Overview Why consider AMP Capital for equities? Philosophy and process Meet the manager Overview We focus on fundamental, bottom up stock selection and a belief that earnings drive share prices. We seek to uncover insights into earnings that market consensus has not factored into prices to help us assess a stock’s value. Our investment process places an emphasis on face-to-face contact with companies, which includes one-on-one meetings, site inspections and operational visits. The team averages in excess of 600 one-on-one company meetings each year. There is a clear linkage between research and portfolio construction as we seek to identify and hold positions in companies: which are undervalued relative to the market provide adequate diversification of risk where we have a proprietary research view that is differentiated from the market where earnings are likely to surprise on the upside Why consider AMP Capital for equities? Consistent process Our investment process is underpinned by proprietary research and analysis, combining both macroeconomic and company specific research insights. ESG leader We are recognised as an industry leader in environmental, social and governance (ESG) research. The views of our in-house ESG research team are an important input into our overall assessment of a company and the industry in which it operates. AMP Capital’s credentials in this area are widely recognised and represent a source of differentiation for our fundamental equities process. Collaboration Our clients benefit from expertise and collaboration across AMP Capital’s investment teams in infrastructure, real estate, fixed income, equities, multi-asset investing and economics and investment strategy. Philosophy and process We believe equity markets are, by nature, inefficient. The combination of future uncertainty and the multitude of influences on capital markets often result in stocks frequently diverging from their fundamental value. This is where true opportunities can be found. Earnings drive share prices It is our belief that earnings drive share prices. Proprietary research and analysis of a company’s future earnings potential is critical, as this can often be different to the market. Bottom up stock selection We employ a high-conviction, research-based approach to stock selection. This is supported by a range of macroeconomic, quantitative and company-specific analyses to uncover future earnings potential that is not reflected in the share price. Portfolio construction and risk management Our clients benefit through investing in portfolios that are managed by highly experienced investment professionals with several years’ experience in investing through different market environments. Portfolios are constructed to reflect the combined insights from the broader team, with a specific focus on managing risks. Our rigorous risk management processes are designed to ensure risks at multiple levels are understood and managed accordingly. Meet the manager Our people and experience set us apart. We combine our in-depth investment expertise, specialist capabilities and extensive global network to deliver outstanding investment outcome for our clients. Michael is Head of Fundamental Australian Equities and is responsible for the management of sustainable share and income-focused strategies. Michael Price AMP Capital Important note: The information contained in this document has been prepared by AMP Capital Investors Limited (ABN 59 001 777 591, AFSL 232497) (AMP Capital) for providing general information only. 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