(PUB) Investing 2015

5

Octob er 2015

Morningstar FundInvestor

Data through September 30, 2015 FINRA members: For internal or institutional use only. Matthews Pacific Tiger Investor

Ticker MAPTX

Yield 0.5%

Total Assets $6,423 mil

Mstar Category Pacific/Asia ex-Japan Stk

Benchmark 1: MSCI AC Far East Ex Japan NR USD Benchmark 2: MSCI ACWI Ex USA NR USD Morningstar Analyst Rating 09-15-15 „

Investment Style Equity

Historical Profile Return Risk Rating Above Avg Below Avg QQQQ Above Avg

7 4 7 7 7 7 7 7

20.0 25.0 30.0

Growth of $10,000

Investment Values of Fund Investment Values of Benchmark 1

Morningstar Pillars Process

∞ Positive ∞ Positive ∞ Positive ∞ Positive ∞ Positive

15.0

Performance

People Parent

10.0

Performance Quartile (within Category)

* ) ) & * * & ( * & * 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 09-15 19.27 23.71 27.86 11.05 19.23 23.44 20.33 24.42 24.99 26.57 24.20 22.51 27.22 33.66 -46.11 75.37 22.30 -11.41 21.00 3.63 11.79 -8.92 1.18 -4.53 -2.83 4.45 6.48 2.86 3.37 -1.02 -0.13 8.63 4.39 5.89 0.56 17.01 -0.59 33.92 11.15 2.30 4.17 -11.65 15.65 -0.29 0.76 1.19 1.33 1.07 1.32 0.40 0.48 0.77 0.64 0.53 0.00 21.74 26.02 32.33 -47.18 74.05 21.90 -11.89 20.23 2.99 11.26 -8.92 0.12 0.23 0.31 0.30 0.15 0.08 0.11 0.16 0.16 0.13 0.00 0.09 0.56 3.63 3.44 0.00 0.00 0.33 0.02 0.16 1.23 0.00 1.31 1.18 1.11 1.12 1.13 1.09 1.11 1.11 1.09 1.09 1.05 1.10 1.12 1.12 1.10 0.41 0.43 0.44 0.82 0.67 0.52 0.53 34 82 84 19 37 29 14 69 39 14 31

Price

History

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ ‰ Á

NAV

Total Return % +/- Bmark 1 +/- Bmark 2 Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $

Pillar Spectrum ∞ Positive

§ Negative

¶ Neutral

Performance 09-30-15 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

2011 2012 2013 2014 2015

-0.90 4.05 -17.09 3.62 -11.41 10.92 -3.81 8.11 4.90 21.00 2.78 -4.38 2.33 3.04 3.63 2.32 7.98 2.39 -1.18 11.79

.

3

19

24

17

13

11

11

7

8

11

2,032 3,304 3,807 1,203 3,560 5,191 2,784 2,994 2,955 3,048 2,651

Rating and Risk Time Period Load-Adj Return %

Portfolio Analysis 06-30-15 Total Stocks: 65 Share change since 03-31-15

7.53 0.56 -15.77

— —

Morningstar Rtn vs Cat

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Sector

Country

% Assets

Trailing

Total Return%

+/- Bmark 1

+/- Bmark 2

%Rank Cat

Growth of $10,000

Y AmorePacific Corp

Cnsmr Def

South Korea

3.46 3.22 2.81 2.60 2.59 2.56 2.42 2.42 2.31 2.29 2.28 2.27 2.25 2.13 2.04 2.03 2.02 2.02 2.00 1.91

1 Yr 3 Yr 5 Yr

-10.00

3 Mo 6 Mo

-15.77 2.31 -3.60 -15.30 2.01 -3.59 -10.00 3.14 2.17 3.44 3.92 1.10 2.89 2.19 1.07 8.91 2.63 5.88

54 8,423 43 8,470 34 9,000 14 11,068 11 11,530 32 23,478 6 45,013

Y Ping An Insurance (Group) Sinopharm Group Co Ltd H

Finan Svcs China Hlth Care China

Avg QQQQ -Avg QQQQ -Avg QQQ

3.44 2.89 8.91 8.21

+Avg +Avg +Avg

1 Yr

Green Cross Corp

Hlth Care South Korea Technology South Korea

10 Yr Incept

3 Yr Avg 5 Yr Avg 10 Yr Avg

T NAVER Corp

Kotak Mahindra Bank Ltd

Finan Svcs India Technology China

T Baidu Inc ADR

Other Measures

Standard Index

Best Fit Index

15 Yr Avg 10.55 3.56 5.43

Hengan International Grou Central Pattana PLC Shs F

Cnsmr Def

China

Alpha

1.7

6.8

Real Est Industrl

Thailand

Beta

0.84

0.82

Tax Analysis

Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

T DKSH Holding Ltd

Switzerland

R-Squared

61

80

3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated)

2.78 2.38 7.78

13

0.64 0.49 1.04

37 20 53

Dongbu Insurance Co Ltd

Finan Svcs South Korea

3

Standard Deviation

12.49

T Tata Power Co Ltd

Utilities

India

11

Mean

3.44 0.33

China Resources Land Ltd President Chain Store Cor

Finan Svcs China

Sharpe Ratio

Cnsmr Def

Taiwan

Potential Capital Gain Exposure: 25% of assets

T Delta Electronics Inc

Technology Taiwan Technology China

Morningstar's Take by William Samuel Rocco 09-15-15 Matthews Pacific Tiger Investor remains a superior source of exposure to emerging Asia, but its Morningstar AnalystRatingofGoldhasbeen loweredtoSilverbecause of a trio of deleterious modifications to its management team in less than 18 months. First, Richard Gao, who initially joined the team in 2006, went from co-lead- manager to comanager in April 2014, and Sharat Shroff became the sole lead manager here. Second, Gao left the team in July 2015. (Gao gave up his lead manager positions on Matthews China MCHFX and Matthews China Small Companies MCSMX at the same time, and he will be taking a leave of absence from Matthews later this year.) Finally, comanager In-Bok Song left the team last week. Despite these changes, this fund still has a strong management team. Shroff has served on the team for 7.75 years and has spent a decade at Matthews. He has succeeded as a comanager and lead manager at Bronze- rated Matthews India MINDX and as a comanager on Silver-rated Matthews Asia Growth MPACX. Comanager Rahul Gupta remains in place and has solid credentials.

Lenovo Group Ltd

Container Corporation of

Industrl

India

The two managers also have an exceptional support team. The fund's strategy remains intact and distinctive. Themanagersstillpursuestrongandsustainablegrowers with reasonable valuations, make full use of the market- cap spectrum and geographic universe, and load up on areas with compelling opportunities. Thisgrowthdisciplinehasproducedstrong long-term results here and at several other Matthews offerings, including Matthews Asia Growth. This fund also has a relatively low expense ratio that gives it a sizable edge year in and year out. Thus, this fund still has more than its share of strengths and remains one of the best options in the Pacific/Asia ex-Japan Morningstar Category. However, Gold-rated funds are held to the strictest standards and cannot have any significant issues, and there has been a little too much turnover on this management team in the past 18 months. Therefore, this fund no longer merits our highest rating.

Orion Corp (Korea)

Cnsmr Def

South Korea

T Sun Pharmaceuticals Indus

Hlth Care India Comm Svcs China

China Mobile Ltd ADR

Current Investment Style

Sector Weightings h Cyclical r BasicMat t CnsmrCyc y FinanSvcs u Real Est j Sensitive i CommSrvs o Energy p Industrl a Technlgy k Defensive s CnsmrDef d Hlthcare f Utilities

% of Stocks

Rel Bmark 1

Market Cap % Giant 44.0 Large 39.8 Mid 15.7 Small 0.5 Micro 0.0 Avg $mil: 13,754

Value Blend Growth

Large Mid Small

40.71 0.82 1.87 0.34 12.96 1.56 18.36 0.67 7.52 0.86 25.25 0.64 3.38 0.47 0.00 0.00 5.82 0.76 16.05 0.75 34.03 3.16 18.83 3.96 10.21 7.14 4.99 1.09

Value Measures

Rel Category

Price/Earnings 18.73

1.35 1.23 0.74 1.18 0.66

Price/Book Price/Sales

2.24 1.16

Price/Cash Flow 7.91 Dividend Yield % 1.76

Growth Measures

% Rel Category

Long-Term Erngs 12.75

1.02 1.75

Regional Exposure % Stock UK/W. Europe 2 N. America 2 Japan 0 Latn America 0 Asia X Japan 95 Other 0

Book Value

14.53

Sales 8.72 -11.91 Cash Flow 12.12 -13.32 Historical Erngs 5.30 1.19

Address:

Four Embarcadero Center San Francisco CA 94111

Minimum Purchase: Min Auto Inv Plan:

$2500 $2500

Add: $100 IRA: $500

Add: —

800-789-2742

Sales Fees:

No-load

Country Exposure

% Stock

Web Address:

www.matthewsasia.com/

Management Fee:

0.75% mx./0.60% mn., 0.14%A

Composition - Net Cash

China India

27

Taiwan

7 7

Inception:

09-12-94

Actual Fees:

Mgt:0.66% Dist:—

0.0 Bonds

0.0 1.3

Advisor:

Matthews International Cap Mgmt LLc

Expense Projections: Income Distribution:

3Yr:$346 5Yr:$600 10Yr:$1328

19 South Korea 17

Indonesia

Stocks 98.7 Other

Subadvisor:

None

Annually

Foreign (% of Stock)

97.7

A

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©2015Morningstar, Inc.All rights reserved. The information herein is not represented orwarranted to be accurate, complete or timely. Past performance is no guarantee of future results.Access updated reports at www.morningstar.com . To order reprints, call 312-696-6100.