Polar Capital Funds plc Emerging Market Stars Fund Northern Powerhouse - Northern Powerhouse Summit

 
Polar Capital Funds plc Emerging Market Stars Fund Northern Powerhouse - Northern Powerhouse Summit
Polar Capital Funds plc
Emerging Market Stars Fund

Northern Powerhouse
February 2019

“The Sustainable Emerging
Market Fund”

This presentation is for one-on-one use with non-US professional investors only.
Not for onward distribution.
www.polarcapital.co.uk
                                                                                   22/01/2019
Polar Capital Funds plc Emerging Market Stars Fund Northern Powerhouse - Northern Powerhouse Summit
Introduction – Emerging Market Stars Fund

                                                   • Emerging markets, fundamental, stock picking, long only
                                                   • High conviction portfolio of typically 45–65 stocks
         Product
                                                   • Targeting 3% annual excess (net of fees) on a 3-year rolling basis
      characteristics
                                                   • High active share
                                                   • Growth and valuation mindset with a quality bias and ESG integration

                                                   • Experienced team of five investment professionals with extensive emerging
                                                      markets knowledge
       Team and
                                                   • Each team member has individual responsibilities while working collaboratively
    decision-making
                                                   • Strong analytical platform
                                                   • Lead portfolio manager is the final decision maker

                                                   • Stock-picking approach
                                                   • Long-term mindset while considerate of the medium term
             Value                                 • ESG fully integrated into the fundamental analysis
          proposition                              • Strong emphasis on valuation (EVA approach) and thorough due diligence process
                                                   • Long-proven track record with top-quartile performance
                                                   • Deliver sustainable shareholder value generation
 Source: Polar Capital.

This presentation is for one-on-one use with non-US professional investors only. Not for onward distribution.                         2
Please refer to the Important Information at the end of this presentation.
Polar Capital Funds plc Emerging Market Stars Fund Northern Powerhouse - Northern Powerhouse Summit
Investment Team
Jorry Rask Nøddekær                                                                         •   MSc Economics and Finance (Aarhus University)
Head of EM & Asia team
Lead Portfolio Manager                                                                      •   19 years’ experience
                                                                                            •   BankInvest, New Star, F&C, Nordea Asset Management

Michael Wang                                                                                •   BSc Economics (Yale University)
Deputy Portfolio Manager
                                                                                            •   MPhil (Cambridge University) and D.Phil Candidate (Oxford University)
                                                                                            •   CFA
                                                                                            •   16 years’ experience
                                                                                            •   ING-Barrings, Morgan Stanley Research, Amiya Capital, Nordea Asset Management

Jerry Wu                                                                                    •   BSc Economics (Peking University)
Portfolio Manager/Analyst
                                                                                            •   MSc Management (London Business School)
                                                                                            •   CFA
                                                                                            •   8 years’ experience
                                                                                            •   BlackRock Investment Management, Generation Investment Management,
                                                                                                Nordea Asset Management

Peter Andersen                                                                              •   MSc Economics and Finance (Aarhus University)
Analyst
                                                                                            •   Passed all three levels of the CFA programme
                                                                                            •   6 years’ experience
                                                                                            •   Jyske Markets, Nordea Asset Management

Andy Chen                                                                                   •   BSc Accounting and Finance (Lancaster University)
Head of Research, China
                                                                                            •   MPhil Real Estate Finance (Cambridge University)
(Based in Shanghai)
                                                                                            •   10 years’ experience
                                                                                            •   Laxey Partners

This presentation is for one-on-one use with non-US professional investors only. Not for onward distribution.                                                                   3
Please refer to the Important Information at the end of this presentation.
Polar Capital Funds plc Emerging Market Stars Fund Northern Powerhouse - Northern Powerhouse Summit
Mindset And Process Structure
We identify companies that we believe will generate significant Delta (                                                                          ) in
Economic Value Added (EVA) relative to current market expectations

                                                                         3. EVA Valuation
                                                                     EVA valuation approach
                                                            (Identify what is priced in by the market)

                                                                                 EVA GAP
                                                                          (Shareholder Value)

                    1. Pockets of Growth                                                                               2. EVA Creation Factors
                   Looking for structural growth                                                                  The company’s competitiveness within the
                  areas and the companies that                                                                  industry – analysing company strategies and
                       can capitalise on it                                                                     the opportunities for EVA creation – including
                                                                                                                   integrated ESG analysis, identifying the
                                                                                                                 Sustainability Delta (    ) for the company

 Source: Polar Capital.

This presentation is for one-on-one use with non-US professional investors only. Not for onward distribution.                                                    4
Please refer to the Important Information at the end of this presentation.
Polar Capital Funds plc Emerging Market Stars Fund Northern Powerhouse - Northern Powerhouse Summit
Process
                                                                                                Research and
           Idea Generation                           Research and
                                                                                               Stock Selection                  Portfolio Construction
        Finding our Pockets of                      Stock Selection
                                                                                                 Valuation &                           and Risk
                Growth                            Finding EVA creators
                                                                                              identifying upside

                                                        Demographics                 Technology                  Politics &        Sustainability
                                                                                                                Globalisation

                                                                        Industry Dynamics                  Country Growth
                                                                                                             Dynamics

                                                     Consumer         Urbanisation      Investment          Rising Disp.        Monetary &
                                                    Preferences                            Cycle              Income            Fiscal policy

                                 We search for Pockets of Growth across emerging markets
 Source: Polar Capital.

This presentation is for one-on-one use with non-US professional investors only. Not for onward distribution.                                            5
Please refer to the Important Information at the end of this presentation.
Polar Capital Funds plc Emerging Market Stars Fund Northern Powerhouse - Northern Powerhouse Summit
Process
                                                                                                Research and
           Idea Generation                           Research and
                                                                                               Stock Selection               Portfolio Construction
        Finding our Pockets of                      Stock Selection
                                                                                                 Valuation &                        and Risk
                Growth                            Finding EVA creators
                                                                                              identifying upside

Industry key success factors – the EVA Creation Wheel
The Sustainability Delta
The longer-term sustainability of the business model is essential for the EVA creation
We conduct a full Sustainability assessment – including a detailed analysis of Material
ESG factors – but as part of an integrated company analysis
We have developed a proprietary model to analyse and identify the Sustainability Delta
for a company around its stakeholders
The key factors being:
• Impact to Progress
• Material ESG Issues
• Business Ethics                                                                                               Impact to progress (35%)
• Full integration comes through key input to the EVA model
       • Sustainability of operations
              • → Fade factor
       • Risk – risk to operations as well as reputational risk
              • → WACC adjustment                                                            Business                                       Material ESG
                                                                                            ethics (15%)                                    issues (50%)
 Source: Polar Capital.

This presentation is for one-on-one use with non-US professional investors only. Not for onward distribution.                                              6
Please refer to the Important Information at the end of this presentation.
Polar Capital Funds plc Emerging Market Stars Fund Northern Powerhouse - Northern Powerhouse Summit
Process
                                                                                                       Research and
           Idea Generation                               Research and
                                                                                                      Stock Selection                        Portfolio Construction
        Finding our Pockets of                          Stock Selection
                                                                                                        Valuation &                                 and Risk
                Growth                                Finding EVA creators
                                                                                                     identifying upside

Valuation: exploiting the EVA Gap – what is in the price?                                                                    EVA generation

• Focus on long-term fundamentals – key drivers analysed in our EVA Creation                                                                                                         EVA
  Wheel model                                                                                                                                                                        Gap
                                                                                                                                                              Market view
• The EVA delta is often revealed over the company’s capital allocation process
  (Capex/investment cycle)

• Comes with uncertainty, risk and plays out over the full investment
                                                                                                                                                                            Time/Scenarios
  cycle – foundation for finding our under-priced EVA delta

• Our analysis from the EVA Creation wheel model gives us a better forecast of
  the future outcome of the company's growth strategies and opportunities                                                    EVA valuation levels (V1, V2, and V3)
Distribution curve from the EVA modelling                                                                                     7,000,000

• Better understand risk/reward outcomes                                                                                      6,000,000

                                                                                                                              5,000,000
• Where do we have a different view from the market?
                                                                                                                              4,000,000
• Detailed forecasting with a long-term focus but we acknowledge we do
                                                                                                                              3,000,000
  not have perfect foresight – work with an EVA distribution curve
                                                                                                                              2,000,000
• V2: Key valuation level – pricing our key growth drivers
                                                                                                                              1,000,000

• V1: What is the valuation if we are too optimistic on growth                                                                        -
                                                                                                                                             V1       V2    V2       V2         V2       V3    V3       V3         V3
• V3: Is there “up-side risk” from future growth opportunities                                                                                      growth margin capital
                                                                                                                                                                  intensity
                                                                                                                                                                                       growth margin capital
                                                                                                                                                                                                     intensity
 Source: Polar Capital. References to future returns are not promises or estimates of actual returns Polar Capital may achieve. Forecasts contained herein are for illustrative purposes only and does not constitute
 advice or a recommendation. Forecasts are based upon subjective estimates and assumptions about circumstances and events that have not and may not take place.

This presentation is for one-on-one use with non-US professional investors only. Not for onward distribution.                                                                                                           7
Please refer to the Important Information at the end of this presentation.
Polar Capital Funds plc Emerging Market Stars Fund Northern Powerhouse - Northern Powerhouse Summit
Process
                                                                                                Research and
           Idea Generation                           Research and
                                                                                               Stock Selection     Portfolio Construction
        Finding our Pockets of                      Stock Selection
                                                                                                 Valuation &              and Risk
                Growth                            Finding EVA creators
                                                                                              identifying upside

The Star companies in Emerging Markets

                      We believe in the Next Generation approach for long-term sustainable growth
                                            and shareholder value generation
 Source: Polar Capital.

This presentation is for one-on-one use with non-US professional investors only. Not for onward distribution.                               8
Please refer to the Important Information at the end of this presentation.
Polar Capital Funds plc Emerging Market Stars Fund Northern Powerhouse - Northern Powerhouse Summit
Process Structure – Summary
                                                                                                                                          Number of stocks

                                                                                                                                            ~1200 → ~500

                                                                                                                                             ~500 → ~300

                                                                                                                                             ~300 → ~150

                                                                            Portfolio weights
                                                                            Risk / Reward                                                   Portfolio of 45-65 stocks
                                                                                                                                             Portfolio construction –
                                                                                                 1.75-2.0%       Max 3.5%                   balance growth v valuation
                                                                                                 overweight      overweight
                                                                                                                                                and focus on risk

                                                                                                                1.25%-
                                                                                                0.75-1.25%      1.75%
                                                                                                overweight    overweight

                                                                                                                              Liquidity
 Source: Polar Capital.

This presentation is for one-on-one use with non-US professional investors only. Not for onward distribution.                                                            9
Please refer to the Important Information at the end of this presentation.
Polar Capital Funds plc Emerging Market Stars Fund Northern Powerhouse - Northern Powerhouse Summit
Past Performance With Strategy: Nordea 1 – Emerging Stars Equity Fund (BI-USD)

Performance relative to peer group – as at 31 December 2017

                                                                                                           Nordea 1 – Emerging Stars Equity BI USD

                                                                                                           MSCI EM NR USD

                                                                                                           EAA Fund Global Emerging Markets Equity

 Source: © 2018 Morningstar, Inc. All Rights Reserved as of 08.01.2018. European Open End Funds database, Morningstar EAA OE Global Emerging Market Equity category. Period under consideration:
 16.04.2011 - 31.12.2017. Performance in USD. The performance represented is historical; past performance is not a reliable indicator of future results and investors may not recover the full
 amount invested. The value of shares can greatly fluctuate as a result of the sub-fund’s investment policy and cannot be ensured.

 Source: 1. The Nordea 1 – Emerging Stars Equity BI USD Fund was managed by Jorry Nøddekær who had primary responsibility as portfolio manager for the Fund from inception in April 2011 until February
 2018. The comparisons represented herein are included for illustrative purposes only and investors must read the Polar Capital – Emerging Market Stars prospectus prior to making a decision to invest.
 2. Performance based on BI USD. Past performance is not indicative or a guarantee of future results.

This presentation is for one-on-one use with non-US professional investors only. Not for onward distribution.                                                                                              10
Please refer to the Important Information at the end of this presentation.
Past Performance With Strategy: Emerging Stars Equity Strategy (Gross Of Fees)

Return attribution since inception

 Source: Nordea Investment Management AB and Barra Global Equity Model. Period under consideration: 16.04.2011 – 29.12.2017. The performance represented is historical; past performance is not a
 reliable indicator of future results and investors may not recover the full amount invested. There can be no warranty that an investment objective, targeted returns and results of an investment
 structure is achieved. Comparison with other financial products or benchmarks is only meant for indicative purposes. Please note that the attribution shown above refers to the Nordea Emerging Stars
 Equity Strategy (gross of fees).

This presentation is for one-on-one use with non-US professional investors only. Not for onward distribution.                                                                                            11
Please refer to the Important Information at the end of this presentation.
Nordea 1 - Emerging Stars Equity Fund (BI-USD)
16 April 2011 – 31 December 2017

                                                                                                                                           January → end-February 2016:
                                                                                                                                           Underperform by ~ - 580bp
                                                                                                                                           China and India growth
                                                                                                        April → mid-August 2015:           scare and Value rally
                                                                                                        Underperform by ~ - 350bp
                                                         June → end-August 2013:                        China growth scare / RMB
                                                         Underperform by ~ - 320bp                      devaluation
                                                         Taper event (all “growth
               Late January → mid-March 2012:            assets” hit hard)
               Underperform by ~ - 280bp
               Growth scare / China scare

        Historically we have had a strong rebound in relative performance after these event of underperformance
        where the underperformance has been driven by “Macro-Economics/Risk aversion” and/or style factors.
 Data Source - © 2018 Morningstar, Inc.. All Rights Reserved as of 08.01.2018. European Open End Funds database, Morningstar EAA OE Global Emerging Market Equity category. Period under consideration:
 16.04.2011 - 31.12.2017. Performance is in USD. The performance represented is historical; past performance is not a reliable indicator of future results and investors may not recover the full amount
 invested. The value of shares can greatly fluctuate as a result of the sub-fund’s investment policy and cannot be ensured.

This presentation is for one-on-one use with non-US professional investors only. Not for onward distribution.                                                                                              12
Please refer to the Important Information at the end of this presentation.
Performance Update
Long-term performance with strategy                                                                                                                          Launch of Polar Capital
                                                                                                                                                             Emerging Market Stars Fund –
                                                                                                                                                             29 June 2018
165

155

145

135

125

115

105

 95

 85

 75

 65
  Apr-11 Sep-11 Feb-12         Jul-12   Nov-12 Apr-13 Sep-13 Feb-14            Jul-14   Dec-14 May-15 Oct-15 Mar-16 Aug-16 Dec-16 May-17 Oct-17 Sep-18

                                               Emerging Stars Equity Strategy                MSCI Emerging Markets Total Return Index
Source: Bloomberg, 31 December 2018. Share classes used are as follows: April 2011 to 31 December 2017 – Nordea 1 – Emerging Stars Fund (BI share class), 1 July 2018 to 31 December 2018 – Polar
Capital Emerging Market Stars fund (I USD Share Class). Performance is quotes Net of Fees. Benchmark is MSCI Emerging Markets Total Return Index (USD). The Polar Capital Emerging Market Stars Fund
was launched on 29 June 2018, this is denoted by the orange line on the graph above. Note: No performance data between 31 December 2017 to 1 July 2018. Past performance is not indicative or a guarantee
of future results.

This presentation is for one-on-one use with non-US professional investors only. Not for onward distribution.                                                                                               13
Please refer to the Important Information at the end of this presentation.
Performance Update
Long-term performance with strategy
Long-term performance for the Emerging Market Stars Strategy – Contribution analysis (Gross of Fees)1

                                                2011**             2012           2013             2014            2015           2016           2017              2018***

Active Return (gross of fees)                    2.68%            6.91%          5.50%           10.40%           2.97%          -3.57%         10.95%              -5.85
(Stratgey - MSCI EM)

Attribution Analysis*
Stock Selection - (Sector)                       1.88%            6.04%          3.10%            4.06%           2.12%          -2.55%         5.50%              -1.84%
Asset Allocation (sector)                        0.80%            0.87%          2.46%            6.34%           0.85%          -1.02%         5.45%               -4.01

Stock Selection - (Country)                      1.22%           10.41%          9.08%            4.66%           0.35%          -1.84%         12.38%             -4.24%
Asset Allocation - (Country)                     1.46%           -3.50%          -3.53%           5.74%           2.62%           -1.73         -1.43%              -1.61

                                 Long-term for performance for Strategy – Contribution analysis:

                                 Over the longer-term we have retained a strong and significant stock selection effect – consistent with our
                                 process and ambitions.

Source: Nordea Asset Management and Polar Capital, 31 December 2018. Share classes used are as follows: April 2011 to 31 December 2017 – Nordea 1 – Emerging Stars Fund (BI share class), 1 July 2018
to 31 December 2018 – Polar Capital Emerging Market Stars fund (I USD Share Class). Performance is quotes Net of Fees. Benchmark is MSCI EM Total Return (USD). *Attribution analysis is on the back of
GICS classification. **The Strategy (back then the Nordea Emerging Stars Fund) was launched in April 2011. ***The Strategy – The Polar Capital Emerging Market Stars Fund was launched on 29 June 2018.
Note: No performance data between 31 December 2017 to 1 July 2018. Past performance is not indicative or a guarantee of future results.

This presentation is for one-on-one use with non-US professional investors only. Not for onward distribution.                                                                                             14
Please refer to the Important Information at the end of this presentation.
Sustainability Reporting
Own “Sustainability Delta model”
Polar Capital Emerging Market Stars sustainability map

                                                                                                                                           The aim of the model is to give valuable insight into a
                                                                                                                                           given companies Sustainability profile and be able to
                                                                                                                                           quantify it into an EVA framework – thereby having
                                                                                                                                           full integration in the process

                                                                                                                                           The Sustainability Delta model aims to identify
                                                                                                                                           companies that are on an improving trend from a
                                                                                                                                           sustainability perspective – but still have an
                                                                                                                                           acceptable level of internal process’s in place in
                                                                                                                                           terms of being able to handle material ESG issues
                                                                                                                                           and have a good business ethics

                                                                                                                                           The blue dots are the holding in the Polar Capital
                                                                                                                                           Emerging Market Stars Fund. The red dots are just
                                                                                                                                           there as a reference points showing examples of
                                                                                                                                           companies that score in a way where we see weak or
                                                                                                                                           direct negative contribution to EVA creation and
                                                                                                                                           thereby impact the evaluation of the company in a
                                                                                                                                           negative way, and thereby disqualify it as a potential
                                                                                                                                           investment into this Fund

Source: Polar Capital, 31 December 2018. It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this document. A list of all
recommendations made since the Fund’s inception are available upon request. All opinions and estimates constitute the best judgment of Polar Capital as of the date hereof, but are subject to change without
notice, and do not necessarily represent the views of Polar Capital.

This presentation is for one-on-one use with non-US professional investors only. Not for onward distribution.                                                                                                   15
Please refer to the Important Information at the end of this presentation.
Sustainability Reporting
Impact-Cubed – measuring impact at the portfolio level

                                                                                                    We do believe this is a very high score and does
                                                                                                    show the strong sustainability profile and positive
                                                                                                    impact our investment process has.
Source: Impact-Cubed, 31 December 2018. Benchmark is MSCI Emerging Markets Total Return Index (USD).

This presentation is for one-on-one use with non-US professional investors only. Not for onward distribution.                                             16
Please refer to the Important Information at the end of this presentation.
Sustainability Reporting
MSCI ESG IVA – ESG profile of the portfolio using MSCI
ESG data
• Generally a good ESG score in aggregate

• Bias to BBB rated companies

• Want to find the “delta” – the companies that are improving

• We do often find the biggest “delta” situations in the BB
  and B segment

• Reliance Industries and Alibaba are currently two of our
  biggest “delta” cases – significant opportunities for EVA
  creation in the future

• Energy and Base-material normally very high risk from an
  ESG perspective – Antofagasta and Oil Search scores
  very well

Source: Polar Capital and MSCI IVA Research, as at 31 December 2018. It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this
document. A list of all recommendations made within the immediately preceding 12 months is available upon request. All opinions and estimates constitute the best judgment of Polar Capital as of the date hereof,
but are subject to change without notice, and do not necessarily represent the views of Polar Capital. Benchmark is MSCI Emerging Markets Total Return Index (USD).

This presentation is for one-on-one use with non-US professional investors only. Not for onward distribution.                                                                                                        17
Please refer to the Important Information at the end of this presentation.
Electrification / Renewable Energy                                         Gas revolution                                      Emerging consumer

Sustainability Reporting       Financial Services penetration &
                                           Inclusion
                                                                                              New Semiconductor Paradigm                                  Data & 5G mobile revolution

      Data and Data Centre revolution                           Specialty Pharma                                                     Medical Service                                       Urban livestyle

UN SDGs       Smart mobility                                        MedTech                                                         EV & Electrification                                    Digital living

                                                                                                                                                                                                                             Electrification / Renewable
                                                                                                                                                                                                                                        Electrification    Energy Energy
                                                                                                                                                                                                                                                        / Renewable
                                                                                                                                                                                                                                                                                                        Gas revolution
                                                                                                                                                                                                                                                                                                                      Gas revolution                   Emerging consumer
                                                                                                                                                                                                                                                                                                                                                                   Emerging consumer
                                                                                                                                                                                                                                    Electrification / Renewable Energy                                    Gas revolution                              Emerging consumer

                                                                                                                                                                                                                             Financial Services
                                                                                                                                                                                                                                       Financial  penetration
                                                                                                                                                                                                                                                   Services   &
                                                                                                                                                                                                                                                            penetration &
                                                                                                                                                                                                                                    Financial Services penetration &                        New Semiconductor Paradigm Paradigm Data & 5G mobile
                                                                                                                                                                                                                                                                                                     New Semiconductor                     Data &revolution
                                                                                                                                                                                                                                                                                                                                                   5G mobile revolution
                                                                                                                                                                                                                                         Inclusion   Inclusion                                     New Semiconductor Paradigm                     Data & 5G mobile revolution
                                                                                                                                                                                                                                                Inclusion

                                                                                            Samsung                                        Chroma
                                                                                              SDI                    Silergy
                                                                                                                                             Ate
                                                                                                                                                                                                      Data and Data
                                                                                                                                                                                                               Dataand
                                                                                                                                                                                                                    Centre
                                                                                                                                                                                                                    andDatarevolution
                                                                                                                                                                                                                        Data Centre
                                                                                                                                                                                                                            Centre    revolution
                                                                                                                                                                                                                                   revolution               Specialty Pharma
                                                                                                                                                                                                                                                                       Specialty
                                                                                                                                                                                                                                                                Specialty PharmaPharma                                        Medical Service
                                                                                                                                                                                                                                                                                                                                          Medical Service
                                                                                                                                                                                                                                                                                                                              Medical Service                                             Urban
                                                                                                                                                                                                                                                                                                                                                                                       Urban      livestyle
                                                                                                                                                                                                                                                                                                                                                                                             livestyle   Urban livestyle

                                                                     Parag Milk                                                                           Shenzhen
                                                                       Foods                                                                              Inovance
                                                                                                 Environmental Related                                   Technology

                                                                                                                                                                                                                     Smart
                                                                                                                                                                                                              Smart mobility
                                                                                                                                                                                                                      Smart  mobility
                                                                                                                                                                                                                              mobility                               MedTech
                                                                                                                                                                                                                                                                  MedTech MedTech                                           EV & Electrification
                                                                                                                                                                                                                                                                                                                            EV   Electrification
                                                                                                                                                                                                                                                                                                                                         EV & Electrification                           Digital livingliving Digital living
                                                                                                                                                                                                                                                                                                                                                                                            Digital
                                                                                                        BYD                         Antofagasta

                                                                       Oil Search                                                                     Land Mark
                                                                                                                                                    Optoelectronics

                                         Naspers

                                 Microport          BB
                                 Scientific      Seguridade

                                                                                                                                                                              SK Hynix
                                           China
                                          Medical             NMC

                                                                                                                                                                                          ASPEED                                                                                              Samsung                              Chroma
                                  Notre Dame                                        Alibaba                                              Ping An                                         Technolog                                                                                              SDI   Samsung Silergy                Ate            Chroma
                                  Intermedica             AIA                                                  Advanced                                           21 Vianet                                                                                                              Samsung        SDI Silergy          Silergy
                                                                                                                                                                                                                                                                                                                                  Chroma
                                                                                                               Ceramic X                                                                                                                                                                                                                              Ate
                                                                                                                                                                                                                                                                                           SDI                                       Ate
                                                                                          Grupo                                    SM
                                                                                        Financiero                             Investments
                                              Social Related                             Banorte              Prestige
                                                                                                              Estates                                         Economic Growth and
                                                                                                                                ICI Bank
                                                                                                                                                                  Productivity                                                                                           Parag Milk                                                               Shenzhen
                                                                                          Tencent                                                                                                                                                                          Foods Parag Milk                                       Inovance
                                                      PSG Group                                                FirstRand        John Keells
                                                                                                                                                                                                                                                                   Parag Milk
                                                                                                                                                                                                                                                                                                     Environmental Related         Shenzhen
                                                                                                                                                                                                                                                                                                                                                                        Shenzhen
                                                                                                                                 Holdings                                                                                                                                           Foods
                                                                                                                                                                                                                                                                                                            Environmental RelatedTechnology                             Inovance
                                           Housing
                                         Development               China
                                                                                              Vincom
                                                                                               Retail
                                                                                                                eMemory
                                                                                                               Technology        51job
                                                                                                                                                                              Sberbank
                                                                                                                                                                                                                                                        Positive     Foods
                                                                                                                                                                                                                                                                                                           Neutral
                                                                                                                                                                                                                                                                                                   Environmental Related            Inovance
                                                                                                                                                                                                                                                                                                                                                  Technology   NegativeTechnology

                                           Finance              Resources
                                                                  Sanjiu
                                                                 Medical
                                                                                                   Reliance
                                                                                                 Industries
                                                                                                                           Itau
                                                                                                                         Unibanco
                                                                                                                                                                      TSMC
                                                                                                                                                                                                                                                          89%                                           BYD         11%      Antofagasta                         0%
                                                                                                                Samsung                                                                                                                                                                                            BYD                       Antofagasta
                                                                             Apollo                            Electronics                                                                                                                                                                           BYD                    Antofagasta
                                                                            Hospitals

                                                                                                                                                                                                                                        89% of our investments have exposure to UN SDGs
                                                                                                                                                                                                                                                                            Oil Search                                                        Land Mark
                                                                                                                                                                                                                                                                                                                                            Optoelectronics
                                                                                                                                                                                                                                                                                     Oil Search                                                     Land Mark
                                                                                                                                                                                                                                                                      Oil Search                                                      Land Mark Optoelectronics
Source: Polar Capital, 31 December 2018. It should not be assumed that recommendations made in future will be profitable              or will equal performance of the
                                                                                                                                 Naspers                                                                  A list of all                                                                                                     securities   in this document.
                                                                                                                                                                                                                                                                                                                                    Optoelectronics

recommendations made since the Fund’s inception are available upon request. All opinions and estimates constitute the best judgment  Naspers
                                                                                                                                            of Polar Capital as of the date hereof, but are subject to change without
notice, and do not necessarily represent the views of Polar Capital.                                                      Naspers
                                                                                                                                                                                                                                        Microport           BB
                                                                                                                                                                                                                                         Scientific      Seguridade
                                                                                                                                                                                                                                              Microport            BB
This presentation is for one-on-one use with non-US professional investors only. Not for onward distribution.                                                                                                                  Microport
                                                                                                                                                                                                                               Scientific
                                                                                                                                                                                                                                              Scientific
                                                                                                                                                                                                                                                     BB
                                                                                                                                                                                                                                                    China
                                                                                                                                                                                                                                                               Seguridade                                                                                                SK Hynix
                                                                                                                                                                                                                                                                                                                                                                                                                       18
Please refer to the Important Information at the end of this presentation.                                                                                                                                                                      Seguridade
                                                                                                                                                                                                                                                  Medical           NMC                                                                                                                      SK Hynix
                                                                                                                                                                                                                                                         China
                                                                                                                                                                                                                                                        Medical           NMC                                                                                               SK Hynix
                                                                                                                                                                                                                                                                                                                                                                                     ASPEED
                                                                                                                                                                                                                                          China
                                                                                                                                                                                                                                          Notre Dame                                     Alibaba                                 Ping An
                                                                                                                                                                                                                                                            NMC                                                                                                                     Technolog
                                                                                                                                                                                                                                        Medical
                                                                                                                                                                                                                                          Intermedica                                                         Advanced                                     21 Vianet
                                                                                                                                                                                                                                                                  AIA                                                                                                                                   ASPEED
Outlook For Emerging Markets And EM Stars
Reasons to like EM now as a long term investor
•     Key PoG: 5G and Data Centre revolution - connectivity
        •     ACX, 21Vianet, LandMark Opt., Aspeed
        •     TSMC, Samsung Electronics, SK Hynix

It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this document. A list of all recommendations made since the Fund’s inception are
available upon request. All opinions and estimates constitute the best judgment of Polar Capital as of the date hereof, but are subject to change without notice, and do not necessarily represent the views of Polar
Capital.

This presentation is for one-on-one use with non-US professional investors only. Not for onward distribution.                                                                                                           19
Please refer to the Important Information at the end of this presentation.
ACX – Hidden 5G Gem
                                                                                                                                                                                                                                  •   ACX specialises in the design and manufacture of RFFE components
                                                                                                                                                                                                                                      which is central to connectivity technology
                                                                                                                                                                                                                                  •   The company has high exposure to a fast growing industry, has a very
                                                                                                                                                                                                                                      strong and defensible industry position and runs its business sustainably
                                                                                                                                                                                                                                  •   The market valuation offers a very attractive risk/reward profile

                                                                                                                                                                                                                                  •   Increasing number of connected devices and technology complexity
                                                                                                                                                                                                                                      in the 5G era is driving significant growth for the RFFE industry
                                                                                                                                                                                                                                  •   As technology complexity increases so do the barriers to entry and
                                                                                                                                                                                                                                      the number of companies capable of delivering reliable solutions falls
                                                                                                                                                                                                                                  •   Combined these factors create a strong Pocket of Growth and
                                                                                                                                                                                                                                      significant EVA generation opportunities

                                                                                                                                     Company exposure to
                                                                                                                                            PoG
                                                                                                                                                                                                                                  •   ACX has strong exposure deriving its profits from wireless technology,
                                                                                                               Business Ethics
                                                                                                                                         10
                                                                                                                                                                 Industry Positioning                                                 its industry position is attractive as it is a niche leader with good
                                                                                                                                           8
                                                                                                                                                                                                                                      optionality to expand into modules
                                                                                              Impact to progress                           6                                     Optionality

                                                                                                                                           4
                                                                                                                                                                                                                                  •   Strong pricing power, operational leverage from a vertical integrated
                                                                                                                                           2
                                                                                                                                                                                                                                      business model, high capital efficiency and protective barriers to entry
                                                                                                                                                                                                                                  •
                                                                                     Material ESG issues                                                                                 Pricing Power

                                                                                                                                           0                                                                                          Very low balance sheet risk, very high quality of management but high
                                                                                                                                                                                                                                      exposure to a cyclical end market
                                                                                               Industry risk                                                                          Cost structure
                                                                                                                                                                                                                                  •   The company scores well on material ESG issues with the only detractor
                                                                                                                                                                                                                                      being slightly below global CG standards. They have mandatory training
                                                                                                                                                                           Invested capital
                                                                                               Quality of management
                                                                                                                                                                              efficiency                                              in business ethics and good overall impact to progress score as wireless
                                                                                                                     Balance sheet risk                Barriers to entry                                                              technology fits well with sustainability trends

                                                                               Valuation                                                                                                           EVA Fade

                                         600                                                                                                     90%                                                                              •   Very attractive risk/reward with only limited downside in our V1 scenario
                                         500
                                                                                                                                                 80%

                                                                                                                                                 70%
                                                                                                                                                                                                                                      and significant upside in both our V2 and V3 scenarios
                                                                                                                                                                                                                                  •
                                                                                                                                                 60%
                                         400
                                                                                                                                                 50%                                                                                  Given our EVA wheel analysis we view the market as too negative on the
                                         300
                                                                                                                                                 40%

                                                                                                                                                 30%
                                                                                                                                                                                                                                      level and sustainability of the company's EVA generation, and the market
                                         200                                                                                                     20%
                                                                                                                                                                                                                                      fades the EVA too fast in our opinion
                                                                                                                                                 10%

                                                                                                                                                                                                                                  •
                                         100
                                                                                                                                                  0%
                                                                                                                                                                                                                                      We see ACX as a STAR company, with strong exposure to a fast-growing
                                          -
                                               V1   V2 growth V2 margin V2 capital
                                                                        intensity
                                                                                         V2      V3 growth V3 margin V3 capital
                                                                                                                     intensity
                                                                                                                                    V3                                                                                                market, a very attractive and defensive industry position and they run
                                                                                                                                                                                        ROIC-WACC model       ROIC-WACC implied

                                                                                     51%                                          104%
                                                                                                                                                                                                                                      their business sustainably
Source : Polar Capital.            Upside : -15%
  Source: Polar Capital, Qualcomm Technologies, Advanced Ceramics X. It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this
  document. A list of all recommendations made since the Fund’s inception are available upon request. All opinions and estimates constitute the best judgment of Polar Capital as of the date hereof, but are subject
  to change without notice, and do not necessarily represent the views of Polar Capital. Forecasts contained herein are for illustrative purposes only and does not constitute advice or a recommendation. Forecasts
  are based upon subjective estimates and assumptions about circumstances and events that have not and may not take place.

This presentation is for one-on-one use with non-US professional investors only. Not for onward distribution.                                                                                                                                                                                                     20
Please refer to the Important Information at the end of this presentation.
Outlook For Emerging Markets And EM Stars
Reasons to like EM now as a long term investor
•    Key PoG: EV revolution and automounts driving
       •     Chroma ATE, KingPak, Samsung SDI, BYD, Shenzhen Inovance, Antofagasta

It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this document. A list of all recommendations made since the Fund’s inception are
available upon request. All opinions and estimates constitute the best judgment of Polar Capital as of the date hereof, but are subject to change without notice, and do not necessarily represent the views of Polar
Capital.

This presentation is for one-on-one use with non-US professional investors only. Not for onward distribution.                                                                                                           21
Please refer to the Important Information at the end of this presentation.
Samsung Electronics – Cheap Global Leader
                                                                                                                                                       •   Samsung Electronics is global technology and scale leader in the
                                                                                                                                                           manufacturing of DRAM and NAND flash memory semiconductors
                                                                                                                                                       •   As the global leader in an indispensable technology area, Samsung
                                                                                                                                                           Electronics has good exposure and a strong position in a fast-growing market
                                                                                                                                                       •   The current market price offers an attractive risk reward profile

                                                                                                                                                       •   The number and diversity of devices for data creation is growing rapidly with
                                                                                                                                                           the development of the IoT ecosystem. This is fuelling strong demand for
                                                                                                                                                           storage and processing technology
                                                                                                                                                       •   The supply side for memory semiconductors has consolidated significantly
                                                                                                                                                           especially in DRAM due to increasing technology complexity and capital
                                                                                                                                                           intensity
                                                                                                                                                       •   These factors create a strong Pocket of Growth and significant EVA
                                                                                                                                                           generation opportunities for the rightly positioned companies
                                                                                    Company exposure to
                                                                                           PoG
                                                                                                                                                       •   Samsung Electronics has good exposure to memory as a leader but is a
                                                                      Business Ethics
                                                                                        10
                                                                                                     Industry Positioning
                                                                                                                                                           diversified company. They are the strongest positioned company within the
                                                                                         8                                                                 memory industry, and they have great optionality in terms of synergies with
                                                            Impact to progress              6                    Optionality                               their other business areas
                                                                                            4
                                                                                                                                                     • As the market leader, Samsung has good pricing power and given the high
                                                                                                                                                #1 NAND
                                                                                            2
                                                       Material ESG issues                                           Pricing Power                     capital intensity the cost structure produces a lot of operational leverage. The
                                                                                            0                                                   producer
                                                                                                                                                           invested capital efficiency is good with strong working capital management
                                                                Industry risk                                       Cost structure                     •   No balance sheet risk, strong management team with individual segment
                                                                                                                                                           heads but high exposure to cyclical end markets
                                                                     Quality of
                                                                                                               Barriers to entry
                                                                    management
                                                                                                     Invested capital                                  •   Business Ethics is improving, they are managing ESG risks well and their
                                                                       Balance sheet risk
                                                                                                        efficiency                                         products contribute to progress

                                      100,000
                                                        Valuation                                                 EVA Fade
                                                                                                                                                       •   We see a very attractive risk reward profile, and even if we remove all our
                                                                                            25%

                                         80,000                                             20%
                                                                                                                                                           assumptions around optionality and take a "business as usual" view we still
                                         60,000
                                                                                            15%                                                            get upside from the current market price
                                                                                            10%
                                         40,000
                                                                                                5%                                                     •   Given our EVA wheel analysis and our differentiated view of the sustainability
                                         20,000                                                 0%
                                                                                                                                                           of the memory market growth, we believe that market is way too bearish on
                                                                                                     2018
                                                                                                     2020
                                                                                                     2022
                                                                                                     2024
                                                                                                     2026
                                                                                                     2028
                                                                                                     2030
                                                                                                     2032
                                                                                                     2034
                                                                                                     2036
                                                                                                     2038
                                                                                                     2040
                                                                                                     2042
                                                                                                     2044
                                                                                                     2046
                                                                                                     2048
                                                                                                     2050
                                                                                                     2052
                                                                                                     2054
                                                                                                     2056

                                                                                            -5%
                                             0
                                                                                            -10%
                                                                                                                                                           the EVA generation capabilities of Samsung Electronics, as our analysis
                                      -20,000
                                                                                            -15%                                                           shows the current price implies that Samsung will destroy value long-term
                                                                                                       ROIC-WACC model             ROIC-WACC implied
                               Upside:            2%       57%                   106%                                                                  •   We see Samsung as a STAR company given their world leading technology
                                                                                                                                                           and industry position and their active improvement in ESG related areas
 Source: Polar Capital, Samsung Electronics. It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this document. A list of all
 recommendations made since the Fund’s inception are available upon request. All opinions and estimates constitute the best judgment of Polar Capital as of the date hereof, but are subject to change without
 notice, and do not necessarily represent the views of Polar Capital. Forecasts contained herein are for illustrative purposes only and does not constitute advice or a recommendation. Forecasts are based upon
 subjective estimates and assumptions about circumstances and events that have not and may not take place.

This presentation is for one-on-one use with non-US professional investors only. Not for onward distribution.                                                                                                                           22
Please refer to the Important Information at the end of this presentation.
Samsung SDI – Leading Battery Maker
                                                                                                                                              •   Rising penetration of EVs combined with a higher focus on renewable
                                                                                                                                                  energy production is driving a significant demand for lithium-ion battery
                                                                                                                                                  technology
                                                                                                                                              •   As requirements for battery technology increases in terms of energy
                                                                                                                                                  density and cost effectiveness we expect the industry to consolidate
                                                                                                                                                  around a few winning players
                                                                                                                                              •   Combining these factors creates a strong Pocket of Growth and
                                                                                                                                                  significant EVA generation opportunities for the rightly positioned
                                                                                                                                                  companies
                                                                                    Exposure to PoG
                                                                                       10
                                                               Business Ethics                          Industry Positioning                  •   SDI has strong exposure to pockets of growth as most of their revenue
                                                                                          8                                                       and profits are from battery technology. Their industry position is strong in
                                                  Impact to progress                      6                       Optionality                     our view and they have good optionality to expand their business in ESS
                                                                                          4                                                   •   Low pricing power but a very attractive cost structure with significant
                                                                                          2                                                       operational leverage. Barriers to entry are rising and invested capital
                                             Material ESG issues                                                       Pricing Power              efficiency is good
                                                                                          0
                                                                                                                                              •   Some balance sheet risk as the company is investment mode, high
                                                                                                                                                  quality of management but high exposure to a cyclical end market
                                                     Industry risk                                                   Cost structure
                                                                                                                                              •   The company scores show progress on its material ESG issues but is still
                                                                                                                                                  lacking in some areas. They have mandatory training in business ethics
                                                    Management Quality                                        Barriers to entry                   and good overall impact to progress score as battery technology fits well
                                                                     Balance sheet risk           Invested capital efficiency
                                                                                                                                                  with sustainability trends

                                                                                      Valuation                                               •   Samsung SDI is a lithium-ion battery manufacturer supplying batteries for
                                      500,000
                                      450,000                                                                                                     automotive and Energy Storage Systems (ESS) and consumer
                                      400,000                                                                                                     electronics
                                      350,000
                                      300,000
                                                                                                                                              •   The company has high exposure to a fast-growing industry, has a very
                                      250,000                                                                                                     strong and defensible industry position and a product that fit well with
                                      200,000                                                                                                     sustainability trends.
                                      150,000
                                      100,000                                                                                                 •   The market valuation is offering a very attractive risk reward profile.
                                       50,000
                                            0
                                      -50,000        V1     V2 growth V2 margin V2 capital     V2      V3 growth V3 margin V3 capital   V3
                                                                                 intensity                                  intensity

                                   Upside:         -26%                                       45%                                       90%

Source: Polar Capital, Avicenne Energy. It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this document. A list of all recommendations
made since the Fund’s inception are available upon request. All opinions and estimates constitute the best judgment of Polar Capital as of the date hereof, but are subject to change without notice, and do not
necessarily represent the views of Polar Capital. Forecasts contained herein are for illustrative purposes only and does not constitute advice or a recommendation. Forecasts are based upon subjective estimates
and assumptions about circumstances and events that have not and may not take place.

This presentation is for one-on-one use with non-US professional investors only. Not for onward distribution.                                                                                                                     23
Please refer to the Important Information at the end of this presentation.
Outlook For Emerging Markets And EM Stars
Reasons to like EM now as a long term investor
•     Key PoG: India Financial Inclusion and Property (Indian middle-class evolving and urbanisation)
       •     HDFC, ICICI Bank, Phoenix Mills, Prestige Estate

    Mortgage markets in India

Source: European Mortgage Federation, HOFINET & HDFC estimates for India. All opinions and estimates constitute the best judgment of Polar Capital as of the date hereof, but are subject to change without
notice, and do not necessarily represent the views of Polar Capital.

This presentation is for one-on-one use with non-US professional investors only. Not for onward distribution.                                                                                                 24
Please refer to the Important Information at the end of this presentation.
Phoenix Mills – Mall King In India
                                                                                                                                                                                                                                                                                                                                                                                           •  Phoenix Mills is one of the absolute leading - if not the leading - Mall company
            EVA Valuation                                                                                                                                                                                                                                                                                                                                                                    •in India.
                                                                                                                                                                                                                                                                                                                                                                                                  Phoenix
                                                                                                                                                                                                                                                                                                                                                                                                        It ownMills
                                                                                                                                                                                                                                                                                                                                                                                                                 keyis  one
                                                                                                                                                                                                                                                                                                                                                                                                                      Mall     of the
                                                                                                                                                                                                                                                                                                                                                                                                                           assets      absolute
                                                                                                                                                                                                                                                                                                                                                                                                                                   in Mumbai  andleading   – cities
                                                                                                                                                                                                                                                                                                                                                                                                                                                   other key if notinthe        that– Mall
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          leading
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      the India
Impact to
                              Material ESG issues                                                                                                                                                                                                                                                                                                                                                 companies     in  India. It owns  key Mall  assets  in  Mumbai  and  other
                                                                                                                                                                                                                                                                                                                                                                                              are fast growing. Phoenix Mills also own a property development business with   key cities in
 progress                                                                                                                                                                                                                                                                                                                                                                                     significant  potential,
                                                                                                                                                                                                                                                                                                                                                                                                  India which          andgrowing.
                                                                                                                                                                                                                                                                                                                                                                                                                 are fast    owns Hotels and operates
                                                                                                                                                                                                                                                                                                                                                                                                                                      Phoenix  Mills alsocommercial  centresdevelopment
                                                                                                                                                                                                                                                                                                                                                                                                                                                           own a property    in
                                                                                                                                                                                                                                                                                                                                                                                              Mumbai
                                                                                                                                                                                                                                                                                                                                                                                                  business with significant potential, owns Hotels and operates commercial
 ockets                        Industry key
 growth
            Business Ethics
                              success factors
                                                                                                                                                                                                                                                                                                                                                                                           • Wecentres      in Mumbai
                                                                                                                                                                                                                                                                                                                                                                                                   truly believe   Phoenix Mills is a future STAR company
                                                                                                                                                                                                                                                                                                                                                                                             • We truly believe Phoenix Mills is a future STAR company

                    3. Valuation                                                                                                                                                                                                                                                                                                                                                            • • India
                                                                                                                                                                                                                                                                                                                                                                                                   India
                                                                                                                                                                                                                                                                                                                                                                                                       hashas
                                                                                                                                                                                                                                                                                                                                                                                                           oneone
                                                                                                                                                                                                                                                                                                                                                                                                               of theofmost
                                                                                                                                                                                                                                                                                                                                                                                                                        the most      interesting
                                                                                                                                                                                                                                                                                                                                                                                                                              interesting   social social   demographics
                                                                                                                                                                                                                                                                                                                                                                                                                                                     demographics             developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                     developments    as the as
                                                                                                                                                                                                                                                                                                                                                                                                   the country
                                                                                                                                                                                                                                                                                                                                                                                                country  seem toseem
                                                                                                                                                                                                                                                                                                                                                                                                                   be at atounique
                                                                                                                                                                                                                                                                                                                                                                                                                              be at point
                                                                                                                                                                                                                                                                                                                                                                                                                                       a unique
                                                                                                                                                                                                                                                                                                                                                                                                                                             in timepoint  in young
                                                                                                                                                                                                                                                                                                                                                                                                                                                       where   time where    young population,
                                                                                                                                                                                                                                                                                                                                                                                                                                                                     population,
                                                                                                                                                                                                                                                                                                                                                                                                   urbanisation,
                                                                                                                                                                                                                                                                                                                                                                                                urbanization,       uplift
                                                                                                                                                                                                                                                                                                                                                                                                               uplift in theinservice
                                                                                                                                                                                                                                                                                                                                                                                                                                  the economy,
                                                                                                                                                                                                                                                                                                                                                                                                                                         service economy,
                                                                                                                                                                                                                                                                                                                                                                                                                                                     and a moveand      a move
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  towards   an      towards an
                                                                                                                                                                                                                                                                                                                                                                                                "international  consumer
                                                                                                                                                                                                                                                                                                                                                                                                   "international  consumer  lifelife
                                                                                                                                                                                                                                                                                                                                                                                                                                  style"  will will
                                                                                                                                                                                                                                                                                                                                                                                                                                       style"  drive  hugehuge
                                                                                                                                                                                                                                                                                                                                                                                                                                                    drive   opportunities  to capitalize
                                                                                                                                                                                                                                                                                                                                                                                                                                                                 opportunities            on on
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 to capitalise
 Pockets                                   2. Industry Key                                                                                                                                                                                                                                                                                                                                      thethe
                                                                                                                                                                                                                                                                                                                                                                                                     new  emerging
                                                                                                                                                                                                                                                                                                                                                                                                        new  emergingconsumer.
                                                                                                                                                                                                                                                                                                                                                                                                                         consumer
 Growth                                    Success Factors
                                                                                                                                                                                                                                                                                                                                                                                            • • Land  in key
                                                                                                                                                                                                                                                                                                                                                                                                   Land      central
                                                                                                                                                                                                                                                                                                                                                                                                          in key      city locations
                                                                                                                                                                                                                                                                                                                                                                                                                 central                are scarce
                                                                                                                                                                                                                                                                                                                                                                                                                            city locations           and barriers
                                                                                                                                                                                                                                                                                                                                                                                                                                               are scarce          to entry to
                                                                                                                                                                                                                                                                                                                                                                                                                                                             and barriers   in the
                                                                                                                                                                                                                                                                                                                                                                                                                                                                               entryMall
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      in the Mall
                                                                                                                                                                                                                                                                                                                                                                                                business
                                                                                                                                                                                                                                                                                                                                                                                                   businessareare
                                                                                                                                                                                                                                                                                                                                                                                                              highhigh
                                                                                                                                                                                                                                                                                                                                                                                                                    limiting   supply,supply,
                                                                                                                                                                                                                                                                                                                                                                                                                         – limiting      and place
                                                                                                                                                                                                                                                                                                                                                                                                                                                 andthe  earlythe
                                                                                                                                                                                                                                                                                                                                                                                                                                                       place    movers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  early and  operators
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        movers    and operators
                                                                                                                                                                                                                                                                                                                                                                                                with deep knowledge of the industry in a very strong position.
                                                                                                                                                                                                                                                                                                                                                                                                   with deep knowledge of the industry in a very strong position
                                                                                                                                                                         Company exposure                                                                                                                                                                                                              •
                                                                                                                                                                                                                                                                                                                                                                                     Phoenix Mills is very well positioned to take advantages of the new emerging
                                                                                                                                                                             to PoG
                    3. Valuation                                                                                                                B usiness E thics
                                                                                                                                                                            10
                                                                                                                                                                                                                               Indust ry P ositioni ng
                                                                                                                                                                                                                                                                                                                                                                                     consumer trends and increased spending power given is location and brand
                                                                                                                                                                             8                                                                                                                                                                                                • Phoenix
                                                                                                                                                                                                                                                                                                                                                                                     value Mills
                                                                                                                                                                                                                                                                                                                                                                                            of its is very -well
                                                                                                                                                                                                                                                                                                                                                                                                   Malls         positioned
                                                                                                                                                                                                                                                                                                                                                                                                             a clear  leadingtointake advantages
                                                                                                                                                                                                                                                                                                                                                                                                                                   catching       of the
                                                                                                                                                                                                                                                                                                                                                                                                                                             the new      newurban
                                                                                                                                                                                                                                                                                                                                                                                                                                                      young     emerging
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      consumer
                                                                                                                                                                                                                                                                                                                                                                                  consumer trends and increased spending power given is location and brand
                                                                                                                             Im pact t o progress                            6                                                                              Opt ionalit y
                                                                                                                                                                                                                                                                                                                                                                                • value
                                                                                                                                                                                                                                                                                                                                                                                     Theofbusiness
                                                                                                                                                                                                                                                                                                                                                                                           its Malls model
                                                                                                                                                                                                                                                                                                                                                                                                       - a clear- leading
                                                                                                                                                                                                                                                                                                                                                                                                                  owning inand   running
                                                                                                                                                                                                                                                                                                                                                                                                                             catching  theMalls - offersurban
                                                                                                                                                                                                                                                                                                                                                                                                                                           new young      very consumer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                high operational
                                                                                                                                                                             4
                                                                                                                                                                                                                                                                                                                                                                          #1 NAND    leverage. Phoenix Mills has over the last decade been developing the key
  Pockets                                  2. Industry Key                                                                                                                                                                                                                                                                                                                    • The business model - owning and running Malls - offers very high operational
f Growth                                   Success Factors                                                                                                                   2                                                                                                                                                                                                       Mall assets     - now
                                                                                                                                                                                                                                                                                                                                                                                                        Millswe   believe  monetising
                                                                                                                                                                                                                                                                                                                                                                                                                             last decadewill  come   with a significant  uplift in
                                                                                                                     Mat erial E S G issues                                                                                                                                P ri cing Power
                                                                                                                                                                                                                                                                                                                                                                          producerleverage.  Phoenix           has  over the               been developing   the key Mall
                                                                                                                                                                             0                                                                                                                                                                                                       ROIC   (Tenant     mix  and   rental revision   with incremental   large  improvements
                                                                                                                                                                                                                                                                                                                                                                                  assets - now we believe monetizing will come with a significant uplift in ROIC                in
                                                                                                                                                                                                                                                                                                                                                                                     margins)
                                                                                                                                                                                                                                                                                                                                                                                  (Tenant  mix and rental revision with incremental large improvements in
                                        Impact to Progress
                                                                                                                                                                                                                                                                                                                                                                                • margins)
                                                                                                                               Indust ry risk                                                                                                                        Cost st ructure
                                                                                                                                                                                                                                                                                                                                                                                     Phoenix Mills manages its stakeholder relationships well - no material ESG
                                                                                                                                                                                                                                                                                                                                                                              • Phoenix
                                                                                                                                                                                                                                                                                                                                                                                     risk Mills manages its stakeholder relationships well - no material ESG risk
                                                              Material ESG                                                                Qualit y of                                                                                          Invested capit al

                                                                                                                                                                                                                                                                                                                                                                                                • • ItsIts
                                                                                                                                         managem ent                                                                                              eff iciency
                         Business                                                                                                                                                                                                                                                                                                                                                                          balance
                          Ethics
                                                                issues                                                                                                                                                                                                                                                                                                                                  balance sheetsheet   is geared
                                                                                                                                                                                                                                                                                                                                                                                                                      is geared          - but
                                                                                                                                                                                                                                                                                                                                                                                                                                - but given      given FCF
                                                                                                                                                                                                                                                                                                                                                                                                                                            the future  theprofile
                                                                                                                                                                                                                                                                                                                                                                                                                                                             futureweFCF   profile we are
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      are comfortable
                                                                                                                                                      B alance sheet risk                              B arriers t o entry
                                                                                                                                                                                                                                                                                                                                                                                                       comfortable
                                                                                                              Valuation
                                                                                                                      Valuation                                                                                                                                EVAEVA Fade
                                                                                                                                                                                                                                                                   Fade                                                                                                                            •       We see a very attractive Return / Risk profile for Phoenix Mills, with a strong
                                                                    1,200           1,200
                                                                                                                                                                            30%
                                                                                                                                                                              25%
                                                                                                                                                                                                                                                                                                                                                                                                            • Weprofile
                                                                                                                                                                                                                                                                                                                                                                                                           upside   see a very  attractive
                                                                                                                                                                                                                                                                                                                                                                                                                            relative       Return
                                                                                                                                                                                                                                                                                                                                                                                                                                      to the      / Risk profile
                                                                                                                                                                                                                                                                                                                                                                                                                                              downside           for Phoenix
                                                                                                                                                                                                                                                                                                                                                                                                                                                          risk should   the Mills,
                                                                                                                                                                                                                                                                                                                                                                                                                                                                             growthwith a
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     profile not
                     3. Valuation                                                   1,000
                                                                                                                                                                            25%
                                                                                                                                                                             20%                                                                                                                                                                                                                                strong upside profile relative to the downside risk should the growth
                                                                    1,000
                                                                                      800
                                                                                                                                                                            20%                                                                                                                                                                                                                            materialise.
                                                                                                                                                                                                                                                                                                                                                                                                                profile not materialize.
                                                                                                                                                                              15%
                                                                                                                                                                            15%
                                                                                      600
                                                                                                                                                                                                                                                                                                                                                                                                   •       We see upside coming from increased revenue profile, but also a large uplift
                                                                                                                                                                                                                                                                                                                                                                                                             • We see upside coming from increased revenue profile, but also a large
                                                                     800
                                                                                                                                                                            10%
                                                                                      400                                                                                    10%

                                                                     600
                                                                                      200
                                                                                                                                                                             5%                                                                                                                                                                                                                            from uplift
                                                                                                                                                                                                                                                                                                                                                                                                                 margin   expansion
                                                                                                                                                                                                                                                                                                                                                                                                                       from            and future
                                                                                                                                                                                                                                                                                                                                                                                                                             margin expansion   andreduced     capital capital
                                                                                                                                                                                                                                                                                                                                                                                                                                                     future reduced    insensitivity as theasheavy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                               insensitivity
1. Pockets                                      2. Industry Key                                                                                                               5%
                                                                                                                                                                             0%
                                                                                                                                                                                                                                                                                                                                                                                                           investments
                                                                                                                                                                                                                                                                                                                                                                                                                the heavy have   been taken
                                                                                                                                                                                                                                                                                                                                                                                                                            investments  haveupfront
                                                                                                                                                                                                                                                                                                                                                                                                                                               been taken upfront
                                                                                                                                                                                    2019
                                                                                                                                                                                             2021
                                                                                                                                                                                                    2023
                                                                                                                                                                                                            2025
                                                                                                                                                                                                                   2025 2027

                                                                                                                                                                                                                                2027 2029
                                                                                                                                                                                                                                            2031
                                                                                                                                                                                                                                                     2033
                                                                                                                                                                                                                                                            2035
                                                                                                                                                                                                                                                                    2037
                                                                                                                                                                                                                                                                            2035 2039

                                                                                                                                                                                                                                                                                        2037 2041
                                                                                                                                                                                                                                                                                                    2043
                                                                                                                                                                                                                                                                                                             2045
                                                                                                                                                                                                                                                                                                                    2047
                                                                                                                                                                                                                                                                                                                             2049
                                                                                                                                                                                                                                                                                                                                    2045 2051

                                                                                                                                                                                                                                                                                                                                                2047 2053

                                                                                                                                                                                                                                                                                                                                                            2049 2055
                                                                                                                                                                                                                                                                                                                                                                        2057

                                                                                        -
of Growth                                       Success Factors      400                                                                                                    -5%
                                                                                                                                                                              0%
                                                                                                                                                                                                                                                                                                                                                                                                   •       Looking  at the
                                                                                                                                                                                                                                                                                                                                                                                                             • Looking        implied EVAEVAprofile
                                                                                                                                                                                                                                                                                                                                                                                                                                              profile-- as wellasaslooking
                                                                                                                                                                                                                                                                                                                                                                                                                                                                     looking   at factors  like Cap
                                                                                                                                                                                      2019

                                                                                                                                                                                                2021

                                                                                                                                                                                                           2023

                                                                                                                                                                                                                                              2029

                                                                                                                                                                                                                                                        2031

                                                                                                                                                                                                                                                                   2033

                                                                                                                                                                                                                                                                                                      2039

                                                                                                                                                                                                                                                                                                                2041

                                                                                                                                                                                                                                                                                                                           2043

                                                                                                                                                                                                                                                                                                                                                                           2051

                                                                                                                                                                                                                                                                                                                                                                                  2053

                                                                                                                                                                                                                                                                                                                                                                                         2055

                                                                                                                                                                                                                                                                                                                                                                                                2057                      at the implied                as well            at factors like Cap
                                                                                                                                                                                                                                                               ROIC-WACC model
                                                                     200                                                                                                                                                                                       ROIC-WACC implied
                                                                                                                                                                              -5%
                                                                                                                                                                                                                                                                                                                                                                                                           RateRate
                                                                                                                                                                                                                                                                                                                                                                                                                 (as (as  a check)we
                                                                                                                                                                                                                                                                                                                                                                                                                      a check)     we see
                                                                                                                                                                                                                                                                                                                                                                                                                                       see aalarge
                                                                                                                                                                                                                                                                                                                                                                                                                                              largedegree
                                                                                                                                                                                                                                                                                                                                                                                                                                                      degreeof safety on the
                                                                                                                                                                                                                                                                                                                                                                                                                                                                of safety  onupside  for the for the
                                                                                                                                                                                                                                                                                                                                                                                                                                                                               the upside
                                                                            Upside: -12%                                    37%                                     76%                                                                                                                                                                                                                                         company
                                                                       -
                                                                             V1   V2 growth V2 ma rgin V2 ca pital   V2    V3 growth V3 ma rgin V3 ca pital         V3
                                                                                                                                                                                                                                                   ROI C-W ACC model                                                          ROI C-W ACC impl ied
                                                                                                                                                                                                                                                                                                                                                                                                           company
             Source: Polar Capital. It should not be assumedintensi
                                                                thatty
                                                                         recommendations
                                                                                     intensi ty
                                                                                                 made in future will be profitable or will equal performance of the securities in this document. A list of all recommendations made since the
urce: Polar Capital.                 Upside: -7%                       35%                      72%constitute the best judgment of Polar Capital as of the date hereof, but are subject to change without notice, and do not necessarily
             Fund’s inception are available  upon request. All opinions      and estimates
             represent the views of Polar Capital. Forecasts contained herein are for illustrative purposes only and does not constitute advice or a recommendation. Forecasts are based upon subjective estimates and
             assumptions about circumstances and events that have not and may not take place.

                  This presentation is for one-on-one use with non-US professional investors only. Not for onward distribution.                                                                                                                                                                                                                                                                                                                                                                    25
                  Please refer to the Important Information at the end of this presentation.
Outlook For Emerging Markets And EM Stars
We are constructive!                                                                                                        EM relative to DM 12m forward price to
                                                                                                                            earnings ratio and dividend yield1
•     Emerging markets are cheap now

•     Expectations are low – we have already seen significant cuts to
      EPS by analysts and multipliers have contracted

•     Emerging markets do not have massive imbalances

•     Emerging markets currencies are very cheap

•     There is room for policy action

      ‒ Fiscal

      ‒ Monetary
                                                                                                                            MSCI NJA, Latam and EMEA
                                                                                                                            I/B/E/C consensus +12m PER expectation1
•     India looks most “safe” – but not cheap

•     North Asia very cheap – but there are risks

Source: Polar Capital, unless otherwise stated. 1. MB/E/S, MSCI, Credit Suisse research. All opinions and estimates constitute the best judgment of Polar Capital as of the date hereof, but are subject to change
without notice, and do not necessarily represent the views of Polar Capital.

This presentation is for one-on-one use with non-US professional investors only. Not for onward distribution.                                                                                                        26
Please refer to the Important Information at the end of this presentation.
Outlook For Emerging Markets And EM Stars
Case in point – SK Hynix

                                                                                                                Polar Capital EM Stars team: EVA valuation on SK Hynix – very
                                                                                                                favourable distribution curve from future forecasted EVA
SK Hynix (Price to Book and RoE)1                                                                               generation2

                           Huge disconnect between future return profile and asset value relative to current market pricing!

Source: 1. Bloomberg, 31 December 2018. 2. Polar Capital, 31 December 2018. It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this
document. A list of all recommendations made since the Fund’s inception are available upon request.

This presentation is for one-on-one use with non-US professional investors only. Not for onward distribution.                                                                                                     27
Please refer to the Important Information at the end of this presentation.
Emerging Markets: Asset Class With Huge Opportunities
Turning points for EM                                                                                                The US twin deficits (current account deficit plus fiscal
•    US growth and the US$ → ~ 1Q19E – 2Q19E                                                                         deficit) LEADS the US$ by two years. The gap has
       –     Stronger US$ Risk for EM is overplayed in our view                                                      widened and is challenging the strong US$ view for
                                                                                                                     the elevated USD1
       –     We see likelihood of a stable to potentially falling US$
       –     EPS growth fading (spread to EM will narrow/close)
•    Liquidity will come back into the system → ~ 1Q19E - 2Q19E
       –     Fed will ease off and liquidity contraction move the other way
       –     US growth slowing and low inflation – the Fed see we are in an asset
             based world
•    China – we will get a soft landing → ~ 4Q18E – 2Q19E
       –     Debt levels are high – but we believe it can be managed
       –     No “real” trade war / inject liquidity into the economy
       –     China will stimulate
•    Trade / Geo-politics → ~ 4Q18E – 1Q19E
                                                                                                                                                                                                     2
       –     Base case we do not get a trade war – everybody will lose out (Trump
             way of doing a deal!)
       –     USA or China – do not take this “battle of global leadership” now
•    Investor and sell-side analysts “capitulation” → ~ 3Q18 - 1Q19E
       –     2019E & 2020E EPS are getting rebased now
•    Technology cycle turn around → ~ 1Q19E – 2Q19E
       –     Inventory cycle to clear by ~ 2Q19E
       –     2020 → Next big technology super cycle (5G, Data, connectivity)

Source: 1. BofA Merrill Lynch Global Research, BIS, Bloomberg. Note: Dotted line denotes Bloomberg forecast for 2018-2020. 2. Bloomberg, 31 October 2018. All opinions and estimates constitute the best
judgment of Polar Capital as of the date hereof, but are subject to change without notice, and do not necessarily represent the views of Polar Capital.

This presentation is for one-on-one use with non-US professional investors only. Not for onward distribution.                                                                                              28
Please refer to the Important Information at the end of this presentation.
Outlook For Emerging Markets And EM Stars
Portfolio positioning and conviction
                    Our view on where we are different from peers (on best judgement from views on Bloomberg)

                                                            Top ~ 20 positions                  The "tails"                               Large underweight / non-held stocks

                    Relative higher weighting /             Tencent                             SM Investments                            China Construction Bank
                    Not uncommen stocks                     Ping An                             Yandex                                    China Mobile
                                                            AIA                                 Antofagasta                               Baidu
                                                            Samsung Electronics                 NetEase                                   Petrobras
                                                                                                Banorte                                   Vale
                                                                                                                                          ICBC
                    Relative low differentiation            Alibaba                                                                       Banco Bradesco
                    (still OW positions)                    TSMC                                                                          Hon Hai
                                                            Itau                                                                          Bank of China
                                                            Naspers                                                                       Infosys
                                                            HDFC                                                                          CNOOC
                                                                                                                                          TCS
                                                            Notredame Intermedica              Chroma ATE                                 JD.COM
                    Very diffientiating names               Reliance Industries                Parag Milk                                 Lukoil
                    (the stock name and/or its weighting)   NMC Healtcare                      Advanced Ceramic X                         HDFC Bank
                                                            Samsung SDI                        Microport                                  OTP
                                                            Apollo Hospitals                   51Jobs                                     CSPC Pharmaceutical
                                                            Oil Search                         Kingpak                                    Hindustan Unilever
                                                            ICICI Bank                         BR Malls
                                                            SK Hynix                           Phoenix Mills
                                                            CD Projekt                         Silergy
                                                                                               eMemory
                                                                                               21Vianet
                                                                                               Prestige Estate
                                                                                               Aspeed
                                                                                               LandMark opt.
                                                                                               Vincom Retail
                                                                                               John Keells
                                                                                               PSG
                                                                                               Mail.ru
                                                                                               China Medical Systems
Source: Polar Capital and Bloomberg, 31 December 2018. It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this document. A list of
all recommendations made since the Fund’s inception are available upon request. All opinions and estimates constitute the best judgment of Polar Capital as of the date hereof, but are subject to change without
notice, and do not necessarily represent the views of Polar Capital.

This presentation is for one-on-one use with non-US professional investors only. Not for onward distribution.                                                                                                       29
Please refer to the Important Information at the end of this presentation.
Why Polar Capital Emerging Market Stars Fund?

We believe our STAR process will generate alpha:
•     Disciplined process and experience team to invest in
      growth opportunities in Emerging Markets
•     Strong fundamental believe in Economic Value Added
      (EVA) as the driver for long term shareholder value
      generation
•     Identify growing companies with mis-priced EVA
      profiles - centred on our own proprietary research and
      disciplined EVA valuation-based approach
•     Full sustainability integration with focus on companies
      impact to progress and managing of material ESG
      issues
•     Concentrated portfolio of high conviction stock picks
•     Strong track record with process and strategy
•     Time to be constructive on growth opportunities in
      emerging markets

                                                             We believe our “STAR” investment philosophy & process will lead to
                                                                         “sustainable shareholder value generation”
    Source: Polar Capital. All opinions and estimates constitute the best judgment of Polar Capital as of the date hereof, but are subject to change without notice, and do not necessarily represent the views of Polar
    Capital.

This presentation is for one-on-one use with non-US professional investors only. Not for onward distribution.                                                                                                              30
Please refer to the Important Information at the end of this presentation.
Important Information
                                                                                                                                                                                                  Polar Capital
                                                                                                                                                                                               16 Palace Street
                                                                                                                                                                                             London SW1E 5JD

 Important Information: This document is provided for the sole use of the intended recipient and is not a financial promotion. It shall not and does not constitute an offer or solicitation of an offer to make an
 investment into any fund managed by Polar Capital. It may not be reproduced in any form without the express permission of Polar Capital and is not intended for private investors. This document is only made
 available to professional clients and eligible counterparties. The law restricts distribution of this document in certain jurisdictions; therefore, it is the responsibility of the reader to inform themselves about and
 observe any such restrictions. It is the responsibility of any person/s in possession of this document to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. It is not
 designed to contain information material to an investor’s decision to invest in Polar Capital Funds Plc – Emerging Market Stars Fund. SUCH INFORMATION, INCLUDING RELEVANT RISK FACTORS, IS
 CONTAINED IN THE FUND’S OFFER DOCUMENT WHICH MUST BE READ BY ANY PROSPECTIVE INVESTOR.
 Statements/Opinions/Views: All opinions and estimates constitute the best judgment of Polar Capital as of the date hereof, but are subject to change without notice, and do not necessarily represent the views
 of Polar Capital. This material does not constitute legal or accounting advice; readers should contact their legal and accounting professionals for such information. All sources are Polar Capital unless otherwise
 stated.
 Third-party Data: Some information contained herein has been obtained from third party sources and has not been independently verified by Polar Capital. Neither Polar Capital nor any other party involved in or
 related to compiling, computing or creating the data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties
 hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any data contained herein.
 Holdings: Portfolio data is “as at” the date indicated and should not be relied upon as a complete or current listing of the holdings (or top holdings) of the Fund. The holdings may represent only a small
 percentage of the aggregate portfolio holdings, are subject to change without notice, and may not represent current or future portfolio composition. Information on particular holdings may be withheld if it is in the
 Fund’s best interest to do so. It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this document. A list of all recommendations made
 within the lesser of the fund inception or the immediately preceding 12 months is available upon request. This document is not a recommendation to purchase or sell any particular security. It is designed to
 provide updated information to professional investors to enable them to monitor the Fund.
 Benchmarks: The following benchmark index is used: MSCI Emerging Markets Net TR Index. This benchmark is generally considered to be representative of the investment universe. This benchmark is a
 broad-based index which is used for comparative/illustrative purposes only and has been selected as it is well known and easily recognizable by investors. Please refer to www.msci.com for further information on
 this index. Comparisons to benchmarks have limitations as benchmarks’ volatility and other material characteristics may differ from the fund. Security holdings, industry weightings and asset allocation made for
 the Fund may differ significantly from the benchmark. Accordingly, investment results and volatility of the fund may differ from those of the benchmark. The indices noted in this document are unmanaged,
 unavailable for direct investment, and are not subject to management fees, transaction costs or other types of expenses that the fund may incur. The performance of the index reflects reinvestment of dividends
 and, where applicable, capital gain distributions. Therefore, investors should carefully consider these limitations and differences when evaluating the comparative benchmark data performance. Information
 regarding indices is included merely to show general trends in the periods indicated and is not intended to imply that the fund was similar to the indices in composition or risk.
 Regulatory Status: Polar Capital LLP is a limited liability partnership number OC314700. It is authorised and regulated by the UK Financial Conduct Authority (“FCA”) and is registered as an investment adviser
 with the US Securities & Exchange Commission (“SEC”). A list of members is open to inspection at the registered office, 16 Palace Street, London, SW1E 5JD. FCA authorised and regulated Investment
 Managers are expected to write to investors in funds they manage with details of any side letters they have entered into. The FCA considers a side letter to be an arrangement known to the investment manager
 which can reasonably be expected to provide one investor with more materially favourable rights, than those afforded to other investors. These rights may, for example, include enhanced redemption rights,
 capacity commitments or the provision of portfolio transparency information which are not generally available. The Fund and the Investment Manager are not aware of, or party to, any such arrangement whereby
 an investor has any preferential redemption rights. However, in exceptional circumstances, such as where an investor seeds a new fund or expresses a wish to invest in the Fund over time, certain investors have
 been or may be provided with portfolio transparency information and/or capacity commitments which are not generally available. Investors who have any questions concerning side letters or related arrangements
 should contact the Polar Capital Desk at the Administrator on (+353) 1 434 5007. The Fund is prepared to instruct the custodian of the Fund, upon request, to make available to investors portfolio custody
 position balance reports monthly in arrears.

This presentation is for one-on-one use with non-US professional investors only. Not for onward distribution.                                                                                                                  31
Please refer to the Important Information at the end of this presentation.
Important Information
                                                                                                                                                                                                 Polar Capital
                                                                                                                                                                                              16 Palace Street
                                                                                                                                                                                            London SW1E 5JD

 Information Subject to Change: The information contained herein is subject to change, without notice, at the discretion of Polar Capital and Polar Capital does not undertake to revise or update this information
 in any way.
 Forecasts: References to future returns are not promises or estimates of actual returns Polar Capital may achieve. Forecasts contained herein are for illustrative purposes only and does not constitute advice or
 a recommendation. Forecasts are based upon subjective estimates and assumptions about circumstances and events that have not and may not take place.
 Performance/Investment Process/Risk: Performance is shown net of fees and expenses and includes the reinvestment of dividends and capital gain distributions unless otherwise stated. Factors affecting
 fund performance may include changes in market conditions (including currency risk) and interest rates and in response to other economic, political, or financial developments. The Fund’s investment policy
 allows for it to enter into derivatives contracts. Leverage may be generated through the use of such financial instruments and investors must be aware that the use of derivatives may expose the Fund to greater
 risks, including, but not limited to, unanticipated market developments and risks of illiquidity, and is not suitable for all investors. Those in possession of this document must read the Fund’s Prospectus for further
 information on the use of derivatives. Past performance is not a guide to or indicative of future results. Future returns are not guaranteed and a loss of principal may occur. Investments are not insured by the
 FDIC (or any other state or federal agency), or guaranteed by any bank, and may lose value. No investment process or strategy is free of risk and there is no guarantee that the investment process or strategy
 described herein will be profitable.
 Allocations: The strategy allocation percentages set forth in this document are estimates and actual percentages may vary from time-to-time. The types of investments presented herein will not always have the
 same comparable risks and returns. Please see the private placement memorandum for a description of the investment allocations as well as the risks associated therewith. Please note that the Fund may elect
 to invest assets in different investment sectors from those depicted herein, which may entail additional and/or different risks. Performance of the Fund is dependent on the Investment Manager’s ability to identify
 and access appropriate investments, and balance assets to maximize return to the Fund while minimizing its risk. The actual investments in the Fund may or may not be the same or in the same proportion as
 those shown herein.
 Country Specific disclaimers: In the United States the Fund shall only be available to or for the account of U.S. persons (as defined in Regulation S under the United States Securities Act of 1933, as amended
 (the "Securities Act")) who are "qualified purchasers" (as defined in the United States Investment Company Act of 1940, as amended (the "Company Act")) and "accredited investors" (as defined in Rule 501(a)
 under the Securities Act). The Fund is not, and will not be, registered under the Securities Act or the securities laws of any of the states of the United States and interests therein may not be offered, sold or
 delivered directly or indirectly into the United States, or to or for the account or benefit of any US person, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of
 such securities laws. The securities will be subject to restrictions on transferability and resale. The Fund will not be registered under the Company Act.
 Country Specific disclaimers: This document has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this document and any other document or material in connection
 with the offer or sale, or invitation for subscription or purchase, of Shares may not be circulated or distributed, nor may Shares be offered or sold, or be made the subject of an invitation for subscription or
 purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor Pursuant to Section 304 of the Securities and Futures Act, Chapter 289 of Singapore (the “SFA”) or (ii)
 otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. The Prospectus and Information Memorandum are available to download at www.polarcapital.co.uk
 alternatively; you can obtain the latest copy from the Polar Capital Investor Relations team. The Fund is a collective investment scheme but is not authorised under Section 104 of the Securities and Futures
 Ordinance of Hong Kong by the Securities and Futures Commission of Hong Kong. Accordingly the distribution of this document, and the placement of interests in Hong Kong, is restricted. This document may
 only be distributed, circulated or issued to persons who are professional investors under the Securities and Futures Ordinance and any rules made under that Ordinance or as otherwise permitted by the
 Securities and Futures Ordinance
 Country Specific disclaimers: Polar Capital LLP (Investment Manager) is exempt from the requirement to hold an Australian financial services licence in respect of the financial services it provides to wholesale
 investors in Australia and is regulated by the Financial Conduct Authority of the UK under UK laws which differ from Australian laws.

This presentation is for one-on-one use with non-US professional investors only. Not for onward distribution.                                                                                                                32
Please refer to the Important Information at the end of this presentation.
You can also read
NEXT SLIDES ... Cancel