recovery in its Kerecis business following Medi care reimbursement changes in the outpatient setting. As a result, the company reduced its 2026 organic growth outlook from 7% to 5 6%.

The derating of quality compounders during the first half of 2026 gave us the opportunity to add long - term value while improving the fund’s resilience and growth visibility. We initiated new positions in Aon and AstraZeneca and more recently reinforced our holding in EssilorLuxottica. The bifurcated AI environment led us to rebalance the fund's exposure around the strongest software moat s. We sold Accenture, Amadeus and Nemetschek, while selectively adding to quality semiconductor exposure, including the in itiation of a position in ASM International. We purchased Galderma, the injectable aesthetics leader, and Games Workshop, the owner of Warhammer and its unique hobby gaming ecosystem. We increased our holding in Spotify, the global leader in audio streamin g, to raise the fund's growth profile while maintaining our quality standards. Similarly, we initiated positions in quality industr ials such as Epiroc, the global mining and infrastructure equipment leader, and MTU Aero Engines, the civil and military aero engines specialist, where a valuation dislocation offered a compelling entry point.

The current market rally rests on strong earnings growth rather than multiple expansion, which provides a more solid foundati on. However, it is largely dependent on a single driver: the AI capital expenditure boom. Earnings in the AI supply chain from el ec trification through to semiconductor equipment are growing rapidly, and the industry is pushing technical boundaries with advances in com plex chip design and next - generation power infrastructure. The level of expectations embedded in AI supply chain stocks is high and each quarterly result will be a test. Supply bottlenecks could produce a disappointing quarter, and given elevated investor positi oning, that could trigger sharp revaluations. The medium - term question for investors remains the monetisation of the significant capital being deployed.

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Near - term tailwinds for the fund include a recent strengthening of the US dollar, which reduces the negative translation effects o n earnings that many of our global leaders have experienced over the past two years. A lower oil price dissipates the residual stagflation risk, and declining rate expectations may prove a meaningful tailwind for quality growth valuations following their substanti al reset.

We remain disciplined, conviction - driven and focused on owning businesses with durable competitive advantages and the ability to compound earnings through a variety of market conditions. The fund is positioned to deliver low double - digit earnings growth ov er the medium term, underpinned by several structural themes: the electrification of the global economy (benefitting Schneider E lectric, Air Liquide, Epiroc), AI semiconductor demand (ASML, ASM International), the agentic transformation of enterprise softw are (SAP), an ageing population and medical innovation (Straumann, Lonza, Sartorius Stedim Biotech, EssilorLuxottica) and the global rea ch of European consumer brands (L'Oréal, Hermès, Galderma, Inditex). The fund valuation passed an important threshold in the first half of the year. It fell below its historical average PE as bond yields rose. The premium to the market has shrunk well below its historical norm. This valuation compression, built up over recent years, now offers an attractive entry point for investors with a long - term horizon.

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COMGEST GROWTH plc

COMGEST GROWTH EUROPE COMPOUNDERS a fund of Comgest Growth plc

INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2026

Performance Summary

Sub - fund share class Currency YTD 2026 Performance (%) COMGEST GROWTH EUROPE COMPOUNDERS EUR SI ACC EUR - 2.17 COMGEST GROWTH EUROPE COMPOUNDERS EUR R ACC EUR - 2.74 COMGEST GROWTH EUROPE COMPOUNDERS EUR ACC EUR - 2.57 COMGEST GROWTH EUROPE COMPOUNDERS EUR I ACC EUR - 2.26 COMGEST GROWTH EUROPE COMPOUNDERS EUR Z ACC EUR - 2.26 COMGEST GROWTH EUROPE COMPOUNDERS EUR EA ACC EUR - 2.14 COMGEST GROWTH EUROPE COMPOUNDERS EUR SEA ACC EUR - 2.04 MSCI Europe - Net Return EUR 10.75 COMGEST GROWTH EUROPE COMPOUNDERS GBP U ACC GBP - 3.66 MSCI Europe - Net Return GBP 9.26

Commentary

Air Liquide delivered solid comparable revenue growth in the first quarter, with the investment thesis intact across all key pillars: accelerating industrial merchant pricing and a record Electronics backlog of €5.5bn reflecting growing semiconductor - drive n momentum.

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COMGEST GROWTH plc

The derating of quality compounders during the first half of 2026 created an opportunity to add long - term value while enhancing fund resilience and growth visibility. We initiated positions in AstraZeneca, Linde and InterContinental Hotels on quality gr oun ds. Atlas Copco was trimmed on valuation, while the fund exited RELX and Amadeus due to reduced visibility.

We remain disciplined, conviction - driven and focused on owning businesses with durable competitive advantages and the ability to compound earnings through a variety of market conditions. The fund is positioned to deliver low double - digit earnings growth ov er the medium term, underpinned by several structural themes: the electrification of the global economy (benefitting Schneider E lectric, Air Liquide), AI semiconductor demand (ASML), the agentic transformation of enterprise software (SAP), an ageing popula tion and medical innovation (EssilorLuxottica) and the global reach of European consumer brands (Hermès, Inditex). The fund valuation passed an important threshold in the first half of the year. It fell below its historical average PE as bond yields rose. The premium to the market has shrunk well below its historical norm. This valuation compression, built up over recent years, now offers an attra ctive entry point for investors with a long - term horizon.

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COMGEST GROWTH plc

COMGEST GROWTH EUROPE ESG PLUS a fund of Comgest Growth plc

INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2026

Performance Summary

Sub - fund share class Currency YTD 2026 Performance (%) COMGEST GROWTH EUROPE ESG PLUS EUR I ACC EUR - 3.10 COMGEST GROWTH EUROPE ESG PLUS EUR Z ACC EUR - 3.17 COMGEST GROWTH EUROPE ESG PLUS EUR ACC EUR - 3.34 COMGEST GROWTH EUROPE ESG PLUS EUR S I DIS * EUR - 3.01 MSCI Europe - Net Return EUR 10.75 *Name change from EUR I DIS to EUR SI DIS as per the Prospectus update 31 March 2026 . Commentary

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COMGEST GROWTH plc

Adyen underperformed over the period. The company's full - year 2026 revenue growth guidance of 20 - 22% came in below prior indications. Adyen announced two acquisitions during the period, marking a departure from its pure organic growth model focus ed on paym ents execution. The deals extend the company's addressable market into pricing and billing optimisation for clients, includin g the AI merchant segment.

The derating of quality compounders during the first half of 2026 gave us the opportunity to add long - term value while improving the fund's resilience and growth visibility. We initiated new positions in Aon and AstraZeneca and more recently reinforced our holding in EssilorLuxottica. The bifurcated AI environment led us to rebalance the funds' exposure around the strongest software moat s. We sold Accenture, Amadeus and Nemetschek, while selectively adding to quality semiconductor exposure, including the in itiation of a position in ASM International. Other purchases included Galderma, the injectable aesthetics leader, and Games Workshop, the o wner of Warhammer and its unique hobby gaming ecosystem.

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COMGEST GROWTH plc

We remain disciplined, conviction - driven and focused on owning businesses with durable competitive advantages and the ability to compound earnings through a variety of market conditions. The fund is positioned to deliver low double - digit earnings growth ov er the medium term, underpinned by several structural themes: the electrification of the global economy (benefitting Schneider E lectric, Air Liquide), AI semiconductor demand (ASML, ASM International), the agentic transformation of enterprise software (SAP ), an ageing population and medical innovation (Straumann, Lonza, Sartorius Stedim Biotech, EssilorLuxottica) and the global reach of Euro pean consumer brands (L'Oréal, Hermès, Galderma, Inditex). The fund valuation passed an important threshold in the fir st half of the year. It fell below its historical average PE as bond yields rose. The premium to the market has shrunk well below its historical n orm. This valuation compression, built up over recent years, now offers an attractive entry point for investor s with a long - term horizon.

Page 41

COMGEST GROWTH plc

COMGEST GROWTH EUROPE S a fund of Comgest Growth plc

INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2026

Performance Summary

Sub - fund share class Currency YTD 2026 Performance (%) COMGEST GROWTH EUROPE S EUR ACC EUR - 0.86 COMGEST GROWTH EUROPE S EUR Z ACC EUR - 0.36 S&P Europe 350 Shariah - Net Return EUR 12.65 COMGEST GROWTH EUROPE S USD ACC USD - 3.47 COMGEST GROWTH EUROPE S USD Z ACC USD - 2.99 COMGEST GROWTH EUROPE S USD I ACC USD - 3.05 S&P Europe 350 Shariah - Net Return USD 9.66 COMGEST GROWTH EUROPE S GBP U ACC GBP - 1.78 S&P Europe 350 Shariah - Net Return GBP 11.13

Commentary

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COMGEST GROWTH plc

New additions included ASM International and Epiroc, the global mining and infrastructure equipment leader. We exited Bakkafr ost, Nestlé and Wolters Kluwer over the period.

We remain disciplined, conviction - driven and focused on owning businesses with durable competitive advantages and the ability to compound earnings through a variety of market conditions. The fund is positioned to deliver low double - digit earnings growth ov er the medium term, underpinned by several structural themes: the electrification of the global economy (benefitting Schneider E lectric, Air Liquide, Epiroc), AI semiconductor demand (ASML, ASM International), the agentic transformation of enterprise softw are (SAP), an ageing population and medical innovation (Straumann, Lonza, Sartorius Stedim Biotech, EssilorLuxottica) and the global rea ch of European consumer brands (L'Oréal, Hermès, Inditex). The fund valuation passed an important threshold in the first half of the year. It fell below its historical average PE as bond yields rose. The premium to the market has shrunk well below its historical n orm. This valuation compression, built up over recent years, now offers an attractive entry point for investors with a long - term horizon.

Page 43

COMGEST GROWTH plc

COMGEST GROWTH EUROPE OPPORTUNITIES a fund of Comgest Growth plc

INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2026

Performance Summary

Sub - fund share class Currency YTD 2026 Performance (%) COMGEST GROWTH EUROPE OPPORTUNITIES EUR ACC EUR 3.61 COMGEST GROWTH EUROPE OPPORTUNITIES EUR I ACC EUR 3.83 COMGEST GROWTH EUROPE OPPORTUNITIES EUR R ACC EUR 3.32 COMGEST GROWTH EUROPE OPPORTUNITIES EUR DIS EUR 3.58 COMGEST GROWTH EUROPE OPPORTUNITIES EUR Z ACC EUR 3.82 MSCI Europe - Net Return EUR 10.75 COMGEST GROWTH EUROPE OPPORTUNITIES USD I H ACC USD 4.88 MSCI Europe 100% Hedged to USD - Net Return USD 11.47 COMGEST GROWTH EUROPE OPPORTUNITIES GBP U ACC GBP 2.36 MSCI Europe - Net Return GBP 9.26

Commentary

2025 was a strong year for European equity indexes, but performance was narrowly concentrated and driven by a powerful macro led rotation. Euro area inflation moved closer to the European Central Bank’s 2% objective, allowing for four interest rate cuts before June. At the same time, a significant German fiscal stimulus for infrastructure and defence - part of a broader European shift toward s public investment - lifted long - term rates, steepened yield curves and revived hopes of a cyclical recovery. The resulting market rotation favoured banks, industrials and defence stocks and increased risk appetite, to the detriment of quality growth. Tra de tensions, together with a sharp depreciation of the US dollar, further supported Europe - focused and value - oriented businesses while creating a material headwind for global leaders when measured in euro terms.

Against this backdrop, the fund faced one of the sharpest relative drawdowns for quality in decades, as stock selection faile d to offset the scale and concentration of the rotation, even though underlying organic revenue growth at fund level remained robus t at about 8% in the first nine months of the year.

Artificial intelligence (AI) emerged as the dominant investment theme of the year. AI - related datacentre capital expenditure supported growth across many sectors, however concerns mounted over excess investment and disruption in the second half, weighing o n software and data services. Such differentiation is typical at this early stage of a transformational technology cycle. Fro m a quality growth perspective, companies providing mission - critical, deeply embedded and proprietary solutions are, in our view, n ot only better insulated from disruption but well positioned to be long - term beneficiaries of AI adoption. The AI theme has left mixed results on the fund’s holdings.

Healthcare, traditionally a core hunting ground for quality growth investors, underperformed in 2025, held back by a combinat ion of factors including changes in the US policy and reimbursement landscape, mounting pricing pressure, and a softer consumer env ironment.

Novo Nordisk declined strongly. The company lowered its FY 2025 guidance meaningfully throughout the year due to sustained competition from compounded versions of its obesity drug Wegovy in the US, as well as market share loss to competitor Eli Lil ly. The newly appointed CEO launched a major streamlining initiative aimed at repositioning the business for future growth.

LSEG detracted from performance in 2025, despite delivering strong revenue growth and margin expansion that prompted an upgra de to its full - year guidance. Investor sentiment however, was negatively impacted by concerns around potential AI - driven disruption within its Data & Analytics division, particularly in relation to its Workspace platform. These fears overshadowed notable st rategic progress achieved through the modernisation of the platform and the rollout of new products under its multi - year partnersh ip with Microsoft. In our view, LSEG continues to benefit from a strong defensive moat underpinned by high - quality data assets .

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COMGEST GROWTH plc

COMGEST GROWTH EUROP E SMALL ER COMPANIES a fund of Comgest Growth plc

INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2026

Performance Summary

Sub - fund share class Currency YTD 2026 Performance (%) COMGEST GROWTH EUROPE SMALLER COMPANIES EUR ACC EUR 0.44 COMGEST GROWTH EUROPE SMALLER COMPANIES EUR I ACC EUR 0.71 COMGEST GROWTH EUROPE SMALLER COMPANIES EUR Z ACC EUR 0.66 COMGEST GROWTH EUROPE SMALLER COMPANIES EUR I DIS EUR 0.71 COMGEST GROWTH EUROPE SMALLER COMPANIES EUR R ACC EUR 0.13 COMGEST GROWTH EUROPE SMALLER COMPANIES EUR DIS EUR 0.31 MSCI Europe Mid Cap - Net Return EUR 9.97 COMGEST GROWTH EUROPE SMALLER COMPANIES GBP U ACC GBP - 0.66 MSCI Europe Mid Cap - Net Return GBP 8.49

Commentary

European small and mid - cap stocks performed strongly in the first half of 2026, in line with their European large - cap counterparts. The first half of 2026 unfolded across two distinct market environments. In the first quarter, escalating geopolitical tensio ns and a direct military conflict between the US and Iran drove Brent crude prices sharply higher. The resulting energy price shock fuelled stagflation concerns, pushed interest rates higher and weighed on the valuations of growth stocks. Value and momentum were th e best - performing styles during the quarter, while quality and growth declined in tandem and the performance of European mid - cap stocks was flat.

In the second quarter, the dominant macro theme remained the evolving US - Iran conflict. Earnings momentum remained strong, supported by two factors: the AI capital expenditure boom and elevated oil prices. When the US and Iran signed a Memorandum o f Unders tanding in June, the oil price fell sharply, removing one leg of that earnings momentum wave. Stagflation fears receded, fuelling the continuation of the risk - on rally driven by cyclical stocks, banks and AI - capex winners. European mid - caps, with their large belly of cyclical stocks, performed strongly.

A persistent trait throughout the first half of the year was a sharp bifurcation: AI - driven capital - spending winners performed strongly, while growth stocks in software and IT services went through a "SaaSpocalypse" on AI disruption fears. Despite a reduct ion in software - as - a - service (SaaS) exposure within the fund , this trend weighed on relative performance over the period.

In cyclical upswings - when market participants are optimistic and risk - tolerant, earnings momentum is strong and earnings growth is running well above trend - the safety and long - term visibility which quality stocks offer are out of favour. This environme nt is well illustrated by Healthcare being the worst - performing sector and Energy the strongest - performing sector in European mid - cap stocks year to date. Stock selection in Healthcare added to the relative performance strain, while it was markedly positiv e in the large Industrials pocket of the fund, with AI capex beneficiaries performing strongly.

Overall, the current period of underperformance for quality growth stocks primarily reflects a cyclical rotation, but it does not point to a structural deterioration in the compounding power of the current fund. Significantly higher EBIT margins, capital r eturns and free cash - flows with significantly lower gearing compared to the MSCI Europe Mid Cap index mean the fund is of high quality. We strive to accelerate the growth profile of the portfolio without compromising this quality and by avoiding cyclicalit y.

Although the fund underperformed its reference index against this backdrop, the relative performance of the fund in the first half of 2026 was also a tale of two stories. While the fund’s performance suffered, especially in the first quarter due to the fac tors mentioned above, our largest holdings (Games Workshop, Belimo, VAT and InterContinental Hotels) and a modification of the fund structur e helped stabilise performance and supported outperformance in the second quarter.

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VAT Group, the valve specialist for vacuum pumps, soared, driven by buoyant AI capital spending. The company reported very st rong order momentum in both 4Q25 and its 1Q26 trading update in April. While sales in 1Q26 were hampered by component shortages, ma nagement struck a very confident note on ramping up production capacity and improving sales in the second half of the year. V AT is a beneficiary of AI - driven capex demand.

Belimo also rose strongly. The HVAC (heating, ventilation, and air conditioning) valves and actuator specialist reported stro ng results in February, with the core business growing at a double - digit rate, driven by retrofit activity in Europe and the US. In addition, datacentre sales soared on strong demand for liquid - cooling solutions.

Games Workshop contributed meaningfully to performance. A resilient second - half fiscal report in May highlighted the strength of the Warhammer hobby franchise. Group revenues continued to grow despite a significant licensing income headwind following a boo st in the prior year. We are optimistic regarding FY2027 as the company is releasing a new edition of Warhammer during the ye ar.

Detractors from fund performance included CTS Eventim which fell on disappointing guidance, with the loss of a contract with Stage Entertainment impacting 2026 growth. Competition is also intensifying, with competitors buying and building arenas across Eur ope, forcing the ticket and live entertainment service provider into a more capital - intensive business model, which also weighed on results and outlook.

Amplifon, the hearing aid retailer, struggled with weaker hearing aid demand in Southern Europe and the US. In March, the com pany announced the acquisition of hearing aid manufacturer GN Hearing. This was a material strategy shift as we liked the vendor in dependent retail model, one that was independent of product cycle - linked volatility.

Nemetschek de - rated substantially throughout the year on fears of AI disruption, despite high switching costs and regulatory complexity protecting the core Design and Build segments. Operationally, however, Nemetschek is doing well. In March the comp any pu blished 2025 results with currency adjusted revenue growth of 22.6% exceeding previously upgraded guidance. For FY2026 the company guided for 14 to 15% revenue growth, while the 1Q26 revenue growth rate came in at 17%.

The geopolitical and macroeconomic shocks of the first half of 2026 have created a friendly environment for cyclicals and com modity exposed businesses. In addition, investors have been heavily focused on momentum in the AI supply chain, which has led to a de rating of mid - cap compounder stocks. We bought MTU Aero Engines, the civil and military aero - engine specialist, to take advantage of its recent de - rating, as well as Cranswick, the UK food specialist, to raise the visibility of long - term compounding for the portfolio.

We purchased ALK - Abelló, a specialist in allergy immunotherapy, RENK Group, a tank drivetrain manufacturer, Exosens, the military photonics specialist, and Metso, the mining equipment specialist, to raise the growth profile of the portfolio while staying t rue to our high - quality standards.

Amplifon, Campari, Edenred, Stevanato, Vitrolife, Hemnet and Wise were sold on quality and growth deteriorations.

This rally is based on strong earnings growth, not multiple expansion which is a solid foundation. However, it has only one d istinct driver, the AI capital expenditure boom. It lacks breadth. Earnings in the AI capex supply chain from electrification through to semiconductors are soaring, and the whole supply chain is stretched to its limits. The industry is also pushing out technical boundaries with advances in complex chip design and 800 - volt electrification, while scarcity leads to price rises throughout the entire supply chain.

The current level of earnings growth and momentum in the AI supply chain is such that its sustainability can be questioned de spite the strong long - term promise of AI. Each quarterly result will be a test for lofty expectations. Supply bottlenecks, for exam ple, could produce a disappointing quarter, which given extreme investor positioning, could trigger sharp markdowns. The medium - term question looming over the AI boom for investors remains the monetisation of the significant capex deployment.

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We remain disciplined and focused on owning businesses with durable competitive advantages and the ability to compound earnin gs through a variety of market conditions with exposure to structural growth trends. That means the fund has meaningful exposure to AI, but it is not exclusively invested in it as we strive to diversify growth drivers and want to seize the attractive valuat ion of quality growth stocks which are not linked to the AI theme.

We believe that the fund is positioned to deliver low double - digit earnings growth over the medium term, underpinned by several structural themes : artificial intelligence capex demand (benefitting VAT Group, Belimo, Halma, Kingspan), digitalisation and agentic transformation (Sage, Nemetschek, Scout24), an ageing population and medical innovation (Medacta, Straumann, Sartorius Stedim ), increased de fence spending (Exosens, RENK) and the global reach of unique European consumer brands (Lotus Bakeries, InterContinental Hotels, Brunello Cucinelli, Moncler).

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COMGEST GROWTH plc

COMGEST GROWTH EUROPE EX UK a fund of Comgest Growth plc

INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2026

Performance Summary

Sub - fund share class Currency YTD 2026 Performance (%) COMGEST GROWTH EUROPE EX UK GBP SU H ACC GBP - 1.88 MSCI Europe ex United Kingdom 100% Hedged to GBP - Net Return GBP 12.36 COMGEST GROWTH EUROPE EX UK GBP SU ACC GBP - 4.14 COMGEST GROWTH EUROPE EX UK GBP U ACC GBP - 4.20 COMGEST GROWTH EUROPE EX UK GBP SU DIS GBP - 4.11 COMGEST GROWTH EUROPE EX UK GBP Y ACC GBP - 4.10 COMGEST GROWTH EUROPE EX UK GBP Y DIS GBP - 4.08 MSCI Europe ex United Kingdom - Net Return GBP 9.71 COMGEST GROWTH EUROPE EX UK EUR SI ACC EUR - 2.83 COMGEST GROWTH EUROPE EX UK EUR SI DIS EUR - 2.82 MSCI Europe ex United Kingdom - Net Return EUR 11.21

Commentary

Against this backdrop, the fund underperformed its reference index over the period. Healthcare was the largest drag on relati ve performance in the first half of 2026. In a market rewarding earnings momentum, the defensive and high - quality characteristics o f our healthcare holdings found little favour with investors rotating away from stability. Idiosyncratic headwinds compounded t he sectoral pressure, for example Coloplast revised its full - year guidance following Medicare reimbursement changes disrupting it s Kerecis unit.

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COMGEST GROWTH plc

The derating of quality compounders during the first half of 2026 gave us the opportunity to add long - term value while improving the fund's resilience and growth visibility. The bifurcated AI environment led us to rebalance the fund's exposure around the s trongest software moats. We sold Amadeus and Nemetschek, while selectively adding to quality semiconductor exposure, including the initiation of a position in ASM International. We purchased Galderma, the injectable aesthetics leader, and Epiroc, the globa l mining and infrastructure equipment leader.

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COMGEST GROWTH plc

COMGEST GROWTH EUROPE EX UK COMPOUNDERS a fund of Comgest Growth plc

INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2026

Performance Summary

Sub - fund share class Currency YTD 2026 Performance (%) COMGEST GROWTH EUROPE EX UK COMPOUNDERS EUR SEA ACC EUR - 0.65 MSCI Europe ex United Kingdom - Net Return EUR 11.21 COMGEST GROWTH EUROPE EX UK COMPOUNDERS GBP SEA ACC GBP - 2.00 COMGEST GROWTH EUROPE EX UK COMPOUNDERS GBP U ACC GBP - 2.27 MSCI Europe ex United Kingdom - Net Return GBP 9.71

Commentary

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COMGEST GROWTH plc

We remain disciplined, conviction - driven and focused on owning businesses with durable competitive advantages and the ability to compound earnings through a variety of market conditions. The fund is positioned to deliver low double - digit earnings growth ov er the medium term, underpinned by several structural themes: the electrification of the global economy (benefitting Schneider E lectric, Air Liquide), AI semiconductor demand (ASML), the agentic transformation of enterprise software (SAP), an ageing popula tion and medical innovation (EssilorLuxottica) and the global reach of European consumer brands (L'Oréal, Hermès, Inditex). The fund v aluation passed an important threshold in the first half of the year. It fell below its historical average PE as bond yiel ds rose. The premium to the market has shrunk well below its historical norm. This valuation compression, built up over recent years, now offers an a ttractive entry point for investors with a long - term horizon.

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COMGEST GROWTH plc

COMGEST GROWTH ASIA a fund of Comgest Growth plc

INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2026

Performance Summary

Sub - fund share class Currency YTD 2026 Performance (%) COMGEST GROWTH ASIA USD ACC USD 24.97 MSCI AC Asia - Net Return USD 22.75 COMGEST GROWTH ASIA EUR I ACC EUR 28.66 COMGEST GROWTH ASIA EUR Z ACC EUR 28.65 COMGEST GROWTH ASIA EUR ACC EUR 28.33 MSCI AC Asia - Net Return EUR 26.09

Commentary

The first half of 2026 divided Asian markets in two. The artificial intelligence (AI) infrastructure buildout accelerated int o arguably the largest capital deployment cycle in history, and its centre of gravity shifted decisively towards Asia's memory and hardware supply chain. The rapid adoption of agentic AI applications made inference computing, and above all memory, the binding constraint o f the entire AI stack, triggering steep price rises across conventional DRAM and high - bandwidth memory (HBM) and re cord profitability for Korean and Taiwanese suppliers. The Korean market recorded its strongest half - year in history, with gains overwhelmingly concentrated in its two memory makers, while Taiwan rallied alongside. Elsewhere, conditions were far harsher. T he war with Iran that began in late February closed the Strait of Hormuz, producing the largest supply disruption in the history of the oil ma rket; crude and jet fuel prices surged, hurting oil - importing economies and suppressing air travel across the regi on. Chinese equities retreated as the large internet platforms entered a heavy AI investment cycle that compresses near - term margins, while Indian equities corrected under the twin weight of elevated valuations and the energy shock.

In Japan, the market was supported by the Bank of Japan's gradual rate normalisation (the policy rate was raised to 1.0% in J une, its highest level since 1995) as the yen remained relatively stable after its unprecedented rapid fall since 2021 during the F ederal Reserve hiking cycle. Market performance was led by AI - driven semiconductor supply chain companies which dominated index returns, while domestic and value - oriented names lagged.

Murata Manufacturing was another strong performer. The company's MLCC (Multilayer Ceramic Capacitor) business benefited from AI server demand and meaningful pricing power: our June call with the management team confirmed fiscal year 2026 guidance of 85 90% year - on - year sales growth, split between 30 – 40% volume growth and the remainder from mix improvement.

Taiwan Semiconductor Manufacturing Company (TSMC) completed the trio, as demand for leading - edge silicon outstripped supply and reinforced the company's pricing power.

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Sony Group was caught by sector rotation, facing intensifying competition in the Indian passenger car market.

HDFC Bank declined alongside the broader Indian market, with the abrupt resignation of its chairman raising governance questi ons just as the recovery in lending margins proved slower than hoped; a new, well - regarded chairman was appointed at the end of Jun e.

Two positions were initiated over the period, including Park Systems, the leader in atomic force microscopy, whose metrology tools become structurally more valuable as chip architectures move into three dimensions. We exited Cheil Worldwide, PT Bank and Sh enzhou International.

Our central observation from the first half of 2026 is that memory has become the bottleneck of the AI era, and bottlenecks concentrate value. The pricing power now visible across the memory complex, reflected in long - term agreements with price floors, cus tomer prepayments and the emergence of custom HBM, suggests an industry whose quality characteristics are structurally improving rather than merely enjoying a cyclical windfall. We nevertheless remain vigilant: both Korean memory makers have announced very large multi - year investment plans and Chinese entrants continue to add capacity, so supply discipline warrants close monitoring into 2027 and beyond.

In Japan, the fading dominance of what many call the Value trade, broadly understood as the cohort of stocks that benefited f rom a declining yen and which drove Japanese market returns from 2021 to 2023, and the reallocation of capital toward Japanese comp anies, whether distinguished by unique brands, lifestyle models or indispensable roles in global technology supply chains, lo oks like a durable shift.

Our aim is to deliver compelling performance by building concentrated funds of enduring quality growth companies following ye ars of in - depth research.

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COMGEST GROWTH plc

COMGEST GROWTH ASIA PAC EX JAPAN a fund of Comgest Growth plc

INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2026

Performance Summary

Sub - fund share class Currency YTD 2026 Performance (%) COMGEST GROWTH ASIA PAC EX JAPAN USD ACC USD 9.08 COMGEST GROWTH ASIA PAC EX JAPAN USD DIS USD 9.06 COMGEST GROWTH ASIA PAC EX JAPAN USD I ACC USD 9.34 MSCI AC Asia Pacific ex Japan - Net Return USD 23.93 COMGEST GROWTH ASIA PAC EX JAPAN EUR I ACC EUR 12.34 COMGEST GROWTH ASIA PAC EX JAPAN EUR DIS EUR 12.09 COMGEST GROWTH ASIA PAC EX JAPAN EUR R ACC EUR 11.74 COMGEST GROWTH ASIA PAC EX JAPAN EUR Z ACC EUR 12.26 MSCI AC Asia Pacific ex Japan - Net Return EUR 27.30

Commentary The first half of 2026 divided Asian markets in two. The artificial intelligence (AI) infrastructure buildout accelerated int o arguably the largest capital deployment cycle in history, and its centre of gravity shifted decisively towards Asia's memory and hardware supply chain. The rapid adoption of agentic AI applications made inference computing, and above all memory, the binding constraint o f the entire AI stack, triggering steep price rises across conventional DRAM and high - bandwidth memory (HBM) and re cord profitability for Korean and Taiwanese suppliers. The Korean market recorded its strongest half - year in history, with gains overwhelmingly concentrated in its two memory makers, while Taiwan rallied alongside. Elsewhere, conditions were far harsher. T he war with Iran that began in late February closed the Strait of Hormuz, producing the largest supply disruption in the history of the oil ma rket; crude and jet fuel prices surged, hurting oil - importing economies and suppressing air travel across the regi on. Chinese equities retreated as the large internet platforms entered a heavy AI investment cycle that compresses near - term margins, while Indian equities corrected under the twin weight of elevated valuations and the energy shock. With reference index re turns so concentrated in a narrow group of memory - related names, the fund delivered a positive absolute return but underperformed its reference index over the period.

Samsung Electronics was the top contributor to performance. Memory pricing continued to rise through the first half of 2026, and the company's rare breadth across leading - edge logic, memory and advanced packaging is proving increasingly valuable as HBM mig rates towards custom logic base dies. Newly signed long - term supply agreements, this time featuring price floors and customer prepayments, materially improved earnings visibility, while the foundry gained credibility as a genuine alternative for leadi ng AI chip designers, several of whom are reportedly turning to Samsung for capacity. Delta Electronics also performed strongly. As the dominant supplier of power solutions for AI servers, Delta is converting the datacentre power bottleneck into content gains: the transition to 800V architectures multiplies its addressable value per watt several times over, margins reached record levels, and managemen t is already planning capacity for demand into 2028 - 29, an unusually long visibility horizon that speaks to the d epth of customer commitments. Taiwan Semiconductor Manufacturing Company (TSMC) completed the trio, as demand for leading - edge silicon outstripped supply and reinforced the company's pricing power.

Tencent was one of the main detractors. The group entered a deliberate AI investment phase, with capital expenditure set to m ore than double, and the market punished the near - term margin dilution while questioning the AI positioning of Chinese platforms. W e believe the WeChat ecosystem is an underappreciated asset in an agentic AI world and note that buybacks have accelerated, fin anced from the investment portfolio. Trip.com suffered from the combination of an anti - monopoly investigation opened in January a nd fuel price - driven weakness in air travel, which forced a sharp reduction in near - term guidance. HDFC Bank declined alongside the broader Indian market, with the abrupt resignation of its chairman raising governance questions just as the recovery in lend ing margins proved slower than hoped; a new, well - regarded chairman was appointed at the end of June.

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We initiated four positions over the period under review: SK hynix, the leader in HBM; Chroma ATE, whose testing solutions be nefit from rising semiconductor complexity; Park Systems, the leader in atomic force microscopy, whose metrology tools become struc turally more valuable as chip architectures move into three dimensions; and Acter, a cleanroom engineering specialist serving Taiwan's fab expansion. These purchases were financed by exiting Ping An Insurance, LG Chem, Shenzhou International, Shenzhen Mind ray and KEC International, where our conviction in the growth outlook had weakened. We also added to Tencent on share price weakness and trimmed TSMC and Delta Electronics following their strong appreciation, for fund construction purposes.

More broadly, half - year returns as concentrated as those just witnessed rarely persist, and we will not chase them. We invest in companies, not markets, and only when valuation offers an adequate margin of safety against conservative five - year forecasts. T hat discipline led us to take profits in some of the strongest performers while extending our exposure to the AI infrastructure t heme through companies whose moats we have researched for years. It also keeps us invested in quality franchises in China and I ndia whose earnings power we believe is intact but temporarily obscured by an investment cycle in the former and a governance transition and energy shock in the latter. Periods of dislocation such as this one have historically created the entry points from which durable compounding begins. Our aim is to deliver compelling performance by building concentrated funds of enduring quality growth companies following years of in - depth research.

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COMGEST GROWTH CHINA a fund of Comgest Growth plc

INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2026

Performance Summary

Sub - fund share class Currency YTD 2026 Performance (%) COMGEST GROWTH CHINA EUR ACC EUR - 13.78 COMGEST GROWTH CHINA EUR SI ACC EUR - 13.58 COMGEST GROWTH CHINA EUR I ACC EUR - 13.69 COMGEST GROWTH CHINA EUR Z ACC EUR - 13.72 MSCI China - Net Return EUR - 12.65 COMGEST GROWTH CHINA USD ACC USD - 16.07 COMGEST GROWTH CHINA USD I ACC USD - 15.98 MSCI China - Net Return USD - 14.97 COMGEST GROWTH CHINA GBP U ACC GBP - 14.77 MSCI China - Net Return GBP - 13.83

Commentary Chinese equities retreated in the first half of 2026, giving back part of the strong gains recorded in 2025. The escalation o f the US - Iran conflict and the temporary closure of the Strait of Hormuz pushed oil prices sharply higher, exposing China's depende nce on imported Middle Eastern crude and weighing on transport and travel demand. The May summit between Presidents Trump and Xi, which emphasised strategic stability and included an agreement to restore shipping through the strait, eased tensions late in the period, but sentiment remained fragile. The domestic macro backdrop was in fact resilient, with first - quarter gross domestic product (GDP) growing by around 5% year on year on the back of solid exports and industrial activity, yet two forces weighed on the equity market. First, regulators adopted a more assertive stance towards the platform economy, opening an anti - monopoly investigation into the leading online travel agency, fining e - commerce platforms over food delivery practices and tightening oversi ght of online advertising. Second, and more importantly for the large internet holdings, China's platforms entered a heavy artificial intelligence (AI) investment cycle. Led by ByteDance, the sector is sacrificing near - term profits to secure computing powe r and talent, and the market has been quick to sort companies into perceived AI winners and losers.

Against this backdrop, the fund declined over the period and modestly underperformed its reference index: stock picking withi n our consumer and internet holdings added value, but our lower exposure to Chinese banks than the reference index, amid a powerful semiconductor rally, weighed on relative returns.

Advanced Micro - Fabrication Equipment (AMEC), initiated during the period, was one of the top contributors to fund performance. The company is China's technology leader in etching equipment and is expanding into deposition, making it a prime beneficiary of the country's accelerating capacity build - out in memory and advanced - node semiconductors. With roughly two thirds of its revenue exposed to domestic memory clients, whose expansion plans are the most visible in the industry, the company is seeing strong or der momentum and inflecting margins as front - loaded research and development spending begins to pay off. NAURA Technology, the broadest domestic equipment platform and another new holding, rose for similar reasons: Chinese wafer - fab equipment makers keep g aining share of a fast - growing domestic capital expenditure pool, with localisation rates set to rise from below 20% towards 50% over time. Contemporary Amperex Technology (CATL), the global leader in electric vehicle batteries and energy storage, also con tributed as earnings proved resilient and its technology edge continued to support pricing.

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Tencent was one of the main detractors from fund performance. Games and advertising continued to grow nicely, but management confirmed that 2026 is an investment year in which AI capital expenditure will more than double, compressing near - term margins. We view the spending as rational: WeChat's ecosystem of over one billion daily users is arguably the best - placed distribution channel for agentic AI in China, and an embedded WeChat AI agent is already in testing. Trip.com also weighed on performance. The ant i monopoly investigation opened in January was followed by sharply higher jet fuel prices stemming from the Middle East conflic t, hitting long - haul travel demand and leading to weak second - quarter guidance; we substantially reduced the position as near - ter m visibility deteriorated. Alibaba detracted as intense subsidy competition in e - commerce and instant retail, combined with surging AI investment, weighed on group profitability despite encouraging progress at its cloud and Qwen AI franchises.

Fund activity was elevated as we repositioned towards China's semiconductor localisation theme. We initiated positions in AME C, NAURA, Atour Lifestyle, Nongfu Spring and Pop Mart, and exited Shenzhou International, Ping An Insurance, Meituan and Tencent Mu sic, where our conviction in the earnings outlook had weakened. We also bought BYD, switched part of our Fuyao Glass exposure from A - shares into H - shares for price arbitrage, and increased Jiangsu Hengrui Pharmaceuticals. These purchases were funded by red uctions in H World, Trip.com, ZTO Express, Midea and Sany Heavy Industry.

We expect the AI investment cycle to remain the defining theme for Chinese equities in the second half of the year. The near - term cost is visible in compressed internet platform margins; the longer - term prize, in our view, will accrue to companies with pro prietary ecosystems, data and distribution rather than to those merely spending the most. This is why we retain conviction in Tencent and NetEase, while our semiconductor equipment holdings offer a more direct way to capture the infrastructure build - out it self: China is planning a substantial expansion of memory and advanced - logic capacity through 2028, and domestic equipment makers should grow faster than that spending pool as localisation deepens. In consumption, we continue to favour companies with genui ne brand strength and network advantages, such as Anta, Midea and Atour, over those competing mainly on price, and we are watching closely whet her the regulatory reset of the online travel industry ultimately strengthens the position of well - managed hotel groups such as H World. More broadly, periods such as this one test the patience that our approach requires. Share prices have de - rated far more than earnings prospects across much of the fund, and we believe growth in earnings per share remains the primar y driver of stock prices over the long term. We therefore used the weakness to concentrate the fund further on businesses with sustainable competitive advantag es, high barriers to entry and visible multi - year earnings growth. Our aim is to deliver compelli ng performance by building concentrated funds of enduring quality growth companies following years of in - depth research.

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COMGEST GROWTH INDIA a fund of Comgest Growth plc

INVESTMENT MANAGER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2026

Performance Summary

Sub - fund share class Currency YTD 2026 Performance (%) COMGEST GROWTH INDIA USD ACC USD - 9.15 MSCI India - Net Return USD - 9.89 COMGEST GROWTH INDIA EUR I ACC EUR - 6.45 COMGEST GROWTH INDIA EUR R ACC EUR - 7.01 COMGEST GROWTH INDIA EUR ACC EUR - 6.60 COMGEST GROWTH INDIA EUR Z ACC EUR - 6.44 MSCI India - Net Return EUR - 7.43

Commentary

Indian equities endured a turbulent first half of 2026. The escalation of the conflict between Israel, the United States and Iran, and the ensuing disruption to crude oil flows through the Strait of Hormuz, hit India harder than most emerging markets: the country imports more than 85% of its crude oil requirements. The oil supply shock pushed the rupee to record lows against the dollar, forced the government to cut excise duties on petrol and diesel to shield consumers while state oil marketers absorbed mou nting losses, and led economists to trim GDP growth forecasts for the coming fiscal year to below 7% from 7.7% last year. The Reserve Bank of India held its policy rate steady, flagging supply chain disruption from West Asia as the key risk to its inflatio n outlook. Foreign institutional investors withdrew record amounts from Indian equities, exceeding USD 20 billion in the first four months of th e year, although domestic institutions absorbed much of the selling and provided an important stabilising force. The reference index declined over the period as a result, with energy and IT services among the weakest areas while industrials and healthcare proved more defensive. Such an environment is precisely where the quality element of our philosophy tends to shi ne through: companies with pricing power, strong balance sheets and structurally driven demand proved considerably more resilient than the broader marke t, and the fund outperformed its reference index over the first half, driven overwhelmingly by stock sel ection.

Hitachi Energy India was the top contributor to performance. The company sits at the heart of India's power infrastructure bu ild - out, where peak electricity demand reached a record 271 gigawatts in May and is projected to nearly double by 2032. Full - year r esults showed a sharp acceleration in profitability as the operating margin roughly doubled, the order backlog grew more than 50% ye ar on - year, including the Mumbai interstate high - voltage direct current (HVDC) link. The company also committed to doubling its transformer capacity to serve demand from grid modernisation, renewables integration and AI data centres. Polycab India, the country's leading cables and wires manufacturer, also contributed strongly. The company passed rapid copper - led input cost infl ation through to customers and delivered results ahead of expectations on both volumes and margins, illustrating the strength of a moat built on more than 10,000 approved SKUs (stock keeping units), each requiring a year - long certification process, and exc lusive relationships with its largest distributors. JB Chemicals & Pharmaceuticals rounded out the top contributors: its chronic - led domestic franchise continued to outgrow the Indian pharmaceutical market, while the agreed combination with Torrent Pharma progressed and supported the shares.

HDFC Bank was one of the main detractors. The abrupt resignation of the Chairman unsettled investors, while loan growth remai ned below system level and margin recovery came through more slowly than hoped. We remain patient: deposit gathering is strengtheni ng, the loan - to - deposit ratio is normalising and we see mid - teens earnings growth ahead as the post - merger balance sheet rebuild completes. MakeMyTrip suffered a succession of exogenous shocks to Indian travel demand, culminating in the oil price surge, wh ich led us to lower near - term booking growth assumptions; its leadership of Indian online travel and the rational competitive structure of the industry remain intact. Cognizant Technology Solutions detracted as demand for IT services softened amid mac ro un certainty and investor concern over the medium - term impact of generative AI on the sector, despite the company guiding for growth ahead of its Indian peers.

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We initiated four positions: ICICI Bank, whose shares became available at an attractive valuation thanks to its best - in - class profitability and strengthened franchise; Mahindra & Mahindra, a play on premiumisation of Indian mobility through its leading SUV and electric vehicle franchises alongside a cash - generative tractor business; Titan, the jewellery leader consistently outgrowing its peers; and Central Depository Services, a structural beneficiary of deepening capital - markets participation. We exited Ci pla, Colgate - Palmolive India, Reliance Industries, KEC International and Signatureglobal in favour of higher - conviction ideas. We also reduced Shriram Finance, Suzuki Motor, CMS Info Systems and Oberoi Realty, and added to Polycab India, Apollo Hospitals a nd SRF.

Crude oil prices have retraced most of their wartime spike as the ceasefire framework has taken hold, returning towards their pre conflict range by early July. The normalisation nevertheless remains fragile: shipping traffic through the Strait of Hormuz i s still below pre - war levels, the ceasefire rests on a temporary memorandum of understanding, and the lagged effects of the first - half shock on inflation, the currency and lenders' credit costs have yet to fully wash through; within financials, non - bank len ders are likely to feel this earlier than the large private banks, which informs the balance of our exposure. We do not attempt to forecast geopoliti cs; we invest in companies, not markets. The fund is built around businesses whose earnings drivers are str uctural rather than cyclical: the multi - year build - out of power transmission and data centre infrastructure, rising penetration of premium healthcare, the formalisation of consumption and the deepening of financial services. These franchises enjoy pricing power, entrenched market positions and strong balance sheets, attributes that matter most when the macro environment turns hostile, as many demonstrat ed during the period. Meanwhile, the derating caused by record foreign outflows restored more reasonable v aluations across parts of our investment universe, and consistent with our discipline of waiting for the right price, we used this window to upgrade th e fund's quality and growth profile. We believe the companies held are capable of delivering double - digit aggregated earnings per share growth over our five - year investment horizon, and that share prices will converge towards that growth over time. Our aim is to deliver compelling performance by building concentrated funds of enduring quality growth companies following years of in - depth research.

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The accompanying notes form an integral part of the financial statements. 49

STATEMENT OF FINANCIAL POSITION - UNAUDITED (Combined)

As at 30 June 2026

TOTAL TOTAL EUR EUR Note 30 June 2026 31 December 2025 Assets Financial assets at fair value through profit or loss 7 5,020,438,547 7,538,027,190 Derivative financial assets at fair value through profit or loss 6,7 584,504 1,536,812 Cash at bank 8 98,130,171 103,881,958 Amount due from broker 8 1,681,334 Amounts receivable on sale of securities 7,417,959 53,211,748 Subscriptions receivable 5,185,784 4,889,989 Dividends and interest receivable 3,823,498 2,006,001 Receivable from Investment Manager 5 381,847 592,157 Other assets 7,950,177 9,554,715

Total assets 5,145,593,821 7,713,700,570

Liabilities Derivative financial liabilities at fair value through profit or loss 6,7 1,300,444 236,075 Amount due to broker 8 - 1,423,025 Payable on securities purchased 6,043,955 Payable on redemptions 25,573,119 26,975,153 Investment Manager’s fees payable 5 4,904,131 7,462,853 Administration fees payable 5 585,485 423,407 Depositary fees payable 5 421,455 482,533 Secondment fees payable 5 415,487 499,771 Provision for taxation 1,641,022 1,490,580 Expenses payable 5 3,248,574 3,597,506

Total liabilities (excluding net assets attributable to holders of redeemable participating shares) 44,133,672 42,590,903

Total net assets attributable to holders of redeemable participating shares 7,1 5 5,101,460,149 7,671,109,667

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The accompanying notes form an integral part of the financial statements. 50

STATEMENT OF FINANCIAL POSITION - UNAUDITED

As at 30 June 2026 (continued)

COMGEST GROWTH COMGEST GROWTH COMGEST GROWTH COMGEST GROWTH GLOBAL GLOBAL GLOBAL COMPOUNDERS GLOBAL COMPOUNDERS USD USD USD USD Note 30 June 2026 31 December 2025 30 June 2026 31 December 2025

Assets Financial assets at fair value through profit or loss 7 599,592,903 862,926,918 83,298,596 105,447,071 Cash at bank 8 11,224,584 17,405,250 1,220,314 2,402,466 Subscriptions receivable 13,835 172,964 755,677 Dividends and interest receivable 401,539 164,478 42,183 19,449 Receivable from Investment Manager 5 - - 20,566 74,783 Other assets 370 - 4,030 4,463

Total assets 611,233,231 880,669,610 85,341,366 107,948,232

Liabilities Payable on redemptions 1,040,363 1,212,505 27,195 61,990 Investment Manager’s fees payable 5 629,813 932,770 58,590 80,285 Administration fees payable 5 42,845 29,908 11,564 8,062 Depositary fees payable 5 25,270 29,558 3,501 2,578 Secondment fees payable 5 41,024 53,139 4,750 6,125 Expenses payable 5 272,223 253,544 16,414 15,965

Total liabilities (excluding net assets attributable to holders of redeemable participating shares) 2,051,538 2,511,424 122,014 175,005

Total net assets attributable to holders of redeemable participating shares 7,1 5 609,181,693 878,158,186 85,219,352 107,773,227

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The accompanying notes form an integral part of the financial statements. 51

STATEMENT OF FINANCIAL POSITION - UNAUDITED

As at 30 June 2026 (continued)

COMGEST GROWTH COMGEST GROWTH COMGEST GROWTH COMGEST GROWTH GLOBAL DEVELOPED GLOBAL DEVELOPED GLOBAL ESG PLUS 1 GLOBAL ESG PLUS 1 MARKETS MARKETS USD USD USD USD Note 30 June 2026 31 December 2025 30 June 2026 31 December 2025

Assets Financial assets at fair value through profit or loss 7 - 10,839,204 3,119,488 7,640,333 Cash at bank 8 72,104 243,134 62,115 54,599 Dividends and interest receivable 12 2,026 962 Receivable from Investment Manager 5 - 85,590 26,127 71,258 Other assets - 75 1,469 632

Total assets 72,116 11,170,029 3,210,161 7,766,822

Liabilities Payable on redemptions - 43,577 - Investment Manager’s fees payable 5 - 8,014 - Administration fees payable 5 - 7,939 10,172 6,681 Depositary fees payable 5 - 3,097 2,195 2,241 Secondment fees payable 5 - 523 331 265 Expenses payable 5 72,116 15,956 4,217 6,858

Total liabilities (excluding net assets attributable to holders of redeemable participating shares) 72,116 79,106 16,915 16,045

Total net assets attributable to holders of redeemable participating shares 7, 15 - 11,090,923 3,193,246 7,750,777

1 Comgest Growth Global ESG Plus was terminated on 12 June 2026.

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The accompanying notes form an integral part of the financial statements. 52

STATEMENT OF FINANCIAL POSITION - UNAUDITED

As at 30 June 2026 (continued)

COMGEST GROWTH COMGEST GROWTH COMGEST GROWTH COMGEST GROWTH EAFE EAFE AMERICA AMERICA USD USD USD USD Note 30 June 2026 31 December 2025 30 June 2026 31 December 2025

Assets Financial assets at fair value through profit or loss 7 13,864,260 14,371,303 611,495,261 900,192,453 Derivative financial assets at fair value through profit or loss 6,7 - - 14,977 674,760 Cash at bank 8 361,986 465,491 23,799,832 1,935,139 Amount due from broker 8 - - 1,670,000 Subscriptions receivable - - 130,829 612,560 Dividends and interest receivable 10,184 2,847 114,570 74,029 Receivable from Investment Manager 5 16,932 49,120 - Other assets 6,425 6,606 52,197 -

Total assets 14,259,787 14,895,367 637,277,666 903,488,941

Liabilities Derivative financial liabilities at fair value through profit or loss 6,7 - - 1,411,105 54,520 Amount due to broker 8 - - - 810,000 Payable on securities purchased 139,195 - - Payable on redemptions - - 19,706,063 472,776 Investment Manager’s fees payable 5 9,715 10,674 698,008 1,031,611 Administration fees payable 5 10,228 6,760 32,342 22,832 Depositary fees payable 5 3,192 2,263 19,225 15,595 Secondment fees payable 5 651 977 41,796 51,537 Expenses payable 5 19,625 17,162 228,967 206,684

Total liabilities (excluding net assets attributable to holders of redeemable participating shares) 182,606 37,836 22,137,506 2,665,555

Total net assets attributable to holders of redeemable participating shares 7, 15 14,077,181 14,857,531 615,140,160 900,823,386

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The accompanying notes form an integral part of the financial statements. 53

STATEMENT OF FINANCIAL POSITION - UNAUDITED As at 30 June 2026 (continued)

COMGEST GROWTH COMGEST GROWTH COMGEST GROWTH COMGEST GROWTH AMERICA ESG PLUS AMERICA ESG PLUS JAPAN JAPAN USD USD JPY JPY Note 30 June 2026 31 December

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