Polar Capital Technology Trust plc AGM Presentation 2020

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Polar Capital Technology Trust plc AGM Presentation 2020
Polar Capital Technology Trust plc

AGM Presentation 2020
Polar Capital Technology Trust plc AGM Presentation 2020
Results as at 30 April 2020

                                                                                  Year ended                  Year ended      Change
                                                                                   30/04/19                    30/04/20        (y/y)

  Net Assets                                                                   £1,935,646,000                £2,308,597,000   +19.3%

  NAV per ordinary share                                                            1446.40p                   1715.59p       +18.6%

  Price per ordinary share                                                          1354.00p                   1774.00p       +31.0%

  Benchmark Change                                                                                                            +18.1%

  Ordinary shares in issue                                                       133,825,000                  134,566,000     + 0.6%

Source: Polar Capital, 30 April 2020. Past performance is not indicative or a guarantee of future returns.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                               2
Polar Capital Technology Trust plc AGM Presentation 2020
PCT as at 31 July 2020

                                                                                  Year ended                 Year ended      Change       As at
                                                                                   30/04/19                   30/04/20        (y/y)      31/07/20

  Net Assets                                                                  £1,935,646,000                £2,308,597,000   +19.3%   £2,839,527,006

  NAV per ordinary share                                                            1446.40p                  1715.59p       +18.6%     2067.91p

  Price per ordinary share                                                          1354.00p                  1774.00p       +31.0%     1950.00p

  Benchmark Change                                                                                                           +18.1%

  Ordinary shares in issue                                                       133,825,000                 134,566,000     + 0.6%    137,315,000

Source: Polar Capital, 31 July 2020. Past performance is not indicative or a guarantee of future returns.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                               3
Polar Capital Technology Trust plc AGM Presentation 2020
Full Year Review

DJ World Technology vs. FTSE World TR since April 2019                                                     • Global equities (FTSE World -1.5%) fell
                                                                                                             modestly during one of the most remarkable
                                                                                                             years in living memory as COVID-19 changed the
                                                                                                             world as we knew it.
                                                                                                           • This unprecedented challenge was met with
                                                                                                             remarkable worldwide monetary and fiscal
                                                                                                             support driving a stunning equity market reversal;
                                                                                                             after the quickest ever descent into a bear
                                                                                                             market, April delivered the best monthly returns
                                                                                                             since 1987 (and Q2 proved the best quarter for
                                                                                                             US stocks since 1998)

                                                                                                           • Technology stocks enjoyed an outstanding year
                                                                                                             of absolute and relative returns (DJ World Tech
                                                                                                             +18.1% in Sterling terms) due to the sector’s
                                                                                                             relative earnings progress and a valuation re-
                                                                                                             rating while the Coronavirus crisis highlighted the
                                                                                                             sector’s superior growth / balance sheet profile
                                                                                                             and its criticality.
Source: Bloomberg, 31 July 2020. Past performance is not indicative or a guarantee of future returns.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                       4
Polar Capital Technology Trust plc AGM Presentation 2020
Full Year Review

US technology small caps vs. large caps since April 2019                                                          • Sector strength obscured the growing divergence
                                                                                                                    between next-generation and legacy companies,
                                                                                                                    as well as large cap (+21%) and small-cap (-
                                                                                                                    3%). This divergence extended post COVID with
                                                                                                                    outstanding outperformance experienced by
                                                                                                                    companies that benefit from (and capture the
                                                                                                                    zeitgeist of) the so-called ‘new normal’.
                                                                                                                  • NAV performance (+18.6%) exceeded the
                                                                                                                    benchmark by 0.5%.
                                                                                                                  • The current crisis has shown the modern world is
                                                                                                                    built on technology while many of the trends we
                                                                                                                    have written about for years have been
                                                                                                                    meaningfully accelerated by the crisis. While
                                                                                                                    valuations appear to capture at least some of this
                                                                                                                    acceleration, we look forward to many more
                                                                                                                    years of growth for the technology sector.

Source: Bloomberg, 31 July 2020. Past performance is not indicative or a guarantee of future returns. 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.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                                   5
Polar Capital Technology Trust plc AGM Presentation 2020
The Technology Team
• Technology is at the core of the Polar Capital business

• One of the largest technology franchises in Europe with c.US$10.9bn under management

• Nine dedicated technology specialists – strong multi-cycle track record

                                          Global Technology                                      Polar Capital Technology                                            Automation & AI
        Funds                                   Fund                                                Trust (LSE listed)                                                    Fund
                                              US$6.6bn                                                  US$3.7bn                                                        US$578m

                                  Nick Evans                                                  Ben Rogoff                                                   Xuesong Zhao
                                  Partner                                                     Partner                                                      Fund Manager/Analyst
                                  Investment experience: 22 years                             Investment experience: 25 years                              Investment experience: 13 years

                                  Sectors: US                                                 Sectors: US                                                  Sectors: Asia (all-cap), global
                                                                                                                                                           semi / Semi cap equipment

 Fund Managers
                                                               Fatima Iu                                                  Alastair Unwin
                                                               Fund Manager/Analyst                                       Fund Manager/Analyst
                                                               Investment experience: 14 years                            Investment experience: 9 years

                                                               Sectors: Europe (all-cap), security,                       Sectors: Global (all-cap) Payments,
                                                               networking, energy & med tech                              SMB software, IT services

                           Chris Wittstock (based in US)                        Bradley Reynolds                                   Paul Johnson                                              Nick Williams
                           Senior Investment Analyst                            Investment Analyst                                 Investment Analyst                                        Investment Analyst
                           Investment experience: 36 years                      Investment experience: 13 years                    Investment experience: 8 years                            Investment experience: 4 years
      Analysts
                           Sectors: US Technology/Software                      Sectors: US (all-cap) –                            Sectors: Emerging Tech inc.                               Sectors: Global (all-cap) –
                                                                                Internet & digital media                           3D printing, gaming & autos                               A&AI Fund

Source: Polar Capital, 31 July 2020.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                                      6
Polar Capital Technology Trust plc AGM Presentation 2020
Investment Framework

                               4,000+ universe
                                                                                                                   Dynamic definition of technology
                                                                                Thematic overview              Real-world changes in userbehaviour

                                                                                                                                   S-Curve inflections
                                                                                What we look for                          Secular themes / pure-plays

                                                                                                                             Last-generation winners
                                                                                What we avoid                                  Public venturecapital

                                                                                                               Growth bias – rev/earnings/ cash flow
                                                                                Valuation                  Price targets (bull/base/bear) / Risk reward

                                                                                                                             Bottom-up stock picking
                                                                                Portfolio construction                             Benchmark aware

                                                                                                                        Mis-execution / modelchange
                                                                                Sell disciplines                               Price level attainment
                                      Portfolio

Source: Polar Capital.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                  7
Polar Capital Technology Trust plc AGM Presentation 2020
Thematic Investing: Hype vs. Reality
                                                                            Polar Capital Global Technology Team
                                                                       Searching for revenue growth and cash flow inflections

                                                                        R&D                                         High growth                                      Low growth                       No growth
                                 Pre-Revenue                        negative OM%                                   expanding OM%                                     stable OM%                uncertain / decliningOM%

                                                                                                                                                           Payment network
                                                                                                                                                       Digital Gaming               EM smartphones
     Sales (blue)

                                                                                                                                                      eCommerce                              IT Services        Value Trap
                                                                                                                                   Unified Communications         Streaming media          DM smartphones
                                                                                                                                 Digital Twin Simulation       Performance Marketing
                                                                                                                                                                                           Pay TV Subscription
                                                             5G Devices                                                                                    Factory Automation / Robotics
                                                                                                                                       400G Optical                                                  Virtualisation
                                                   Block Chain
                                                                      Robotic Process Autom ation                                                     Internet of Things (IoT)
                                         Precision Medicine                                                                      Clean Energy                                              Cyber Security (Firewall)
                                                                       Next Gen Memory                                                            Software as a Service (SaaS)
                                                                                                                                 EUV Litho                                                     ERP / Traditional SW
                             Edge Computing / Analytics
                                                                        Autonomous Driving                                                    Cloud computing (PaaS/IaaS)
                                                                                                                             3D Sensing                                                                      Mainframe
                                            5G mm Wave
                                                                         SIC/48v                                                          Machine to Machine Communication
                                                                                                                         OLED TV                                                                  Desktop PC / printers
                      Low Earth Orbit Satellite Systems                    Energy Storage                                              Microservices / Containerisation
      Hype (orange)

                                                                                                          ADAS / Active Safety
                                  Solid State Battery                      Smart Agriculture                                     3D Packaging
                        Light Cargo Delivery Drones                          Virtual Reality                                 Mobile Payment
                      Flying Autonomous Vehicles                              Electric Vehicles                          Cyber Security (Cloud Security)

                      Adaptive Machine Learning                                   3D Printing                       Data Economy / Machine Learning
                                                                                       5G Network             AI (Image Recognition)
                           Fuel Cell Vehicles
                                                                                                    AI (Voice Recognition)

                                “Blue Sky”                         Disillusionment                            Emerging / Adoption                                   Mainstream                             Maturity

                       Positioning of themes/products above is only intended to be indicative of approximate penetration/maturity
Source: Polar Capital & Gartner, October 2019. 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.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                                     8
Polar Capital Technology Trust plc AGM Presentation 2020
Thematic Investing: Hype vs. Reality

                                                                                                                Consumer Cash Payments, forecasts vs. actual (m)4

      •      Introduced in late 2016 to derision1
      •      Analysts estimate that 16m AirPods were
             sold in 20182 , 40m in 20193 and as many as                                                           “How did you go bankrupt?
             100m by 20212..                                                                                       Two ways. Gradually, then suddenly.”
      •      This would make them Apple’s second fastest                                                                                                                  - Ernest Hemingway
             selling new product of all time5

Source: 1. OneZero, 2019. 2. Ming-Chi Kuo of TF International Securities. 3. Neil Cybart, Above Avalon, February 2019. 4. UK Finance, Link Network. 5. Cult of Mac, 2019. The stocks represented herein do not
reflect the entire holdings contained within the Fund. 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.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                             9
Polar Capital Technology Trust plc AGM Presentation 2020
Technology Outperformance

 Tech has driven all the earnings growth since 2009                                                               Helping growth stocks sharply outperform value
 Tech vs. Ex. Tech earnings (1985 – Present)                                                                      World Value vs. Growth stocks (1974 – Present)

Source: FT, Goldman Sachs. Trailing 12-month earnings. 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.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                               10
Eight Core Investment Themes

   Core Investment themes (estimated exposure in Fund)

                          SaaS / Software "Eating the World"                                                                                                                   13.3%
                                   Industry 4.0 / Automation                                                                       3.7%
                               Cloud Infrastructure / Security                                                                                                       11.1%
                                        Digital Entertainment                                                                                                           11.6%
                                  Mobility / Connectivity / 5G                                                                                                                                     17.6%
                                          Payments / Fintech                                                                           4.6%
                         Data Economy / Artificial Intelligence                                                                                                                13.2%
                            Online Advertising / eCommerce                                                                                                                             15.1%
                                 Market Hedge / Beta Offset                                                               1.6%
                                              Other / Cyclical                                                                                 6.3%
                                               Other / Growth                                                             1.7%
                                               Other / Legacy                                                      0.2%
                                                                                                              0%                     5%                     10%                    15%                   20%

Source: Polar Capital, 31 July 2020, internal estimates. Past performance is not indicative or a guarantee of future returns. 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.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                                11
Investment Themes

 Eight core theme breakdown (31 January 2017 – 31 July 2020)
19%
18%
17%
16%
15%
14%
13%
12%
11%
10%
  9%
  8%
  7%
  6%
  5%
  4%
  3%
  2%
  1%
  0%
                                                                                        Oct-17

                                                                                                                                                                                                    Oct-18

                                                                                                                                                                                                                                                                                                                Oct-19
                         Mar-17

                                                                      Aug-17

                                                                                                                                     Mar-18

                                                                                                                                                                                  Aug-18

                                                                                                                                                                                                                                                 Mar-19

                                                                                                                                                                                                                                                                                              Aug-19

                                                                                                                                                                                                                                                                                                                                                              Mar-20
                                                                                                                                                                                                                                                                                     Jul-19
                                                             Jul-17

                                                                                                                                                                         Jul-18

                                                                                                                                                                                                                                                                                                                                                                                                  Jul-20
                                                    Jun-17

                                                                                                                                                                Jun-18

                                                                                                                                                                                                                                                          Apr-19

                                                                                                                                                                                                                                                                            Jun-19

                                                                                                                                                                                                                                                                                                                                                                                         Jun-20
       Jan-17

                                  Apr-17

                                                                                                                                              Apr-18

                                                                                                                                                                                                                               Jan-19

                                                                                                                                                                                                                                                                                                                                                                       Apr-20
                                                                                                          Dec-17
                                                                                                                   Jan-18

                                                                                                                                                                                                                      Dec-18

                                                                                                                                                                                                                                        Feb-19

                                                                                                                                                                                                                                                                                                       Sep-19

                                                                                                                                                                                                                                                                                                                                   Dec-19
                                                                                                                                                                                                                                                                                                                                            Jan-20
                Feb-17

                                                                               Sep-17

                                                                                                                            Feb-18

                                                                                                                                                                                           Sep-18

                                                                                                                                                                                                                                                                                                                                                     Feb-20
                                                                                                                                                                                                                                                                                                                          Nov-19
                                                                                                 Nov-17

                                                                                                                                                                                                             Nov-18
                                           May-17

                                                                                                                                                       May-18

                                                                                                                                                                                                                                                                   May-19

                                                                                                                                                                                                                                                                                                                                                                                May-20
                   Data Economy / Artificial Intelligence                                                          Cloud Infrastructure / Security                                                                    Digital Entertainment                                                                              Online Advertising / eCommerce
                   Market hedge / beta offset                                                                      Industry 4.0 / Automation                                                                          Mobility / Connectivity / 5G                                                                       SaaS / Software "Eating the World"
                   Payments / Fintech                                                                              Other / Cyclical                                                                                   Other / Growth                                                                                     Other / Legacy

Source: Polar Capital, 31 July 2020. Past performance is not indicative or a guarantee of future returns.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                                                                                                                                                                                                      12
Digital Disruption: Demographics

  How couples meet (1940 – present)1                                                                             Gen Z consumers are different2

                                                                              96% own a smartphone, more than 50% are online >10 hrs/day4
                             Generation Z                                     70% watch more than 2 hours of YouTube/day3, 83% watch Netflix5
                                                                              62% will not use apps that are hard to navigate6
                       c.26% of the US pop8
                                                                              80% feel distressed when away from their devices4
                                                                              Average attention span = 8 seconds7
Source: 1. https://web.stanford.edu/~mrosenfe/Rosenfeld_et_al_Disintermediating_Friends.pdf 2. Visual Capitalist. 3. www.tvlicensing.co.uk. 4. Visual Capitalist. 5. IBM. 6. Uniquely Generation Z Report. 7. Nola
Research Group. 8. Digital Marketing Community, GenZ: New Insights Into the Mobile-First Mindset of US Teens, August 2016 | Think With Google.
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.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                             13
Digital Disruption: Artificial Intelligence(AI)

 Collapsing computing costs (1950 – 2019)1

                                                                                                       “Artificial Intelligence technologies will be the
                                                                                                        most disruptive class of technologies over the
                                                                                                        next 10 years due to radical computational
                                                                                                        power, near-endless amounts of data, and
                                                                                                         unprecedented advances in deep neural
                                                                                                       networks; these will enable organizations with
                                                                                                      AI technologies to harness data in order to adapt
                                                                                                       to new situations and solve problems that no
                                                                                                          one has ever encountered previously”

                                                                                                                                                                        - Gartner, July 20172

Source: 1. John C. McCallum; Gordon Moore; The Linley Group; Nielson Normal Group; The Economist. 2. Gartner. The stocks represented herein do not reflect the entire holdings contained within the Fund. 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.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                14
Digital Disruption: COVID Acceleration

 Digital transformation –                                 “the business imperative of responding to needs of a new generation of customers,
                                                          partners and suppliers who expect transactions to be seamless, real-time, Facebook-like
                                                          in experience, Amazon-like in reliability”1

 COVID acceleration –                                     “As COVID-19 impacts every aspect of our work and life, we have seen two years’ worth
                                                          of digital transformation in two months. From remote teamwork and learning to sales
                                                          and customer service to critical cloud infrastructure and security, we are working alongside
                                                          customers every day to help them stay open for business in a world of remote everything.
                                                          There is both immediate surge demand and systemic structural changes across all of our
                                                          solution areas that will define the way we live and work going forward.”
                                                                                                                       -Satya Nadella, CEO, Microsoft2

   Accelerated US eCommerce3                                               Online spending by sector (%)5                                             WFH likely to persist post COVID4

Source: 1. Baird. 2. Microsoft, 30/4/20. 3. Adobe Digital Economy Index May 2020 4 Gartner, compiled by Goldman Sachs Global Investment Research, May 2020. 5. BAC, May 2020. 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.

 For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                                      15
Investment Themes

                                                                                                                                Advertising / eCommerce
                                                                                Internet advertising worth $340bn in 2020E2, 52% of total ad spending2
                                                                                           eCommerce est. $4.2trn in 2020E, c16% of total retail sales1
                                                                                                             Brand Building → Transaction facilitation
     Payments / Fintech
     Global mobile payments worth $2.73tr by 20234
     2.1bn consumers to pay via mobile wallet in 20195
     eCommerce → behavioural change / disruption

                                                                                            Data Economy / Artificial Intelligence
                                                                                   2.5bn Gb of data generated per day only 1% is stored & analysed7
                                                                            AI likely largest driver of tech spend over 5-10 years ($127bn by 2025E7)
                                                                                                    Rules based engines → Self improving algorithms

     Cloud Infrastructure / Security
     By 2023, 43% of application workloads expected to run in Cloud services5
     Security tailwinds include data breaches, regulation, digitzation, cyberwarfare
     Under-utilisation / cost arbitrage → Elastic Compute / TAM expansion

Source: 1. eMarketer, Dec 2019; 2. IAB, Zenith, BoA Dec 2019; 3. BoA / ML / Zenith, US market Jan 18; 4. Payments cards and mobile, 2019. 5. GS CIO Survey (Jan 2020). 6. MS, Geekwire July 2018. 7.
BAML, August 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.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                         16
Investment Themes

                                                                                            Software / SaaS “Eating The World”
                                                                           SaaS market of $141bn in 2019 expected to reach $550bn by 20258
                                                               As penetration rises (~30% today5 ) expect more strategic M&A by incumbents
                                                                               SMB adoption / TAM expansion→ Enterprise / ‘rip and replace’

     Digital Entertainment
     $146bn 2019 gaming market1 growing to $200bn by 2023E driven by mobile, DLC / MTX 1
     Streaming + 5G could open AAA titles to ~2.6bn mobile gamers worldwide2
     Leisure → Connected / Competitive

                                                                                                                            Industry 4.0 / Automation
                                   $381bn TAM by 2023 (c.10% CAGR)3 enabled by advanced components (e.g. sensors, gears)
                                 Position repeatability: 0.01mm (robots) / 0.5mm (humans) VS 0.02mm (iPhone64) / 0.1mm (cars)
                                                                 Cost savings → Necessity, Flexibility (‘CoBot’) and Consistency

     Connectivity / Mobility / 5G
     Current networks insufficient to support an increasingly connected world
     5G infrastructure spending worth $26bn by 2022E, +118% CAGR (2018-2022)7
     Capacity + latency → IoT enablement

Source: 1. Newzoo, April 2020; 2. Newzoo April 2020 3. marketsandmarkets, May 2018; 4. Cult of Mac, 2014. 5. IDC. 6. NewZoo May 2017. 7. ZDNet, 2018. 8. Keybanc. 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.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                   17
Digital Marketing / Online Advertising
• Global online advertising worth $340bn in 2020E, c. 52% of total worldwide advertising spend1
• Online share of US advertising now commensurate with % time spent in media (51% vs. 20%/33% in 2010)…2
• …but TV + radio + print still c.49% of US ad spending and new dollar pools (trade spend / direct marketing) emerging2
• US digital media consumption accelerated in 2018 (to +7% y/y) aided by highly favourable demographic trends3

 Worldwide digital advertising spending ($bn): 2018 – 20233                                                   TAM expansion as new dollar pools emerge4

      Sample Holdings
Source: Polar Capital, unless otherwise stated. 1. IAB, Zenith, BoA,, Dec 2019. 2. Bond Internet Trends 2019 3. Bond Internet Trends 2019 BoAML/Zenith, US market January 2018. 4. Morgan Stanley, March 2020. Note:
*Other includes Telemarketing, Event Sponsorship, Business-to-Business Promotion, Directories and Public Relations.. 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.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                           18
eCommerce
• eCommerce growth continues unabated and is forecast at $4.2tr in 2020E, representing c.16% of total retail sales1
• Amazon’s share of US e-commerce now 38%, 4% of all retail spend2
• Mobile now an integral part of the shopping experience, accounting for 63.5% of all retail eCommerce 2
• Improvements in payments / delivery continue to reduce online buying friction / change user behaviour and expectations

  Global eCommerce sales, $bn (2017-2023E)1                                                                      Online penetration of US retail categories 20193

      Sample Holdings

Source: Polar Capital, unless otherwise stated. 1. eMarketer, June 2019. 2. eMarketer, June 2019. 3. eMarketer, Bernstein, Jan 2020. 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.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                                19
Payments / Fintech
• Global mobile payment market set to reach $2.73tr by 2023, representing a 25% CAGR 2018-20231
• 2.1bn consumers expected to make a purchase via a mobile wallet in 2019, >50% in China2
• B2B opportunity: $120tr (vs. $45tr consumer volume) largely cheque-based today ($4-20/transaction vs. 30-50c digital)3
• Contactless coming: half of US transactions
Cloud Infrastructure / Security
• Having debunked many of the earlier barriers to adoption, we expect Cloud migration to accelerate over the coming years
• Expect ‘all’ incremental capacity added in cloud: c. 50% of spend by 20192 and 44% of application workloads by 20213
• Cloud deflation to be felt across IT stack – IT Services market worth >$1.1tn in 2019 (2x software + datacentre combined)4
• Cost of cybercrime estimated at $6tr by 2021 with cybersecurity playing a vital role in protecting the digital economy1

 Cloud penetration remains low across major IT spend                                                           Enterprise computing workloads expectations6
 categories5

      Sample Holdings
Source: Polar Capital unless otherwise stated. 1. PWC, The cost of inaction on cybercrime in the Middle East, 2018. 2. Deutsche Bank, January 2016. 3. Morgan Stanley / Geekwire August 2018 4. Gartner, May 2020.
5. Gartner, Goldman Sachs Global Investment Research. 6. Goldman Sachs, Global Investment Research. 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.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                              21
The Data Economy / Artificial Intelligence (AI)
• 2.5bn gigabytes of data is generated per day but only 1% is stored and analysed; this could increase to 37% by 20251
  – e.g. a single AV may generate 4TB of data/ day, equivalent to 3,000 people today1
• AI likely to be the single largest driver of tech spending over the next 5-10 years, worth $127bn by 2025E1
  – Only 8% of companies have deployed ML beyond testing1, focus likely to remain narrow / specific use-cases
• Data Economy includes semi / components (DRAM / NAND, GPU / FPGA), Cloud (scale), tools (data prep / analytics) and apps.

   The ‘Data Economy’ ecosystem2                                                                                AI revenue growth by technology, $bn (2015 – 2025E)1

                                                    Apps

                                                  Tools

                                                 Cloud

                                 Semi / components

      Sample Holdings

Source: 1. BAML, August 2018 2. Polar Capital. 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.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                             22
Software (Is Eating The World)
• Rental / usage-based model is expanding the software market while threatening incumbent franchises / maintenance
• Software as a service (SaaS) targets a $325bn opportunity by 2022, representing 25% of IT spending1
• Focus on the customer experience (CX) driving a front office transformation                                                            CRM, UCaaS, CPaaS, voice, payments
• Agility in the data age requires automation / upgraded core business functions                                                                   AI, BPA, HR, procurement

 US nominal tech capex (1980 – Q1’20)2                                                                          SaaS spending (2004 – 2020E)1

      Sample Holdings

Source: 1. Statista, 2020. 2. Cornerstone, Q1’20. 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.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                                23
Digital Entertainment
• Video games: $146bn bn market in 2019 → $201bn by 2023E (~8% CAGR), driven by new console cycle, mobile and AR/VR1
• Meteoric rise of Free-To-Play Fortnite (>78m MAU / $2.4bn sales): both risk and opportunity2
• Streaming video : c.200m (vs. 1bn paid TV) subscribers worldwide, Netflix dominates today with 140m (6x closest comp)3
• eSports: modest TAM (~$1.1bn) but massive audience (201m enthusiasts + 253m occasional viewers) watching 6.6bn hours4

 2020 global games market1                                                                                    Total paid US subscriptions5

      Sample Holdings
Source: 1. Newzoo, Apr 2020. 2. Polygon, September 2018 & The Telegraph, 2019. 3. RBC, August 2019. 4. Influencer Marketing Hub. 5. Company data, SNL Kagan, Ampere, Moran Stanley Research estimates. 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.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                               24
Digital Entertainment
• Video games: $146bn bn market in 2019 → $201bn by 2023E (~8% CAGR), driven by new console cycle, mobile and AR/VR1
• Meteoric rise of Free-To-Play Fortnite (>78m MAU / $2.4bn sales): both risk and opportunity2
• Streaming video : c.200m (vs. 1bn paid TV) subscribers worldwide, Netflix dominates today with 140m (6x closest comp)3
• eSports: modest TAM (~$1.1bn) but massive audience (201m enthusiasts + 253m occasional viewers) watching 6.6bn hours4

 Real meets Virtual – Travis Scott / Fortnite5                                                                      Real meets Virtual – F1 eSports Series6

      Sample Holdings
Source: 1. Newzoo, Apr 2020. 2. Polygon, September 2018 & The Telegraph, 2019. 3. RBC, August 2019. 4. Influencer Marketing Hub. 5. YouTube, 2020. 6. Autosport, 2020. 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.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                                       25
Industry 4.0: Automation / Simulation
• The Fourth Industrial Revolution underway driven by Cyber Physical Systems, Internet of Things and Cloud Services
• Edge AI, low latency from 5G and advanced machine vision should enable cobots to self-learn tasks
• Over 25% of manufacturing tasks that can be automated may be performed by robots over the next decade1
• Service robotics (logistics, domestic, medical) market ($17bn +32% y/y in 2019) now the same size as Industrial robotics market

 Connected factory combines multiple technologies2                                                              Annual installations of industrial Robots (2013-2022E)3

      Sample Holdings

Source: 1. Boston Consulting Group, September 2015. 2. Analog Devices. 3. World Robotics, 2019. 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.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                               26
Connectivity: 5G / IoT / Edge Computing
• Current networks insufficient capacity / latency to support an increasingly connected world (c.29bn devices by 2022)1
• 5G up to 100x faster with low latency (
5G – Smartphones / Apple
• The c.1.5bn unit smartphone market is mature: global penetration at c.66%1 and units declined 2% y/y in 20201
• Apple remains unique: premium pricing + services. Wearables (+32% y/y in FQ2’20) AirPod / Watch attach at estimated 7% / 12%2
• Can 5G shorten replacement cycles? Although the PC experience is sobering, sentiment could improve ahead of 5G launch in 2020
• 5G content gains coming at a time of higher capital intensity due to ‘Moore’s Stress’ – favours RF, SPE, IC design, test and materials

 Smartphone worldwide unit shipments (2008 - 2022)3                                                                 Apple replacement cycles FY16 – FY21E4

      Sample Holdings

Source: 1. Gartner, Feb 2020. 2. Bernstein, 3 June 2020. 3. Business Insider, 2018. 4. Bernstein, 2020. 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.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                                        28
Technology Valuations

 Absolute sector valuation (PE):                                                                                Relative sector valuation (PE):
 At post GFC highs (1992 – present)                                                                             At / around market level – with superior balance sheet

Source: Ned Davis, 31 July 2020. Copyright 2018 Ned Davis Research, Inc. Further distribution prohibited without prior permission. All Rights Reserved. See NDR Disclaimer at www.ndr.com/copyright.html. For
data vendor disclaimers refer to www.ndr.com/vendorinfo/. Past performance is not indicative or a guarantee of future returns.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                        29
‘Next-Generation’ Valuations

 Internet valuation (equal cap weighted):                                                                           Software as a Service (SaaS) valuation:
 EV/forward 2 year EV/EBITDA levels1                                                                                EV/forward 12 month revenue multiples2

 25

 20

 15

 10

  5

  0
                                                                       Oct-17
      Jan-13

                                 Jan-15

                                                     Jun-16

                                                                                Jun-18

                                                                                         Mar-19
                                                              Feb-17

                                                                                                  Nov-19
               Sep-13

                                          Sep-15
                        May-14

                                                                                                           Jul-20

                                                   ML Internet Index

Source: 1. Bloomberg, 31 July 2020. UCITS Internet sector (AMZN/FB/GOOG/BABA/700HK/PYPL) vs Bank of America Merrill Lynch Internet sector Index. 2. Thomson Reuters, KeyBanc, Capital Markets, July 2020. Includes
the following tickers: ADBE, ALRM, APPF, APPN, AVLR, AYX, BAND, BILL, BL, BNFT, BOX, CDAY, CLDR, COUP, CRM, CRWD, CSLT, CSOD, DBX, DDOG, DOCU, DOMO, DT, ECOM, ESTC, EVBG, FIVN, FSLY,
HUBS, LOGM, MDB, MIME, NET, NEWR, NOW, OKTA, PAYC, PCTY, PD, PFPT, PING, PLAN, PRO, PS, QLYS, QTWO, RNG, RP, RPD, SHOP, SMAR, SPSC, SQ, SVMK, TDOC, TEAM, TENB, TLND, TWLO,
TWOU, VEEV, WDAY, WIX, W K, WORK, YEXT, ZEN, ZM, ZS, ZUO. Past performance is not indicative or a guarantee of futurereturns.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                       30
‘Next-Generation’ Valuations

 IT security valuation:                                                                                            Cloud vs legacy valuation
 EV/forward 12 month revenue multiples1                                                                            EV/trailing 12 month revenue multiples2
                                                                                                                                                 14x

                                                                                                                                                 12x

                                                                                                                   EV/ trailing 12 month sales
                                                                                                                                                 10x

                                                                                                                                                  8x

                                                                                                                                                  6x

                                                                                                                                                  4x

                                                                                                                                                  2x

                                                                                                                                                  0x

                                                                                                                                                       Jan-10

                                                                                                                                                       Jan-11

                                                                                                                                                       Jan-12

                                                                                                                                                       Jan-13

                                                                                                                                                       Jan-14

                                                                                                                                                       Jan-15

                                                                                                                                                       Jan-16

                                                                                                                                                       Jan-17

                                                                                                                                                       Jan-18

                                                                                                                                                       Jan-19

                                                                                                                                                       Jan-20
                                                                                                                                                       Sep-10

                                                                                                                                                       Sep-11

                                                                                                                                                       Sep-12

                                                                                                                                                       Sep-13

                                                                                                                                                       Sep-14

                                                                                                                                                       Sep-15

                                                                                                                                                       Sep-16

                                                                                                                                                       Sep-17

                                                                                                                                                       Sep-18

                                                                                                                                                       Sep-19
                                                                                                                                                       May-10

                                                                                                                                                       May-11

                                                                                                                                                       May-12

                                                                                                                                                       May-13

                                                                                                                                                       May-14

                                                                                                                                                       May-15

                                                                                                                                                       May-16

                                                                                                                                                       May-17

                                                                                                                                                       May-18

                                                                                                                                                       May-19

                                                                                                                                                       May-20
                                                                                                                                                                  LEGACY          CLOUD

Source: 1. Citi Research, FactSet, July 2020. 2. Bloomberg, BofA Merrill Lynch Global Research, July 2020. Past performance is not indicative or a guarantee of future returns.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                  31
Rhymes, Not Repeats

 Technology outperformance                                                                                 Technology outperformance
 Sector market cap as % of S&P 500 market cap                                                              Market cap weight minus earnings weight

                                                                                                               ‒ Q1’20: technology earnings +15% y/y vs. +2.5% S&P 500

Source: Ned Davis, July 2020. Past performance is not indicative or a guarantee of future returns.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                 32
Rhymes, Not Repeats

 Concentration risk:                                                                                         Concentration risk:
 % of S&P 500 accounted for by largest 5 stocks1                                                             Weights of Top 5 / bottom half of stocks in the S&P 5002

Source: 1. BoA Global Investment Strategy / Bloomberg, June 2020 2. Ned Davis, June 2020. Past performance is not indicative or a guarantee of future returns.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                33
Rhymes, Not Repeats

   Investor sentiment
   AAII Bulls / (Bulls + Bears)1

                                                         Late 1990s exuberance

                                                                                                                                 32.9%
                                                                                                                                 as at
                                                                                                                                 2 July 20201

                                                                                                               Post GFC trauma

Source: 1. Ned Davis as at 2 July 2020. Past performance is not indicative or a guarantee of future returns.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                             34
PCT Positioning
Sector exposure (%)                                                                                              Market cap exposure (%)
Software                                                                                24.1%
Semiconductors & Semiconductor Equipment                                                17.4%                                                               88.0%
                                                                                                                  Large Cap (>$10bn)
Interactive Media & Services                                                            16.0%
Technology Hardware, Storage & Peripherals                                              12.7%                     Mid Cap (>$1bn - $10bn)                   11.2%
Internet & Direct Marketing Retail                                                       8.0%                     Small Cap (
PCT Positioning

Largest overweights                                    Largest underweights                                   Market cap exposure versus benchmark
Activision Blizzard                                    Alphabet
Advanced Micro Devices                                 Analog Devices
Advantest Corp                                         Apple
                                                                                                               Large-cap                                       -4.7%
Amazon                                                 Applied Materials
Axon Enterprise                                        Autodesk
Blackline                                              Broadcom
CloudFlare                                             Cisco Systems
Crowdstrike                                            Facebook                                                  Mid-cap                                                    4.4%
Everbridge                                             IBM
GrubHub                                                Infosys
MediaTek                                               Intel
Netflix                                                Intuit                                                   Small-cap                                                   0.3%
PayPal                                                 LAM Research
Peloton Interactive                                    Micron Technology
Take-Two Interactive Software                          Microsoft                                                          -20%      -15%      -10%       -5%           0%          5%   10%      15%
Tokyo Electron                                         Oracle
Twilio                                                 SAP
Xilinx                                                 Shopify
Zendesk                                                SK Hynix
Zoom Video Communications                              Texas Instruments

Source: Polar Capital, as at 31 July 2020. Bold denotes a zero position. 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.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                          36
PCT Positioning
Thematic breakdown1,2                                                                                            Thematic breakdown relative to benchmark (%)1,2
                                                                                                                   6.0%

                                         Legacy                                                                    4.0%
                                          11%
                                                                                                                   2.0%
                                                                                    Internet
                                                                                      25%                          0.0%

                                                                                                                  -2.0%

                                                                                                                  -4.0%

                                                                                                                  -6.0%
             Semiconductors
                  21%
                                                                                                                  -8.0%

                                                                                                                -10.0%

                                                                                                                -12.0%
                                                                                   Cloud: applications
                                                                                          13%
                                                                                                                -14.0%

                                                                                                                -16.0%
  Smartphones

                                                                                                                                                                                      Video Games

                                                                                                                                                                                                                                                                                                                                                                                                                                     Legacy
                                                                                                                                                                                                                                                                                                                            IoT
                                                                                                                                                                                                                                                                                               Cybersecurity

                                                                                                                                                                                                                                                                                                                                          Medical Technology
                                                                                                                                                                                                                                                                           Electric Vehicles

                                                                                                                                                                                                                                                                                                                                                                                                 Internet
                                                                                                                                                                                                                                                                                                                                                                       3D Printing

                                                                                                                                                                                                                                                                                                                                                                                                            Semiconductors
                                                                                                                                                                                                                                             Smartphones
                                                                                                                                                                                                                                  Emerging
                                                                                                                             Cloud: infrastructure

                                                                                                                                                                                                                                                                                                               Automotive

                                                                                                                                                                                                                                                                                                                                                                                     Materials
                                                                                                                                                     Payments

                                                                                                                                                                                                                                                                                                                                                                                                                             Apple
                                                                                                                                                                Cloud: applications

                                                                                                                                                                                                                                                                                                                                  Solar

                                                                                                                                                                                                                                                                                                                                                               Other
                                                                                                                                                                                                                                                           Big data / AI
                                                                                                                                                                                                    Factory automation/robotics
      2%

                           Apple
                           10%
   Medical Technology
           0%
                                                                                     Cloud: infrastructure
     Electric Vehicles                                                                        4%
            1%        Solar
                                 Other                                                                    Cybersecurity
                       0%
            Emerging                                                                Big data / AI             1%
                                  0%
               1%                        IoT      PaymentsFactory            Automotive 2%
                     3D Printing                     automation/robotics
                                         1%          4%                         2%
                        0%                                   2%

Source: Polar Capital, 31 July 2020. 1. Benchmark: Dow Jones Global Technology Index (TR). 2. Index exposure based on Top 100 index constituents. Figures are shown as gross weightings.
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.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                                                                                                                                                                                                                                             37
PCT Positioning
                                                                   Index          Index
                                                 PCT 1             Top              ex                          Sales growth 2020 – PCT vs. benchmark2
                                                                    100            Apple
                                                                                                                          60.0
    PE (Median)                        CY          32.8             27.1            27.0
                                       NY          31.7             23.4            23.2
    Earnings growth (Median)           CY           4.4              3.8             3.7
                                                                                                                          50.0
                                       NY          29.2             18.0            18.0
    EV/Sales (Mean)                    CY          10.3              9.4             9.4
                                       NY           8.4              7.9             7.9
    EV/Sales (Median)                  CY           8.3              6.7             6.7                                  40.0
                                       NY           6.8              5.9             5.9
    EV/Sales (Weighted)**              CY           9.7              8.8             9.2

                                                                                                                 Weight
                                       NY           8.2              7.6             7.9
                                                                                                                          30.0
    Sales Growth (Mean)                CY          11.7             11.3            11.3
                                       NY          19.4             14.8            14.8
    Sales Growth (Median)              CY          12.0             10.4            10.4
                                       NY          17.5             12.8            12.9                                  20.0
    Sales Growth (Weighted)**          CY          13.6             11.5            12.7
                                       NY          17.9             14.5            15.1
    Gross Margin (Mean)                            55.6             57.6            57.8
                                                                                                                          10.0
    Gross Margin (Median)                          54.9             58.6            59.0
    Gross Margin (Weighted)**                      53.3             56.0            59.7
    Net Cash as % mkt cap             Avg           7.8             10.4            10.4
                                    Wgtd**          6.5              6.0             6.4                                   0.0
                                                                                                                                 50
    Market Cap ($m)                  Mean        136,899          121,918         104,135
                                                                                                                                                     Best Estimate Sales Growth 2020
                                    Median        20,999          33,328           33,188
                                    Wgtd**       589,801          795,596         579,302                                              PCT GROSS WEIGHT                 BENCH GROSS WEIGHT

 Source: 1. Polar Capital, 6 August 2020. Figures in blue exclude Apple (16.6% gross) from the Index Top 100. CY = Current Year, NY = 2021 calendar year estimates. 2. Polar Capital, 6 August 2020. Benchmark: Dow
 Jones Global Technology Index (TR). Past performance is not indicative or a guarantee of future results. 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. 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.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                              38
Appendix

For non-US investor use only. Please refer to the Important Information at the end of this presentation.   39
Team Biographies
                                    Ben Rogoff – Partner
                                    Experience: 25 years
                                    Ben joined Polar Capital in May 2003. He is lead manager of Polar Capital Technology Trust plc and is a Fund Manager of the Polar Capital
                                    Global Technology Fund and Polar Capital Automation and Artificial Intelligence Fund. He has been a technology specialist for 25 years. Prior to
                                    joining Polar Capital he began his career in fund management at CMI, as a global technology analyst. He moved to Aberdeen Fund Managers in
                                    1998 where he spent four years as a senior technology manager. Ben graduated from St Catherine’s College, Oxford in 1995.

                                    Nick Evans – Partner
                                    Experience: 22 years
                                    Nick joined Polar Capital in September 2007 and has 22 years’ experience as a technology specialist. He has been lead manager of the Polar
                                    Capital Global Technology Fund since January 2008 and is also a fund manager on the Polar Capital Technology Trust and Polar Capital
                                    Automation and Artificial Intelligence Fund. Prior to joining Polar he was head of technology at AXA Framlington and lead manager of the AXA
                                    Framlington Global Technology Fund and the AXA world fund (AWF) – Global Technology from 2001 to 2007 (both rated five stars by S&P). He
                                    also spent three years as a Pan-European investment manager and technology analyst at Hill Samuel Asset Management. Nick has a degree in
                                    Economics and Business Economics from Hull University, has completed all levels of the ASIP, and is a member of the CFA Institute.

                                    Xuesong Zhao
                                    Experience: 13 years
                                    Xuesong joined Polar Capital in May 2012 and has 13 years’ investment experience. He is a lead manager of the Polar Capital Automation and
                                    Artificial Intelligence Fund and is a Fund Manager on the Polar Capital Technology Trust and Polar Capital Global Technology Fund. Prior to
                                    joining Polar Capital, he spent four years working as an investment analyst within the emerging markets & Asia team at Aviva Investors, where he
                                    was responsible for the technology, media and telecom sectors. Prior to that, he worked as a quantitative analyst and risk manager for the
                                    emerging market debt team at Pictet Asset Management. He started his career as a financial engineer at Algorithmics, now owned by IBM, in
                                    2005. He holds an MSc in Finance from Imperial College of Science & Technology, a BA (Hons) in Economics from Peking University. He is also
                                    a CFA charterholder.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                        40
Team Biographies cont.
                                    Fatima Iu
                                    Experience: 14 years
                                    Fatima joined Polar Capital in April 2006 and has 14 years’ experience. She is a fund manager on the Polar Capital Technology Fund, Polar
                                    Capital Technology Trust and Polar Capital Automation and Artificial Intelligence Fund. She is responsible for the coverage of European
                                    Technology, Global Security, Networking, Clean Energy and Medical Technology. Prior to joining Polar, Fatima spent 18 months working at
                                    Citigroup Asset Management with a focus on consumer products and pharmaceuticals. Fatima holds an MSc in Medicinal Chemistry from Imperial
                                    College of Science & Technology in London. She is also a CFA Charterholder.

                                     Alastair Unwin
                                     Experience: 9 years
                                     Alastair joined Polar Capital in June 2019 as a Fund Manager and Senior Analyst. Prior to joining Polar Capital, Alastair co-managed the Arbrook
                                     American Equities Fund. Between 2014 and 2018 he launched and then managed the Neptune Global Technology Fund and managed the
                                     Neptune US Opportunities Fund. Prior to Neptune, Alastair was a technology analyst at Herald Investment Management. Alastair has a BA (1st
                                     Class Hons) in history from Trinity College, Cambridge and is a CFA Charterholder.

                                     Chris Wittstock
                                     Experience: 36 years
                                     Chris joined Polar Capital in July 2017 as a senior technology analyst based in the US. Prior to joining, Chris led the International research sales
                                     effort at Pacific Crest, a technology investment bank that was ultimately acquired by KeyBanc Capital in 2014. Prior to joining Pacific Crest in 2004,
                                     Chris led the International sales effort at Schwab SoundView, the successor company to Soundview Technology Group where he was since 1996.
                                     Chris spent significant time in Europe as a derivative products specialist in the late 80s and 90s, lastly with Morgan Stanley International. He is a
                                     graduate of University of Toronto, Faculty of Engineering (Industrial).

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                               41
Team Biographies cont.
                                     Brad Reynolds
                                     Experience: 13 years
                                     Brad joined Polar Capital in October 2011 as an Investment Analyst and Trader working as part of the European Market Neutral team with a focus
                                     on media and internet. In 2014, he joined the Technology team as an Investment Analyst. Prior to joining Polar Capital, Brad worked at Ratio Asset
                                     Management as an analyst and trader, and from 2007 to 2011 he worked at F&C as a hedge fund analyst. Brad started his career in 2001 at
                                     Gartmore Investment Management working within the hedge fund team. Brad graduated from the University of Hertfordshire with a degree in
                                     Business Studies.

                                     Paul Johnson
                                     Experience: 8 years
                                     Paul joined Polar Capital in March 2012 as an Investment Analyst on the Polar Capital Technology team. Prior to joining Polar Capital, Paul helped
                                     manage a private investment fund between 2010 and 2012. Paul holds a BA in History and Politics and a Masters in History from Keele University.
                                     He has successfully passed all three levels of the CFA program.

                                     Nick Williams
                                     Experience: 4 years
                                     Nick joined Polar Capital in June 2019 as an analyst on the Polar Capital Technology team. Prior to joining Polar Capital, Nick worked at Neptune
                                     Investment Management as the Assistant Fund Manager on the US Opportunities growth fund. Prior to that he worked in academia at the
                                     University of Oxford. Nick holds an MChem Chemistry from the University of Oxford.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                           42
Portfolio Structure – Liquidity Profile

  Liquidity horizon evaluation

               12,000,000,000                                                                                                                                                                                                                6.00

               10,000,000,000                                                                                                                                                                                                                5.00

                                                                                                                                                                                                                                                    Days to liquidate
                8,000,000,000                                                                                                                                                                                                                4.00
  AUM (USDM)

                6,000,000,000                                                                                                                                                                                                                3.00

                4,000,000,000                                                                                                                                                                                                                2.00

                2,000,000,000                                                                                                                                                                                                                1.00

                           0                                                                                                                                                                                                                 -
                                                                                      Sep-18
                                                                             Aug-18

                                                                                                                                                        Aug-19

                                                                                                                                                                 Sep-19
                                         Feb-18

                                                                    Jun-18

                                                                                                                 Feb-19

                                                                                                                                               Jun-19
                                                  Mar-18

                                                                                                                          Mar-19

                                                                                                                                                                                                Feb-20

                                                                                                                                                                                                                           Jun-20
                                                                                                                                                                                                         Mar-20

                                                                                                                                                                                                                                    Jul-20
                                Dec-17

                                                                                               Nov-18

                                                                                                        Dec-18

                                                                                                                                                                          Nov-19

                                                                                                                                                                                   Dec-19
                                                           May-18

                                                                                                                                      May-19

                                                                                                                                                                                                                  May-20
                                            Global Tech AUM $                          Strategy AUM $                              Days to liquidate 95% (GT)                               Days to liquidate 95% (Strat)

Source: Polar Capital, 31 July 2020. Liquidation is calculated assuming 20% of daily volume based on the average volume over the previous 60 days. Past performance is not indicative or a guarantee of future returns.

For non-US professional investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                                                                   43
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 or Company managed by Polar Capital. It may not be reproduced in any form without the express permission of Polar Capital and is for the intended recipient only. Clients who have
 access to this document should make themselves aware of all relevant risk factors relating to these products contained in the Fund or Company’s Prospectus or latest financial report. 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. Polar Capital Technology Trust plc is an Investment Company with investment trust status and as
 such its ordinary shares are excluded from the FCA’s (Financial Conduct Authority’s) restrictions which apply to non-mainstream investment products. The Company conducts its affairs and intends to continue to
 do so for the foreseeable future so that the exclusion continues to apply. It is not designed to contain information material to an investor’s decision to invest in in Polar Capital Funds Plc – Automation and Artificial
 Intelligence Fund, Polar Capital PLC – Global Technology Fund or Polar Capital Technology Trust plc which is an Alternative Investment Fund under the Alternative Investment Fund Managers Directive
 2011/61/EU (“AIFMD”) managed by Polar Capital LLP the appointed Alternative Investment Manager. In relation to each member state of the EEA (each a “Member State”) which has implemented the AIFMD,
 this document may only be distributed and shares may only be offered or placed in a Member State to the extent that (1) the fund is permitted to be marketed to professional investors in the relevant Member
 State in accordance with AIFMD; or (2) this document may otherwise be lawfully distributed and the shares may otherwise be lawfully offered or placed in that Member State (including at the initiative of the
 investor). As at the date of this document, the Fund has not been approved, notified or registered in accordance with the AIFMD for marketing to professional investors in any member state of the EEA. However,
 such approval may be sought or such notification or registration may be made in the future. Therefore this document is only transmitted to an investor in an EEA Member State at such investor’s own
 initiative. SUCH INFORMATION, INCLUDING RELEVANT RISK FACTORS, IS CONTAINED IN THE COMPANY OR 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 Company or 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 Company or 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 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 Company or Fund.

 Benchmarks: The following benchmark index is used: Dow Jones World Technology Index (Total Return). This benchmark is generally considered to be representative of the Technology Equity 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 is easily recognizable by investors. Please refer to www.djindexes.com
 for further information on this index. Comparisons to benchmarks have limitations as benchmarks volatility and other material characteristics that may differ from the Company or Fund. Security holdings, industry
 weightings and asset allocation made for the Company or Fund may differ significantly from the benchmark. Accordingly, investment results and volatility of the Company or Fund may differ from those of the
 benchmark. The indices noted in this document are unmanaged, are unavailable for direct investment, and are not subject to management fees, transaction costs or other types of expenses that the Company or
 Fund may incur. The performance of the indices 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, it is not intended to imply that the fund was similar
 to the indices in composition or risk.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                                       44
Important Information Cont.
                                                                                                                                                                                                   Polar Capital
                                                                                                                                                                                                16 Palace Street
                                                                                                                                                                                              London SW1E 5JD

 Regulatory Status: Polar Capital LLP is a limited liability partnership number OC314700. It is authorised and regulated by the UK 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 Registrar on 0800 876 6889 (PCTT) or Administrator on +353 1 434 5007 (UCITS). 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.

 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. Factors affecting the Company or Fund’s
 performance may include changes in market conditions (including currency risk) and interest rates and in response to other economic, political, or financial developments. 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 or prospectus for a description of the investment allocations as well as the risks associated therewith. Please note that the
 Company or 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 Company or Fund is dependent on
 the Investment Manager’s ability to identify and access appropriate investments, and balance assets to maximize return to the Company or Fund while minimizing its risk. The actual investments in the Company
 or Fund may or may not be the same or in the same proportion as those shown herein.

 Country Specific disclaimers: The Company or Funds have not been and will not be registered under the U.S. Investment Company Act of 1940, as amended (the "Investment Company Act") and the holders
 of its shares will not be entitled to the benefits of the Investment Company Act. In addition, the offer and sale of the Securities have not been, and will not be, registered under the U.S. Securities Act of 1933, as
 amended (the "Securities Act"). No Securities may be offered or sold or otherwise transacted within the United States or to, or for the account or benefit of U.S. Persons (as defined in Regulation S of the
 Securities Act). In connection with the transaction referred to in this document the shares of the Fund will be offered and sold only outside the United States to, and for the account or benefit of non U.S. Persons
 in "offshore- transactions" within the meaning of, and in reliance on the exemption from registration provided by Regulation S under the Securities Act. No money, securities or other consideration is being solicited
 and, if sent in response to the information contained herein, will not be accepted. Any failure to comply with the above restrictions may constitute a violation of such securities laws.

For non-US investor use only. Please refer to the Important Information at the end of this presentation.                                                                                                                    45
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