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Eurizon SLJ Bond Aggregate RMB (Renminbi) Fund Monthly Commentary August 2022

For professional investors only Report Contents Performance and portfolio update ................................................................................... 2 Chart one: Strategy performance since inception .......................................................... 2 Fund characteristics ........................................................................................................... 2 Asset Allocation .................................................................................................................. 3 Chart three: Asset allocation since inception .................................................... 3 Duration ............................................................................................................................... 4 Chart two: Duration & Maturity profile since inception .................................................... 4 Currency .............................................................................................................................. 5 Chart four: Relative FX overlay since inception ................................................ 5 The recovery remains on shaky ground. .......................................................................... 6 More stimuli are needed. ................................................................................................... 6 Energy and agricultural sectors benefited from the drought .......................................... 7 Bottom line .......................................................................................................................... 7 Strategy overview ............................................................................................................... 9 Key Risks ............................................................................................................................ 10

For professional investors only Performance and portfolio update The fund performance in August was 3.46% net of fees, while the since inception return reached 23.79% on a net basis for the Eurizon SLJ Bond Aggregate RMB I6 - GB00BMY78T53 class. Chart one: Strategy performance since inception Sourc e: Euri z on S LJ a nd Morni ngstar Dir ec t, t ot a l re tur n n e t of fee s i n GB P ter ms a s at 31 A u gus t 20 22 . Th e fun d ’s i nception d a t e i s 2 2 F e bruary 202 1 and b enchma r k the Bloombe rg B a r clays C h ina Tr e a sur y In dex . P er for ma n c e prior to 22 Febr ua r y 2021 i s e xt end ed pe rformance b a sed on t h e performanc e of Eurizon F un d B on d Aggr egate R MB F un d Z E UR Acc , adj us te d fo r c ur r en c y and f ee s. Tra c k r ec or d ex ten si on p e r f or med b y Mor n i ngstar. Fund characteristics Fund Benchmark Characteristics Duration 7.86 years 7.29 years Close to neutral duration # of Bonds 26 140 Focused on Liquidity Average Yield 2.78% 2.48% Higher Yield Average Rating A+ A+ Focused on Quality 37.0324.81-50510152025303540Jan 18Mar 18May 18Jul 18Sep 18Nov 18Jan 19Mar 19May 19Jul 19Sep 19Nov 19Jan 20Mar 20May 20Jul 20Sep 20Nov 20Jan 21Mar 21May 21Jul 21Sep 21Nov 21Jan 22Mar 22May 22Jul 22% Total Return, GBP, Net of feesRelative Eurizon SLJ Bond Agg RMB I6 WS GBP Acc EAA Fund RMB Bond - Onshore

For professional investors only Asset Allocation From an asset allocation perspective, we maintain ed our strategy of investing in the most liquid and highly rated part of the China onshore bond market. During the month our asset allocation was largely unchanged. Government bond allocation increased from 19.7% to 20.1%, Policy Bank bonds increased from 51.6% to 56.4% and Corporate Bonds decreased from 27.2% to 22.9%. We reduced the credit holdings on the front end due to the already compressed cr edit spread and remained in the safest corner of the credit bond space. Key views: • We like Policy Bank bonds due to their tax advantage for foreign investors and their high credit worthiness. • We like Central ‘State Owned Enterprises’, within Corporate Bonds, due to their structural importance to the Chinese economy and their ownership s tructure. • We do not like Local Government Bonds due to their illiquidity. Chart thr e e: Ass et a ll oc a ti on si nc e in cep t ion Sourc e: Euri z on S LJ C ap ital & Black rock Solutio n s a s a t 3 1 A ugu st 2 02 2. Portfolio c h a r acterist ic s and h oldin gs ar e subj ect t o c h a nge wi th out n oti ce. Thi s do e s n ot c on sti t ute an in vestmen t r e co mm end ati on . F or information purpose s only, m et h od ol ogy a vail a ble on req ue st . Excl ud e s c ash , n um b e rs sub ject to ro un di n g . 56.40%22.90%20.10%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%100.0%Mar 21Apr 21May 21Jun 21Jul 21Aug 21Sep 21Oct 21Nov 21Dec 21Jan 22Feb 22Mar 22Apr 22May 22Jun 22Jul 22Aug 22Government Policy Bank Corporate Bond

For professional investors only Duration In August, credit data came sharply below the consensus. In respons e, the PBOC lowered the MLF (mid-term lending facility) rate by 10bps to stabilise the weakening economy. Bond yie lds fell across the board. We increased our duration to try to benefit from heavy bond yields. We also adjusted the curve exposures by re ducing slightly the belly part and adding on the long end to guard against a flattening of the curve, since we believe the market rates may be in the process of bottoming out. During the month our duration was increased marginally from 7.34yrs to 7.86yrs, compared to 7.29yrs for the benchmark. Key view: • We will maintain a closer to benchmark duration to guard against the risk of a more aggressive simulative effort from the government and the People’s Bank of China. Chart two: Duration & Maturity profile since inception Sourc e: Euri z on S LJ C ap ital & Black rock Solutio n s a s a t 3 1 August 2 02 2 . Portfolio c h a r acterist ic s and h oldin gs ar e subj ect t o c h a nge wi th out n oti ce. Thi s do e s n ot c on sti t ute an in vestmen t r e co mm end ati on . F or information purpose s only, m et h od ol ogy a vail a ble on req ue st 66.577.588.50.0%20.0%40.0%60.0%80.0%100.0%Mar21Apr21May21Jun21Jul21Aug21Sep21Oct21Nov21Dec21Jan22Feb22Mar22Apr22May22Jun22Jul22Aug220 to 1 1 to 3 3 to 55 to 7 7 to 10 10 to 1520 to 30 30 plus Fund (LH, yrs)Benchmark (LH, yrs)

For professional investors only Currency We hold a neutral view with no currency overlays in any cross. Key view: • We believe that the economy and policies in China will diverge from much of the rest of the world, and the CNY will remain strong. Chart four: Relative F X ov erl ay si n c e in ception Sourc e: Euri z on S LJ C ap ital & Black rock Solutio n s a s a t 3 1 August 2 02 2 . Portfolio c h a r acterist ic s and h oldin gs ar e subj ect t o c h a nge wi th out n oti ce. Thi s do e s n ot c on sti t ute an in vestmen t r e co mm end ati on . F or information purpose s only, a met hod ol ogy is avail ab l e on req u e st . -25.0%-20.0%-15.0%-10.0%-5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%EUR CNY&CNH USD

For professional investors only The recovery remains on shaky ground. China's July NBS manufacturing PMI fell back to 49.0 - contractionary territory, primar ily due to a slowdown in domestic and global demand. Credit data were significantly below consensus in July, mainly weighed down by weak demand in property financing an d household mortgage needs. This weakening in private sector credit demand discouragingly came after a temporary rebound in June. Further, the resurgence of COVID infections in some tourist destinations and the extreme weather in central and western China have weighed on consumer and business confidence and, in turn, the economic recovery. However, exports remained strong. Going forward, we believe the Covid situation, in general, should improve after the summer holidays. The property sector should sta bilise now that the central government seems alert to its fragility and has begun taking supportive actions. The economy, we think, should resume its recovery . More stimuli are needed. In August, in response to the below consensus data, the PBOC cut the medium-term lending facility rate. The cut was unexpected by the market give n the recent media narrative focus on eleva ted leverage levels and inflation, and the fact that the PBOC did not cut in April during the severe Shanghai lockdowns. The move reflected Chinese authorities' growing concerns about the protracted slow down marked by weak domestic demand and strong but weakening external demand. The State Council executive meeting on the 24th of August saw the central government propose 19 policies. These policies include raising the quota of policy development financial instruments by more than 300 billion yuan, making good use of the special debt balance limit of more than 500 billion yuan, continuing to release the Loan Prime Rate reform and transmissio n effect, and reducing financing costs. In the weeks and months ahead, we expect to see more credit easing, coupled with accommodative monetary support, which may trigger a round of profit- taking to some extent on the bond market. However, given the backdrop of a lack of attractive investment assets and ample liquidity, bond yields may trade in a narrow range, we think .

For professional investors only Energy and agricultural sectors benefited from the drought. In August, the regions around the Yangtze River Basin suffered extreme heat waves and drought due to severe weather anomalies. In particular, Sichuan Province, which relies heavily on hydroelectric power, is facing an electricity supply crunch driven by both higher demand from residents due to the hotter weather and lower supply from power generation due to lower water levels. The local government responded with a strict control on electricity usage and limited power to homes, offices, and factories. As a result, material and industr ial production, especially those requiring high e lectricity usage, have been affected with reduced or completely halted outputs. Drought in regions near the Yangtze River has also jeopardised agricultural production and lives tock breeding. As a result, coal produc tion and other energy sectors, agricult ure and livestock breeding sectors have performed well this month (agriculture +2.81%, energy +15.88%. Bottom line In August, Chinese bond yields fell across the curve due to the unexpected low credit data and the subsequent MLF cut. Looking ahead, we expect to see more credit easing to complement the on -going fiscal suppor t through infrastructure projects. Despite the poor run of data in recent months, we believe the Chinese economy will resume its economic recovery in H2, albeit at a slower pace than we had thought at the start of the year. Bonds will likely trade within a range at relatively low levels, and the yield curve may flatten somewhat. We will adjust our duration and curve responsively and stay in the safest corner of the credit unive rse. On the currency front, to be conservative, we will maintain a low level of currency overlay and wait for the opportunities .

For professional investors only Further information Useful links Visit our website for more insights & details about our strategies www.eurizonsljcapital.com Further information Useful links Sales & Business Development Matt Jones, Head of Distribution Email: matthew.jones@eurizonslj.com Mobile: 07716 639835 Business address Eurizon SLJ Asset Management 90 Queen Street London EC4N 1SA Fund Information Umbrella Name Eurizon Funds ICVC Fund Name Eurizon SLJ Bond Aggregate RMB (Renminbi) Objective The objective of the Sub-fund is to provide capital growth by achieving a return after fees in excess of the return of the Bloomberg Barclays China Treasury Total Return Index over any five-year period. Benchmark Bloomberg Barclays China Treasury Total Return Index. The Sub-fund’s investment process is not constrained by the Index and the composition of the Sub-fund’s portfolio may deviate from the Index in a significant way. Accordingly, the Sub-fund’s returns could be similar to or different from the Index. Regulatory Status UK UCITS Fund Managers Monica Wang, Stephen Jen Share Class Information ISIN Currency Acc/Inc OCF Minimum Investment Wholesale GB00BMY78T53 GBP Acc 0.65% £1,000,000 Institutional GB00BLN8SH09 GBP Acc 0.50% £10,000,000 Founder GB00BMY78V75 GBP Acc 0.40% £1,000,000 Founder GB00BMY78W82 EUR Acc 0.40% £1,000,000

For professional investors only Strategy overview The fund offers exposure to the world’s second largest bond market. It invests in a divers ified set of Renminbi - denominated debt instruments traded on the China Interbank Bond Market or in other regulated markets in China and Hong Kong. Key points: We focus on the most liquid and highly rated bonds in our universe. Our risk aware approach aims to deliver growth over the medium to long term. Our diverse team have a deep understanding of the cult ure, policies and market they invest in. All team members, whilst based in London, are Mandarin speakers having lived and w orked in China. We have a research led approach which is based on our original macroeconomic research. Our understanding of economic mega trends, currencies and the place China has in global markets is complimented by our active bottom up analys is. The RMB Strategies team The Investment, Advisory & Research team share a strong collaboration ethic. This allows a constant stream of information on macro, economic and monetary themes leading to interesting investment ideas and opportunities. Based in London, our team is extremely diverse in terms of cultural and professiona l background. Most of our portfolio managers are originally from the emerging markets and speak local languages, having lived and worked in these countries. This provides us with the unique combination of being able to understand the local culture, whilst also applying the globa l context of how the outside world views these markets.

For professional investors only Key Risks Charges from capital The fund charges are taken from capital invested. Taking charges from capital has the effect of increasing the yield, whilst also negatively effecting the growth potential of the investment. Chinese securities The fund invests in financial instruments dealt in on the local Chinese markets, including on the CIBM, and denominated in Renminbi may imply specific regulatory, exchange rate, repatriation and tax risks are detailed in section 5.40 of the Prospectus. Counterparty risk The fund carries the risk that a third-party with which the Sub-fund entered into contracts in order to perform some operations may default on its obligations. Credit risk The risk that the issuer of debt instruments fails to pay to the Sub-fund interests and principal, even only in part. Liquidity risk The risk that the sale of the financial instruments in which the Sub-fund invests may be difficult depending on the features of these instruments themselves and/or on the market conditions when the sale is to be executed or on the lack of a sufficient number of potential buyers. The selling price may then be less than the value of a financial instrument. Geopolitical risk The risk related to the investments in geographic areas that may be sensitive to any event of economic, geopolitical or regulatory nature or any other events beyond the control of the Management Company that could expose the Sub-fund to losses. Exchange rate risk Changes in currency exchange rates may affect the value of your investment. Concentration risk The price of funds that invest in a reduced number of holdings, sectors, or geographical areas may be more heavily affected by events that influence markets and increase volatility. Past performance is not a reliable indicator of future returns. The value of investments and any income from them may go down as well as up and is not guaranteed. Investors may not get back the amount invested.

For professional investors only Disclaimer For professional clients only. This is a financial promotion and is not investment advice. The Eurizon SLJ Bond Aggregate RMB (Renminbi) fund is a sub-fund of Eurizon Funds ICVC, an open-ended investment company with variable capital with segregated liability between sub-funds. The Company is an investment company with variable capital incorporated with limited liability and registered in England and Wales under registered number IC027300. It is a UCITS scheme as defined in COLL and an umbrella company for the purposes of the OEIC Regulations. The Authorised Corporate Director (ACD) is Eurizon SLJ Capital Limited, authorised and regulated by the Financial Conduct Authority, with firm reference 736926. For more information on the fund, or the risks of investing, please refer to the Prospectus or Key Investor Information Document (KIID), available via the relevant fund information page on www.eurizonsljcapital.com/rmb-bond-fund/ Issued in September 2022 by Eurizon SLJ Capital Limited, 90 Queen Street, London, EC4N 1SA. Authorised and regulated by the Financial Conduct Authority, with firm reference 736926. ESLJ-190922-FC1

For professional investors only

For professional investors only