Learning objectives. Investors should leave the presentation with an ability to discuss

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2 Learning objectives Investors should leave the presentation with an ability to discuss changing trends in consumer spending from material items to experiences the importance of tourism for Asian markets how technologies can create opportunities for people

3 Overview Humans are social animals, we need other people Travel, tourism and entertainment are areas where the human touch remains essential to a positive experience, with a trend towards people spending money on experiences rather than on stuff We will examine the investment potential for sectors still reliant on social interaction, and the ways in which technology can create opportunities for people rather than replacing them 2

4 The Jupiter taxi 3

5 Humans are social, competitive and adaptable animals 800m jobs could be displaced by robotic process automation worldwide by 2030 McKinsey Over the next decade almost one in four jobs created worldwide will be related to tourism World Travel & Tourism Council People are usually afraid of change because they fear the unknown. But the single greatest constant of history is that everything changes Modern science and technology give humans powers that far exceed those of the ancient gods Yuval Noah Harari We need to win Like you need to breathe I've an interest in games Gary Numan, Music for Chameleons 4

6 UNWTO why tourism matters Source: United Nations World Tourism Organization,

7 China s international tourism expenditure Further steady growth forecast US$bn F 2018F 2019F 2020F 2021F Source: CLSA,

8 Favoured destinations for Chinese tourists Breakdown of Chinese outbound tourism Hong Kong 33% Macau 16% Korea 4% Thailand 6% Taiwan 3% Japan 7% USA 3% Vietnam 3% France 2% Singapore 2% Malaysia 2% All others 19% Source: CLSA,

9 Australia s inbound passenger mix China represented 15% of Australia s 8 million tourists in 2016 New Zealand 16% UK 9% China 15% USA 9% Singapore 5% Japan 5% Malaysia 5% South Korea 3% India 3% Hong Kong 3% Germany 2% Other 25% Source: CLSA, Note: Jupiter has purchased the copyright to this image(s). 8

10 Macau: a popular entertainment destination Note: Jupiter has purchased the copyright to this image(s). 9

11 Macau: a popular entertainment destination Note: Jupiter has purchased the copyright to this image(s). 10

12 IHH Healthcare Company example is for illustrative purposes only and is not a recommendation to buy or sell. 11

13 Tencent Company example is for illustrative purposes only and is not a recommendation to buy or sell. Note: Jupiter has purchased the copyright to this image(s). 12

14 Portfolio dividend yield ranges Telecoms China Mobile Singapore Telecom General Consumption Amcor Hengan <3% 3-5% >5% Wesfarmers Tech Hon Hai Mediatek T.S.M.C. Sands China Sydney Airport Samsung Electronics N.W.S. Holdings S.T. Engineering I.H.H. Travel, tourism, entertainment and healthcare Malaysia Airports AIA Financials Singapore Exchange Macquarie Group Suncorp Westpac APA Transurban Macquarie- Korea Infrastructure Fund Meridian Energy A-REIT Mapletree Commercial Mapletree Logistics Dexus AGL Scentre Vicinity Link Reit Tencent Property Other Infrastructure Utilities Holding examples are for illustrative purposes only and are not a recommendation to buy or sell. Quoted yields are not guaranteed and may change in the future. Source: Jupiter,

15 Learning outcomes Investors should have gained an ability to discuss changing trends in consumer spending from material items to experiences the importance of tourism for Asian markets how technologies can create opportunities for people

16 Disclosure This presentation is intended for investment professionals and not for the benefit of retail investors. Market and exchange rate movements can cause the value of an investment to fall as well as rise, and you may get back less than originally invested. Any data or views given should not be construed as investment advice. Every effort is made to ensure the accuracy of the information but no assurance or warranties are given. Past performance is no guide to the future. Company examples are for illustrative purposes only and are not a recommendation to buy or sell. Quoted yields are not guaranteed and may change in the future. Awards and ratings should not be taken as a recommendation. For your security we may record or randomly monitor telephone calls. Jupiter Asset Management Limited (JAM), registered address: The Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ is authorised and regulated by the Financial Conduct Authority. No part of this presentation may be reproduced in any manner without the prior permission of JAM. 15