MERIAN GLOBAL INVESTORSAN INTRODUCTION

For investment professionals only

2

AN INTRODUCTION

Merian Global Investors is a leading, independent, global asset management firm. While our name may suggest we are a relative newcomer, our roots in fact go back many years.

The company as it is now known was formed in June 2018 when its management team, together with funds operated by the global growth private equity firm, TA Associates, acquired the “single-strategy” investment capabilities of Old Mutual Global Investors.

As an independent firm, we are committed to continuing to build a successful, specialised asset management business. Central to the future of our business is a belief that our clients appreciate the value of active investment management when it delivers what they reasonably expect.

Our strategy is to seek to attract and retain talented investment professionals, who are experts in their particular fields, and to provide them with the operational, risk management and distribution environment and support they need in order to thrive, yet without encumbering them with a blunt “house view” imposed by a chief investment officer.

Leading, independent asset manager

Commitment to active management

Investment led

No house view, no CIO

Distinctive culture

OUR INVESTMENT CAPABILITIES

INDUSTRY RECOGNITION

Merian Global Investors does not seek to be “all things to all people,” not least because we know that by doing so we would dilute – and ultimately lose – the qualities that make the firm distinct from other asset managers.

As an investment-led business, we strive to deliver investment strategies that are truly differentiated from those available elsewhere. As such, we are resolutely committed to active investment management; we target a high “active share” among our long-only strategies, and our absolute return strategies are expected to deliver on their commitments, while offering return profiles with a low correlation with other absolute return strategies.

Our products and services are broadly summarised here. Please contact us for more detailed information on any of our capabilities.

Merian Global Investors has won over 90 industry awards since 2014 and has established a real presence in the markets in which it operates. The quality of our fund managers, their teams and our performance is recognised by independent rating agencies and endorsed by the investment awards we have won.

3

OURCLIENTS AND GLOBAL PRESENCE

ASSETS UNDER MANAGEMENT

£16.2bn, €18.9bn, US$21.2bn

£4.0bn, €4.7bn, US$5.3bn

£22.4bn, €26.2bn, US$29.4bn

Equities. We offer a wide range of equity capabilities, including global, UK, European, North American, Asian and emerging markets. Award-winning fund manager, Richard Buxton, heads a UK and European equity team dedicated to fundamental research, across the market cap spectrum. Emerging market equities are available from our specialist team, led by Nick Payne. Meanwhile, our global equities team, led by Ian Heslop, offers expertise in global, North American and Asian equities.

Our clients include many of the world’s largest and most sophisticated financial institutions, including global banks, insurers, multi-asset fund managers, sovereign wealth funds, pension funds, and retail financial advisers. Our specialised distribution teams support our clients globally from offices in London, Zurich, Milan, Hong Kong and Singapore. We have dedicated teams to support the following regions: The Americas, Asia-Pacific, France and Benelux, Germany, Switzerland and Austria, Iberia, Italy, the Middle East, the Nordics and the United Kingdom.

In 2019 we announced the opening of an office in Dublin, as the registered premises for our newly appointed UCITS management company and alternative investment fund manager, Merian Global Investors (Europe) Limited, enabling us to continue to market our Irish-domiciled funds within the European Economic Area.

Alternatives. Merian Global Investors has been managing alternative strategies since December 2001. The range of funds spans equity market neutral, directional equity, absolute return multi-sector fixed income, systematic positive skew, global dynamic asset allocation and gold & silver strategies. In recent years, the firm has become a market-leader in specialised alternative strategies seeking to deliver returns that are uncorrelated with traditional asset classes. Alternative strategies are offered by a number of different investment teams within the company.

£1.9bn, €2.3bn, US$2.6bnFixed income. Our highly experienced fixed income team covers multi-sector bonds, emerging market debt and credit strategies. The team offers long-only and long/short fixed income capabilities, as well as expertise in contingent convertible bonds (“cocos”) issued by financial institutions.

Source: Merian Global Investors. AUM by asset class, in gross figures, based on assets at 31/12/2019.

Our distribution coverage in the Americas is exclusively through The AMCS Group, a separate, independently owned company, whose directors and senior staff have a long history of marketing our funds. Prior to the buy-out of our business, many of the directors and staff of The AMCS Group were employed by another subsidiary of Old Mutual plc, which at the time was also our ultimate parent company. The AMCS Group has offices in Miami and Montevideo.

£0.0bn, €0.1bn, US$0.1bnSub-advised. Specialist investment strategies from leading asset management firms benefiting from our expertise in governance and distribution.

4

Morpho Menelaus, 1705By Maria Sibylla Merian (1647-1717)Plate 53 from Metamorphosis Insectorum © Natural History Museum, London

5

What’s in a name? Well, quite a lot, we think.

As we went about the process of finding a new name for our business, we knew from the outset that we wanted to be called something that truly reflected our values and our approach to doing business. After much consideration, discussion and, dare we say it, debate, we settled on the name Merian Global Investors, inspired by the remarkable life of the scientist, adventurer and artist Maria Sibylla Merian.

OUR NAME

About Maria Sibylla Merian

Born in Frankfurt am Main in 1647, Merian’s story elegantly reflects both our values and the unique mix of investment styles that can be found within our firm. Hailed by Sir David Attenborough as one of the most significant contributors to the field of entomology (the study of insects), Merian is considered one of the first scientists to debunk widely believed myths about the lifecycles and metamorphosis of insects.

Merian’s travels took her as far away from Northern Europe as the jungles of Surinam in South America. At the time, it was exceptional for women to lead such expeditions, and her actions raised eyebrows in some quarters. During her career, Merian endured exceptional hardships: despite contracting malaria in Surinam, and subsequently suffering a stroke that led to her partial paralysis, she nevertheless continued her work.

Merian captured her scientific findings and observations in a large number of exquisitely detailed illustrations, many of which survive to this day and are held by major art collections around the world. Indeed, she is often described as “the woman who made science beautiful.”

So important were Merian’s illustrations that Carl Linnaeus – the renowned Swedish botanist and zoologist responsible for creating the system of naming organisms still in use to this day – is thought to have relied upon them to identify approximately 100 new species.

6

What is the relevance of a 17th-Century scientific illustrator to a modern asset management firm?

The answer is twofold. First, as a polymath, Merian embodied the multi-faceted approach we take to investment. While some of our fund managers – for example our global equities team – invest in a way that is definitively scientific, others, for example some of our UK equity fund managers, believe that investment is first and foremost an art.

Secondly, Merian’s achievements and strength of character symbolise our vision and values as a firm. We are proud, for example, that our executive committee has more women members than men, reflecting our progressive outlook and belief that diversity strengthens our business. Just as Maria Merian overcame obstacles and stereotypes in her era, today we are building a truly different kind of asset manager.

WHY “MERIAN GLOBAL INVESTORS”?

RECOGNITION OF MERIAN’S ACHIEVEMENTS

The last 40 years have seen a significant resurgence of interest in the life and works of Maria Sybilla Merian. Her images are held in major public and private art collections and museums worldwide.

OUR VISION IS TO:

• Build a leading, specialist, asset management business;

• Be a partner of choice for our clients;

• Have a distinctive culture, aided by size, helping us to remain a destination for talent;

• Provide equal opportunities for talented and committed employees, regardless of their backgrounds; and

• Be a profitable and responsible business, respected by regulators and peers.

Merian’s portrait and references to her works featured on the 500 Deutsche Mark note before Germany’s adoption of the Euro.

The scientific research vessel, the Maria S. Merian was launched in 2005.

Merian featured on the 0.4 Deutsche Mark stamp, released in September 1987.

7

MERIAN CHARACTERISTIC

CONNECTION WITH OUR VALUES

A renowned female polymath who is credited with blending art and the sciences.

A pioneer ahead of her time whose detailed research and observation broke new ground.

A leading entomologist, she thrived in the face of adversity in the jungles of South America.

By forgoing house views and the role of CIO, we enable investors with markedly different approaches to thrive in one firm.

Having a multiplicity of backgrounds and viewpoints is central to our ability to think differently and challenge received wisdom.

We value a more entrepreneurial, creative environment than that which characterises many asset managers.

OUR BRAND

Our tagline, “The art and science of investing” represents the differing approaches to investment that can be found within Merian Global Investors, while reflecting our namesake’s achievements as a polymath.

Our logo is designed to reflect Merian’s work. The dot of the “i” in her name is formed by a stylised butterfly, represented as a source of light, symbolising both her artistry and her scientific endeavours.

The “Geomag” device – which had become a popular feature of our brand identity before our change of name – remains, reflecting our established heritage.

Our brand colours take inspiration from original Merian artworks. The vibrant tones complement each other naturally, while helping us to communicate in a clear and engaging way.

8

OUR CULTUREIn 2012, long before we became an independent firm, we embarked on a mission to build a new kind of asset management company.

9

We had a clearly stated objective to be a leader in the markets in which we choose to do business. To achieve this goal, we knew we would need to foster a passion for excellence in both investment and service.

When we talk about our culture, we are referring to something that has been nurtured with great care and attention ever since this time. For us, culture is not a corporate cliché; rather, it is something that is palpable during a visit to our offices, where skilled professionals, covering a multitude of disciplines, collaborate in pursuit of our goals.

We place considerable emphasis on the importance of maintaining a diverse workforce. Many of the people who have come together to create our business have spent decades working in large, established firms, while others have joined us much earlier in their careers, and from a wide variety of backgrounds.

What unites them is a desire to work in a more entrepreneurial, creative environment than that which characterises many asset managers.

We believe that our size makes a major positive contribution to our culture – large enough to inspire confidence, but small enough to remain open, collegiate, collaborative, motivated, ambitious and, perhaps above all, friendly. There is no space for ego or office politics.

BOUTIQUE ENERGYBIG-FIRM CAPABILITY

233 EMPLOYEES 57 INVESTMENT PROFESSIONALS AMBITIOUS COLLABORATIVE FRIENDLY MOTIVATED OPEN

EGOS POLITICS

Figures as at 31/12/2019.

10

OWNERSHIP AND LEADERSHIP

Private offices don’t exist at Merian Global Investors. Instead, everyone sits in an open plan arrangement, and that is just how we like it – because real leadership is about helping our colleagues to achieve their best, for the ultimate benefit of our clients, and not about sitting in ivory towers.

With this in mind, we have established a number of key committees, both to ensure robust governance and to help facilitate effective communication across the business.

WHO OWNS US? Merian Global Investors is owned by members of the senior management team, including the firm’s most senior fund managers, other members of Merian Global Investors staff, and funds operated by TA Associates, the global growth private equity firm. The ownership structure of the business has been designed to ensure the highest level of alignment of the interests of our personnel with those of our clients.

ABOUT TA ASSOCIATES: TA Associates is one of the largest and most experienced global growth private equity firms. Focused on five target industries – technology, healthcare, financial services, consumer and business services – TA invests in profitable, growing companies with opportunities for sustained growth, and has invested in more than 500 companies around the world. Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in growth companies. TA has raised $24 billion in capital since its founding in 1968 and is committing to new investments at the pace of $2 billion per year. The firm’s more than 85 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong.

The board of our ultimate holding company, which has eight seats, includes representation from our most senior investors, our backers, TA Associates, and independent, non-executive directors.

THE BOARD

In January 2019, it was announced that Mark would be appointed chief executive officer, having originally joined the firm’s board in October 2018 as independent non-executive director. He has extensive experience in the financial services sector, including 19 years at Legal & General Group plc, with the last four years as its chief financial officer. He is also a non-executive director at Direct Line Insurance Group plc. He started his career at PricewaterhouseCoopers and has a degree in maths and physics from King’s College London.

Karen joined the firm in 1999, and is responsible for creating, implementing and driving forward its people strategy. She has 25 years’ experience in human resources – of which 19 in asset management – and is a fellow of the Chartered Institute of Personnel and Development.

Our executive committee (exco) is comprised of some of the most experienced leaders in the field of asset management. The committee leads on and implements the overall strategy of the business, with the overriding aim of meeting clients’ needs. The exco meets frequently with, and receives significant input from, the six key investors who led the buyout of the business from its previous parent company.

Mark Gregory Chief executive officer

Karen Barnett Head of human resources

THE EXECUTIVE COMMITTEE

Fred Calitz was appointed as Chief financial officer in October 2019. He joined the firm in June 2018 as finance director. He has considerable experience in the investments industry, having spent more than five years in senior finance positions for Tilney Group and seven years in the private wealth management arm of Morgan Stanley.

Fred Calitz Chief financial officer

11

The risk and governance committee, a board committee, ensures the effectiveness of the systems of governance, risk management, and internal controls, and capital management of the business.

The quarterly investment risk committee, a board committee, provides independent oversight of portfolio management activities for all our funds and strategies with a view to ensuring investors are provided with products which perform as they expect.

We have built one of the most experienced distribution teams in the sector. The team works hand in hand with fund managers to develop and market products and capabilities to meet our clients’ investment challenges, and to provide them with the support and service they appreciate and rightly expect.

THE SIX FUND MANAGERS WHO LED OUR BUY-OUT

THE RISK AND GOVERNANCE COMMITTEE

THE QUARTERLY INVESTMENT RISK COMMITTEE

THE DISTRIBUTION COMMITTEE

Amadeo Alentorn

Ian Heslop

Mike Servent

Richard Buxton

Dan Nickols

Richard Watts

Tracy joined the business in late 2019 as interim head of risk and compliance. Before joining MGI, Tracy spent four years at Tandem Bank (formerly Harrods Bank), first as a senior risk manager and then as chief risk officer. She has also worked in global risk roles at Brown Brother Harriman (BBH) and HSBC Ireland. Tracy has a MA in economics from University College Cork.

Tracy Costello Interim head of risk and compliance

Warren joined the business in 2012 as head of distribution, and in August 2015 was appointed as managing director, distribution. Previously, Warren spent nearly 10 years at UBS Global Asset Management, where he was managing director, and in a variety of roles at Fidelity and Prudential.

Suhaila joined the company in 2014 and is head of strategy. She sits on the executive committee. Suhaila has well over a decade of experience in the investment management industry, having previously worked at JP Morgan Asset Management, Ignis Asset Management and Legg Mason.

Nicola joined the firm in 2016 as chief administrative officer and was appointed to chief operating officer in December 2017. She has over 20 years’ operational experience within asset management, having spent 15 years at Credit Suisse Asset Management and five years at The Bank of New York Mellon, as managing director within the asset servicing division.

Warren Tonkinson Managing director, distribution

Suhaila Harji Head of strategy

Nicola Stronach Chief operating officer

12

Late 1990s – early 2000s

2014 2013

The origins of parts of the Merian Global Investors business (including the global equity and the mid- and small-cap UK equities desks) are formed from the acquisitions and mergers of a number of UK stockbroking businesses by the South African financial services giant, Old Mutual plc.

OMGI wins Investment Week Global Group of the Year award.

Distribution representation

in the Americas is significantly

enhanced.

European small-cap equity

capability is launched with hire

of Ian Ormiston.

Richard Buxton joins the firm from Schroders as head

of UK equities.

2012 OMAM is

merged with another asset management subsidiary of Old Mutual

plc, Skandia Investment

Group (SIG), to form Old

Mutual Global Investors (OMGI).

2000s The business now known as Merian Global Investors

remains a part of Old Mutual plc, trading as

Old Mutual Asset Managers

(OMAM).

A number of the firm’s senior

investment professionals

join the business during this time.

2015 OMGI’s

international distribution footprint is broadened through the

opening of an office in Zurich.

MILESTONES:OUR HISTORY AND HERITAGE

Although our name and brand are new, our heritage and asset management pedigree go back many years…

13

2018 2017

2016

Completed the sale of the business to OMGI senior management and funds operated by TA Associates.

Announced new name (from autumn 2018): Merian Global Investors.

Management of China equity fund delegated to Ping An.

Sarah Bates is appointed as chair of Merian Global Investors Limited.

Martin Visairas is appointed as managing director, institutional.

Memorandum of understanding signed with PingAn.

Merian Chrysalis Investment Company Limited (investing in private companies) is listed on the London Stock Exchange.

Italian distribution is deepened through the opening of a Milan office.

Further investment enhancements are made through the launches of systematic positive skew managed futures, financials contingent capital (coco), strategic absolute return bond and US equity income capabilities.

Global emerging market (GEM) equity team, led by Nick Payne joins, leading to the launch of a GEM capability.

Freddie Woolfe is appointed head of responsible investment and stewardship.

Announcement of the sale of OMGI’s single-strategy business by Old Mutual to OMGI senior management and funds operated by TA Associates, creating the business that becomes today’s Merian Global Investors.

Mark Nash is appointed as head of global bonds.

Further expansion of the firm’s investment capability, with launches of gold & silver and UK mid- and small-cap liquid alternative funds.

International reach is further enhanced through the opening of a Singapore office, in addition to key distribution hires covering Italy, Singapore and China.

2019 Mark Gregory is appointed as chief executive.

Launched new UCITS management company and alternative investment fund manager, Merian Global Investors (Europe) Limited, based in Dublin, Ireland. Initial hires announced, including country head Paul Nunan.

Acquired global asset allocation business – led by John Ricciardi – from Kestrel Investment Partners. Kestrel Global Portfolio re-named as the Merian Global Dynamic Allocation Fund.

14

OUR INVESTMENT TEAMS/FUND MANAGERS

Expertise across the market cap spectrum.The award-winning UK equities team is headed by Richard Buxton, one of the most prominent UK equities investors currently active in the market. With a full range of strategies that span the risk/return spectrum, the team holds impressive long-term performance with proven, fundamental-driven processes.

UK EQUITIES

Richard Buxton Head of UK equities

Rob James Senior UK equities analyst

Ed Meier Portfolio manager

James Bowmaker Portfolio manager

Errol Francis Portfolio manager

Merian UK Alpha Fund

Merian UK Alpha Fund (IRL)

Merian UK Dynamic Equity Fund

Merian UK Equity Income Fund

Merian UK Mid Cap Fund

Merian UK Opportunities Fund

Merian UK Smaller Companies Fund

Merian UK Smaller Companies Focus Fund

Merian UK Specialist Equity Fund

Merian Chrysalis Investment Company Limited

Tim Service Portfolio manager

UK MID AND SMALL CAP TEAM

Dan Nickols Head of UK mid and small cap

Richard Watts Portfolio manager

Luke Kerr Portfolio manager

Kunal Kothari Research analyst

Mike StewartResearch analyst

James Gilbert UK equities analyst

Claudia Ho Research analyst

David Cameron-Mowat UK equities analyst

Nick Williamson Portfolio manager

Freddie Woolfe Head of responsible investment and stewardship

Ian Ormiston Portfolio manager

Nikisha Mistry European equities analyst

Investing with conviction.The team puts the company at the centre of their process, constructing concentrated portfolios with a high degree of conviction.Merian Europe (ex UK) Smaller Companies Fund

EUROPEAN EQUITIES

Ian Heslop Head of global equities/portfolio manager

Matus Mrazik Portfolio manager/senior analyst

James Murray Senior analyst

Tarun Inani Quantitative developer

Mike Servent Co-head of systems/portfolio manager

Amadeo Alentorn Head of research/portfolio manager

Sean Storey Co-head of Systems

Justin Wells Strategist

Merian Asian Equity Income Fund

Merian Asian Pacific Fund

Merian Global Equity Fund

Merian Global Equity Absolute Return Fund

Merian Global Equity Income Fund (IRL)

Merian North American Equity Fund

Merian North American Equity Fund (IRL)

Merian Pacific Equity Fund

Merian World Equity Fund

Merian US Equity Income Fund

MGI Arbea Fund

Merian European Equity Fund

Merian European Equity (ex UK) Fund

Global equities present a compelling opportunity for investors.Headed by Ian Heslop, this highly regarded team boasts a long track record in global equities, utilising a robust portfolio modelling system.

GLOBAL, NORTH AMERICAN AND ASIAN EQUITIES

Yuangao Liu Portfolio manager/senior analyst

Managed since 23 March 2018 by Ping An of China Asset Management (HK) Co. Ltd. Merian China Equity Fund

CHINA EQUITIES

15

Oliver Lee Investment director

Nick Payne Head of global emerging markets

Samir Patel Senior analyst

Liz Gifford Portfolio manager

Salman Siddiqui Portfolio manager

Merian Global Emerging Markets Fund

Combining discipline with years of experience. While the team covers a broad investment universe, stock selection is narrowed down using rigorous screening techniques combining fundamental research with a broader macro view. The result is a highly active concentrated portfolio of around 40 holdings.

GLOBAL EMERGING MARKETS

Merian Global Dynamic Allocation Fund

A highly experienced team with strong investment and systems expertise.The team predicts macro and its effect on global equities, bonds, currency markets and commodities.

GLOBAL DYNAMIC ALLOCATION

Sarath kotamarthi Quant analyst

Ian Forrest Portfolio manager

John Ricciardi Head of global asset allocation

Pramila Prasingu Developer

Raavi Booka Head quant analyst

Dan Matthews Portfolio manager

Mark Nash Head of fixed income /portfolio manager

Deepa Abraham Portfolio manager

Huw Davies Investment director

Lloyd Harris Lead credit portfolio manager

Victor Lopes Emerging market debt senior analyst

Patty Cao Assistant portfolio manager/sovereign analyst

Rob James Portfolio manager, cocos*

Anish Shah Senior fixed income dealer

Nicholas Wall Portfolio manager

Przemyslaw Pietraszek Fixed income analyst

Bhavesh Trivedi Fixed income dealer

James Novotny Fixed income analyst

Delphine Arrighi Lead emerging market portfolio manager

Simon Prior Portfolio manager

Lakshay Thakur Fixed income analyst

Our experienced team employs a high conviction, thematic approach. The team has four core areas of expertise: multi-sector bonds, emerging market debt, credit and cocos.Merian Corporate Bond Fund

Merian Emerging Market Debt Fund

Merian Financials Contingent Capital Fund

Merian Global Strategic Bond Fund

Merian Global Dynamic Bond Fund

Merian Local Currency Emerging Market Debt Fund

Merian Monthly Income Bond Fund

Merian Strategic Absolute Return Bond Fund

FIXED INCOME

*Rob James is formally a member of the UK equities team.

Mark Greenwood Portfolio manager

Vytaute Maciulskyte Assistant portfolio manager

A strategy led by process and theory. Mark Greenwood joined the firm in 2015 and has particular expertise in derivatives markets. The strategy uses options-market data to analyse futures contracts, is wholly systematic and aims to benefit from crowded and volatile market conditions.

Merian Systematic Positive Skew Fund

SYSTEMATIC POSITIVE SKEW

Ned Naylor-Leyland Portfolio manager

Chris Mahoney Portfolio manager

Joe Lunn Portfolio manager

An enigmatic world where specialist sector knowledge is key. An alternative asset class to bonds and equities, precious metals are blended to take account of differing macroeconomic environments.Merian Gold & Silver Fund

PRECIOUS METALS

clientservices@merian.com

merian.com

@MerianGlobal

Merian Global Investors

Americas (The AMCS Group): +1 866 925 3863Germany, Austria, Switzerland: +41 (0)44 201 1070Hong Kong: +852 2810 8626Italy: +39 02 3679 9880Singapore: +65 6818 6228UK/rest of world: +44 (0)20 7332 7500

Client services: +44 (0)20 7332 7524

CONTACT US

@

Past performance is not a guide to future performance and may not be repeated. Investment involves risk. The performance data does not take account of the commissions and costs incurred on the issue and redemption of shares. The value of investments and the income from them may go down as well as up and investors may not get back any of the amount originally invested. Because of this, an investor is not certain to make a profit on an investment and may lose money. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Merian Global Investors (UK) Limited (“Merian Global Investors”), Millennium Bridge House, 2 Lambeth Hill, London, United Kingdom, EC4P 4WR. Merian Global Investors is registered in England and Wales (number: 02949554) and is authorised and regulated by the Financial Conduct Authority (FRN: 171847). This communication is for information purposes only. Nothing in this communication constitutes financial, professional or investment advice or a personal recommendation. This communication should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments in any jurisdiction. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in the document. Any opinions expressed in this document are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or companies within the same group as Merian Global Investors as a result of using different assumptions and criteria. In Hong Kong this communication is issued by Merian Global Investors (Asia Pacific) Limited. Merian Global Investors (Asia Pacific) Limited is licensed to carry out Type 1 and Type 4 regulated activities in Hong Kong. This communication has not been reviewed by the Securities and Futures Commission in Hong Kong. In Singapore this document is issued by Merian Global Investors (Singapore) Pte Limited, which is not licensed or regulated by the Monetary Authority of Singapore (“MAS”) in Singapore. Merian Global Investors (Singapore) Pte Limited is affiliated with Merian Global Investors. Merian Global Investors is not licensed or regulated by the MAS. This document has not been reviewed by the MAS. In Switzerland this communication is issued by Merian Global Investors (Schweiz) GmbH, Schützengasse 4, 8001 Zürich, Switzerland. This communication is for investment professionals only and should not be relied upon by private investors. Models constructed with Geomag. MGI 01/20/0074

FSC logo